AB Active ETFs, Inc.

AB Core Plus Bond ETF

Portfolio of Investments

February 28, 2026 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

GOVERNMENTS - TREASURIES – 43.2%

 

United States – 43.2%

 

U.S. Treasury Bonds
1.125%, 08/15/2040

    $      2,971        $ 1,931,150  

1.375%, 11/15/2040

      1,467          985,182  

2.375%, 11/15/2049

      342          228,606  

2.875%, 05/15/2049

      1,175          875,191  

3.00%, 02/15/2048

      2,559          1,975,628  

3.00%, 02/15/2049

      51          38,991  

3.125%, 05/15/2048

      7,012          5,523,046  

3.375%, 11/15/2048

      2,141          1,755,285  

4.125%, 08/15/2053

      725          665,187  

4.50%, 11/15/2054

      64          62,530  

4.625%, 02/15/2055

      2,576          2,569,560  

4.75%, 08/15/2055

      1,925          1,960,492  

U.S. Treasury Notes
1.25%, 04/30/2028

      1,414          1,351,475  

2.375%, 03/31/2029

      2,049          1,987,850  

2.75%, 08/15/2032

      1,001          947,587  

2.875%, 05/15/2032

      2,443          2,336,691  

3.125%, 08/31/2029

      1,949          1,929,358  

3.25%, 06/30/2029

      6,084          6,052,154  

3.50%, 01/31/2028

      1,204          1,206,352  

3.50%, 10/15/2028

      353          353,965  

3.50%, 04/30/2030

      538          538,462  

3.50%, 02/15/2033

      357          352,091  

3.75%, 06/30/2030

      578          584,051  

3.75%, 10/31/2032

      759          761,253  

3.875%, 09/30/2029

      5,288          5,364,841  

3.875%, 11/30/2029

      4,396          4,460,910  

3.875%, 12/31/2029

      2,500          2,537,500  

4.00%, 02/28/2030

      11,207          11,429,389  

4.00%, 07/31/2032

      950          967,590  

4.125%, 10/31/2026

      171          171,528  

4.125%, 01/31/2027

      3,204          3,220,521  

4.125%, 10/31/2029

      971          993,682  

4.125%, 11/30/2029

      7,164          7,333,026  

4.125%, 08/31/2030

      1,113          1,141,521  

4.25%, 12/31/2026

      6,170          6,204,947  

4.25%, 11/15/2034

      6,952          7,143,180  

4.25%, 05/15/2035

      2,299          2,357,912  

4.25%, 08/15/2035

      187          191,646  

4.375%, 05/15/2034

      799          829,587  

4.50%, 05/15/2027

      1,385          1,401,230  

4.625%, 02/15/2035

      431          454,705  
       

 

 

  

Total Governments - Treasuries
(cost $91,771,880)

 

          93,175,852  
       

 

 

  

CORPORATES - INVESTMENT GRADE – 36.4%

 

Industrial – 18.1%

 

Basic – 0.4%

 

Glencore Funding LLC
4.907%, 04/01/2028(a)

      63          64,144  

5.186%, 04/01/2030(a)

      29          29,992  

5.338%, 04/04/2027(a)

      293          297,181  

LYB International Finance III LLC
5.125%, 01/15/2031

      78          79,296  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

Rio Tinto Finance USA PLC
4.875%, 03/14/2030

    $         65        $ 67,127  

5.00%, 03/14/2032

      65          67,558  

5.25%, 03/14/2035

      65          67,928  

Steel Dynamics, Inc.
4.00%, 12/15/2028

      78          78,050  
       

 

 

  
               751,276  
       

 

 

  

Capital Goods – 1.4%

 

ABB Finance USA, Inc.
4.375%, 05/08/2042

      466          423,916  

Caterpillar Financial Services Corp.
3.95%, 11/14/2028

      78          78,399  

4.80%, 01/08/2030

      25          25,957  

Series K
4.10%, 08/15/2028

      69          69,607  

CNH Industrial Capital LLC
4.375%, 03/07/2031

      72          71,911  

4.75%, 03/21/2028

      46          46,617  

CRH America Finance, Inc.
4.40%, 02/09/2031

      75          75,532  

5.00%, 02/09/2036

      75          75,903  

General Electric Co.
4.30%, 07/29/2030

      59          59,961  

Howmet Aerospace, Inc.
3.75%, 03/03/2028

      81          80,910  

3.90%, 04/15/2029

      81          81,087  

4.75%, 04/15/2036

      81          81,239  

John Deere Capital Corp.
4.375%, 10/15/2030

      59          60,020  

4.65%, 01/07/2028

      25          25,460  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA
2.00%, 09/16/2031

      409          364,534  

Lockheed Martin Corp.
4.15%, 08/15/2028

      60          60,586  

4.40%, 08/15/2030

      60          61,088  

5.20%, 02/15/2064

      529          498,244  

Parker-Hannifin Corp.
4.10%, 03/01/2047

      496          419,745  

Republic Services, Inc.
4.75%, 07/15/2030

      65          66,797  

RTX Corp.
3.125%, 05/04/2027

      131          129,982  

Textron, Inc.
4.95%, 03/15/2036

      78          78,436  

Westinghouse Air Brake Technologies Corp.
4.90%, 05/29/2030

      60          61,772  
       

 

 

  
          2,997,703  
       

 

 

  

Communications - Media – 1.0%

 

Meta Platforms, Inc.
4.20%, 11/15/2030

      70          70,652  

4.60%, 11/15/2032

      70          71,169  

4.65%, 08/15/2062

      521          422,646  

5.55%, 08/15/2064

      416          391,722  

5.625%, 11/15/2055

      70          68,518  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

5.75%, 05/15/2063

    $        408        $      396,564  

5.75%, 11/15/2065

      66          64,250  

Omnicom Group, Inc.
4.20%, 03/02/2029

      85          85,147  

5.00%, 06/02/2033

      85          84,729  

5.30%, 06/02/2036

      85          84,265  

Paramount Global
4.85%, 07/01/2042

      448          303,874  

4.90%, 08/15/2044

      48          30,834  

4.95%, 05/19/2050

      154          97,276  
       

 

 

  
          2,171,646  
       

 

 

  

Communications - Telecommunications – 0.2%

 

AT&T, Inc.
2.30%, 06/01/2027

      135          132,420  

4.75%, 04/30/2033

      80          81,108  

5.125%, 04/30/2036

      80          81,122  

5.85%, 04/30/2046

      80          80,702  

T-Mobile USA, Inc.
2.625%, 02/15/2029

      10          9,622  

Verizon Communications, Inc.
4.75%, 01/15/2033

      78          79,101  
       

 

 

  
          464,075  
       

 

 

  

Consumer Cyclical - Automotive – 2.0%

 

American Honda Finance Corp.
4.15%, 01/08/2029

      72          72,372  

4.25%, 09/01/2028

      69          69,522  

4.45%, 01/08/2031

      72          72,706  

4.55%, 07/09/2027

      60          60,571  

5.10%, 01/08/2036

      72          72,613  

Series G
4.50%, 09/04/2030

      69          69,810  

BMW US Capital LLC
4.15%, 08/11/2027(a)

      70          70,313  

4.50%, 08/11/2030(a)

      70          70,934  

4.75%, 03/21/2028(a)

      65          66,078  

5.05%, 03/21/2030(a)

      61          63,031  

Daimler Truck Finance North America LLC
4.15%, 01/12/2029(a)

      150          150,429  

4.50%, 04/12/2031(a)

      150          150,871  

Ford Motor Co.
3.25%, 02/12/2032

      410          368,709  

4.75%, 01/15/2043

      586          471,314  

5.291%, 12/08/2046

      492          419,799  

General Motors Co.
5.40%, 04/01/2048

      638          587,923  

5.95%, 04/01/2049

      115          113,252  

6.25%, 10/02/2043

      485          497,561  

Honda Motor Co., Ltd.
4.436%, 07/08/2028

      60          60,679  

Hyundai Capital America
4.25%, 09/18/2028(a)

      71          71,309  

4.30%, 09/24/2027(a)

      25          25,110  

4.50%, 09/18/2030(a)

      71          71,569  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

4.55%, 09/26/2029(a)

    $         17        $ 17,237  

5.10%, 06/24/2030(a)

      54          55,707  

5.15%, 03/27/2030(a)

      63          65,122  

5.30%, 06/24/2029(a)

      25          25,887  

5.35%, 03/19/2029(a)

      9          9,307  

6.10%, 09/21/2028(a)

