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AB Active ETFs, Inc.

AB Core Bond ETF

Portfolio of Investments

February 28, 2026 (unaudited)


	Principal Amount (000)			U.S. $ Value

GOVERNMENTS - TREASURIES – 29.1%
Japan – 0.9%
Japan Government Thirty Year Bond Series 86 2.40%, 03/20/2055		JPY	1,658,300	$	8,759,329


United States – 28.2%
U.S. Treasury Bonds 1.875%, 02/15/2051		U.S.$	3,799		2,216,246
2.00%, 08/15/2051			9,349		5,592,110
2.25%, 08/15/2046			2,357		1,612,335
2.25%, 08/15/2049			10,858		7,084,845
2.25%, 02/15/2052			4,934		3,121,273
2.375%, 11/15/2049			4,905		3,278,686
2.50%, 02/15/2046			932		673,516
2.50%, 05/15/2046			5,327		3,835,512
2.875%, 08/15/2045			51		39,955
2.875%, 11/15/2046			1,123		860,170
2.875%, 05/15/2052			2,950		2,143,287
3.00%, 05/15/2045			129		102,318
3.00%, 11/15/2045			363		287,518
3.00%, 05/15/2047			1,447		1,126,173
3.00%, 02/15/2048			5,490		4,238,452
3.25%, 05/15/2042			1,539		1,323,231
3.375%, 08/15/2042			6,591		5,743,787
3.50%, 02/15/2039			8,105		7,570,577
3.625%, 08/15/2043			1,943		1,731,448
3.625%, 02/15/2053			4,596		3,858,150
3.625%, 05/15/2053			4,008		3,362,543
3.75%, 11/15/2043			295		266,652
3.875%, 02/15/2043			3,999		3,705,046
3.875%, 05/15/2043			999		923,266
4.00%, 11/15/2042			5,931		5,595,150
4.125%, 08/15/2053			3,432		3,148,493
4.25%, 02/15/2054			5,131		4,806,585
4.375%, 02/15/2038			899		925,942
4.375%, 11/15/2039			10,740		10,860,825
4.375%, 08/15/2043			7,123		7,007,153
4.50%, 02/15/2044			5,053		5,037,600
4.50%, 11/15/2054			4,431		4,328,737
4.625%, 05/15/2044			2,775		2,806,580
4.625%, 05/15/2054			1,354		1,349,569
4.625%, 11/15/2055			3,790		3,784,078
4.75%, 02/15/2037			1,525		1,627,699
4.75%, 11/15/2043			7,167		7,378,959
4.75%, 11/15/2053			4,499		4,571,804
U.S. Treasury Notes 2.625%, 02/15/2029			3,914		3,829,898
3.375%, 02/29/2028			2,410		2,409,435
3.50%, 04/30/2028			8,269		8,286,587
3.625%, 09/30/2030			15,942		16,025,145
3.75%, 12/31/2028			7,851		7,926,956
3.875%, 12/31/2027			7,359		7,419,841
4.00%, 02/29/2028			11,580		11,713,388
4.125%, 03/31/2029			6,400		6,534,796
4.25%, 02/28/2029			16,977		17,387,040
4.25%, 06/30/2029			12,176		12,493,074
4.375%, 11/30/2028			6,169		6,326,394
4.375%, 05/15/2034			1,979		2,055,070


	Principal Amount (000)			U.S. $ Value

4.50%, 11/15/2033		U.S.$	14,896	$	15,603,141
4.625%, 09/30/2028			8,685		8,948,427
4.875%, 10/31/2028			12,567		13,037,073

					267,922,535


Total Governments - Treasuries (cost $297,577,729)					276,681,864


CORPORATES - INVESTMENT GRADE – 28.5%
Industrial – 14.8%
Basic – 0.5%
Freeport Indonesia PT 4.763%, 04/14/2027^(a)			324		325,426
Glencore Funding LLC 4.907%, 04/01/2028^(a)			841		856,272
5.186%, 04/01/2030^(a)			356		368,172
5.338%, 04/04/2027^(a)			509		516,263
6.50%, 10/06/2033^(a)			390		433,680
LYB International Finance III LLC 6.15%, 05/15/2035			334		347,023
Marcobre SAC 5.75%, 01/22/2036^(a)			252		254,031
Nexa Resources SA 6.75%, 04/09/2034^(a)			241		260,882
WRKCo, Inc. 4.00%, 03/15/2028			1,732		1,734,442

					5,096,191


Capital Goods – 1.1%
Boeing Co. (The) 3.25%, 02/01/2028			970		958,506
Caterpillar Financial Services Corp. 3.70%, 01/10/2028			266		266,580
4.45%, 10/16/2026			1,888		1,895,382
General Electric Co. 4.90%, 01/29/2036			865		886,651
Republic Services, Inc. 4.75%, 07/15/2030			2,083		2,140,574
Waste Management, Inc. 4.50%, 03/15/2028			1,884		1,912,392
Westinghouse Air Brake Technologies Corp. 4.90%, 05/29/2030			2,075		2,136,295

					10,196,380


Communications - Media – 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049			467		371,097
Meta Platforms, Inc. 5.50%, 11/15/2045			777		767,225
5.75%, 11/15/2065			801		779,765
Prosus NV 3.257%, 01/19/2027^(a)			489		483,863


	Principal Amount (000)			U.S. $ Value

Time Warner Cable Enterprises LLC 8.375%, 07/15/2033		U.S.$	379	$	443,908
Time Warner Cable LLC 4.50%, 09/15/2042			505		398,748

					3,244,606


Communications - Telecommunications – 0.1%
AT&T, Inc. 4.50%, 05/15/2035			408		397,812
T-Mobile USA, Inc. 3.875%, 04/15/2030			352		349,262

					747,074


Consumer Cyclical - Automotive – 1.2%
American Honda Finance Corp. 4.15%, 01/08/2029			29		29,150
BMW US Capital LLC 4.60%, 08/13/2027^(a)			1,889		1,908,986
4.65%, 03/19/2027^(a)			188		189,609
Ford Motor Co. 3.25%, 02/12/2032			1,299		1,168,178
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			215		213,441
5.918%, 03/20/2028			298		305,748
6.125%, 03/08/2034			526		543,900
General Motors Financial Co., Inc. 2.40%, 04/10/2028			190		183,825
4.90%, 10/06/2029			437		446,819
5.55%, 07/15/2029			800		832,992
6.00%, 01/09/2028			1,329		1,372,192
Honda Motor Co., Ltd. 4.436%, 07/08/2028			2,110		2,133,885
Hyundai Capital America 4.30%, 09/24/2027^(a)			35		35,153
4.50%, 09/18/2030^(a)			201		202,612
5.25%, 01/08/2027^(a)			443		447,780
5.30%, 03/19/2027^(a)			513		520,013
6.10%, 09/21/2028^(a)			871		911,380

					11,445,663


Consumer Cyclical - Entertainment – 0.1%
Hasbro, Inc. 6.05%, 05/14/2034			450		483,242


Consumer Cyclical - Other – 0.7%
DR Horton, Inc. 4.85%, 10/15/2030			763		786,355
Flutter Treasury DAC 5.875%, 06/04/2031^(a)			745		745,455
6.375%, 04/29/2029^(a)			1,701		1,749,445
Las Vegas Sands Corp. 6.00%, 06/14/2030			435		456,728
Marriott International, Inc./MD 4.20%, 07/15/2027			2,129		2,138,474
5.10%, 05/01/2038			98		97,108


	Principal Amount (000)		U.S. $ Value

Sekisui House US, Inc. 6.00%, 01/15/2043	U.S.$	968	$	923,036

				6,896,601


Consumer Cyclical - Restaurants – 0.2%
Starbucks Corp. 4.85%, 02/08/2027		1,837		1,852,027


