AB Active ETFs, Inc.

AB Ultra Short Income ETF

Portfolio of Investments

February 28, 2026 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

CORPORATES - INVESTMENT GRADE – 42.9%

 

Financial Institutions – 25.1%

 

Banking – 16.3%

 

ABN AMRO Bank NV
4.80%, 04/18/2026(a)

    $     14,702        $     14,709,204  

Bank of America Corp.
4.45%, 03/03/2026

      19,527          19,527,000  

Barclays PLC
5.20%, 05/12/2026

      14,273          14,288,272  

BNP Paribas SA
4.375%, 05/12/2026(a)

      15,464          15,461,216  

BPCE SA
4.875%, 04/01/2026(a)

      13,939          13,945,273  

Capital One Financial Corp.
3.75%, 07/28/2026

      14,865          14,830,662  

Capital One NA
4.25%, 03/13/2026

      5,334          5,334,480  

Citigroup, Inc.
4.60%, 03/09/2026

      20,610          20,595,161  

Cooperatieve Rabobank UA
3.75%, 07/21/2026

      20,631          20,598,816  

Goldman Sachs Group, Inc. (The)
3.85%, 01/26/2027

      8,500          8,495,920  

5.95%, 01/15/2027

      6,000          6,097,800  

Lloyds Banking Group PLC
4.65%, 03/24/2026

      1,491          1,491,432  

Mitsubishi UFJ Financial Group, Inc.
3.85%, 03/01/2026

      7,379          7,379,000  

Nationwide Building Society
1.50%, 10/13/2026(a)

      2,591          2,552,990  

4.00%, 09/14/2026(a)

      7,180          7,161,978  

Nordea Bank Abp
1.50%, 09/30/2026(a)

      2,192          2,161,641  

Societe Generale SA
4.25%, 08/19/2026(a)

      12,148          12,142,898  

5.25%, 02/19/2027(a)

      7,300          7,379,570  

Svenska Handelsbanken AB
1.418%, 06/11/2027(a)

      500          496,400  

UBS Group AG
4.125%, 04/15/2026(a)

      7,159          7,159,000  

UniCredit SpA
1.982%, 06/03/2027(a)

      7,300          7,260,288  

US Bancorp
3.10%, 04/27/2026

      1,424          1,421,650  

Wells Fargo & Co.
4.10%, 06/03/2026

      21,021          21,014,904  

Western Union Co. (The)
1.35%, 03/15/2026

      6,725          6,717,334  
       

 

 

  
          238,222,889  
       

 

 

  

Brokerage – 0.4%

 

Charles Schwab Corp. (The)
1.15%, 05/13/2026

      5,000          4,972,300  
       

 

 

  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

Commercial Banking – 3.8%

 

HSBC Holdings PLC
4.375%, 11/23/2026

    $      7,564        $      7,583,440  

JPMorgan Chase & Co.
4.125%, 12/15/2026

      20,375          20,400,265  

Morgan Stanley
Series G
4.35%, 09/08/2026

      20,391          20,413,022  

Toronto-Dominion Bank (The)
5.532%, 07/17/2026

      7,236          7,280,429  
       

 

 

  
       55,677,156  
       

 

 

  

Finance – 1.4%

 

AerCap Ireland Capital DAC/AerCap
Global Aviation Trust
2.45%, 10/29/2026

      5,148          5,097,498  

Air Lease Corp.
Series G
3.75%, 06/01/2026

      7,472          7,461,614  

Aircastle Ltd.
4.25%, 06/15/2026

      7,564          7,558,176  

Aviation Capital Group LLC
1.95%, 09/20/2026(a)

      368          363,554  
       

 

 

  
       20,480,842  
       

 

 

  

Insurance – 2.0%

 

Aon Corp.
8.205%, 01/01/2027

      1,542          1,592,917  

Athene Global Funding
5.62%, 05/08/2026(a)

      6,955          6,973,361  

Cigna Group (The)
1.25%, 03/15/2026

      6,695          6,684,690  

Elevance Health, Inc.
4.50%, 10/30/2026

      6,795          6,813,346  

Principal Financial Group, Inc.
3.10%, 11/15/2026

      7,300          7,254,886  
       

 

 

  
       29,319,200  
       

 

 

  

REITs – 1.2%

 

American Tower Corp.
3.375%, 10/15/2026

      7,327          7,295,934  

Brixmor Operating Partnership LP
4.125%, 06/15/2026

      3,025          3,021,642  

Equinix, Inc.
1.45%, 05/15/2026

      7,382          7,341,325  
       

 

