UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23799

AB ACTIVE ETFs, INC.

(Exact name of registrant as specified in charter)

66 Hudson Boulevard East

New York, New York 10005

(Address of principal executive offices) (Zip code)

Stephen M. Woetzel

AllianceBernstein L.P.

66 Hudson Boulevard East

New York, New York 10005

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: November 30, 2026

Date of reporting period: May 31, 2026

ITEM 1. REPORTS TO STOCKHOLDERS.

CAM

May 31, 2026

AB California Intermediate Municipal ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB California Intermediate Municipal ETF (the “Fund”) for the period of October 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CAM-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB California Intermediate Municipal ETF	$14	0.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,165,621,208
# of Portfolio Holdings	417
Portfolio Turnover Rate	12%
Total Advisory Fees Paid (Net)	$1,514,127

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Table Summary
AAA	4.4%
AA	49.6%
A	21.3%
BBB	9.2%
BB	3.1%
B	0.1%
A-1+	5.2%
Not Rated	7.1%
Total	100.0%

Footnote	Description
Footnote^*	The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in fixed-income securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the “Adviser”). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

Footnote

Description

Footnote^*

The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in fixed-income securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the “Adviser”). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

CAM

State Breakdown (% of Net Assets)

Table Summary
California	93.1%
Guam	1.7%
New Jersey	1.2%
Puerto Rico	1.1%
Illinois	0.5%
Kentucky	0.4%
Wisconsin	0.2%
Georgia	0.2%
American Samoa	0.1%
Ohio	0.1%
Pennsylvania	0.1%
Washington	0.1%
Other	0.5%
Other assets less liabilities	0.7%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CAM-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CAM-0154-0526

CAM

BUFC

May 31, 2026

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Fund Information

AB Conservative Buffer ETF

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Conservative Buffer ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/BUFC-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Conservative Buffer ETF	$35	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,060,151,207
# of Portfolio Holdings	3
Portfolio Turnover Rate	0%
Total Advisory Fees Paid (Net)	$3,480,849

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Table Summary
Options on Equity Indices	103.2%
Short-Term Investments	0.5%
Other assets less liabilities	-3.7%
Total	100.0%

BUFC

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/BUFC-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CB-0154-0526

BUFC

CORB

May 31, 2026

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Fund Information

AB Core Bond ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Core Bond ETF (the “Fund”) for the period of October 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/ab/CORB-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Core Bond ETF	$14	0.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,055,945,571
# of Portfolio Holdings	695
Portfolio Turnover Rate	106%
Total Advisory Fees Paid (Net)	$1,305,637

Graphical Representation of Holdings

Security Type Breakdown (% of Net Assets)

Table Summary
Governments - Treasuries	40.1%
Corporates - Investment Grade	31.2%
Mortgage Pass-Throughs	18.4%
Collateralized Mortgage Obligations	5.6%
Asset-Backed Securities	3.9%
Collateralized Loan Obligations	2.1%
Agencies	1.2%
Commercial Mortgage-Backed Securities	0.9%
Others	2.5%
Short-Term Investments	3.9%
Other assets less liabilities	-9.8%
Total	100.0%

CORB

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/ab/CORB-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CORB-0154-0526

CORB

CPLS

May 31, 2026

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Fund Information

AB Core Plus Bond ETF

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Core Plus Bond ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CPLS-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Core Plus Bond ETF	$14	0.29%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$214,681,570
# of Portfolio Holdings	827
Portfolio Turnover Rate	64%
Total Advisory Fees Paid (Net)	$298,221

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Table Summary
Governments - Treasuries	43.4%
Industrial	25.9%
Financial Institutions	16.4%
Agency Fixed Rate 30-Year	4.3%
Utility	2.3%
CLO - Floating Rate	1.7%
Commercial Mortgage-Backed Securities	1.2%
Other ABS - Fixed Rate	0.6%
Autos - Fixed Rate	0.4%
Collateralized Mortgage Obligations	0.1%
Short-Term Investments	4.4%
Other assets less liabilities	-0.7%
Total	100.0%

CPLS

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CPLS-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-CPB-0154-0526

CPLS

EYEG

May 31, 2026

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Fund Information

AB Corporate Bond ETF

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Corporate Bond ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/EYEG-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Corporate Bond ETF	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$26,542,454
# of Portfolio Holdings	310
Portfolio Turnover Rate	39%
Total Advisory Fees Paid (Net)	$39,943

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Table Summary
Industrial	57.7%
Financial Institutions	31.2%
Utility	8.1%
Short-Term Investments	0.5%
Other assets less liabilities	2.5%
Total	100.0%

EYEG

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/EYEG-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-COB-0154-0526

EYEG

HYFI

May 31, 2026

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Fund Information

AB High Yield ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB High Yield ETF (the “Fund”) for the period of December 1, 2024 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/HYFI-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB High Yield ETF	$20	0.40%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$341,005,321
# of Portfolio Holdings	698
Portfolio Turnover Rate	36%
Total Advisory Fees Paid (Net)	$625,362

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Table Summary
Industrial	81.5%
Financial Institutions	13.7%
Utility	0.7%
Industrials	0.2%
Communication Services	0.1%
Information Technology	0.1%
Health Care	0.0%
Financials	0.0%
Energy	0.0%
Consumer Discretionary	0.0%
Others	0.0%
Short-Term Investments	2.1%
Other assets less liabilities	1.6%
Total	100.0%

HYFI

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/HYFI-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-HY-0154-0526

HYFI

BUFI

May 31, 2026

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Fund Information

AB International Buffer ETF

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB International Buffer ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/BUFI-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB International Buffer ETF	$36	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$128,296,859
# of Portfolio Holdings	3
Portfolio Turnover Rate	0%
Total Advisory Fees Paid (Net)	$343,676

Graphical Representation of Holdings

Portfolio Breakdown (% of Net Assets)

Table Summary
Purchased Options - Calls	99.1%
Purchased Options - Puts	2.1%
Short-Term Investments	0.5%
Other assets less liabilities	-1.7%
Total	100.0%

Country Breakdown (% of Net Assets)

Table Summary
United States	101.2%
Short-Term Investments	0.5%
Other assets less liabilities	-1.7%
Total	100.0%

BUFI

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/BUFI-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-IB-0154-0526

BUFI

IGGY

May 31, 2026

AB International Growth ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB International Growth ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/IGGY-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB International Growth ETF	$27	0.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$4,283,190
# of Portfolio Holdings	52
Portfolio Turnover Rate	28%
Total Advisory Fees Paid (Net)	$11,539

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)	$329,320	7.7%
SK hynix, Inc.	$236,861	5.5%
ASML Holding NV	$208,463	4.9%
Tencent Holdings Ltd. - Class H	$178,241	4.2%
Sea Ltd. (ADR)	$163,045	3.8%
3i Group PLC	$115,948	2.7%
Kingspan Group PLC	$115,753	2.7%
Safran SA	$110,588	2.6%
Standard Chartered PLC	$105,604	2.4%
Canadian Pacific Kansas City Ltd.	$103,123	2.4%
Total	$1,666,946	38.9%

IGGY

Sector Breakdown (% of Net Assets)

Table Summary
Information Technology	33.9%
Industrials	28.6%
Consumer Discretionary	15.8%
Financials	11.1%
Communication Services	4.9%
Health Care	3.7%
Materials	1.3%
Short-Term Investments	1.3%
Other assets less liabilities	-0.6%
Total	100.0%

Country Breakdown (% of Net Assets)

Table Summary
China	13.0%
United Kingdom	12.9%
Netherlands	10.3%
Taiwan	7.7%
South Korea	7.5%
Canada	7.1%
Germany	6.3%
Sweden	5.4%
United States	4.2%
France	4.0%
Singapore	3.8%
Denmark	3.8%
Brazil	3.2%
Ireland	2.7%
Others	7.4%
Short-Term Investments	1.3%
Other assets less liabilities	-0.6%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/IGGY-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-IG-0154-0526

IGGY

ILOW

May 31, 2026

AB International Low Volatility Equity ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB International Low Volatility Equity ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ILOW-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB International Low Volatility Equity ETF	$26	0.50%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,768,231,007
# of Portfolio Holdings	86
Portfolio Turnover Rate	17%
Total Advisory Fees Paid (Net)	$4,081,946

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
ASML Holding NV	$50,704,977	2.9%
Taiwan Semiconductor Manufacturing Co., Ltd.	$44,204,881	2.5%
Prysmian SpA	$37,735,436	2.1%
Schneider Electric SE	$37,134,014	2.1%
BAE Systems PLC	$35,034,743	2.0%
Novartis AG (REG)	$34,488,003	1.9%
AIB Group PLC	$31,605,851	1.8%
Roche Holding AG	$31,485,691	1.8%
Oversea-Chinese Banking Corp., Ltd.	$31,466,289	1.8%
ABB Ltd. (REG)	$31,350,838	1.8%
Total	$365,210,723	20.7%

ILOW

Sector Breakdown (% of Net Assets)

Table Summary
Financials	30.2%
Industrials	18.2%
Consumer Discretionary	11.5%
Consumer Staples	8.9%
Health Care	8.6%
Information Technology	8.1%
Communication Services	4.4%
Utilities	3.1%
Energy	3.1%
Materials	1.5%
Others	1.2%
Short-Term Investments	0.3%
Other assets less liabilities	0.9%
Total	100.0%

Country Breakdown (% of Net Assets)

Table Summary
United Kingdom	21.6%
Japan	13.7%
Italy	7.5%
Netherlands	7.4%
France	6.8%
United States	4.9%
Canada	4.3%
Switzerland	4.0%
Ireland	3.5%
Australia	2.9%
Singapore	2.6%
Taiwan	2.5%
Israel	2.3%
Hong Kong	2.1%
Others	12.7%
Short-Term Investments	0.3%
Other assets less liabilities	0.9%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/ILOW-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-ILVE-0154-0526

ILOW

BUFM

May 31, 2026

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Fund Information

AB Moderate Buffer ETF

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Moderate Buffer ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/BUFM-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Moderate Buffer ETF	$35	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$416,180,972
# of Portfolio Holdings	3
Portfolio Turnover Rate	0%
Total Advisory Fees Paid (Net)	$1,169,579

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Table Summary
Options on Equity Indices	103.3%
Short-Term Investments	0.5%
Other assets less liabilities	-3.8%
Total	100.0%

BUFM

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/BUFM-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-MB-0154-0526

BUFM

NYM

May 31, 2026

AB New York Intermediate Municipal ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB New York Intermediate Municipal ETF (the “Fund”) for the period of October 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/NYM-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB New York Intermediate Municipal ETF	$14	0.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,303,846,204
# of Portfolio Holdings	399
Portfolio Turnover Rate	10%
Total Advisory Fees Paid (Net)	$1,746,867

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Table Summary
AAA	6.9%
AA	51.8%
A	17.8%
BBB	11.9%
BB	2.7%
B	0.3%
A-1+	4.6%
Not Rated	4.0%
Total	100.0%

Footnote

Description

Footnote^*

NYM

State Breakdown (% of Net Assets)

Table Summary
New York	87.6%
New Jersey	2.1%
Guam	2.0%
Puerto Rico	1.4%
Michigan	1.1%
Nebraska	0.8%
Connecticut	0.7%
Alabama	0.7%
Georgia	0.6%
South Carolina	0.4%
Wisconsin	0.3%
Texas	0.2%
Illinois	0.1%
Other	0.4%
Other assets less liabilities	1.6%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/NYM-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-NYM-0154-0526

NYM

SYFI

May 31, 2026

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Fund Information

AB Short Duration High Yield ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Short Duration High Yield ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/SYFI-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Short Duration High Yield ETF	$20	0.40%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$898,966,857
# of Portfolio Holdings	524
Portfolio Turnover Rate	35%
Total Advisory Fees Paid (Net)	$1,725,193

Graphical Representation of Holdings

Security Type Breakdown (% of Net Assets)

Table Summary
Corporates - Non-Investment Grade	79.4%
Corporates - Investment Grade	12.5%
Bank Loans	4.4%
Emerging Markets - Corporate Bonds	0.5%
Emerging Markets - Sovereigns	0.3%
Common Stocks	0.1%
Commercial Mortgage-Backed Securities	0.1%
Quasi-Sovereigns	0.0%
Others	0.0%
Short-Term Investments	1.6%
Other assets less liabilities	1.1%
Total	100.0%

Country Breakdown (% of Net Assets)

Table Summary
United States	80.9%
United Kingdom	3.8%
Canada	3.7%
Italy	1.8%
France	1.3%
Germany	1.0%
Luxembourg	0.9%
Ireland	0.9%
Spain	0.8%
Israel	0.3%
Hong Kong	0.3%
Puerto Rico	0.2%
Switzerland	0.2%
Japan	0.2%
Others	1.0%
Short-Term Investments	1.6%
Other assets less liabilities	1.1%
Total	100.0%

SYFI

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/SYFI-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-SDHY-0154-0526

SYFI

SDFI

May 31, 2026

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Fund Information

AB Short Duration Income ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Short Duration Income ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/SDFI-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Short Duration Income ETF	$15	0.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$174,087,188
# of Portfolio Holdings	552
Portfolio Turnover Rate	42%
Total Advisory Fees Paid (Net)	$239,250

Graphical Representation of Holdings

Security Type Breakdown (% of Net Assets)

Table Summary
Corporates - Investment Grade	42.9%
Governments - Treasuries	21.9%
Asset-Backed Securities	11.2%
Corporates - Non-Investment Grade	9.8%
Collateralized Loan Obligations	5.6%
Collateralized Mortgage Obligations	3.8%
Mortgage Pass-Throughs	3.0%
Commercial Mortgage-Backed Securities	0.5%
Others	0.2%
Short-Term Investments	1.2%
Other assets less liabilities	-0.1%
Total	100.0%

SDFI

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/SDFI-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-SDI-0154-0526

SDFI

TAFI

May 31, 2026

AB Tax-Aware Short Duration Municipal ETF

Principal Listing Exchange: NYSE Arca

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Fund Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Tax-Aware Short Duration Municipal ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/TAFI-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Tax-Aware Short Duration Municipal ETF	$14	0.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,262,990,229
# of Portfolio Holdings	684
Portfolio Turnover Rate	11%
Total Advisory Fees Paid (Net)	$1,512,413

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Table Summary
AAA	8.4%
AA	38.3%
A	25.6%
BBB	10.1%
BB	4.3%
B	0.2%
D	0.2%
A-1+	7.2%
Not Rated	5.7%
Total	100.0%

Footnote

Description

Footnote^*

TAFI

Portfolio Breakdown (% of Net Assets)

Table Summary
Long-Term Municipal Bonds	84.8%
Short-Term Municipal Notes	12.8%
Collateralized Mortgage Obligations	0.5%
Asset-Backed Securities	0.3%
Commercial Mortgage-Backed Securities	0.2%
Corporates - Investment Grade	0.1%
Other assets less liabilities	1.3%
Total	100.0%

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/TAFI-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-TASDM-0154-0526

TAFI

YEAR

May 31, 2026

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Fund Information

AB Ultra Short Income ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Ultra Short Income ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/YEAR-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Ultra Short Income ETF	$12	0.24%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,464,360,310
# of Portfolio Holdings	174
Portfolio Turnover Rate	30%
Total Advisory Fees Paid (Net)	$1,753,437

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Table Summary
Governments - Treasuries	32.7%
Financial Institutions	25.6%
Industrial	16.6%
Autos - Fixed Rate	3.6%
Other ABS - Fixed Rate	3.0%
Utility	1.5%
Credit Cards - Fixed Rate	0.4%
Short-Term Investments	16.2%
Other assets less liabilities	0.4%
Total	100.0%

YEAR

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/YEAR-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-USI-0154-0526

YEAR

XCHG

May 31, 2026

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Fund Information

AB US Equity ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB US Equity ETF (the “Fund”) for the period of December 12, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/XCHG-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last period?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB US Equity ETF	$24	0.50%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$702,058,006
# of Portfolio Holdings	589
Portfolio Turnover Rate	8%
Total Advisory Fees Paid (Net)	$1,537,270

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$56,297,525	8.0%
Microsoft Corp.	$42,794,862	6.1%
Apple, Inc.	$37,158,232	5.3%
Amazon.com, Inc.	$35,729,893	5.1%
Alphabet, Inc. - Class C	$29,604,714	4.2%
Broadcom, Inc.	$26,994,290	3.8%
Meta Platforms, Inc. - Class A	$22,182,126	3.2%
Visa, Inc. - Class A	$17,826,109	2.5%
Alphabet, Inc. - Class A	$17,516,939	2.5%
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)	$11,590,647	1.7%
Total	$297,695,337	42.4%

Sector Breakdown (% of Net Assets)

Table Summary
Information Technology	31.8%
Communication Services	12.7%
Financials	12.5%
Industrials	9.6%
Health Care	8.7%
Consumer Discretionary	8.3%
Funds and Investment Trusts	6.1%
Consumer Staples	3.1%
Energy	2.3%
Materials	2.0%
Others	2.7%
Short-Term Investments	0.2%
Other assets less liabilities	0.0%
Total	100.0%

XCHG

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/XCHG-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-USE-0154-0526

XCHG

FWD

May 31, 2026

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Fund Information

AB Disruptors ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Disruptors ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/FWD-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Disruptors ETF	$38	0.64%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$2,887,116,041
# of Portfolio Holdings	113
Portfolio Turnover Rate	83%
Total Advisory Fees Paid (Net)	$5,758,053

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
Broadcom, Inc.	$87,343,088	3.0%
Advanced Micro Devices, Inc.	$77,517,188	2.7%
Samsung Electronics Co., Ltd.	$59,853,681	2.1%
NVIDIA Corp.	$57,030,392	2.0%
Taiwan Semiconductor Manufacturing Co., Ltd.	$56,429,410	1.9%
Caterpillar, Inc.	$51,337,368	1.8%
Lam Research Corp.	$48,068,725	1.7%
Amazon.com, Inc.	$42,252,858	1.4%
ASML Holding NV (REG)	$39,527,135	1.4%
Micron Technology, Inc.	$39,251,704	1.3%
Total	$558,611,549	19.3%

Sector Breakdown (% of Net Assets)

Table Summary
Information Technology	57.1%
Industrials	20.0%
Health Care	6.2%
Consumer Discretionary	3.9%
Communication Services	3.3%
Materials	1.8%
Energy	1.8%
Real Estate	0.7%
Financials	0.5%
Utilities	0.3%
Short-Term Investments	3.6%
Other assets less liabilities	0.8%
Total	100.0%

FWD

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/FWD-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-DR-0154-0526

FWD

TAFM

May 31, 2026

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Fund Information

AB Tax-Aware Intermediate Municipal ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Tax-Aware Intermediate Municipal ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/TAFM-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Tax-Aware Intermediate Municipal ETF	$14	0.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$616,132,925
# of Portfolio Holdings	568
Portfolio Turnover Rate	5%
Total Advisory Fees Paid (Net)	$677,865

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Table Summary
Municipal Obligations	97.5%
Commercial Mortgage-Backed Securities	0.2%
Collateralized Mortgage Obligations	0.1%
Warrants	0.0%
Short-Term Investments	2.0%
Other assets less liabilities	0.2%
Total	100.0%

TAFM

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

Effective January 6, 2026, the Fund’s investment objective changed as follows:

Former Investment Objective:

To provide relative stability of principal and a moderate rate of after-tax return and income.

New Investment Objective:

To provide enhanced income and attractive risk-adjusted after-tax returns.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/TAFM-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-TAIM-0154-0526

TAFM

TAFL

May 31, 2026

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Fund Information

AB Tax-Aware Long Municipal ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Tax-Aware Long Municipal ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/TAFL-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Tax-Aware Long Municipal ETF	$14	0.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$57,715,929
# of Portfolio Holdings	115
Portfolio Turnover Rate	26%
Total Advisory Fees Paid (Net)	$65,589

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Table Summary
Municipal Obligations	97.8%
Short-Term Investments	2.9%
Other assets less liabilities	-0.7%
Total	100.0%

TAFL

Material Fund Changes

This is a summary of certain changes to the Fund during the reporting period.

Effective January 6, 2026, the Fund’s investment objective changed as follows:

Former Investment Objective:

To provide relative stability of principal and a moderate rate of after-tax return and income.

New Investment Objective:

To provide enhanced income and attractive risk-adjusted after-tax returns.

