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AB Active ETFs, Inc.

AB Short Duration Income ETF

Portfolio of Investments

February 28, 2026 (unaudited)


	Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 41.6%
Industrial – 25.1%
Basic – 1.1%
BHP Billiton Finance USA Ltd. 4.75%, 02/28/2028	U.S.$	570	$	580,551
Georgia-Pacific LLC 0.95%, 05/15/2026^(a)		9		8,945
Glencore Funding LLC 5.186%, 04/01/2030^(a)		161		166,505
5.338%, 04/04/2027^(a)		435		441,207
Nutrien Ltd. 4.90%, 03/27/2028		661		672,825

				1,870,033


Capital Goods – 2.0%
BAE Systems PLC 5.00%, 03/26/2027^(a)		374		378,095
Boeing Co. (The) 3.25%, 02/01/2028		272		268,777
6.259%, 05/01/2027		104		106,549
Northrop Grumman Corp. 3.25%, 01/15/2028		184		182,178
Parker-Hannifin Corp. 3.25%, 06/14/2029		66		64,690
4.25%, 09/15/2027		496		499,100
4.50%, 09/15/2029		121		123,183
Republic Services, Inc. 4.875%, 04/01/2029		348		357,560
RTX Corp. 2.25%, 07/01/2030		322		300,059
3.50%, 03/15/2027		202		201,406
4.125%, 11/16/2028		40		40,239
5.75%, 11/08/2026		421		425,134
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/2026		444		442,051

				3,389,021


Communications – Telecommunications – 0.6%
Rogers Communications, Inc. 3.20%, 03/15/2027		629		624,308
T-Mobile USA, Inc. 3.75%, 04/15/2027		417		416,495

				1,040,803


Consumer Cyclical – Automotive – 2.7%
American Honda Finance Corp. 2.00%, 03/24/2028		457		440,018
5.65%, 11/15/2028		347		362,032
Series G 4.45%, 10/22/2027		290		292,738
Ford Motor Credit Co. LLC 3.815%, 11/02/2027		219		217,213
5.303%, 09/06/2029		200		202,874
5.80%, 03/08/2029		383		394,444
5.918%, 03/20/2028		346		354,996


	Principal Amount (000)		U.S. $ Value

General Motors Co. 4.20%, 10/01/2027	U.S.$	394	$	394,804
5.00%, 10/01/2028		300		305,967
General Motors Financial Co., Inc. 2.70%, 08/20/2027		295		289,625
5.35%, 07/15/2027		251		255,285
5.40%, 05/08/2027		299		303,691
Hyundai Capital America 4.25%, 01/08/2029^(a)		57		57,307
4.30%, 09/24/2027^(a)		35		35,153
4.50%, 09/18/2030^(a)		71		71,569
4.55%, 09/26/2029^(a)		38		38,530
5.15%, 03/27/2030^(a)		100		103,368
5.25%, 01/08/2027^(a)		25		25,270
5.30%, 03/19/2027^(a)		322		326,402

				4,471,286


Consumer Cyclical - Entertainment – 0.5%
Carnival Corp. 5.125%, 05/01/2029^(a)		81		82,079
5.75%, 03/15/2030^(a)		16		16,555
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027^(a)		436		439,318
5.50%, 08/31/2026^(a)		31		31,000
Viking Ocean Cruises Ship VII Ltd. 5.625%, 02/15/2029^(a)		14		14,000
VOC Escrow Ltd. 5.00%, 02/15/2028^(a)		263		262,543

				845,495


Consumer Cyclical - Other – 0.7%
CK Hutchison International 24 Ltd. 5.375%, 04/26/2029^(a)		447		464,326
Flutter Treasury DAC 5.875%, 06/04/2031^(a)		200		200,122
Las Vegas Sands Corp. 3.50%, 08/18/2026		424		422,278

				1,086,726


Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(a)		17		16,788
5.625%, 09/15/2029^(a)		100		101,771
6.125%, 06/15/2029^(a)		193		198,456
McDonald’s Corp. Series G 5.00%, 05/17/2029		255		263,665

				580,680


Consumer Cyclical - Retailers – 0.7%
AutoNation, Inc. 4.45%, 01/15/2029		148		149,054


	Principal Amount (000)		U.S. $ Value

Ralph Lauren Corp. 2.95%, 06/15/2030	U.S.$	423	$	405,302
Walmart, Inc. 3.90%, 04/15/2028		649		652,751

				1,207,107


Consumer Non-Cyclical – 5.9%
Altria Group, Inc. 3.40%, 05/06/2030		466		453,423
Amer Sports Co. 6.75%, 02/16/2031^(a)		61		63,644
BAT Capital Corp. 3.557%, 08/15/2027		124		123,363
4.70%, 04/02/2027		299		301,012
BAT International Finance PLC 1.668%, 03/25/2026		431		430,073
Becton Dickinson & Co. 3.70%, 06/06/2027		193		192,340
4.693%, 02/13/2028		498		504,444
CVS Health Corp. 2.875%, 06/01/2026		401		399,937
3.00%, 08/15/2026		107		106,479
3.625%, 04/01/2027		283		282,049
DH Europe Finance II SARL 2.60%, 11/15/2029		490		467,220
General Mills, Inc. 4.20%, 04/17/2028		582		584,159
HCA, Inc. 3.125%, 03/15/2027		362		358,930
5.20%, 06/01/2028		299		306,373
5.25%, 06/15/2026		263		263,260
Imperial Brands Finance PLC 3.50%, 07/26/2026^(a)		376		374,974
6.125%, 07/27/2027^(a)		201		206,574
Johnson & Johnson 0.95%, 09/01/2027		709		682,760
Kraft Heinz Foods Co. 3.00%, 06/01/2026		381		379,933
Medtronic Global Holdings SCA 4.25%, 03/30/2028		604		609,853
Molson Coors Beverage Co. 3.00%, 07/15/2026		393		391,487
Novartis Capital Corp. 3.10%, 05/17/2027		129		128,263
Philip Morris International, Inc. 3.375%, 08/15/2029		49		48,139
3.875%, 10/27/2028		96		96,140
4.375%, 11/01/2027		126		127,249
4.875%, 02/15/2028		43		43,823
4.875%, 02/13/2029		272		279,605
5.125%, 11/17/2027		144		146,938
5.125%, 02/15/2030		190		197,326
5.625%, 11/17/2029		41		43,316
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		486		483,886


	Principal Amount (000)		U.S. $ Value

Sysco Corp. 4.40%, 07/25/2031	U.S.$	143	$	143,516
Takeda Pharmaceutical Co., Ltd. 2.05%, 03/31/2030		503		464,204
5.00%, 11/26/2028		200		204,722