Consumer Cyclical - Retailers – 0.5%
AutoNation, Inc. 4.45%, 01/15/2029		445		448,169
Hutchison Whampoa International 03/33 Ltd. 7.45%, 11/24/2033^(a)		2,185		2,586,341
Ross Stores, Inc. 4.70%, 04/15/2027		1,925		1,934,798

				4,969,308


Consumer Non-Cyclical – 3.1%
Altria Group, Inc. 3.40%, 05/06/2030		1,745		1,697,902
BAT Capital Corp. 4.625%, 03/22/2033		571		573,113
5.35%, 08/15/2032		1,294		1,358,480
7.75%, 10/19/2032		141		166,116
Cargill, Inc. 4.125%, 10/23/2030^(a)		1,250		1,253,725
5.125%, 10/11/2032^(a)		835		875,957
General Mills, Inc. 4.70%, 01/30/2027		496		499,150
4.875%, 01/30/2030		1,398		1,434,180
HCA, Inc. 2.375%, 07/15/2031		3,000		2,708,130
Imperial Brands Finance PLC 3.875%, 07/26/2029^(a)		908		899,047
5.875%, 07/01/2034^(a)		1,460		1,544,797
IQVIA, Inc. 6.25%, 02/01/2029		2,150		2,259,843
JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings 6.75%, 03/15/2034		784		873,251
Mars, Inc. 4.60%, 03/01/2028^(a)		1,212		1,230,265
Mondelez International, Inc. 4.50%, 05/06/2030		1,311		1,330,363
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		1,480		1,291,507
Philip Morris International, Inc. 5.375%, 02/15/2033		1,688		1,780,637
6.375%, 05/16/2038		800		899,752
Roche Holdings, Inc. 4.075%, 12/02/2030^(a)		235		236,180
4.203%, 09/09/2029^(a)		1,902		1,924,957


	Principal Amount (000)		U.S. $ Value

Sysco Corp. 4.40%, 07/25/2031	U.S.$	1,025	$	1,028,700
Takeda US Financing, Inc. 5.20%, 07/07/2035		2,111		2,170,615
Tyson Foods, Inc. 5.70%, 03/15/2034		600		638,550
Viatris, Inc. 2.70%, 06/22/2030		1,050		969,749

				29,644,966


Energy – 3.3%
Cenovus Energy, Inc. 4.65%, 03/20/2031		517		523,312
5.40%, 03/20/2036		552		561,765
ConocoPhillips Co. 5.65%, 01/15/2065		1,910		1,873,519
Continental Resources, Inc./OK 2.875%, 04/01/2032^(a)		1,630		1,451,792
5.75%, 01/15/2031^(a)		718		744,415
Energy Transfer LP 5.60%, 09/01/2034		1,831		1,913,926
Eni SpA 5.75%, 05/19/2035^(a)		2,092		2,227,603
Enterprise Products Operating LLC 5.95%, 02/01/2041		1,318		1,407,848
6.125%, 10/15/2039		1,245		1,364,570
Expand Energy Corp. 5.375%, 02/01/2029		1,830		1,827,328
Kinder Morgan, Inc. 5.85%, 06/01/2035		483		518,868
MPLX LP 5.30%, 04/01/2036		1,207		1,217,211
ONEOK, Inc. 5.40%, 10/15/2035		771		785,834
5.625%, 01/15/2028^(a)		765		781,417
6.05%, 09/01/2033		707		759,283
Plains All American Pipeline LP/PAA Finance Corp. 5.60%, 01/15/2036		221		226,770
5.70%, 09/15/2034		1,842		1,922,624
Targa Resources Corp. 4.90%, 09/15/2030		385		395,091
5.65%, 02/15/2036		425		442,034
6.05%, 05/15/2056		1,512		1,508,371
Var Energi ASA 7.50%, 01/15/2028^(a)		1,132		1,195,607
Western Midstream Operating LP 7.25%, 04/01/2030^(a)		2,641		2,804,399
Williams Cos., Inc. (The) 4.625%, 06/30/2030		1,242		1,263,760
4.80%, 11/15/2029		855		875,631
Woodside Finance Ltd. 4.50%, 03/04/2029^(a)		1,487		1,497,915
5.40%, 05/19/2030		308		319,547
6.00%, 05/19/2035		802		849,230

				31,259,670


	Principal Amount (000)			U.S. $ Value

Services – 0.6%
Amazon.com, Inc. 3.90%, 11/20/2028		U.S.$	1,075	$	1,080,966
4.65%, 11/20/2035			1,075		1,080,031
Mastercard, Inc. 4.55%, 01/15/2035			1,365		1,373,886
Moody’s Corp. 5.00%, 08/05/2034			960		988,291
S&P Global, Inc. 2.90%, 03/01/2032			990		921,156

					5,444,330


Technology – 2.1%
Alphabet, Inc. 5.65%, 02/15/2056			2,228		2,278,420
Apple, Inc. 4.10%, 08/08/2062			1,148		914,221
Broadcom, Inc. 4.90%, 07/15/2032			484		498,336
4.926%, 05/15/2037^(a)			1,422		1,421,474
CDW LLC/CDW Finance Corp. 4.25%, 04/01/2028			2,817		2,805,873
Cisco Systems, Inc. 4.75%, 02/24/2030			2,030		2,093,376
Dell International LLC/EMC Corp. 4.35%, 02/01/2030			1,930		1,939,978
5.50%, 04/01/2035			413		428,847
Fiserv, Inc. 3.50%, 07/01/2029			2,539		2,466,613
Foundry JV Holdco LLC 5.90%, 01/25/2030^(a)			253		266,953
Hewlett Packard Enterprise Co. 4.40%, 09/25/2027			791		795,659
International Business Machines Corp. 5.00%, 02/10/2032			2,010		2,069,255
Oracle Corp. 5.20%, 09/26/2035			940		908,435
5.50%, 08/03/2035			1,652		1,632,159

					20,519,599


Transportation - Airlines – 0.5%
AS Mileage Plan IP Ltd. 5.021%, 10/20/2029^(a)			710		721,381
5.308%, 10/20/2031^(a)			752		766,604
Delta Air Lines, Inc. 5.25%, 07/10/2030			2,617		2,698,572
Southwest Airlines Co. 4.375%, 11/15/2028			615		619,508

					4,806,065


Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036^(a)			196		189,859


	Principal Amount (000)		U.S. $ Value

5.875%, 07/05/2034^(a)	U.S.$	309	$	320,015

				509,874


Transportation - Services – 0.4%
ENA Master Trust 4.00%, 05/19/2048^(a)		380		302,776
ERAC USA Finance LLC 4.60%, 05/01/2028^(a)		517		524,817
Ryder System, Inc. 5.375%, 03/15/2029		1,458		1,511,975
TTX Co. 5.50%, 09/25/2026^(a)		1,677		1,688,119

