AB Active ETFs, Inc.
AB Tax-Aware Short Duration Municipal ETF
Portfolio of Investments
August 31, 2024 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||
MUNICIPAL OBLIGATIONS – 95.3% | ||||||||
Long-Term Municipal Bonds – 93.4% | ||||||||
Alabama – 4.4% | ||||||||
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) | $ | 1,200 | $ | 1,208,259 | ||||
Series 2023-D | 1,000 | 1,028,890 | ||||||
Black Belt Energy Gas District (Morgan Stanley) | 2,000 | 2,009,455 | ||||||
Black Belt Energy Gas District (Royal Bank of Canada) | 650 | 654,763 | ||||||
City of Huntsville AL | 470 | 486,709 | ||||||
County of Jefferson AL Sewer Revenue | 1,000 | 1,126,275 | ||||||
Southeast Alabama Gas Supply District (The) (Morgan Stanley) | 1,000 | 1,072,459 | ||||||
Southeast Alabama Gas Supply District (The) (Pacific Mutual Holding Co.) | 6,000 | 6,468,459 | ||||||
Southeast Energy Authority A Cooperative District (Goldman Sachs Group, Inc. (The)) | 1,000 | 1,045,591 | ||||||
Southeast Energy Authority A Cooperative District (Morgan Stanley) | 2,000 | 2,165,867 | ||||||
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) | 3,110 | 3,310,612 | ||||||
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) | 1,500 | 1,556,382 | ||||||
5.25%, 01/01/2054 | 2,500 | 2,662,893 | ||||||
|
| |||||||
| 24,796,614 | ||||||||
|
| |||||||
Arizona – 3.0% | ||||||||
Chandler Industrial Development Authority (Intel Corp.) | 3,000 | 3,087,430 | ||||||
5.00%, 09/01/2052 | 1,000 | 1,029,252 | ||||||
Series 2024 | 3,000 | 3,037,319 | ||||||
1
Principal Amount (000) | U.S. $ Value | |||||||
County of Maricopa AZ (Pre-refunded - US Treasuries) | $ | 2,000 | $ | 2,002,586 | ||||
Industrial Development Authority of the City of Phoenix Arizona (The) (AZ GFF Tiyan LLC Lease) | 1,000 | 988,967 | ||||||
Maricopa County Industrial Development Authority (HonorHealth Obligated Group) | 2,000 | 2,052,858 | ||||||
Maricopa County Special Health Care District | 1,325 | 1,348,977 | ||||||
Scottsdale Municipal Property Corp. (Pre-refunded - US Treasuries) | 3,000 | 3,030,944 | ||||||
|
| |||||||
| 16,578,333 | ||||||||
|
| |||||||
Arkansas – 0.0% | ||||||||
Arkansas Development Finance Authority (Hybar LLC) | 115 | 126,680 | ||||||
|
| |||||||
California – 9.0% | ||||||||
Bay Area Toll Authority | 3,000 | 2,950,652 | ||||||
California Community Choice Financing Authority (American International Group, Inc.) | 5,000 | 5,356,847 | ||||||
California Community Choice Financing Authority (Deutsche Bank AG) | 1,000 | 1,072,750 | ||||||
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) | 1,000 | 1,012,236 | ||||||
California Community Choice Financing Authority (Morgan Stanley) | 3,500 | 3,789,282 | ||||||
California Municipal Finance Authority (Azusa Pacific University) | 1,000 | 1,000,478 | ||||||
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) | 1,000 | 1,047,962 | ||||||
5.00%, 12/31/2033 | 1,500 | 1,557,826 | ||||||
2
Principal Amount (000) | U.S. $ Value | |||||||
California State Public Works Board (California State Public Works Board Lease) | $ | 1,425 | $ | 1,496,751 | ||||
California Statewide Communities Development Authority (CHF-Irvine LLC) | 1,500 | 1,518,198 | ||||||
California Statewide Communities Development Authority (Southern California Edison Co.) | 1,000 | 1,075,225 | ||||||
City of Los Angeles Department of Airports | 3,385 | 3,523,790 | ||||||
Series 2022 | 475 | 480,829 | ||||||
Series 2023 | 1,610 | 1,713,681 | ||||||
County of Los Angeles CA | 2,000 | 2,039,090 | ||||||
Newport Mesa Unified School District NATL | 2,000 | 1,635,773 | ||||||
Oakland Unified School District/Alameda County | 1,000 | 1,022,050 | ||||||
Port of Oakland | 1,575 | 1,707,890 | ||||||
San Diego County Regional Airport Authority | 1,610 | 1,739,076 | ||||||
San Francisco Intl Airport | 1,530 | 1,601,496 | ||||||
Series 2019-H | 1,500 | 1,570,094 | ||||||
Series 2024 | 2,500 | 2,694,072 | ||||||
Southern California Public Power Authority (American International Group, Inc.) | 1,000 | 1,076,436 | ||||||
State of California | 2,000 | 2,041,695 | ||||||
Series 2018 | 1,990 | 1,993,322 | ||||||
Series 2023 | 640 | 641,068 | ||||||
Stockton Public Financing Authority BAM | 1,475 | 1,475,075 | ||||||
3
Principal Amount (000) | U.S. $ Value | |||||||
Sweetwater Union High School District (Pre-refunded - US Treasuries) | $ | 1,075 | $ | 1,080,251 | ||||
Washington Township Health Care District | 650 | 689,894 | ||||||
|
| |||||||
| 50,603,789 | ||||||||
|
| |||||||
Colorado – 2.6% | ||||||||
Adams & Weld Counties School District No. 27J Brighton/CO | 1,500 | 1,470,245 | ||||||