				9,889,414


Energy – 5.5%
Cenovus Energy, Inc. 4.65%, 03/20/2031		281		284,431
Cheniere Energy, Inc. 4.625%, 10/15/2028		651		650,740
ConocoPhillips Co. 4.70%, 01/15/2030		50		51,252
Continental Resources, Inc./OK 2.268%, 11/15/2026^(a)		29		28,598
4.375%, 01/15/2028		295		295,419
Energy Transfer LP 4.00%, 10/01/2027		500		500,650
5.50%, 06/01/2027		345		350,237
Eni SpA Series X-R 4.75%, 09/12/2028^(a)		522		532,158
EQT Corp. 3.90%, 10/01/2027		560		558,880
Hess Midstream Operations LP 5.875%, 03/01/2028^(a)		172		174,907
ONEOK, Inc. 3.10%, 03/15/2030		118		113,026
4.25%, 09/24/2027		239		240,107
4.55%, 07/15/2028		473		478,189
Permian Resources Operating LLC 5.875%, 07/01/2029^(a)		197		197,656
Pioneer Natural Resources Co. 1.90%, 08/15/2030		285		261,393
Santos Finance Ltd. Series E 4.125%, 09/14/2027^(a)		632		630,629
Schlumberger Holdings Corp. 3.90%, 05/17/2028^(a)		678		678,339
Targa Resources Corp. 5.20%, 07/01/2027		538		546,597
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.50%, 03/01/2030		657		668,425
Var Energi ASA 5.875%, 05/22/2030^(a)		200		210,008
7.50%, 01/15/2028^(a)		446		471,061
Williams Cos., Inc. (The) 3.75%, 06/15/2027		580		578,701
Woodside Finance Ltd. 3.70%, 03/15/2028^(a)		175		173,770
4.50%, 03/04/2029^(a)		290		292,129
5.40%, 05/19/2030		174		180,523

				9,147,825


	Principal Amount (000)		U.S. $ Value

Other Industrial – 0.5%
LKQ Corp. 5.75%, 06/15/2028	U.S.$	613	$	629,612
RB Global Holdings, Inc. 6.75%, 03/15/2028^(a)		187		190,202

				819,814


Services – 0.8%
Expedia Group, Inc. 3.80%, 02/15/2028		558		555,260
Mastercard, Inc. 2.95%, 06/01/2029		170		165,578
S&P Global, Inc. 2.45%, 03/01/2027		481		474,367
4.25%, 05/01/2029		205		206,776

				1,401,981


Technology – 2.9%
Analog Devices, Inc. 1.70%, 10/01/2028		250		237,350
3.50%, 12/05/2026		125		124,700
4.25%, 06/15/2028		363		366,978
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/2028		582		579,509
Broadcom, Inc. 4.75%, 04/15/2029		250		255,722
Dell International LLC/EMC Corp. 5.25%, 02/01/2028		146		149,319
Fiserv, Inc. 3.20%, 07/01/2026		416		414,586
5.15%, 03/15/2027		253		255,436
Foundry JV Holdco LLC 5.90%, 01/25/2030^(a)		220		232,133
Intel Corp. 4.875%, 02/10/2028		573		582,008
International Business Machines Corp. 3.30%, 05/15/2026		158		157,724
Oracle Corp. 1.65%, 03/25/2026		166		165,716
2.65%, 07/15/2026		68		67,596
2.80%, 04/01/2027		430		423,477
3.25%, 11/15/2027		187		183,688
4.50%, 05/06/2028		15		15,081
VMware LLC 1.40%, 08/15/2026		442		436,700
1.80%, 08/15/2028		195		185,408

				4,833,131


Transportation - Airlines – 0.5%
Delta Air Lines, Inc. 4.95%, 07/10/2028		135		137,226
5.25%, 07/10/2030		614		633,138

				770,364


	Principal Amount (000)		U.S. $ Value

Transportation - Services – 0.4%
XPO, Inc. 6.25%, 06/01/2028^(a)	U.S.$	600	$	611,094

				41,964,774


Financial Institutions – 14.5%
Banking – 12.3%
Banco Santander SA 1.722%, 09/14/2027		400		395,108
2.749%, 12/03/2030		200		183,950
4.25%, 04/11/2027		400		400,716
5.565%, 01/17/2030		200		209,476
Bank of Ireland Group PLC 5.601%, 03/20/2030^(a)		464		483,641
Banque Federative du Credit Mutuel SA 4.541%, 01/15/2031^(a)		614		617,303
Barclays PLC 2.279%, 11/24/2027		200		197,384
4.476%, 11/11/2029		200		201,518
4.837%, 09/10/2028		401		405,227
5.20%, 05/12/2026		111		111,119
5.501%, 08/09/2028		450		458,622
BNP Paribas SA 5.125%, 01/13/2029^(a)		573		584,403
CaixaBank SA 6.208%, 01/18/2029^(a)		343		355,962
Capital One Financial Corp. 1.878%, 11/02/2027		643		632,937
4.927%, 05/10/2028		280		282,769
Citigroup, Inc. 1.462%, 06/09/2027		424		421,045
4.643%, 05/07/2028		390		392,722
4.658%, 05/24/2028		118		118,850
Series VAR 3.07%, 02/24/2028		317		313,947
Credit Agricole SA 5.23%, 01/09/2029^(a)		275		280,725
Danske Bank A/S 4.298%, 04/01/2028^(a)		451		452,718
Deutsche Bank AG/New York NY 2.552%, 01/07/2028		565		557,791
5.706%, 02/08/2028		347		351,830
DNB Bank ASA 1.605%, 03/30/2028^(a)		647		631,155
Goldman Sachs Bank USA/New York NY 5.283%, 03/18/2027		241		241,169
Goldman Sachs Group, Inc. (The) 1.431%, 03/09/2027		267		266,834
HSBC Holdings PLC 4.583%, 06/19/2029		200		201,918
4.755%, 06/09/2028		613		618,247
5.21%, 08/11/2028		556		564,607
5.597%, 05/17/2028		506		515,078
ING Groep NV 4.017%, 03/28/2028		482		482,169


	Principal Amount (000)		U.S. $ Value

JPMorgan Chase & Co. 1.47%, 09/22/2027	U.S.$	72	$	70,958
3.509%, 01/23/2029		635		629,615
Lloyds Banking Group PLC 1.627%, 05/11/2027		395		393,100
3.574%, 11/07/2028		200		198,674
3.75%, 03/18/2028		394		393,165
5.985%, 08/07/2027		175		176,470
Mitsubishi UFJ Financial Group, Inc. 1.538%, 07/20/2027		440		435,899
2.341%, 01/19/2028		487		480,289
Morgan Stanley 3.95%, 04/23/2027		222		221,911
4.21%, 04/20/2028		366		366,684
4.994%, 04/12/2029		497		505,986
5.652%, 04/13/2028		601		611,722
Nationwide Building Society 2.972%, 02/16/2028^(a)		454		449,465
NatWest Group PLC 1.642%, 06/14/2027		416		413,188
3.073%, 05/22/2028		273		270,142
Santander UK Group Holdings PLC 2.469%, 01/11/2028		200		197,298
Societe Generale SA 4.45%, 04/12/2030^(a)		200		200,860
5.249%, 05/22/2029^(a)		200		204,354
5.519%, 01/19/2028^(a)		443		448,440
Standard Chartered PLC 5.545%, 01/21/2029 ^(a)		236		242,082
Synchrony Financial 3.95%, 12/01/2027		59		58,746
5.019%, 07/29/2029		348		352,183
7.25%, 02/02/2033		179		188,849
UBS Group AG 1.494%, 08/10/2027^(a)		226		223,464
4.703%, 08/05/2027^(a)		367		367,385
UniCredit SpA 1.982%, 06/03/2027^(a)		404		401,802