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/TAFL-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-TALM-0154-0526

TAFL

HIDV

May 31, 2026

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Fund Information

AB US High Dividend ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB US High Dividend ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/HIDV-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB US High Dividend ETF	$19	0.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$191,875,553
# of Portfolio Holdings	109
Portfolio Turnover Rate	88%
Total Advisory Fees Paid (Net)	$268,375

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$15,433,278	8.1%
Apple, Inc.	$14,771,984	7.7%
Microsoft Corp.	$8,340,246	4.3%
Amazon.com, Inc.	$6,723,780	3.5%
Alphabet, Inc. - Class A	$6,546,793	3.4%
Broadcom, Inc.	$5,851,347	3.0%
Micron Technology, Inc.	$5,430,803	2.8%
Alphabet, Inc. - Class C	$4,300,336	2.3%
Eli Lilly & Co.	$4,289,610	2.2%
Exxon Mobil Corp.	$3,343,885	1.8%
Total	$75,032,062	39.1%

Sector Breakdown (% of Net Assets)

Table Summary
Information Technology	31.8%
Consumer Discretionary	11.3%
Financials	11.2%
Communication Services	10.5%
Health Care	7.8%
Real Estate	5.7%
Consumer Staples	5.4%
Energy	5.3%
Industrials	4.0%
Utilities	3.7%
Others	2.9%
Short-Term Investments	0.8%
Other assets less liabilities	-0.4%
Total	100.0%

HIDV

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/HIDV-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-UHD-0154-0526

HIDV

LRGC

May 31, 2026

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Fund Information

AB US Large Cap Strategic Equities ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB US Large Cap Strategic Equities ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/LRGC-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB US Large Cap Strategic Equities ETF	$20	0.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,253,550,715
# of Portfolio Holdings	70
Portfolio Turnover Rate	10%
Total Advisory Fees Paid (Net)	$1,700,667

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$102,237,788	8.2%
Alphabet, Inc. - Class C	$86,015,008	6.9%
Microsoft Corp.	$76,250,395	6.1%
Apple, Inc.	$69,155,929	5.5%
Amazon.com, Inc.	$64,539,250	5.1%
Broadcom, Inc.	$49,801,899	4.0%
Meta Platforms, Inc. - Class A	$40,290,887	3.2%
Visa, Inc. - Class A	$36,763,801	2.9%
UnitedHealth Group, Inc.	$20,584,659	1.6%
Eaton Corp. PLC	$20,139,765	1.6%
Total	$565,779,381	45.1%

Sector Breakdown (% of Net Assets)

Table Summary
Information Technology	34.6%
Communication Services	13.1%
Financials	12.7%
Industrials	10.3%
Health Care	9.0%
Consumer Discretionary	8.5%
Energy	2.8%
Consumer Staples	2.7%
Materials	2.2%
Utilities	1.8%
Others	1.5%
Short-Term Investments	0.8%
Other assets less liabilities	0.0%
Total	100.0%

LRGC

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/LRGC-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-ULCSE-0154-0526

LRGC

LOWV

May 31, 2026

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Fund Information

AB US Low Volatility Equity ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB US Low Volatility Equity ETF (the “Fund”) for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/LOWV-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB US Low Volatility Equity ETF	$20	0.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$204,396,051
# of Portfolio Holdings	71
Portfolio Turnover Rate	13%
Total Advisory Fees Paid (Net)	$356,937

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
Alphabet, Inc. - Class C	$14,541,491	7.1%
Apple, Inc.	$13,323,402	6.5%
Microsoft Corp.	$12,420,320	6.1%
NVIDIA Corp.	$11,722,071	5.7%
Broadcom, Inc.	$10,005,414	4.9%
Amazon.com, Inc.	$7,708,098	3.8%
Cisco Systems, Inc.	$5,479,712	2.7%
Visa, Inc. - Class A	$4,278,906	2.1%
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)	$4,119,222	2.0%
Merck & Co., Inc.	$4,117,210	2.0%
Total	$87,715,846	42.9%

Sector Breakdown (% of Net Assets)

Table Summary
Information Technology	34.0%
Financials	14.5%
Health Care	11.0%
Communication Services	9.1%
Consumer Discretionary	8.9%
Industrials	7.2%
Consumer Staples	5.6%
Utilities	4.3%
Energy	2.4%
Real Estate	1.6%
Short-Term Investments	0.7%
Other assets less liabilities	0.7%
Total	100.0%

LOWV

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/LOWV-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

AB ETFs are distributed by Foreside Fund Services, LLC; Foreside is not related to AllianceBernstein or its affiliates.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ETF-ULVE-0154-0526

LOWV

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

May 31, 2026

LOGO

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB ACTIVE ETFS, INC.

AB DISRUPTORS ETF (NYSE Arca: FWD)

AB US HIGH DIVIDEND ETF (NYSE Arca: HIDV)

AB US LARGE CAP STRATEGIC EQUITIES ETF (NYSE Arca: LRGC)

AB US LOW VOLATILITY EQUITY ETF (NYSE Arca: LOWV)

AB INTERNATIONAL LOW VOLATILITY EQUITY ETF (NYSE Arca: ILOW)

AB INTERNATIONAL GROWTH ETF (NYSE Arca: IGGY)

AB US EQUITY ETF (NYSE Arca: XCHG)

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund daily at www.abfunds.com.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

AB DISRUPTORS ETF

May 31, 2026 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 95.6%
Information Technology – 57.1%
Communications Equipment – 3.2%
Arista Networks, Inc.^(a)		78,071	$	12,449,982
Ciena Corp.^(a)		54,260		31,483,280
Lumentum Holdings, Inc.^(a)		30,006		25,653,930
Nokia Oyj		1,630,520		23,765,157

				93,352,349

Electronic Equipment, Instruments & Components – 7.4%
CDW Corp./DE		181,713		22,795,896
Cognex Corp.		441,426		29,067,902
Corning, Inc.		129,914		23,535,220
Ibiden Co., Ltd.		220,000		31,785,916
Littelfuse, Inc.		48,492		22,639,460
Luxshare Precision Industry Co., Ltd. – Class A		1,234,850		13,370,982
Murata Manufacturing Co., Ltd.		356,900		21,579,009
Teledyne Technologies, Inc.^(a)		30,800		19,090,764
Yaskawa Electric Corp.		658,900		29,834,482

				213,699,631

IT Services – 3.9%
Akamai Technologies, Inc.^(a)		172,317		25,768,284
International Business Machines Corp.		106,631		31,754,712
Okta, Inc.^(a)		136,136		16,781,485
Shopify, Inc. – Class A^(a)		144,362		17,137,213
Snowflake, Inc.^(a)		78,199		19,983,754

				111,425,448

Semiconductors & Semiconductor Equipment – 33.8%
Advanced Micro Devices, Inc.^(a)		150,198		77,517,188
Advanced Micro-Fabrication Equipment, Inc. China – Class A		448,829		19,739,445
Advantest Corp.		171,100		28,127,942
Analog Devices, Inc.		66,951		27,707,671
Applied Materials, Inc.		70,823		31,874,599
ARM Holdings PLC (ADR)^(a)		92,116		32,543,662
ASML Holding NV (REG)		24,509		39,527,135
ASPEED Technology, Inc.		23,000		13,913,585
Broadcom, Inc.		195,499		87,343,088
Enphase Energy, Inc.^(a)		273,475		18,694,751
Infineon Technologies AG		297,800		28,187,153
Intel Corp.^(a)		238,580		27,360,354
Kioxia Holdings Corp.^(a)		72,700		30,072,838
KLA Corp.		14,059		27,017,321
Lam Research Corp.		151,074		48,068,725
Lattice Semiconductor Corp.^(a)		233,618		34,360,535
Marvell Technology, Inc.		52,537		10,770,085



ABFunds.com		AB Active ETFs, Inc. 1

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

MediaTek, Inc.		209,000	$	28,755,806
Micron Technology, Inc.		40,424		39,251,704
Monolithic Power Systems, Inc.		10,255		16,061,484
NVIDIA Corp.		270,107		57,030,392
NXP Semiconductors NV		87,523		28,125,516
Qnity Electronics, Inc.		188,333		29,379,948
QUALCOMM, Inc.		80,033		20,089,884
Semtech Corp.^(a)		133,263		20,327,938
SiTime Corp.^(a)		17,352		12,323,390
SK hynix, Inc.		18,021		27,898,469
STMicroelectronics NV		326,362		22,450,991
Taiwan Semiconductor Manufacturing Co., Ltd.		750,607		56,429,410
Teradyne, Inc.		37,267		13,949,411
Tower Semiconductor Ltd.^(a)		84,623		21,598,328

				976,498,748

Software – 3.2%
Cloudflare, Inc. – Class A^(a)		50,452		12,200,302
Crowdstrike Holdings, Inc. – Class A^(a)		34,109		24,933,679
Oracle Corp.		107,883		24,357,824
Palo Alto Networks, Inc.^(a)		81,072		22,837,172
ServiceNow, Inc.^(a)		60,473		7,521,027

				91,850,004

Technology Hardware, Storage & Peripherals – 5.6%
Dell Technologies, Inc. – Class C		22,311		9,390,923
Lenovo Group Ltd. – Class H		6,858,000		21,000,842
Samsung Electronics Co., Ltd.		284,541		59,853,681
Sandisk Corp./DE^(a)		15,167		25,707,762
Seagate Technology Holdings PLC		34,628		30,465,714
Western Digital Corp.		29,196		15,509,207

				161,928,129

				1,648,754,309

Industrials – 20.0%
Aerospace & Defense – 4.4%
ATI, Inc.^(a)		151,971		26,619,240
Carpenter Technology Corp.		59,583		27,943,235
Curtiss-Wright Corp.		17,973		13,436,794
Kongsberg Gruppen ASA		381,491		13,718,508
L3Harris Technologies, Inc.		81,288		25,620,352
Rolls-Royce Holdings PLC		1,050,810		18,943,467

				126,281,596

Construction & Engineering – 0.9%
Quanta Services, Inc.		36,599		26,048,606


Electrical Equipment – 7.6%
Bloom Energy Corp. – Class A^(a)		69,535		19,817,475
Contemporary Amperex Technology Co., Ltd. – Class H^(b)		239,500		22,750,880



2 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Doosan Enerbility Co., Ltd.^(a)		183,242	$	12,840,315
GE Vernova, Inc.		17,184		16,639,611
Mitsubishi Electric Corp.		463,900		19,110,850
Nextpower, Inc. – Class A^(a)		118,239		18,492,580
Prysmian SpA		168,150		29,040,943
Rockwell Automation, Inc.		59,386		26,786,649
Siemens Energy AG		95,049		18,106,156
Sungrow Power Supply Co., Ltd. – Class A		775,304		20,387,876
Vicor Corp.^(a)		51,310		17,180,640

				221,153,975

Ground Transportation – 1.3%
Saia, Inc.^(a)		30,334		14,328,872
XPO, Inc.^(a)		115,960		24,844,430

				39,173,302

Industrial Conglomerates – 0.5%
Honeywell International, Inc.		57,443		13,663,392


Machinery – 5.3%
Caterpillar, Inc.		58,613		51,337,368
Daifuku Co., Ltd.		594,100		27,284,786
Deere & Co.		37,028		20,075,841
Kongsberg Maritime AS^(a)		381,491		2,409,104
Mitsubishi Heavy Industries Ltd.		567,500		13,568,095
Sandvik AB		566,853		23,114,305
Timken Co. (The)		112,844		14,441,775

				152,231,274

				578,552,145

Health Care – 6.2%
Biotechnology – 1.2%
Gilead Sciences, Inc.		162,582		21,855,898
Vertex Pharmaceuticals, Inc.^(a)		23,901		10,696,654

				32,552,552

Health Care Equipment & Supplies – 1.8%
Dexcom, Inc.^(a)		296,418		21,857,863
Edwards Lifesciences Corp.^(a)		187,544		16,216,930
Intuitive Surgical, Inc.^(a)		34,055		14,461,115

				52,535,908

Health Care Providers & Services – 0.9%
UnitedHealth Group, Inc.		70,349		26,754,428


Life Sciences Tools & Services – 0.5%
Lonza Group AG (REG)^(a)		22,132		14,173,997


Pharmaceuticals – 1.8%
AstraZeneca PLC		123,183		22,917,474
Eli Lilly & Co.		26,391		29,162,055

				52,079,529

				178,096,414



ABFunds.com		AB Active ETFs, Inc. 3

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Consumer Discretionary – 3.9%
Automobiles – 1.7%
Hyundai Motor Co.		32,208	$	15,452,146
Tesla, Inc.^(a)		75,970		33,106,966

				48,559,112

Broadline Retail – 1.4%
Amazon.com, Inc.^(a)		156,122		42,252,858


Hotels, Restaurants & Leisure – 0.3%
DoorDash, Inc. – Class A^(a)		52,567		8,373,398


Household Durables – 0.5%
Panasonic Holdings Corp.		609,500		14,166,405

				113,351,773

Communication Services – 3.3%
Interactive Media & Services – 2.3%
Alphabet, Inc. – Class A		94,670		36,006,788
Meta Platforms, Inc. – Class A		47,381		29,968,956

				65,975,744

Media – 1.0%
EchoStar Corp. – Class A^(a)		215,877		27,889,150

				93,864,894

Materials – 1.8%
Chemicals – 0.9%
Solstice Advanced Materials, Inc.		303,352		25,551,339


Metals & Mining – 0.9%
Freeport-McMoRan, Inc.		402,831		26,470,025

				52,021,364

Energy – 1.8%
Energy Equipment & Services – 0.9%
Baker Hughes Co.		382,552		24,437,422


Oil, Gas & Consumable Fuels – 0.9%
Cameco Corp.		239,870		27,033,349

				51,470,771

Real Estate – 0.7%
Specialized REITs – 0.7%
Equinix, Inc.		18,411		19,663,684


Financials – 0.5%
Capital Markets – 0.5%
Ares Management Corp. – Class A		107,161		13,770,189



4 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Utilities – 0.3%
Independent Power and Renewable Electricity Producers – 0.3%
Fervo Energy Co. – Class A^(a)		238,488	$	8,742,970


Total Common Stocks (cost $1,957,845,911)				2,758,288,513


SHORT-TERM INVESTMENTS – 3.6%
Investment Companies – 3.6%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(c)(d)(e) (cost $104,348,505)		104,348,505		104,348,505


Total Investments Before Security Lending Collateral for Securities Loaned – 99.2% (cost $2,062,194,416)				2,862,637,018


INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(c)(d)(e) (cost $182,590)		182,590		182,590


Total Investments – 99.2% (cost $2,062,377,006)				2,862,819,608
Other assets less liabilities – 0.8%				24,296,433


Net Assets – 100.0%			$	2,887,116,041

Country Breakdown (% of Net Assets)


United States	66.0	%
Japan	7.5
South Korea	4.0
Taiwan	3.4
China	3.4
Germany	1.6
Canada	1.5
United Kingdom	1.5
Netherlands	1.4
Italy	1.0
Finland	0.8
Sweden	0.8
Singapore	0.8
Israel	0.8
Others	1.1
Short-Term Investments	3.6
Other assets less liabilities	0.8

Total	100.0	%



ABFunds.com		AB Active ETFs, Inc. 5

PORTFOLIO OF INVESTMENTS (continued)

(a)	Non-income producing security.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

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

(d)	Affiliated investments.

(e)	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.

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

REIT – Real Estate Investment Trust

See notes to financial statements.



6 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB US HIGH DIVIDEND ETF

May 31, 2026 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.6%
Information Technology – 31.8%
Communications Equipment – 0.4%
Ubiquiti, Inc.		1,182	$	690,123


IT Services – 0.6%
Amdocs Ltd.		18,755		1,181,002


Semiconductors & Semiconductor Equipment – 18.0%
Advanced Micro Devices, Inc.^(a)		587		302,951
Applied Materials, Inc.		5,752		2,588,745
Broadcom, Inc.		13,097		5,851,347
KLA Corp.		92		176,797
Lam Research Corp.		8,521		2,711,212
Micron Technology, Inc.		5,593		5,430,803
NVIDIA Corp.		73,095		15,433,278
Skyworks Solutions, Inc.		25,791		2,007,830

				34,502,963

Software – 4.3%
Microsoft Corp.		18,524		8,340,246


Technology Hardware, Storage & Peripherals – 8.5%
Apple, Inc.		47,337		14,771,984
HP, Inc.		59,045		1,596,577

				16,368,561

				61,082,895

Consumer Discretionary – 11.3%
Automobiles – 2.2%
Ford Motor Co.		133,586		2,329,740
Tesla, Inc.^(a)		4,477		1,951,032

				4,280,772

Broadline Retail – 3.5%
Amazon.com, Inc.^(a)		24,844		6,723,780


Diversified Consumer Services – 0.8%
H&R Block, Inc.		40,588		1,562,232


Hotels, Restaurants & Leisure – 1.1%
Vail Resorts, Inc.^(b)		9,564		1,277,750
Wendy’s Co. (The)^(b)		112,196		863,909

				2,141,659

Household Durables – 0.3%
Newell Brands, Inc.		162,937		553,986


Leisure Products – 0.7%
Hasbro, Inc.		15,694		1,352,352



ABFunds.com		AB Active ETFs, Inc. 7

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Specialty Retail – 2.7%
Bath & Body Works, Inc.		63,980	$	1,280,880
Best Buy Co., Inc.		26,118		2,035,898
Gap, Inc. (The)		38,920		823,158
Home Depot, Inc. (The)		3,038		963,471

				5,103,407

				21,718,188

Financials – 11.2%
Banks – 4.0%
Citigroup, Inc.		10,949		1,378,479
Columbia Banking System, Inc.		24,138		715,450
First Hawaiian, Inc.		27,252		735,259
JPMorgan Chase & Co.		3,196		956,595
KeyCorp		69,384		1,479,961
TFS Financial Corp.		47,401		754,150
Truist Financial Corp.		17,898		862,862
Zions Bancorp NA		11,551		721,360

				7,604,116

Capital Markets – 2.1%
Jefferies Financial Group, Inc.		23,142		1,220,046
State Street Corp.		3,462		538,826
TPG, Inc.		26,282		1,118,825
Virtu Financial, Inc. – Class A		23,974		1,202,296

				4,079,993

Consumer Finance – 0.8%
Ally Financial, Inc.		5,873		251,423
OneMain Holdings, Inc.		21,577		1,193,424

				1,444,847

Financial Services – 1.5%
Berkshire Hathaway, Inc. – Class B^(a)		2,272		1,078,019
UWM Holdings Corp.^(b)		339,249		1,038,102
Visa, Inc. – Class A		459		149,799
Western Union Co. (The)^(b)		79,702		647,977

				2,913,897

Insurance – 1.0%
Lincoln National Corp.		32,099		1,132,773
Prudential Financial, Inc.		7,809		785,898

				1,918,671

Mortgage Real Estate Investment Trusts (REITs) – 1.8%
AGNC Investment Corp.^(b)		110,638		1,151,742
Annaly Capital Management, Inc.		53,566		1,170,417
Rithm Capital Corp.		122,254		1,139,407
Starwood Property Trust, Inc.		4,770		81,472

				3,543,038

				21,504,562



8 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Communication Services – 10.5%
Diversified Telecommunication Services – 2.7%
AT&T, Inc.		59,421	$	1,473,641
Comcast Corp. – Class A		66,843		1,662,385
Verizon Communications, Inc.		44,120		2,109,377

				5,245,403

Interactive Media & Services – 7.0%
Alphabet, Inc. – Class A		17,213		6,546,793
Alphabet, Inc. – Class C		11,424		4,300,336
Meta Platforms, Inc. – Class A		4,022		2,543,955

				13,391,084

Media – 0.8%
Sirius XM Holdings, Inc.		6,512		192,234
Versant Media Group, Inc.		29,747		1,283,286

				1,475,520

				20,112,007

Health Care – 7.8%
Biotechnology – 1.0%
AbbVie, Inc.		8,773		1,910,058


Health Care Equipment & Supplies – 0.2%
Medtronic PLC		6,272		462,936


Life Sciences Tools & Services – 0.7%
QIAGEN NV		35,157		1,286,395


Pharmaceuticals – 5.9%
Bristol-Myers Squibb Co.		32,382		1,851,603
Eli Lilly & Co.		3,882		4,289,610
Johnson & Johnson		618		139,254
Merck & Co., Inc.		20,542		2,438,746
Perrigo Co. PLC		58,296		644,171
Pfizer, Inc.		73,558		1,925,748

				11,289,132

				14,948,521

Real Estate – 5.7%
Health Care REITs – 1.4%
Healthpeak Properties, Inc.		78,544		1,504,118
Omega Healthcare Investors, Inc.		26,087		1,219,828

				2,723,946

Hotel & Resort REITs – 1.2%
Host Hotels & Resorts, Inc.		69,969		1,607,888
Park Hotels & Resorts, Inc.		64,181		778,515

				2,386,403

Office REITs – 0.4%
Highwoods Properties, Inc.		28,721		749,618



ABFunds.com		AB Active ETFs, Inc. 9

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Specialized REITs – 2.7%
EPR Properties		21,126	$	1,205,238
Gaming & Leisure Properties, Inc.		24,691		1,159,736
Millrose Properties, Inc.		43,391		1,224,494
VICI Properties, Inc.		54,693		1,543,437

				5,132,905

				10,992,872

Consumer Staples – 5.4%
Consumer Staples Distribution & Retail – 0.8%
Target Corp.		10,460		1,329,152
Walmart, Inc.		1,748		202,331

				1,531,483

Food Products – 2.4%
Conagra Brands, Inc.		104,857		1,392,501
Flowers Foods, Inc.		81,607		623,478
General Mills, Inc.		43,977		1,486,862
Smithfield Foods, Inc.		45,857		1,184,486

				4,687,327

Tobacco – 2.2%
Altria Group, Inc.		25,954		1,805,879
Philip Morris International, Inc.		13,407		2,378,134

				4,184,013

				10,402,823

Energy – 5.3%
Oil, Gas & Consumable Fuels – 5.3%
Antero Midstream Corp.		56,113		1,176,129
Chevron Corp.		13,845		2,526,159
Chord Energy Corp.		1,251		164,969
Exxon Mobil Corp.		23,020		3,343,885
HF Sinclair Corp.		16,861		1,178,415
Phillips 66		9,872		1,736,287

				10,125,844

Industrials – 4.0%
Aerospace & Defense – 0.6%
RTX Corp.		6,852		1,231,030


Air Freight & Logistics – 1.0%
United Parcel Service, Inc. – Class B		17,009		1,814,690


Machinery – 0.8%
Stanley Black & Decker, Inc.		18,717		1,486,504


Professional Services – 1.5%
Concentrix Corp.		30,845		872,605
ManpowerGroup, Inc.		25,296		800,113
Paychex, Inc.		3,983		386,271
Robert Half, Inc.		27,347		805,096

				2,864,085



10 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Trading Companies & Distributors – 0.1%
MSC Industrial Direct Co., Inc. – Class A		2,480	$	271,486

				7,667,795

Utilities – 3.7%
Electric Utilities – 0.8%
Edison International		22,828		1,596,591


Gas Utilities – 0.6%
UGI Corp.		34,397		1,201,143


Independent Power and Renewable Electricity Producers – 0.6%
Clearway Energy, Inc. – Class C		27,783		1,143,548


Multi-Utilities – 1.7%
Consolidated Edison, Inc.		14,947		1,578,852
Public Service Enterprise Group, Inc.		20,348		1,600,370

				3,179,222

				7,120,504

Materials – 2.9%
Chemicals – 1.3%
Eastman Chemical Co.		3,625		275,029
LyondellBasell Industries NV – Class A		21,130		1,408,314
Scotts Miracle-Gro Co. (The)		12,511		738,149

				2,421,492

Containers & Packaging – 1.0%
Amcor PLC		38,051		1,477,140
Sonoco Products Co.		7,452		362,763

				1,839,903

Metals & Mining – 0.6%
Anglogold Ashanti PLC		12,346		1,195,587

				5,456,982

Total Common Stocks (cost $169,271,847)				191,132,993


SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(c)(d)(e) (cost $387,093)		387,093		387,093


Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% (cost $169,658,940)				191,520,086



ABFunds.com		AB Active ETFs, Inc. 11

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(c)(d)(e) (cost $1,193,518)		1,193,518	$	1,193,518


Total Investments – 100.4% (cost $170,852,458)				192,713,604
Other assets less liabilities – (0.4)%				(838,051	)


Net Assets – 100.0%			$	191,875,553

(a)	Non-income producing security.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

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

(d)	Affiliated investments.

