AB Active ETFs, Inc.
ABTax-Aware Intermediate Municipal ETF
Portfolio of Investments
February 28, 2026 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 97.6% |
| |||||||
| Long-Term Municipal Bonds – 88.7% |
| |||||||
| Alabama – 4.3% |
| |||||||
| Alabama Highway Authority (Alabama Highway Authority) |
$ | 1,000 | $ | 1,109,527 | ||||
| Black Belt Energy Gas District (BP PLC) |
2,250 | 2,482,046 | ||||||
| Black Belt Energy Gas District (Canadian Imperial Bank of Commerce) |
1,000 | 1,047,466 | ||||||
| Series 2026-B |
1,035 | 1,142,877 | ||||||
| Black Belt Energy Gas District (Goldman Sachs Group) |
2,750 | 3,000,267 | ||||||
| Series 2026-E |
1,000 | 1,084,209 | ||||||
| Black Belt Energy Gas District (Nomura Holdings, Inc.) |
1,100 | 1,129,631 | ||||||
| Black Belt Energy Gas District (Pacific Life Insurance) |
1,000 | 1,099,440 | ||||||
| County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) |
1,250 | 1,397,114 | ||||||
| 5.25%, 10/01/2044 |
100 | 108,788 | ||||||
| Energy Southeast A Cooperative District (Goldman Sachs Group) |
1,000 | 1,093,113 | ||||||
| Energy Southeast A Cooperative District (Morgan Stanley) |
1,460 | 1,612,081 | ||||||
| Lauderdale County Agriculture Center Authority (Lauderdale County Agriculture Center Authority Spl Tax) |
1,000 | 1,099,971 | ||||||
| Southeast Alabama Gas Supply District (The) (Morgan Stanley) |
200 | 218,514 | ||||||
| Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) |
500 | 526,165 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southeast Energy Authority A Cooperative District (Deutsche Bank AG) |
$ | 400 | $ | 430,204 | ||||
| Southeast Energy Authority A Cooperative District (JPMorgan Chase & Co.) |
1,100 | 1,198,804 | ||||||
| Southeast Energy Authority A Cooperative District (New York Life Insurance) |
1,000 | 1,119,864 | ||||||
| Southeast Energy Authority A Cooperative District (Pacific Life Insurance) |
750 | 823,664 | ||||||
|
|
|
|||||||
| 21,723,745 | ||||||||
|
|
|
|||||||
| Arizona – 2.4% |
||||||||
| Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) |
1,000 | 1,033,061 | ||||||
| Series 2024 |
150 | 160,834 | ||||||
| 5.00%, 11/01/2049 |
1,000 | 1,033,756 | ||||||
| Arizona Industrial Development Authority (ISF Ativo Portfolio Obligated Group) |
1,000 | 1,034,052 | ||||||
| Chandler Industrial Development Authority (Intel Corp.) |
300 | 306,292 | ||||||
| 5.00%, 09/01/2052 |
1,000 | 1,021,203 | ||||||
| Series 2024 |
2,000 | 2,057,503 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) (Downtown Phoenix Student Housing) |
1,000 | 1,019,588 | ||||||
| La Paz County Industrial Development Authority (Harmony Public Schools) |
400 | 400,280 | ||||||
| Maricopa County Industrial Development Authority (HonorHealth Obligated Group) |
250 | 250,057 | ||||||
| Salt River Project Agricultural Improvement & Power District (Salt River Project Agricultural Improvement & Power District) |
2,000 | 2,187,050 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| Salt Verde Financial Corp. (Citigroup, Inc.) |
$ | 1,500 | $ | 1,670,652 | ||||
|
|
|
|||||||
| 12,174,328 | ||||||||
|
|
|
|||||||
| California – 8.4% |
||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign) |
1,000 | 1,137,817 | ||||||
| California Community Choice Financing Authority (American General Life Insurance) |
1,575 | 1,677,952 | ||||||
| Series 2024C |
3,200 | 3,461,954 | ||||||
| California Community Choice Financing Authority (Athene Annuity & Life Co.) |
750 | 790,502 | ||||||
| Series 2025-A |
1,000 | 1,071,299 | ||||||
| California Community Choice Financing Authority (Bank of Nova Scotia (The)) |
1,250 | 1,399,925 | ||||||
| California Community Choice Financing Authority (Deutsche Bank AG) |
200 | 214,937 | ||||||
| California Community Choice Financing Authority (Morgan Stanley) |
1,000 | 999,971 | ||||||
| California Community Choice Financing Authority (New York Life Insurance) |
500 | 557,773 | ||||||
| Series 2025G |
1,000 | 1,126,164 | ||||||
| California Community Choice Financing Authority (Pacific Life Insurance) |
750 | 823,300 | ||||||
| California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) |
100 | 85,800 | ||||||
| California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) |
1,000 | 1,067,210 | ||||||
| Series 2025 |
1,000 | 1,153,795 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Infrastructure & Economic Development Bank (Desertxpress Enterprises) |
$ | 2,000 | $ | 2,000,673 | ||||
| 12.00%, 01/01/2065(b) |
945 | 510,300 | ||||||
| California Municipal Finance Authority (California Municipal Finance Authority Municipal Certificates Series 2026-1) |
1,000 | 1,011,168 | ||||||
| California Municipal Finance Authority (CHF-Riverside II LLC) |
500 | 531,842 | ||||||
| California Public Finance Authority (ISF Ativo Portfolio Obligated Group) |
1,000 | 1,039,459 | ||||||
| City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) |
1,000 | 1,065,185 | ||||||
| City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) |
1,000 | 1,037,489 | ||||||
| Series 2022 |
2,000 | 2,244,690 | ||||||
| Series 2025 |
500 | 546,484 | ||||||
| CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) |
100 | 70,470 | ||||||
| County of Sacramento CA Airport System Revenue (County of Sacramento CA Airport System Revenue) |
1,000 | 1,129,207 | ||||||
| Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) |
455 | 48,510 | ||||||
| Series 2022 |
1,460 | 1,451,783 | ||||||
| Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) |
500 | 556,911 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| M-S-R Energy Authority (Citigroup, Inc.) |
$ | 1,000 | $ | 1,241,718 | ||||
| San Francisco Bay Area Rapid Transit District (San Francisco Bay Area Rapid Transit District) |
300 | 304,347 | ||||||
| San Francisco Intl Airport (San Francisco Intl Airport) |
1,000 | 1,029,915 | ||||||
| Series 2023-E |
1,000 | 1,158,131 | ||||||
| 5.50%, 05/01/2037 |
1,545 | 1,794,627 | ||||||
| Series 2024 |
500 | 586,029 | ||||||
| 5.25%, 05/01/2042 |
1,250 | 1,396,292 | ||||||
| Series 2025-D |
1,000 | 1,075,865 | ||||||
| San Francisco Intl Airport (SFO Fuel Co. LLC) |
1,000 | 1,013,119 | ||||||
| San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) |
1,000 | 1,138,965 | ||||||
| Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) |
1,000 | 1,158,727 | ||||||
| 5.00%, 07/01/2040 |
1,000 | 1,112,523 | ||||||
| State of California (State of California) |
200 | 223,512 | ||||||
|
|
|
|||||||
| 42,046,340 | ||||||||
|
|
|
|||||||
| Colorado – 2.2% |
||||||||
| City & County of Denver CO Airport System Revenue (City & County of Denver CO Airport System Revenue) |
1,000 | 1,030,408 | ||||||
| Series 2022-D |
1,000 | 1,108,982 | ||||||
| 5.75%, 11/15/2045 |
1,315 | 1,437,724 | ||||||
| City & County of Denver CO Airport System Revenue (Denver Intl Airport) |