      179          187,298  

PACCAR Financial Corp.
4.00%, 08/08/2028

      70          70,599  

Series R
4.00%, 11/07/2028

      79          79,559  

Toyota Motor Credit Corp.
4.05%, 09/05/2028

      69          69,556  

Series B
3.75%, 01/12/2028

      72          72,122  

4.20%, 01/10/2031

      72          72,518  
       

 

 

  
             4,401,387  
       

 

 

  

Consumer Cyclical - Other – 0.4%

 

Las Vegas Sands Corp.
5.625%, 06/15/2028

      44          45,066  

Marriott International, Inc./MD
4.20%, 07/15/2027

      71          71,316  

4.50%, 05/01/2033

      82          81,773  

4.90%, 04/15/2029

      293          300,164  

5.10%, 05/01/2038

      63          62,427  

Voyager Parent LLC
9.25%, 07/01/2032(a)

      334          356,578  
       

 

 

  
          917,324  
       

 

 

  

Consumer Cyclical - Restaurants – 0.1%

 

McDonald’s Corp.
4.40%, 02/12/2031

      51          51,823  

4.60%, 05/15/2030

      65          66,574  

Starbucks Corp.
4.50%, 05/15/2028

      59          59,680  
       

 

 

  
          178,077  
       

 

 

  

Consumer Cyclical - Retailers – 0.2%

 

7-Eleven, Inc.
1.30%, 02/10/2028(a)

      144          136,835  

Home Depot, Inc. (The)
3.75%, 09/15/2028

      72          72,360  

3.95%, 09/15/2030

      72          72,269  

Lowe’s Cos., Inc.
3.95%, 10/15/2027

      55          55,174  

4.00%, 10/15/2028

      64          64,169  

Walmart, Inc.
4.10%, 04/28/2027

      62          62,387  

4.35%, 04/28/2030

      62          63,303  
       

 

 

  
          526,497  
       

 

 

  

Consumer Non-Cyclical – 5.4%

 

Abbott Laboratories
4.65%, 03/15/2036

      83          82,954  

4.75%, 03/15/2038

      83          82,710  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

AbbVie, Inc.
3.775%, 03/03/2028

    $         85        $       85,117  

4.125%, 03/15/2031

      85          85,262  

4.40%, 03/15/2033

      85          85,369  

4.75%, 03/15/2036

      85          85,468  

5.55%, 03/15/2056

      85          85,496  

5.65%, 03/15/2066

      85          85,302  

Altria Group, Inc.
4.45%, 05/06/2050

      490          397,174  

4.50%, 08/06/2030

      70          71,132  

5.95%, 02/14/2049

      419          424,053  

Amgen, Inc.
4.20%, 02/19/2031

      81          81,237  

4.85%, 02/19/2036

      81          81,437  

5.50%, 02/19/2046

      81          80,546  

5.65%, 02/19/2056

      81          80,844  

5.75%, 03/02/2063

      397          392,887  

Astrazeneca Finance LLC
4.00%, 03/02/2031

      85          85,132  

4.30%, 03/02/2033

      85          85,220  

4.60%, 03/02/2036

      85          84,986  

BAT Capital Corp.
2.259%, 03/25/2028

      55          53,201  

4.625%, 03/22/2033

      19          19,070  

5.282%, 04/02/2050

      335          307,285  

5.65%, 03/16/2052

      288          275,973  

Baxter International, Inc.
4.90%, 12/15/2030

      78          78,452  

Bunge Ltd. Finance Corp.
4.55%, 08/04/2030

      69          70,101  

Campbell’s Co. (The)
4.55%, 03/21/2031

      80          80,028  

Cardinal Health, Inc.
4.50%, 09/15/2030

      66          66,917  

Cargill, Inc.
4.125%, 10/23/2030(a)

      77          77,229  

4.625%, 02/11/2028(a)

      20          20,331  

Cencora, Inc.
3.95%, 02/13/2029

      85          85,044  

4.25%, 11/15/2030

      85          85,320  

4.60%, 02/13/2033

      85          85,604  

4.90%, 02/13/2036

      85          85,582  

Constellation Brands, Inc.
4.80%, 05/01/2030

      62          63,556  

DENTSPLY SIRONA, Inc.
3.25%, 06/01/2030

      329          308,628  

Eli Lilly & Co.
4.15%, 03/15/2059

      487          391,850  

4.90%, 10/15/2035

      71          72,713  

4.95%, 02/27/2063

      182          165,311  

5.10%, 02/09/2064

      37          34,359  

5.20%, 08/14/2064

      590          555,992  

5.55%, 10/15/2055

      71          72,129  

5.65%, 10/15/2065

      92          93,086  

Estee Lauder Cos., Inc. (The)
5.15%, 05/15/2053

      444          415,282  

GE HealthCare Technologies, Inc.
4.15%, 12/15/2028

      79          79,344  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

HCA, Inc.
4.30%, 11/15/2030

    $       31        $       31,047  

4.60%, 11/15/2032

      77          77,052  

5.00%, 03/01/2028

      59          60,199  

Japan Tobacco, Inc.
4.85%, 05/15/2028(a)

      150          152,904  

5.25%, 06/15/2030(a)

      150          156,471  

Johnson & Johnson
4.85%, 03/01/2032

      59          61,870  

5.00%, 03/01/2035

      59          62,061  

Keurig Dr. Pepper, Inc.
4.60%, 05/15/2030

      62          62,606  

Mars, Inc.
4.60%, 03/01/2028(a)

      39          39,588  

4.80%, 03/01/2030(a)

      67          68,853  

5.00%, 03/01/2032(a)

      67          69,322  

McCormick & Co., Inc./MD
4.15%, 02/15/2029

      80          80,550  

McKesson Corp.
4.65%, 05/30/2030

      60          61,401  

4.95%, 05/30/2032

      60          62,375  

Merck & Co., Inc.
2.90%, 12/10/2061

      161          95,355  

4.45%, 12/04/2032

      79          80,042  

4.75%, 12/04/2035

      79          79,766  

4.95%, 09/15/2035

      69          70,740  

5.00%, 05/17/2053

      96          89,241  

5.15%, 05/17/2063

      453          420,932  

5.50%, 03/15/2046

      79          79,942  

5.55%, 12/04/2055

      79          79,153  

5.70%, 12/04/2065

      419          420,751  

Novartis Capital Corp.
3.90%, 11/05/2028

      76          76,334  

4.10%, 11/05/2030

      76          76,468  

4.30%, 11/05/2032

      76          76,596  

5.20%, 11/05/2045

      76          75,232  

5.30%, 11/05/2055

      76          75,230  

PepsiCo, Inc.
4.30%, 07/23/2030

      59          60,178  

4.45%, 02/07/2028

      20          20,303  

4.60%, 02/07/2030

      20          20,553  

Philip Morris International, Inc.
2.10%, 05/01/2030

      144          133,233  

4.00%, 10/29/2030

      77          76,808  

4.125%, 04/28/2028

      62          62,413  

4.25%, 10/29/2032

      77          76,781  

4.375%, 04/30/2030

      62          62,768  

4.625%, 10/29/2035

      77          76,185  

5.25%, 02/13/2034

      196          205,239  

5.375%, 02/15/2033

      286          301,696  

Stryker Corp.
4.70%, 02/10/2028

      20          20,295  

Sysco Corp.
4.40%, 07/25/2031

      41          41,148  

5.10%, 09/23/2030

      56          58,123  

Thermo Fisher Scientific, Inc.
4.20%, 03/01/2031

      74          74,545  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

4.55%, 06/15/2033

    $       84        $       84,979  

4.902%, 02/12/2036

      84          85,404  

5.546%, 02/12/2046

      84          85,630  

Tyson Foods, Inc.
3.55%, 06/02/2027

      132          131,384  

Utah Acquisition Sub, Inc.
5.25%, 06/15/2046

      91          76,697  

Viatris, Inc.
3.85%, 06/22/2040

      506          398,495  

4.00%, 06/22/2050

      577          394,858  
       

 

 

  
          11,574,509  
       

 

 

  

Energy – 1.4%

 

Canadian Natural Resources Ltd.
6.25%, 03/15/2038

      363          391,957  

Chevron USA, Inc.
3.95%, 08/13/2027

      69          69,363  

4.05%, 08/13/2028

      69          69,694  

4.30%, 10/15/2030

      69          70,264  

4.405%, 02/26/2027

      37          37,272  

4.475%, 02/26/2028

      60          60,962  

4.687%, 04/15/2030

      60          61,842  

ConocoPhillips Co.
5.65%, 01/15/2065

      140          137,326  

Enbridge, Inc.
4.20%, 11/20/2028

      78          78,441  

4.50%, 02/15/2031

      78          78,761  

4.60%, 06/20/2028

      59          59,813  

4.90%, 06/20/2030

      17          17,493  

Energy Transfer LP
4.55%, 01/15/2031

      79          79,781  

5.35%, 01/15/2036

      79          80,262  

5.95%, 05/15/2054

      402          387,846  

6.30%, 01/15/2056

      79          79,871  

Enterprise Products Operating LLC
Series E
5.25%, 08/16/2077

      129          129,324  

MPLX LP
4.80%, 02/15/2031

      67          68,399  

Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 01/15/2031

      65          66,002  

Shell Finance US, Inc.
5.125%, 10/15/2041(a)