 

  
       17,658,901  
       

 

 

  
       366,331,288  
       

 

 

  

Industrial – 16.7%

 

Basic – 1.8%

 

ArcelorMittal SA
4.55%, 03/11/2026

      6,500          6,499,415  

BHP Billiton Finance USA Ltd.
6.42%, 03/01/2026

      4,510          4,510,000  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

Nutrien Ltd.
4.00%, 12/15/2026

    $      7,292        $      7,292,802  

Westlake Corp.
3.60%, 08/15/2026

      7,601          7,581,770  
       

 

 

  
       25,883,987  
       

 

 

  

Capital Goods – 0.5%

 

RTX Corp.
5.75%, 11/08/2026

      7,061          7,130,339  
       

 

 

  

Communications - Media – 0.8%

 

Cox Communications, Inc.
3.35%, 09/15/2026(a)

      7,220          7,190,615  

Omnicom Group, Inc./Omnicom Capital, Inc.
3.60%, 04/15/2026

      4,618          4,616,060  
       

 

 

  
       11,806,675  
       

 

 

  

Communications - Telecommunications – 0.5%

 

AT&T, Inc.
1.70%, 03/25/2026

      7,238          7,225,912  
       

 

 

  

Consumer Cyclical - Automotive – 1.4%

 

American Honda Finance Corp.
Series G
5.25%, 07/07/2026

      8,903          8,942,084  

BMW US Capital LLC
2.80%, 04/11/2026(a)

      1,100          1,097,965  

Ford Motor Credit Co. LLC
6.95%, 06/10/2026

      1,731          1,739,897  

General Motors Financial Co., Inc.
1.50%, 06/10/2026

      5,604          5,562,755  

Toyota Motor Credit Corp.
4.45%, 05/18/2026

      3,074          3,077,689  
       

 

 

  
       20,420,390  
       

 

 

  

Consumer Cyclical - Other – 0.5%

 

PulteGroup, Inc.
5.00%, 01/15/2027

      7,099          7,136,696  
       

 

 

  

Consumer Cyclical - Retailers – 0.3%

 

Lowe’s Cos., Inc.
2.50%, 04/15/2026

      4,625          4,616,490  
       

 

 

  

Consumer Non-Cyclical – 3.4%

 

BAT International Finance PLC
1.668%, 03/25/2026

      4,884          4,873,499  

Bunge Ltd. Finance Corp.
3.25%, 08/15/2026

      7,423          7,394,792  

CVS Health Corp.
3.00%, 08/15/2026

      6,082          6,052,381  

General Mills, Inc.
4.70%, 01/30/2027

      7,095          7,140,053  

HCA, Inc.
5.25%, 06/15/2026

      1,935          1,936,916  

Kraft Heinz Foods Co.
3.00%, 06/01/2026

      7,405          7,384,266  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Molson Coors Beverage Co.
3.00%, 07/15/2026

    $      7,500        $      7,471,125  

Sysco Corp.
3.30%, 07/15/2026

      7,321          7,299,696  
       

 

 

  
          49,552,728  
       

 

 

  

Energy – 3.7%

 

Continental Resources, Inc./OK
2.268%, 11/15/2026(a)

      7,664          7,557,854  

Energy Transfer LP
6.05%, 12/01/2026

      1,834          1,858,961  

EQT Corp.
3.125%, 05/15/2026(a)

      2,401          2,394,709  

Marathon Petroleum Corp.
5.125%, 12/15/2026

      7,426          7,468,402  

MPLX LP
1.75%, 03/01/2026

      7,210          7,210,000  

ONEOK, Inc. 4.85%, 07/15/2026

      4,803          4,806,458  

5.55%, 11/01/2026

      2,503          2,525,051  

Spectra Energy Partners LP
3.375%, 10/15/2026

      7,500          7,468,725  

Valero Energy Corp.
3.40%, 09/15/2026

      7,323          7,300,592  

Western Midstream Operating LP
4.65%, 07/01/2026

      5,236          5,235,110  
       

 

 

  
          53,825,862  
       

 

 

  

Technology – 2.9%

 

Broadridge Financial Solutions, Inc.
3.40%, 06/27/2026

      7,497          7,474,509  

CDW LLC/CDW Finance Corp.
2.67%, 12/01/2026

      7,389          7,311,268  

Dell International LLC/EMC Corp.
4.90%, 10/01/2026

      2,039          2,045,504  

6.02%, 06/15/2026

      1,451          1,451,943  

Fidelity National Information Services, Inc.
1.15%, 03/01/2026

      7,217          7,217,000  

Fiserv, Inc.
3.20%, 07/01/2026

      1,911          1,904,503  

Jabil, Inc.
1.70%, 04/15/2026

      7,005          6,981,743  

Oracle Corp.
2.65%, 07/15/2026

      7,378          7,334,175  
       

 