305 | 325,591 | ||||||
| 5.00%, 12/01/2034 |
400 | 464,291 | ||||||
| Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools) |
100 | 102,005 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) |
$ | 250 | $ | 234,611 | ||||
| Colorado Health Facilities Authority (CommonSpirit Health Obligated Group) |
1,000 | 1,156,389 | ||||||
| Regional Transportation District (Regional Transportation District COP) |
1,500 | 1,753,011 | ||||||
| Town of Vail CO (Town of Vail CO COP) |
3,000 | 3,223,332 | ||||||
|
|
|
|||||||
| 10,836,344 | ||||||||
|
|
|
|||||||
| Connecticut – 1.1% |
||||||||
| Connecticut State Health & Educational Facilities Authority (Stamford Hospital Obligated Group) |
1,000 | 1,030,566 | ||||||
| 4.00%, 07/01/2037 |
1,000 | 1,021,999 | ||||||
| 4.00%, 07/01/2039 |
1,000 | 1,009,730 | ||||||
| Stamford Housing Authority |
300 | 314,268 | ||||||
| State of Connecticut (State of Connecticut) |
2,000 | 2,107,895 | ||||||
|
|
|
|||||||
| 5,484,458 | ||||||||
|
|
|
|||||||
| District of Columbia – 3.1% |
||||||||
| District of Columbia (District of Columbia Union Market TIF Area) |
1,000 | 1,052,680 | ||||||
| District of Columbia (KIPP DC Obligated Group) |
200 | 204,949 | ||||||
| District of Columbia (Plenary Infrastructure DC State Lease) |
1,000 | 1,081,274 | ||||||
| 5.50%, 02/28/2034 |
1,000 | 1,166,408 | ||||||
| 5.50%, 08/31/2034 |
1,000 | 1,175,193 | ||||||
| District of Columbia Income Tax Revenue (District of Columbia Income Tax Revenue) |
1,000 | 1,106,214 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) |
$ | 250 | $ | 273,620 | ||||
| Series 2022-A |
345 | 387,653 | ||||||
| Series 2023-A |
1,000 | 1,121,383 | ||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue (Metropolitan Washington Airports Authority Dulles Toll Road Revenue) |
1,000 | 1,067,465 | ||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue (Prerefunded - US Treasuries) |
1,275 | 1,306,297 | ||||||
| Washington Convention & Sports Authority (Washington Convention & Sports Authority Ded Tax) |
1,200 | 1,218,660 | ||||||
| Washington Metropolitan Area Transit Authority (Washington Metropolitan Area Transit Authority State Lease) |
400 | 415,976 | ||||||
| Series 2023 |
2,235 | 2,346,316 | ||||||
| Series 2024 |
1,750 | 1,837,278 | ||||||
|
|
|
|||||||
| 15,761,366 | ||||||||
|
|
|
|||||||
| Florida – 5.8% |
||||||||
| Brevard County Health Facilities Authority (Health First Obligated Group) |
1,350 | 1,440,185 | ||||||
| Capital Projects Finance Authority/FL (Navigator Academy of Leadership Obligated Group) |
150 | 153,787 | ||||||
| Capital Projects Finance Authority/FL (PRG - UnionWest Properties) |
1,000 | 906,384 | ||||||
| 5.25%, 06/01/2044(b) |
500 | 502,874 | ||||||
| Capital Trust Authority (Mason Classical Academy) |
1,150 | 1,083,369 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| Capital Trust Authority (QSH/St Augustine LLC) |
$ | 1,000 | $ | 1,005,589 | ||||
| Central Florida Tourism Oversight District (Central Florida Tourism Oversight District) |
1,000 | 1,083,192 | ||||||
| City of Tampa FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) |
375 | 379,568 | ||||||
| City of Venice FL (Southwest Florida Retirement Center Obligated Group) |
100 | 100,412 | ||||||
| County of Broward FL Port Facilities Revenue (County of Broward FL Port Facilities Revenue) |
1,000 | 955,157 | ||||||
| 5.00%, 09/01/2032 |
1,500 | 1,594,566 | ||||||
| County of Lee FL Airport Revenue (County of Lee FL Airport Revenue) |
1,000 | 1,086,788 | ||||||
| Series 2026-A |
1,515 | 1,667,069 | ||||||
| 5.25%, 10/01/2037(a) |
1,000 | 1,169,257 | ||||||
| County of Miami-Dade FL (County of Miami-Dade FL) |
1,000 | 1,056,894 | ||||||
| County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) |
1,000 | 1,147,977 | ||||||
| 5.00%, 10/01/2034 |
1,005 | 1,160,955 | ||||||
| 5.00%, 10/01/2035 |
1,000 | 1,146,526 | ||||||
| County of Miami-Dade Seaport Department (County of Miami-Dade Seaport Dept.) |
1,035 | 1,141,171 | ||||||
| County of Palm Beach FL Airport System Revenue (County of Palm Beach FL Airport System Revenue) |
300 | 331,978 | ||||||
| Florida Development Finance Corp. (Brightline Trains Florida) |
350 | 347,000 | ||||||
| Florida Development Finance Corp. (GFL Solid Waste Southeast) |
250 | 253,787 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida Development Finance Corp. (SFP - Tampa I LLC) |
$ | 1,000 | $ | 1,001,779 | ||||
| Florida Higher Educational Facilities Financing Authority (Florida Institute of Technology) |
155 | 161,221 | ||||||
| Florida Local Government Finance Commission (Ponte Vedra Pine Obligated Group) |
1,000 | 1,010,826 | ||||||
| Greater Orlando Aviation Authority (Greater Orlando Aviation Authority) |
500 | 580,469 | ||||||
| 5.25%, 10/01/2040 |
1,095 | 1,233,303 | ||||||
| Greater Orlando Aviation Authority (United Airlines, Inc.) |
1,000 | 1,096,037 | ||||||
| Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) |
300 | 326,945 | ||||||
| Orange County Health Facilities Authority (Orlando Health Obligated Group) |
500 | 540,464 | ||||||
| Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) |
255 | 257,307 | ||||||
| Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group) |
700 | 760,628 | ||||||
| Series 2025 |
1,000 | 1,046,462 | ||||||
| School Board of Miami-Dade County (The) (Miami-Dade County School Board Foundation COP) |
1,000 | 1,004,533 | ||||||
| Village Community Development District No. 15 (Village Community Development District No. 15 Series 2024 Special Assessment) |
250 | 253,168 | ||||||
|
|
|
|||||||
| 28,987,627 | ||||||||
|
|
|
|||||||
| Georgia – 3.5% |
||||||||
| Bulloch County Public Facilities Authority (County of Bulloch GA Sales & Use Tax Revenue) |
1,200 | 1,225,753 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Atlanta GA Department of Aviation (City of Atlanta GA Dept. of Aviation) |
$ | 1,310 | $ | 1,376,658 | ||||
| Fayette County Development Authority (United States Soccer Federation) |
1,100 | 1,169,794 | ||||||
| 5.00%, 10/01/2043 |
1,140 | 1,201,406 | ||||||
| 5.25%, 10/01/2049 |
1,000 | 1,035,352 | ||||||
| 5.25%, 10/01/2054 |
1,050 | 1,076,994 | ||||||
| Main Street Natural Gas, Inc. (Citigroup, Inc.) |
1,555 | 1,648,237 | ||||||
| Main Street Natural Gas, Inc. (Macquarie Group Ltd.) |
1,000 | 1,024,260 | ||||||
| Main Street Natural Gas, Inc. (Royal Bank of Canada) |
2,000 | 2,190,893 | ||||||
| Main Street Natural Gas, Inc. (Toronto-Dominion Bank) |
1,000 | 1,089,121 | ||||||
| Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) |
700 | 700,946 | ||||||
| Private Colleges & Universities Authority (Emory University) |
2,000 | 2,340,770 | ||||||
| Savannah Economic Development Authority (SSU Community Development I) |
1,000 | 1,024,913 | ||||||