				20,433,671


Finance – 0.1%
Aviation Capital Group LLC 4.75%, 04/14/2027^(a)		155		155,970


Financial Services – 0.0%
Lincoln Financial Global Funding 4.20%, 01/12/2029^(a)		56		55,873


REITs – 2.1%
Digital Realty Trust LP 3.70%, 08/15/2027		610		607,749
Host Hotels & Resorts LP 4.25%, 12/15/2028		19		19,085
Newmark Group, Inc. 7.50%, 01/12/2029		260		276,635
Simon Property Group LP 1.75%, 02/01/2028		667		642,248


	Principal Amount (000)		U.S. $ Value

VICI Properties LP/VICI Note Co., Inc. 4.25%, 12/01/2026^(a)	U.S.$	5	$	4,994
4.625%, 12/01/2029^(a)		675		674,062
WEA Finance LLC 3.50%, 06/15/2029^(a)		649		632,716
Welltower OP LLC 3.10%, 01/15/2030		655		633,247

				3,490,736

				24,136,250


Utility – 2.0%
Electric – 2.0%
Constellation Energy Generation LLC 4.625%, 02/01/2029^(a)		184		183,969
EDP Finance BV 1.71%, 01/24/2028^(a)		510		488,361
Enel Finance International NV 2.125%, 07/12/2028^(a) (b)		474		453,694
4.125%, 09/30/2028^(a)		227		227,479
ITC Holdings Corp. 4.95%, 09/22/2027^(a)		483		488,830
Sempra 3.25%, 06/15/2027		223		221,013
Southern Co. (The) 5.113%, 08/01/2027^(b)		568		577,207
Vistra Operations Co. LLC 3.70%, 01/30/2027^(a)		483		480,778
4.30%, 07/15/2029^(a)		207		207,095

				3,328,426


Total Corporates - Investment Grade (cost $68,924,029)				69,429,450


GOVERNMENTS - TREASURIES – 25.8%
United States – 25.8%
U.S. Treasury Bonds 4.75%, 02/15/2045		145		148,648
4.875%, 08/15/2045		77		80,104
U.S. Treasury Notes 3.375%, 11/30/2027		437		436,744
3.50%, 09/30/2027		1,102		1,103,205
3.50%, 01/31/2028		1,580		1,583,086
3.625%, 08/31/2027		2,949		2,956,833
3.625%, 08/31/2030		2,760		2,774,447
3.625%, 12/31/2030		1,095		1,100,218
3.75%, 04/30/2027		698		700,018
3.75%, 10/31/2032		1,700		1,705,047
3.75%, 11/30/2032		1,538		1,542,085
3.875%, 05/31/2027		254		255,201
3.875%, 07/31/2027		272		273,594
3.875%, 03/15/2028		293		295,816
3.875%, 07/31/2030		3,498		3,552,929
3.875%, 09/30/2032		1,669		1,686,733
4.00%, 01/31/2029		1,445		1,469,159


	Principal Amount (000)		U.S. $ Value

4.00%, 07/31/2029	U.S.$	2,591	$	2,638,974
4.00%, 02/28/2030		2,375		2,422,129
4.125%, 01/31/2027		14		14,072
4.125%, 02/28/2027		176		177,017
4.125%, 03/31/2029		1,158		1,182,427
4.25%, 02/28/2029		1,190		1,218,727
4.25%, 06/30/2029		3,813		3,911,685
4.25%, 01/31/2030		2,220		2,283,825
4.375%, 08/31/2028		398		407,533
4.375%, 11/30/2028		970		994,780
4.375%, 12/31/2029		900		929,531
4.625%, 09/30/2028		3,044		3,136,509
4.625%, 04/30/2029		1,060		1,098,342
4.875%, 10/31/2028		950		985,551


Total Governments - Treasuries (cost $42,359,828)				43,064,969


ASSET-BACKED SECURITIES – 12.2%
Other ABS - Fixed Rate – 7.4%
Affirm Asset Securitization Trust Series 2025-X2, Class A 4.45%, 10/15/2030^(a)		267		267,415
APL Finance DAC Series 2025-1A, Class A 4.81%, 03/20/2036 ^(a)		285		285,986
Avant Loans Funding Trust Series 2024-REV1, Class A 5.92%, 10/15/2033^(a)		255		255,791
Series 2025-REV1, Class A 5.12%, 05/15/2034^(a)		250		251,117
Series 2026-REV1, Class A 4.52%, 05/15/2036^(a)		253		253,127
BHG Securitization Trust Series 2023-B, Class A 6.92%, 12/17/2036^(a)		92		96,173
Series 2025-2CON, Class A 4.84%, 09/17/2036^(a)		248		251,602
Castlelake Aircraft Structured Trust Series 2025-2A, Class A 5.465%, 08/15/2050^(a)		577		586,166
Series 2025-3A, Class A 5.087%, 11/15/2050^(a)		245		247,499
Cherry Securitization Trust Series 2024-1A, Class A 5.70%, 04/15/2032^(a)		600		604,102
Series 2025-1A, Class A 6.13%, 11/15/2032^(a)		400		406,908
Dailypay Securitization Trust Series 2025-1A, Class A 5.63%, 06/26/2028^(a)		600		604,134
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)		27		27,452


	Principal Amount (000)		U.S. $ Value

Equify ABS LLC Series 2024-1A, Class A 5.43%, 04/18/2033^(a)	U.S.$	60	$	60,650
Granite Park Equipment Leasing LLC Series 2023-1A, Class A3 6.46%, 09/20/2032^(a)		32		32,006
Lendmark Funding Trust Series 2024-1A, Class A 5.53%, 06/21/2032^(a)		300		303,320
Series 2025-1A, Class A 4.94%, 09/20/2034^(a)		300		304,410
Series 2025-3A, Class A 4.51%, 05/21/2035^(a)		100		100,733
Onemain Financial Issuance Trust Series 2025-1A, Class A 4.82%, 07/14/2038^(a)		420		427,941
Oportun Funding Trust Series 2024-3, Class A 5.26%, 08/15/2029^(a)		1		893
Oportun Issuance Trust Series 2025-B, Class A 4.88%, 05/09/2033^(a)		600		603,464
Series 2025-C, Class A 4.49%, 07/08/2033^(a)		600		601,566
OWN Equipment Fund II LLC Series 2025-1M, Class A 5.48%, 09/26/2033^(a)		544		551,889
Pagaya AI Debt Grantor Trust Series 2024-10, Class A 5.183%, 06/15/2032^(a)		42		42,458
Series 2026-1, Class A1 4.228%, 02/15/2027^(a)		233		233,012
Pagaya AI Debt Trust Series 2024-2, Class A 6.319%, 08/15/2031^(a)		37		37,301
Series 2024-3, Class A 6.258%, 10/15/2031^(a)		33		32,552
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1, Class A 5.715%, 01/20/2034^(a)		292		293,678
PK Alift Loan Funding 7 LP Series 2025-2, Class A 4.75%, 03/15/2043^(a)		341		343,523
Purchasing Power Funding LLC Series 2026-A, Class A 4.37%, 08/15/2030^(a)		224		224,290
Reach ABS Trust Series 2025-2A, Class A 4.93%, 08/18/2032 ^(a)		267		268,695
Reach Abs Trust Series 2026-1A, Class A 4.32%, 02/15/2033^(a)		348		348,341