      370          367,399  

Suncor Energy, Inc.
6.85%, 06/01/2039

      495          556,934  

Targa Resources Corp.
4.35%, 04/15/2031

      26          25,998  

Woodside Finance Ltd.
4.90%, 05/19/2028

      60          61,027  
       

 

 

  
          3,036,031  
       

 

 

  

Other Industrial – 0.5%

 

Ferguson Finance PLC
3.25%, 06/02/2030(a)

      238          228,692  

President & Fellows of Harvard College
6.50%, 01/15/2039(a)

      165          191,506  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

University of Southern California
4.976%, 10/01/2053

    $      324        $ 311,195  

Washington University (The)
4.349%, 04/15/2122

      440          346,012  
       

 

 

  
             1,077,405  
       

 

 

  

Services – 1.0%

 

Amazon.com, Inc.
2.70%, 06/03/2060

      140          79,110  

3.25%, 05/12/2061

      587          377,547  

4.10%, 11/20/2030

      78          78,568  

4.10%, 04/13/2062

      500          384,745  

4.25%, 08/22/2057

      474          382,200  

4.35%, 03/20/2033

      78          78,612  

4.65%, 11/20/2035

      78          78,365  

5.45%, 11/20/2055

      78          76,733  

5.55%, 11/20/2065

      154          150,626  

Cintas Corp. No. 2
4.20%, 05/01/2028

      62          62,542  

eBay, Inc.
4.25%, 03/06/2029

      76          76,528  

Mastercard, Inc.
4.55%, 03/15/2028

      59          59,981  

4.95%, 03/15/2032

      59          61,617  

Quanta Services, Inc.
4.30%, 08/09/2028

      70          70,554  

RELX Capital, Inc.
4.75%, 03/27/2030

      63          64,280  

Verisk Analytics, Inc.
4.45%, 03/15/2031

      83          83,315  
       

 

 

  
          2,165,323  
       

 

 

  

Technology – 3.5%

 

Alphabet, Inc.
3.70%, 02/15/2029

      84          84,066  

4.10%, 11/15/2030

      76          76,670  

4.10%, 02/15/2031

      84          84,577  

4.375%, 11/15/2032

      76          77,023  

4.40%, 02/15/2033

      84          84,722  

4.70%, 11/15/2035

      43          43,529  

4.80%, 02/15/2036

      84          85,367  

5.25%, 05/15/2055

      71          68,858  

5.30%, 05/15/2065

      445          421,566  

5.35%, 11/15/2045

      76          76,296  

5.45%, 11/15/2055

      29          28,812  

5.50%, 02/15/2046

      84          85,632  

5.65%, 02/15/2056

      84          85,901  

5.70%, 11/15/2075

      421          420,739  

Amphenol Corp.
3.80%, 11/15/2027

      77          77,073  

3.90%, 11/15/2028

      77          77,189  

4.125%, 11/15/2030

      77          77,358  

4.375%, 06/12/2028

      60          60,762  

4.40%, 02/15/2033

      77          77,176  

4.625%, 02/15/2036

      77          76,491  

5.00%, 01/15/2035

      251          257,418  

5.30%, 11/15/2055

      77          74,514  

5.375%, 11/15/2054

      281          276,729  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

Analog Devices, Inc.
4.50%, 06/15/2030

    $       60        $      61,327  

Apple, Inc.
2.55%, 08/20/2060

      742          417,227  

2.80%, 02/08/2061

      451          268,480  

2.85%, 08/05/2061

      648          389,597  

4.10%, 08/08/2062

      488          388,624  

Applied Materials, Inc.
4.00%, 01/15/2031

      71          71,015  

4.60%, 01/15/2036

      71          70,617  

Broadcom, Inc.
4.20%, 10/15/2030

      54          54,262  

4.30%, 01/15/2031

      72          72,629  

4.60%, 07/15/2030

      60          61,300  

4.60%, 01/15/2033

      72          72,765  

4.80%, 04/15/2028

      25          25,504  

4.90%, 07/15/2032

      27          27,800  

5.05%, 07/12/2027

      114          115,898  

5.05%, 04/15/2030

      25          25,913  

Cisco Systems, Inc.
4.55%, 02/24/2028

      59          59,978  

5.30%, 02/26/2054

      400          389,236  

5.35%, 02/26/2064

      407          389,369  

Dell International LLC/EMC Corp.
4.15%, 02/15/2029

      73          73,229  

4.50%, 02/15/2031

      73          73,337  

4.75%, 04/01/2028

      55          55,861  

5.00%, 04/01/2030

      55          56,553  

5.30%, 04/01/2032

      55          57,100  

Hewlett Packard Enterprise Co.
4.05%, 09/15/2027

      72          72,120  

4.15%, 09/15/2028

      72          72,161  

4.40%, 10/15/2030

      72          72,094  

Intel Corp.
3.75%, 03/25/2027

      128          127,752  

International Business Machines Corp.
4.65%, 02/10/2028

      100          101,494  

4.90%, 07/27/2052

      261          230,293  

NXP BV/NXP Funding LLC/NXP USA, Inc.
4.30%, 08/19/2028

      67          67,419  

Oracle Corp.
4.45%, 09/26/2030

      71          69,591  

4.80%, 08/03/2028

      20          20,219  

4.95%, 02/04/2031

      81          80,830  

5.25%, 02/03/2032

      9          9,033  

5.35%, 05/04/2033

      81          81,322  

5.70%, 02/04/2036

      67          67,022  

6.10%, 09/26/2065

      71          61,490  

6.70%, 02/04/2056

      81          78,500  

6.85%, 02/04/2066

      14          13,426  

Roper Technologies, Inc.
4.25%, 09/15/2028

      67          67,262  

Salesforce, Inc.
1.50%, 07/15/2028

      141          133,552  

Texas Instruments, Inc.
4.50%, 05/23/2030

      60          61,250  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

Tyco Electronics Group SA
4.50%, 02/09/2031

    $       62        $ 63,093  
       

 

 

  
             7,606,012  
       

 

 

  

Transportation - Airlines – 0.3%

 

Delta Air Lines, Inc./SkyMiles IP Ltd.
4.75%, 10/20/2028(a)

      272          274,597  

Southwest Airlines Co.
4.375%, 11/15/2028

      23          23,169  

United Airlines 2024-1 Class AA Pass Through Trust
Series AA
5.45%, 08/15/2038

      275          286,315  
       

 

 

  
          584,081  
       

 

 

  

Transportation - Railroads – 0.0%

 

Burlington Northern Santa Fe LLC
5.55%, 03/15/2056

      79          79,297  
       

 

 

  

Transportation - Services – 0.3%

 

Element Fleet Management Corp.
4.641%, 11/24/2030(a)

      78          78,792  

5.037%, 03/25/2030(a)

      63          64,639  

Fedex Freight Holding Co., Inc.
4.30%, 03/15/2029(a)

      80          80,183  

4.65%, 03/15/2031(a)

      80          80,433  

Penske Truck Leasing Co. LP/PTL Finance Corp.
4.55%, 01/15/2031(a)

      72          72,463  

5.25%, 07/01/2029(a)

      9          9,291  

5.25%, 02/01/2030(a)

      24          24,828  

5.35%, 03/30/2029(a)

      57          58,926  

Ryder System, Inc.
4.30%, 12/01/2030

      77          77,302  
       

 

 

  
          546,857  
       

 

 

  
          39,077,500  
       

 

 

  

Financial Institutions – 16.4%

 

Banking – 10.8%

 