| Savannah Hospital Authority (St. Joseph’s/Candler Health System Obligated Group) |
500 | 502,331 | ||||||
|
|
|
|||||||
| 17,607,428 | ||||||||
|
|
|
|||||||
| Guam – 0.6% |
||||||||
| Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) |
385 | 420,952 | ||||||
| Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) |
270 | 297,472 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Guam Power Authority (Guam Power Authority) |
$ | 1,000 | $ | 1,028,235 | ||||
| Territory of Guam (Territory of Guam Business Privilege Tax) |
1,000 | 994,410 | ||||||
|
|
|
|||||||
| 2,741,069 | ||||||||
|
|
|
|||||||
| Hawaii – 0.5% |
| |||||||
| City & County Honolulu HI Wastewater System Revenue (City & County Honolulu HI Wastewater System Revenue) |
250 | 180,081 | ||||||
| State of Hawaii Airports System Revenue (State of Hawaii Airports System Revenue) |
1,000 | 1,028,947 | ||||||
| Series 2025-C |
1,000 | 1,107,008 | ||||||
|
|
|
|||||||
| 2,316,036 | ||||||||
|
|
|
|||||||
| Illinois – 6.6% |
| |||||||
| Chicago Board of Education (Chicago Board of Education) |
1,000 | 1,028,000 | ||||||
| Series 2021-A |
120 | 122,555 | ||||||
| Series 2023-A |
100 | 104,955 | ||||||
| 6.00%, 12/01/2049 |
1,300 | 1,346,620 | ||||||
| Series 2025-B |
1,000 | 1,081,960 | ||||||
| Chicago Midway International Airport (Chicago Midway Intl Airport) |
1,000 | 1,127,694 | ||||||
| 5.00%, 01/01/2034 |
1,000 | 1,138,943 | ||||||
| Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) |
500 | 562,053 | ||||||
| Series 2024-B |
1,000 | 1,048,034 | ||||||
| Series 2024-C |
1,000 | 1,143,445 | ||||||
| 5.25%, 01/01/2042 |
250 | 275,916 | ||||||
| Series 2025-A |
1,000 | 1,127,702 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) |
1,535 | 1,582,888 | ||||||
| Series 2026-A |
1,000 | 1,103,199 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Chicago IL (City of Chicago IL) |
$ | 1,000 | $ | 1,088,832 | ||||
| Series 2025-B |
1,000 | 1,105,413 | ||||||
| Illinois Finance Authority (Advocate Aurora Health Obligated Group) |
1,000 | 999,993 | ||||||
| Illinois Finance Authority (Centerpoint Joliet Terminal Railroad) |
100 | 101,529 | ||||||
| 4.125%, 12/01/2050(b) |
1,000 | 1,015,287 | ||||||
| Series 2025 |
1,000 | 1,049,797 | ||||||
| Illinois State Toll Highway Authority (Illinois State Toll Highway Authority) |
2,245 | 2,317,473 | ||||||
| Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) |
100 | 79,898 | ||||||
| Series 2020 |
1,000 | 1,003,107 | ||||||
| Series 2022 |
1,375 | 1,356,914 | ||||||
| NATL Series 2002 |
150 | 110,997 | ||||||
| Sales Tax Securitization Corp. (Sales Tax Securitization) |
1,000 | 1,110,133 | ||||||
| State of Illinois (State of Illinois) |
1,085 | 1,173,590 | ||||||
| Series 2020-B |
100 | 103,455 | ||||||
| 4.00%, 10/01/2035 |
1,000 | 1,022,841 | ||||||
| Series 2021-A |
200 | 203,882 | ||||||
| Series 2023-B |
1,000 | 1,054,441 | ||||||
| Series 2024 |
1,000 | 1,112,455 | ||||||
| State of Illinois Sales Tax Revenue (State of Illinois Sales Tax Revenue) |
1,000 | 1,132,478 | ||||||
| 5.00%, 06/15/2041 |
1,000 | 1,103,557 | ||||||
| Series 2025-B |
1,000 | 1,113,013 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| Upper Illinois River Valley Development Authority (High Point Residence Fox Valley Obligated Group) |
$ | 1,000 | $ | 991,622 | ||||
|
|
|
|||||||
| 33,144,671 | ||||||||
|
|
|
|||||||
| Indiana – 2.0% |
| |||||||
| City of Valparaiso IN (Pratt Paper IN LLC) |
100 | 102,749 | ||||||
| City of Whiting IN (BP PLC) |
2,000 | 2,165,293 | ||||||
| Hancock County Redevelopment Authority (County of Hancock IN Mt Comfort North Allocation Area No. 1 Lease) |
1,150 | 1,336,838 | ||||||
| Indiana Finance Authority (Ascension Health Credit Group) |
1,000 | 1,100,514 | ||||||
| Indiana Finance Authority (Parkview Health System Obligated Group) |
1,265 | 1,287,792 | ||||||
| Indiana Finance Authority (SFP-PUFW I LLC) |
1,000 | 957,785 | ||||||
| Indianapolis Local Public Improvement Bond Bank (Indianapolis Local Public Improvement Bond Bank) |
1,000 | 1,139,347 | ||||||
| Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) |
150 | 157,095 | ||||||
| Series 2023-F |
100 | 110,577 | ||||||
| BAM Series 2023 |
1,600 | 1,671,861 | ||||||
|
|
|
|||||||
| 10,029,851 | ||||||||
|
|
|
|||||||
| Iowa – 0.0% |
| |||||||
| Iowa Tobacco Settlement Authority (Iowa Tobacco Settlement Authority) |
1,200 | 177,437 | ||||||
|
|
|
|||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| Kentucky – 1.8% |
||||||||
| Kenton County Airport Board (Cincinnati/Northern Kentucky Intl Airport) |
$ | 1,885 | $ | 2,140,694 | ||||
| 5.00%, 01/01/2035 |
1,095 | 1,249,829 | ||||||
| 5.25%, 01/01/2044 |
350 | 376,405 | ||||||
| Kentucky Public Energy Authority (BP PLC) |
1,155 | 1,259,022 | ||||||
| Series 2025-C |
2,000 | 2,198,315 | ||||||
| Kentucky Public Energy Authority (Goldman Sachs Group) |
500 | 535,742 | ||||||
| Kentucky Public Energy Authority (Morgan Stanley) |
200 | 220,010 | ||||||
| Series 2025-A |
1,000 | 1,080,780 | ||||||
|
|
|
|||||||
| 9,060,797 | ||||||||
|
|
|
|||||||
| Louisiana – 1.3% |
| |||||||
| City of New Orleans LA (City of New Orleans LA) |
1,000 | 1,074,360 | ||||||
| Louisiana Public Facilities Authority (Calcasieu Bridge Partners) |
100 | 102,737 | ||||||
| Louisiana Stadium & Exposition District (Louisiana Stadium & Exposition District) |
2,000 | 2,238,140 | ||||||
| New Orleans Aviation Board (New Orleans Aviation Board) |
1,000 | 1,110,308 | ||||||
| 5.25%, 01/01/2045 |
1,000 | 1,059,802 | ||||||
| Parish of St. John the Baptist LA (Marathon Oil Corp.) |
500 | 508,681 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue (State of Louisiana Gasoline & Fuels Tax Revenue) |
200 | 226,588 | ||||||
|
|
|
|||||||
| 6,320,616 | ||||||||
|
|
|
|||||||
| Maine – 0.5% |
| |||||||
| Finance Authority of Maine (Casella Waste Systems) |
1,000 | 1,045,073 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| Maine Governmental Facilities Authority (State of Maine Lease) |
$ | 1,460 | $ | 1,625,349 | ||||
|
|
|
|||||||
| 2,670,422 | ||||||||
|
|
|
|||||||
| Maryland – 0.9% |
| |||||||
| Maryland Economic Development Corp. (Purple Line Transit Partners) |
1,070 | 1,085,545 | ||||||
| Maryland Stadium Authority (Baltimore City Public Schools Construction & Revitalization Program) |
445 | 466,167 | ||||||
| State of Maryland (State of Maryland) |
1,000 | 1,041,532 | ||||||
| State of Maryland Department of Transportation (Baltimore/Washington Intl Thurgood Marshall Airport) |
1,000 | 1,028,359 | ||||||
| State of Maryland Department of Transportation (Maryland Aviation Administration) |
1,000 | 1,104,105 | ||||||
|
|
|
|||||||
| 4,725,708 | ||||||||
|
|
|
|||||||
| Massachusetts – 4.4% |
| |||||||
| City of Quincy MA (City of Quincy MA) |
1,000 | 1,053,451 | ||||||
| Series 2025 |
1,000 | 1,010,266 | ||||||