	Principal Amount (000)		U.S. $ Value

Regional Management Issuance Trust Series 2024-2, Class A 5.11%, 12/15/2033^(a)	U.S.$	220	$	221,366
Series 2025-1, Class A 4.99%, 04/17/2034^(a)		585		589,002
Republic Finance Issuance Trust Series 2024-A, Class A 5.91%, 08/20/2032^(a)		250		252,427
Series 2024-B, Class A 5.42%, 11/20/2037^(a)		150		153,206
Short Term Consumer Receivables Issuer Trust Series 2025-1B, Class INV 0.00%, 11/20/2035^{(c) (d) (e)}		177		185,729
Series 2026-1A, Class INV 0.01%, 03/20/2036^{(a) (d) (e)}		92		96,645
Sotheby’s Artfi Master Trust Series 2026-1A, Class A1 4.80%, 06/20/2033^(a)		388		390,295
Sunbit Asset Securitization Trust Series 2025-1, Class A 5.36%, 07/15/2030^(a)		300		302,388
Upgrade Master Pass-Thru Trust Series 2025-ST6, Class A 4.611%, 10/15/2032^(a)		247		247,436
Series 2025-ST8, Class A 4.618%, 12/15/2033^(a)		241		240,789
Series 2026-ST1, Class A 4.244%, 03/15/2034^(a)		182		181,933
Upstart Securitization Trust Series 2023-3, Class A 6.90%, 10/20/2033^(a)		5		4,539
Series 2024-1, Class A 5.33%, 11/20/2034^(a)		42		42,591
Verdant Receivables 2023-1 LLC Series 2023-1A, Class A2 6.24%, 01/13/2031^(a)		186		189,323
VFI ABS LLC Series 2025-1A, Class A 4.78%, 06/24/2030^(a)		345		347,022

				12,392,885


Autos - Fixed Rate – 3.3%
ACM Auto Trust Series 2025-1A, Class A 5.38%, 06/20/2029^(a)		29		29,317
Series 2025-2A, Class A 5.55%, 06/20/2028^(a)		272		271,979
Series 2025-3A, Class A 5.01%, 01/22/2030^(a)		474		473,866
CPS Auto Receivables Trust Series 2026-A, Class A 4.19%, 12/17/2029^(a)		365		364,764


	Principal Amount (000)		U.S. $ Value

Credit Acceptance Auto Loan Trust Series 2025-1A, Class A 5.02%, 03/15/2035^(a)	U.S.$	250	$	253,306
FHF Trust Series 2023-1A, Class A2 6.57%, 06/15/2028^(a)		24		24,085
FinBe USA Trust Series 2025-1A, Class A 5.70%, 12/15/2028^(a)		316		315,842
Hertz Vehicle Financing III LLC Series 2024-1A, Class A 5.44%, 01/25/2029^(a)		154		157,132
Series 2025-1A, Class A 4.91%, 09/25/2029^(a)		250		254,532
Series 2025-3A, Class A 5.06%, 12/26/2029^(a)		600		613,367
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a)		37		37,230
Series 2023-2A, Class A2 7.09%, 10/16/2028^(a)		47		47,847
Series 2023-3A, Class A2 7.50%, 12/15/2028^(a)		48		48,619
Series 2026-1A, Class A1 4.176%, 01/15/2027^(a)		384		384,012
Series A2, Class 24-1A 6.19%, 08/15/2029^(a)		72		72,419
Lobel Automobile Receivables Trust Series 2025-1, Class A 5.06%, 11/15/2027^(a)		52		51,748
Merchants Fleet Funding LLC Series 2023-1A, Class A 7.21%, 05/20/2036^(a)		139		139,657
Series 2025-1A, Class A 4.49%, 01/20/2039^(a)		366		369,015
Research-Driven Pagaya Motor Asset Trust Series 2023-3A, Class A 7.13%, 01/26/2032^(a)		134		134,653
Series 2023-4A, Class A 7.54%, 03/25/2032^(a)		177		177,417
Series 2024-3A, Class A 5.281%, 03/25/2033^(a)		276		277,112
Series 2025-1A, Class A 5.044%, 06/27/2033^(a)		255		256,178
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032^(a)		35		35,291
SAFCO Auto Receivables Trust Series 2025-1A, Class A 5.46%, 09/10/2029^(a)		136		136,395
Tricolor Auto Securitization Trust Series 2024-1A, Class A 6.61%, 10/17/2027^{(c) (d) (e) (f) (g)}		25		23,265


	Principal Amount (000)		U.S. $ Value

Series 2024-3A, Class A 5.22%, 06/15/2028^{(c) (d) (e) (f) (g)}	U.S.$	142	$	123,833
Series 2025-1A, Class A 4.94%, 02/15/2029^{(c) (d) (e) (f) (g)}		105		60,650
Series 2025-2A, Class A 5.12%, 01/16/2029^{(c) (d) (e) (f) (g)}		547		331,457

				5,464,988


Credit Cards - Fixed Rate – 1.0%
Continental Finance Credit Card ABS Master Trust Series 2024-A, Class A 5.78%, 12/15/2032^(a)		250		252,240
Mission Lane Credit Card Master Trust Series 2025-A, Class A 5.80%, 05/15/2030^(a)		600		605,407
Series 2025-B, Class A 5.06%, 09/15/2031^(a)		371		373,579
Series 2025-C, Class A 4.78%, 12/16/2030^(a)		345		346,504

				1,577,730


Other ABS - Floating Rate – 0.5%
Capital Street Master Trust Series 2024-1, Class A 5.008% (CME Term SOFR + 1.35%), 10/16/2028^{(a) (h)}		62		62,138
Gracie Point International Funding LLC Series 2025-1A, Class A 5.181% (CME Term SOFR + 1.50%), 08/15/2028^{(a) (h)}		650		650,878
Pagaya AI Debt Grantor Trust Series 2024-S1, Class ABC 7.303%, 09/15/2031^{(a) (d) (e)}		98		98,414
Series 2025-1, Class A 5.156%, 07/15/2032^(a)		87		87,340

				898,770

Total Asset-Backed Securities (cost $20,472,589)				20,334,373


CORPORATES - NON-INVESTMENT GRADE – 8.6%
Industrial – 7.6%
Basic – 0.3%
Arsenal AIC Parent LLC 8.00%, 10/01/2030^(a)		38		40,145
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^{(a) (i)}		9		640
Celanese US Holdings LLC 7.00%, 02/15/2031		44		45,351
Graphic Packaging International LLC 3.50%, 03/15/2028^(a)		125		121,516


	Principal Amount (000)			U.S. $ Value

INEOS Finance PLC 6.375%, 04/15/2029^(a)		EUR	101	$	107,528
INEOS Quattro Finance 2 PLC 8.50%, 03/15/2029^(a)			222		231,873
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028^(a)		U.S.$	27		27,382