(e)	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.

Glossary:

REIT – Real Estate Investment Trust

See notes to financial statements.



12 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB US LARGE CAP STRATEGIC EQUITIES ETF

May 31, 2026 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.2%
Information Technology – 34.6%
Communications Equipment – 1.8%
Cisco Systems, Inc.		130,947	$	15,768,638
Motorola Solutions, Inc.		16,926		6,825,917

				22,594,555

Electronic Equipment, Instruments & Components – 0.8%
Amphenol Corp. – Class A		64,905		9,655,268


Semiconductors & Semiconductor Equipment – 18.3%
Applied Materials, Inc.		42,064		18,931,324
ASML Holding NV (REG)		5,010		8,079,927
Broadcom, Inc.		111,471		49,801,899
Intel Corp.^(a)		86,478		9,917,297
Micron Technology, Inc.		5,993		5,819,203
NVIDIA Corp.		484,218		102,237,788
NXP Semiconductors NV		49,071		15,768,966
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		44,880		18,780,036

				229,336,440

Software – 7.3%
Microsoft Corp.		169,355		76,250,395
Oracle Corp.		65,944		14,888,836

				91,139,231

Technology Hardware, Storage & Peripherals – 6.4%
Apple, Inc.		221,611		69,155,929
Seagate Technology Holdings PLC		13,165		11,582,567

				80,738,496

				433,463,990

Communication Services – 13.1%
Entertainment – 1.6%
Walt Disney Co. (The)		194,768		19,833,225


Interactive Media & Services – 10.5%
Alphabet, Inc. – Class C		228,502		86,015,008
Meta Platforms, Inc. – Class A		63,700		40,290,887
Reddit, Inc. – Class A^(a)		31,808		5,598,208

				131,904,103

Wireless Telecommunication Services – 1.0%
T-Mobile US, Inc.		65,667		12,314,533

				164,051,861



ABFunds.com		AB Active ETFs, Inc. 13

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Financials – 12.7%
Banks – 3.4%
Bank of America Corp.		356,180	$	18,378,888
Fifth Third Bancorp		125,889		6,285,638
Wells Fargo & Co.		226,868		17,591,345

				42,255,871

Capital Markets – 3.7%
Charles Schwab Corp. (The)		219,356		19,160,747
Goldman Sachs Group, Inc. (The)		13,879		14,233,747
S&P Global, Inc.		32,014		13,573,936

				46,968,430

Consumer Finance – 0.9%
Capital One Financial Corp.		59,852		11,247,986


Financial Services – 2.9%
Visa, Inc. – Class A		112,648		36,763,801


Insurance – 1.8%
Everest Group Ltd.		20,194		6,543,462
Marsh & McLennan Cos., Inc.		58,740		9,396,638
Progressive Corp. (The)		31,943		6,081,947

				22,022,047

				159,258,135

Industrials – 10.3%
Aerospace & Defense – 2.7%
Airbus SE (ADR)		132,915		6,920,884
BAE Systems PLC (Sponsored ADR)		73,998		8,088,722
RTX Corp.		103,105		18,523,844

				33,533,450

Building Products – 0.5%
Carrier Global Corp.		100,982		6,449,720


Commercial Services & Supplies – 0.8%
Veralto Corp.		119,571		9,832,323


Electrical Equipment – 3.0%
Eaton Corp. PLC		50,274		20,139,765
GE Vernova, Inc.		17,766		17,203,173

				37,342,938

Ground Transportation – 1.1%
CSX Corp.		315,635		14,285,640


Machinery – 1.5%
Deere & Co.		20,619		11,179,209
PACCAR, Inc.		66,689		7,360,465

				18,539,674

Trading Companies & Distributors – 0.7%
United Rentals, Inc.		8,867		8,828,606

				128,812,351



14 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Health Care – 9.0%
Biotechnology – 0.7%
Vertex Pharmaceuticals, Inc.^(a)		19,095	$	8,545,776


Health Care Equipment & Supplies – 1.5%
Medtronic PLC		92,704		6,842,482
Stryker Corp.		38,905		11,869,527

				18,712,009

Health Care Providers & Services – 2.1%
Encompass Health Corp.		60,547		6,408,900
UnitedHealth Group, Inc.		54,126		20,584,659

				26,993,559

Life Sciences Tools & Services – 2.7%
IQVIA Holdings, Inc.^(a)		61,069		11,127,382
Thermo Fisher Scientific, Inc.		30,570		15,056,031
Waters Corp.^(a)		19,728		7,567,069

				33,750,482

Pharmaceuticals – 2.0%
Eli Lilly & Co.		10,066		11,122,930
Merck & Co., Inc.		118,812		14,105,361

				25,228,291

				113,230,117

Consumer Discretionary – 8.5%
Broadline Retail – 5.1%
Amazon.com, Inc.^(a)		238,469		64,539,250


Hotels, Restaurants & Leisure – 0.6%
Hyatt Hotels Corp. – Class A^(b)		41,884		7,596,082


Specialty Retail – 2.8%
AutoZone, Inc.^(a)		4,786		14,047,819
Home Depot, Inc. (The)		26,162		8,297,017
TJX Cos., Inc. (The)		81,069		12,545,428

				34,890,264

				107,025,596

Energy – 2.8%
Oil, Gas & Consumable Fuels – 2.8%
EOG Resources, Inc.		127,832		17,050,232
Exxon Mobil Corp.		122,679		17,820,352

				34,870,584

Consumer Staples – 2.7%
Beverages – 2.2%
Coca-Cola Co. (The)		189,401		14,964,573
Monster Beverage Corp.^(a)		136,685		12,039,215

				27,003,788



ABFunds.com		AB Active ETFs, Inc. 15

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Consumer Staples Distribution & Retail – 0.5%
Walmart, Inc.		59,744	$	6,915,368

				33,919,156

Materials – 2.2%
Chemicals – 1.7%
Corteva, Inc.		115,190		9,017,073
Linde PLC		24,638		12,262,086

				21,279,159

Construction Materials – 0.5%
Eagle Materials, Inc.		26,849		5,938,462

				27,217,621

Utilities – 1.8%
Electric Utilities – 1.1%
American Electric Power Co., Inc.		114,003		14,440,760


Multi-Utilities – 0.7%
Ameren Corp.		79,679		8,602,942

				23,043,702

Real Estate – 1.5%
Specialized REITs – 1.5%
Digital Realty Trust, Inc.		50,860		9,663,400
Extra Space Storage, Inc.		61,145		8,823,835

				18,487,235

Total Common Stocks (cost $1,060,369,655)				1,243,380,348


SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(c)(d)(e) (cost $9,472,869)		9,472,869		9,472,869


Total Investments Before Security Lending Collateral for Securities Loaned – 100.0% (cost $1,069,842,524)				1,252,853,217


INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(c)(d)(e) (cost $599,355)		599,355		599,355


Total Investments – 100.0% (cost $1,070,441,879)				1,253,452,572
Other assets less liabilities – 0.0%				98,143


Net Assets – 100.0%			$	1,253,550,715



16 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(a)	Non-income producing security.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

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

(d)	Affiliated investments.

(e)	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.

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

REIT – Real Estate Investment Trust

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 17

PORTFOLIO OF INVESTMENTS

AB US LOW VOLATILITY EQUITY ETF

May 31, 2026 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 98.6%
Information Technology – 34.0%
Communications Equipment – 3.7%
Cisco Systems, Inc.		45,505	$	5,479,712
Motorola Solutions, Inc.		5,428		2,189,004

				7,668,716

Semiconductors & Semiconductor Equipment – 15.7%
Analog Devices, Inc.		8,911		3,687,817
ASML Holding NV (REG)		916		1,477,288
Broadcom, Inc.		22,395		10,005,414
KLA Corp.		525		1,008,898
NVIDIA Corp.		55,518		11,722,071
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		9,844		4,119,222

				32,020,710

Software – 8.1%
Intuit, Inc.		3,598		1,192,845
Microsoft Corp.		27,586		12,420,320
Nice Ltd. (Sponsored ADR)^(a)(b)		7,136		661,222
ServiceNow, Inc.^(a)		17,784		2,211,796

				16,486,183

Technology Hardware, Storage & Peripherals – 6.5%
Apple, Inc.		42,695		13,323,402

				69,499,011

Financials – 14.5%
Banks – 3.8%
Bank of America Corp.		70,614		3,643,682
JPMorgan Chase & Co.		10,010		2,996,093
M&T Bank Corp.		5,015		1,083,792

				7,723,567

Capital Markets – 2.9%
Cboe Global Markets, Inc.		8,594		2,866,615
CME Group, Inc.		2,524		690,415
S&P Global, Inc.		5,383		2,282,392

				5,839,422

Financial Services – 3.9%
Mastercard, Inc. – Class A		7,580		3,744,368
Visa, Inc. – Class A		13,111		4,278,906

				8,023,274

Insurance – 3.9%
American Financial Group, Inc./OH		6,250		811,250
Everest Group Ltd.		2,103		681,435
Hanover Insurance Group, Inc. (The)		5,346		995,425
Marsh & McLennan Cos., Inc.		8,958		1,433,011
Reinsurance Group of America, Inc. – Class A		3,024		607,038



18 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Travelers Cos., Inc. (The)		8,409	$	2,454,503
Willis Towers Watson PLC		4,296		1,072,583

				8,055,245

				29,641,508

Health Care – 11.0%
Biotechnology – 3.3%
AbbVie, Inc.		13,631		2,967,741
Gilead Sciences, Inc.		28,591		3,843,488

				6,811,229

Health Care Equipment & Supplies – 0.8%
Medtronic PLC		23,224		1,714,163


Health Care Providers & Services – 2.4%
McKesson Corp.		4,285		3,181,356
UnitedHealth Group, Inc.		4,580		1,741,820

				4,923,176

Life Sciences Tools & Services – 0.7%
Thermo Fisher Scientific, Inc.		2,747		1,352,925


Pharmaceuticals – 3.8%
Eli Lilly & Co.		3,278		3,622,190
Merck & Co., Inc.		34,680		4,117,210

				7,739,400

				22,540,893

Communication Services – 9.1%
Entertainment – 1.1%
Netflix, Inc.^(a)		15,359		1,321,181
Spotify Technology SA^(a)		1,726		858,996

				2,180,177

Interactive Media & Services – 8.0%
Alphabet, Inc. – Class C		38,630		14,541,491
Meta Platforms, Inc. – Class A		2,937		1,857,682

				16,399,173

				18,579,350

Consumer Discretionary – 8.9%
Broadline Retail – 3.8%
Amazon.com, Inc.^(a)		28,481		7,708,098


Diversified Consumer Services – 0.3%
ADT, Inc.		84,335		565,888


Hotels, Restaurants & Leisure – 2.5%
Compass Group PLC (Sponsored ADR)		71,122		2,291,551
InterContinental Hotels Group PLC (ADR)		7,181		1,112,193
Yum! Brands, Inc.		12,460		1,843,457

				5,247,201



ABFunds.com		AB Active ETFs, Inc. 19

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Specialty Retail – 2.3%
AutoZone, Inc.^(a)		799	$	2,345,217
O’Reilly Automotive, Inc.^(a)		9,839		854,812
Ulta Beauty, Inc.^(a)		2,922		1,486,860

				4,686,889

				18,208,076

Industrials – 7.2%
Aerospace & Defense – 3.1%
BAE Systems PLC (Sponsored ADR)		25,558		2,793,745
L3Harris Technologies, Inc.		10,891		3,432,625

				6,226,370

Building Products – 0.8%
Trane Technologies PLC		3,342		1,508,245


Construction & Engineering – 0.6%
Stantec, Inc.		16,605		1,254,508


Electrical Equipment – 0.7%
Eaton Corp. PLC		3,731		1,494,639


Professional Services – 2.0%
Automatic Data Processing, Inc.		6,076		1,347,900
Experian PLC (Sponsored ADR)^(b)		42,501		1,474,359
RELX PLC (Sponsored ADR)^(b)		39,887		1,307,895

				4,130,154

				14,613,916

Consumer Staples – 5.6%
Beverages – 1.5%
Coca-Cola Co. (The)		15,575		1,230,581
Monster Beverage Corp.^(a)		21,420		1,886,673

				3,117,254

Consumer Staples Distribution & Retail – 0.5%
US Foods Holding Corp.^(a)		13,084		1,070,926


Household Products – 2.1%
Colgate-Palmolive Co.		29,453		2,654,599
Procter & Gamble Co. (The)		11,556		1,658,979

				4,313,578

Tobacco – 1.5%
Philip Morris International, Inc.		16,858		2,990,272

				11,492,030

Utilities – 4.3%
Electric Utilities – 2.9%
American Electric Power Co., Inc.		27,263		3,453,404
NextEra Energy, Inc.		28,462		2,476,479

				5,929,883



20 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Multi-Utilities – 1.4%
Ameren Corp.		25,789	$	2,784,438

				8,714,321

Energy – 2.4%
Oil, Gas & Consumable Fuels – 2.4%
Exxon Mobil Corp.		14,533		2,111,063
Shell PLC (ADR)		34,016		2,861,426

				4,972,489

Real Estate – 1.6%
Office REITs – 0.4%
COPT Defense Properties		27,693		887,837


Specialized REITs – 1.2%
Digital Realty Trust, Inc.		8,824		1,676,560
Extra Space Storage, Inc.		4,458		643,334

				2,319,894

				3,207,731

Total Common Stocks (cost $170,520,946)				201,469,325


SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(c)(d)(e) (cost $793,510)		793,510		793,510


Total Investments Before Security Lending Collateral for Securities Loaned – 99.0% (cost $171,314,456)				202,262,835


INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3%
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(c)(d)(e) (cost $713,770)		713,770		713,770


Total Investments – 99.3% (cost $172,028,226)				202,976,605
Other assets less liabilities – 0.7%				1,419,446


Net Assets – 100.0%			$	204,396,051

(a)	Non-income producing security.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

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

(d)	Affiliated investments.

(e)	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.



ABFunds.com		AB Active ETFs, Inc. 21

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

REIT – Real Estate Investment Trust

See notes to financial statements.



22 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB INTERNATIONAL LOW VOLATILITY EQUITY ETF

May 31, 2026 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 98.8%
Financials – 30.2%
Banks – 17.8%
AIB Group PLC		2,681,600	$	31,605,851
Bank Leumi Le-Israel BM		592,948		15,124,833
BAWAG Group AG^(a)		141,647		25,471,947
KBC Group NV		199,878		26,578,560
Mitsubishi UFJ Financial Group, Inc.		1,413,400		26,627,217
NatWest Group PLC		2,708,440		21,883,153
Nordea Bank Abp		1,352,897		25,971,461
Oversea-Chinese Banking Corp., Ltd.		1,714,980		31,466,289
Royal Bank of Canada		73,283		14,067,697
Shizuoka Financial Group, Inc.		935,800		16,877,202
Sumitomo Mitsui Financial Group, Inc.		699,700		25,576,697
Toronto-Dominion Bank (The)		242,383		27,756,465
UniCredit SpA		301,505		26,120,687

				315,128,059

Capital Markets – 4.6%
Euronext NV^(a)		176,576		28,765,320
IG Group Holdings PLC		860,831		20,828,419
London Stock Exchange Group PLC		138,576		16,852,518
Singapore Exchange Ltd.		834,300		14,313,313

				80,759,570

Insurance – 7.8%
AIA Group Ltd. – Class H		1,689,400		17,729,496
AXA SA		590,006		27,354,395
Medibank Pvt. Ltd.		2,691,206		9,294,349
NN Group NV^(b)		312,929		26,175,557
Phoenix Financial Ltd.		262,704		17,560,766
Suncorp Group Ltd.		861,500		10,772,980
Tryg A/S		1,249,423		29,419,763

				138,307,306

				534,194,935

Industrials – 18.2%
Aerospace & Defense – 3.4%
BAE Systems PLC		1,284,781		35,034,743
Safran SA		71,496		25,505,233

				60,539,976

Construction & Engineering – 2.2%
Stantec, Inc.		239,085		18,079,550
Vinci SA		140,361		20,482,467

				38,562,017

Electrical Equipment – 6.0%
ABB Ltd. (REG)		292,944		31,350,838
Prysmian SpA		218,492		37,735,436



ABFunds.com		AB Active ETFs, Inc. 23

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Schneider Electric SE		117,879	$	37,134,014

				106,220,288

Industrial Conglomerates – 1.3%
Hitachi Ltd.		730,100		23,693,050


Machinery – 1.1%
Weir Group PLC (The)		566,245		18,669,590


Passenger Airlines – 0.9%
Ryanair Holdings PLC		553,989		16,245,974


Professional Services – 1.3%
RELX PLC		681,572		22,508,770


Trading Companies & Distributors – 2.0%
BOC Aviation Ltd. – Class H^(a)		2,311,000		22,557,417
Bunzl PLC		427,426		13,562,550

				36,119,967

				322,559,632

Consumer Discretionary – 11.5%
Broadline Retail – 1.0%
Canadian Tire Corp., Ltd. – Class A^(b)		130,382		16,743,186


Diversified Consumer Services – 1.2%
Pearson PLC		1,426,320		21,379,409


Hotels, Restaurants & Leisure – 5.2%
Amadeus IT Group SA		197,738		12,631,271
Aristocrat Leisure Ltd.		494,060		17,809,357
Compass Group PLC		782,366		25,168,714
InterContinental Hotels Group PLC		96,127		14,817,977
Lottomatica Group SpA		724,821		21,500,989

				91,928,308

Household Durables – 2.7%
Open House Group Co., Ltd.		439,800		23,886,618
Sony Group Corp.		1,084,400		23,460,479

				47,347,097

Specialty Retail – 1.4%
Industria de Diseno Textil SA		407,857		25,368,060

				202,766,060

Consumer Staples – 8.9%
Consumer Staples Distribution & Retail – 1.9%
Koninklijke Ahold Delhaize NV		209,645		8,848,815
Tesco PLC		4,406,335		25,551,822

				34,400,637

Food Products – 4.1%
Danone SA		223,688		15,907,329
Glanbia PLC		682,722		16,619,208



24 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Kerry Group PLC – Class A		150,740	$	12,920,295
Salmar ASA		101,471		6,312,271
Toyo Suisan Kaisha Ltd.		282,500		19,804,636

				71,563,739

Household Products – 0.8%
Reckitt Benckiser Group PLC		215,890		13,360,225


Tobacco – 2.1%
British American Tobacco PLC		442,411		27,378,343
Philip Morris International, Inc.		59,084		10,480,320

				37,858,663

				157,183,264

Health Care – 8.6%
Health Care Providers & Services – 0.8%
Fresenius SE & Co. KGaA		171,857		7,273,893
Galenica AG^(a)(c)		66,306		7,073,149

				14,347,042

Pharmaceuticals – 7.8%
AstraZeneca PLC		158,677		29,520,924
Chugai Pharmaceutical Co., Ltd.		336,700		16,692,232
Haleon PLC		1,144,313		5,193,521
Novartis AG (REG)		228,715		34,488,003
Roche Holding AG		74,708		31,485,691
Takeda Pharmaceutical Co., Ltd.		620,700		19,955,667

				137,336,038

				151,683,080

Information Technology – 8.1%
IT Services – 1.3%
BIPROGY, Inc.		345,900		9,969,151
Obic Co., Ltd.		539,111		13,509,101

				23,478,252

Semiconductors & Semiconductor Equipment – 5.4%
ASML Holding NV		31,377		50,704,977
Taiwan Semiconductor Manufacturing Co., Ltd.		588,000		44,204,881

				94,909,858

Software – 1.4%
Nice Ltd.^(c)		84,208		7,512,323
SAP SE		92,513		16,761,561

				24,273,884

				142,661,994

Communication Services – 4.4%
Diversified Telecommunication Services – 2.1%
HKT Trust & HKT Ltd. – Class H		13,251,000		20,457,945
Koninklijke KPN NV		3,292,965		17,161,607

				37,619,552



ABFunds.com		AB Active ETFs, Inc. 25

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Interactive Media & Services – 0.5%
Autotrader Group PLC		1,335,752	$	7,949,330


Media – 1.0%
Informa PLC		1,641,210		17,945,933


Wireless Telecommunication Services – 0.8%
Tele2 AB – Class B		745,845		13,998,856

				77,513,671

Utilities – 3.1%
Electric Utilities – 1.7%
Enel SpA		2,696,562		30,287,489


Multi-Utilities – 1.4%
National Grid PLC		1,585,595		25,551,464

				55,838,953

Energy – 3.1%
Oil, Gas & Consumable Fuels – 3.1%
Gaztransport Et Technigaz SA		52,618		12,151,566
Shell PLC		560,229		23,545,919
TotalEnergies SE		218,526		19,171,564

				54,869,049

Materials – 1.5%
Metals & Mining – 1.5%
Anglo American PLC		241,361		12,974,666
Rio Tinto Ltd.^(b)		102,598		13,703,070

				26,677,736

Real Estate – 1.2%
Real Estate Management & Development – 1.2%
Mitsui Fudosan Co., Ltd.		2,231,600		21,455,266


Total Common Stocks (cost $1,378,293,372)				1,747,403,640


WARRANTS – 0.0%
Information Technology – 0.0%
Software – 0.0%
Constellation Software, Inc./Canada, expiring 03/31/2040^(c)(d)(e) (cost $0)		9,807		– 0	–



26 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 0.3%
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(f)(g)(h) (cost $5,402,111)		5,402,111	$	5,402,111


Total Investments – 99.1% (cost $1,383,695,483)				1,752,805,751
Other assets less liabilities – 0.9%				15,425,256


Net Assets – 100.0%			$	1,768,231,007

Country Breakdown (% of Net Assets)