| Commonwealth of Massachusetts (Commonwealth of Massachusetts) |
1,000 | 1,110,748 | ||||||
| 5.00%, 04/01/2045 |
2,500 | 2,744,796 | ||||||
| 5.00%, 04/01/2055 |
1,500 | 1,573,639 | ||||||
| Series 2025-F |
1,000 | 1,065,579 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) |
1,000 | 1,075,447 | ||||||
| Series 2025-B |
2,000 | 2,147,739 | ||||||
| Massachusetts Development Finance Agency (Boston Medical Center Obligated Group) |
500 | 500,259 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| Massachusetts Development Finance Agency (Emerson College) |
$ | 1,000 | $ | 1,005,454 | ||||
| Series 2017-A |
500 | 507,029 | ||||||
| Series 2025 |
460 | 483,011 | ||||||
| Massachusetts Development Finance Agency (Lifespan Obligated Group) |
1,000 | 1,053,471 | ||||||
| Massachusetts Development Finance Agency (PRG Medford Properties) |
1,000 | 1,045,772 | ||||||
| Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) |
1,000 | 1,042,258 | ||||||
| Massachusetts Port Authority (Massachusetts Port Authority) |
975 | 1,054,329 | ||||||
| 5.00%, 07/01/2046 |
1,500 | 1,546,955 | ||||||
| University of Massachusetts Building Authority (University of Massachusetts) |
2,000 | 2,057,443 | ||||||
|
|
|
|||||||
| 22,077,646 | ||||||||
|
|
|
|||||||
| Michigan – 0.9% |
| |||||||
| City of Detroit MI (City of Detroit MI) |
1,000 | 1,129,081 | ||||||
| Michigan State Hospital Finance Authority (Corewell Health Obligated Group) |
2,500 | 2,646,742 | ||||||
| Michigan Strategic Fund (Michigan Strategic Fund - I 75 Improvement Project) |
1,000 | 943,594 | ||||||
|
|
|
|||||||
| 4,719,417 | ||||||||
|
|
|
|||||||
| Minnesota – 0.7% |
| |||||||
| City of Center City MN (Hazelden Betty Ford Foundation) |
160 | 168,615 | ||||||
| City of St. Cloud MN (CentraCare Health System Obligated Group) |
1,000 | 1,158,701 | ||||||
| 5.00%, 05/01/2042 |
500 | 547,472 | ||||||
| City of Woodbury MN (Math & Science Academy/MN) |
500 | 479,305 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| Minneapolis-St. Paul Metropolitan Airports Commission (Minneapolis-St Paul Metropolitan Airports Commission) |
$ | 1,000 | $ | 1,132,247 | ||||
|
|
|
|||||||
| 3,486,340 | ||||||||
|
|
|
|||||||
| Mississippi – 0.4% |
| |||||||
| City of Gulfport MS (Memorial Hospital at Gulfport Obligated Group) |
715 | 808,505 | ||||||
| 5.50%, 07/01/2050 |
900 | 939,325 | ||||||
|
|
|
|||||||
| 1,747,830 | ||||||||
|
|
|
|||||||
| Missouri – 0.2% |
| |||||||
| Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) |
1,000 | 1,190,860 | ||||||
|
|
|
|||||||
| Nebraska – 0.4% |
||||||||
| Central Plains Energy Project (Bank of Montreal) |
1,000 | 1,069,747 | ||||||
| Central Plains Energy Project (Royal Bank of Canada) |
1,000 | 1,089,749 | ||||||
|
|
|
|||||||
| 2,159,496 | ||||||||
|
|
|
|||||||
| Nevada – 0.2% |
| |||||||
| Reno-Tahoe Airport Authority (Reno-Tahoe Airport Authority) |
300 | 323,629 | ||||||
| State of Nevada Department of Business & Industry (Desertxpress Enterprises) |
370 | 199,800 | ||||||
| Tahoe-Douglas Visitors Authority (Tahoe-Douglas Visitors Authority) |
235 | 250,865 | ||||||
|
|
|
|||||||
| 774,294 | ||||||||
|
|
|
|||||||
| New Hampshire – 1.4% |
| |||||||
| New Hampshire Business Finance Authority (ARC70 2025-1) |
998 | 1,055,243 | ||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts 490, 491 & 158) |
$ | 100 | $ | 100,022 | ||||
| New Hampshire Business Finance Authority (Collin County Municipal Utility District No. 4) |
100 | 100,170 | ||||||
| New Hampshire Business Finance Authority (NFA 2024-2) |
99 | 97,306 | ||||||
| New Hampshire Business Finance Authority (NFA 2025-1) |
1,000 | 1,064,948 | ||||||
| 5.875%, 12/15/2033(b) |
828 | 829,120 | ||||||
| New Hampshire Business Finance Authority (NFA 2025-2) |
995 | 1,000,456 | ||||||
| New Hampshire Business Finance Authority (Novant Health Obligated Group) |
1,000 | 1,062,309 | ||||||
| New Hampshire Business Finance Authority (Tamarron Project) |
1,000 | 1,000,018 | ||||||
| New Hampshire Business Finance Authority (University of Nevada Reno) |
960 | 933,958 | ||||||
|
|
|
|||||||
| 7,243,550 | ||||||||
|
|
|
|||||||
| New Jersey – 2.0% |
| |||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) |
100 | 80,722 | ||||||
| New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) |
1,390 | 1,425,862 | ||||||
| Series 2022-A |
1,085 | 1,116,397 | ||||||
| 4.00%, 06/15/2040 |
1,000 | 1,024,607 | ||||||
| Series 2023-A |
1,000 | 1,016,264 | ||||||
| Series 2023-B |
1,950 | 2,068,061 | ||||||
| Series 2024-A |
1,200 | 1,217,205 | ||||||
| New Jersey Transportation Trust Fund Authority (State of New Jersey) |
1,000 | 1,085,409 | ||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) |
$ | 940 | $ | 929,968 | ||||
|
|
|
|||||||
| 9,964,495 | ||||||||
|
|
|
|||||||
| New York – 8.4% |
| |||||||
| Build NYC Resource Corp. (KIPP NYC Public Charter Schools) |
555 | 612,335 | ||||||
| City of New York NY (City of New York NY) |
1,000 | 1,189,606 | ||||||
| 5.00%, 08/01/2046 |
1,000 | 1,070,683 | ||||||
| Series 2025-E |
1,000 | 1,124,114 | ||||||
| Empire State Development Corp. (New York State Sales Tax) |
1,000 | 1,064,184 | ||||||
| Empire State Development Corp. (State of New York Pers Income Tax) |
1,000 | 1,026,602 | ||||||
| Long Island Power Authority (Long Island Power Authority) |
1,000 | 1,063,183 | ||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority) |
425 | 338,563 | ||||||
| Series 2020-C |
400 | 404,696 | ||||||
| Series 2024-A |
1,060 | 1,117,610 | ||||||
| Series 2024-B |
330 | 371,415 | ||||||
| Series 2025 |
1,895 | 2,059,172 | ||||||
| Monroe County Industrial Development Corp./NY (Eugenio Maria de Hostos Charter School) |
150 | 149,864 | ||||||
| New York City Municipal Water Finance Authority (New York City Municipal Water Finance Authority) |
1,000 | 989,895 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) |
1,030 | 1,191,380 | ||||||
| Series 2025 |
1,000 | 1,072,648 | ||||||
19
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2025-H |
$ | 1,000 | $ | 1,105,723 | ||||
| New York Liberty Development Corp. (Goldman Sachs Headquarters) |
1,000 | 1,231,447 | ||||||
| New York State Dormitory Authority (State of New York Pers Income Tax) |
2,225 | 2,550,012 | ||||||
| New York Transportation Development Corp. (Delta Air Lines, Inc.) |
1,000 | 1,034,789 | ||||||
| Series 2023 |
500 | 535,151 | ||||||
| New York Transportation Development Corp. (JFK Intl Air Terminal) |
1,000 | 1,064,791 | ||||||
| New York Transportation Development Corp. (JFK Millennium Partners) |
500 | 514,460 | ||||||
| New York Transportation Development Corp. (JFK NTO LLC) |
1,995 | 2,093,017 | ||||||
| Series 2025 |
1,000 | 1,066,387 | ||||||
| New York Transportation Development Corp. (Laguardia Gateway Partners) |
250 | 250,098 | ||||||
| 5.25%, 01/01/2050 |