City & County of Broomfield CO Sales & Use Tax Revenue | 2,000 | 2,132,697 | ||||||
City & County of Denver CO Airport System Revenue | 700 | 713,702 | ||||||
City & County of Denver CO Airport System Revenue (Denver Intl Airport) | 1,000 | 1,023,339 | ||||||
5.00%, 12/01/2029 | 3,000 | 3,180,430 | ||||||
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools, Inc.) | 1,000 | 1,047,314 | ||||||
Colorado State Education Loan Program | 2,000 | 2,036,704 | ||||||
Denver City & County School District No. 1 | 1,225 | 1,230,996 | ||||||
E-470 Public Highway Authority | 2,000 | 2,002,736 | ||||||
|
| |||||||
| 14,838,163 | ||||||||
|
| |||||||
Connecticut – 1.2% | ||||||||
City of New Haven CT AGM | 1,875 | 1,953,013 | ||||||
State of Connecticut | 2,500 | 2,508,955 | ||||||
Series 2018-F | 2,000 | 2,049,814 | ||||||
|
| |||||||
| 6,511,782 | ||||||||
|
| |||||||
District of Columbia – 2.0% | ||||||||
District of Columbia | 2,500 | 2,594,468 | ||||||
4
Principal Amount (000) | U.S. $ Value | |||||||
District of Columbia (Plenary Infrastructure DC LLC State Lease) | $ | 1,485 | $ | 1,524,291 | ||||
Metropolitan Washington Airports Authority Aviation Revenue | 465 | 481,945 | ||||||
Series 2018-A | 1,075 | 1,129,383 | ||||||
Series 2019-A | 1,000 | 1,051,346 | ||||||
Series 2020-A | 2,000 | 2,163,838 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue (Pre-refunded - US Treasuries) | 2,345 | 2,348,795 | ||||||
|
| |||||||
| 11,294,066 | ||||||||
|
| |||||||
Florida – 4.7% | ||||||||
City of Jacksonville FL (Genesis Health, Inc. Obligated Group) | 600 | 619,209 | ||||||
City of Port St. Lucie FL Utility System Revenue | 3,560 | 3,592,611 | ||||||
Collier County Industrial Development Authority (NCH Healthcare System, Inc. Obligated Group) | 2,000 | 2,197,602 | ||||||
County of Brevard FL (County of Brevard FL Fuel Tax) | 1,445 | 1,502,075 | ||||||
County of Broward FL Airport System Revenue (Fort Lauderdale Hollywood Intl Airport) | 930 | 948,761 | ||||||
County of Broward FL Professional Sports Facilities Tax Revenue | 1,265 | 1,267,088 | ||||||
County of Charlotte FL | 1,080 | 1,104,042 | ||||||
Florida Insurance Assistance Interlocal Agency, Inc. (Florida Insurance Guaranty Association, Inc.) | 1,000 | 1,039,379 | ||||||
Greater Orlando Aviation Authority | 1,000 | 1,018,786 | ||||||
Series 2022-A | 1,020 | 1,101,885 | ||||||
Series 2022-C | 1,350 | 1,375,361 | ||||||
5
Principal Amount (000) | U.S. $ Value | |||||||
Hernando County School District (Hernando County School District COP) | $ | 1,350 | $ | 1,374,927 | ||||
Hillsborough County Aviation Authority (Pre-refunded - US Treasuries) | 1,000 | 1,000,976 | ||||||
Lee County Industrial Development Authority/FL (Shell Point Obligated Group) | 1,000 | 1,004,181 | ||||||
Miami-Dade County Expressway Authority | 1,625 | 1,680,184 | ||||||
5.00%, 07/01/2033 | 1,000 | 1,029,461 | ||||||
School Board of Miami-Dade County (The) | 2,000 | 2,009,095 | ||||||
West Palm Beach Community Redevelopment Agency (West Palm Beach Community Redevelopment Agency City Center Community Redev Area) | 2,590 | 2,646,863 | ||||||
|
| |||||||
| 26,512,486 | ||||||||
|
| |||||||
Georgia – 5.4% | ||||||||
Augusta Development Authority (WellStar Health System Obligated Group) | 200 | 202,707 | ||||||
City of Atlanta GA Airport Passenger Facility Charge | 2,000 | 2,172,742 | ||||||
City of Atlanta GA Department of Aviation | 1,000 | 1,049,678 | ||||||
City of Atlanta GA Water & Wastewater Revenue | 1,000 | 1,015,355 | ||||||
Development Authority of Burke County (The) (Georgia Power Co.) | 2,250 | 2,281,778 | ||||||
Series 2024 | 1,500 | 1,508,228 | ||||||
Fayette County Development Authority (United States Soccer Federation, Inc.) | 1,000 | 1,114,527 | ||||||
Main Street Natural Gas, Inc. (Citadel LP) | 3,500 | 3,450,254 | ||||||
6
Principal Amount (000) | U.S. $ Value | |||||||
Main Street Natural Gas, Inc. (Citigroup, Inc.) | $ | 1,000 | $ | 1,006,766 | ||||
5.00%, 09/01/2024 | 1,500 | 1,500,000 | ||||||
Series 2022-B | 4,000 | 4,212,041 | ||||||
Series 2024-C | 3,500 | 3,744,171 | ||||||
Main Street Natural Gas, Inc. (Royal Bank of Canada) | 1,000 | 1,032,524 | ||||||
Main Street Natural Gas, Inc. (Toronto-Dominion Bank (The)) | 1,300 | 1,301,003 | ||||||
Municipal Electric Authority of Georgia | 1,820 | 1,882,448 | ||||||
Series 2019-A | 1,200 | 1,282,083 | ||||||
Series 2020 | 500 | 541,486 | ||||||
Richmond County Board of Education | 1,000 | 1,001,256 | ||||||
|
| |||||||
| 30,299,047 | ||||||||
|
| |||||||
Guam – 1.4% | ||||||||
Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) | 1,000 | 1,053,006 | ||||||