United Kingdom	21.6	%
Japan	13.7
Italy	7.5
Netherlands	7.4
France	6.8
United States	4.9
Canada	4.3
Switzerland	4.0
Ireland	3.5
Australia	2.9
Singapore	2.6
Taiwan	2.5
Israel	2.3
Hong Kong	2.1
Others	12.7
Short-Term Investments	0.3
Other assets less liabilities	0.9

Total	100.0	%

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA	EUR	4,941	USD	5,777		06/18/2026	$	7,368
Bank of America NA	USD	8,019	EUR	6,903		06/18/2026		42,721
Bank of America NA	SEK	41,076	USD	4,423		06/25/2026		(30,658	)
Bank of America NA	USD	5,427	SGD	6,932		06/26/2026		17,655
Bank of America NA	GBP	119,453	USD	161,441		07/16/2026		437,779
Bank of America NA	USD	4,326	TWD	137,149		07/21/2026		25,793
Bank of America NA	ILS	63,051	USD	21,507		08/06/2026		(995,377	)
Deutsche Bank AG	EUR	27,499	USD	32,061		06/18/2026		(51,553	)
Deutsche Bank AG	GBP	5,788	USD	7,875		07/16/2026		74,171
Deutsche Bank AG	TWD	190,793	USD	6,040		07/21/2026		(14,103	)
Morgan Stanley Bank NA	JPY	4,058,734	USD	25,816		06/11/2026		300,920
Morgan Stanley Bank NA	JPY	693,284	USD	4,356		06/11/2026		(2,000	)
Morgan Stanley Bank NA	USD	51,449	JPY	8,134,826		06/11/2026		(308,916	)



ABFunds.com		AB Active ETFs, Inc. 27

PORTFOLIO OF INVESTMENTS (continued)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Bank NA		EUR	4,220		USD	4,990		06/18/2026	$	61,959
Morgan Stanley Bank NA		EUR	5,049		USD	5,865		06/18/2026		(30,836	)
Morgan Stanley Bank NA		USD	7,341		EUR	6,329		06/18/2026		49,872
Morgan Stanley Bank NA		USD	16,307		EUR	13,851		06/18/2026		(131,682	)
Morgan Stanley Bank NA		USD	4,532		NOK	42,256		06/25/2026		42,163
Morgan Stanley Bank NA		USD	25,574		SEK	236,575		06/25/2026		79,049
Morgan Stanley Bank NA		USD	20,778		SEK	189,351		06/25/2026		(245,749	)
Morgan Stanley Bank NA		USD	22,633		SGD	28,843		06/26/2026		20,149
Morgan Stanley Bank NA		AUD	15,572		USD	11,236		07/09/2026		39,959
Morgan Stanley Bank NA		GBP	2,509		USD	3,406		07/16/2026		24,259
Morgan Stanley Bank NA		GBP	3,569		USD	4,789		07/16/2026		(21,021	)
Morgan Stanley Bank NA		USD	5,960		GBP	4,374		07/16/2026		(64,824	)
Morgan Stanley Bank NA		TWD	1,128,076		USD	35,564		07/21/2026		(232,791	)
NatWest Markets PLC		JPY	1,351,169		USD	8,551		06/11/2026		57,063
NatWest Markets PLC		USD	35,586		JPY	5,605,067		06/11/2026		(349,841	)
NatWest Markets PLC		CHF	3,574		USD	4,567		06/18/2026		(15,316	)
NatWest Markets PLC		EUR	12,821		USD	15,070		06/18/2026		98,395
NatWest Markets PLC		EUR	6,223		USD	7,244		06/18/2026		(22,651	)
NatWest Markets PLC		USD	54,863		CHF	42,521		06/18/2026		(350,064	)
NatWest Markets PLC		USD	14,660		EUR	12,394		06/18/2026		(186,727	)
NatWest Markets PLC		SGD	57,116		USD	45,025		06/26/2026		166,014
NatWest Markets PLC		AUD	6,005		USD	4,274		07/09/2026		(43,263	)
NatWest Markets PLC		CAD	101,007		USD	73,784		07/09/2026		342,505
NatWest Markets PLC		GBP	4,125		USD	5,567		07/16/2026		7,375
NatWest Markets PLC		GBP	3,318		USD	4,467		07/16/2026		(4,928	)
NatWest Markets PLC		USD	9,695		GBP	7,167		07/16/2026		(35,227	)
Standard Chartered Bank		JPY	1,713,411		USD	10,817		06/11/2026		45,860
Standard Chartered Bank		USD	136,355		JPY	21,469,883		06/11/2026		(1,384,277	)
Standard Chartered Bank		USD	5,139		GBP	3,827		07/16/2026		19,595
State Street Bank & Trust Co.		JPY	1,218,487		USD	7,666		06/11/2026		6,201
State Street Bank & Trust Co.		USD	429		JPY	68,211		06/11/2026		86
State Street Bank & Trust Co.		USD	1,603		JPY	254,615		06/11/2026		(2,549	)
State Street Bank & Trust Co.		USD	5,459		EUR	4,686		06/18/2026		13,209
State Street Bank & Trust Co.		USD	358		SEK	3,314		06/25/2026		1,068
State Street Bank & Trust Co.		USD	88,360		AUD	123,540		07/09/2026		462,094
State Street Bank & Trust Co.		USD	6,363		GBP	4,774		07/16/2026		71,703
State Street Bank & Trust Co.		USD	893		GBP	656		07/16/2026		(8,007	)

									$	(2,017,375	)

(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 May 31, 2026, the aggregate market value of these securities amounted to $83,867,833 or 4.7% of net assets.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

(c)	Non-income producing security.

(d)	Fair valued by the Adviser.

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

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

(g)	Affiliated investments.

(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.



28 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

REG – Registered Shares

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 29

PORTFOLIO OF INVESTMENTS

AB INTERNATIONAL GROWTH ETF

May 31, 2026 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.3%
Information Technology – 33.9%
Electronic Equipment, Instruments & Components – 1.2%
Halma PLC		825	$	52,067


IT Services – 1.2%
Netcompany Group A/S^(a)(b)		445		23,861
Shopify, Inc. – Class A^(b)		223		26,472

				50,333

Semiconductors & Semiconductor Equipment – 21.6%
ASML Holding NV		129		208,463
BE Semiconductor Industries NV		295		97,905
Renesas Electronics Corp.		1,900		53,709
SK hynix, Inc.		153		236,861
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		787		329,320

				926,258

Software – 5.9%
Constellation Software, Inc./Canada		42		86,065
Nemetschek SE		1,069		77,094
SAP SE		484		87,691

				250,850

Technology Hardware, Storage & Peripherals – 4.0%
Samsung Electronics Co., Ltd.		391		82,247
Topicus.com, Inc.^(b)		1,242		89,917

				172,164

				1,451,672

Industrials – 28.6%
Aerospace & Defense – 2.6%
Safran SA		310		110,588


Air Freight & Logistics – 1.6%
DSV A/S		115		28,901
Mainfreight Ltd.		970		37,603

				66,504

Building Products – 2.7%
Kingspan Group PLC		1,262		115,753


Electrical Equipment – 4.6%
Contemporary Amperex Technology Co., Ltd. – Class A		900		56,378
Schneider Electric SE		315		99,231
Siemens Energy AG		216		41,147

				196,756

Ground Transportation – 2.4%
Canadian Pacific Kansas City Ltd.		1,154		103,123



30 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Industrial Conglomerates – 1.0%
Lifco AB – Class B		1,371	$	44,160


Machinery – 4.9%
RENK Group AG		942		62,493
Trelleborg AB – Class B		1,121		48,977
Weir Group PLC (The)		3,007		99,143

				210,613

Passenger Airlines – 1.6%
Ryanair Holdings PLC		2,370		69,501


Professional Services – 1.9%
Experian PLC		2,285		79,250


Trading Companies & Distributors – 5.3%
AddTech AB – Class B		1,048		37,388
Beijer Ref AB – Class B		7,360		102,589
Diploma PLC		922		86,873

				226,850

				1,223,098

Consumer Discretionary – 15.8%
Broadline Retail – 5.4%
MercadoLibre, Inc.^(b)		39		66,130
Sea Ltd. (ADR)^(b)		1,801		163,045

				229,175

Hotels, Restaurants & Leisure – 5.7%
Atour Lifestyle Holdings Ltd. (ADR)		2,361		81,077
DPC Dash Ltd. – Class H^(b)		6,800		33,560
InterContinental Hotels Group PLC		605		93,261
Yum China Holdings, Inc.		868		36,829

				244,727

Leisure Products – 2.1%
H World Group Ltd. (ADR)		2,027		90,992


Textiles, Apparel & Luxury Goods – 2.6%
ANTA Sports Products Ltd. – Class H		5,000		48,358
LVMH Moet Hennessy Louis Vuitton SE		112		61,826

				110,184

				675,078

Financials – 11.1%
Banks – 5.3%
HDFC Bank Ltd. (ADR)		2,110		50,176
NU Holdings Ltd./Cayman Islands – Class A^(b)		5,283		69,366
Standard Chartered PLC		3,930		105,604

				225,146

Capital Markets – 4.0%
3i Group PLC		3,781		115,948



ABFunds.com		AB Active ETFs, Inc. 31

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Futu Holdings Ltd. (ADR)		534	$	55,573

				171,521

Financial Services – 1.8%
Adyen NV^(b)		72		78,921

				475,588

Communication Services – 4.9%
Interactive Media & Services – 4.1%
Tencent Holdings Ltd. – Class H		3,270		178,241


Wireless Telecommunication Services – 0.8%
Tencent Music Entertainment Group (ADR)		3,539		32,629

				210,870

Health Care – 3.7%
Health Care Equipment & Supplies – 3.0%
Ambu A/S – Class B		7,316		76,995
Straumann Holding AG (REG)		428		51,885

				128,880

Pharmaceuticals – 0.7%
Novo Nordisk A/S – Class B		678		31,013

				159,893

Materials – 1.3%
Chemicals – 1.3%
IMCD NV		550		56,699


Total Common Stocks (cost $4,347,025)				4,252,898


SHORT-TERM INVESTMENTS – 1.3%
Investment Companies – 1.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(c)(d)(e) (cost $56,785)		56,785		56,785


Total Investments – 100.6% (cost $4,403,810)				4,309,683
Other assets less liabilities – (0.6)%				(26,493	)


Net Assets – 100.0%			$	4,283,190



32 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Country Breakdown (% of Net Assets)


China	13.0	%
United Kingdom	12.9
Netherlands	10.3
Taiwan	7.7
South Korea	7.5
Canada	7.1
Germany	6.3
Sweden	5.4
United States	4.2
France	4.0
Singapore	3.8
Denmark	3.8
Brazil	3.2
Ireland	2.7
Others	7.4
Short-Term Investments	1.3
Other assets less liabilities	(0.6	)

Total	100.0	%

(a)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At May 31, 2026, this security amounted to $23,861 or 0.6% of net assets.

(b)	Non-income producing security.

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

(d)	Affiliated investments.

(e)	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.

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 33

PORTFOLIO OF INVESTMENTS

AB US EQUITY ETF

May 31, 2026 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 93.7%
Information Technology – 31.8%
Communications Equipment – 1.2%
Arista Networks, Inc.^(a)		1,623	$	258,820
Cisco Systems, Inc.		44,510		5,359,894
F5, Inc.^(a)		13		4,985
Motorola Solutions, Inc.		7,577		3,055,652

				8,679,351

Electronic Equipment, Instruments & Components – 0.0%
CDW Corp./DE		216		27,097
Crane NXT Co.		93		3,612
Vontier Corp.		293		8,316

				39,025

IT Services – 0.1%
Accenture PLC – Class A		385		72,022
Amdocs Ltd.		1,450		91,306
DXC Technology Co.^(a)		8		79
Gartner, Inc.^(a)		8		1,298
GoDaddy, Inc. – Class A^(a)		397		34,075
VeriSign, Inc.		615		175,509

				374,289

Semiconductors & Semiconductor Equipment – 17.2%
Analog Devices, Inc.		1,210		500,758
Applied Materials, Inc.		17,128		7,708,628
ASML Holding NV (REG)		1,819		2,933,610
Broadcom, Inc.		60,421		26,994,290
Entegris, Inc.		328		45,523
First Solar, Inc.^(a)		2		614
GlobalFoundries, Inc.		6		480
Intel Corp.^(a)		32,627		3,741,664
KLA Corp.		487		935,873
Lam Research Corp.		1,197		380,861
Marvell Technology, Inc.		226		46,330
Microchip Technology, Inc.		819		77,518
NVIDIA Corp.		266,636		56,297,525
NXP Semiconductors NV		25,117		8,071,348
ON Semiconductor Corp.^(a)		74		8,926
Qnity Electronics, Inc.		1,399		218,244
QUALCOMM, Inc.		3,676		922,750
Skyworks Solutions, Inc.		17		1,323
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		27,699		11,590,647
Texas Instruments, Inc.		1,317		402,581
Universal Display Corp.		39		3,593

				120,883,086



34 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Software – 7.6%
Adobe, Inc.^(a)		899	$	233,030
Autodesk, Inc.^(a)		509		117,737
Dolby Laboratories, Inc. – Class A		162		9,041
Gen Digital, Inc.		4,388		113,167
Microsoft Corp.		95,049		42,794,862
Oracle Corp.		41,190		9,299,878
Palo Alto Networks, Inc.^(a)		567		159,718
PTC, Inc.^(a)		729		101,134
Roper Technologies, Inc.		700		227,871
Salesforce, Inc.		422		80,644
ServiceNow, Inc.^(a)		3,390		421,614
Trimble, Inc.^(a)		1,158		65,323
Tyler Technologies, Inc.^(a)		1		313

				53,624,332

Technology Hardware, Storage & Peripherals – 5.7%
Apple, Inc.		119,074		37,158,232
HP, Inc.		2,271		61,408
Seagate Technology Holdings PLC		3,009		2,647,318

				39,866,958

				223,467,041

Communication Services – 12.7%
Diversified Telecommunication Services – 0.3%
AT&T, Inc.		16,652		412,970
Charter Communications, Inc. – Class A^(a)		82		11,812
Comcast Corp. – Class A		14,621		363,624
Liberty Capital Corp.^(a)		84		1,874
Liberty Capital Corp. – Class C^(a)		225		5,033
Liberty Global Ltd. – Class C^(a)		2,356		28,649
Verizon Communications, Inc.		23,280		1,113,017

				1,936,979

Entertainment – 1.3%
Electronic Arts, Inc.		780		157,342
Liberty Media Corp.-Liberty Formula One – Class A^(a)		70		5,879
Liberty Media Corp.-Liberty Formula One – Class C^(a)		879		79,804
Netflix, Inc.^(a)		877		75,439
Spotify Technology SA^(a)		9		4,479
Walt Disney Co. (The)		89,014		9,064,296

				9,387,239

Interactive Media & Services – 10.3%
Alphabet, Inc. – Class A		46,056		17,516,939
Alphabet, Inc. – Class C		78,646		29,604,714
IAC, Inc.^(a)		250		11,222
Meta Platforms, Inc. – Class A		35,070		22,182,126
Reddit, Inc. – Class A^(a)		17,877		3,146,352

				72,461,353

Media – 0.0%
Fox Corp. – Class A		33		2,109



ABFunds.com		AB Active ETFs, Inc. 35

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Fox Corp. – Class B		28	$	1,607
Liberty Broadband Corp. – Class A^(a)		421		14,221
Liberty Broadband Corp. – Class C^(a)		423		14,281
New York Times Co. (The) – Class A		1,083		81,453
News Corp. – Class A		71		1,853
News Corp. – Class B		38		1,133
Omnicom Group, Inc.		374		27,194
Sirius XM Holdings, Inc.		4,220		124,574

				268,425

Wireless Telecommunication Services – 0.8%
T-Mobile US, Inc.		28,355		5,317,413

				89,371,409

Financials – 12.5%
Banks – 3.2%
Bank of America Corp.		146,645		7,566,882
BOK Financial Corp.		212		27,144
Citigroup, Inc.		9,792		1,232,813
Citizens Financial Group, Inc.		2,275		141,641
Commerce Bancshares, Inc./MO		1,390		72,586
Cullen/Frost Bankers, Inc.		277		37,539
East West Bancorp, Inc.		33		4,044
Fifth Third Bancorp		8,366		417,714
First Citizens BancShares, Inc./NC – Class A		39		77,630
FNB Corp./PA		42		734
Huntington Bancshares, Inc./OH		768		12,564
JPMorgan Chase & Co.		8,064		2,413,636
KeyCorp		890		18,984
M&T Bank Corp.		1,529		330,432
NU Holdings Ltd./Cayman Islands – Class A^(a)		174		2,285
PNC Financial Services Group, Inc. (The)		3,515		777,237
Popular, Inc.		5		743
Regions Financial Corp.		3,153		88,284
Truist Financial Corp.		3,901		188,067
US Bancorp		2,863		157,036
Webster Financial Corp.		1,769		128,642
Wells Fargo & Co.		107,948		8,370,288
Western Alliance Bancorp		78		6,213
Zions Bancorp NA		263		16,424

				22,089,562

Capital Markets – 3.9%
Ameriprise Financial, Inc.		882		393,116
Ares Management Corp. – Class A		308		39,578
Bank of New York Mellon Corp. (The)		4,124		575,009
Blackrock, Inc.		609		637,550
Blackstone, Inc.		1,939		226,805
Brookfield Asset Management Ltd. – Class A		1,100		53,460
Cboe Global Markets, Inc.		732		244,166
Charles Schwab Corp. (The)		105,115		9,181,795
CME Group, Inc.		2,057		562,672



36 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

FactSet Research Systems, Inc.		168	$	41,239
Franklin Resources, Inc.		55		1,706
Goldman Sachs Group, Inc. (The)		6,217		6,375,907
Houlihan Lokey, Inc.		24		3,400
Intercontinental Exchange, Inc.		4,064		600,862
KKR & Co., Inc.		1,591		152,641
MarketAxess Holdings, Inc.		147		19,116
Moody’s Corp.		1,109		502,654
Morgan Stanley		3,955		822,640
MSCI, Inc.		75		47,354
Nasdaq, Inc.		5,350		494,982
Northern Trust Corp.		94		15,552
Raymond James Financial, Inc.		25		3,585
S&P Global, Inc.		14,348		6,083,552
SEI Investments Co.		2		176
State Street Corp.		122		18,988
Stifel Financial Corp.		196		13,749
T. Rowe Price Group, Inc.		3,614		377,771
Tradeweb Markets, Inc. – Class A		18		1,805

				27,491,830

Consumer Finance – 0.7%
Ally Financial, Inc.		115		4,923
American Express Co.		1,288		407,613
Capital One Financial Corp.		21,352		4,012,682
OneMain Holdings, Inc.		107		5,918
Synchrony Financial		3,782		270,186

				4,701,322

Financial Services – 3.1%
Apollo Global Management, Inc.		1,356		174,531
Berkshire Hathaway, Inc. – Class A^(a)		1		710,900
Berkshire Hathaway, Inc. – Class B^(a)		3,622		1,718,566
Block, Inc.^(a)		8		606
Corpay, Inc.^(a)		10		3,618
Fidelity National Information Services, Inc.		239		10,275
Fiserv, Inc.^(a)		4,221		238,740
Jack Henry & Associates, Inc.		401		54,664
Mastercard, Inc. – Class A		2,126		1,050,201
MGIC Investment Corp.		131		3,304
PayPal Holdings, Inc.		3,012		134,787
Visa, Inc. – Class A		54,621		17,826,109
Voya Financial, Inc.		30		2,437

				21,928,738

Insurance – 1.6%
Aflac, Inc.		743		83,528
Allstate Corp. (The)		1,136		234,118
American Financial Group, Inc./OH		57		7,399
American International Group, Inc.		630		46,765
Aon PLC – Class A		2,328		735,788
Arch Capital Group Ltd.^(a)		88		7,862



ABFunds.com		AB Active ETFs, Inc. 37

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Arthur J Gallagher & Co.		2,829	$	568,940
Assurant, Inc.		22		5,475
Axis Capital Holdings Ltd.		62		5,886
Brown & Brown, Inc.		1,476		83,025
Chubb Ltd.		4,957		1,545,246
Cincinnati Financial Corp.		120		18,890
Everest Group Ltd.		5,784		1,874,190
Fidelity National Financial, Inc.		296		14,016
First American Financial Corp.		37		2,450
Globe Life, Inc.		47		7,202
Hanover Insurance Group, Inc. (The)		58		10,800
Hartford Insurance Group, Inc. (The)		4,620		587,341
Kinsale Capital Group, Inc.		56		17,067
Lincoln National Corp.		1,048		36,984
Loews Corp.		63		6,524
Markel Group, Inc.^(a)		4		7,262
Marsh & McLennan Cos., Inc.		9,049		1,447,569
MetLife, Inc.		1,376		113,781
Old Republic International Corp.		3		112
Principal Financial Group, Inc.		50		5,181
Progressive Corp. (The)		8,081		1,538,622
Prudential Financial, Inc.		638		64,208
Reinsurance Group of America, Inc. – Class A		506		101,574
RenaissanceRe Holdings Ltd.		351		98,403
RLI Corp.		33		1,651
Travelers Cos., Inc. (The)		5,190		1,514,909
Unum Group		36		2,996
W R Berkley Corp.		2,530		160,756
White Mountains Insurance Group Ltd.		2		4,130
Willis Towers Watson PLC		1,017		253,914

				11,214,564

				87,426,016

Industrials – 9.6%
Aerospace & Defense – 2.1%
Airbus SE (ADR)		52,453		2,731,228
Axon Enterprise, Inc.^(a)		5		2,243
BAE Systems PLC (Sponsored ADR)		37,508		4,099,999
Boeing Co. (The)^(a)		399		92,229
General Dynamics Corp.		1,430		495,953
General Electric Co.		838		271,311
HEICO Corp. – Class A		560		145,493
Hexcel Corp.		6,144		551,670
Howmet Aerospace, Inc.		393		101,492
L3Harris Technologies, Inc.		1,037		326,842
Lockheed Martin Corp.		383		203,162
Northrop Grumman Corp.		573		322,989
RTX Corp.		29,897		5,371,295
Textron, Inc.		1,279		117,361
TransDigm Group, Inc.		166		208,881