100 | 100,035 | ||||||
| Onondaga Civic Development Corp. (Syracuse University) |
1,000 | 1,099,124 | ||||||
| Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) |
900 | 916,212 | ||||||
| Series 2022 |
855 | 934,536 | ||||||
| 5.25%, 08/01/2047 |
1,285 | 1,351,921 | ||||||
| Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) |
100 | 103,263 | ||||||
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) |
1,500 | 1,572,394 | ||||||
| Series 2026 |
2,350 | 2,480,213 | ||||||
20
| Principal Amount (000) |
U.S. $ Value | |||||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority Real Estate Transfer Tax) |
$ | 500 | $ | 533,418 | ||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) |
1,000 | 1,054,829 | ||||||
| 5.00%, 03/01/2028 |
1,000 | 1,057,194 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue (Triborough Bridge & Tunnel Authority Sales Tax Revenue) |
1,065 | 1,106,435 | ||||||
| 5.25%, 05/15/2064 |
1,000 | 1,050,134 | ||||||
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) |
1,000 | 1,103,257 | ||||||
| 5.00%, 09/01/2034 |
1,125 | 1,224,431 | ||||||
|
|
|
|||||||
| 41,979,221 | ||||||||
|
|
|
|||||||
| North Carolina – 1.4% |
| |||||||
| City of Charlotte NC Airport Revenue (City of Charlotte NC Airport Revenue) |
1,300 | 1,449,387 | ||||||
| County of Guilford NC (County of Guilford NC) |
1,140 | 1,160,101 | ||||||
| Greater Asheville Regional Airport Authority (Greater Asheville Regional Airport Authority) |
1,000 | 1,086,421 | ||||||
| Nash Health Care Systems (Nash Health Care Systems) |
1,000 | 1,082,389 | ||||||
| North Carolina Medical Care Commission (United Methodist Retirement Homes Obligated Group) |
1,000 | 1,025,242 | ||||||
| Raleigh Durham Airport Authority (Raleigh Durham Airport Authority) |
1,225 | 1,227,650 | ||||||
|
|
|
|||||||
| 7,031,190 | ||||||||
|
|
|
|||||||
| Ohio – 1.8% |
| |||||||
| Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) |
1,000 | 825,714 | ||||||
21
| Principal Amount (000) |
U.S. $ Value | |||||||
| Columbus Regional Airport Authority (Columbus Regional Airport Authority) |
$ | 1,800 | $ | 1,980,936 | ||||
| 5.50%, 01/01/2050 |
1,955 | 2,083,035 | ||||||
| Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) |
100 | 85,059 | ||||||
| Lancaster Port Authority (Royal Bank of Canada) |
1,000 | 1,080,366 | ||||||
| Ohio Higher Educational Facility Commission (John Carroll University) |
1,140 | 1,243,496 | ||||||
| Ohio Higher Educational Facility Commission (Xavier University) |
400 | 416,211 | ||||||
| Port of Greater Cincinnati Development Authority (Duke Energy Convention Center Project) |
1,190 | 1,217,631 | ||||||
|
|
|
|||||||
| 8,932,448 | ||||||||
|
|
|
|||||||
| Oklahoma – 0.6% |
| |||||||
| Oklahoma Turnpike Authority (Oklahoma Turnpike Authority) |
1,000 | 1,081,143 | ||||||
| Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) |
1,000 | 1,138,042 | ||||||
| University of Oklahoma (The) (University of Oklahoma/The) |
890 | 970,617 | ||||||
|
|
|
|||||||
| 3,189,802 | ||||||||
|
|
|
|||||||
| Oregon – 0.1% |
| |||||||
| Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) |
500 | 457,007 | ||||||
|
|
|
|||||||
| Other – 0.2% |
| |||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML21) |
99 | 105,362 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) |
1,000 | 1,067,680 | ||||||
|
|
|
|||||||
| 1,173,042 | ||||||||
|
|
|
|||||||
22
| Principal Amount (000) |
U.S. $ Value | |||||||
| Pennsylvania – 2.8% |
| |||||||
| Adams County General Authority (Gettysburg College) |
$ | 660 | $ | 715,113 | ||||
| Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Revenue) |
1,000 | 1,040,257 | ||||||
| Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) |
100 | 107,742 | ||||||
| City of Philadelphia PA Water & Wastewater Revenue (City of Philadelphia PA Water & Wastewater Revenue) |
1,000 | 1,001,750 | ||||||
| Series 2020-A |
1,000 | 1,045,440 | ||||||
| AG Series 2024-C |
1,000 | 1,074,725 | ||||||
| Commonwealth of Pennsylvania (Commonwealth of Pennsylvania) |
200 | 203,332 | ||||||
| Series 2026 |
1,500 | 1,546,922 | ||||||
| Delaware County Authority (Elwyn Obligated Group) |
1,000 | 1,006,148 | ||||||
| Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) |
300 | 330,862 | ||||||
| 6.00%, 06/30/2061 |
1,000 | 1,062,819 | ||||||
| Pennsylvania Economic Development Financing Authority (Noble Environmental, Inc.) |
250 | 269,335 | ||||||
| Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) |
1,145 | 1,242,269 | ||||||
23
| Principal Amount (000) |
U.S. $ Value | |||||||
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson University Obligated Group) |
$ | 1,250 | $ | 1,327,711 | ||||
| Philadelphia Gas Works Co. (Philadelphia Gas Works) |
1,000 | 1,111,184 | ||||||
| Pittsburgh Water & Sewer Authority (Pittsburgh Water & Sewer Authority) |
1,000 | 1,044,519 | ||||||
|
|
|
|||||||
| 14,130,128 | ||||||||
|
|
|
|||||||
| Puerto Rico – 0.3% |
| |||||||
| Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) |
1,000 | 317,500 | ||||||
| Series 2022-C |
154 | 105,300 | ||||||
| Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) |
1,050 | 700,875 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) |
100 | 113,251 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) |
100 | 97,944 | ||||||
|
|
|
|||||||
| 1,334,870 | ||||||||
|
|
|
|||||||
| South Carolina – 2.0% |
| |||||||
| South Carolina Jobs-Economic Development Authority (Beaufort Memorial Hospital Obligated Group) |
395 | 415,213 | ||||||
| South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) |
1,000 | 1,127,608 | ||||||
| 5.25%, 11/01/2044 |
2,095 | 2,292,010 | ||||||
| South Carolina Jobs-Economic Development Authority (Prisma Health Obligated Group) |
1,000 | 1,055,113 | ||||||
24
| Principal Amount (000) |
U.S. $ Value | |||||||
| South Carolina Jobs-Economic Development Authority (Rolling Green Village) |
$ | 1,000 | $ | 1,021,526 | ||||
| South Carolina Public Service Authority (South Carolina Public Service Authority) |
1,000 | 1,049,285 | ||||||
| Series 2025-A |
1,000 | 1,102,288 | ||||||
| Series 2025-B |
500 | 544,609 | ||||||
| Series 2026-A |
1,000 | 1,182,487 | ||||||
|
|
|
|||||||
| 9,790,139 | ||||||||
|
|
|
|||||||
| Tennessee – 1.4% |
| |||||||
| Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) |
505 | 498,831 | ||||||
| Series 2016-B |
100 | 74,023 | ||||||
| Metropolitan Government of Nashville & Davidson County TN (Metropolitan Govt of Nashville & Davidson County TN) |
1,500 | 1,494,923 | ||||||
| Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The) |
1,290 | 1,435,557 | ||||||
| Shelby County Health & Educational Facilities Board (Madrone Memphis Student Housing I) |
1,100 | 1,067,123 | ||||||
| Tennessee Energy Acquisition Corp. (Massachusetts Mutual Life Insurance) |
1,385 | 1,534,085 | ||||||