Guam Power Authority (Pre-refunded - US Treasuries) | 1,000 | 1,002,599 | ||||||
Territory of Guam | 910 | 935,220 | ||||||
Territory of Guam (Guam Section 30 Income Tax) | 2,000 | 2,072,555 | ||||||
5.00%, 12/01/2031 | 3,000 | 3,080,982 | ||||||
|
| |||||||
| 8,144,362 | ||||||||
|
| |||||||
Hawaii – 0.8% | ||||||||
City & County of Honolulu HI | 1,000 | 1,024,229 | ||||||
Series 2019-D | 1,050 | 1,098,147 | ||||||
State of Hawaii Harbor System Revenue | 2,250 | 2,281,878 | ||||||
|
| |||||||
| 4,404,254 | ||||||||
|
| |||||||
7
Principal Amount (000) | U.S. $ Value | |||||||
Idaho – 0.2% | ||||||||
Idaho Health Facilities Authority (St Luke’s Health System Ltd Obligated Group/ID) | $ | 1,000 | $ | 1,046,815 | ||||
|
| |||||||
Illinois – 6.4% | ||||||||
Chicago Board of Education | 1,000 | 1,029,809 | ||||||
Series 2019-A | 1,575 | 1,654,916 | ||||||
AGM Series 2018-C | 1,000 | 1,055,565 | ||||||
Chicago O’Hare International Airport | 1,000 | 1,004,880 | ||||||
Chicago Transit Authority | 1,695 | 1,748,220 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue (City of Chicago IL Fed Hwy Grant) | 1,000 | 1,012,433 | ||||||
Series 2021 | 1,750 | 1,838,745 | ||||||
City of Chicago IL | 2,125 | 2,168,200 | ||||||
City of Chicago IL Waterworks Revenue | 865 | 926,555 | ||||||
Illinois State Toll Highway Authority | 1,000 | 1,032,361 | ||||||
Metropolitan Pier & Exposition Authority | 1,000 | 1,059,574 | ||||||
Metropolitan Water Reclamation District of Greater Chicago | 2,595 | 2,710,742 | ||||||
Northern Illinois University | 725 | 781,071 | ||||||
Sangamon County School District No. 186 Springfield | 690 | 753,147 | ||||||
State of Illinois Series 2016 | 1,000 | 1,002,652 | ||||||
Series 2017-D | 2,000 | 2,085,625 | ||||||
Series 2019-A | 685 | 751,603 | ||||||
8
Principal Amount (000) | U.S. $ Value | |||||||
Series 2020 | $ | 2,000 | $ | 2,182,888 | ||||
Series 2021-B | 1,375 | 1,387,849 | ||||||
Series 2022-A | 2,570 | 2,594,016 | ||||||
Series 2024-B | 1,000 | 1,032,849 | ||||||
State of Illinois Sales Tax Revenue | 1,300 | 1,319,993 | ||||||
Series 2021-A | 605 | 622,833 | ||||||
Series 2024-A | 1,000 | 1,015,379 | ||||||
5.00%, 06/15/2030 | 1,790 | 1,955,358 | ||||||
University of Illinois (Pre-refunded - US Treasuries) | 1,000 | 1,000,276 | ||||||
|
| |||||||
| 35,727,539 | ||||||||
|
| |||||||
Indiana – 1.2% | ||||||||
City of Valparaiso IN (Pratt Paper IN LLC) | 965 | 991,286 | ||||||
Indiana Finance Authority (Ohio Valley Electric Corp.) | 500 | 474,737 | ||||||
Series 2022-A | 2,000 | 2,048,851 | ||||||
Indiana Finance Authority (Parkview Health System Obligated Group) | 2,000 | 2,002,464 | ||||||
Indianapolis Local Public Improvement Bond Bank | 1,000 | 1,016,998 | ||||||
|
| |||||||
| 6,534,336 | ||||||||
|
| |||||||
Iowa – 0.1% | ||||||||
Iowa Finance Authority (Iowa Health System Obligated Group) | 500 | 503,545 | ||||||
|
| |||||||
Kansas – 0.3% | ||||||||
Seward County Unified School District No. 480 Liberal | 1,500 | 1,533,200 | ||||||
|
| |||||||
9
Principal Amount (000) | U.S. $ Value | |||||||
Kentucky – 1.2% | ||||||||
Kentucky Public Energy Authority (BP PLC) | $ | 1,000 | $ | 1,085,874 | ||||
Kentucky Public Energy Authority (Morgan Stanley) | 2,000 | 2,192,828 | ||||||
Kentucky State Property & Building Commission (Commonwealth of Kentucky Lease) | 2,000 | 2,005,881 | ||||||
Western Kentucky University | 1,660 | 1,691,709 | ||||||
|
| |||||||
| 6,976,292 | ||||||||
|
| |||||||
Louisiana – 0.7% | ||||||||
City of Shreveport LA | 1,400 | 1,454,307 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Insurance Guaranty Association) | 665 | 699,091 | ||||||
Louisiana Public Facilities Authority (ElementUS Minerals LLC) | 1,900 | 1,926,244 | ||||||
|
| |||||||
| 4,079,642 | ||||||||
|
| |||||||
Maryland – 1.2% | ||||||||
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) | 2,000 | 2,046,528 | ||||||
Maryland Stadium Authority (Maryland Stadium Authority State Lease) | 1,850 | 1,870,029 | ||||||
State of Maryland | 1,765 | 1,803,706 | ||||||
State of Maryland Department of Transportation (Baltimore/Washington International Thurgood Marshall Airport) | 1,000 | 1,083,821 | ||||||
|
| |||||||
| 6,804,084 | ||||||||
|
| |||||||
Massachusetts – 3.0% | ||||||||
City of Quincy MA | 2,000 | 2,039,535 | ||||||
City of Salem MA | 1,210 | 1,210,000 | ||||||
10
Principal Amount (000) | U.S. $ Value | |||||||
Massachusetts Development Finance Agency | $ | 415 | $ | 421,332 | ||||
Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group) | 1,000 | 1,015,176 | ||||||