				4,027,687

				141,143,283


Financial Institutions – 10.5%
Banking – 8.3%
AIB Group PLC 5.32%, 05/15/2031^(a)		1,621		1,683,182
Ally Financial, Inc. 5.543%, 01/17/2031		291		299,128
5.737%, 05/15/2029		480		492,950
6.992%, 06/13/2029		976		1,027,894
American Express Co. 5.098%, 02/16/2028		1,827		1,845,928
Banco Bilbao Vizcaya Argentaria SA 5.127%, 03/03/2036		2,000		1,988,200
7.883%, 11/15/2034		200		233,114
Banco Santander SA 3.80%, 02/23/2028		200		199,190
4.175%, 03/24/2028		800		800,400
5.565%, 01/17/2030		800		837,904
6.921%, 08/08/2033		800		888,512
Bank of America Corp. 5.744%, 02/12/2036		2,019		2,109,734
Bank of Ireland Group PLC 5.601%, 03/20/2030^(a)		365		380,450
Banque Federative du Credit Mutuel SA 5.538%, 01/22/2030^(a)		1,937		2,025,870
Barclays PLC 5.207%, 02/24/2037		328		327,446
5.335%, 09/10/2035		734		750,471
5.674%, 03/12/2028		351		356,521
6.224%, 05/09/2034		740		799,748
BNP Paribas SA 2.591%, 01/20/2028^(a)		751		741,680
4.625%, 02/25/2031^{(a) (b)}		388		360,588
5.497%, 05/20/2030^(a)		1,133		1,175,771
BPCE SA 5.417%, 01/13/2037^(a)		251		252,664
6.508%, 01/18/2035^(a)		1,793		1,911,123
CaixaBank SA 6.037%, 06/15/2035^(a)		843		904,800


	Principal Amount (000)		U.S. $ Value

6.684%, 09/13/2027^(a)	U.S.$	994	$	1,007,886
Capital One Financial Corp. 4.722%, 01/30/2032		54		54,417
5.468%, 02/01/2029		416		426,500
6.377%, 06/08/2034		1,163		1,261,111
Capital One NA 5.974%, 08/09/2028		386		402,154
Citigroup, Inc. 4.643%, 05/07/2028		2,031		2,045,176
6.02%, 01/24/2036		44		46,173
Series Y 4.15%, 11/15/2026^(b)		139		138,552
Citizens Bank NA/Providence RI 4.192%, 01/29/2029		1,171		1,172,276
Cooperatieve Rabobank UA 5.564%, 02/28/2029^(a)		1,301		1,338,989
Credit Agricole SA 4.656%, 01/12/2032^(a)		769		774,798
5.222%, 05/27/2031^(a)		573		592,115
6.251%, 01/10/2035^(a)		795		844,393
Danske Bank A/S 4.613%, 10/02/2030^(a)		846		856,533
5.705%, 03/01/2030^(a)		858		895,632
Deutsche Bank AG/New York NY 4.469%, 12/10/2031		906		911,264
4.95%, 08/04/2031		920		936,965
7.146%, 07/13/2027		323		326,592
Goldman Sachs Group, Inc. (The) 2.65%, 10/21/2032		67		60,973
4.937%, 04/23/2028		1,123		1,133,747
Series V 4.125%, 11/10/2026^(b)		764		760,875
HSBC Holdings PLC 2.804%, 05/24/2032		581		536,100
2.848%, 06/04/2031		1,675		1,580,162
7.399%, 11/13/2034		1,536		1,757,015
8.113%, 11/03/2033		767		904,607
Intesa Sanpaolo SpA 7.20%, 11/28/2033 ^(a)		919		1,063,329
JPMorgan Chase & Co. 2.963%, 01/25/2033		2,609		2,417,708
KBC Group NV 4.454%, 09/23/2031^(a)		200		201,354
4.932%, 10/16/2030^(a)		1,350		1,383,170
Lloyds Banking Group PLC 4.976%, 08/11/2033		420		429,916
5.087%, 11/26/2028		746		759,958
5.462%, 01/05/2028		216		218,538
7.953%, 11/15/2033		461		541,163
Mizuho Financial Group, Inc. 5.376%, 05/26/2030		550		570,922
Morgan Stanley 4.238%, 01/09/2030		272		272,870
4.994%, 04/12/2029		174		177,146
Series I 4.133%, 10/18/2029		526		526,752


	Principal Amount (000)			U.S. $ Value

Morgan Stanley Bank NA 5.504%, 05/26/2028		U.S.$	1,013	$	1,031,204
National Bank of Canada 4.166%, 01/20/2029			1,022		1,025,567
Nationwide Building Society 2.972%, 02/16/2028^(a)			1,238		1,225,632
3.96%, 07/18/2030^(a)			945		936,854
5.537%, 07/14/2036^(a)			433		449,982
NatWest Group PLC 3.032%, 11/28/2035			378		351,960
5.115%, 05/23/2031			1,742		1,795,828
5.908%, 03/03/2047			200		198,678
Santander Holdings USA, Inc. 6.565%, 06/12/2029			132		137,936
Santander UK Group Holdings PLC 4.32%, 09/22/2029			601		602,971
4.858%, 09/11/2030			1,139		1,159,308
5.694%, 04/15/2031			378		396,624
Societe Generale SA 2.797%, 01/19/2028^(a)			1,389		1,373,818
5.249%, 05/22/2029^(a)			636		649,846
5.519%, 01/19/2028^(a)			502		508,165
Standard Chartered PLC 5.438% (CME Term SOFR 3 Month + 1.77%), 01/30/2027^{(a) (b) (c)}			400		388,984
5.545%, 01/21/2029^(a)			217		222,592
6.187%, 07/06/2027^(a)			407		409,947
Sumitomo Mitsui Financial Group, Inc. 5.316%, 07/09/2029			1,485		1,544,207
Sumitomo Mitsui Trust Bank Ltd. 4.45%, 09/10/2027^(a)			306		308,876
Synchrony Financial 5.15%, 03/19/2029			868		882,096
5.45%, 03/06/2031			661		675,549
Toronto-Dominion Bank (The) 5.146%, 09/10/2034			661		674,650
5.298%, 01/30/2032			944		992,625
UBS Group AG 2.095%, 02/11/2032^(a)			202		181,707
3.091%, 05/14/2032^(a)			1,265		1,184,331
4.194%, 04/01/2031^(a)			549		547,655
4.398%, 09/23/2031^(a)			202		202,574
7.125%, 08/10/2034^{(a) (b)}			440		450,754
Series .14A 6.625%, 01/08/2031^{(a) (b)}			352		352,841
UniCredit SpA 3.127%, 06/03/2032 ^(a)			3,007		2,813,229
Wells Fargo & Co. 3.35%, 03/02/2033			2,456		2,306,331
5.499%, 01/23/2035			192		201,009
Series BB 3.90%, 03/15/2026^(b)			635		634,479


	Principal Amount (000)			U.S. $ Value

Westpac New Zealand Ltd. 4.127%, 01/29/2029^(a)		U.S.$	335	$	337,405

					78,877,313


Brokerage – 0.4%
Charles Schwab Corp. (The) 4.914%, 11/14/2036			197		197,014
6.136%, 08/24/2034			1,289		1,406,698
Series I 4.00%, 06/01/2026^(b)			1,949		1,943,387

					3,547,099


Finance – 0.1%
Aircastle Ltd. 5.95%, 02/15/2029^(a)			310		324,325
Aviation Capital Group LLC 1.95%, 09/20/2026^(a)			390		385,289
3.50%, 11/01/2027^(a)			212		209,734
4.75%, 04/14/2027^(a)			124		124,776

					1,044,124


Financial Services – 0.1%
Lincoln Financial Global Funding 4.20%, 01/12/2029^(a)			317		316,281
4.625%, 05/28/2028^(a)			900		907,587

					1,223,868


Insurance – 0.8%
Athene Global Funding 5.033%, 07/17/2030^(a)			2,222		2,243,020
Massachusetts Mutual Life Insurance Co. 3.729%, 10/15/2070^(a)			11		7,185
MetLife Capital Trust IV 7.875% (CME Term SOFR 3 Month + 3.96%), 12/15/2067^{(a) (c)}			970		1,079,979
MetLife, Inc. 10.75%, 08/01/2069			25		33,208
New York Life Global Funding 4.05%, 02/02/2029^(a)			2,204		2,215,747
Principal Life Global Funding II 5.10%, 01/25/2029^(a)			1,265		1,296,385
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049^(a)			600		605,988