					574,435


Capital Goods – 0.8%
Axon Enterprise, Inc. 6.125%, 03/15/2030^(a)			85		87,867
6.25%, 03/15/2033^(a)			66		68,465
Ball Corp. 6.00%, 06/15/2029			300		309,246
Bombardier, Inc. 8.75%, 11/15/2030^(a)			190		203,486
Esab Corp. 6.25%, 04/15/2029^(a)			121		124,202
GFL Environmental, Inc. 4.375%, 08/15/2029^(a)			60		58,892
6.75%, 01/15/2031^(a)			178		186,638
LSB Industries, Inc. 6.25%, 10/15/2028^(a) (b)			147		147,666
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)			78		73,022
Quikrete Holdings, Inc. 6.375%, 03/01/2032^(a)			47		48,854
Trinity Industries, Inc. 7.75%, 07/15/2028^(a)			22		22,654
WESCO Distribution, Inc. 5.25%, 04/15/2031^(a)			59		59,188

					1,390,180


Communications - Media – 0.7%
Banijay Entertainment SAS 7.00%, 05/01/2029^(a)		EUR	170		207,419
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030^(a)		U.S.$	26		24,777
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			35		35,068
10.00%, 02/15/2031^(a)			124		126,828
Discovery Communications LLC 4.125%, 05/15/2029			303		299,970
Gray Media, Inc. 10.50%, 07/15/2029^(a)			78		83,657
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			26		25,988
Neptune Bidco US, Inc. 9.29%, 04/15/2029^(a)			91		91,276


	Principal Amount (000)			U.S. $ Value

Univision Communications, Inc. 8.00%, 08/15/2028^(a)	U.S.$		196	$	201,629
Versant Media Group, Inc. 7.25%, 01/30/2031^(a)			66		67,560

					1,164,172


Consumer Cyclical - Automotive – 0.2%
Goodyear Tire & Rubber Co. (The) 5.25%, 04/30/2031			138		132,314
6.625%, 07/15/2030			30		30,648
Nissan Motor Acceptance Co. LLC 6.125%, 09/30/2030^(a)			25		25,056
Tenneco, Inc. 8.00%, 11/17/2028^(a)			51		51,000
ZF North America Capital, Inc. 6.75%, 04/23/2030^(a)			160		161,688

					400,706


Consumer Cyclical - Entertainment – 0.0%
Lindblad Expeditions LLC 7.00%, 09/15/2030^(a)			15		15,719
NCL Corp., Ltd. 5.875%, 01/15/2031^(a)			42		42,336

					58,055


Consumer Cyclical - Other – 1.0%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 6.25%, 09/15/2027^(a)			86		86,028
Churchill Downs, Inc. 4.75%, 01/15/2028^(a)			97		96,686
Cirsa Finance International SARL 6.50%, 03/15/2029^(a)		EUR	100		122,201
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029^(a)		U.S.$	465		475,858
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(a)			109		102,474
5.00%, 06/01/2029^(a)			45		43,934
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			103		99,359
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. 6.625%, 02/01/2033^(a)			36		36,956
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028			11		10,955
Standard Industries, Inc./NY 4.75%, 01/15/2028^(a)			247		246,388
Thor Industries, Inc. 4.00%, 10/15/2029^(a)			182		174,931


	Principal Amount (000)		U.S. $ Value

Travel & Leisure Co. 6.625%, 07/31/2026^(a)	U.S.$	117	$	117,344

				1,613,114


Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 4.375%, 01/15/2028^(a)		35		34,828
Yum! Brands, Inc. 4.75%, 01/15/2030^(a)		410		410,438

				445,266


Consumer Cyclical - Retailers – 0.2%
Advance Auto Parts, Inc. 7.00%, 08/01/2030^(a)		237		242,987


Consumer Non-Cyclical – 1.1%
Acadia Healthcare Co., Inc. 7.375%, 03/15/2033^(a)		32		33,006
AdaptHealth LLC 5.125%, 03/01/2030^(a)		263		253,516
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029^(a)		40		38,591
6.50%, 02/15/2028^(a)		114		116,007
Amneal Pharmaceuticals LLC 6.875%, 08/01/2032^(a)		30		31,609
Bausch & Lomb Corp. 8.375%, 10/01/2028^(a)		57		59,229
DaVita, Inc. 4.625%, 06/01/2030^(a)		136		133,124
Elanco Animal Health, Inc. 6.65%, 08/28/2028^(b)		4		4,155
Embecta Corp. 5.00%, 02/15/2030^(a)		29		27,258
LifePoint Health, Inc. 9.875%, 08/15/2030^(a)		203		217,113
MPH Acquisition Holdings LLC 5.75%, 12/31/2030^(a)		5		3,704
6.75% (6.00% Cash and 0.75% PIK), 03/31/2031^{(a) (b) (i)}		44		27,552
11.50% (6.50% Cash and 5.00% PIK), 12/31/2030^{(a) (b) (i)}		8		7,899
Newell Brands, Inc. 6.375%, 09/15/2027		15		15,215
8.50%, 06/01/2028^(a)		52		54,730
Post Holdings, Inc. 6.25%, 02/15/2032^(a)		26		26,749
Tenet Healthcare Corp. 4.25%, 06/01/2029		202		198,687
4.375%, 01/15/2030		72		70,674


	Principal Amount (000)		U.S. $ Value

US Foods, Inc. 4.75%, 02/15/2029^(a)	U.S.$	522	$	519,280

				1,838,098


Energy – 1.6%
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/2029^(a)		73		75,997
Buckeye Partners LP 6.875%, 07/01/2029^(a)		149		154,582
CITGO Petroleum Corp. 8.375%, 01/15/2029^(a)		186		193,144
CNX Resources Corp. 7.375%, 01/15/2031^(a)		237		245,489
Delek Logistics Partners LP/Delek Logistics Finance Corp. 8.625%, 03/15/2029^(a)		112		117,012
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25%, 11/01/2028^(a)		73		73,634
NFE Financing LLC 12.00%, 11/15/2029^(c) (f) (g)		256		92,429
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, 02/15/2029^(a)		105		108,865
NuStar Logistics LP 5.625%, 04/28/2027		312		314,949
SM Energy Co. 8.375%, 07/01/2028^(a)		168		173,631
Summit Midstream Holdings LLC 8.625%, 10/31/2029^(a)		258		270,095
Sunoco LP 5.375%, 07/15/2031^(a)		140		140,227
7.00%, 05/01/2029^(a)		389		403,611
Venture Global LNG, Inc. 9.875%, 02/01/2032^(a)		282		298,836
Venture Global Plaquemines LNG LLC 6.125%, 12/15/2030^(a)		54		56,086

				2,718,587


Other Industrial – 0.3%
RB Global Holdings, Inc. 7.75%, 03/15/2031^(a)		189		196,466
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(a)		253		239,945

				436,411


Services – 0.6%
Allied Universal Holdco LLC 7.875%, 02/15/2031^(a)		407		429,971
ANGI Group LLC 3.875%, 08/15/2028^(a)		127		113,990