5.00%, 07/01/2031 | 870 | 946,773 | ||||||
Massachusetts Development Finance Agency (Pre-refunded - US Treasuries) | 3,000 | 3,004,117 | ||||||
Series 2015 | 1,085 | 1,103,213 | ||||||
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) | 1,295 | 1,330,164 | ||||||
Massachusetts Port Authority | 1,120 | 1,177,191 | ||||||
Series 2019-A | 2,250 | 2,366,140 | ||||||
Series 2019-C | 2,000 | 2,032,181 | ||||||
|
| |||||||
| 16,645,822 | ||||||||
|
| |||||||
Michigan – 1.6% | ||||||||
City of Detroit MI | 1,000 | 1,027,518 | ||||||
Detroit Downtown Development Authority (Detroit Downtown Development Authority Catalyst Development Area) | 1,000 | 1,055,781 | ||||||
Detroit Downtown Development Authority (Pre-refunded - US Treasuries) | 2,000 | 2,002,153 | ||||||
Great Lakes Water Authority Water Supply System Revenue | 1,000 | 1,085,443 | ||||||
Michigan Finance Authority | 2,000 | 2,034,340 | ||||||
Michigan Finance Authority (City of Detroit MI Income Tax) | 1,500 | 1,500,210 | ||||||
|
| |||||||
| 8,705,445 | ||||||||
|
| |||||||
Minnesota – 0.9% | ||||||||
State of Minnesota | 2,700 | 2,758,719 | ||||||
Series 2022-A | 1,000 | 1,021,748 | ||||||
11
Principal Amount (000) | U.S. $ Value | |||||||
University of Minnesota | $ | 1,000 | $ | 1,051,431 | ||||
|
| |||||||
| 4,831,898 | ||||||||
|
| |||||||
Missouri – 0.5% | ||||||||
City of St. Louis MO Airport Revenue | 2,130 | 2,161,975 | ||||||
County of St. Louis MO (County of St Louis MO Lease) | 755 | 779,682 | ||||||
|
| |||||||
| 2,941,657 | ||||||||
|
| |||||||
Nebraska – 0.4% | ||||||||
Public Power Generation Agency | 2,525 | 2,538,515 | ||||||
|
| |||||||
Nevada – 0.7% | ||||||||
County of Clark Department of Aviation | 3,100 | 3,147,046 | ||||||
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) | 1,000 | 1,009,571 | ||||||
|
| |||||||
| 4,156,617 | ||||||||
|
| |||||||
New Hampshire – 1.2% | ||||||||
New Hampshire Business Finance Authority | 1,000 | 1,000,114 | ||||||
New Hampshire Business Finance Authority (Brazoria-Fort Bend County Municipal Utility District No. 3) | 1,000 | 1,001,742 | ||||||
State of New Hampshire | 4,405 | 4,538,439 | ||||||
|
| |||||||
| 6,540,295 | ||||||||
|
| |||||||
New Jersey – 5.0% | ||||||||
Garden State Preservation Trust | 1,000 | 1,057,234 | ||||||
New Brunswick Parking Authority | 2,000 | 2,079,264 | ||||||
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) | 3,950 | 4,017,795 | ||||||
12
Principal Amount (000) | U.S. $ Value | |||||||
New Jersey Economic Development Authority (New Jersey Transit Corp. State Lease) | $ | 1,400 | $ | 1,435,886 | ||||
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) | 2,000 | 2,016,628 | ||||||
New Jersey Economic Development Authority (State of New Jersey Lease) | 1,000 | 1,017,163 | ||||||
Series 2015-X | 1,395 | 1,416,693 | ||||||
New Jersey Economic Development Authority (United Airlines, Inc.) | 1,805 | 1,807,337 | ||||||
New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group) | 2,000 | 2,036,287 | ||||||
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) | 250 | 271,074 | ||||||
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) | 2,000 | 2,011,143 | ||||||
Series 2021-A | 1,950 | 1,982,084 | ||||||
Newark Board of Education | 1,210 | 1,333,347 | ||||||
South Jersey Transportation Authority | 1,675 | 1,826,812 | ||||||
State of New Jersey | 1,000 | 1,017,924 | ||||||
Tobacco Settlement Financing Corp./NJ | 2,645 | 2,785,990 | ||||||
|
| |||||||
| 28,112,661 | ||||||||
|
| |||||||
New York – 8.9% | ||||||||
City of New York NY | 1,500 | 1,532,577 | ||||||
Series 2024-A | 2,000 | 2,043,435 | ||||||
City of Rochester NY | 2,000 | 2,037,202 | ||||||
13
Principal Amount (000) | U.S. $ Value | |||||||
Metropolitan Transportation Authority | $ | 2,050 | $ | 2,057,742 | ||||
Series 2017 | 2,000 | 2,052,553 | ||||||
5.00%, 11/15/2028 | 2,000 | 2,172,498 | ||||||
Series 2017-C | 1,000 | 1,003,777 | ||||||
5.00%, 11/15/2025 | 630 | 646,554 | ||||||
5.00%, 11/15/2029 | 1,000 | 1,075,587 | ||||||
New York City Municipal Water Finance Authority | 1,410 | 1,445,689 | ||||||
New York City Municipal Water Finance Authority (Pre-refunded - US Treasuries) | 4,000 | 4,073,363 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | 2,000 | 2,017,858 | ||||||
New York State Dormitory Authority (New York State Dormitory Authority Lease) | 1,765 | 1,835,874 | ||||||
New York State Dormitory Authority (NYU Langone Hospitals Obligated Group) | 1,000 | 1,002,182 | ||||||
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority) | 1,500 | 1,478,743 | ||||||
