AB Active ETFs NPORTP AB Tax-Aware Long Municipal ETF (Aug 2024 report)

AB Active ETFs, Inc.

AB Tax-Aware Long Municipal ETF

Portfolio of Investments

August 31, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 96.1%
Long-Term Municipal Bonds – 94.4%
Alabama – 0.7%
County of Jefferson AL Sewer Revenue Series 2024 5.50%, 10/01/2053	$	100	$	109,219
Mobile County Industrial Development Authority (ArcelorMittal SA) Series 2024 5.00%, 06/01/2054		100		103,933

				213,152


Arizona – 10.6%
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2020-A 4.00%, 07/15/2040^(a)		125		114,629
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2042		300		308,743
Maricopa County Industrial Development Authority (HonorHealth Obligated Group) Series 2019-A 4.125%, 09/01/2042		500		497,015
Salt River Project Agricultural Improvement & Power District Series 2023-A 5.00%, 01/01/2050		1,000		1,086,926
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2037		1,000		1,107,643

				3,114,956


California – 3.8%
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056^(a)		100		85,473
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 3.00%, 08/01/2056^(a)		100		70,853
Golden State Tobacco Securitization Corp. Series 2021-B
Zero Coupon, 06/01/2066		415		48,266
Series 2022 5.00%, 06/01/2051		360		373,654
San Francisco Intl Airport Series 2024 5.25%, 05/01/2044		500		545,936

				1,124,182


	Principal Amount (000)		U.S. $ Value

Colorado – 0.4%
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools, Inc.) Series 2024 5.80%, 04/01/2054^(a)	$	100	$	104,527


District of Columbia – 5.6%
District of Columbia (District of Columbia Union Market TIF Area) Series 2024-A 5.125%, 06/01/2034^(a)		100		101,925
Metropolitan Washington Airports Authority Aviation Revenue Series 2023-A 5.25%, 10/01/2040		1,000		1,103,909
Washington Metropolitan Area Transit Authority (Washington Metropolitan Area Transit Authority State Lease) Series 2020-A 5.00%, 07/15/2045		400		425,685

				1,631,519


Florida – 0.7%
Florida Development Finance Corp. (Brightline Trains Florida LLC) AGM Series 2024 5.25%, 07/01/2053		100		105,411
Florida Development Finance Corp. (SFP - Tampa I LLC) Series 2024 5.25%, 06/01/2059^(a)		100		102,134

				207,545


Georgia – 7.4%
Fayette County Development Authority (United States Soccer Federation, Inc.) Series 2024 5.00%, 10/01/2044		100		106,713
Main Street Natural Gas, Inc. (Macquarie Group Ltd.) Series 2019-A 5.00%, 05/15/2043		1,000		1,034,202
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2063		1,000		1,021,803

				2,162,718


Illinois – 5.0%
Chicago Board of Education Series 2023-A 5.00%, 12/01/2034		150		162,128
6.00%, 12/01/2049		140		155,053
Illinois Finance Authority (Southern Illinois Healthcare Obligated Group) Series 2017 5.00%, 03/01/2047		400		402,612


	Principal Amount (000)		U.S. $ Value

Metropolitan Pier & Exposition Authority Series 2017 0.00%, 12/15/2042^(b)	$	350	$	261,028
Series 2020 5.00%, 06/15/2050		210		217,509
State of Illinois Series 2023-B 5.50%, 05/01/2047		250		274,353

				1,472,683


Indiana – 2.4%
City of Valparaiso IN (Pratt Paper IN LLC) Series 2024 4.875%, 01/01/2044^(a)		100		103,782
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-A 5.00%, 11/01/2054^(a)		100		105,368
Indiana Finance Authority (University of Evansville) Series 2022 5.25%, 09/01/2057		100		100,157
Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) Series 2023 6.00%, 03/01/2053		150		165,754
Series 2023-F 7.75%, 03/01/2067		100		108,142
BAM Series 2023 5.25%, 03/01/2067		100		107,234

				690,437


Kentucky – 0.7%
Kentucky Public Energy Authority (BP PLC) Series 2024-B 5.00%, 01/01/2055		200		217,175