 

  
          41,720,645  
       

 

 

  

Transportation - Services – 0.9%

 

FedEx Corp.
3.25%, 04/01/2026

      7,424          7,418,581  

Ryder System, Inc.
1.75%, 09/01/2026

      6,421          6,345,232  
       

 

 

  
          13,763,813  
       

 

 

  
          243,083,537  
       

 

 

  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Utility – 1.1%

        

Electric – 1.1%

        

CMS Energy Corp.
3.00%, 05/15/2026

    $     1,020        $      1,018,062  

Entergy Corp.
2.95%, 09/01/2026

      7,523          7,480,570  

Southwestern Electric Power Co.
Series K
2.75%, 10/01/2026

      7,570          7,512,544  
       

 

 

  
          16,011,176  
       

 

 

  

Total Corporates - Investment Grade
(cost $625,416,384)

           625,426,001  
       

 

 

  

GOVERNMENTS - TREASURIES – 38.9%

        

United States – 38.9%

        

U.S. Treasury Notes
3.50%, 10/31/2027

      81,423          81,518,418  

3.75%, 04/30/2027

      35,227          35,328,828  

3.783% (CME Term SOFR 3 Month + 0.16%), 04/30/2027(b)

      45,000          45,048,678  

3.805% (CME Term SOFR 3 Month + 0.18%), 07/31/2026(b)

      111,000          111,058,257  

3.875%, 03/31/2027

      44,306          44,477,340  

3.875%, 07/15/2028

      36,967          37,374,215  

4.00%, 03/31/2030

      28,039          28,601,971  

4.25%, 12/31/2026

      62,295          62,647,843  

4.25%, 02/15/2028

      119,973          121,903,815  
       

 

 

  

Total Governments - Treasuries
(cost $563,746,791)

           567,959,365  
       

 

 

  

ASSET-BACKED SECURITIES – 9.1%

        

Autos - Fixed Rate – 5.0%

        

ACM Auto Trust
Series 2024-2A, Class A
6.06%, 02/20/2029(a)

      314          313,740  

Series 2025-1A, Class A
5.38%, 06/20/2029(a)

      362          361,736  

Series 2025-2A, Class A
5.55%, 06/20/2028(a)

      2,294          2,297,756  

American Credit Acceptance Receivables Trust
Series 2025-2, Class A
4.81%, 09/12/2028(a)

      2,659          2,662,714  

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

      149          149,899  

Series 2025-1A, Class A2
4.92%, 05/15/2029(a)

      5,373          5,394,353  

BOF VII AL Funding Trust I
Series 2023-CAR3, Class A2
6.291%, 07/26/2032(a)

      582          591,612  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

Bridgecrest Lending Auto Securitization Trust
Series 2025-2, Class A2
4.84%, 01/18/2028

    $      1,927        $      1,929,581  

CarMax Select Receivables Trust
Series 2025-A, Class A2A
4.76%, 05/15/2028

      3,305          3,313,939  

Consumer Portfolio Services Auto Trust
Series 2025-B, Class A
4.74%, 02/15/2029(a)

      3,138          3,145,927  

Exeter Select Automobile Receivables Trust
Series 2025-1, Class A2
4.83%, 10/16/2028

      2,815          2,821,812  

FHF Issuer Trust
Series 2023-2A, Class A2
6.79%, 10/15/2029(a)

      343          346,176  

GLS Auto Receivables Issuer Trust
Series 2025-2A, Class A2
4.75%, 03/15/2028(a)

      3,748          3,755,143  

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

      217          219,458  

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

      329          332,652  

Series 2023-3A, Class A2
7.50%, 12/15/2028(a)

      414          421,360  

Series 2026-1A, Class A2
4.68%, 07/15/2030(a)

      2,104          2,106,586  

Lobel Automobile Receivables Trust
Series 2025-1, Class A
5.06%, 11/15/2027(a)

      1,292          1,293,699  

Merchants Fleet Funding LLC
Series 2023-1A, Class A
7.21%, 05/20/2036(a)

      987          990,291  

OCCU Auto Receivables Trust
Series 2025-1A, Class A2
4.82%, 04/17/2028(a)

      5,515          5,529,479  

Prestige Auto Receivables Trust
Series 2025-1A, Class A2
4.87%, 12/15/2027(a)