				15,042,148



38 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Air Freight & Logistics – 0.0%
GXO Logistics, Inc.^(a)		228	$	11,425
United Parcel Service, Inc. – Class B		984		104,983

				116,408

Building Products – 0.4%
A O Smith Corp.		705		39,988
Allegion PLC		180		23,413
Armstrong World Industries, Inc.		57		9,000
Carlisle Cos., Inc.		232		79,996
Carrier Global Corp.		21,450		1,370,011
Johnson Controls International PLC		801		107,382
Lennox International, Inc.		484		243,045
Masco Corp.		999		70,180
Otis Worldwide Corp.		636		45,054
Owens Corning		17		2,139
Trane Technologies PLC		1,172		528,924

				2,519,132

Commercial Services & Supplies – 0.7%
Cintas Corp.		3,796		650,103
Clean Harbors, Inc.^(a)		10		2,810
Copart, Inc.^(a)		5,575		182,693
RB Global, Inc.		372		39,562
Republic Services, Inc.		459		92,002
Rollins, Inc.		348		16,565
Veralto Corp.		37,402		3,075,566
Waste Management, Inc.		2,897		612,600

				4,671,901

Construction & Engineering – 0.1%
AECOM		1,673		116,056
API Group Corp.^(a)		48		1,968
Quanta Services, Inc.		575		409,245
Valmont Industries, Inc.		85		44,184

				571,453

Electrical Equipment – 3.0%
AMETEK, Inc.		2,160		487,836
Eaton Corp. PLC		23,087		9,248,652
Emerson Electric Co.		3,153		453,464
GE Vernova, Inc.		10,943		10,596,326
Generac Holdings, Inc.^(a)		37		10,283
Hubbell, Inc.		74		35,047
nVent Electric PLC		885		147,786
Regal Rexnord Corp.		56		11,299
Rockwell Automation, Inc.		466		210,194
Sensata Technologies Holding PLC		349		17,237

				21,218,124

Ground Transportation – 1.3%
CSX Corp.		168,547		7,628,437
Norfolk Southern Corp.		1,803		549,843



ABFunds.com		AB Active ETFs, Inc. 39

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Ryder System, Inc.		3	$	753
Uber Technologies, Inc.^(a)		2,531		178,182
Union Pacific Corp.		4,306		1,130,928

				9,488,143

Industrial Conglomerates – 0.1%
3M Co.		712		109,029
Honeywell International, Inc.		1,775		422,201

				531,230

Machinery – 0.9%
Allison Transmission Holdings, Inc.		34		3,860
Caterpillar, Inc.		151		132,256
Crane Co.		86		15,738
Deere & Co.		7,437		4,032,193
Fortive Corp.		655		38,200
IDEX Corp.		194		40,901
Illinois Tool Works, Inc.		3,586		886,746
Nordson Corp.		260		74,706
PACCAR, Inc.		2,985		329,454
Parker-Hannifin Corp.		176		148,655
Pentair PLC		119		8,430
Snap-on, Inc.		474		175,953
Westinghouse Air Brake Technologies Corp.		2,190		571,940
Xylem, Inc./NY		1,477		161,791

				6,620,823

Marine Transportation – 0.0%
Kirby Corp.^(a)		60		8,435


Professional Services – 0.3%
Automatic Data Processing, Inc.		5,497		1,219,455
Broadridge Financial Solutions, Inc.		2,554		392,601
Equifax, Inc.		17		2,818
Genpact Ltd.		574		18,913
Jacobs Solutions, Inc.		5		599
Leidos Holdings, Inc.		72		9,202
Paychex, Inc.		1,796		174,176
SS&C Technologies Holdings, Inc.		97		6,550
TransUnion		1,232		88,162
Verisk Analytics, Inc.		575		100,619

				2,013,095

Trading Companies & Distributors – 0.7%
Fastenal Co.		4,497		198,767
Ferguson Enterprises, Inc.		2		452
MSC Industrial Direct Co., Inc. – Class A		20		2,190
United Rentals, Inc.		3,802		3,785,537
Watsco, Inc.		578		212,184
WW Grainger, Inc.		345		425,813

				4,624,943

				67,425,835



40 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Health Care – 8.7%
Biotechnology – 0.6%
AbbVie, Inc.		2,406	$	523,834
Amgen, Inc.		616		207,463
Biogen, Inc.^(a)		372		72,912
Gilead Sciences, Inc.		810		108,888
Regeneron Pharmaceuticals, Inc.		51		31,354
Vertex Pharmaceuticals, Inc.^(a)		6,910		3,092,501

				4,036,952

Health Care Equipment & Supplies – 1.2%
Abbott Laboratories		6,514		557,598
Baxter International, Inc.		119		2,235
Becton Dickinson & Co.		1,109		163,156
Boston Scientific Corp.^(a)		3,722		179,810
Dexcom, Inc.^(a)		784		57,812
Edwards Lifesciences Corp.^(a)		4,194		362,655
GE HealthCare Technologies, Inc.		1,327		82,725
IDEXX Laboratories, Inc.^(a)		192		108,198
Intuitive Surgical, Inc.^(a)		866		367,738
Masimo Corp.^(a)		80		14,276
Medtronic PLC		40,949		3,022,446
Penumbra, Inc.^(a)		45		14,324
ResMed, Inc.		132		25,155
Solventum Corp.^(a)		3,277		245,611
STERIS PLC		803		170,822
Stryker Corp.		9,566		2,918,491
Teleflex, Inc.		265		34,090
Zimmer Biomet Holdings, Inc.		1,146		94,350

				8,421,492

Health Care Providers & Services – 2.2%
Cardinal Health, Inc.		606		119,261
Cencora, Inc.		1,354		364,713
Centene Corp.^(a)		553		32,959
Cigna Group (The)		1,796		498,210
CVS Health Corp.		2,486		226,176
DaVita, Inc.^(a)		8		1,555
Elevance Health, Inc.		2,442		960,170
Encompass Health Corp.		19,750		2,090,538
HCA Healthcare, Inc.		1,031		390,275
Labcorp Holdings, Inc.		1,215		315,973
McKesson Corp.		289		214,565
Molina Healthcare, Inc.^(a)		6		1,042
Quest Diagnostics, Inc.		222		43,268
UnitedHealth Group, Inc.		27,494		10,456,243
Universal Health Services, Inc. – Class B		19		2,776

				15,717,724

Health Care Technology – 0.0%
Veeva Systems, Inc. – Class A^(a)		357		62,239



ABFunds.com		AB Active ETFs, Inc. 41

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Life Sciences Tools & Services – 2.5%
Agilent Technologies, Inc.		230	$	31,172
Danaher Corp.		2,427		443,340
IQVIA Holdings, Inc.^(a)		34,592		6,303,008
Mettler-Toledo International, Inc.^(a)		11		12,986
QIAGEN NV		601		21,991
Thermo Fisher Scientific, Inc.		17,230		8,485,947
Waters Corp.^(a)		5,281		2,025,633
West Pharmaceutical Services, Inc.		23		7,425

				17,331,502

Pharmaceuticals – 2.2%
Eli Lilly & Co.		5,613		6,202,365
Johnson & Johnson		3,485		785,275
Merck & Co., Inc.		67,962		8,068,449
Pfizer, Inc.		3,674		96,185
Zoetis, Inc.		921		71,553

				15,223,827

				60,793,736

Consumer Discretionary – 8.3%
Automobile Components – 0.0%
Gentex Corp.		10,359		250,274


Broadline Retail – 5.1%
Amazon.com, Inc.^(a)		132,020		35,729,893
Coupang, Inc.^(a)		62		1,029
Ollie’s Bargain Outlet Holdings, Inc.^(a)		18		1,469

				35,732,391

Distributors – 0.0%
Genuine Parts Co.		573		56,555


Diversified Consumer Services – 0.1%
H&R Block, Inc.		85		3,272
Liberty Live Holdings, Inc. – Class A^(a)		140		13,485
Liberty Live Holdings, Inc. – Class C^(a)		538		53,315
Service Corp. International/US		3,690		277,451

				347,523

Hotels, Restaurants & Leisure – 0.6%
Airbnb, Inc. – Class A^(a)		6		800
Aramark		2,314		123,521
Booking Holdings, Inc.		450		75,344
Churchill Downs, Inc.		102		8,896
Hilton Worldwide Holdings, Inc.		258		84,536
Hyatt Hotels Corp. – Class A		16,541		2,999,876
Marriott International, Inc./MD – Class A		200		75,120
McDonald’s Corp.		1,495		417,404
Yum! Brands, Inc.		313		46,308

				3,831,805



42 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Household Durables – 0.0%
Garmin Ltd.		584	$	136,609
Lennar Corp. – Class B		6		528
Mohawk Industries, Inc.^(a)		6		645

				137,782

Specialty Retail – 2.5%
AutoNation, Inc.^(a)		11		2,065
AutoZone, Inc.^(a)		2,074		6,087,584
Best Buy Co., Inc.		586		45,679
Burlington Stores, Inc.^(a)		15		4,857
Floor & Decor Holdings, Inc. – Class A^(a)		399		20,509
Gap, Inc. (The)		682		14,424
Home Depot, Inc. (The)		15,151		4,804,988
Lithia Motors, Inc.		15		4,363
Lowe’s Cos., Inc.		3,565		764,193
Murphy USA, Inc.		50		25,302
O’Reilly Automotive, Inc.^(a)		7,326		636,483
Penske Automotive Group, Inc.		102		17,072
Ross Stores, Inc.		4,613		1,068,971
TJX Cos., Inc. (The)		26,051		4,031,392
Tractor Supply Co.		264		8,324
Valvoline, Inc.^(a)		984		33,210

				17,569,416

Textiles, Apparel & Luxury Goods – 0.0%
Columbia Sportswear Co.		177		11,714
NIKE, Inc. – Class B		316		14,609
PVH Corp.		15		1,399

				27,722

				57,953,468

Consumer Staples – 3.1%
Beverages – 1.3%
Coca-Cola Co. (The)		62,499		4,938,046
Coca-Cola Consolidated, Inc.		230		39,850
Constellation Brands, Inc. – Class A		121		16,797
Monster Beverage Corp.^(a)		37,896		3,337,880
PepsiCo, Inc.		5,205		750,509

				9,083,082

Consumer Staples Distribution & Retail – 1.2%
BJ’s Wholesale Club Holdings, Inc.^(a)		1,423		121,353
Costco Wholesale Corp.		3,586		3,429,364
Dollar Tree, Inc.^(a)		2,533		294,942
Kroger Co. (The)		3,005		186,761
Performance Food Group Co.^(a)		34		3,338
Sysco Corp.		2,160		163,750
Walmart, Inc.		38,508		4,457,301

				8,656,809

Food Products – 0.2%
Archer-Daniels-Midland Co.		861		68,691



ABFunds.com		AB Active ETFs, Inc. 43

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Campbell’s Co. (The)		160	$	3,378
Conagra Brands, Inc.		1,197		15,896
General Mills, Inc.		1,188		40,166
Hershey Co. (The)		162		31,433
Hormel Foods Corp.		817		18,979
Ingredion, Inc.		300		30,432
J M Smucker Co. (The)		65		6,708
Kraft Heinz Co. (The)		3,555		85,355
McCormick & Co., Inc./MD		617		29,227
Mondelez International, Inc. – Class A		17,629		1,078,366
Post Holdings, Inc.^(a)		93		8,541
Tyson Foods, Inc. – Class A		243		14,828

				1,432,000

Household Products – 0.2%
Church & Dwight Co., Inc.		1,269		121,354
Colgate-Palmolive Co.		1,296		116,808
Kimberly-Clark Corp.		1,061		103,554
Procter & Gamble Co. (The)		8,960		1,286,298

				1,628,014

Tobacco – 0.2%
Altria Group, Inc.		10,792		750,908
Philip Morris International, Inc.		2,824		500,921

				1,251,829

				22,051,734

Energy – 2.3%
Energy Equipment & Services – 0.0%
Baker Hughes Co.		3,537		225,944
Halliburton Co.		1,503		58,391
SLB Ltd.		2,707		147,667

				432,002

Oil, Gas & Consumable Fuels – 2.3%
APA Corp.		979		35,665
Cheniere Energy, Inc.		617		138,739
Chevron Corp.		7,120		1,299,115
ConocoPhillips		6,424		732,207
Devon Energy Corp.		705		31,365
Diamondback Energy, Inc.		73		13,978
DT Midstream, Inc.		2,074		290,318
EOG Resources, Inc.		52,464		6,997,648
EQT Corp.		3,275		179,896
Expand Energy Corp.		223		20,735
Exxon Mobil Corp.		35,891		5,213,527
Kinder Morgan, Inc.		2,199		68,345
Occidental Petroleum Corp.		2,326		131,721
ONEOK, Inc.		3,583		300,757
Ovintiv, Inc.		8		448
Phillips 66		394		69,297
Targa Resources Corp.		655		167,071



44 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Texas Pacific Land Corp.		190	$	74,670
Williams Cos., Inc. (The)		2,035		145,279

				15,910,781

				16,342,783

Materials – 2.0%
Chemicals – 1.7%
Air Products & Chemicals, Inc.		2,537		706,859
Axalta Coating Systems Ltd.^(a)		133		4,092
CF Industries Holdings, Inc.		140		15,729
Corteva, Inc.		64,501		5,049,138
Dow, Inc.		3,133		105,739
Eastman Chemical Co.		97		7,359
Ecolab, Inc.		2,739		701,184
International Flavors & Fragrances, Inc.		28		2,129
Linde PLC		9,964		4,958,983
LyondellBasell Industries NV – Class A		185		12,330
Mosaic Co. (The)		411		9,823
NewMarket Corp.		13		10,057
Olin Corp.		19		492
RPM International, Inc.		295		31,261
Sherwin-Williams Co. (The)		1,308		397,423
Westlake Corp.		115		9,986

				12,022,584

Construction Materials – 0.3%
CRH PLC		190		20,670
Eagle Materials, Inc.		5,711		1,263,159
Martin Marietta Materials, Inc.		872		507,190
Vulcan Materials Co.		1,196		338,373

				2,129,392

Containers & Packaging – 0.0%
Amcor PLC		1		39
AptarGroup, Inc.		715		82,832
Avery Dennison Corp.		12		1,909
Packaging Corp. of America		11		2,408

				87,188

Metals & Mining – 0.0%
Nucor Corp.		69		17,250
Reliance, Inc.		101		38,458

				55,708

				14,294,872

Utilities – 1.5%
Electric Utilities – 1.1%
Alliant Energy Corp.		1,471		105,338
American Electric Power Co., Inc.		38,710		4,903,396
Constellation Energy Corp.		567		163,154
Duke Energy Corp.		2,670		327,689
Edison International		1,671		116,870



ABFunds.com		AB Active ETFs, Inc. 45

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Entergy Corp.		3,894	$	424,641
Evergy, Inc.		153		12,552
Eversource Energy		2,394		163,438
Exelon Corp.		4,376		199,721
FirstEnergy Corp.		504		23,381
NextEra Energy, Inc.		10,850		944,058
NRG Energy, Inc.		26		3,486
PG&E Corp.		261		4,265
Pinnacle West Capital Corp.		60		5,984
PPL Corp.		1,343		47,529
Southern Co. (The)		1,998		183,916
Xcel Energy, Inc.		288		22,896

				7,652,314

Gas Utilities – 0.0%
Atmos Energy Corp.		110		18,605
MDU Resources Group, Inc.		1,577		33,243
UGI Corp.		14		489

				52,337

Independent Power and Renewable Electricity Producers – 0.0%
AES Corp. (The)		2,958		43,394
Brookfield Renewable Corp.		97		3,878
Vistra Corp.		584		93,574

				140,846

Multi-Utilities – 0.4%
Ameren Corp.		4,632		500,117
CenterPoint Energy, Inc.		140		5,916
CMS Energy Corp.		57		4,137
Consolidated Edison, Inc.		2,221		234,604
Dominion Energy, Inc.		3,399		227,529
DTE Energy Co.		641		91,580
NiSource, Inc.		11,004		508,605
Public Service Enterprise Group, Inc.		4,481		352,431
Sempra		3,072		273,807
WEC Energy Group, Inc.		537		59,634

				2,258,360

Water Utilities – 0.0%
American Water Works Co., Inc.		267		32,913
Essential Utilities, Inc.		898		33,127

				66,040

				10,169,897

Real Estate – 1.2%
Health Care REITs – 0.0%
Healthcare Realty Trust, Inc.		5		99
Medical Properties Trust, Inc.		46		235
Ventas, Inc.		1,092		92,187
Welltower, Inc.		640		131,411

				223,932



46 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Hotel & Resort REITs – 0.0%
Host Hotels & Resorts, Inc.		18	$	414


Industrial REITs – 0.1%
Americold Realty Trust, Inc.		2		31
EastGroup Properties, Inc.		12		2,423
First Industrial Realty Trust, Inc.		127		7,858
Prologis, Inc.		1,883		270,154

				280,466

Office REITs – 0.0%
BXP, Inc.		43		2,580
Vornado Realty Trust		881		29,734

				32,314

Real Estate Management & Development – 0.0%
CBRE Group, Inc. – Class A^(a)		1,022		127,791
CoStar Group, Inc.^(a)		20		644
Jones Lang LaSalle, Inc.^(a)		44		12,421

				140,856

Residential REITs – 0.0%
American Homes 4 Rent – Class A		101		3,240
AvalonBay Communities, Inc.		516		94,175
Equity Residential		36		2,356
Essex Property Trust, Inc.		64		17,449
Mid-America Apartment Communities, Inc.		251		32,397
Sun Communities, Inc.		99		12,242

				161,859

Retail REITs – 0.1%
Federal Realty Investment Trust		14		1,675
Kimco Realty Corp.		984		23,695
Realty Income Corp.		1,289		78,990
Regency Centers Corp.		1		77
Simon Property Group, Inc.		1,078		220,893

				325,330

Specialized REITs – 1.0%
American Tower Corp.		1,223		228,652
Crown Castle, Inc.		963		88,115
CubeSmart		296		11,840
Digital Realty Trust, Inc.		18,047		3,428,930
Equinix, Inc.		196		209,336
Extra Space Storage, Inc.		19,369		2,795,140
Iron Mountain, Inc.		1,743		223,540
Lamar Advertising Co. – Class A		1		152
Millrose Properties, Inc.		33		931
Public Storage		21		6,378
Rayonier, Inc.		400		8,356
SBA Communications Corp.		2		406
VICI Properties, Inc.		3,718		104,922



ABFunds.com		AB Active ETFs, Inc. 47

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Weyerhaeuser Co.		507	$	12,427

				7,119,125

				8,284,296

Total Common Stocks (cost $608,583,942)				657,581,087


INVESTMENT COMPANIES – 6.1%
Funds and Investment Trusts – 6.1%^(b)
First Trust Cloud Computing ETF		164		23,709
First Trust Health Care AlphaDEX Fund		579		66,683
First Trust Nasdaq Oil & Gas ETF		1,971		69,571
First Trust Nasdaq-100 Select Equal Weight ETF		270		42,157
Invesco KBW Bank ETF		798		69,538
Invesco QQQ Trust Series 1		3,759		2,775,307
Invesco S&P 500 Equal Weight ETF		362		75,596
iShares Core Dividend Growth ETF		836		62,633
iShares Core S&P 500 ETF		2,129		1,618,146
iShares Core S&P Mid-Cap ETF		4,672		348,531
iShares Core S&P Total U.S. Stock Market ETF		972		160,847
iShares Core S&P U.S. Growth ETF		2,175		416,774
iShares Core U.S. REIT ETF		51		3,304
iShares Dow Jones U.S. ETF		93		17,093
iShares ESG MSCI KLD 400 ETF		640		91,552
iShares ESG Optimized MSCI USA ETF – Class U		1,897		291,816
iShares Global 100 ETF		590		84,400
iShares MSCI USA Min Vol Factor ETF		982		94,861
iShares MSCI USA Quality Factor ETF		3,362		724,477
iShares Residential & Multisector Real Estate ETF		100		8,975
iShares Russell 1000 ETF		450		185,810
iShares Russell 1000 Growth ETF		2,124		271,553
iShares Russell 1000 Value ETF		1,194		284,124
iShares Russell Mid-Cap Value ETF		5		802
iShares S&P 500 Growth ETF		9,241		1,297,067
iShares S&P 500 Value ETF		362		82,507
iShares S&P Mid-Cap 400 Value ETF		180		25,600
iShares Select Dividend ETF		525		81,354
iShares Semiconductor ETF		222		126,336
iShares U.S. Aerospace & Defense ETF		489		115,130
iShares U.S. Energy ETF		427		25,552
iShares U.S. Equity Factor ETF		43,508		3,327,057
iShares U.S. Technology ETF		829		209,671
Schwab Fundamental U.S. Large Co. ETF		1,970		61,050
Schwab U.S. Large-Cap Growth ETF		307		10,782
Schwab US Large-Cap ETF		31,624		941,130
State Street Communication Services Select Sector SPDR ETF		1,023		118,351
State Street Consumer Discretionary Select Sector SPDR ETF		1,528		184,689
State Street Consumer Staples Select Sector SPDR ETF		1,299		107,700



48 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

State Street Energy Select Sector SPDR ETF		7,905	$	444,972
State Street Financial Select Sector SPDR ETF		20,085		1,035,984
State Street Health Care Select Sector SPDR ETF		3,847		575,011
State Street Industrial Select Sector SPDR ETF		4,768		825,484
State Street Materials Select Sector SPDR ETF		744		38,056
State Street Real Estate Select Sector SPDR ETF		710		31,233
State Street SPDR Portfolio S&P 500 Growth ETF		2,887		350,770
State Street SPDR Portfolio S&P 500 Value ETF		7,094		433,089
State Street SPDR S&P 500 ETF Trust		3,189		2,412,415
State Street SPDR S&P Dividend ETF		888		132,543
State Street SPDR S&P MidCap 400 ETF Trust		12		8,167
State Street Technology Select Sector SPDR ETF		262		50,047
State Street Utilities Select Sector SPDR ETF		1,812		80,489
VanEck Biotech ETF		300		56,592
Vanguard Consumer Discretionary ETF		661		265,524
Vanguard Dividend Appreciation ETF		5,042		1,183,105
Vanguard Energy ETF		360		57,276
Vanguard Financials ETF		282		35,718
Vanguard Growth ETF		4,680		419,328
Vanguard Health Care ETF		107		29,918
Vanguard High Dividend Yield ETF		969		154,255
Vanguard Industrials ETF		2,679		912,575
Vanguard Large-Cap ETF		14		4,875
Vanguard Mega Cap Growth ETF		4,910		448,136
Vanguard Mega Cap Value ETF		3,890		613,025
Vanguard Mid-Cap ETF		57,964		4,576,837
Vanguard Mid-Cap Value ETF		200		38,910
Vanguard S&P 500 ETF		4,584		3,188,126
Vanguard Total Stock Market ETF		26,105		9,725,157
Vanguard Value ETF		528		111,857


Total Investment Companies (cost $38,757,978)				42,741,709


RIGHTS – 0.0%
Financials – 0.0%
Capital Markets – 0.0%
Hologic, Inc. (CVR)^(a)(c)(d) (cost $37)		3,718		37


SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(b)(e)(f) (cost $1,485,688)		1,485,688		1,485,688


Total Investments – 100.0% (cost $648,827,645)				701,808,521
Other assets less liabilities – 0.0%				249,485


Net Assets – 100.0%			$	702,058,006



ABFunds.com		AB Active ETFs, Inc. 49

PORTFOLIO OF INVESTMENTS (continued)

(a)	Non-income producing security.