	Principal Amount (000)			U.S. $ Value

Garda World Security Corp. 6.00%, 06/01/2029^(a)		U.S.$	51	$	49,981
6.50%, 01/15/2031^(a)			24		24,607
7.75%, 02/15/2028^(a)			48		49,022
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)			235		231,322
Raven Acquisition Holdings LLC 6.875%, 11/15/2031^(a)			32		30,753
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 5.50%, 05/15/2033^(a)		EUR	112		130,445

					1,060,091


Technology – 0.3%
Diebold Nixdorf, Inc. 7.75%, 03/31/2030^(a)		U.S.$	17		17,933
Fortress Intermediate 3, Inc. 7.50%, 06/01/2031^(a)			271		264,995
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			42		42,401
Playtika Holding Corp. 4.25%, 03/15/2029^(a)			219		172,532
Virtusa Corp. 7.125%, 12/15/2028^(a)			10		8,751

					506,612


Transportation - Airlines – 0.0%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.75%, 04/20/2029^(a)			44		44,517


Transportation - Services – 0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)			165		161,320
Loxam SAS 4.50%, 02/15/2027^(a)		EUR	100		118,075

					279,395

					12,772,626


Financial Institutions – 0.7%
Banking – 0.1%
Bread Financial Holdings, Inc. 6.75%, 05/15/2031^(a)		U.S.$	209		213,293


Brokerage – 0.1%
Jane Street Group/JSG Finance, Inc. 6.75%, 05/01/2033^(a)			121		124,142


Finance – 0.4%
Enova International, Inc. 9.125%, 08/01/2029^(a)			155		163,179


	Principal Amount (000)		U.S. $ Value

GGAM Finance Ltd. 8.00%, 02/15/2027^(a)	U.S.$	12	$	12,148
8.00%, 06/15/2028^(a)		77		81,059
Navient Corp. 6.75%, 06/15/2026		259		259,578
SLM Corp. 3.125%, 11/02/2026		23		22,666
6.50%, 01/31/2030		57		57,887

				596,517


Insurance – 0.1%
Acrisure LLC/Acrisure Finance, Inc. 7.50%, 11/06/2030^(a)		92		93,639
AmWINS Group, Inc. 6.375%, 02/15/2029^(a)		4		4,070

				97,709


REITs – 0.0%
Iron Mountain, Inc. 5.00%, 07/15/2028^(a)		76		75,822

				1,107,483


Utility – 0.3%
Electric – 0.3%
NRG Energy, Inc. 3.375%, 02/15/2029^(a)		208		200,377
5.75%, 07/15/2029^(a)		272		272,642

				473,019


Total Corporates – Non-Investment Grade (cost $14,338,985)				14,353,128


COLLATERALIZED LOAN OBLIGATIONS – 5.0%
CLO - Floating Rate – 5.0%
AGL CLO 44 Ltd. Series 2025-44A, Class A 4.981% (CME Term SOFR 3 Month + 1.15%), 10/22/2037^{(a) (h)}		250		250,314
AGL CLO 45 Ltd. Series 2025-45A, Class A 5.082% (CME Term SOFR 3 Month + 1.20%), 01/22/2039^{(a) (h)}		250		250,002
Apidos CLO XXX Series XXXA, Class A1AR 4.748% (CME Term SOFR 3 Month + 1.08%), 10/18/2031^{(a) (h)}		17		17,351
Bain Capital Credit CLO Ltd. Series 2021-4A, Class A1RR 4.668% (CME Term SOFR 3 Month + 1.00%), 10/20/2034^{(a) (h)}		350		350,017
Series 2021-6A, Class A1R 4.76% (CME Term SOFR 3 Month + 1.09%), 10/21/2034^(a) (h)		300		300,311


	Principal Amount (000)		U.S. $ Value

Benefit Street Partners CLO 48 Ltd. Series 2026-48A, Class A 4.805% (CME Term SOFR 3 Month + 1.15%), 04/20/2038^{(a) (h)}	U.S.$	312	$	311,998
Dryden 113 CLO Ltd. Series 2022-113A, Class AR3 4.762% (CME Term SOFR 3 Month + 1.09%), 10/15/2037^{(a) (h)}		680		681,138
Goldentree Loan Management US CLO 8 Ltd. Series 2020-8A, Class ARR 4.818% (CME Term SOFR 3 Month + 1.15%), 10/20/2034^{(a) (h)}		450		450,391
Golub Capital Partners CLO 50B-R Ltd. Series 2020-50A, Class A1R2 4.778% (CME Term SOFR 3 Month + 1.11%), 04/20/2035^{(a) (h)}		310		310,635
Invesco CLO Ltd. Series 2021-2A, Class AR 4.772% (CME Term SOFR 3 Month + 1.10%), 07/15/2034^{(a) (h)}		650		650,261
Juniper Valley Park CLO Ltd. Series 2023-1A, Class ARR 4.748% (CME Term SOFR 3 Month + 1.08%), 07/20/2036^{(a) (h)}		690		690,461
KKR CLO 21 Ltd. Series 21, Class A 4.934% (CME Term SOFR 3 Month + 1.26%), 04/15/2031^{(a) (h)}		51		51,410
Magnetite Xli Ltd. Series 2024-41A, Class A 4.958% (CME Term SOFR 3 Month + 1.29%), 01/25/2038^{(a) (h)}		600		601,945
Neuberger Berman Loan Advisers CLO 47 Ltd. Series 2022-47A, Class AR 4.757% (CME Term SOFR 3 Month + 1.09%), 04/16/2035^{(a) (h)}		738		738,963
OCP CLO Ltd. Series 2023-26A, Class AR 4.748% (CME Term SOFR 3 Month + 1.08%), 04/17/2037^{(a) (h)}		700		700,193
Palmer Square CLO Ltd. Series 2026-1A, Class A 4.861% (CME Term SOFR 3 Month + 1.19%), 04/20/2039^{(a) (h)}		300		300,136
Rad CLO 14 Ltd. Series 2021-14A, Class A 5.104% (CME Term SOFR 3 Month + 1.43%), 01/15/2035^{(a) (h)}		550		550,335
Symphony CLO 50 Ltd. Series 2025-50A, Class A1 5.188% (CME Term SOFR 3 Month + 1.27%), 10/20/2038^{(a) (h)}		292		292,642


	Principal Amount (000)		U.S. $ Value

Trinitas CLO XXX Ltd. Series 2024-30A, Class A1 5.041% (CME Term SOFR 3 Month + 1.37%), 10/23/2037^{(a) (h)}	U.S.$	400	$	401,186
VERDE CLO Ltd. Series 2019-1A, Class ARR 4.782% (CME Term SOFR 3 Month + 1.11%), 04/15/2032^{(a) (h)}		91		91,203
Voya CLO Ltd. Series 2022-3A, Class A1R2 4.798% (CME Term SOFR 3 Month + 1.13%), 10/20/2036^{(a) (h)}		350		350,081