					7,481,512


REITs – 0.8%
American Tower Corp. 3.65%, 03/15/2027			466		464,448
Crown Castle, Inc. 5.60%, 06/01/2029			380		395,861
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			1,036		945,827
4.00%, 01/15/2031			364		350,649


	Principal Amount (000)		U.S. $ Value

5.625%, 03/01/2036	U.S.$	1,038	$	1,038,042
Omega Healthcare Investors, Inc. 5.20%, 07/01/2030		364		373,085
Realty Income Corp. 5.125%, 04/15/2035		230		236,493
Simon Property Group LP 4.75%, 09/26/2034		1,112		1,118,238
Trust 2401 4.869%, 01/15/2030^(a)		258		255,426
VICI Properties LP/VICI Note Co., Inc. 4.625%, 12/01/2029^(a)		2,715		2,711,226

				7,889,295

				100,063,211


Utility – 3.2%
Electric – 3.2%
AES Andes SA 6.25%, 03/14/2032^(a)		1,242		1,293,829
AES Panama Generation Holdings SRL 4.375%, 05/31/2030^(a)		455		431,556
Alexander Funding Trust II 7.467%, 07/31/2028^(a)		406		432,402
American Electric Power Co., Inc. 6.95%, 12/15/2054		558		603,165
Series D 6.05%, 03/15/2056		305		306,104
CenterPoint Energy Houston Electric LLC 4.95%, 04/01/2033		76		78,029
5.05%, 03/01/2035		1,731		1,771,003
Series AQ 4.95%, 08/15/2035		165		167,628
Series AR 4.85%, 04/01/2036		162		162,580
DTE Electric Co. Series A 4.85%, 03/01/2036		1,367		1,375,968
Series B 5.55%, 03/01/2056		907		905,113
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2043		920		756,148
Electricite de France SA 9.125%, 03/15/2033^(a) (b)		366		436,089
Enel Finance International NV 4.125%, 09/30/2028^(a)		611		612,289
5.50%, 06/26/2034^(a)		1,243		1,296,710
Eversource Energy Series A 6.10%, 08/15/2056		247		248,173
Series B 6.35%, 08/15/2056		203		204,283
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 01/31/2041^(a)		474		494,303


	Principal Amount (000)		U.S. $ Value

Florida Power & Light Co. 5.30%, 06/15/2034	U.S.$	694	$	731,580
Israel Electric Corp., Ltd. 5.633%, 01/28/2038^(a)		231		234,465
LG Energy Solution Ltd. 5.375%, 04/02/2030^(a)		2,091		2,171,462
Niagara Mohawk Power Corp. 4.647%, 10/03/2030^(a)		1,453		1,476,350
5.29%, 01/17/2034^(a)		652		670,719
NRG Energy, Inc. 4.734%, 10/15/2030^(a)		380		383,872
PacifiCorp 4.25%, 03/15/2029		2,211		2,226,875
Public Service Co. of Colorado 5.15%, 09/15/2035		2,139		2,184,475
Public Service Electric & Gas Co. Series R 4.20%, 01/01/2031		2,216		2,230,958
Virginia Electric & Power Co. Series C 4.90%, 09/15/2035		1,845		1,850,295
Vistra Operations Co. LLC 3.70%, 01/30/2027^(a)		2,868		2,854,807
4.30%, 10/15/2028^(a)		571		572,142
5.05%, 12/30/2026^(a)		62		62,528
6.95%, 10/15/2033^(a)		726		814,195

				30,040,095


Total Corporates - Investment Grade (cost $267,630,290)				271,246,589


MORTGAGE PASS-THROUGHS – 19.4%
Agency Fixed Rate 30-Year – 19.2%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049		314		299,128
3.50%, 11/01/2049		436		415,899
Series 2020 3.50%, 01/01/2050		967		924,427
Series 2022 2.00%, 03/01/2052		5,115		4,288,349
2.50%, 04/01/2052		6,046		5,320,479
3.00%, 03/01/2052		3,266		2,989,365
3.00%, 05/01/2052		3,760		3,407,258
3.00%, 07/01/2052		1,195		1,082,961
Series 2024 5.50%, 11/01/2054		1,274		1,296,159
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035		11		11,601
Series 2007 5.50%, 07/01/2035		71		74,330
Series 2017 4.00%, 07/01/2044		476		473,911
Series 2018 4.50%, 03/01/2048		257		258,928


	Principal Amount (000)			U.S. $ Value

4.50%, 10/01/2048	U.S.$	492		$	495,360
4.50%, 11/01/2048		655			657,430
5.00%, 11/01/2048		288			294,531
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033		60			61,932
5.50%, 07/01/2033		114			118,693
Series 2004 5.50%, 02/01/2034		1			1,336
5.50%, 04/01/2034		29			30,481
5.50%, 05/01/2034		24			24,863
5.50%, 11/01/2034		116			120,733
Series 2005 5.50%, 02/01/2035		179			186,171
Series 2006 5.50%, 04/01/2036		37			38,203
Series 2007 5.50%, 05/01/2036		2			1,878
5.50%, 09/01/2036		1			1,105
5.50%, 08/01/2037		43			44,246
Series 2008 5.50%, 08/01/2037		0	**		270
Series 2009 5.00%, 12/01/2039		8			7,898
Series 2010 5.00%, 06/01/2040		7			7,552
Series 2012 3.50%, 02/01/2042		243			236,144
3.50%, 11/01/2042		418			404,710
3.50%, 01/01/2043		453			438,437
Series 2013 3.50%, 04/01/2043		1,549			1,495,168
Series 2015 3.00%, 05/01/2045		392			364,592
3.00%, 08/01/2045		573			531,318
Series 2018 4.50%, 09/01/2048		377			378,715
Series 2019 3.50%, 08/01/2049		1,099			1,047,901
3.50%, 09/01/2049		469			447,709
3.50%, 11/01/2049		1,012			964,908
Series 2021 2.00%, 07/01/2051		5,541			4,633,639
2.00%, 12/01/2051		8,072			6,739,958
2.50%, 01/01/2052		1,618			1,423,462
Series 2022 2.50%, 03/01/2052		3,601			3,167,474
2.50%, 04/01/2052		3,717			3,268,577
2.50%, 05/01/2052		4,922			4,328,254
3.00%, 02/01/2052		3,987			3,650,502
3.00%, 03/01/2052		4,930			4,511,996
Series 2024 5.00%, 12/01/2054		1,982			1,993,425
Series 2025 5.50%, 02/01/2055		3,527			3,586,485
6.00%, 02/01/2055		1,205			1,236,234
Government National Mortgage Association Series 2016 3.00%, 04/20/2046		125			116,629
3.00%, 05/20/2046		362			336,437


	Principal Amount (000)			U.S. $ Value

Series 2023 5.50%, 04/20/2053	U.S.$	2,762		$	2,818,505
Series 2026 2.50%, 03/01/2056, TBA		19,151			16,896,153
3.00%, 03/01/2056, TBA		3,085			2,828,771
4.00%, 03/01/2056, TBA		3,275			3,149,995
4.50%, 03/01/2056, TBA		7,445			7,354,720
5.00%, 03/01/2056, TBA		12,561			12,604,877
5.50%, 03/01/2056, TBA		5,036			5,100,391
6.00%, 03/01/2056, TBA		7,343			7,492,082
Uniform Mortgage-Backed Security Series 2026 2.00%, 03/01/2056, TBA		25,393			21,029,839
2.50%, 03/01/2056, TBA		11,044			9,563,669
3.00%, 03/01/2056, TBA		7,481			6,764,897
5.00%, 03/01/2056, TBA		3,532			3,547,734
5.50%, 03/01/2056, TBA		10,001			10,162,093
6.00%, 03/01/2056, TBA		4,886			5,011,745