Maryland – 1.3%
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.25%, 06/30/2047		370		388,657


Nevada – 0.4%
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2024 8.125%, 01/01/2050		100		100,957


New Hampshire – 3.4%
New Hampshire Business Finance Authority (University of Nevada Reno) BAM Series 2023 4.50%, 06/01/2053		1,000		1,005,423


	Principal Amount (000)		U.S. $ Value

New Jersey – 2.1%
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2023-B 5.25%, 06/15/2050	$	575	$	629,175


New York – 10.3%
Metropolitan Transportation Authority Series 2017
Zero Coupon, 11/15/2033		575		410,159
New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2024 5.00%, 11/01/2037		100		115,772
New York State Urban Development Corp. (State of New York Sales Tax Revenue) Series 2023-A 5.00%, 03/15/2051		1,000		1,087,436
New York Transportation Development Corp. (JFK NTO LLC) Series 2023 5.375%, 06/30/2060		100		104,292
AGM Series 2024 5.00%, 06/30/2049		200		210,289
Port Authority of New York & New Jersey Series 2014 5.00%, 09/01/2025		1,000		1,001,422
Suffolk Regional Off-Track Betting Co. Series 2024 6.00%, 12/01/2053		100		105,035

				3,034,405


North Carolina – 3.9%
Greater Asheville Regional Airport Authority AGM Series 2023 5.00%, 07/01/2036		1,000		1,087,891
North Carolina Turnpike Authority AGM Series 2024 Zero Coupon, 01/01/2052		250		67,745

				1,155,636


Ohio – 4.2%
Buckeye Tobacco Settlement Financing Authority Series 2020-B 5.00%, 06/01/2055		100		91,895
Port of Greater Cincinnati Development Authority (Duke Energy Convention Center Project) Series 2024 5.00%, 12/01/2053		100		106,373
State of Ohio (University Hospitals Health System, Inc. Obligated Group) Series 2016 4.00%, 01/15/2046		1,100		1,049,064

				1,247,332


	Principal Amount (000)		U.S. $ Value

Oregon – 1.6%
Port of Portland OR Airport Revenue Series 2022-2 4.00%, 07/01/2047	$	500	$	478,322


Pennsylvania – 8.5%
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) Series 2022 5.50%, 06/30/2039		300		333,141
Pennsylvania State University (The) Series 2023 5.25%, 09/01/2053		1,000		1,108,500
Pittsburgh Water & Sewer Authority AGM Series 2019-A 5.00%, 09/01/2044		1,000		1,055,446

				2,497,087


Puerto Rico – 0.5%
Commonwealth of Puerto Rico Series 2022-C Zero Coupon, 11/01/2043		178		112,299
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2051		100		24,406

				136,705


South Carolina – 5.5%
South Carolina Jobs-Economic Development Authority (Bon Secours Mercy Health, Inc.) Series 2020 5.00%, 12/01/2046		1,000		1,051,343
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) Series 2024 5.50%, 11/01/2054		500		557,721

				1,609,064


Tennessee – 1.5%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.125%, 12/01/2042^(a)		280		274,612
Series 2016-B Zero Coupon, 12/01/2031^(a)		100		68,547
Shelby County Health & Educational Facilities Board (Madrone Memphis Student Housing I LLC) Series 2024 5.25%, 06/01/2056^(a)		100		103,069

				446,228


	Principal Amount (000)		U.S. $ Value

Texas – 9.6%
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group) Series 2024 5.25%, 01/01/2054^(a)	$	100	$	106,216
Sherman Independent School District/TX Series 2023-B 5.00%, 02/15/2053		1,000		1,077,830
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-B 5.50%, 01/01/2054		500		563,024
Texas Water Development Board (State Water Implementation Revenue Fund for Texas) Series 2023-A 5.00%, 10/15/2058		1,000		1,075,275

				2,822,345


Virginia – 3.8%
Fairfax County Industrial Development Authority (Inova Health System Obligated Group) Series 2022 4.00%, 05/15/2042		1,000		1,005,698
James City County Economic Development Authority (Williamsburg Landing, Inc. Obligated Group) Series 2024-A 6.875%, 12/01/2058		100		110,728