American Express Co.
4.351%, 07/20/2029

      59          59,526  

4.731%, 04/25/2029

      62          63,007  

4.804%, 10/24/2036

      77          76,274  

4.918%, 07/20/2033

      59          60,334  

5.016%, 04/25/2031

      62          63,962  

5.098%, 02/16/2028

      292          295,025  

5.412%, 02/08/2041

      80          81,666  

5.667%, 04/25/2036

      62          65,620  

Banco Santander SA
2.749%, 12/03/2030

      400          367,900  

6.35%, 03/14/2034

      400          431,812  

6.921%, 08/08/2033

      400          444,256  

Bank of America Corp.
2.496%, 02/13/2031

      166          155,841  

2.687%, 04/22/2032

      315          291,762  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

2.972%, 02/04/2033

    $         332        $      306,718  

3.419%, 12/20/2028

      55          54,439  

3.705%, 04/24/2028

      129          128,574  

4.623%, 05/09/2029

      59          59,814  

5.425%, 08/15/2035

      416          425,905  

5.511%, 01/24/2036

      26          27,254  

5.518%, 10/25/2035

      296          303,951  

5.744%, 02/12/2036

      20          20,899  

Bank of Montreal
4.062%, 09/22/2028

      71          71,165  

4.35%, 09/22/2031

      71          71,453  

5.203%, 02/01/2028

      61          62,532  

Series J
4.439%, 01/14/2032

      72          72,402  

Bank of New York Mellon Corp. (The)
Series J
4.967%, 04/26/2034

      297          304,642  

Bank of Nova Scotia (The)
4.043%, 09/15/2028

      72          72,078  

4.338%, 09/15/2031

      72          72,204  

4.932%, 02/14/2029

      20          20,359  

Banque Federative du Credit Mutuel SA
4.541%, 01/15/2031(a)

      200          201,076  

BNP Paribas SA
4.916%, 01/15/2034(a)

      200          200,962  

5.906%, 11/19/2035(a)

      428          445,702  

Canadian Imperial Bank of Commerce
4.243%, 09/08/2028

      69          69,328  

4.58%, 09/08/2031

      69          70,011  

4.857%, 03/30/2029

      63          64,102  

5.245%, 01/13/2031

      25          25,942  

Capital One Financial Corp.
4.493%, 09/11/2031

      72          72,030  

4.722%, 01/30/2032

      46          46,356  

5.197%, 09/11/2036

      72          71,826  

5.399%, 01/30/2037

      80          80,704  

5.468%, 02/01/2029

      250          256,310  

6.183%, 01/30/2036

      127          132,084  

6.377%, 06/08/2034

      282          305,790  

7.964%, 11/02/2034

      291          342,458  

Citigroup, Inc.
2.976%, 11/05/2030

      376          360,317  

3.52%, 10/27/2028

      118          117,087  

4.503%, 09/11/2031

      71          71,564  

4.542%, 09/19/2030

      298          301,454  

4.658%, 05/24/2028

      52          52,374  

4.786%, 03/04/2029

      60          60,875  

5.174%, 09/11/2036

      71          72,196  

5.333%, 03/27/2036

      31          31,938  

5.827%, 02/13/2035

      288          299,894  

6.174%, 05/25/2034

      286          305,319  

6.27%, 11/17/2033

      29          31,812  

Series VAR
3.07%, 02/24/2028

      30          29,711  

Citizens Financial Group, Inc.
5.253%, 03/05/2031

      36          37,126  

5.841%, 01/23/2030

      118          123,351  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

Deutsche Bank AG/New York NY
4.469%, 12/10/2031

    $         150        $      150,871  

4.725%, 02/06/2032

      150          151,246  

Fifth Third Financial Corp.
5.982%, 01/30/2030

      232          243,171  

First Citizens BancShares, Inc./NC
4.869%, 03/03/2032

      85          84,716  

Goldman Sachs Group, Inc. (The)
2.383%, 07/21/2032

      403          363,397  

2.615%, 04/22/2032

      336          308,515  

2.65%, 10/21/2032

      257          233,880  

3.615%, 03/15/2028

      129          128,378  

4.153%, 10/21/2029

      75          75,034  

4.369%, 10/21/2031

      75          75,001  

4.937%, 04/23/2028

      33          33,316  

4.939%, 10/21/2036

      75          74,668  

5.049%, 07/23/2030

      24          24,614  

5.065%, 01/21/2037

      78          78,526  

5.207%, 01/28/2031

      95          98,377  

5.218%, 04/23/2031

      62          64,194  

5.541%, 01/21/2047

      78          77,594  

HSBC Holdings PLC
2.357%, 08/18/2031

      374          344,245  

5.874%, 11/18/2035

      320          335,840  

7.399%, 11/13/2034

      313          358,038  

JPMorgan Chase & Co.
2.963%, 01/25/2033

      331          306,731  

3.882%, 07/24/2038

      411          372,300  

4.323%, 04/26/2028

      53          53,184  

5.103%, 04/22/2031

      61          63,250  

5.14%, 01/24/2031

      26          26,977  

5.193%, 02/05/2037

      80          80,842  

5.502%, 01/24/2036

      26          27,332  

5.571%, 04/22/2028

      22          22,379  

5.576%, 07/23/2036

      60          62,360  

5.581%, 04/22/2030

      68          71,021  

5.717%, 09/14/2033

      284          301,066  

5.766%, 04/22/2035

      20          21,391  

M&T Bank Corp.
5.179%, 07/08/2031

      60          61,957  

Macquarie Bank Ltd.
3.915%, 02/03/2028(a)

      80          80,310  

Mitsubishi HC Finance America LLC
4.558%, 01/14/2031(a)

      200          202,310  

Morgan Stanley
3.622%, 04/01/2031

      88          86,024  

4.994%, 04/12/2029

      61          62,103  

5.042%, 07/19/2030

      25          25,696  

5.073%, 01/30/2037

      80          80,675  

5.192%, 04/17/2031

      61          63,165  

5.23%, 01/15/2031

      26          26,918  

5.25%, 04/21/2034

      185          191,469  

5.297%, 04/20/2037

      410          420,045  

5.32%, 07/19/2035

      161          166,583  

5.449%, 07/20/2029

      84          86,617  

5.587%, 01/18/2036

      26          27,325  

5.652%, 04/13/2028

      76          77,356  

5.656%, 04/18/2030

      14          14,622  

5.664%, 04/17/2036

      61          64,462  

5.831%, 04/19/2035

      24          25,627  

 

12

      Principal
Amount
(000)		        U.S. $ Value  

Series G
2.239%, 07/21/2032

    $         344        $      308,458  

Series I
4.133%, 10/18/2029

      43          43,061  

4.356%, 10/22/2031

      75          75,093  

4.892%, 10/22/2036

      75          74,608  

National Australia Bank Ltd.
2.332%, 08/21/2030(a)

      397          364,414  

2.99%, 05/21/2031(a)

      394          366,534  

Northern Trust Corp.
4.15%, 11/19/2030

      78          78,598  

PNC Financial Services Group, Inc. (The)
4.075%, 01/26/2029

      78          78,223  

4.626%, 06/06/2033

      309          308,317  

4.899%, 05/13/2031

      59          60,575  

5.222%, 01/29/2031

      24          24,916  

Regions Banks
6.45%, 06/26/2037

      361          395,364  

Royal Bank of Canada
3.995%, 11/03/2028

      78          78,090  

Series G
4.715%, 03/27/2028

      63          63,561  

4.965%, 01/24/2029

      26          26,519  

4.97%, 05/02/2031

      63          65,002  

5.153%, 02/04/2031

      26          26,954  

Santander Holdings USA, Inc.
5.473%, 03/20/2029

      68          69,499  

5.741%, 03/20/2031

      31          32,238  

6.174%, 01/09/2030

      260          271,354  

6.499%, 03/09/2029

      18          18,746  

Societe Generale SA
7.367%, 01/10/2053(a)

      273          299,063  

Standard Chartered PLC
4.529%, 06/05/2032(a)

      200          200,342  

State Street Corp.
4.536%, 02/28/2028

      60          60,950  

4.729%, 02/28/2030

      60          61,660  

4.784%, 10/23/2036

      77          76,871  

4.821%, 01/26/2034

      296          301,772  

4.834%, 04/24/2030

      62          63,884  

Synchrony Financial
5.935%, 08/02/2030

      10          10,378  

6.00%, 07/29/2036

      400          407,564  

7.25%, 02/02/2033

      382          403,018  

Toronto-Dominion Bank (The)
3.913%, 01/13/2028

      72          72,064  

4.109%, 10/13/2028

      75          75,337  

4.411%, 01/13/2031

      72          72,852  

4.574%, 06/02/2028

      59          59,816  

4.808%, 06/03/2030

      59          60,640  

Truist Financial Corp.
5.071%, 05/20/2031

      59          60,844  

UBS Group AG
4.151%, 12/23/2029(a)

      200          200,222  

4.398%, 09/23/2031(a)

      200          200,568  

 