(b)	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.

(c)	Fair valued by the Adviser.

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

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

(f)	Affiliated investments.

Glossary:

ADR – American Depositary Receipt

CVR – Contingent Value Right

ETF – Exchange Traded Fund

MSCI – Morgan Stanley Capital International

NASDAQ – National Association of Securities Dealers Automated Quotations

REG – Registered Shares

REIT – Real Estate Investment Trust

SPDR – Standard & Poor’s Depository Receipts

See notes to financial statements.



50 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES

May 31, 2026 (unaudited)


	AB Disruptors ETF			AB US High Dividend ETF			AB US Large Cap Strategic Equities ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,957,845,911, $169,271,847 and $1,060,369,655, respectively)	$	2,758,288,513	^(a)	$	191,132,993	^(a)	$	1,243,380,348	^(a)
Affiliated issuers (cost $104,531,095, $1,580,611 and $10,072,224—including investment of cash collateral for securities loaned of $182,590, $1,193,518 and $599,355, respectively)		104,531,095			1,580,611			10,072,224
Cash		70,472			– 0	–		54,169
Foreign currencies, at value (cost $2,147,215, $0 and $0, respectively)		2,190,057			– 0	–		– 0	–
Receivable for investment securities sold and foreign currency transactions		97,794,540			– 0	–		– 0	–
Unaffiliated dividends and interest receivable		832,694			408,267			1,000,295
Affiliated dividends receivable		313,363			953			25,269
Foreign withholding tax reclaims		150,932			– 0	–		– 0	–
Receivable due from Adviser		20,404			332			1,579
Receivable for shares of beneficial interest sold		– 0	–		– 0	–		2,512,122

Total assets		2,964,192,070			193,123,156			1,257,046,006

Liabilities
Payable for collateral received on securities loaned		182,590			1,193,518			599,355
Advisory fee payable		1,475,367			54,085			402,024
Payable for investment securities purchased and foreign currency transactions		75,418,072			– 0	–		2,493,912

Total liabilities		77,076,029			1,247,603			3,495,291

Net Assets	$	2,887,116,041		$	191,875,553		$	1,253,550,715

Composition of Net Assets
Capital stock, at par	$	2,033		$	214		$	1,497
Additional paid-in capital		1,951,727,467			161,664,701			1,061,033,548
Distributable earnings		935,386,541			30,210,638			192,515,670

Net Assets	$	2,887,116,041		$	191,875,553		$	1,253,550,715

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 20,330,020, 2,140,020 and 14,970,020 shares outstanding)	$	142.01		$	89.66		$	83.74

(a)	Includes securities on loan with a value of $21,613,336, $2,552,582 and $7,505,040, respectively (see Note E).

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 51

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)


	AB US Low Volatility Equity ETF			AB International Low Volatility Equity ETF			AB International Growth ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $170,520,946, $1,378,293,372 and $4,347,025, respectively)	$	201,469,325	^(a)	$	1,747,403,640	^(a)	$	4,252,898
Affiliated issuers (cost $1,507,280, $5,402,111 and $56,785—including investment of cash collateral for securities loaned of $713,770, $0 and $0, respectively)		1,507,280			5,402,111			56,785
Cash		4,239			746			– 0	–
Cash collateral due from broker		– 0	–		260,000			– 0	–
Foreign currencies, at value (cost $0, $4,535,207 and $4,929, respectively)		– 0	–		4,564,518			4,939
Receivable for investment securities sold		1,999,032			– 0	–		12,820
Unaffiliated dividends and interest receivable		195,071			8,825,759			3,236
Affiliated dividends receivable		1,834			20,547			167
Receivable due from Adviser		203			2,646			10
Unrealized appreciation on forward currency exchange contracts		– 0	–		2,514,985			– 0	–
Foreign withholding tax reclaims		– 0	–		4,515,481			– 0	–

Total assets		205,176,984			1,773,510,433			4,330,855

Liabilities
Payable for collateral received on securities loaned		713,770			– 0	–		– 0	–
Advisory fee payable		67,163			743,560			1,952
Payable for investment securities purchased and foreign currency transactions		– 0	–		3,506			45,713
Unrealized depreciation on forward currency exchange contracts		– 0	–		4,532,360			– 0	–

Total liabilities		780,933			5,279,426			47,665

Net Assets	$	204,396,051		$	1,768,231,007		$	4,283,190

Composition of Net Assets
Capital stock, at par	$	252		$	3,930		$	15
Additional paid-in capital		178,013,688			1,368,507,560			4,499,813
Distributable earnings/Accumulated loss		26,382,111			399,719,517			(216,638	)

Net Assets	$	204,396,051		$	1,768,231,007		$	4,283,190

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 2,520,020, 39,301,020 and 150,033 shares outstanding)	$	81.11		$	44.99		$	28.55

(a)	Includes securities on loan with a value of $1,296,365 and $14,361,705, respectively (see Note E).

See notes to financial statements.



52 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)


	AB US Equity ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $647,341,957)	$	700,322,833
Affiliated issuers (cost $1,485,688)		1,485,688
Cash		25,396
Unaffiliated dividends and interest receivable		515,083
Affiliated dividends receivable		4,513
Receivable due from Adviser		271

Total assets		702,353,784

Liabilities
Advisory fee payable		294,839
Foreign capital gains tax payable		939

Total liabilities		295,778

Net Assets	$	702,058,006

Composition of Net Assets
Capital stock, at par	$	2,614
Additional paid-in capital		202,364,772
Distributable earnings		499,690,620

Net Assets	$	702,058,006

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value (based on 26,140,973 shares outstanding)	$	26.86

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 53

STATEMENT OF OPERATIONS

Six Months Ended May 31, 2026 (unaudited)


	AB Disruptors ETF			AB US High Dividend ETF			AB US Large Cap Strategic Equities ETF
Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $357,796, $5,168 and $45,702)	$	4,794,691		$	2,434,973		$	4,808,363
Affiliated issuers		791,926			5,975			145,125
Interest		12,716			55			47
Securities lending income, net		288,822			3,455			2,272

Total income	$	5,888,155		$	2,444,458		$	4,955,807

Expenses
Advisory fee (see Note B)		5,812,973			269,424			1,709,600

Total expenses before bank overdraft expense		5,812,973			269,424			1,709,600
Bank overdraft expense		– 0	–		255			– 0	–

Total expenses		5,812,973			269,679			1,709,600
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(54,920	)		(1,049	)		(8,933	)

Net expenses		5,758,053			268,630			1,700,667

Net investment income		130,102			2,175,828			3,255,140

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		31,651,568			702,879			(12,714,903	)
In-kind redemptions		127,120,519			9,223,165			29,197,931
Foreign currency transactions		(566,015	)		– 0	–		– 0	–
Net change in unrealized appreciation (depreciation) of:
Investments		515,574,473			8,016,017			78,522,691
Foreign currency denominated assets and liabilities		46,001			– 0	–		– 0	–

Net gain on investment and foreign currency transaction		673,826,546			17,942,061			95,005,719

Net Increase in Net Assets from Operations	$	673,956,648		$	20,117,889		$	98,260,859

See notes to financial statements.



54 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF OPERATIONS (continued)

Six Months Ended May 31, 2026 (unaudited)


	AB US Low Volatility Equity ETF			AB International Low Volatility Equity ETF			AB International Growth ETF
Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $4,680, $3,139,374 and $4,448)	$	1,171,545		$	29,322,368		$	27,899
Affiliated issuers		48,880			161,129			829
Interest		306			40,269			– 0	–
Securities lending income, net		1,898			283,588			– 0	–

Total income	$	1,222,629		$	29,807,354		$	28,728

Expenses
Advisory fee (see Note B)		360,382			4,096,132			11,588

Total expenses before bank overdraft expense		360,382			4,096,132			11,588
Bank overdraft expense		161			3,578			– 0	–

Total expenses		360,543			4,099,710			11,588
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(3,445	)		(14,186	)		(49	)

Net expenses		357,098			4,085,524			11,539

Net investment income		865,531			25,721,830			17,189

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(4,602,295	)		(9,180,919	)		(131,723	)
In-kind redemptions		3,789,292			27,155,834			– 0	–
Forward currency exchange contracts		– 0	–		(4,179,092	)		– 0	–
Foreign currency transactions		7			6,480,660			(345	)
Net change in unrealized appreciation (depreciation) of:
Investments		5,843,569			86,707,760			100,962
Forward currency exchange contracts		– 0	–		(5,090,259	)		– 0	–
Foreign currency denominated assets and liabilities		– 0	–		162,304			8

Net gain (loss) on investment and foreign currency transactions		5,030,573			102,056,288			(31,098	)

Net Increase (Decrease) in Net Assets from Operations	$	5,896,104		$	127,778,118		$	(13,909	)

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 55

STATEMENT OF OPERATIONS (continued)

For the Period from December 15, 2025^(a) to May 31, 2026 (unaudited)


	AB US Equity ETF
Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $17,741)	$	3,597,761
Affiliated issuers		26,087

Total income	$	3,623,848

Expenses
Advisory fee (see Note B)		1,538,753

Total expenses		1,538,753

Less: expenses waived and reimbursed by the Adviser (see Note B)		(1,483	)

Net expenses		1,537,270

Net investment income		2,086,578

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions^(b)		283,010,353
In-kind redemptions		163,142,750
Net change in unrealized appreciation (depreciation) of:
Investments		52,980,876

Net gain on investment transactions		499,133,979

Net Increase in Net Assets from Operations	$	501,220,557

(a)	Commencement of operations.

(b)	Net of foreign realized capital gains taxes of $939.

See notes to financial statements.



56 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS


	AB Disruptors ETF						AB US High Dividend ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	130,102		$	(401,350	)	$	2,175,828		$	1,930,096
Net realized gain on investment and foreign currency transactions		158,206,072			45,668,207			9,926,044			1,735,942
Net change in unrealized appreciation of investments and foreign currency denominated assets and liabilities		515,620,474			185,467,017			8,016,017			10,721,801

Net increase in net assets from operations		673,956,648			230,733,874			20,117,889			14,387,839
Distributions to Shareholders		(1,400,180	)		(8,952,609	)		(1,877,201	)		(1,465,698	)
Transactions in Shares of the Fund
Net increase		925,880,328			577,938,378			41,204,144			94,051,226
Other Capital		148,039			21,766			– 0	–		– 0	–

Total increase		1,598,584,835			799,741,409			59,444,832			106,973,367
Net Assets
Beginning of period		1,288,531,206			488,789,797			132,430,721			25,457,354

End of period	$	2,887,116,041		$	1,288,531,206		$	191,875,553		$	132,430,721

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 57

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB US Large Cap Strategic Equities ETF						AB US Low Volatility Equity ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,255,140		$	3,199,940		$	865,531		$	1,103,205
Net realized gain (loss) on investment and foreign currency transactions		16,483,028			(294,221	)		(812,996	)		(796,096	)
Net change in unrealized appreciation of investments and foreign currency denominated assets and liabilities		78,522,691			68,986,135			5,843,569			14,674,065

Net increase in net assets from operations		98,260,859			71,891,854			5,896,104			14,981,174
Distributions to Shareholders		(4,000,784	)		(1,173,105	)		(790,126	)		(1,066,987	)
Transactions in Shares of the Fund
Net increase		486,530,381			342,084,086			32,841,769			75,816,262

Total increase		580,790,456			412,802,835			37,947,747			89,730,449
Net Assets
Beginning of period		672,760,259			259,957,424			166,448,304			76,717,855

End of period	$	1,253,550,715		$	672,760,259		$	204,396,051		$	166,448,304

See notes to financial statements.



58 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB International Low Volatility Equity ETF						AB International Growth ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			September 16, 2025^(a) to November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	25,721,830		$	28,825,253		$	17,189		$	(735	)
Net realized gain (loss) on investment and foreign currency transactions		20,276,483			67,802,695			(132,068	)		(8,068	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		81,779,805			107,217,362			100,970			(195,088	)
Contributions from Affiliates (see Note B)		– 0	–		44,617			– 0	–		– 0	–

Net increase (decrease) in net assets from operations		127,778,118			203,889,927			(13,909	)		(203,891	)
Distributions to Shareholders		(24,321,126	)		(6,787,260	)		– 0	–		– 0	–
Transactions in Shares of the Fund
Net increase		170,327,450			471,390,715			– 0	–		4,500,990

Total increase (decrease)		273,784,442			668,493,382			(13,909	)		4,297,099
Net Assets
Beginning of period		1,494,446,565			825,953,183			4,297,099			– 0	–

End of period	$	1,768,231,007		$	1,494,446,565		$	4,283,190		$	4,297,099

(a)	Commencement of operations.

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 59

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB US Equity ETF
	December 15, 2025^(a) to May 31, 2026
Increase (Decrease) in Net Assets from Operations
Net investment income	$	2,086,578
Net realized gain on investment transactions		446,153,103
Net change in unrealized appreciation of investments		52,980,876

Net increase in net assets from operations		501,220,557
Distributions to Shareholders		(1,529,937	)
Transactions in Shares of the Fund
Net increase		202,367,386

Total increase		702,058,006
Net Assets
Beginning of period		– 0	–

End of period	$	702,058,006

(a)	Commencement of operations.

See notes to financial statements.



60 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

May 31, 2026

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 funds currently in operation. This report relates only to AB Disruptors ETF, AB US High Dividend ETF, AB US Large Cap Strategic Equities ETF, AB US Low Volatility Equity ETF, AB International Low Volatility Equity ETF, AB International Growth ETF and AB US Equity ETF (hereafter collectively referred to as the “Funds” and each individually a “Fund”). AB International Low Volatility Equity ETF, AB Disruptors ETF, AB US Low Volatility Equity ETF and AB International Growth ETF are diversified portfolios, AB US High Dividend ETF, AB US Large Cap Strategic Equities ETF, and AB US Equity ETF are non-diversified portfolios.

AB International Low Volatility Equity ETF (the “Acquiring Portfolio”) commenced investment operations on July 12, 2024. At meetings held on October 31 – November 2, 2023, the Corporation’s Board of Directors (the “Board”) approved the reorganization of AB International Low Volatility Equity Portfolio, a portfolio of AB Cap Fund, Inc. (the “Acquired Portfolio”) into the Acquiring Portfolio (the “Conversion”), to be managed by AllianceBernstein L.P. (the “Adviser”). Pursuant to an Agreement and Plan of Acquisition and Termination (the “Plan”), the Acquired Portfolio was converted into an exchange traded fund (“ETF”) with the same investment objective, and the same investment policies and investment strategies as the Acquired Portfolio on the closing date of the Conversion, July 12, 2024. In connection with the Conversion, the assets and liabilities of the Acquired Portfolio were transferred to the Acquiring Portfolio, and stockholders of the Acquired Portfolio received shares of the Acquiring Portfolio equal in aggregate net asset value (“NAV”) to the NAV of their shares of the Acquired Portfolio (less cash corresponding to any fractional share amount). The Acquired Portfolio had a fiscal year end of June 30; however the Fund has a fiscal year end of November 30. See Note J for additional information regarding the Conversion. The Acquired Portfolio was the accounting survivor in the Conversion and as such, the financial statements and the financial highlights reflect the financial information of the Acquired Portfolio through July 12, 2024.

AB International Growth ETF commenced investment operations on September 16, 2025. AB US Equity ETF commenced investment operations on December 15, 2025.

Each Fund is considered to be a separate entity for financial reporting and tax purposes. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the



ABFunds.com		AB Active ETFs, Inc. 61

NOTES TO FINANCIAL STATEMENTS (continued)

reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Funds.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, the Adviser serves as the Funds’ valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Funds’ portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed options are generally valued using market-based inputs, such as last traded prices, closing bid and ask prices, or settlement prices, as applicable; over-the-counter (“OTC”) options, including flexible exchange-traded options (“Flex Options”), are typically valued at transaction price on the trade date and thereafter valued using models that consider the terms of the option and/or relevant market inputs, as applicable; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest



62 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at closing net assets value (“NAV”) per share, while exchange-traded funds are valued at closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Funds may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Funds value their securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Funds generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Funds 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 as described in Note A.1 above). 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 Funds. Unobservable inputs reflect the Funds’ 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



ABFunds.com		AB Active ETFs, Inc. 63

NOTES TO FINANCIAL STATEMENTS (continued)

•

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 Funds’ 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 are 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.

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, 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.

The following tables summarize the valuation of the Funds’ investments by the above fair value hierarchy levels as of May 31, 2026:

AB Disruptors ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

2,758,288,513

– 0

–

– 0

–

2,758,288,513

Short-Term Investments

104,348,505

– 0

–

– 0

–

104,348,505

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

182,590

– 0

–

– 0

–

182,590

Total Investments in Securities

2,862,819,608

– 0

–

– 0

–

2,862,819,608

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

2,862,819,608

– 0

–

– 0

–

2,862,819,608



64 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

AB US High Dividend ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

191,132,993

– 0

–

– 0

–

191,132,993

Short-Term Investments

387,093

– 0

–

– 0

–

387,093

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

1,193,518

– 0

–

– 0

–

1,193,518

Total Investments in Securities

192,713,604

– 0

–

– 0

–

192,713,604

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

192,713,604

– 0

–

– 0

–

192,713,604

AB US Large Cap Strategic Equities ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

1,243,380,348

– 0

–

– 0

–

1,243,380,348

Short-Term Investments

9,472,869

– 0

–

– 0

–

9,472,869

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

599,355

– 0

–

– 0

–

599,355

Total Investments in Securities

1,253,452,572

– 0

–

– 0

–

1,253,452,572

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

1,253,452,572

– 0

–

– 0

–

1,253,452,572

AB US Low Volatility Equity ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

201,469,325

– 0

–

– 0

–

201,469,325

Short-Term Investments

793,510

– 0

–

– 0

–

793,510

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

713,770

– 0

–

– 0

–

713,770

Total Investments in Securities

202,976,605

– 0

–

– 0

–

202,976,605

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

202,976,605

– 0

–

– 0

–

202,976,605



ABFunds.com		AB Active ETFs, Inc. 65

NOTES TO FINANCIAL STATEMENTS (continued)

AB International Low Volatility Equity ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

1,747,403,640

– 0

–

– 0

–

1,747,403,640

Warrants

– 0

–

– 0

–

^(c)

– 0

–

Short-Term Investments

5,402,111

– 0

–

– 0

–

5,402,111

Total Investments in Securities

1,752,805,751

– 0

–

^(c)

1,752,805,751

Other Financial Instruments^(b):

Assets:

Forward Currency Exchange Contracts

– 0

–

2,514,985

– 0

–

2,514,985

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(4,532,360

)

– 0

–

(4,532,360

)

Total

1,752,805,751

(2,017,375

)

^(c)

1,750,788,376

AB International Growth ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

4,252,898

– 0

–

– 0

–

4,252,898

Short-Term Investments

56,785

– 0

–

– 0

–

56,785

Total Investments in Securities

4,309,683

– 0

–

– 0

–

4,309,683

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

4,309,683

– 0

–

– 0

–

4,309,683

AB US Equity ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

657,581,087

– 0

–

– 0

–

657,581,087

Investment Companies

42,741,709

– 0

–

– 0

–

42,741,709

Rights

– 0

–

– 0

–

Short-Term Investments

1,485,688

– 0

–

– 0

–

1,485,688

Total Investments in Securities

701,808,484

– 0

–

701,808,521

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

701,808,484

– 0

–

701,808,521

(a)	See Portfolio of Investments for sector classifications.

(b)

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.

(c)	The Fund held securities with zero market value at period end.

3. Currency Translation



66 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is each Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds’ financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Funds are informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Funds amortize premiums and accrete original issue and market discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend



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NOTES TO FINANCIAL STATEMENTS (continued)

income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

Prior to the Conversion, all income earned and expenses incurred by the Acquired Portfolio were borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in the Acquired Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of AB Cap Fund, Inc. were charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses were allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

Each Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ President is the CODM. The CODM monitors the operating results of each Fund as a whole and the predetermined Fund’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, each Fund pays the Adviser a unitary advisory fee, accrued daily and paid monthly, based on the



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Fund’s average daily net assets. The annual advisory fee rates are .65%, .35%, .39%, .39%, .50%, .55% and .50% for AB Disruptors ETF, AB US High Dividend ETF, AB US Large Cap Strategic Equities ETF, AB US Low Volatility Equity ETF, AB International Low Volatility Equity Portfolio, AB International Growth ETF, AB US Equity ETF, respectively.

Prior to May 9, 2025 the unitary advisory fee rates were .45%, .48% and .48% for AB US High Dividend ETF, AB US Large Cap Strategic Equities ETF and AB US Low Volatility Equity ETF, respectively.