New York State Urban Development Corp. (State of New York Pers Income Tax) | 1,000 | 1,022,741 | ||||||
New York Transportation Development Corp. (JFK International Air Terminal LLC) | 2,000 | 2,159,860 | ||||||
Series 2020 | 1,000 | 1,075,330 | ||||||
Port Authority of New York & New Jersey | 1,275 | 1,276,813 | ||||||
5.00%, 09/01/2027 | 1,000 | 1,001,197 | ||||||
5.00%, 09/01/2031 | 1,000 | 1,001,075 | ||||||
Series 2016 | 1,000 | 1,020,815 | ||||||
Series 2018-2 | 1,530 | 1,607,814 | ||||||
5.00%, 09/15/2030 | 2,500 | 2,618,447 | ||||||
5.00%, 09/15/2031 | 1,075 | 1,123,700 | ||||||
Series 2021-2 | 3,950 | 3,875,274 | ||||||
5.00%, 07/15/2027 | 2,445 | 2,580,544 | ||||||
Suffolk Regional Off-Track Betting Co. | 1,500 | 1,571,012 | ||||||
14
Principal Amount (000) | U.S. $ Value | |||||||
Triborough Bridge & Tunnel Authority | $ | 1,205 | $ | 1,259,698 | ||||
|
| |||||||
| 49,669,954 | ||||||||
|
| |||||||
North Carolina – 1.2% | ||||||||
Columbus County Industrial Facilities & Pollution Control Financing Authority (International Paper Co.) | 1,000 | 998,099 | ||||||
County of Gaston NC | 2,600 | 2,610,631 | ||||||
County of Wake NC | 1,000 | 1,013,259 | ||||||
State of North Carolina | 1,000 | 1,017,477 | ||||||
State of North Carolina (State of North Carolina Lease) | 1,000 | 994,739 | ||||||
|
| |||||||
| 6,634,205 | ||||||||
|
| |||||||
Ohio – 2.7% | ||||||||
American Municipal Power, Inc. (American Municipal Power Combined Hydroelectric Revenue) | 1,035 | 1,070,429 | ||||||
Buckeye Tobacco Settlement Financing Authority | 1,425 | 1,499,665 | ||||||
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) | 1,000 | 1,027,822 | ||||||
Northeast Ohio Regional Sewer District (Pre-refunded - US Treasuries) | 2,825 | 2,835,873 | ||||||
Ohio Air Quality Development Authority (American Electric Power Co., Inc.) | 500 | 460,607 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund | 4,915 | 5,004,930 | ||||||
Series 2017-A | 1,000 | 1,057,503 | ||||||
Reynoldsburg City School District | 1,000 | 1,032,572 | ||||||
15
Principal Amount (000) | U.S. $ Value | |||||||
State of Ohio (University Hospitals Health System, Inc. Obligated Group) | $ | 1,090 | $ | 1,116,161 | ||||
|
| |||||||
| 15,105,562 | ||||||||
|
| |||||||
Oklahoma – 0.4% | ||||||||
Oklahoma Development Finance Authority (OU Medicine Obligated Group) | 1,000 | 1,045,473 | ||||||
Oklahoma Municipal Power Authority | 1,000 | 1,005,926 | ||||||
|
| |||||||
| 2,051,399 | ||||||||
|
| |||||||
Oregon – 0.8% | ||||||||
Medford Hospital Facilities Authority (Asante Health System Obligated Group) | 1,000 | 1,056,561 | ||||||
Port of Portland OR Airport Revenue | 1,000 | 1,084,718 | ||||||
Port of Portland OR Airport Revenue (Portland Intl Airport) | 1,000 | 1,035,384 | ||||||
5.00%, 07/01/2031 | 1,100 | 1,134,794 | ||||||
|
| |||||||
| 4,311,457 | ||||||||
|
| |||||||
Pennsylvania – 3.5% | ||||||||
Allegheny County Hospital Development Authority (UPMC Obligated Group) | 1,000 | 992,640 | ||||||
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) | 500 | 507,018 | ||||||
City of Philadelphia PA Airport Revenue | 1,220 | 1,315,323 | ||||||
Series 2021 | 945 | 959,341 | ||||||
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) | 1,000 | 1,059,859 | ||||||
5.00%, 09/01/2031 | 1,500 | 1,586,750 | ||||||
Montgomery County Industrial Development Authority/PA (Pre-refunded - US Treasuries) | 2,000 | 2,016,745 | ||||||
16
Principal Amount (000) | U.S. $ Value | |||||||
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) | $ | 2,000 | $ | 2,169,362 | ||||
Pennsylvania Turnpike Commission | 1,000 | 1,004,689 | ||||||
Pennsylvania Turnpike Commission Registration Fee Revenue | 1,000 | 1,000,274 | ||||||
Philadelphia Authority for Industrial Development (Temple University-of The Commonwealth System of Higher Education) | 1,375 | 1,389,751 | ||||||
Series 2016-2 | 1,550 | 1,567,253 | ||||||
Philadelphia Gas Works Co. | 1,000 | 1,001,169 | ||||||
Philadelphia Municipal Authority (City of Philadelphia PA) | 1,325 | 1,337,612 | ||||||
Reading School District | 1,500 | 1,518,071 | ||||||
|
| |||||||
| 19,425,857 | ||||||||
|
| |||||||
Puerto Rico – 0.5% | ||||||||
Commonwealth of Puerto Rico | 1,108 | 1,153,670 | ||||||
5.625%, 07/01/2029 | 675 | 725,725 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority | 1,000 | 1,055,025 | ||||||
|
| |||||||
| 2,934,420 | ||||||||
|
| |||||||
South Carolina – 2.3% | ||||||||
Orangeburg County School District | 2,000 | 2,033,334 | ||||||
SCAGO Educational Facilities Corp. for Pickens School District (Pickens County School District/SC) | 1,000 | 1,011,280 | ||||||