| Tennessee Energy Acquisition Corp. (Pacific Life Insurance) |
1,000 | 1,098,872 | ||||||
|
|
|
|||||||
| 7,203,414 | ||||||||
|
|
|
|||||||
| Texas – 6.4% |
| |||||||
| Aledo Independent School District (Aledo Independent School District) |
1,000 | 1,078,707 | ||||||
25
| Principal Amount (000) |
U.S. $ Value | |||||||
| Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools) |
$ | 1,000 | $ | 915,386 | ||||
| Series 2025 |
1,000 | 1,037,659 | ||||||
| Arlington Independent School District/TX (Prerefunded - US Treasuries) |
1,000 | 1,000,075 | ||||||
| Board of Regents of the University of Texas System (Board of Regents of the University of Texas System) |
1,000 | 1,126,134 | ||||||
| Central Texas Turnpike System (Central Texas Turnpike System) |
100 | 113,730 | ||||||
| City of Austin TX (City of Austin TX) |
1,095 | 1,284,135 | ||||||
| City of Dallas TX (City of Dallas TX) |
1,000 | 1,148,510 | ||||||
| City of Georgetown TX Utility System Revenue (City of Georgetown TX Utility System Revenue) |
1,535 | 1,648,162 | ||||||
| City of Houston TX Airport System Revenue (City of Houston TX Airport System Revenue) |
500 | 551,465 | ||||||
| City of Houston TX Airport System Revenue (United Airlines, Inc.) |
1,000 | 1,107,783 | ||||||
| 5.50%, 07/15/2036 |
1,000 | 1,110,699 | ||||||
| 5.50%, 07/15/2038 |
1,000 | 1,099,767 | ||||||
| City of San Antonio TX Electric & Gas Systems Revenue (City of San Antonio TX Electric & Gas Systems Revenue) |
1,250 | 1,371,308 | ||||||
| Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) |
1,000 | 1,135,862 | ||||||
| Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital Obligated Group) |
1,000 | 1,096,883 | ||||||
| 5.00%, 12/01/2036 |
1,000 | 1,188,637 | ||||||
26
| Principal Amount (000) |
U.S. $ Value | |||||||
| Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) |
$ | 300 | $ | 316,184 | ||||
| Lewisville Independent School District (Lewisville Independent School District) |
1,000 | 1,138,096 | ||||||
| Lower Colorado River Authority (Lower Colorado River Authority) |
1,000 | 1,107,817 | ||||||
| AG Series 2022 |
1,000 | 1,118,955 | ||||||
| Mission Economic Development Corp. (Natgasoline LLC) |
1,000 | 1,004,053 | ||||||
| North East Texas Regional Mobility Authority (North East Texas Regional Mobility Authority) |
1,000 | 1,100,551 | ||||||
| North Texas Tollway Authority (North Texas Tollway Authority) |
1,000 | 1,144,413 | ||||||
| North Texas Tollway Authority (North Texas Tollway System) |
1,000 | 829,225 | ||||||
| Zero Coupon, 01/01/2035 |
1,000 | 770,129 | ||||||
| AG Series 2008D |
1,000 | 800,460 | ||||||
| Port of Beaumont Industrial Development Authority (Jefferson 2020 Bond Lessee & Borrower Obligated Group) |
1,000 | 912,583 | ||||||
| Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) |
100 | 100,106 | ||||||
| Sherman Independent School District/TX (Sherman Independent School District/TX) |
1,475 | 1,628,024 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) |
715 | 717,351 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) |
200 | 226,135 | ||||||
27
| Principal Amount (000) |
U.S. $ Value | |||||||
| Texas Municipal Gas Acquisition & Supply Corp. VI (Bank of America Corp.) |
$ | 1,000 | $ | 1,102,287 | ||||
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3) |
100 | 99,917 | ||||||
|
|
|
|||||||
| 32,131,188 | ||||||||
|
|
|
|||||||
| Utah – 0.6% |
| |||||||
| City of Salt Lake City UT Airport Revenue (City of Salt Lake City UT Airport Revenue) |
2,000 | 2,102,672 | ||||||
| Utah Infrastructure Agency (Utah Infrastructure Agency) |
500 | 530,889 | ||||||
| Wolf Creek Infrastructure Financing District No. 1 (Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1) |
200 | 207,872 | ||||||
|
|
|
|||||||
| 2,841,433 | ||||||||
|
|
|
|||||||
| Virginia – 1.3% |
| |||||||
| Fairfax County Industrial Development Authority (Inova Health System Obligated Group) |
1,000 | 1,001,457 | ||||||
| Hampton Roads Transportation Accountability Commission (Prerefunded - US Govt Agencies) |
2,450 | 2,473,010 | ||||||
| Henrico County Economic Development Authority (Bon Secours Mercy Health) |
1,000 | 1,050,852 | ||||||
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group) |
100 | 109,712 | ||||||
| Virginia Small Business Financing Authority (95 Express Lanes LLC) |
1,000 | 977,885 | ||||||
| Virginia Small Business Financing Authority (LifeSpire of Virginia Obligated Group) |
1,000 | 1,005,602 | ||||||
|
|
|
|||||||
| 6,618,518 | ||||||||
|
|
|
|||||||
| Washington – 2.9% |
| |||||||
| City of Federal Way WA (City of Federal Way WA) |
1,000 | 1,055,181 | ||||||
28
| Principal Amount (000) |
U.S. $ Value | |||||||
| King & Snohomish Counties School District No. 417 Northshore (King & Snohomish Counties School District No. 417 Northshore) |
$ | 100 | $ | 113,787 | ||||
| Port of Seattle WA (Port of Seattle WA) |
1,000 | 1,027,035 | ||||||
| Series 2024 |
1,000 | 1,047,459 | ||||||
| Series 2025-B |
1,000 | 1,088,552 | ||||||
| 5.00%, 10/01/2039 |
1,555 | 1,745,272 | ||||||
| State of Washington (State of Washington COP) |
1,000 | 1,037,879 | ||||||
| State of Washington (State of Washington) |
1,500 | 1,719,200 | ||||||
| Vancouver Housing Authority (Vancouver Housing Authority) |
2,000 | 2,116,516 | ||||||
| Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center Obligated Group) |
1,000 | 1,042,250 | ||||||
| Series 2025 |
1,000 | 1,011,395 | ||||||
| Washington State Housing Finance Commission (WSHFC 2024-1) |
297 | 300,321 | ||||||
| Washington State Housing Finance Commission (WSHFC 2025-1) |
995 | 983,554 | ||||||
|
|
|
|||||||
| 14,288,401 | ||||||||
|
|
|
|||||||
| West Virginia – 0.2% |
| |||||||
| West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) |
1,000 | 1,089,985 | ||||||
|
|
|
|||||||
| Wisconsin – 2.7% |
| |||||||
| Public Finance Authority (PFA 2026-1) |
1,000 | 997,702 | ||||||
| Wisconsin Health & Educational Facilities Authority (Chiara Housing & Services Obligated Group) |
595 | 619,884 | ||||||
29
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2025 |
$ | 1,000 | $ | 1,074,313 | ||||
| Wisconsin Health & Educational Facilities Authority (Forensic Science & Protective Medicine Collaboration) |
150 | 151,006 | ||||||
| Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) |
100 | 46,818 | ||||||
| Wisconsin Public Finance Authority (Foundation Academy Charter School A NJ Nonprofit) |
500 | 455,577 | ||||||
| Wisconsin Public Finance Authority (Heritage Bend Project) |
1,000 | 315,069 | ||||||
| Wisconsin Public Finance Authority (PRG - The Grounds LLC) |
1,000 | 1,155,571 | ||||||
| Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) |
1,000 | 1,057,057 | ||||||
| Wisconsin Public Finance Authority (Queens University of Charlotte) |
1,000 | 1,013,289 | ||||||
| Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) |