      2,596          2,597,986  

Research-Driven Pagaya Motor Asset Trust
Series 2023-3A, Class A
7.13%, 01/26/2032(a)

      672          673,266  

Series 2023-4A, Class A
7.54%, 03/25/2032(a)

      418          419,349  

Series 2025-4A, Class A2
5.124%, 04/25/2034(a)

      7,300          7,335,656  

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

      391          391,381  

SAFCO Auto Receivables Trust
Series 2025-1A, Class A
5.46%, 09/10/2029(a)

      3,673          3,672,157  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

Santander Drive Auto Receivables Trust
Series 2025-2, Class A2
4.71%, 06/15/2028

    $      2,072        $      2,073,982  

Stellantis Financial Underwritten Enhanced Lease Trust
Series 2025-AA, Class A2
4.63%, 07/20/2027(a)

      5,131          5,145,261  

Strike Acceptance Auto Funding Trust
Series 2025-1A, Class A
5.84%, 04/15/2032(a)

      1,567          1,575,223  

Tricolor Auto Securitization Trust
Series 2024-1A, Class A
6.61%, 10/17/2027(c)(d)(e)(f)(g)

      424          398,805  

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

      369          344,999  

Series 2024-3A, Class A
5.22%, 06/15/2028(c)(d)(e)(f)(g)

      785          682,850  

Series 2025-1A, Class A
4.94%, 02/15/2029(c)(d)(e)(f)(g)

      2,015          1,163,985  

United Auto Credit Securitization Trust
Series 2026-1, Class A
4.41%, 06/12/2028(a)

      7,300          7,301,171  

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

      510          514,798  
       

 

 

  
             72,268,782  
       

 

 

  

Other ABS - Fixed Rate – 3.7%

        

ACHV ABS Trust
Series 2024-2PL, Class A
5.07%, 10/27/2031(a)

      1,700          1,708,572  

Affirm Asset Securitization Trust
Series 2025-X1, Class A
5.08%, 04/15/2030(a)

      1,127          1,128,398  

Series 2025-X2, Class A
4.45%, 10/15/2030(a)

      2,824          2,826,962  

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

      102          102,619  

Equify ABS LLC
Series 2024-1A, Class A
5.43%, 04/18/2033(a)

      1,474          1,479,457  

Marlette Funding Trust
Series 2025-1A, Class A
4.75%, 07/16/2035(a)

      2,429          2,432,138  

NMEF Funding LLC
Series 2023-A, Class A2
6.57%, 06/17/2030(a)

      265          266,574  

Oportun Funding Trust
Series 2024-3, Class A
5.26%, 08/15/2029(a)

      28          28,168  

Pagaya AI Debt Grantor Trust
Series 2024-5, Class A
6.278%, 10/15/2031(a)

      265          266,307  

Series 2025-3, Class A2
5.365%, 12/15/2032(a)

      2,659          2,690,210  

Series 2026-1, Class A2
4.739%, 09/15/2033(a)

      1,000          1,000,834  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

Pagaya AI Debt Grantor Trust And Pagaya AI Debt Trust
Series 2024-6, Class A
6.093%, 11/15/2031(a)

   $        495        $        496,089  

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

      432          432,539  

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

      280          280,057  

Series 2025-R1, Class A2
5.338%, 06/15/2032(a)

      6,323          6,362,949  

Pagaya Point of Sale Holdings Grantor Trust
Series 2025-1, Class A
5.715%, 01/20/2034(a)

     7,000          7,040,216  

PEAC Solutions Receivables LLC
Series 2024-2A, Class A2
4.74%, 04/20/2027(a)

     2,244          2,248,324  

RCKT Trust
Series 2025-1A, Class A
4.90%, 07/25/2034(a)

     5,307          5,319,672  

Reach Abs Trust
Series 2026-1A, Class A
4.32%, 02/15/2033(a)

     3,300          3,300,072  

Service Experts Issuer LLC
Series 2024-1A, Class A
6.39%, 11/20/2035(a)

     3,359          3,450,626  

Upgrade Master Pass-Thru Trust
Series 2025-ST5, Class A
4.794%, 09/15/2032(a)

     4,505          4,515,852  

Upstart Securitization Trust
Series 2023-3, Class A
6.90%, 10/20/2033(a)

      38          37,591  

Series 2024-1, Class A
5.33%, 11/20/2034(a)

      1,665          1,672,399  

Verdant Receivables 2023-1 LLC
Series 2023-1A, Class A2
6.24%, 01/13/2031(a)