SCAGO Educational Facilities Corp. for Pickens School District (SCAGO Educational Facilities Corp. for Pickens School District Lease) | 1,500 | 1,517,695 | ||||||
17
Principal Amount (000) | U.S. $ Value | |||||||
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) | $ | 2,000 | $ | 2,248,127 | ||||
South Carolina Public Service Authority | 1,500 | 1,527,180 | ||||||
AGM Series 2014-C | 1,500 | 1,505,401 | ||||||
South Carolina Public Service Authority (Pre-refunded - US Treasuries) | 3,000 | 3,009,429 | ||||||
|
| |||||||
| 12,852,446 | ||||||||
|
| |||||||
Tennessee – 0.9% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group) | 1,000 | 1,075,557 | ||||||
Metropolitan Nashville Airport Authority (The) | 1,000 | 1,078,134 | ||||||
State of Tennessee | 1,015 | 1,037,259 | ||||||
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) | 2,000 | 2,084,153 | ||||||
|
| |||||||
| 5,275,103 | ||||||||
|
| |||||||
Texas – 5.7% | ||||||||
Central Texas Regional Mobility Authority | 1,065 | 1,090,646 | ||||||
Series 2020-F | 1,315 | 1,317,474 | ||||||
Central Texas Turnpike System (Pre-refunded - US Govt Agencies) | 1,000 | 1,002,998 | ||||||
City of San Antonio TX | 1,000 | 1,009,046 | ||||||
City of San Antonio TX Airport System | 550 | 587,743 | ||||||
Harris County Cultural Education Facilities Finance Corp (Memorial Hermann Health System Obligated Group) | 3,000 | 3,263,972 | ||||||
18
Principal Amount (000) | U.S. $ Value | |||||||
Irving Hospital Authority (Baylor Medical Center at Irving) | $ | 1,000 | $ | 1,022,218 | ||||
McKinney Independent School District | 2,000 | 2,019,332 | ||||||
North Texas Tollway Authority (North Texas Tollway System) | 1,000 | 1,003,371 | ||||||
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group) | 1,000 | 1,022,157 | ||||||
Rockwall Independent School District (Pre-refunded - US Govt Agencies) | 1,850 | 1,866,607 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. (Pre-refunded - US Treasuries) | 1,000 | 1,001,333 | ||||||
Texas Department of Transportation State Highway Fund | 2,500 | 2,503,343 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) | 3,000 | 2,999,204 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III (Macquarie Group Ltd.) | 2,000 | 2,181,152 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) | 4,000 | 4,320,072 | ||||||
Series 2023-B | 1,500 | 1,689,072 | ||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) | 1,000 | 1,086,644 | ||||||
Texas Water Development Board (Texas Water Development Board State Revolving Fund) | 1,000 | 1,022,021 | ||||||
|
| |||||||
| 32,008,405 | ||||||||
|
| |||||||
19
Principal Amount (000) | U.S. $ Value | |||||||
Utah – 0.9% | ||||||||
Utah Board of Higher Education (University of Utah (The)) | $ | 1,440 | $ | 1,549,917 | ||||
Utah Infrastructure Agency | 1,000 | 1,037,376 | ||||||
Series 2022 | 1,135 | 1,209,976 | ||||||
Utah Transit Authority (Pre-refunded - US Treasuries) | 1,000 | 1,010,567 | ||||||
|
| |||||||
| 4,807,836 | ||||||||
|
| |||||||
Virginia – 0.9% | ||||||||
Greater Richmond Convention Center Authority (Greater Richmond Convention Center Authority Hotel Occupancy Tax) | 1,800 | 1,829,445 | ||||||
Virginia College Building Authority (Commonwealth of Virginia State Lease) | 1,000 | 1,009,193 | ||||||
Virginia College Building Authority (Marymount University) | 1,000 | 994,111 | ||||||
Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) | 1,000 | 1,000,363 | ||||||
|
| |||||||
| 4,833,112 | ||||||||
|
| |||||||
Washington – 2.2% | ||||||||
Pierce County School District No. 10 Tacoma (Pre-refunded - US Govt Agencies) | 2,190 | 2,257,282 | ||||||
Port of Seattle WA | 1,260 | 1,312,256 | ||||||
Series 2018-A | 2,185 | 2,273,355 | ||||||
5.00%, 05/01/2036 | 1,010 | 1,043,555 | ||||||
Series 2018-B | 1,000 | 1,042,973 | ||||||
Snohomish County School District No. 13 Monroe | 1,000 | 1,015,453 | ||||||
State of Washington | 1,500 | 1,510,102 | ||||||
Series 2024-R | 2,000 | 2,038,620 | ||||||
|
| |||||||
| 12,493,596 | ||||||||
|
| |||||||
20
Principal Amount (000) | U.S. $ Value | |||||||
West Virginia – 1.3% | ||||||||
West Virginia Economic Development Authority (Appalachian Power Co.) | $ | 3,000 | $ | 2,999,668 | ||||
West Virginia Economic Development Authority (Provident Group - Marshall Properties LLC) | 2,665 | 2,939,598 | ||||||
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) | 1,360 | 1,378,809 | ||||||
|
| |||||||
| 7,318,075 | ||||||||
|
| |||||||
Wisconsin – 2.1% | ||||||||
City of Milwaukee WI | 1,000 | 1,045,105 | ||||||
AGM Series 2023 | 1,000 | 1,114,761 | ||||||