Total Collateralized Loan Obligations (cost $8,330,866)				8,340,973


MORTGAGE PASS-THROUGHS – 3.4%
Agency Fixed Rate 30-Year – 3.4%
Federal Home Loan Mortgage Corp. Series 2024 5.50%, 11/01/2054		836		849,781
Federal National Mortgage Association Series 2024 5.50%, 10/01/2054		761		774,898
6.00%, 06/01/2054		707		726,398
6.00%, 09/01/2054		704		723,032
Uniform Mortgage-Backed Security Series 2026 4.00%, 03/01/2056, TBA		488		474,519
4.50%, 03/01/2056, TBA		480		474,650
5.00%, 03/01/2056, TBA		385		386,273
5.50%, 03/01/2056, TBA		1,213		1,232,372


Total Mortgage Pass-Throughs (cost $5,535,656)				5,641,923


COLLATERALIZED MORTGAGE OBLIGATIONS – 2.6%
Non-Agency Floating Rate – 1.5%
BRAVO Residential Funding Trust Series 2026-NQM1, Class A1 4.83%, 12/25/2065^(a)		227		227,566
Series 2026-NQM2, Class A1 4.619%, 11/25/2065^(a)		267		266,745
Cross Mortgage Trust Series 2025-H10, Class A1 4.968%, 01/25/2071^(a)		219		219,332
Series 2026-NQM2, Class A1 4.833%, 03/25/2061^(a)		243		243,194
GCAT Trust Series 2026-NQM1, Class A1 4.789%, 12/25/2070^(a)		234		234,180
OBX Trust Series 2025-NQM23, Class A1 4.872%, 10/25/2065^(a)		360		361,684
Series 2026-NQM3, Class A1 4.652%, 01/25/2066^(a)		100		99,959


	Principal Amount (000)		U.S. $ Value

Santandero Mortgage Asset Receivable Trust Series 2026-NQM1, Class A1 4.947%, 11/25/2065^(a)	U.S.$	227	$	227,467
Series 2026-NQM2, Class A1 4.704%, 01/25/2066^(a)		166		166,131
Verus Securitization Trust Series 2025-12, Class A1 4.961%, 12/25/2070^(a)		366		368,183
Series 2026-2, Class A1 4.59%, 02/25/2071^(a)		172		171,840

				2,586,281


Non-Agency Fixed Rate – 1.0%
Angel Oak Mortgage Trust Series 2025-13, Class A1 4.929%, 10/25/2070^(a)		145		145,029
COOPR Residential Mortgage Trust Series 2026-CES1, Class A1A 4.874%, 01/01/2061^(a)		201		201,441
FIGRE Trust Series 2026-HE1, Class A 4.982%, 01/25/2056^(a)		155		155,406
JP Morgan Mortgage Trust Series 2025-CES7, Class A1A 5.055%, 04/25/2056^(a)		360		361,841
RCKT Mortgage Trust Series 2026-CES1, Class A1A 4.827%, 01/25/2056^(a)		151		151,894
Series 2026-CES2, Class A1A 4.762%, 02/01/2056^(a)		235		235,211
Santander Mortgage Asset Receivable Trust Series 2026-CES1, Class A1A 4.876%, 01/01/2056^(a)		150		150,646
Towd Point Mortgage Trust Series 2026-FIX1, Class A1 4.98%, 12/25/2065^(a)		227		228,526

				1,629,994


Risk Share Floating Rate – 0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2021-DNA6, Class M2 5.167% (CME Term SOFR + 1.50%), 10/25/2041^{(a) (h)}		115		115,189


Agency Fixed Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 4913, Class IO 6.00%, 04/15/2041^(j)		46		8,728
Federal National Mortgage Association REMICS Series 2016-26, Class IO 5.00%, 05/25/2046^(j)		90		11,734


	Principal Amount (000)		U.S. $ Value

Series 2016-31, Class IO 5.00%, 06/25/2046^(j)	U.S.$	123	$	15,301
Series 2016-64, Class BI 5.00%, 09/25/2046^(j)		14		1,765

				37,528


Agency Floating Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 4372, Class JS 2.327% (5.99% - CME Term SOFR), 08/15/2044 ^{(h) (k)}		63		7,196
Federal National Mortgage Association REMICS Series 2012-17, Class ES 2.768% (6.44% - CME Term SOFR), 03/25/2041^{(h) (k)}		11		132
Series 2012-17, Class SE 2.168% (5.84% - CME Term SOFR), 03/25/2042^(h) (k)		48		5,915
Series 2019-25, Class SA 2.268% (5.94% - CME Term SOFR), 06/25/2049^(h) (k)		30		3,433
Series 2019-42, Class SQ 2.268% (5.94% - CME Term SOFR), 08/25/2049^(h) (k)		27		3,083

				19,759


Total Collateralized Mortgage Obligations (cost $4,372,176)				4,388,751


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%
Non-Agency Fixed Rate CMBS – 0.6%
BANK Series 2020-BN28, Class XA 1.759%, 03/15/2063^(j)		1,994		127,554
Series 2020-BN29, Class XA 1.298%, 11/15/2053^(j)		946		46,649
Barclays Commercial Mortgage Trust Series 2019-C3, Class XA 1.308%, 05/15/2052^(j)		913		30,511
BBCMS Mortgage Trust Series 2017-C1, Class XA 1.44%, 02/15/2050^(j)		1,141		8,027
CD Mortgage Trust Series 2016-CD1, Class XA 1.299%, 08/10/2049^(j)		1,152		917
CFCRE Commercial Mortgage Trust Series 2016-C4, Class XA 1.209%, 05/10/2058^(j)		15		2
Series 2017-C8, Class XA 1.436%, 06/15/2050^(j)		251		2,566
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class A5 3.616%, 02/10/2049		43		42,493


	Principal Amount (000)		U.S. $ Value

Series 2017-P7, Class XA 1.094%, 04/14/2050^(j)	U.S.$	739	$	5,212
Commercial Mortgage Trust Series 2014-CR16, Class D 4.748%, 04/10/2047^(a)		100		93,830
Series 2016-DC2, Class XA 0.397%, 02/10/2049^(j)		178		2
GS Mortgage Securities Trust Series 2013-GC13, Class D 3.857%, 07/10/2046^(a)		100		76,906
Series 2016-GS3, Class XA 1.141%, 10/10/2049^(j)		1,128		1,260
Series 2017-GS5, Class XA 0.828%, 03/10/2050^(j)		1,380		7,898
Series 2017-GS7, Class XA 1.022%, 08/10/2050^(j)		3,070		30,946
Series 2019-GC39, Class XA 1.069%, 05/10/2052^(j)		3,476		101,625
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-LC9, Class G 3.608%, 12/15/2047^(a)		100		58,719
Series 2013-LC11, Class B 3.499%, 04/15/2046		10		9,709
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.09%, 08/15/2046^(a)		75		59,255
UBS Commercial Mortgage Trust Series 2017-C1, Class XA 1.457%, 06/15/2050^(j)		862		9,083
Series 2017-C2, Class XA 1.028%, 08/15/2050^(j)		1,702		18,425
Series 2018-C14, Class XA 0.887%, 12/15/2051^(j)		679		13,330
Series 2018-C15, Class XA 0.873%, 12/15/2051^(j)		551		10,926
Series 2019-C18, Class XA 0.976%, 12/15/2052^(j)		1,177		31,451
UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class D 3.906%, 04/10/2046^(a)		69		63,455
Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class XA 1.574%, 10/15/2049^(j)		656		2,211
Series 2018-C48, Class XA 0.928%, 01/15/2052^(j)		709		14,632
Series 2019-C52, Class XA 1.564%, 08/15/2052^(j)		808		33,828
WFRBS Commercial Mortgage Trust Series 2011-C4, Class D 4.997%, 06/15/2044^(a)		36		35,640