					182,563,622


Agency Fixed Rate 15-Year – 0.2%
Federal National Mortgage Association Series 2016 2.50%, 10/01/2031		23			22,715
2.50%, 11/01/2031		1,247			1,213,388
2.50%, 12/01/2031		6			5,402
Series 2017 2.50%, 01/01/2032		311			302,775
2.50%, 02/01/2032		368			357,188

					1,901,468


Agency ARMs – 0.0%
Federal Home Loan Mortgage Corp. Series 2006 6.875%, 12/01/2036		0	**		75
Series 2007 6.975%, 03/01/2037		0	**		171
Federal National Mortgage Association Series 2007 5.71%, 02/01/2037		1			857
6.629%, 03/01/2037		0	**		152

					1,255


Total Mortgage Pass-Throughs (cost $186,189,337)					184,466,345


COLLATERALIZED MORTGAGE OBLIGATIONS – 5.6%
Risk Share Floating Rate – 3.5%
Connecticut Avenue Securities Series 2025-R01, Class 1A1 4.617% (CME Term SOFR + 0.95%), 01/25/2045^{(a) (c)}		1,632			1,632,425
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M1 4.517% (CME Term SOFR + 0.85%), 12/25/2041^{(a) (c)}		6			6,201


	Principal Amount (000)		U.S. $ Value

Series 2022-R03, Class 1M2 7.167% (CME Term SOFR + 3.50%), 03/25/2042^{(a) (c)}	U.S.$	1,545	$	1,581,018
Series 2022-R05, Class 2M2 6.667% (CME Term SOFR + 3.00%), 04/25/2042^{(a) (c)}		1,206		1,231,413
Series 2023-R02, Class 1M1 5.967% (CME Term SOFR + 2.30%), 01/25/2043^{(a) (c)}		457		468,856
Series 2023-R03, Class 2M1 6.167% (CME Term SOFR + 2.50%), 04/25/2043^{(a) (c)}		388		392,290
Series 2023-R04, Class 1M1 5.967% (CME Term SOFR + 2.30%), 05/25/2043^{(a) (c)}		844		861,907
Series 2023-R06, Class 1M1 5.367% (CME Term SOFR + 1.70%), 07/25/2043^{(a) (c)}		487		489,212
Series 2024-R02, Class 1M1 4.767% (CME Term SOFR + 1.10%), 02/25/2044^{(a) (c)}		216		216,358
Series 2024-R05, Class 2M1 4.667% (CME Term SOFR + 1.00%), 07/25/2044^{(a) (c)}		15		15,159
Series 2025-R02, Class 1A1 4.697% (CME Term SOFR + 1.00%), 02/25/2045^{(a) (c)}		499		499,052
Series 2025-R03, Class 2M1 5.267% (CME Term SOFR + 1.60%), 03/25/2045^{(a) (c)}		880		882,199
Series 2025-R05, Class 2M1 4.867% (CME Term SOFR + 1.20%), 07/25/2045^{(a) (c)}		1,584		1,587,569
Series 2025-R06, Class 1A1 4.567% (CME Term SOFR + 0.90%), 09/25/2045^{(a) (c)}		665		664,988
Series 2025-R06, Class 1M1 4.617% (CME Term SOFR + 0.95%), 09/25/2045^{(a) (c)}		806		808,134
Series 2026-R01, Class 2M1 4.667% (CME Term SOFR + 1.00%), 01/25/2046^{(a) (c)}		1,295		1,295,083
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2021-DNA5, Class M2 5.317% (CME Term SOFR + 1.65%), 01/25/2034^{(a) (c)}		155		155,185
Series 2021-DNA6, Class M2 5.167% (CME Term SOFR + 1.50%), 10/25/2041^(a) (c)		1,925		1,930,015
Series 2021-DNA7, Class M2 5.467% (CME Term SOFR + 1.80%), 11/25/2041^(a) (c)		2,412		2,422,092
Series 2021-HQA4, Class M2 6.017% (CME Term SOFR + 2.35%), 12/25/2041^(a) (c)		1,530		1,547,995


	Principal Amount (000)		U.S. $ Value

Series 2022-DNA3, Class M1B 6.567% (CME Term SOFR + 2.90%), 04/25/2042^(a) (c)	U.S.$	711	$	725,972
Series 2022-DNA4, Class M1B 7.017% (CME Term SOFR + 3.35%), 05/25/2042^(a) (c)		1,358		1,396,005
Series 2022-DNA5, Class M1B 8.167% (CME Term SOFR + 4.50%), 06/25/2042^(a) (c)		2,274		2,375,745
Series 2022-DNA7, Class M1A 6.167% (CME Term SOFR + 2.50%), 03/25/2052^(a) (c)		430		433,471
Series 2023-DNA1, Class M1A 5.768% (CME Term SOFR + 2.10%), 03/25/2043^(a) (c)		463		468,339
Series 2023-DNA2, Class M1A 5.768% (CME Term SOFR + 2.10%), 04/25/2043^(a) (c)		1,574		1,595,598
Series 2024-DNA3, Class A1 4.717% (CME Term SOFR + 1.05%), 10/25/2044^(a) (c)		910		912,079
Series 2024-HQA1, Class M1 4.917% (CME Term SOFR + 1.25%), 03/25/2044^(a) (c)		480		480,456
Series 2024-HQA2, Class M1 4.867% (CME Term SOFR + 1.20%), 08/25/2044^(a) (c)		789		790,224
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA1 Series 2025-DNA1, Class A1 4.617% (CME Term SOFR + 0.95%), 01/25/2045^{(a) (c)}		722		721,622
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA2 Series 2025-DNA2, Class A1 4.767% (CME Term SOFR + 1.10%), 05/25/2045^{(a) (c)}		414		415,323
Series 2025-DNA2, Class M1 4.867% (CME Term SOFR + 1.20%), 05/25/2045^(a) (c)		356		355,907
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Dna3 Series 2025-DNA3, Class A1 4.617% (CME Term SOFR + 0.95%), 09/25/2045^{(a) (c)}		1,754		1,757,256
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 Series 2025-DNA4, Class M1 4.767% (CME Term SOFR + 1.10%), 10/25/2045^{(a) (c)}		1,472		1,474,310
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Hqa1 Series 2025-HQA1, Class A1 4.617% (CME Term SOFR + 0.95%), 02/25/2045^{(a) (c)}		890		890,532