				1,116,426


Wisconsin – 0.5%
Wisconsin Health & Educational Facilities Authority (Forensic Science & Protective Medicine Collaboration, Inc.) Series 2024 5.00%, 08/01/2027^(a)		150		154,046


Total Long-Term Municipal Bonds (cost $27,285,263)				27,760,702


Short-Term Municipal Notes – 1.7%
Massachusetts – 1.7%
Massachusetts Development Finance Agency (Trustees of Boston University) Series 2018-U 3.80%, 10/01/2042^(c) (cost $500,000)		500		500,000


Total Municipal Obligations (cost $27,785,263)				28,260,702


Company	Principal Amount (000)		U.S. $ Value

SHORT-TERM INVESTMENTS – 2.1%
U.S. Treasury Bills – 1.9%
United States – 1.9%
U.S. Treasury Bill Zero Coupon, 10/24/2024 (cost $575,766)	$	580	$	575,789


	Shares

Investment Companies – 0.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.16%^{(d) (e) (f)} (cost $57,200)		57,200		57,200


Total Short-Term Investments (cost $632,966)				632,989


Total Investments – 98.2% (cost $28,418,229)^(g)				28,893,691
Other assets less liabilities – 1.8%				523,762


Net Assets – 100.0%			$	29,417,453

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at August 31, 2024	Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*		5.00	%	Quarterly	3.21%		USD	720	$	59,087	$	46,138	$	12,949

*	Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	500	09/15/2031	1 Day SOFR	3.517%	Annual	$	2,628		$	—	$	2,628
USD	480	06/15/2034	3.851%	1 Day SOFR	Annual		(14,525	)		149		(14,674	)
USD	400	06/15/2034	3.543%	1 Day SOFR	Annual		(2,539	)		50		(2,589	)
USD	600	08/15/2034	3.304%	1 Day SOFR	Annual		8,055			—		8,055
USD	240	08/15/2034	3.450%	1 Day SOFR	Annual		267			—		267
USD	200	07/15/2044	1 Day SOFR	3.897%	Annual		10,128			—		10,128
USD	1,700	01/13/2045	1 Day SOFR	4.057%	Annual		125,407			—		125,407
USD	200	12/09/2053	3.381%	1 Day SOFR	Annual		3,329			—		3,329

						$	132,750		$	199	$	132,551

(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 August 31, 2024, the aggregate market value of these securities amounted to $1,495,181 or 5.1% of net assets.

(b)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at August 31, 2024.

(c)

Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(d)

Affiliated investments.

(e)

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

(f)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at
(800) 227-4618.

(g)

As of August 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $659,395 and gross unrealized depreciation of investments was $(38,433), resulting in net unrealized appreciation of $620,962.

As of August 31, 2024, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 12.9% and 0.0%, respectively.

Glossary:

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

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

SOFR – Secured Overnight Financing Rate

AB Active ETFs, Inc.

AB Tax-Aware Long Municipal ETF

August 31, 2024 (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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of August 31, 2024:


Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Long-Term Municipal Bonds	$	—	$	27,760,702		$	—	$	27,760,702
Short-Term Municipal Notes		—		500,000			—		500,000
Short-Term Investments:
U.S. Treasury Bills		—		575,789			—		575,789
Investment Companies		57,200		—			—		57,200

Total Investments in Securities		57,200		28,836,491			—		28,893,691
Other Financial Instruments^(a):
Assets:
Centrally Cleared Credit Default Swaps		—		59,087			—		59,087
Centrally Cleared Interest Rate Swaps		—		149,814			—		149,814
Liabilities:
Centrally Cleared Interest Rate Swaps		—		(17,064	)		—		(17,064	)

Total	$	57,200	$	29,028,328		$	—	$	29,085,528

^(a)

Other financial instruments include reverse repurchase agreements and 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 nine months ended August 31, 2024 is as follows:


Fund	Market Value 11/30/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 08/31/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	6,619	$	6,562	$	57	$	7

AB Active ETFs NPORT-PAB Tax-Aware Long Municipal ETF (Aug 2024 report)