13

      Principal
Amount
(000)		        U.S. $ Value  

US Bancorp
4.839%, 02/01/2034

    $         299        $      303,315  

4.967%, 07/22/2033

      298          303,263  

5.046%, 02/12/2031

      20          20,649  

5.083%, 05/15/2031

      60          62,035  

5.10%, 07/23/2030

      25          25,844  

Wells Fargo & Co.
3.35%, 03/02/2033

      326          306,134  

3.584%, 05/22/2028

      5          4,974  

4.078%, 09/15/2029

      72          72,019  

4.808%, 07/25/2028

      51          51,540  

4.96%, 01/23/2037

      78          78,269  

4.97%, 04/23/2029

      62          63,202  

5.15%, 04/23/2031

      62          64,172  

5.244%, 01/24/2031

      118          122,472  

5.433%, 01/23/2047

      78          77,275  

5.574%, 07/25/2029

      284          293,900  

5.605%, 04/23/2036

      21          22,098  

5.707%, 04/22/2028

      76          77,395  

Zions Bancorp NA
6.816%, 11/19/2035

      391          415,688  
       

 

 

  
          23,169,004  
       

 

 

  

Brokerage – 0.5%

 

Affiliated Managers Group, Inc.
5.50%, 02/15/2036

      80          80,730  

Apollo Global Management, Inc.
4.60%, 01/15/2031

      79          79,518  

BGC Group, Inc.
6.15%, 04/02/2030

      55          57,233  

Blackstone Holdings Finance Co. LLC
2.50%, 01/10/2030(a)

      384          361,632  

Blue Owl Finance LLC
6.25%, 04/18/2034

      336          335,812  

Charles Schwab Corp. (The)
4.343%, 11/14/2031

      78          78,403  

LPL Holdings, Inc.
5.20%, 03/15/2030

      60          61,364  
       

 

 

  
          1,054,692  
       

 

 

  

Finance – 1.0%

 

Apollo Debt Solutions BDC
5.20%, 12/08/2028(a)

      80          79,686  

Ares Capital Corp.
5.10%, 01/15/2031

      69          67,334  

5.50%, 09/01/2030

      59          58,372  

Ares Strategic Income Fund
4.85%, 01/15/2029(a)

      72          70,798  

5.15%, 01/15/2031(a)

      72          69,789  

Barings BDC, Inc.
5.20%, 09/15/2028

      72          71,235  

Blackstone Reg Finance Co. LLC
4.30%, 11/03/2030

      78          77,837  

4.95%, 02/15/2036

      78          77,215  

Blackstone Secured Lending Fund
5.125%, 01/31/2031

      75          72,708  

5.25%, 09/04/2029

      83          82,405  

 

14

      Principal
Amount
(000)		        U.S. $ Value  

Blue Owl Credit Income Corp.
5.80%, 03/15/2030

    $          25        $       24,514  

Blue Owl Technology Finance Corp.
6.125%, 01/23/2031

      78          74,656  

Brookfield Finance, Inc.
5.33%, 01/15/2036

      66          65,832  

Carlyle Secured Lending, Inc.
5.75%, 02/15/2031

      34          32,863  

Franklin BSP Capital Corp.
6.00%, 10/02/2030(a)

      71          69,020  

FS KKR Capital Corp.
6.875%, 08/15/2029

      24          23,691  

Goldman Sachs BDC, Inc.
5.10%, 01/28/2029

      78          76,896  

Goldman Sachs Private Credit Corp.
5.05%, 02/23/2028(a)

      82          81,462  

5.875%, 01/31/2031(a)

      78          76,663  

Golub Capital Private Credit Fund
5.45%, 08/15/2028(a)

      60          60,019  

HA Sustainable Infrastructure Capital, Inc.
6.75%, 07/15/2035

      60          63,014  

HPS Corporate Lending Fund
4.90%, 09/11/2028(a)

      71          70,131  

5.15%, 04/02/2029(a)

      72          71,435  

5.30%, 06/05/2027(a)

      55          55,213  

5.45%, 11/15/2030(a)

      71          69,905  

5.65%, 04/02/2031(a)

      72          71,327  

Main Street Capital Corp.
5.40%, 08/15/2028

      66          66,303  

North Haven Private Income Fund LLC
5.125%, 09/25/2028(a)

      70          69,259  

Oaktree Specialty Lending Corp.
6.34%, 02/27/2030

      59          58,102  

Sixth Street Specialty Lending, Inc.
5.625%, 08/15/2030

      59          58,634  

USAA Capital Corp.
4.375%, 06/01/2028(a)

      150          151,900  
       

 

 

  
          2,118,218  
       

 

 

  

Financial Services – 0.1%

 

Intercontinental Exchange, Inc.
3.95%, 12/01/2028

      79          79,180  

4.20%, 03/15/2031

      79          79,518  

Lincoln Financial Global Funding
4.625%, 08/18/2030(a)

      69          69,404  

Sammons Financial Group Global Funding
4.95%, 06/12/2030(a)

      60          61,170  

5.05%, 01/10/2028(a)

      25          25,420  
       

 

 

  
          314,692  
       

 

 

  

Insurance – 3.5%

 

American National Global Funding
5.25%, 06/03/2030(a)

      59          60,149  

 

15

      Principal
Amount
(000)		        U.S. $ Value  

Athene Global Funding
5.583%, 01/09/2029(a)

    $         211        $      215,990  

Athene Holding Ltd.
3.45%, 05/15/2052

      1,382          845,286  

3.95%, 05/25/2051

      403          276,664  

Brighthouse Financial, Inc.
4.70%, 06/22/2047

      631          439,277  

Brown & Brown, Inc.
4.70%, 06/23/2028

      60          60,643  

CNO Global Funding
4.70%, 12/11/2030(a)

      80          80,254  

Corebridge Global Funding
4.45%, 10/02/2030(a)

      71          71,196  

4.55%, 01/09/2031(a)

      72          72,257  

4.85%, 06/06/2030(a)

      59          60,142  

4.90%, 01/07/2028(a)

      25          25,395  

Elevance Health, Inc.
4.00%, 09/15/2028

      72          72,126  

F&G Annuities & Life, Inc.
6.25%, 10/04/2034

      383          365,700  

F&G Global Funding
4.50%, 01/09/2029(a)

      72          71,473  

4.65%, 09/08/2028(a)

      69          68,794  

GA Global Funding Trust
4.50%, 09/18/2030(a)

      150          148,109  

5.50%, 04/01/2032(a)

      150          152,110  

Guardian Life Global Funding
4.066%, 09/05/2028(a)

      69          69,137  

4.327%, 10/06/2030(a)

      74          74,498  

4.402%, 12/11/2030(a)

      80          80,758  

4.673%, 09/05/2032(a)

      69          69,661  

4.798%, 04/28/2030(a)

      62          63,580  

Health Care Service Corp. A Mutual Legal Reserve Co.
5.875%, 06/15/2054(a)

      363          352,364  

Jackson National Life Global Funding
4.70%, 06/05/2028(a)

      150          151,620  

Lincoln National Corp.
5.35%, 11/15/2035

      76          74,190  

Massachusetts Mutual Life Insurance Co.
3.729%, 10/15/2070(a)

      588          384,099  

Met Tower Global Funding
4.00%, 01/14/2029(a)

      150          150,197  

Mutual of Omaha Cos. Global Funding
4.546%, 01/13/2031(a)

      72          72,445  

New York Life Global Funding
4.15%, 07/25/2028(a)

      59          59,364  

4.40%, 04/25/2028(a)

      62          62,663  

4.60%, 06/03/2030(a)

      59          60,347  

Northwestern Mutual Global Funding
4.125%, 08/25/2028(a)

      71          71,395  

4.30%, 01/13/2031(a)

      72          72,490  

4.60%, 06/03/2030(a)

      59          60,125  

 

16

      Principal
Amount
(000)		        U.S. $ Value  

Pacific Life Global Funding II
4.375%, 02/03/2031(a)

    $          80        $       80,974  

4.45%, 05/01/2028(a)

      62          62,664  

Pricoa Global Funding I
4.35%, 11/25/2030(a)

      150          151,516  

4.70%, 05/28/2030(a)

      150          152,800  

4.75%, 08/26/2032(a)

      150          151,528  

Principal Life Global Funding II
4.25%, 08/18/2028(a)

      69          69,243  

4.45%, 01/13/2031(a)

      72          72,582  

4.80%, 01/09/2028(a)

      130          131,954  

Protective Life Global Funding
4.161%, 01/15/2029(a)

      150          150,147  

4.803%, 06/05/2030(a)

      150          153,124  

Prudential Financial, Inc.
4.50%, 09/15/2047

      301          296,921  

5.70%, 09/15/2048

      292          294,958  

RGA Global Funding
4.35%, 08/25/2028(a)