City of Milwaukee WI Sewerage System Revenue | 350 | 355,234 | ||||||
State of Wisconsin | 1,730 | 1,758,464 | ||||||
Wisconsin Health & Educational Facilities Authority (Forensic Science & Protective Medicine Collaboration, Inc.) | 2,000 | 2,053,950 | ||||||
Wisconsin Public Finance Authority | 2,000 | 2,005,552 | ||||||
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) | 2,000 | 1,413,878 | ||||||
Wisconsin Public Finance Authority (Renown Regional Medical Center Obligated Group) | 755 | 809,139 | ||||||
21
Principal Amount (000) | U.S. $ Value | |||||||
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) | $ | 1,000 | $ | 977,747 | ||||
|
| |||||||
| 11,533,830 | ||||||||
|
| |||||||
Total Long-Term Municipal Bonds | 523,043,196 | |||||||
|
| |||||||
Short-Term Municipal Notes – 1.9% | ||||||||
California – 0.2% | ||||||||
Nuveen California AMT-Free Quality Municipal Income Fund | 1,000 | 1,000,000 | ||||||
|
| |||||||
District of Columbia – 0.3% | ||||||||
Metropolitan Washington Airports Authority Aviation Revenue | 1,575 | 1,575,000 | ||||||
|
| |||||||
Indiana – 0.2% | ||||||||
Indiana Finance Authority (Parkview Health System Obligated Group) | 1,000 | 1,000,000 | ||||||
|
| |||||||
Michigan – 0.1% | ||||||||
Green Lake Township Economic Development Corp. | 800 | 800,000 | ||||||
|
| |||||||
Other – 0.4% | ||||||||
Nuveen AMT-Free Municipal Credit Income Fund | 1,000 | 1,000,000 | ||||||
Nuveen AMT-Free Quality Municipal Income Fund | 1,000 | 1,000,000 | ||||||
|
| |||||||
| 2,000,000 | ||||||||
|
| |||||||
Pennsylvania – 0.2% | ||||||||
Northampton County General Purpose Authority | 1,300 | 1,300,000 | ||||||
|
| |||||||
Tennessee – 0.1% | ||||||||
Greeneville Health & Educational Facilities Board (Ballad Health Obligated Group) | 700 | 700,000 | ||||||
|
| |||||||
Virginia – 0.4% | ||||||||
Roanoke Economic Development Authority (Carilion Clinic Obligated Group) | 2,000 | 2,000,000 | ||||||
|
| |||||||
Total Short-Term Municipal Notes | 10,375,000 | |||||||
|
| |||||||
Total Municipal Obligations | 533,418,196 | |||||||
|
| |||||||
22
Principal Amount (000) | U.S. $ Value | |||||||
ASSET-BACKED SECURITIES – 0.5% | ||||||||
Autos - Fixed Rate – 0.2% | ||||||||
Arivo Acceptance Auto Loan Receivables Trust | $ | 247 | $ | 248,105 | ||||
Carvana Auto Receivables Trust | 144 | 144,158 | ||||||
Foursight Capital Automobile Receivables Trust | 127 | 127,064 | ||||||
Lendbuzz Securitization Trust | 595 | 603,925 | ||||||
Santander Bank Auto Credit-Linked Notes | 132 | 132,995 | ||||||
Tricolor Auto Securitization Trust | 74 | 74,242 | ||||||
|
| |||||||
| 1,330,489 | ||||||||
|
| |||||||
Other ABS - Fixed Rate – 0.3% | ||||||||
Dext ABS LLC | 372 | 373,291 | ||||||
Marlette Funding Trust | 832 | 834,534 | ||||||
Pagaya AI Debt Trust | 336 | 338,011 | ||||||
Series 2024-1, Class A | 63 | 63,913 | ||||||
Theorem Funding Trust | 47 | 47,726 | ||||||
|
| |||||||
| 1,657,475 | ||||||||
|
| |||||||
Total Asset-Backed Securities | 2,987,964 | |||||||
|
| |||||||
CORPORATES - INVESTMENT GRADE – 0.5% | ||||||||
Industrial – 0.3% | ||||||||
Consumer Non-Cyclical – 0.2% | ||||||||
Altria Group, Inc. | 215 | 201,184 | ||||||
BAT Capital Corp. | 230 | 231,392 | ||||||
23
Principal Amount (000) | U.S. $ Value | |||||||
Philip Morris International, Inc. | $ | 250 | $ | 263,152 | ||||
Zimmer Biomet Holdings, Inc. | 500 | 495,440 | ||||||
|
| |||||||
| 1,191,168 | ||||||||
|
| |||||||
Technology – 0.1% | ||||||||
CDW LLC/CDW Finance Corp. | 370 | 353,109 | ||||||
|
| |||||||
| 1,544,277 | ||||||||
|
| |||||||
Financial Institutions – 0.2% | ||||||||
Banking – 0.2% | ||||||||
Standard Chartered PLC | 250 | 251,148 | ||||||
UBS AG/Stamford CT | 850 | 857,021 | ||||||
Wells Fargo & Co. | 27 | 29,005 | ||||||
|
| |||||||
| 1,137,174 | ||||||||
|
| |||||||
Finance – 0.0% | ||||||||
Aviation Capital Group LLC | 290 | 277,495 | ||||||
|
| |||||||
| 1,414,669 | ||||||||
|
| |||||||
Total Corporates - Investment Grade | 2,958,946 | |||||||
|
| |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4% | ||||||||
Risk Share Floating Rate – 0.4% | ||||||||
Connecticut Avenue Securities Trust | 1,243 | 1,244,080 | ||||||
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | 756 | 769,242 | ||||||
Series 2023-DNA2, Class M1A | 390 | 396,858 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations | 2,410,180 | |||||||
|
| |||||||
CORPORATES - NON-INVESTMENT GRADE – 0.0% | ||||||||
Financial Institutions – 0.0% | ||||||||
Banking – 0.0% | ||||||||
Citigroup, Inc. | 184 | 194,621 | ||||||
|
| |||||||
24
Principal Amount (000) | U.S. $ Value | |||||||
