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  

 

1

      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  

 

2

      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  

 

3

      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  

 

4

      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  
          

 

 

  

 

5

      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  

 

6

      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  

 

7

      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  

 

8

      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  

 

9

      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  

 

10

      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  

 

11

      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  

 

12

      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  

 

13

      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  

 

14

      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  

 

15

      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  
          

 

 

  

 

16

      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  
          

 

 

  

 

17

      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  
          

 

 

  

 

18

      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  

 

19

      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  
          

 

 

  

 

20

      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  

 

21

      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  
          

 

 

  

 

22

      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  

 

23

      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  

 

24

      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  
          

 

 

  

 

25

      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  
          

 

 

  

 

26

      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  
          

 

 

  

 

27

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:

 

28

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

 

29

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.

 

30

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.

 

31