100 | 102,274 | ||||||
| Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) |
1,875 | 1,963,749 | ||||||
| 5.75%, 12/31/2065 |
1,000 | 1,045,822 | ||||||
| 6.50%, 06/30/2060 |
2,135 | 2,375,484 | ||||||
| Wisconsin Public Finance Authority (Triad Math & Science Academy) |
500 | 500,223 | ||||||
| Wisconsin Public Finance Authority (Wisconsin Public Finance Authority-Muni Certificates) |
480 | 480,688 | ||||||
|
|
|
|||||||
| 13,354,526 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
444,717,483 | |||||||
|
|
|
|||||||
30
| Principal Amount (000) |
U.S. $ Value | |||||||
| Short-Term Municipal Notes – 8.9% |
| |||||||
| Arizona – 0.4% |
| |||||||
| Arizona Health Facilities Authority (Banner Health Obligated Group) |
$ | 1,590 | $ | 1,590,000 | ||||
| Arizona Industrial Development Authority (Phoenix Children’s Hospital) |
260 | 260,000 | ||||||
|
|
|
|||||||
| 1,850,000 | ||||||||
|
|
|
|||||||
| California – 0.3% |
||||||||
| Anaheim Housing & Public Improvements Authority (City of Anaheim CA Water System Revenue) |
600 | 600,000 | ||||||
| City of Los Angeles CA (City of Los Angeles CA) |
1,000 | 1,008,689 | ||||||
|
|
|
|||||||
| 1,608,689 | ||||||||
|
|
|
|||||||
| Colorado – 1.1% |
||||||||
| Colorado Educational & Cultural Facilities Authority (Jewish Federation of South Palm Beach County) |
495 | 495,000 | ||||||
| Colorado Educational & Cultural Facilities Authority (Miami Beach Jewish Community Center) |
1,000 | 1,000,000 | ||||||
| Colorado Educational & Cultural Facilities Authority (Michael Ann Russell Jewish Community Center) |
350 | 350,000 | ||||||
| Colorado State Education Loan Program (Colorado State Education Loan Program) |
1,150 | 1,160,086 | ||||||
| Series 2026 |
2,500 | 2,522,639 | ||||||
|
|
|
|||||||
| 5,527,725 | ||||||||
|
|
|
|||||||
| Connecticut – 0.2% |
||||||||
| City of Danbury CT (City of Danbury CT) |
1,000 | 1,017,380 | ||||||
|
|
|
|||||||
31
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida – 0.4% |
||||||||
| School District of Broward County/FL (School District of Broward County/FL) |
$ | 2,000 | $ | 2,010,354 | ||||
|
|
|
|||||||
| Georgia – 0.2% |
| |||||||
| Cobb County School District (Cobb County School District) |
1,000 | 1,013,779 | ||||||
|
|
|
|||||||
| Hawaii – 0.2% |
| |||||||
| State of Hawaii Department of Budget & Finance (Queen’s Health Systems Obligated Group) |
1,200 | 1,200,000 | ||||||
|
|
|
|||||||
| Idaho – 0.3% |
| |||||||
| Idaho Health Facilities Authority (St. Luke’s Health System Obligated Group/ID) |
1,370 | 1,370,000 | ||||||
|
|
|
|||||||
| Illinois – 0.1% |
| |||||||
| Illinois Finance Authority (University of Chicago Medical Center Obligated Group) |
655 | 655,000 | ||||||
|
|
|
|||||||
| Maryland – 0.4% |
| |||||||
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health System Obligated Group) |
450 | 450,000 | ||||||
| 1.85%, 06/01/2048(g) |
810 | 810,000 | ||||||
| Maryland Health & Higher Educational Facilities Authority (University of Maryland Medical System Obligated Group) |
600 | 600,000 | ||||||
|
|
|
|||||||
| 1,860,000 | ||||||||
|
|
|
|||||||
| Massachusetts – 0.2% |
| |||||||
| City of Quincy MA (City of Quincy MA) |
1,000 | 1,015,109 | ||||||
|
|
|
|||||||
| Michigan – 0.1% |
| |||||||
| Green Lake Township Economic Development Corp. (Interlochen Center for the Arts) |
700 | 700,000 | ||||||
|
|
|
|||||||
32
| Principal Amount (000) |
U.S. $ Value | |||||||
| Missouri – 0.2% |
| |||||||
| Health & Educational Facilities Authority of the State of Missouri (St. Louis University/US) |
$ | 860 | $ | 860,000 | ||||
|
|
|
|||||||
| New Jersey – 1.0% |
| |||||||
| City of Hoboken NJ (City of Hoboken NJ) |
1,000 | 1,000,370 | ||||||
| County of Hudson NJ (County of Hudson NJ) |
1,000 | 1,016,705 | ||||||
| Jersey City Redevelopment Agency (Jersey City Redevelopment Agency) |
1,000 | 1,017,719 | ||||||
| Monmouth County Improvement Authority (The) (Monmouth County Improvement Authority/The) |
1,000 | 1,017,397 | ||||||
| Township of Gloucester NJ (Township of Gloucester NJ) |
1,008 | 1,014,661 | ||||||
|
|
|
|||||||
| 5,066,852 | ||||||||
|
|
|
|||||||
| New York – 1.7% |
| |||||||
| City of New York NY (City of New York NY) |
3,725 | 3,725,000 | ||||||
| Metropolitan Transportation Authority Dedicated Tax Fund (Metropolitan Transportation Authority Dedicated Tax Fund) |
490 | 490,000 | ||||||
| Town of Oyster Bay NY (Town of Oyster Bay NY) |
1,000 | 1,000,181 | ||||||
| 4.00%, 08/21/2026 |
1,120 | 1,129,099 | ||||||
| Series 2026 |
1,000 | 1,017,994 | ||||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) |
||||||||
| 2.86% (MUNIPSA + 0.98%), 05/01/2026(c) |
1,000 | 1,000,000 | ||||||
|
|
|
|||||||
| 8,362,274 | ||||||||
|
|
|
|||||||
| North Carolina – 0.1% |
| |||||||
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health Obligated Group) |
570 | 570,000 | ||||||
|
|
|
|||||||
33
| Principal Amount (000) |
U.S. $ Value | |||||||
| Ohio – 0.7% |
| |||||||
| County of Montgomery OH (Premier Health Partners Obligated Group) |
$ | 3,280 | $ | 3,280,000 | ||||
|
|
|
|||||||
| Pennsylvania – 0.1% |
| |||||||
| Delaware Valley Regional Finance Authority (Delaware Valley Regional Finance Authority) |
500 | 500,000 | ||||||
|
|
|
|||||||
| South Carolina – 0.4% |
| |||||||
| Berkeley County School District (Berkeley County School District) |
1,000 | 1,006,808 | ||||||
| Orangeburg County School District (Orangeburg County School District) |
1,000 | 1,011,781 | ||||||
|
|
|
|||||||
| 2,018,589 | ||||||||
|
|
|
|||||||
| Texas – 0.4% |
||||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group) |
2,000 | 2,000,000 | ||||||
|
|
|
|||||||
| Virginia – 0.2% |
||||||||
| Hampton Roads Sanitation District (Hampton Roads Sanitation District) |
1,000 | 1,010,520 | ||||||
|
|
|
|||||||
| West Virginia – 0.1% |
||||||||
| West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) |
600 | 600,000 | ||||||
|
|
|
|||||||
| Wisconsin – 0.1% |
||||||||
| Wisconsin Health & Educational Facilities Authority (Medical College of Wisconsin) |
465 | 465,000 | ||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
|
44,561,271 | ||||||
|
|
|
|||||||
| Total Municipal Obligations |
|
489,278,754 | ||||||
|
|
|
|||||||
34
| Principal Amount (000) |
U.S. $ Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2% |
||||||||
| Non-Agency Fixed Rate CMBS – 0.2% |
| |||||||
| MAD Commercial Mortgage Trust |
$ | 1,000 | $ | 1,014,960 | ||||
|
|
|
|||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2% |
||||||||
| Risk Share Floating Rate – 0.2% |
| |||||||
| Connecticut Avenue Securities Trust |
952 | 951,815 | ||||||
|
|
|
|||||||
| Shares | ||||||||
| WARRANTS – 0.0% |
| |||||||
| Industrials – 0.0% |
| |||||||
| Construction & Engineering – 0.0% |
| |||||||
| BL Train Holdings West LLC, expiring