SHORT-TERM INVESTMENTS – 1.9% | ||||||||
U.S. Treasury Bills – 1.6% | ||||||||
United States – 1.6% | ||||||||
U.S. Treasury Bill Zero Coupon, 10/31/2024 | $ | 9,000 | $ | 8,926,050 | ||||
|
| |||||||
| Shares | ||||||||
Investment Companies – 0.3% | ||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.16%(g) (h) (i) | 1,824,797 | 1,824,797 | ||||||
|
| |||||||
Total Short-Term Investments | 10,750,847 | |||||||
|
| |||||||
Total Investments – 98.6% | 552,720,754 | |||||||
Other assets less liabilities – 1.4% | 7,674,485 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 560,395,239 | ||||||
|
| |||||||
CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||
Notional Amount | 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 | 4,800 | 03/31/2025 | 1 Day SOFR | 4.099% | Annual | $ | (42,445 | ) | $ | — | $ | (42,445 | ) | |||||||||||
| USD | 3,700 | 03/31/2025 | 1 Day SOFR | 4.013% | Annual | (35,919 | ) | — | (35,919 | ) | ||||||||||||||
| USD | 15,700 | 05/15/2026 | 1 Day SOFR | 4.202% | Annual | 79,846 | 186 | 79,660 | ||||||||||||||||
| USD | 8,310 | 05/15/2026 | 1 Day SOFR | 4.479% | Annual | 64,083 | — | 64,083 | ||||||||||||||||
| USD | 2,400 | 05/15/2026 | 1 Day SOFR | 4.012% | Annual | (3,290 | ) | — | (3,290 | ) | ||||||||||||||
| USD | 2,000 | 04/15/2032 | 3.275% | 1 Day SOFR | Annual | 36,217 | — | 36,217 | ||||||||||||||||
| USD | 1,000 | 04/15/2032 | 3.215% | 1 Day SOFR | Annual | 22,381 | — | 22,381 | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
| $ | 120,873 | $ | 186 | $ | 120,687 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
| (a) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at August 31, 2024. |
| (b) | When-Issued or delayed delivery security. |
| (c) | 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 $26,042,916 or 4.6% of net assets. |
| (d) | 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 August 31, 2024, are considered illiquid and restricted. Additional information regarding such securities follows: |
25
| 144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||
Indiana Finance Authority | 06/24/2024 | $ | 2,000,000 | $ | 2,002,464 | 0.36% | ||||||
| (e) | 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. |
| (f) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (g) | Affiliated investments. |
| (h) | The rate shown represents the 7-day yield as of period end. |
| (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, or call AB at |
| (j) | 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 $5,282,160 and gross unrealized depreciation of investments was $(356,825), resulting in net unrealized appreciation of $4,925,335. |
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 6.4% and 0.0%, respectively.
Glossary:
ABS – Asset-Backed Securities
AGM – Assured Guaranty Municipal
AMBAC – Ambac Assurance Corporation
AMT – Alternative Minimum Tax (subject to)
BAM – Build American Mutual
CHF – Collegiate Housing Foundation
CME – Chicago Mercantile Exchange
COP – Certificate of Participation
ID – Improvement District
MUNIPSA – SIFMA Municipal Swap Index
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
UPMC – University of Pittsburgh Medical Center
26
AB Active ETFs, Inc.
AB Tax-Aware Short Duration 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.
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.
27
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 | $ | — | $ | 523,043,196 | $ | — | $ | 523,043,196 | ||||||||
| Short-Term Municipal Notes | — | 10,375,000 | — | 10,375,000 | ||||||||||||
| Asset-Backed Securities | — | 2,987,964 | — | 2,987,964 | ||||||||||||
| Corporates - Investment Grade | — | 2,958,946 | — | 2,958,946 | ||||||||||||
| Collateralized Mortgage Obligations | — | 2,410,180 | — | 2,410,180 | ||||||||||||
| Corporates - Non-Investment Grade | — | 194,621 | — | 194,621 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
U.S. Treasury Bills | — | 8,926,050 | — | 8,926,050 | ||||||||||||
Investment Companies | 1,824,797 | — | — | 1,824,797 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| Total Investments in Securities | 1,824,797 | 550,895,957 | — | 552,720,754 | ||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 202,527 | — | 202,527 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | (81,654 | ) | — | (81,654 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| Total | $ | 1,824,797 | $ | 551,016,830 | $ | — | $ | 552,841,627 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (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 | $ | 2,352 | $ | 219,211 | $ | 219,738 | $ | 1,825 | $ | 206 | ||||||||||
28