				33,479,990


	Principal Amount (000)		U.S. $ Value

Non-Agency Fixed Rate – 1.7%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035	U.S.$	48	$	31,486
Series 2006-24CB, Class A16 5.75%, 08/25/2036		336		167,041
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		133		89,657
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036		73		32,087
COOPR Residential Mortgage Trust Series 2026-CES1, Class A1A 4.874%, 01/01/2061^(a)		1,762		1,768,042
FIGRE Trust Series 2025-HE7, Class A 5.15%, 11/25/2055^(a)		1,486		1,499,696
Series 2025-HE8, Class A 5.206%, 11/25/2055^(a)		1,739		1,758,529
Series 2026-HE1, Class A 4.982%, 01/25/2056^(a)		422		424,054
JP Morgan Mortgage Trust Series 2025-CES7, Class A1A 5.055%, 04/25/2056^(a)		1,143		1,149,017
Series 2025-HE3, Class A1 5.012% (CME Term SOFR + 1.35%), 03/20/2056^{(a) (c)}		1,629		1,634,531
Series 2026-CES1, Class A1A 4.909%, 06/25/2056^(a)		1,501		1,507,054
RCKT Mortgage Trust Series 2025-CES12, Class A1A 5.027%, 11/25/2055^(a)		1,731		1,741,578
Series 2026-CES1, Class A1A 4.827%, 01/25/2056^(a)		854		858,174
Series 2026-CES2, Class A1A 4.762%, 02/01/2056^(a)		1,171		1,172,195
Santander Mortgage Asset Receivable Trust Series 2026-CES1, Class A1A 4.876%, 01/01/2056^(a)		1,767		1,775,072
Towd Point Mortgage Trust Series 2026-CES2, Class A1A 4.72%, 02/25/2066^(a)		454		455,491
Series 2026-FIX1, Class A1 4.98%, 12/25/2065^(a)		644		648,467

				16,712,171


	Principal Amount (000)		U.S. $ Value

Agency Floating Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICS Series 4416, Class BS 2.327% (5.99% - CME Term SOFR), 12/15/2044^{(c) (d)}	U.S.$	932	$	107,963
Series 4693, Class SL 2.377% (6.04% - CME Term SOFR), 06/15/2047^(c) (d)		1,014		121,935
Series 4954, Class SL 2.268% (5.94% - CME Term SOFR), 02/25/2050^(c) (d)		1,307		153,202
Series 4981, Class HS 2.318% (5.99% - CME Term SOFR), 06/25/2050^(c) (d)		3,068		358,118
Federal National Mortgage Association REMICS Series 2016-106, Class ES 2.218% (5.89% - CME Term SOFR), 01/25/2047^{(c) (d)}		935		118,541
Series 2017-73, Class SA 2.368% (6.04% - CME Term SOFR), 09/25/2047^{(c) (d)}		1,231		158,002
Series 2017-97, Class LS 2.418% (6.09% - CME Term SOFR), 12/25/2047^{(c) (d)}		914		112,275
Series 2017-97, Class SW 2.418% (6.09% - CME Term SOFR), 12/25/2047^{(c) (d)}		818		108,786
Government National Mortgage Association Series 2017-134, Class SE 2.418% (6.09% - CME Term SOFR 1 Month), 09/20/2047^{(c) (d)}		633		86,928
Series 2017-43, Class ST 2.318% (5.99% - CME Term SOFR 1 Month), 03/20/2047^{(c) (d)}		1,240		160,478
Series 2017-65, Class ST 2.368% (6.04% - CME Term SOFR 1 Month), 04/20/2047^{(c) (d)}		1,109		146,722

				1,632,950


Agency Fixed Rate – 0.1%
Federal Home Loan Mortgage Corp. REMICS Series 4973, Class BI 4.50%, 05/25/2050^(e)		3,601		832,354
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 4.095%, 05/28/2035		208		205,286

				1,037,640


	Principal Amount (000)		U.S. $ Value

Non-Agency Floating Rate – 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 4.168% (CME Term SOFR 1 Month + 0.49%), 12/25/2036^(c)	U.S.$	756	$	237,743
Federal Home Loan Mortgage Corp. Mscr Trust Mn1 Series 2021-MN1, Class M1 5.667% (CME Term SOFR + 2.00%), 01/25/2051^{(a) (c)}		54		54,071
HomeBanc Mortgage Trust Series 2005-1, Class A1 4.288% (CME Term SOFR 1 Month + 0.61%), 03/25/2035^(c)		92		75,822
JPMorgan Chase Bank NA - CHASE Series 2019-CL1, Class M3 5.888% (CME Term SOFR 1 Month + 2.21%), 04/25/2047^{(a) (c)}		149		150,568
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 4.388% (CME Term SOFR 1 Month + 0.71%), 04/25/2034^(c)		24		24,173

				542,377


Total Collateralized Mortgage Obligations (cost $53,283,248)				53,405,128


ASSET-BACKED SECURITIES – 4.9%
Autos - Fixed Rate – 2.4%
ACM Auto Trust Series 2024-2A, Class A 6.06%, 02/20/2029^(a)		94		94,471
Series 2025-1A, Class A 5.38%, 06/20/2029^(a)		215		215,394
Series 2025-2A, Class A 5.55%, 06/20/2028^(a)		988		989,442
American Credit Acceptance Receivables Trust Series 2025-2, Class B 4.85%, 05/14/2029^(a)		1,999		2,009,032
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028^(a)		48		47,907
Series 2025-1A, Class A2 4.92%, 05/15/2029^(a)		1,017		1,021,181
AutoNation Finance Trust Series 2025-1A, Class A2 4.72%, 04/10/2028^(a)		1,113		1,115,214
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028^(a)		1,016		1,026,340


	Principal Amount (000)		U.S. $ Value

Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028	U.S.$	63	$	61,799
Series 2021-N4, Class D 2.30%, 09/11/2028		106		104,427
Series 2021-P4, Class D 2.61%, 09/11/2028		989		962,259
Series 2024-P4, Class A2 4.62%, 02/10/2028		68		68,423
Flagship Credit Auto Trust Series 2024-3, Class A 4.88%, 11/15/2028^(a)		240		239,966
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033^(a)		1,390		1,385,035
Lendbuzz Securitization Trust Series 2025-1A, Class A2 5.10%, 10/15/2030^(a)		1,162		1,166,525
Series 2025-2A, Class A2 5.18%, 05/15/2030^(a)		1,225		1,231,582
Series 2026-1A, Class A1 4.176%, 01/15/2027^(a)		1,177		1,177,038
Series 2026-1A, Class A2 4.68%, 07/15/2030^(a)		998		999,226
Lobel Automobile Receivables Trust Series 2025-1, Class A 5.06%, 11/15/2027^(a)		432		433,027
OCCU Auto Receivables Trust Series 2025-1A, Class A2 4.82%, 04/17/2028^(a)		1,523		1,527,070
Prestige Auto Receivables Trust Series 2025-1A, Class A2 4.87%, 12/15/2027^(a)		820		820,950
Research-Driven Pagaya Motor Asset Trust Series 2025-4A, Class A2 5.124%, 04/25/2034^(a)		2,131		2,141,084
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032^(a)		238		238,640
Santander Drive Auto Receivables Trust Series 2023-3, Class B 5.61%, 07/17/2028		349		350,467
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027^(a)		209		209,353
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027^{(f) (g) (h) (i) (j)}		119		111,191
Series 2025-1A, Class A 4.94%, 02/15/2029^{(f) (g) (h) (i) (j)}		1,273		735,280
United Auto Credit Securitization Trust Series 2025-1, Class A 4.80%, 06/10/2027^(a)		264		264,542
Series 2026-1, Class A 4.41%, 06/12/2028^(a)		2,190		2,190,351

				22,937,216


	Principal Amount (000)		U.S. $ Value

Other ABS - Fixed Rate – 2.1%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051^(a)	U.S.$	1,990	$	1,901,403
Affirm Asset Securitization Trust Series 2025-X1, Class A 5.08%, 04/15/2030^(a)		325		325,205
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055^(a)		397		372,447
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)		218		219,225
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049^(a)		935		915,681
Diamond Issuer LLC Series 2021-1A, Class A 2.305%, 11/20/2051^(a)		1,941		1,883,595
Equify ABS LLC Series 2024-1A, Class A 5.43%, 04/18/2033^(a)		473		474,283
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046^(a)		431		406,984
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048^(a)		756		754,819
Series 2020-1A, Class A2 3.981%, 12/20/2050^(a)		465		450,613
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039^(a)		243		232,722
Neighborly Issuer LLC Series 2022-1A, Class A2 3.695%, 01/30/2052^(a)		1,932		1,842,462
Series 2023-1A, Class A2 7.308%, 01/30/2053^(a)		1,362		1,377,410
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062^(a)		620		562,100
Series 2021-CA, Class B 2.53%, 04/20/2062^(a)		907		819,386
Series 2021-DA, Class B 2.90%, 04/20/2062^(a)		798		731,102
NMEF Funding LLC Series 2024-A, Class A2 5.15%, 12/15/2031^(a)		852		857,304