	Principal Amount (000)		U.S. $ Value

Series 2011-C4, Class E 4.997%, 06/15/2044^(a)	U.S.$	25	$	23,898

				960,960


Non-Agency Floating Rate CMBS – 0.0%
Starwood Retail Property Trust Series 2014-STAR, Class A 6.75% (PRIME 1 Month + 0.00%), 11/15/2027^{(a) (h)}		76		45,898


Total Commercial Mortgage-Backed Securities (cost $1,113,155)				1,006,858


BANK LOANS – 0.2%
Industrial – 0.1%
Capital Goods – 0.0%
Chariot Buyer LLC 6.423% (CME Term SOFR 1 Month + 2.75%), 09/08/2032^(l)		10		9,562


Communications - Media – 0.1%
DIRECTV Financing LLC 9.179% (CME Term SOFR 3 Month + 5.25%), 08/02/2029^(l)		20		19,613
9.580% (CME Term SOFR 3 Month + 5.50%), 02/17/2031^(l)		79		79,065
Radiate Holdco LLC 1.500% (PIK Interest 12 + 1.50%), 09/25/2029^(l)		42		36,061
7.288% (CME Term SOFR 1 Month + 3.50%), 09/25/2029^(l)		42		36,061

				170,800


Technology – 0.0%
Loyalty Ventures, Inc. 14.00% (PRIME 3 Month + 5.50%), 11/03/2027^{(d) (e) (f) (g) (l)}		72		543

				180,905


Financial Institutions – 0.1%
Financial Services – 0.1%
Colossus Acquireco LLC 5.41% (SOFR 4 + 1.75%), 07/30/2032^(l)		100		99,412


Total Bank Loans (cost $361,284)				280,317


	Shares

COMMON STOCKS – 0.0%
Energy – 0.0%
Oil, Gas & Consumable Fuels – 0.0%

New Fortress Energy, Inc.^{(d) (f)} (cost $19,137)		2,218		2,417


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%^{(m) (n) (o)} (cost $1,290,150)		1,290,150	$	1,290,150


Total Investments – 100.8% (cost $167,117,855)^(p)				168,133,309
Other assets less liabilities – (0.8)%				(1,286,768	)

Net Assets – 100.0%			$	166,846,541

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		91		June 2026		$	10,022,797		$	51,086
U.S. T-Note 10 Yr (CBT) Futures		34		June 2026			3,869,625			18,625
Sold Contracts
U.S. 10 Yr Ultra Futures		28		June 2026			3,268,562			(18,375	)
U.S. Long Bond (CBT) Futures		5		June 2026			592,344			(4,336	)

									$	47,000

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty

Contracts to

Deliver

(000)

In Exchange

For

(000)

Settlement

Date

Unrealized

Appreciation

(Depreciation)

State Street Bank & Trust Co.

EUR

759

USD

911

04/16/2026

$ 13,091

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at February 28, 2026	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
iTraxx Australia Series 44, 5 Year Index, 12/20/2030*		(1.00	)%	Quarterly	0.68%		USD	2,720	$	(43,245	)	$	(40,119	)	$	(3,126	)
Sale Contracts
CDX-NAHY Series 45, 5 Year Index, 12/20/2030*		5.00		Quarterly	3.32		USD	3,237		250,642			229,685			20,957
CDX-NAIG Series 45, 5 Year Index, 12/20/2030*		1.00		Quarterly	0.56		USD	2,710		57,934			57,561			373

									$	265,331		$	247,127		$	18,204

*	Termination date

(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 $63,772,644 or 38.2% of net assets.

(b)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 28, 2026.

(c)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.49% 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

Net Assets

NFE Financing LLC
12.00%, 11/15/2029

11/22/2024-
12/05/2024

244,389

92,429

0.06%

Short Term Consumer Receivables Issuer Trust Series 2025-1B, Class INV
0.00%, 11/20/2035

12/02/2025

184,063

185,729

0.11%

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

03/11/2025

105,005

60,650

0.04%

Tricolor Auto Securitization Trust
Series 2025-2A, Class A
5.12%, 01/16/2029

06/10/2025

546,525

331,457

0.20%

Tricolor Auto Securitization Trust
Series 2024-3A, Class A
5.22%, 06/15/2028

09/18/2025

132,645

123,833

0.07%

Tricolor Auto Securitization Trust
Series 2024-1A, Class A
6.61%, 10/17/2027

01/25/2024

24,707

23,265

0.01%

(d)

Fair valued by the Adviser.

(e)

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

(f)

Non-income producing security.

(g)

Defaulted.

(h)

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

(i)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at February 28, 2026.

(j)

IO - Interest Only.

(k)

Inverse interest only security.

(l)

The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at February 28, 2026.

(m)

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.

(n)

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

(o)

Affiliated investments.

(p)

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 $1,856,444 and gross unrealized depreciation of investments was $(762,695), resulting in net unrealized appreciation of $1,093,749.

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDX-NAHY – North American High Yield Credit Default Swap Index

CDX-NAIG – North American Investment Grade Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

PRIME – US Bank Prime Loan Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

AB Active ETFs, Inc.

AB Short Duration Income ETF

February 28, 2026 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1 - quoted prices in active markets for identical investments

•

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

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:
Corporates - Investment Grade	$	—		$	69,429,450		$	—	$	69,429,450
Governments - Treasuries		—			43,064,969			—		43,064,969
Asset-Backed Securities		—			19,414,380			919,993		20,334,373
Corporates - Non-Investment Grade		—			14,353,128			—		14,353,128
Collateralized Loan Obligations		—			8,340,973			—		8,340,973
Mortgage Pass-Throughs		—			5,641,923			—		5,641,923
Collateralized Mortgage Obligations		—			4,388,751			—		4,388,751
Commercial Mortgage-Backed Securities		—			1,006,858			—		1,006,858
Bank Loans		—			279,774			543		280,317
Common Stocks		2,417			—			—		2,417
Short-Term Investments		1,290,150			—			—		1,290,150

Total Investments in Securities		1,292,567			165,920,206			920,536		168,133,309
Other Financial Instruments^(a):
Assets:
Futures		69,711			—			—		69,711
Forward Currency Exchange Contracts		—			13,091			—		13,091
Centrally Cleared Credit Default Swaps		—			308,576			—		308,576
Liabilities:
Futures		(22,711	)		—			—		(22,711	)
Centrally Cleared Credit Default Swaps		—			(43,245	)		—		(43,245	)

Total	$	1,339,567		$	166,198,628		$	920,536	$	168,458,731


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	$	806	$	9,862	$	9,378	$	1,290	$	10