With respect to AB International Low Volatility Equity Portfolio, prior to July 12, 2024, the Acquired Portfolio paid the Adviser an advisory fee at an annual rate .65% of the first $2.5 billion, .55% of the excess of $2.5 billion up to $5 billion and .50% of the excess over $5 billion of the Fund’s average daily net assets. The Adviser had agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to 1.00%, 1.75%, .75% and .75% of the daily average net assets for Class A, Class C, Advisor Class and Class Z shares, respectively.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by each Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse each Fund for its share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser.

For the period ended May 31, 2026, such waivers amounted to:


Portfolio	Amount
AB Disruptors ETF	$	48,594
AB US High Dividend ETF		504
AB US Large Cap Strategic Equities ETF		8,732
AB US Low Volatility Equity ETF		2,920
AB International Low Volatility Equity ETF		9,583
AB International Growth ETF		49
AB US Equity ETF		1,483

During the year ended November 30, 2025, the Adviser reimbursed the AB International Low Volatility Equity ETF $466 for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses.



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NOTES TO FINANCIAL STATEMENTS (continued)

On March 26, 2026, Equitable Holdings, Inc. (“Equitable”), the owner of the Adviser, entered into an Agreement and Plan of Merger (“Merger Agreement”), by and among Equitable, Corebridge Financial, Inc. (“Corebridge”) and various Corebridge subsidiaries. Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly-formed company (the “Transaction”). The closing of the Transaction may be deemed an “assignment” of the investment advisory agreement between the Fund and the Adviser. In order to ensure that the existing investment advisory services could continue uninterrupted, at a meeting held on May 5-7, 2026, the Boards of Directors/Trustees (the “Boards”) of the funds managed by the Adviser (the “AB Funds”), including the Funds, approved new investment advisory agreements with the Adviser, in connection with the Transaction. The Boards also agreed to call and hold a joint meeting of shareholders on August 3, 2026, for shareholders of each AB Fund to approve the new investment advisory agreement with the Adviser that would be effective after the closing of the Transaction.

A summary of the Funds’ transactions in AB mutual funds for the six months ended May 31, 2026 is as follows:


AB Disruptors ETF	Market Value 11/30/25 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 5/31/26 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	19,837	$	637,728	$	553,217	$	104,348	$	792
AB Government Money Market Portfolio*		6,601		133,162		139,580		183		38

Total							$	104,531	$	830

*	Investments of cash collateral for securities lending transactions (see Note E).


AB US High Dividend ETF	Market Value 11/30/25 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 5/31/26 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	227	$	3,634	$	3,474	$	387	$	6
AB Government Money Market Portfolio*		42		13,597		12,445		1,194		2

Total							$	1,581	$	8

*	Investments of cash collateral for securities lending transactions (see Note E).



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NOTES TO FINANCIAL STATEMENTS (continued)


AB US Large Cap Strategic Equities ETF	Market Value 11/30/25 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 5/31/26 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	9,256		$	56,112	$	55,895	$	9,473	$	145
AB Government Money Market Portfolio*		– 0	–		17,453		16,854		599		0	**

Total								$	10,072	$	145

*	Investments of cash collateral for securities lending transactions (see Note E).

**	Amount is less than $500.


AB US Low Volatility Equity ETF	Market Value 11/30/25 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 5/31/26 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	4,059		$	10,621	$	13,887	$	793	$	49
AB Government Money Market Portfolio*		– 0	–		14,666		13,952		714		2

Total								$	1,507	$	51

*	Investments of cash collateral for securities lending transactions (see Note E).


AB International Low Volatility Equity ETF	Market Value 11/30/25 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 5/31/26 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	9,760		$	145,248	$	149,606	$	5,402		$	161
AB Government Money Market Portfolio*		– 0	–		75,763		75,763		– 0	–		12

Total								$	5,402		$	173

*	Investments of cash collateral for securities lending transactions (see Note E).


AB International Growth ETF	Market Value 11/30/25 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 5/31/26 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	19		$	469	$	431	$	57	$	1

AB US Equity ETF	Market Value 11/30/25 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 5/31/26 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	– 0	–	$	7,878	$	6,392	$	1,486	$	26

During the year ended November 30, 2025, the Adviser reimbursed the AB International Low Volatility Equity ETF $44,617 for trading losses incurred due to a trade entry error.



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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE C

Distribution Services Agreement

Each Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 of the Act which permits the Fund to pay distribution and servicing fees not to exceed .25% per year of the Fund’s average daily net assets. No such fees are currently paid, and the Board has not approved the commencement of payments under the Rule 12b-1 Distribution and Service Plan.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 2026 were as follows:

Purchases

Sales

Fund

Investment
securities
(excluding
U.S. government
securities)

U.S. government
securities

Investment
securities
(excluding
U.S. government
securities)

U.S. government
securities

AB Disruptors ETF

1,743,635,591

– 0

–

1,494,903,110

– 0

–

AB US High Dividend ETF

135,533,446

– 0

–

135,044,949

– 0

–

AB US Large Cap Strategic Equities ETF

159,901,231

– 0

–

92,766,819

– 0

–

AB US Low Volatility Equity ETF

26,410,399

– 0

–

23,518,330

– 0

–

AB International Low Volatility Equity ETF

374,224,318

– 0

–

278,822,362

– 0

–

AB International Growth ETF

1,172,781

– 0

–

1,163,589

– 0

–

AB US Equity ETF

249,470,449

– 0

–

53,614,394

– 0

–

During the six months ended May 31, 2026, the Fund delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction. For the six months ended May 31, 2026, the Fund had in-kind purchases and in-kind sales as follows:


AB Disruptors ETF	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	846,902,492		$	285,949,709
U.S. government securities		– 0	–		– 0	–



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NOTES TO FINANCIAL STATEMENTS (continued)


AB US High Dividend ETF	Purchases			Sales
In-kind transactions (excluding U.S. government securities)	$	85,493,760		$	44,749,958
U.S. government securities		– 0	–		– 0	–

AB US Large Cap Strategic Equities ETF	Purchases			Sales
In-kind transanctions (excluding U.S. government securities)	$	517,303,421		$	99,216,131
U.S. government securities		– 0	–		– 0	–

AB US Low Volatility Equity ETF	Purchases			Sales
In-kind transanctions (excluding U.S. government securities)	$	42,098,318		$	10,846,314
U.S. government securities		– 0	–		– 0	–

AB International Low Volatility Equity ETF	Purchases			Sales
In-kind transanctions (excluding U.S. government securities)	$	130,749,668		$	56,223,276
U.S. government securities		– 0	–		– 0	–

AB International Growth ETF	Purchases			Sales
In-kind transanctions (excluding U.S. government securities)	$	– 0	–	$	– 0	–
U.S. government securities		– 0	–		– 0	–

AB US Equity ETF	Purchases			Sales
In-kind transanctions (excluding U.S. government securities)	$	– 0	–	$	198,963,637
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:


	Gross Unrealized
Fund	Appreciation		Depreciation			Net unrealized appreciation/ (depreciation)
AB Disruptors ETF	$	808,483,998	$	(8,041,396	)	$	800,442,602
AB US High Dividend ETF		25,929,808		(4,068,662	)		21,861,146
AB US Large Cap Strategic Equities ETF		200,100,656		(17,089,963	)		183,010,693
AB US Low Volatility Equity ETF		37,495,079		(6,546,700	)		30,948,379
AB International Low Volatility Equity ETF		402,054,359		(34,961,466	)		367,092,893
AB International Growth ETF		598,367		(692,494	)		(94,127	)
AB US Equity ETF		55,519,508		(2,538,632	)		52,980,876



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NOTES TO FINANCIAL STATEMENTS (continued)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivative utilized by the Fund, as well as the methods in which they may be used are:

•

Forward Currency Exchange Contracts

The Funds may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Funds. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended May 31, 2026, the AB International Low Volatility Equity ETF held forward currency exchange contracts for hedging purposes.

The Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Funds’ net liability, held by the defaulting party, may be delayed or denied.



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triggered, the Funds’ OTC counterparty has the right to terminate such transaction and require the Funds to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the six months ended May 31, 2026, the Funds had entered into the following derivatives:

AB International Low Volatility Equity ETF


	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location		Fair Value		Statement of Assets and Liabilities Location		Fair Value
Foreign currency contracts		Unrealized appreciation on forward currency exchange contracts	$	2,514,985		Unrealized depreciation on forward currency exchange contracts	$	4,532,360

Total			$	2,514,985			$	4,532,360


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts	$	(4,179,092	)	$	(5,090,259	)

Total		$	(4,179,092	)	$	(5,090,259	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended May 31, 2026:

AB International Low Volatility Equity ETF


Forward Foreign Currency Contracts:
Average principal amount of buy contracts	$	437,935,796
Average principal amount of sale contracts	$	425,502,775

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.



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NOTES TO FINANCIAL STATEMENTS (continued)

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Funds’ derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Funds as of May 31, 2026. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

AB International Low Volatility Equity ETF


Counterparty	Derivative Assets Subject To a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Bank of America NA	$	531,316	$	(531,316	)	$	– 0	–	$	– 0	–	$	– 0	–
Deutsche Bank AG		74,171		(65,656	)		– 0	–		– 0	–		8,515
Morgan Stanley Bank NA		618,330		(618,330	)		– 0	–		– 0	–		– 0	–
NatWest Markets PLC		671,352		(671,352	)		– 0	–		– 0	–		– 0	–
Standard Chartered Bank		65,455		(65,455	)		– 0	–		– 0	–		– 0	–
State Street Bank & Trust Co.		554,361		(10,556	)		– 0	–		– 0	–		543,805

Total	$	2,514,985	$	(1,962,665	)	$	– 0	–	$	– 0	–	$	552,320	^


Counterparty	Derivative Liabilities Subject To a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America NA	$	1,026,035	$	(531,316	)	$	– 0	–	$	– 0	–	$	494,719
Deutsche Bank AG		65,656		(65,656	)		– 0	–		– 0	–		– 0	–
Morgan Stanley Bank NA		1,037,819		(618,330	)		(260,000	)		– 0	–		159,489
NatWest Markets PLC		1,008,017		(671,352	)		– 0	–		– 0	–		336,665
Standard Chartered Bank		1,384,277		(65,455	)		– 0	–		– 0	–		1,318,822
State Street Bank & Trust Co.		10,556		(10,556	)		– 0	–		– 0	–		– 0	–

Total	$	4,532,360	$	(1,962,665	)	$	(260,000	)	$	– 0	–	$	2,309,695	^

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^	Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Funds may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Funds may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Funds may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Funds and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The



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NOTES TO FINANCIAL STATEMENTS (continued)

Funds may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Securities Lending

The Funds may enter into securities lending transactions. Under the Fund’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Funds cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Funds will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Funds receives non-cash collateral, the Funds will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Funds will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Funds amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Funds will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Funds, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the statement of operations. When the Funds earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the



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NOTES TO FINANCIAL STATEMENTS (continued)

securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Funds transactions surrounding securities lending for the six months ended May 31, 2026 is as follows:

AB Disruptors ETF


								AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	21,613,336	$	182,590	$	22,791,553	$	251,231	$	37,591	$	6,326

AB US High Dividend ETF


								AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	2,552,582	$	1,193,518	$	1,451,191	$	994	$	2,461	$	545

AB US Large Cap Strategic Equities ETF


								AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	7,505,040	$	599,355	$	7,233,647	$	1,906	$	366	$	201

AB US Low Volatility Equity ETF


								AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	1,296,365	$	713,770	$	615,162	$	223	$	1,675	$	525



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NOTES TO FINANCIAL STATEMENTS (continued)

AB International Low Volatility Equity Portfolio


									AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*			Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	14,361,705	$	– 0	–	$	15,105,179	$	271,810	$	11,778	$	4,603

*	As of May 31, 2026.

NOTE F

Shares of the Fund

The Fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund issues and redeems shares at its NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). A fixed transaction fee is imposed on authorized participants in connection with creation unit redemption and creation transactions. Authorized participants may be required to pay an additional variable charge to cover certain costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets. Transactions in shares of the Funds were as follows:


	AB Disruptors ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		10,460,000			8,470,000		$	1,236,367,112		$	763,333,632

Shares redeemed		(2,510,000	)		(1,970,000	)		(310,486,784	)		(185,395,254	)

Net increase		7,950,000			6,500,000		$	925,880,328		$	577,938,378


	AB US High Dividend ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		1,040,000			1,700,000		$	85,831,634		$	124,741,662

Shares redeemed		(540,000	)		(400,000	)		(44,627,490	)		(30,690,436	)

Net increase		500,000			1,300,000		$	41,204,144		$	94,051,226



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NOTES TO FINANCIAL STATEMENTS (continued)


	AB US Large Cap Strategic Equities ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		7,785,000			5,490,000		$	598,339,013		$	384,634,157

Shares redeemed		(1,440,000	)		(600,000	)		(111,808,632	)		(42,550,071	)

Net increase		6,345,000			4,890,000		$	486,530,381		$	342,084,086


	AB US Low Volatility Equity ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		630,000			1,190,000		$	49,248,838		$	87,081,758

Shares redeemed		(210,000	)		(150,000	)		(16,407,069	)		(11,265,496	)

Net increase		420,000			1,040,000		$	32,841,769		$	75,816,262


	AB International Low Volatility Equity ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		5,400,000			17,400,000		$	235,793,490		$	685,894,955

Shares redeemed		(1,500,000	)		(5,350,000	)		(65,466,040	)		(214,504,240	)

Net increase		3,900,000			12,050,000		$	170,327,450		$	471,390,715

AB International Growth ETF

Amount

Six Months Ended
May 31, 2026
(unaudited)

September 16,
2025^(a) to
November 30,
2025

Six Months Ended
May 31, 2026
(unaudited)

September 16,
2025^(a) to
November 30,

2025

Shares sold

– 0

–

150,033

– 0

–

4,500,990

Shares redeemed

– 0

–

– 0

–

– 0

–

– 0

–

Net increase

– 0

–

150,033

– 0

–

4,500,990

(a)	Commencement of operations.


	AB US Equity ETF
	Shares			Amount
	December 12, 2025^(a) to May 31, 2026			December 12, 2025^(a) to May 31, 2026

Shares sold		8,010,040		$	402,199,442

Shares redeemed		(8,235,000	)		(199,832,056	)

Net increase (decrease)		(224,960	)	$	202,367,386

(a)	Commencement of operations.



80 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Risks Involved in Investing in the Funds

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

Equity Securities Risk—The Fund invests in publicly-traded equity securities, and their value may fluctuate, sometimes rapidly and unpredictably, which means a security may be worth more or less than when it was purchased. These fluctuations can be based on a variety of factors including a company’s financial condition as well as macroeconomic factors such as interest rates, inflation rates, global market conditions, and non-economic factors such as market perceptions and social or political events.

Foreign (Non-U.S.) Investments Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade than domestic securities due to adverse market, economic, political, regulatory or other factors.

Global Risk—A Fund may invest in companies in multiple countries, and companies in which the Fund invests may experience differing outcomes with respect to safety and security, economic uncertainties, natural and environmental conditions, health conditions (including pandemics such as Covid-19) and/or systemic market dislocations (including market dislocations due to events outside a company’s country or region, including supply chain events). The global interconnectivity of industries and companies, especially with respect to goods, can be negatively impacted by events occurring beyond a company’s principal geographic location. These events can contribute to volatility, valuation and liquidity issues, and can affect specific companies, countries, regions and global markets.

Emerging Market Risk—Investments in emerging market countries may involve more risks than investments in other foreign countries because the markets are less developed, less liquid and are subject to increased potential for market manipulation, and increased economic, political, regulatory or other uncertainties. Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. equities. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs, inadequate accounting standards and



ABFunds.com		AB Active ETFs, Inc. 81

NOTES TO FINANCIAL STATEMENTS (continued)

auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Fund invests and adversely affect the value of the Fund’s assets. These risks are heightened with respect to issuers in emerging-market countries because the markets are less developed, less liquid and subject to increased potential for market manipulation, and there may be a greater amount of economic, political and social uncertainty. These risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic, climate change, or a natural disaster.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Sector Risk—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments. Because the Fund may invest to a significant extent in the information technology sector, the Fund’s performance largely depends on the general condition of that sector. Companies in the information technology sector could be affected by, among other things, changes in interest rates, overall economic conditions, short product cycles, rapid obsolescence of products, competition, and government regulation. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services.

Depositary Receipts Risk—Investing in depositary receipts involves risks that are similar to the risks of direct investments in foreign securities. For example, investing in depositary receipts may involve risks relating to political, economic or regulatory conditions in foreign countries. In addition, the issuers of the securities underlying certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts.



82 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Non-Diversification Risk—Certain Funds may have more risk if they are “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value (“NAV”) than on the NAV of a diversified fund.

Active Trading Risk—Certain Funds may engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.

Authorized Participant Risk—Only a limited number of financial institutions that enter into an authorized participant relationship with the Fund (“Authorized Participants”) may engage in creation or redemption transactions. If the Fund’s Authorized Participants decide not to create or redeem shares, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share, or the Fund could face trading halts or de-listing.



ABFunds.com		AB Active ETFs, Inc. 83

NOTES TO FINANCIAL STATEMENTS (continued)

ETF shares. Market makers and Authorized Participants are not obligated to place or execute purchase and redemption orders. This could cause the Fund’s market price to deviate, materially, from the NAV, and reduce the effectiveness of the ETF arbitrage process. Any absence of an active trading market for Fund shares could lead to a heightened risk that there will be a difference between the market price of a Fund share and the underlying value of the Fund share.

Capital Gain Risk—A substantial portion of the Fund’s NAV may be attributable to realized and/or net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess of realized capital losses in any fiscal year, it generally expects to make capital gain distributions to shareholders. You may receive distributions that are attributable to appreciation of portfolio securities that happened before you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you even though they economically represent a return of a portion of your investment. You should consult your tax professional about your investment in the Fund.

Dividend Paying Securities Risk—The Fund may invest in securities that pay dividends. There can be no assurance that dividends will be declared or paid on securities held by the Fund in the future, or that dividends will remain at current levels or increase.

Quantitative Models—The Adviser uses quantitative models to identify investment opportunities. These models are based on the assumption that price movements in most markets display very similar patterns. There is the risk that market behavior will change and that the patterns upon which the forecasts in the models are based will weaken or disappear, which would reduce the ability of the models to generate an excess return. Further, as market dynamics shift over time, a previously highly successful model may become outdated, perhaps without the Adviser recognizing that fact before substantial losses are incurred. Successful operation of a model is also reliant upon the information technology systems of the Adviser and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Adviser will be successful in maintaining effective and operational quantitative models and the related hardware and software systems.

Derivatives Risk—Derivatives may be difficult to price or unwind and may be leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.



84 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Country Concentration Risk—The Fund may not be diversified among countries or geographic regions and the effect on the Fund’s net asset value, or NAV, of the specific risks identified above, such as political, regulatory and currency risks, may be magnified due to concentration of the Fund’s investments in a particular country or region, such as China. Risks of the Fund’s investments in securities of companies economically tied to China may include the volatility of the Chinese stock market, the Chinese economy’s heavy dependence on exports, and the continuing importance of the role of the Chinese Government. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion. Military conflict between China and Taiwan may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. While the Chinese economy has grown at a rapid rate in recent years, the rate of growth has been declining, and there can be no assurance that China’s economy will continue to grow in the future.

China/Single Country Risk—Investments in issuers located in a particular country or geographic region typically involve more risk than investments in U.S. issuers because of particular market factors affecting that country or region, including political instability, geopolitical risks or unpredictable economic conditions. Risks of the Fund’s investments in securities of companies economically tied to China may include the volatility of the Chinese stock market; the Chinese economy’s heavy dependence on exports, which may be affected adversely by trade barriers or disputes or may decrease, sometimes significantly, when the world economy weakens; and the continuing importance of the role of the Chinese Government, which may take legal or regulatory actions that affect the contractual arrangements of a company or economic and market practices, and cause the value of the securities of an issuer held by the Fund to decrease significantly. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund. In addition, the Fund’s investments in companies owned or controlled directly or indirectly by the central, provincial or municipal governments of the People’s Republic of China or by the People’s Liberation Army (the military arm of the Chinese Communist Party) involve risks that political changes, social instability, regulatory uncertainty, adverse diplomatic developments, asset expropriation or nationalization, economic sanctions, trade embargos, cancellation of investors’ interests, or



ABFunds.com		AB Active ETFs, Inc. 85

NOTES TO FINANCIAL STATEMENTS (continued)

confiscatory taxation could adversely affect the performance of such companies and therefore investments by the Fund in those companies. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion. Military conflict between China and Taiwan may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. While the Chinese economy has grown at a rapid rate in recent years, the rate of growth has been declining, and there can be no assurance that China’s economy will continue to grow in the future. Investments in China A shares are subject to various licenses and quotas that may restrict daily trading and to additional risks that could affect liquidity compared to investments in companies in developed markets. Risks of investments in companies based in Hong Kong include heavy reliance on the Chinese economy, plus regional Asian and global economies such as the U.S. economy, which makes these investments vulnerable to changes in these economies.

Allocation Risk—The allocation of Fund assets among different asset classes, such as equity securities, debt securities and currencies, may have a significant adverse effect on the Fund’s NAV when one of these asset classes is performing better or worse than others. The diversification benefits typically associated with investing in both equity and debt securities may be limited in the emerging markets context, as movements in emerging market equity and emerging market debt markets may be more correlated than movements in the equity and debt markets of developed countries.

Actions by a Few Major Investors—In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of funds investing in these markets could significantly affect local stock prices and, therefore, share prices of the Fund.



86 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.

Indemnification Risk—In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Funds has not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Funds have not accrued any liability in connection with these indemnification provisions.

Management Risk—The Funds are subject to management risk because they are an actively-managed investment funds. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H

Joint Credit Facility

A number of open-end mutual funds and ETFs managed by the Adviser, including the Fund, participate in a $380 million credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short-term liquidity requirements. The Facility, which will expire on June 23, 2027, may be renewed for an additional term dependent upon the election of the participating funds and lenders. A commitment fee of 0.15% per annum of the Facility amount is paid by the participating funds. The portion of the commitment fee related to the ETFs is paid by the Adviser pursuant to the ETF’s unitary fee structure. The Fund did not utilize the Facility during the six months ended May 31, 2026.