      71          71,419  

4.60%, 11/25/2030(a)

      78          78,558  

5.00%, 08/25/2032(a)

      71          72,056  

5.25%, 01/09/2030(a)

      25          25,905  

5.448%, 05/24/2029(a)

      24          24,923  

Trustage Financial Group, Inc.
4.625%, 04/15/2032(a)

      370          363,296  

Western-Southern Global Funding
4.50%, 07/16/2028(a)

      60          60,580  
       

 

 

  
          7,479,646  
       

 

 

  

REITs – 0.5%

 

American Homes 4 Rent LP
4.95%, 06/15/2030

      59          60,152  

CBRE Services, Inc.
4.80%, 06/15/2030

      62          63,200  

4.90%, 01/15/2033

      79          79,928  

5.95%, 08/15/2034

      245          261,903  

EPR Properties
4.75%, 11/15/2030

      76          76,163  

Essex Portfolio LP
4.875%, 02/15/2036

      80          79,102  

GLP Capital LP/GLP Financing II, Inc.
5.625%, 03/01/2036

      85          85,003  

Omega Healthcare Investors, Inc.
5.20%, 07/01/2030

      11          11,275  

Phillips Edison Grocery Center Operating Partnership I LP
4.75%, 03/15/2033

      85          85,108  

Realty Income Corp.
3.95%, 02/01/2029

      71          71,138  

Regency Centers LP
4.50%, 03/15/2033

      22          21,996  

Simon Property Group LP
4.375%, 10/01/2030

      67          67,821  

 

17

      Principal
Amount
(000)		        U.S. $ Value  

Store Capital LLC
4.95%, 02/11/2031(a)

    $ 81        $ 81,740  

VICI Properties LP
4.75%, 04/01/2028

      55          55,549  

WP Carey, Inc.
4.65%, 07/15/2030

               39          39,547  
       

 

 

  
          1,139,625  
       

 

 

  
            35,275,877  
       

 

 

  

Utility – 1.9%

 

Electric – 1.5%

 

AEP Transmission Co. LLC
5.15%, 04/01/2034

      34          35,127  

Black Hills Corp.
4.55%, 01/31/2031

      71          71,697  

CenterPoint Energy Houston Electric LLC
Series AR
4.85%, 04/01/2036

      51          51,183  

Connecticut Light & Power Co. (The)
4.95%, 01/15/2030

      25          25,828  

Dominion Energy, Inc.
4.60%, 05/15/2028

      59          59,832  

Duke Energy Florida LLC
4.20%, 12/01/2030

      79          79,509  

Edison International
4.80%, 03/15/2031

      83          82,957  

Eversource Energy
4.45%, 12/15/2030

      75          75,489  

National Rural Utilities Cooperative Finance Corp.
3.95%, 12/10/2027

      79          79,253  

4.30%, 12/10/2030

      79          79,661  

Series D
4.05%, 02/09/2029

      80          80,383  

4.15%, 08/25/2028

      71          71,490  

NextEra Energy Capital Holdings, Inc.
4.40%, 03/01/2031

      80          80,858  

4.685%, 09/01/2027

      35          35,399  

4.85%, 02/04/2028

      20          20,366  

5.85%, 03/01/2056

      80          80,442  

Niagara Mohawk Power Corp.
4.647%, 10/03/2030 (a)

      60          60,964  

NRG Energy, Inc.
4.734%, 10/15/2030 (a)

      14          14,143  

NSTAR Electric Co.
4.85%, 03/01/2030

      60          61,760  

Oncor Electric Delivery Co. LLC
4.65%, 11/01/2029

      25          25,567  

5.35%, 04/01/2035(a)

      47          48,905  

Pacific Gas & Electric Co.
5.05%, 10/15/2032

      74          75,424  

5.55%, 05/15/2029

      294          305,701  

PacifiCorp
3.30%, 03/15/2051

      127          83,513  

4.125%, 01/15/2049

      55          42,268  

4.15%, 02/15/2050

      31          23,563  

4.25%, 03/15/2029

      81          81,581  

 

18

      Principal
Amount
(000)		        U.S. $ Value  

5.35%, 12/01/2053

    $ 443        $ 397,176  

5.50%, 05/15/2054

      431          394,205  

5.80%, 01/15/2055

      327          311,278  

Pinnacle West Capital Corp.
4.90%, 05/15/2028

      60          61,118  

5.15%, 05/15/2030

      60          62,144  

Public Service Co. of New Hampshire
4.40%, 07/01/2028

      59          59,743  

San Diego Gas & Electric Co.
5.40%, 04/15/2035

      63          65,678  

Union Electric Co.
4.80%, 03/15/2036

      83          83,231  

Wisconsin Electric Power Co.
3.95%, 03/01/2029

      34          34,077  

Xcel Energy, Inc.
4.75%, 03/21/2028

               63          63,968  
       

 

 

  
             3,365,481  
       

 

 

  

Natural Gas – 0.4%

 

Boston Gas Co.
4.487%, 02/15/2042(a)

      464          405,453  

Brooklyn Union Gas Co. (The)
4.504%, 03/10/2046(a)

      455          385,881  
       

 

 

  
          791,334  
       

 

 

  
          4,156,815  
       

 

 

  

Total Corporates - Investment Grade
(cost $77,680,747)

 

        78,510,192  
       

 

 

  

CORPORATES - NON-INVESTMENT GRADE – 6.4%

 

Industrial – 6.0%

 

Basic – 0.3%

 

Celanese US Holdings LLC
7.00%, 02/15/2031

      25          25,768  

Cleveland-Cliffs, Inc.
6.75%, 04/15/2030(a)

      119          120,661  

7.625%, 01/15/2034(a)

      393          403,359  

Clydesdale Acquisition Holdings, Inc.
8.75%, 04/15/2030(a)

      124          123,849  
       

 

 

  
          673,637  
       

 

 

  

Capital Goods – 0.2%

 

MIWD Holdco II LLC/MIWD Finance Corp.
5.50%, 02/01/2030(a)

      394          368,855  

Smyrna Ready Mix Concrete LLC
6.00%, 11/01/2028(a)

      129          128,993  
       

 

 

  
          497,848  
       

 

 

  

Communications - Media – 0.9%

 

DIRECTV Financing LLC
8.875%, 02/01/2030(a)

      357          357,271  

DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc.
10.00%, 02/15/2031(a)

      366          374,348  

 

19

      Principal
Amount
(000)		        U.S. $ Value  

Discovery Global Holdings, Inc.
5.05%, 03/15/2042

    $         547        $      384,328  

VZ Secured Financing BV
5.00%, 01/15/2032(a)

      457          406,259  

Ziggo Bond Co. BV
5.125%, 02/28/2030(a)

      468          406,154  
       

 

 

  
          1,928,360  
       

 

 

  

Consumer Cyclical - Automotive – 0.7%

 

American Axle & Manufacturing, Inc.
5.00%, 10/01/2029

      109          106,304  

7.75%, 10/15/2033(a)

      375          381,000  

Nissan Motor Acceptance Co. LLC
5.625%, 09/29/2028(a)

      53          53,342  

6.125%, 09/30/2030(a)

      52          52,116  

Nissan Motor Co., Ltd.
4.81%, 09/17/2030(a)

      325          309,062  

8.125%, 07/17/2035(a)

      200          217,920  

ZF North America Capital, Inc.
6.75%, 04/23/2030(a)

      370          373,904  
       

 

 

  
          1,493,648  
       

 

 

  

Consumer Cyclical - Other – 0.2%

 

Marriott Ownership Resorts, Inc.
6.50%, 10/01/2033(a)

      411          398,074  
       

 

 

  

Consumer Non-Cyclical – 1.4%

 

Accendra Health, Inc.
6.625%, 04/01/2030(a)

      59          28,630  

B&G Foods, Inc.
8.00%, 09/15/2028(a)

      360          349,286  

CHS/Community Health Systems, Inc.
4.75%, 02/15/2031(a)

      137          125,729  

5.25%, 05/15/2030(a)

      327          314,280  

9.75%, 01/15/2034(a)

      115          121,159  

10.875%, 01/15/2032(a)

      215          233,314  

HAH Group Holding Co. LLC
9.75%, 10/01/2031(a)

      401          357,407  

Organon & Co./Organon Foreign Debt Co-Issuer BV
7.875%, 05/15/2034(a)

      451          420,233  

Paradigm Parent LLC & Paradigm Parent CO-Issuer, Inc.
8.75%, 04/17/2032(a)

      451          391,207  

US Acute Care Solutions LLC
9.75%, 05/15/2029(a)