12/31/2026(f) (h) (i) |
7,809 | 9,761 | ||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS – 2.2% |
| |||||||
| Investment Companies – 2.2% |
| |||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(j) (k) (l) |
10,933,146 | 10,933,146 | ||||||
|
|
|
|||||||
| Total Investments – 100.2% |
|
502,188,436 | ||||||
| Other assets less liabilities – (0.2)% |
|
(887,651 | ) | |||||
|
|
|
|||||||
| Net Assets – 100.0% |
|
$ | 501,300,785 | |||||
|
|
|
|||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
| Description | Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at February 28, 2026 |
Notional Amount (000) |
Market Value |
Upfront (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
| Buy Contracts |
| |||||||||||||||||||||||||||
| CDX-NAHY Series 44, 5 Year Index, 12/20/2030* |
(5.00 | )% | Quarterly | 3.32% | USD | 3,317 | $ | (257,235) | $ | (217,873) | $ | (39,362) | ||||||||||||||||
| * | Termination date |
35
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 17,600 | 10/15/2029 | 2.545% | CPI# | Maturity | $ | (64,448 | ) | $ | — | $ | (64,448 | ) | |||||||||||
| USD | 3,100 | 10/15/2029 | 2.569% | CPI# | Maturity | (14,989 | ) | — | (14,989 | ) | ||||||||||||||
| USD | 3,000 | 10/15/2029 | 2.485% | CPI# | Maturity | (2,126 | ) | — | (2,126 | ) | ||||||||||||||
| USD | 1,568 | 10/15/2029 | 2.516% | CPI# | Maturity | (3,502 | ) | — | (3,502 | ) | ||||||||||||||
| USD | 1,566 | 10/15/2029 | 2.451% | CPI# | Maturity | 1,487 | — | 1,487 | ||||||||||||||||
| USD | 1,566 | 10/15/2029 | 2.499% | CPI# | Maturity | (2,188 | ) | — | (2,188 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | (85,766 | ) | $ | — | $ | (85,766 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 1,300 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | $ | 49,313 | $ | — | $ | 49,313 | |||||||||||||
| USD | 800 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 30,702 | — | 30,702 | ||||||||||||||||
| USD | 1,700 | 12/03/2031 | 1 Day SOFR | 3.967% | Annual | 61,467 | — | 61,467 | ||||||||||||||||
| USD | 1,700 | 12/03/2031 | 1 Day SOFR | 4.212% | Annual | 84,388 | — | 84,388 | ||||||||||||||||
| USD | 1,600 | 12/03/2031 | 1 Day SOFR | 4.088% | Annual | 68,484 | — | 68,484 | ||||||||||||||||
| USD | 1,500 | 12/03/2031 | 1 Day SOFR | 4.036% | Annual | 59,961 | — | 59,961 | ||||||||||||||||
| USD | 1,190 | 12/03/2031 | 1 Day SOFR | 4.146% | Annual | 54,759 | 18 | 54,741 | ||||||||||||||||
| USD | 700 | 12/03/2031 | 1 Day SOFR | 3.898% | Annual | 22,677 | (89 | ) | 22,766 | |||||||||||||||
| USD | 390 | 12/03/2031 | 1 Day SOFR | 4.125% | Annual | 17,496 | — | 17,496 | ||||||||||||||||
| USD | 13,100 | 03/12/2032 | 1 Day SOFR | 3.660% | Annual | 205,333 | — | 205,333 | ||||||||||||||||
| USD | 2,980 | 03/12/2032 | 1 Day SOFR | 3.826% | Annual | 77,470 | — | 77,470 | ||||||||||||||||
| USD | 5,400 | 01/03/2033 | 1 Day SOFR | 3.720% | Annual | 123,730 | — | 123,730 | ||||||||||||||||
| USD | 5,100 | 01/03/2033 | 1 Day SOFR | 3.595% | Annual | 76,692 | — | 76,692 | ||||||||||||||||
| USD | 3,460 | 03/15/2033 | 1 Day SOFR | 3.776% | Annual | 80,741 | — | 80,741 | ||||||||||||||||
| USD | 4,600 | 09/25/2035 | 3.494% | 1 Day SOFR | Annual | 13,935 | — | 13,935 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 1,027,148 | $ | (71 | ) | $ | 1,027,219 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (a) | When-Issued or delayed delivery security. |
| (b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2026, the aggregate market value of these securities amounted to $32,151,132 or 6.4% of net assets. |
| (c) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026. |
| (d) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 28, 2026. |
| (e) | Defaulted matured security. |
| (f) | Non-income producing security. |
| (g) | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
| (h) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (i) | Fair valued by the Adviser. |
| (j) | The rate shown represents the 7-day yield as of period end. |
36
| (k) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618. |
| (l) | Affiliated investments. |
| (m) | As of February 28, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,219,873 and gross unrealized depreciation of investments was $(1,096,503), resulting in net unrealized appreciation of $12,123,370. |
As of February 28, 2026, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.2% and 0.0%, respectively.
Glossary:
AG – Assured Guaranty Inc.
BAM – Build American Mutual
CHF – Collegiate Housing Foundation
CMBS – Commercial Mortgage-Backed Securities
COP – Certificate of Participation
FHLMC – Federal Home Loan Mortgage Corporation
ID – Improvement District
MUNIPSA - SIFMA Municipal Swap Index
NATL – National Interstate Corporation
PFA – Public Finance Authority
SOFR – Secured Overnight Financing Rate
UPMC – University of Pittsburgh Medical Center
37
AB Active ETFs, Inc.
AB Tax-Aware Intermediate Municipal ETF
February 28, 2026 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
| • | Level 1 - quoted prices in active markets for identical investments |
| • | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.
38
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of February 28, 2026:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: |
| |||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 444,717,483 | $ | — | $ | 444,717,483 | ||||||||
| Short-Term Municipal Notes | — | 44,561,271 | — | 44,561,271 | ||||||||||||
| Commercial Mortgage-Backed Securities | — | 1,014,960 | — | 1,014,960 | ||||||||||||
| Collateralized Mortgage Obligations | — | 951,815 | — | 951,815 | ||||||||||||
| Warrants | — | — | 9,761 | 9,761 | ||||||||||||
| Short-Term Investments | 10,933,146 | — | — | 10,933,146 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities | 10,933,146 | 491,245,529 | 9,761 | 502,188,436 | ||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Assets: |
| |||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | 1,487 | — | 1,487 | ||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 1,027,148 | — | 1,027,148 | ||||||||||||
| Liabilities: |
| |||||||||||||||
| Centrally Cleared Credit Default Swaps | — | (257,235 | ) | — | (257,235 | ) | ||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | (87,253 | ) | — | (87,253 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total | $ | 10,933,146 | $ | 491,929,676 | $ | 9,761 | $ | 502,872,583 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. |
A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2026 is as follows:
| Fund | Market Value 11/30/2025 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 02/28/2026 (000) |
Dividend Income (000) |
|||||||||||||||
| AB Government Money Market Portfolio | $ | 11,334 | $ | 55,102 | $ | 55,503 | $ | 10,933 | $ | 90 | ||||||||||
39