	Principal Amount (000)		U.S. $ Value

Oportun Funding Trust Series 2024-3, Class A 5.26%, 08/15/2029^(a)	U.S.$	6	$	5,989
Pagaya AI Debt Grantor Trust Series 2024-5, Class A 6.278%, 10/15/2031^(a)		218		219,206
Series 2024-9, Class B 5.306%, 03/15/2032^(a)		955		957,565
Series 2025-3, Class A2 5.365%, 12/15/2032^(a)		195		197,796
Series 2025-6, Class A2 4.497%, 04/15/2033^(a)		430		430,595
Pagaya AI Debt Trust Series 2024-2, Class A 6.319%, 08/15/2031^(a)		176		175,983
Series 2024-3, Class A 6.258%, 10/15/2031^(a)		248		248,326
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1, Class A 5.715%, 01/20/2034^(a)		676		679,887
SoFi Consumer Loan Program Trust Series 2025-4, Class A 4.24%, 08/25/2035^(a)		1,448		1,450,397
Upgrade Master Pass-Thru Trust Series 2026-ST1, Class A 4.244%, 03/15/2034^(a)		1,340		1,339,228

				19,831,713


Credit Cards - Fixed Rate – 0.4%
Mission Lane Credit Card Master Trust Series 2024-A, Class A1 6.20%, 08/15/2029^(a)		811		814,115
Series 2024-B, Class A 5.88%, 01/15/2030^(a)		1,890		1,899,012
Series 2025-A, Class A 5.80%, 05/15/2030^(a)		1,086		1,095,787

				3,808,914


Other ABS - Floating Rate – 0.0%
Pagaya AI Debt Grantor Trust Series 2025-1, Class A 5.156%, 07/15/2032^(a)		137		138,391
Series 2025-5, Class A 4.924%, 03/15/2033^(a)		184		184,932

				323,323


Total Asset-Backed Securities (cost $47,937,234)				46,901,166


	Principal Amount (000)		U.S. $ Value

INFLATION-LINKED SECURITIES – 1.7%
United States – 1.7%
U.S. Treasury Inflation Index 0.125%, 07/15/2030 (TIPS)	U.S.$	6,175	$	5,943,112
0.25%, 07/15/2029 (TIPS)		10,576		10,354,276


Total Inflation-Linked Securities (cost $15,760,670)				16,297,388


AGENCIES – 1.4%
Agency Debentures – 1.4%
Federal Home Loan Banks 4.00%, 06/30/2028		10,600		10,738,436
4.75%, 12/08/2028		1,785		1,846,779
Federal National Mortgage Association 6.25%, 05/15/2029		355		385,076
6.625%, 11/15/2030		260		294,421


Total Agencies (cost $13,091,564)				13,264,712


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2%
Non-Agency Floating Rate CMBS – 0.7%
ALA Trust Series 2025-OANA, Class A 5.403% (CME Term SOFR 1 Month + 1.74%), 06/15/2040^{(a) (c)}		1,520		1,527,989
AREIT Trust Series 2022-CRE6, Class A 4.91% (CME Term SOFR + 1.25%), 01/20/2037^{(a) (c)}		1,358		1,355,968
BHMS Commercial Mortgage Trust Series 2025-ATLS, Class A 5.51% (CME Term SOFR 1 Month + 1.85%), 08/15/2042^{(a) (c)}		1,442		1,451,023
BX Commercial Mortgage Trust Series 2019-IMC, Class D 5.606% (CME Term SOFR 1 Month + 1.95%), 04/15/2034^{(a) (c)}		207		204,371
Series 2019-IMC, Class E 5.856% (CME Term SOFR 1 Month + 2.20%), 04/15/2034^{(a) (c)}		839		827,858
CLNY Trust Series 2019-IKPR, Class D 6.058% (CME Term SOFR 1 Month + 2.39%), 11/15/2038^{(a) (c)}		744		714,267
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 5.239% (CME Term SOFR 1 Month + 1.58%), 07/15/2036^{(a) (c)}		566		544,830

				6,626,306


Non-Agency Fixed Rate CMBS – 0.4%
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.141%, 08/10/2044^(a)		28		21,897


	Principal Amount (000)			U.S. $ Value

GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A1 1.433%, 08/15/2026^(h)	U.S.$		90	$	89,806
Series 2021-1, Class A2 2.435%, 08/15/2026^(h)			1,801		1,784,233
Series 2021-1, Class AS 2.638%, 08/15/2026^(h)			59		57,798
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.09%, 08/15/2046^(a)			472		373,300
Series 2014-C22, Class XA 0.404%, 09/15/2047^(e)			263		12
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class D 3.25%, 12/15/2047^(a)			435		427,925
Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class C 4.309%, 11/15/2049			1,030		1,000,316

					3,755,287


Non-Agency Fixed Rate – 0.1%
Ellington Financial Mortgage Trust Series 2026-CES1, Class A1A 4.914%, 12/25/2060^(a)			770		773,280


Total Commercial Mortgage-Backed Securities (cost $11,294,018)					11,154,873


CORPORATES - NON-INVESTMENT GRADE – 0.6%
Industrial – 0.6%
Capital Goods – 0.1%
Axon Enterprise, Inc. 6.125%, 03/15/2030^(a)			655		677,093


Communications - Media – 0.1%
VZ Vendor Financing II BV 2.875%, 01/15/2029^(a)		EUR	540		609,104


Communications - Telecommunications – 0.0%
Altice France SA 4.75%, 10/15/2030^(a)			197		224,525


Consumer Cyclical - Other – 0.1%
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029^(a)	U.S.$		455		465,624
6.125%, 04/01/2032^(a)			261		269,712

					735,336


Consumer Cyclical - Retailers – 0.1%
Advance Auto Parts, Inc. 7.00%, 08/01/2030^(a)			1,250		1,281,575


Consumer Non-Cyclical – 0.1%
CVS Health Corp. 6.75%, 12/10/2054			47		48,997
7.00%, 03/10/2055			786		826,770


	Principal Amount (000)			U.S. $ Value

Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(a)		EUR	320	$	371,711

					1,247,478


Energy – 0.1%
Sunoco LP 5.625%, 03/15/2031^(a)		U.S.$	753		759,740
Venture Global Plaquemines LNG LLC 6.125%, 12/15/2030^(a)			632		656,414

					1,416,154


Total Corporates - Non-Investment Grade (cost $6,033,659)					6,191,265


LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.6%
United States – 0.6%
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund) Series 2020-A 1.705%, 07/01/2027			1,634		1,593,521
State of California (State of California) Series 2010 7.625%, 03/01/2040			2,040		2,514,393
University of California (University of California) Series 2021-B 3.071%, 05/15/2051			2,070		1,460,935


Total Local Governments - US Municipal Bonds (cost $5,802,537)					5,568,849


GOVERNMENTS - SOVEREIGN BONDS – 0.5%
Colombia – 0.1%
Colombia Government International Bond 3.125%, 04/15/2031			696		603,954
6.50%, 01/21/2033			420		417,480