      385          385,104  

Viking Baked Goods Acquisition Corp.
8.625%, 11/01/2031(a)

      300          303,801  
       

 

 

  
          3,030,150  
       

 

 

  

 

20

      Principal
Amount
(000)		        U.S. $ Value  

Energy – 1.7%

 

Crescent Energy Finance LLC
7.375%, 01/15/2033(a)

    $ 400        $ 397,516  

7.875%, 04/15/2032(a)

              354          359,908  

8.375%, 01/15/2034(a)

      55          56,780  

Ferrellgas LP/Ferrellgas Finance Corp.
9.25%, 01/15/2031(a)

      395          409,742  

Hilcorp Energy I LP/Hilcorp Finance Co.
6.875%, 05/15/2034(a)

      404          394,890  

7.25%, 02/15/2035(a)

      401          397,419  

Moss Creek Resources Holdings, Inc.
8.25%, 09/01/2031(a)

      417          411,783  

Nabors Industries, Inc.
7.625%, 11/15/2032(a)

      406          417,112  

8.875%, 08/15/2031(a)

      397          411,173  

SM Energy Co.
8.75%, 07/01/2031(a)

      349          365,937  

9.625%, 06/15/2033(a)

      55          60,803  
       

 

 

  
             3,683,063  
       

 

 

  

Other Industrial – 0.2%

 

S&S Holdings LLC
8.375%, 10/01/2031(a)

      369          346,495  
       

 

 

  

Services – 0.1%

 

Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375%, 08/31/2027(a)

      133          130,919  
       

 

 

  

Transportation - Airlines – 0.1%

 

JetBlue Airways Corp./JetBlue Loyalty LP
9.875%, 09/20/2031(a)

      266          270,025  
       

 

 

  

Transportation - Services – 0.2%

 

Hertz Corp. (The)
12.625%, 07/15/2029(a)

      413          380,344  
       

 

 

  
          12,832,563  
       

 

 

  

Utility – 0.2%

 

Electric – 0.2%

 

NRG Energy, Inc.
5.75%, 01/15/2034(a)

      71          72,004  

XPLR Infrastructure Operating Partners LP
7.75%, 04/15/2034(a)

      378          391,789  
       

 

 

  
          463,793  
       

 

 

  

Natural Gas – 0.0%

 

AmeriGas Partners LP/AmeriGas Finance Corp.
9.50%, 06/01/2030(a)

      25          26,772  
       

 

 

  
          490,565  
       

 

 

  

 

21

      Principal
Amount
(000)		        U.S. $ Value  

Financial Institutions – 0.2%

 

Finance – 0.2%

 

Navient Corp.
5.625%, 08/01/2033

    $ 420        $ 345,105  
       

 

 

  

Financial Services – 0.0%

 

Herc Holdings, Inc.
7.00%, 06/15/2030(a)

               38          39,811  
       

 

 

  

REITs – 0.0%

 

Rithm Capital Corp.
8.00%, 07/15/2030(a)

      59          59,103  
       

 

 

  
          444,019  
       

 

 

  

Total Corporates - Non-Investment Grade
(cost $13,673,712)

 

          13,767,147  
       

 

 

  

MORTGAGE PASS-THROUGHS – 4.5%

 

Agency Fixed Rate 30-Year – 4.5%

 

Federal Home Loan Mortgage Corp.
Series 2022
3.00%, 03/01/2052

      712          651,217  

Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 01/01/2035

      47          48,995  

Series 2007
5.50%, 07/01/2035

      7          6,962  

Series 2016
4.00%, 02/01/2046

      333          331,865  

Series 2017
4.00%, 07/01/2044

      201          200,585  

Series 2018
4.50%, 03/01/2048

      109          110,193  

4.50%, 11/01/2048

      231          231,519  

5.00%, 11/01/2048

      130          132,937  

Federal National Mortgage Association
Series 2003
5.50%, 04/01/2033

      13          13,303  

5.50%, 07/01/2033

      29          29,674  

Series 2004
5.50%, 04/01/2034

      4          3,784  

5.50%, 05/01/2034

      9          9,035  

5.50%, 11/01/2034

      13          13,851  

5.50%, 01/01/2035

      128          133,898  

Series 2005
5.50%, 02/01/2035

      18          18,953  

Series 2007
5.50%, 08/01/2037

      88          91,653  

Series 2012
3.50%, 02/01/2042

      95          92,096  

Series 2013
3.50%, 04/01/2043

      515          496,620  

Series 2018
4.50%, 09/01/2048

      146          146,917  

Series 2021
2.00%, 07/01/2051

      1,581          1,321,903  

2.00%, 12/01/2051

      698          582,618  

Series 2022
2.50%, 03/01/2052

      1,120          985,372  

 

22

      Principal
Amount
(000)		        U.S. $ Value  

Government National Mortgage Association
Series 2023
5.50%, 04/20/2053

    $         406        $      414,747  

Series 2026
2.00%, 03/01/2056, TBA

      395          334,577  

2.50%, 03/01/2056, TBA

      394          347,603  

3.00%, 03/01/2056, TBA

      195          178,801  

3.50%, 03/01/2056, TBA

      150          140,730  

4.50%, 03/01/2056, TBA

      344          339,836  

5.00%, 03/01/2056, TBA

      414          415,455  

6.00%, 03/01/2056, TBA

      88          89,785  

Uniform Mortgage-Backed Security
Series 2026
5.00%, 03/01/2056, TBA

      134          134,607  

5.50%, 03/01/2056, TBA

      525          533,449  

6.00%, 03/01/2056, TBA

      877          899,576  

6.50%, 03/01/2056, TBA

      192          199,388  
       

 

 

  

Total Mortgage Pass-Throughs
(cost $9,911,940)

 

        9,682,504  
       

 

 

  

COLLATERALIZED LOAN OBLIGATIONS – 1.7%

 

CLO - Floating Rate – 1.7%

 

Elmwood CLO 45 Ltd.
Series 2025-8A, Class A1
5.139% (CME Term SOFR 3 Month + 1.25%), 10/17/2038(a) (b)

      750          752,842  

Flatiron CLO 25 Ltd.
Series 2024-2A, Class A
5.018% (CME Term SOFR 3 Month + 1.35%), 10/17/2037(a) (b)

      460          461,186  

Neuberger Berman Loan Advisers CLO 59 Ltd.
Series 2024-59A, Class A1
4.961% (CME Term SOFR 3 Month + 1.29%), 01/23/2039(a) (b)

      500          501,739  

Pikes Peak CLO 18
Series 2025-18A, Class A1
4.888% (CME Term SOFR 3 Month + 1.22%), 04/20/2038(a) (b)

      500          500,742  

Pikes Peak CLO 8
Series 2021-8A, Class A1R
4.998% (CME Term SOFR 3 Month + 1.33%), 01/20/2038(a) (b)

      300          300,756  

Signal Peak CLO 14 Ltd.
Series 2024-14A, Class A
4.969% (CME Term SOFR 3 Month + 1.30%), 01/22/2038(a) (b)

      300          300,000  

Silver Point CLO 12 Ltd.
Series 2025-12A, Class A1
5.288% (CME Term SOFR 3 Month + 1.31%), 10/15/2038(a) (b)

      750          749,547  
       

 

 

  

Total Collateralized Loan Obligations
(cost $3,563,817)

 

        3,566,812  
       

 

 

  

 

23

      Principal
Amount
(000)		        U.S. $ Value  

ASSET-BACKED SECURITIES – 1.6%

 

Autos - Fixed Rate – 0.9%

 

Arivo Acceptance Auto Loan Receivables Trust
Series 2024-1A, Class A
6.46%, 04/17/2028(a)

    $ 21        $ 20,639  

Avis Budget Rental Car Funding AESOP LLC
Series 2023-3A, Class A
5.44%, 02/22/2028(a)

              475               479,834  

Carvana Auto Receivables Trust
Series 2021-N3, Class C
1.02%, 06/12/2028

      22          21,374  

Series 2021-N4, Class D
2.30%, 09/11/2028

      36          35,028  

Enterprise Fleet Financing LLC
Series 2023-2, Class A2
5.56%, 04/22/2030(a)

      100          100,372  

FHF Trust
Series 2023-1A, Class A2
6.57%, 06/15/2028(a)

      24          24,199  

Flagship Credit Auto Trust
Series 2020-1, Class E
3.52%, 06/15/2027(a)

      333          332,565  

Ford Credit Auto Owner Trust
Series 2021-1, Class D
2.31%, 10/17/2033(a)

      542          540,064  

Lendbuzz Securitization Trust
Series 2023-1A, Class A2
6.92%, 08/15/2028(a)