     474          481,539  

VFI ABS LLC
Series 2025-1A, Class A
4.78%, 06/24/2030(a)

     4,885          4,910,245  
       

 

 

  
          54,478,409  
       

 

 

  

Credit Cards – Fixed Rate – 0.4%

        

Mission Lane Credit Card Master Trust
Series 2024-B, Class A
5.88%, 01/15/2030(a)

     5,900          5,928,132  
       

 

 

  

Total Asset-Backed Securities
(cost $133,164,022)

           132,675,323  
       

 

 

  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

SHORT-TERM INVESTMENTS – 8.7%

        

Commercial Paper – 4.8%

        

Anheuser-Busch InBev Worldwide, Inc.
Zero Coupon, 05/04/2026(a)

    $ 540        $ 536,185  

Charles Schwab Corp. (The)
Zero Coupon, 06/05/2026(a)

      7,300          7,226,870  

ERAC USA Finance LLC
Zero Coupon, 04/09/2026(a)

      7,300          7,267,296  

General Motors Financial Co., Inc.
Zero Coupon, 03/20/2026(a)

      9,550          9,528,584  

HCA, Inc.
Zero Coupon, 05/07/2026(a)

      3,700          3,670,336  

Imperial Brands Finance PLC
Zero Coupon, 04/20/2026(a)

      7,200          7,159,877  

Intesa Sanpaolo Funding LLC
Zero Coupon, 11/20/2026

      14,000          13,582,934  

Macquarie Group Ltd.
Zero Coupon, 06/02/2026

      7,200          7,127,220  

Zero Coupon, 06/05/2026

      7,300          7,223,873  

VW Credit, Inc.
Zero Coupon, 03/03/2026(a)

      7,400          7,396,842  
       

 

 

  

Total Commercial Paper
(cost $70,757,799)

           70,720,017  
       

 

 

  
    

 Shares 

           

Investment Companies – 3.9%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(h) (i) (j)
(cost $56,153,733)

      56,153,733          56,153,733  
       

 

 

  

Total Short-Term Investments
(cost $126,911,532)

           126,873,750  
       

 

 

  

Total Investments – 99.6%
(cost $1,449,238,729)(k)

           1,452,934,439  

Other assets less liabilities – 0.4%

           5,785,294  
       

 

 

  

Net Assets – 100.0%

         $  1,458,719,733  
       

 

 

  

FUTURES

 

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

 

U.S. T-Note 2 Yr (CBT) Futures        315        June 2026      $  65,921,133      $   110,516
U.S. T-Note 5 Yr (CBT) Futures        337        June 2026        37,117,391        202,727
                   

 

 

  
                    $ 313,243
                   

 

 

  

 

9

(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 $278,739,876 or 19.1% of net assets.

(b)

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

(c)

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

(d)

Non-income producing security.

(e)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.18% of net assets as of February 28, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities   

Acquisition

Date

      Cost     

Market

Value

     

Percentage

of

Net Assets

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

      01/25/2024      $ 423,524      $ 398,805      0.03%

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

      05/14/2024        368,983        344,999      0.02%

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

      10/07/2024        784,855        682,850      0.05%

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

      03/11/2025        2,015,238        1,163,985      0.08%

 

(f)

Fair valued by the Adviser.

(g)

Defaulted.

(h)

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.

(i)

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

(j)

Affiliated investments.

(k)

As of February 28, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,224,262 and gross unrealized depreciation of investments was $(1,215,309), resulting in net unrealized appreciation of $4,008,953.

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

 

10

AB Active ETFs, Inc.

AB Ultra Short 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.

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.

 

11

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    $ —      $ 625,426,001      $ —      $ 625,426,001  
Governments - Treasuries      —        567,959,365        —        567,959,365  
Asset-Backed Securities      —        130,084,684        2,590,639        132,675,323  
Short-Term Investments:            

Commercial Paper

      —        70,720,017        —        70,720,017  

Investment Companies

      56,153,733        —        —        56,153,733  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities       56,153,733         1,394,190,067         2,590,639         1,452,934,439  
Other Financial Instruments(a):            
Assets:            
Futures      313,243        —        —        313,243  
Liabilities      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $ 56,466,976      $ 1,394,190,067      $ 2,590,639      $ 1,453,247,682  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

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

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

 

Fund   

Market Value

11/30/2025

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

02/28/2026

(000)

     

Dividend

Income

(000)

  
AB Government Money Market Portfolio    $ 131,537      $ 282,947      $ 358,330      $ 56,154      $ 802  

 

12