					1,021,434


Ecuador – 0.1%
Amazon Conservation DAC 6.034%, 01/16/2042^(a)			927		968,567


Mexico – 0.1%
Mexico Government International Bond 5.375%, 03/22/2033			716		718,578


Romania – 0.2%
Romanian Government International Bond 5.75%, 09/16/2030^(a)			2,010		2,087,003


Total Governments - Sovereign Bonds (cost $4,757,436)					4,795,582


	Principal Amount (000)		U.S. $ Value

EMERGING MARKETS - CORPORATE BONDS – 0.5%
Industrial – 0.4%
Basic – 0.1%
Braskem Netherlands Finance BV 4.50%, 01/10/2028^(a)	U.S.$	1,440	$	655,200


Consumer Cyclical - Other – 0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028^(a)		730		728,956


Energy – 0.2%
Ecopetrol SA 8.375%, 01/19/2036 461				473,678
8.625%, 01/19/2029		667		711,760
Raizen Fuels Finance SA 6.25%, 07/08/2032^(a)		411		191,888
6.70%, 02/25/2037^(a)		1,177		520,822

				1,898,148

				3,282,304


Utility – 0.1%
Electric – 0.0%
Terraform Global Operating LP 6.125%, 03/01/2026^(a)		32		32,000


Other Utility – 0.1%
Aegea Finance SARL 7.625%, 01/20/2036^(a)		1,283		1,192,512

				1,224,512


Total Emerging Markets - Corporate Bonds (cost $6,003,026)				4,506,816


COLLATERALIZED LOAN OBLIGATIONS – 0.2%
CLO - Floating Rate – 0.2%
Ballyrock CLO 27 Ltd. Series 2024-27A, Class A1A 5.018% (CME Term SOFR 3 Month + 1.35%), 10/25/2037^{(a) (c)}		714		714,468
Benefit Street Partners CLO XXXVIII Ltd. Series 2024-38A, Class A 4.978% (CME Term SOFR 3 Month + 1.31%), 01/25/2038^{(a) (c)}		819		820,387
OCP CLO Ltd. Series 2024-34A, Class A1 5.032% (CME Term SOFR 3 Month + 1.36%), 10/15/2037^{(a) (c)}		561		562,891


Total Collateralized Loan Obligations (cost $2,093,132)				2,097,746

Principal
Amount
(000)

U.S. $ Value

EMERGING MARKETS - SOVEREIGNS – 0.1%

Mexico – 0.1%

Eagle Funding Luxco SARL
5.50%, 08/17/2030^(a)
(cost $860,037)

U.S.$

862

879,240

QUASI-SOVEREIGNS – 0.1%

Quasi-Sovereign Bonds – 0.1%

Mexico – 0.1%

Comision Federal de Electricidad
5.70%, 01/24/2030^(a)
(cost $704,707)

705

722,449

GOVERNMENTS - SOVEREIGN AGENCIES – 0.0%

Kazakhstan – 0.0%

Baiterek National Investment Holding JSC
5.45%, 05/08/2028^(a)
(cost $354,556)

356

361,710

Shares

COMMON STOCKS – 0.0%

Communication Services – 0.0%

Diversified Telecommunication Services – 0.0%

Altice France SA/LuxCo3^{(f) (g) (i)}
(cost $24,345)

1,339

25,295

Principal
Amount
(000)

SHORT-TERM INVESTMENTS – 12.0%

U.S. Treasury Bills – 12.0%

U.S. Treasury Bill
Zero Coupon, 04/09/2026
(cost $114,323,649)

U.S.$

114,753

114,314,190

Total Investments – 106.4%
(cost $1,033,721,174)^(k)

1,012,881,207

Other assets less liabilities – (6.4)%

(60,845,817

)

Net Assets – 100.0%

952,035,390

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Australian 10 Yr Bond Futures		157		March 2026		$	12,371,503		$	96,866
U.S. T-Note 2 Yr (CBT) Futures		112		June 2026			23,438,625			42,875
U.S. T-Note 5 Yr (CBT) Futures		1,641		June 2026			180,740,766			821,127
U.S. Ultra Bond (CBT) Futures		167		June 2026			20,306,156			172,609
Sold Contracts
Japan 10 Yr Bond (OSE) Futures		31		March 2026			26,368,615			121,377
U.S. T-Note 10 Yr (CBT) Futures		74		June 2026			8,422,125			(36,414	)

									$	1,218,440

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		JPY	1,381,195		USD	8,942		04/10/2026		$	68,873
State Street Bank & Trust Co.		EUR	1,041		USD	1,250		04/16/2026			17,948

										$	86,821

**	Principal amount less than 500.

(a)

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 $214,085,770 or 22.5% of net assets.

(b)

Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(c)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026.

(d)

Inverse interest only security.

(e)

IO - Interest Only.

(f)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(g)

Non-income producing security.

(h)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.30% of net assets as of February 28, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities

Acquisition
Date

Cost

Market
Value

Percentage
of
Net Assets

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class A1
1.433%, 08/15/2026

12/20/2021-08/03/2023

86,249

89,806

0.01%

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class A2
2.435%, 08/15/2026

02/25/2021-09/06/2022

1,806,561

1,784,233

0.19%

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class AS
2.638%, 08/15/2026

02/25/2021-04/01/2021

59,150

57,798

0.01%

Tricolor Auto Securitization Trust
Series 2025-1A, Class A
4.94%, 02/15/2029

03/11/2025

1,273,009

735,280

0.08%

Tricolor Auto Securitization Trust
Series 2024-2A, Class A
6.36%, 12/15/2027

05/14/2024

118,921

111,191

0.01%

(i)

Fair valued by the Adviser.

(j)

Defaulted.

(k)

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 $14,605,890 and gross unrealized depreciation of investments was $(34,140,596), resulting in net unrealized depreciation of $(19,534,706).

Currency Abbreviations:

EUR – Euro

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

JSC – Joint Stock Company

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

AB Active ETFs, Inc.

AB Core Bond 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.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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.

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:
Governments - Treasuries	$	—		$	276,681,864	$	—	$	276,681,864
Corporates - Investment Grade		—			271,246,589		—		271,246,589
Mortgage Pass-Throughs		—			184,466,345		—		184,466,345
Collateralized Mortgage Obligations		—			53,405,128		—		53,405,128
Asset-Backed Securities		—			46,054,695		846,471		46,901,166
Inflation-Linked Securities		—			16,297,388		—		16,297,388
Agencies		—			13,264,712		—		13,264,712
Commercial Mortgage-Backed Securities		—			11,154,873		—		11,154,873
Corporates - Non-Investment Grade		—			6,191,265		—		6,191,265
Local Governments - US Municipal Bonds		—			5,568,849		—		5,568,849
Governments - Sovereign Bonds		—			4,795,582		—		4,795,582
Emerging Markets - Corporate Bonds		—			4,506,816		—		4,506,816
Collateralized Loan Obligations		—			2,097,746		—		2,097,746
Emerging Markets - Sovereigns		—			879,240		—		879,240
Quasi-Sovereigns		—			722,449		—		722,449
Governments - Sovereign Agencies		—			361,710		—		361,710
Common Stocks		—			—		25,295		25,295
Short-Term Investments		—			114,314,190		—		114,314,190

Total Investments in Securities		—			1,012,009,441		871,766		1,012,881,207
Other Financial Instruments^(a):
Assets:
Futures		1,254,854			—		—		1,254,854
Forward Currency Exchange Contracts		—			86,821		—		86,821
Liabilities:
Futures		(36,414	)		—		—		(36,414	)

Total	$	1,218,440		$	1,012,096,262	$	871,766	$	1,014,186,468

^(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.