      128          129,128  

Series 2023-2A, Class A2
7.09%, 10/16/2028(a)

      56          56,961  

Research-Driven Pagaya Motor Trust
Series 2024-1A, Class A
7.09%, 06/25/2032(a)

      57          56,683  

Santander Drive Auto Receivables Trust
Series 2023-3, Class B
5.61%, 07/17/2028

      96          96,041  

Tesla Auto Lease Trust
Series 2024-A, Class A3
5.30%, 06/21/2027(a)

      50          49,947  

Tricolor Auto Securitization Trust
Series 2024-2A, Class A
6.36%, 12/15/2027(c) (d) (e) (f) (g)

      28          26,335  

US Bank NA
Series 2023-1, Class B
6.789%, 08/25/2032(a)

      70          71,007  
       

 

 

  
          2,040,177  
       

 

 

  

Other ABS - Fixed Rate – 0.7%

 

College Ave Student Loans LLC
Series 2021-C, Class C
3.06%, 07/26/2055(a)

      142          134,519  

 

24

      Principal
Amount
(000)		        U.S. $ Value  

Dext ABS LLC
Series 2023-1, Class A2
5.99%, 03/15/2032(a)

    $ 61        $ 61,048  

Diamond Issuer LLC
Series 2021-1A, Class B
2.701%, 11/20/2051(a)

              566               549,644  

GCI Funding I LLC
Series 2021-1, Class A
2.38%, 06/18/2046(a)

      178          167,840  

Granite Park Equipment Leasing LLC
Series 2023-1A, Class A3
6.46%, 09/20/2032(a)

      26          26,373  

MVW LLC
Series 2021-2A, Class C
2.23%, 05/20/2039(a)

      206          197,243  

Nelnet Student Loan Trust
Series 2021-BA, Class B
2.68%, 04/20/2062(a)

      220          199,455  

Pagaya AI Debt Trust
Series 2024-2, Class A
6.319%, 08/15/2031(a)

      40          40,189  

Series 2024-3, Class A
6.258%, 10/15/2031(a)

      71          70,630  
       

 

 

  
          1,446,941  
       

 

 

  

Total Asset-Backed Securities
(cost $3,545,609)

 

        3,487,118  
       

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.4%

 

Non-Agency Fixed Rate CMBS – 1.4%

 

BANK5
Series 2025-5YR14, Class A3
5.646%, 04/15/2058

      600          632,699  

BMO Mortgage Trust
Series 2025-5C10, Class A3
5.578%, 05/15/2058

      500          525,240  

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

      21          21,028  

Series 2021-1, Class A2
2.435%, 08/15/2026(e)

      719          712,306  

Series 2021-1, Class AS
2.638%, 08/15/2026(e)

      25          24,491  

Wells Fargo Commercial Mortgage Trust
Series 2024-5C2, Class A3
5.92%, 11/15/2057

      500          529,099  

Series 2025-5C5, Class A3
5.59%, 07/15/2058

      500          526,662  
       

 

 

  
          2,971,525  
       

 

 

  

 

25

      Principal
Amount
(000)		        U.S. $ Value  

Agency CMBS – 0.0%

 

Government National Mortgage Association
Series 2006-39, Class IO
0.162%, 07/16/2046(h)

    $ 103        $ 2  
       

 

 

  

Total Commercial Mortgage-Backed Securities
(cost $2,960,234)

 

        2,971,527  
       

 

 

  

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%

 

Risk Share Floating Rate – 0.2%

 

Bellemeade Re Ltd.
Series 2023-1, Class M1A
5.867% (CME Term SOFR + 2.20%), 10/25/2033(a) (b)

      43          43,230  

Connecticut Avenue Securities Trust
Series 2023-R02, Class 1M1
5.967% (CME Term SOFR + 2.30%), 01/25/2043(a) (b)

              129               131,830  

Series 2024-R02, Class 1M1
4.767% (CME Term SOFR + 1.10%), 02/25/2044(a) (b)

      52          51,768  

Series 2024-R04, Class 1M1
4.767% (CME Term SOFR + 1.10%), 05/25/2044(a) (b)

      57          57,370  

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2024-DNA1, Class M1
5.017% (CME Term SOFR + 1.35%), 02/25/2044(a) (b)

      131          130,757  

Series 2024-HQA1, Class M1
4.917% (CME Term SOFR + 1.25%), 03/25/2044(a) (b)

      109          109,089  
       

 

 

  
          524,044  
       

 

 

  

Non-Agency Floating Rate – 0.0%

 

Federal Home Loan Mortgage Corp. Mscr Trust Mn1
Series 2021-MN1, Class M1
5.667% (CME Term SOFR + 2.00%), 01/25/2051(a) (b)

      22          21,920  
       

 

 

  

Total Collateralized Mortgage Obligations
(cost $542,323)

 

        545,964  
       

 

 

  

EMERGING MARKETS - CORPORATE BONDS – 0.1%

 

Industrial – 0.1%

 

Energy – 0.1%

 

Raizen Fuels Finance SA
6.25%, 07/08/2032(a)
(cost $282,987)

      359          167,610  
       

 

 

  

 

26

Company    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 5.9%

        

Investment Companies – 5.9%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(i) (j) (k)
(cost $12,687,631)

        12,687,631        $ 12,687,631  

Total Investments – 101.4%
(cost $216,620,880)(l)

           218,562,357  

Other assets less liabilities – (1.4)%

           (3,007,146 ) 
       

 

 

  

Net Assets – 100.0%

         $  215,555,211  
       

 

 

  

FUTURES

 

Description    Number
of
Contracts		    Expiration
Month		    Current
Notional		    Value and
Unrealized
Appreciation
(Depreciation)
Purchased Contracts

 

U.S. 10 Yr Ultra Futures        56        June 2026      $ 6,537,125      $ 32,562
U.S. Long Bond (CBT) Futures        102        June 2026         12,083,814         110,766
U.S. T-Note 2 Yr (CBT) Futures        1        June 2026        209,273        47
U.S. T-Note 5 Yr (CBT) Futures        21        June 2026        2,312,953        12,633
Sold Contracts

 

U.S. T-Note 10 Yr (CBT) Futures        73        June 2026        8,308,313        (35,461 )
U.S. Ultra Bond (CBT) Futures        86        June 2026        10,457,063        (94,219 )
                   

 

 

  
                    $ 26,328
                   

 

 

  

 

(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 $34,692,448 or 16.1% of net assets.

(b)

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

(c)

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

(d)

Non-income producing security.

(e)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.36% 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

    06/04/2021-08/03/2023    $ 20,139      $ 21,028      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       721,228         712,306      0.33%

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

    02/05/2021-04/01/2021      25,065        24,491      0.01%

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

    05/14/2024      28,165        26,335      0.01%

 

27

(f)

Fair valued by the Adviser.

(g)

Defaulted.

(h)

IO - Interest Only.

(i)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(j)

The rate shown represents the 7-day yield as of period end.

(k)

Affiliated investments.

(l)

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 $3,217,162 and gross unrealized depreciation of investments was $(1,249,357), resulting in net unrealized appreciation of $1,967,805.

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

 

28

AB Active ETFs, Inc.

AB Core Plus 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.

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.

 

29

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    $ —     $ 93,175,852      $     —      $ 93,175,852  
Corporates - Investment Grade      —       78,510,192        —        78,510,192  
Corporates - Non-Investment Grade      —       13,767,147        —        13,767,147  
Mortgage Pass-Throughs      —       9,682,504        —        9,682,504  
Collateralized Loan Obligations      —       3,566,812        —        3,566,812  
Asset-Backed Securities      —       3,460,783        26,335        3,487,118  
Commercial Mortgage-Backed Securities      —       2,971,527        —        2,971,527  
Collateralized Mortgage Obligations      —       545,964        —        545,964  
Emerging Markets - Corporate Bonds      —       167,610        —        167,610  
Short-Term Investments      12,687,631       —        —        12,687,631  
  

 

 

    

 

 

     

 

 

     

 

 

  
Total Investments in Securities      12,687,631       205,848,391        26,335        218,562,357  
Other Financial Instruments(a):           
Assets:           
Futures      156,008       —        —        156,008  
Liabilities:           
Futures      (129,680 )      —        —        (129,680 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  
Total    $  12,713,959     $  205,848,391      $ 26,335      $  218,588,685  
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(a) 

Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2026 is as follows:

 

Fund    Market Value
11/30/2025
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
02/28/2026
(000)		      Dividend
Income
(000)		  
AB Government Money Market Portfolio    $  10,995      $  12,406      $  10,713      $  12,688      $  101  

 

30