NOTE I

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2026 will be determined at the end of the current fiscal year. The tax character of



ABFunds.com		AB Active ETFs, Inc. 87

NOTES TO FINANCIAL STATEMENTS (continued)

distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:


AB Disruptors ETF	2025		2024
Distributions paid from:
Ordinary income	$	5,078,720	$	– 0	–
Net long-term capital gains		3,873,889		– 0	–

Total taxable distributions paid	$	8,952,609	$	– 0	–


AB US High Dividend ETF	2025		2024
Distributions paid from:
Ordinary income	$	1,465,698	$	285,495

Total taxable distributions	$	1,465,698	$	285,495


AB US Large Cap Strategic Equities ETF	2025		2024
Distributions paid from:
Ordinary income	$	1,173,105	$	74,652

Total taxable distributions	$	1,173,105	$	74,652


AB US Low Volatility Equity ETF	2025		2024
Distributions paid from:
Ordinary income	$	1,066,987	$	317,880

Total taxable distributions paid	$	1,066,987	$	317,880

The tax character of distributions paid during the fiscal year ended November 30, 2025, the fiscal period ended November 30, 2024, and the fiscal year ended June 30, 2024 were as follows:


AB International Low Volatility Equity ETF	Year Ended November 30, 2025			July 1, 2024 to November 30, 2024		Year Ended June 30, 2024
Distributions paid from:
Ordinary income	$	6,787,260		$	7,514,658	$	15,729,156

Total taxable distributions paid	$	6,787,260		$	7,514,658	$	15,729,156


AB International Growth ETF	2025
Distributions paid from:
Ordinary income	$	– 0	–

Total taxable distributions paid	$	– 0	–


AB International Growth ETF	2025
Distributions paid from:
Ordinary income	$	– 0	–

Total taxable distributions paid	$	– 0	–



88 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

As of November 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Fund	Undistributed Ordinary Income			Accumulated Capital and Other Losses^(a)			Unrealized Appreciation (Depreciation)^(b)			Total Accumulated Earnings (Deficit)
AB Disruptors ETF	$	1,282,074		$	(9,270,665	)	$	270,818,664		$	262,830,073
AB US High Dividend ETF		606,299			(1,471,401	)		12,835,052			11,969,950
AB US Large Cap Strategic Equities ETF		2,963,089			(9,119,611	)		104,412,116			98,255,594
AB US Low Volatility Equity ETF		214,449			(3,682,844	)		24,744,528			21,276,133
AB International Low Volatility Equity		23,704,570			(4,762,324	)		277,320,279			296,262,525
AB International Growth ETF		– 0	–		(7,641	)		(195,088	)		(202,729	)
AB US Equity ETF		– 0	–		– 0	–		– 0	–		– 0	–

(a)

As of November 30, 2025, the AB Disruptors ETF, AB US High Dividend ETF, AB US Large Cap Strategic Equities ETF, AB US Low Volatility Equity ETF, AB International Low Volatility Equity ETF and AB International Growth ETF had a net capital loss carryforward of $9,270,665, $1,471,401, $9,119,611, $3,682,844, $4,762,324 and $7,641, respectively.

(b)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to return of capital distributions received from underlying securities, the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), and the tax deferral of losses on wash sales.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

As of November 30, 2025, the Portfolios’ most recent tax year end, the Portfolios had net capital loss carryforwards as follows:


Fund	Short-Term Amount			Long-Term Amount
AB Disruptors ETF	$	9,270,665		$	– 0	–
AB US High Dividend ETF		1,468,167			3,234
AB US Large Cap Strategic Equities ETF		5,490,247			3,629,364
AB US Low Volatility Equity ETF		2,752,039			930,805
AB International Low Volatility Equity ETF		4,168,046			594,278
AB International Growth ETF		7,641			– 0	–
AB US Equity ETF		– 0	–		– 0	–



ABFunds.com		AB Active ETFs, Inc. 89

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE J

Reorganization

At meetings held on October 31 – November 2, 2023, the Board, on behalf of the AB International Low Volatility Equity ETF (the “Acquiring Portfolio”), and the Board of Directors of AB International Low Volatility Equity Portfolio (the “Acquired Portfolio) approved the Conversion providing for the tax-free acquisition by the Acquiring Portfolio of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business July 12, 2024. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for the Acquiring Portfolio’s shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate
net assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

54,816,748

– 0

–

810,284,720

– 0

–

Acquiring Portfolio

– 0

–

23,150,992

– 0

–

810,284,720

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $8,189,662 and unrealized depreciation on investments of $186,338,704, with a fair value of $794,318,619 and identified cost of $607,979,915.

For financial reporting purposes, assets received and shares issued by the AB International Low Volatility Equity ETF were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the AB International Low Volatility Equity ETF’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

NOTE K

Subsequent Events

Effective June 23, 2026, the revolving credit facility was increased from $325 million to $380 million.

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no other material events that would require disclosure in the Funds’ financial statements through this date.



90 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period


	AB Disruptors ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30,						March 22, 2023^(a) to November 30, 2023
	Six Months Ended May 31, 2026 (unaudited)			2025			2024			March 22, 2023^(a) to November 30, 2023


Net asset value, beginning of period		$ 104.08			$ 83.13			$ 57.73			$ 50.00

Income From Investment Operations

Net investment income (loss)^(b)(c)		.01			(.05	)		.01			(.01	)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		38.03			22.50			25.39			7.74

Net increase (decrease) in net asset value from operations		38.04			22.45			25.40			7.73

Less: Dividends and Distributions

Dividends from net investment income		(.11	)		.00	^(d)		– 0	–		– 0	–

Distributions from net realized gain on investment transactions		– 0	–		(1.50	)		– 0	–		– 0	–

Total dividends and distributions		(.11	)		(1.50	)		– 0	–		– 0	–

Net asset value, end of period		$ 142.01			$ 104.08			$ 83.13			$ 57.73


Total Return

Total investment return based on net asset value^(e)		36.60	%		27.47	%		43.99	%		15.46	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$2,887,116			$1,288,531			$488,790			$178,392

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.64	%^(g)		.65	%		.65	%		.65	%^(g)

Expenses, before waiver/reimbursements^(f)^‡		.65	%^(g)		.65	%		.65	%		.65	%^(g)

Net investment income (loss)^(c)		.01	%^(g)		(.05	)%		.02	%		(.04	)%^(g)

Portfolio turnover rate^(h)		83	%		196	%		163	%		90	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^(g)		.00	%		.00	%		.00	%^(g)

See footnote summary on page 98.



ABFunds.com		AB Active ETFs, Inc. 91

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period


	AB US High Dividend ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30,						March 22, 2023^(a) to November 30, 2023
	Six Months Ended May 31, 2026 (unaudited)			2025			2024			March 22, 2023^(a) to November 30, 2023


Net asset value, beginning of period		$ 80.75			$ 74.87			$ 56.14			$ 50.00

Income From Investment Operations

Net investment income^(b)(c)		1.16			2.02			1.87			1.05

Net realized and unrealized gain (loss) on investment transactions		8.82			5.68			18.49			5.79

Net increase (decrease) in net asset value from operations		9.98			7.70			20.36			6.84

Less: Dividends

Dividends from net investment income		(1.07	)		(1.82	)		(1.63	)		(.70	)

Net asset value, end of period		$ 89.66			$ 80.75			$ 74.87			$ 56.14


Total Return

Total investment return based on net asset value^(e)		12.54	%		10.53	%		36.89	%		13.74	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$191,876			$132,431			$25,457			$6,738

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.35	%^(g)		.37	%		.45	%		.45	%^(g)

Expenses, before waiver/reimbursements		.35	%^(g)		.37	%		.45	%		.45	%^(g)

Net investment income^(c)		2.83	%^(g)		2.70	%		2.83	%		2.82	%^(g)

Portfolio turnover rate^(h)		88	%		181	%		175	%		100	%

See footnote summary on page 98.



92 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period


	AB US Large Cap Strategic Equities ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30,						September 20, 2023^(a) to November 30, 2023
	Six Months Ended May 31, 2026 (unaudited)			2025			2024			September 20, 2023^(a) to November 30, 2023


Net asset value, beginning of period		$ 78.00			$ 69.60			$ 51.96			$ 50.00

Income From Investment Operations

Net investment income^(b)(c)		.29			.51			.47			.12

Net realized and unrealized gain (loss) on investment transactions		5.90			8.20			17.26			1.84

Net increase (decrease) in net asset value from operations		6.19			8.71			17.73			1.96

Less: Dividends

Dividends from net investment income		(.45	)		(.31	)		(.09	)		– 0	–

Net asset value, end of period		$ 83.74			$ 78.00			$ 69.60			$ 51.96


Total Return

Total investment return based on net asset value^(e)		7.99	%		12.57	%		34.20	%		3.92	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,253,551			$672,760			$259,957			$37,412

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.39	%^(g)		.41	%		.48	%		.48	%^(g)

Expenses, before waiver/reimbursements		.39	%^(g)		.42	%		.48	%		.48	%^(g)

Net investment income^(c)		.74	%^(g)		.72	%		.76	%		1.24	%^(g)

Portfolio turnover rate^(h)		10	%		21	%		19	%		4	%

See footnote summary on page 98.



ABFunds.com		AB Active ETFs, Inc. 93

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period


	AB US Low Volatility Equity ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30,						March 22, 2023^(a) to November 30, 2023
	Six Months Ended May 31, 2026 (unaudited)			2025			2024			March 22, 2023^(a) to November 30, 2023


Net asset value, beginning of period		$ 79.26			$ 72.37			$ 57.76			$ 50.00

Income From Investment Operations

Net investment income^(b)(c)		.36			.69			.69			.47

Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.83			6.92			14.51			7.56

Net increase (decrease) in net asset value from operations		2.19			7.61			15.20			8.03

Less: Dividends

Dividends from net investment income		(.34	)		(.72	)		(.59	)		(.27	)

Net asset value, end of period		$ 81.11			$ 79.26			$ 72.37			$ 57.76


Total Return

Total investment return based on net asset value^(e)		2.79	%		10.58	%		26.47	%		16.09	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$204,396			$166,448			$76,718			$15,019

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.39	%^(g)		.42	%		.48	%		.48	%^(g)

Expenses, before waiver/reimbursements		.39	%^(g)		.42	%		.48	%		.48	%^(g)

Net investment income^(c)		.94	%^(g)		.93	%		1.04	%		1.24	%^(g)

Portfolio turnover rate^(h)		13	%		34	%		30	%		22	%

See footnote summary on page 98.



94 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period^(l)


	AB International Low Volatility Equity ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			July 1, 2024 to November 30, 2024^(m)			Year Ended June 30,
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			July 1, 2024 to November 30, 2024^(m)			2024			2023			2022			2021


Net asset value, beginning of period		$ 42.21			$ 35.37			$ 33.95			$ 30.26			$ 27.06			$ 31.87			$ 26.28

Income From Investment Operations

Net investment income^(b)(c)		.68			.96	⁽ⁱ⁾		.24			.76			.71			.62			.50

Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.78			6.14			1.50			3.64			2.49			(5.26	)		5.56


Contributions from Affiliates		– 0	–		.00	^(d)		.00	^(d)		.00	^(d)		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		3.46			7.10			1.74			4.40			3.20			(4.64	)		6.06

Less: Dividends

Dividends from net investment income		(.68	)		(.26	)		(.32	)		(.71	)		– 0	–		(.17	)		(.47	)

Net asset value, end of period		$ 44.99			$ 42.21			$ 35.37			$ 33.95			$ 30.26			$ 27.06			$ 31.87


Total Return

Total investment return based on net asset value^(e)		8.32	%		20.26	%⁽ⁱ⁾		5.17	%		14.80	%		11.81	%		(14.66	)%		23.26	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,768,231			$1,494,447			$825,953			$789,456			$675,542			$584,252			$656,592

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.50	%^(g)		.50	%		.52	%^(g)		.75	%		.75	%		.74	%		.78	%

Expenses, before waiver/reimbursements		.50	%^(g)		.50	%		.52	%^(g)		.76	%		.76	%		.75	%		.79	%

Net investment income^(c)		3.14	%^(g)		2.43	%⁽ⁱ⁾		1.64	%^(g)		2.38	%		2.51	%		1.96	%		1.70	%

Portfolio turnover rate^(h)		17	%		27	%		14	%		43	%		42	%		35	%		35	%

See footnote summary on page 98.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period


	AB International Growth ETF
	Six Months Ended May 31, 2026 (unaudited)			September 16, 2025^(a) to November 30, 2025


Net asset value, beginning of period		$ 28.64			$ 30.00

Income From Investment Operations

Net investment income^(b)(c)		.11			(.00	)^(d)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.20	)^(j)		(1.36	)

Net increase (decrease) in net asset value from operations		(.09	)		(1.36	)

Net asset value, end of period		$ 28.55			$ 28.64


Total Return

Total investment return based on net asset value^(e)		(.33	)%		(4.53	)%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,283			$4,297

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(g)		.55	%		.55	%

Expenses, before waiver/reimbursements^(g)		.55	%		.55	%

Net investment income (loss)^(c)(g)		.82	%		(.08	)%

Portfolio turnover rate^(h)		28	%		1	%

See footnote summary on page 98.



96 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period


	AB US Equity ETF
	December 12, 2025^(a) to May 31, 2026


Net asset value, beginning of period		$ 25.00

Income From Investment Operations

Net investment income^(b)(c)		.08

Net realized and unrealized gain (loss) on investment transactions		1.84

Net increase (decrease) in net asset value from operations		1.92

Less: Dividends

Dividends from net investment income		(.06	)

Net asset value, end of period		$ 26.86


Total Return

Total investment return based on net asset value^(e)		7.69	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$702,058

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(g)		.50	%

Expenses, before waiver/reimbursements^(g)		.50	%

Net investment income^(c)(g)		.67	%

Portfolio turnover rate^(h)		8	%

See footnote summary on page 98.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	Amount is less than $.005.

(e)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(f)

In connection with the Fund investments in affiliated underlying portfolios, the Fund incur no direct expenses, but bear proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the AB Disruptors ETF in an amount equal to the Fund pro rata share of certain acquired fund fees and expenses, and for the for the six months ended May 31, 2026, such waiver amounted to 0.01%.

(g)	Annualized.

(h)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

(i)

During the year ended November 30, 2025, the Adviser reimbursed the AB International Low Volatility Equity ETF for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:


	Net Investment Income Per Share			Net Investment Income Ratio			Total Return
Class A	$	.00	^(d)		.00	%^(k)		.00	%^(k)
Class C	$	.00	^(d)		.00	%^(k)		.00	%^(k)
Advisor Class	$	.00	^(d)		.00	%^(k)		.00	%^(k)

(j)	Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Fund’s change in net and unrealized gain (loss) on investment transactions for the period.

(k)	Amount is less than .005%.

(l)

After the close of business on July 12, 2024, AB International Low Volatility Equity Portfolio (the “Acquired Portfolio”) was converted into AB International Low Volatility Equity ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from June 30, 2020 through the Reorganization.

(m)	The Acquired Portfolio had a fiscal year end of June 30. The Fund has a fiscal year end of November 30.

See notes to financial statements.



98 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Disruptors ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

At the same meeting, the AB Boards also considered and approved interim advisory agreements with the Adviser (the “Interim Advisory Agreements”) for the AB Funds, including the Fund, to be effective only in the event that stockholder approval of a Proposed Agreement had not been obtained as of the date of the Merger resulting in an “assignment” of the Adviser’s current advisory agreements and their automatic termination.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.

At a meeting of the Boards held in-person on May 5-7, 2026, the Adviser presented its recommendation that the Boards consider and approve the Proposed Agreements. The Current Agreements provide for automatic termination in the event of an assignment, and the closing of the transaction contemplated by the Merger Agreement may result in an assignment. The Proposed Agreements are being considered to take effect upon the closing, subject to stockholder approval. In connection with their approval of the Proposed Agreements, the Boards considered their conclusions in connection with their most recent approvals of the Current Agreements, in particular in cases where the last approval of a Current Agreement was relatively recent, including the Boards’ general satisfaction with the nature and quality of services being provided and, as applicable, in the case of certain Funds, actions taken or to be taken in an effort to improve investment performance or reduce expense ratios. Also in connection with their approval of the Proposed Agreements, the Boards considered a representation made to them at that time by the Adviser that there were no additional developments not already disclosed to the Boards since their most recent approvals of the Current Agreements that would be a material consideration to the Boards in



ABFunds.com		AB Active ETFs, Inc. 99

connection with their consideration of the Proposed Agreements, except for matters disclosed to the Boards by the Adviser. The Directors considered the fact that each Proposed Agreement would have corresponding terms and conditions identical to those of the corresponding Current Agreement with the exception of the effective date and initial term under the Proposed Agreement.

The Directors considered their knowledge of the nature and quality of the services provided by the Adviser to each Fund gained from their experience as directors or trustees of registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the Directors and its responsiveness, frankness and attention to concerns raised by the Directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Funds. The Directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of each Fund.

The Directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the Directors evaluated, among other things, the reasonableness of the management fees of the Funds they oversee. The Directors did not identify any particular information that was all-important or controlling, and different Directors may have attributed different weights to the various factors. The Directors determined that the selection of the Adviser to manage the Funds, and the overall arrangements between the Funds and the Adviser, as provided in the Proposed Agreements, including the management fees, were fair and reasonable in light of the services performed under the Current Agreements and to be performed under the Proposed Agreements, expenses incurred and to be incurred and such other matters as the Directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the Directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The Directors considered the scope and quality of services to be provided by the Adviser under the Proposed Agreements, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Funds. They also considered the information that had been provided to them by the Adviser concerning the anticipated implementation of the Merger Agreement and the Adviser’s representation that it did not anticipate that such implementation would affect the management or structure of the Adviser, have a material adverse effect on the Adviser, or adversely affect the quality of the services provided to the Funds by the Adviser and its affiliates. The Directors noted that the Adviser from time to time reviews each Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the Directors’ consideration. They also noted the professional experience and qualifications of each Fund’s



100 AB Active ETFs, Inc.		ABFunds.com

portfolio management team and other senior personnel of the Adviser. The Directors also considered that certain Proposed Agreements, similar to the corresponding Current Agreements, provide that the Funds will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Funds by employees of the Adviser or its affiliates, and that the Adviser receives similar reimbursements from AMMAF pursuant to a separate Administrative Reimbursement Agreement. Requests for these reimbursements are made on a quarterly basis and subject to approval by the Directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Funds to the Adviser than the fee rate stated in the Proposed Agreements. The Directors noted that the Adviser did not request any reimbursements from certain Funds in the Funds’ latest fiscal year reviewed and that, in the case of the AB ETFs, the Adviser does not expect to request such reimbursements. The Directors noted that the methodology to be used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the Directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Funds’ other service providers, also was considered. The Directors concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to each Fund under the Proposed Agreement for the Fund.

Costs of Services to be Provided and Profitability

The Directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2024 and 2025, as applicable, that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the Directors. The Directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The Directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with a Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund, as applicable. The Directors recognized that it is difficult to make comparisons of the profitability of the Proposed Agreements with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The Directors focused on the profitability of the Adviser’s relationship with each Fund before taxes and distribution expenses, as applicable. The Directors noted that certain Funds were not profitable to the Adviser in one or more periods reviewed. The Directors concluded that the Adviser’s level of profitability from its relationship with the other Funds was not unreasonable. The Directors were unable to consider historical information about the profitability of certain Funds that had recently commenced operations and for which historical profitability information was not available. The Adviser agreed to provide the Directors with profitability information in connection with future proposed continuances of the Proposed Agreements.



ABFunds.com		AB Active ETFs, Inc. 101

Fall-Out Benefits

The Directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds and the money market fund or other underlying funds advised by the Adviser in which the Funds invests, as applicable, including, but not limited to, as applicable, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients) in the case of certain Funds; 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the shares of most of the Funds; brokerage commissions paid by certain Funds to brokers affiliated with the Adviser; and transfer agency fees paid by most of the Funds to a wholly owned subsidiary of the Adviser. The Directors recognized that the Adviser’s profitability would be somewhat lower, and that a Fund’s unprofitability to the Adviser would be exacerbated, without these benefits. The Directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.

Investment Results

In addition to the information reviewed by the Directors in connection with the Board meeting at which the Proposed Agreements were approved, the Directors receive detailed performance information for the Funds at each regular Board meeting during the year.

The Boards’ consideration of each Proposed Agreement was informed by their most recent approval of the related Current Agreement, and, in the case of certain Funds, their discussion with the Adviser of the reasons for those Funds’ underperformance in certain periods. The Directors also reviewed updated performance information and, in some cases, discussed with the Adviser the reasons for changes in performance or continued underperformance. On the basis of this review, the Directors determined to continue to monitor the performance of certain Funds closely and concluded that the investment performance of each other Fund was acceptable.

Management Fees and Other Expenses

The Directors considered the management fee rate payable by each Fund to the Adviser and information prepared by an independent service provider (the ‘‘15(c) provider’’) concerning management fee rates payable by other funds or exchange-traded funds (“ETFs”), as applicable, in the same category as the Fund or the AB ETFs, as applicable. In the case of the AB ETFs, the Directors noted that the management fee is a unitary fee and that the Adviser pays all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The Directors recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds or ETFs. The Directors also considered the Adviser’s fee waivers for certain Funds. The Directors compared each Fund’s contractual management fee rate with a peer group median, and where applicable, took into account the impact on the management fee rate of



102 AB Active ETFs, Inc.		ABFunds.com

the administrative expense reimbursement paid to the Adviser in the latest fiscal year. In the case of the ACS Funds, the Directors noted that the management fee rate is zero but also were cognizant that the Adviser is indirectly compensated by the wrap fee program sponsors that use the ACS Funds as an investment vehicle for their clients.

The Directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of each Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Funds’ Senior Vice President and noted the differences between a Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other, as applicable. The Directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the Directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The Adviser also informed the Directors that, in the case of certain Funds, there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those of the Funds.

In the case of the AB ETFs, the Directors noted that the unitary fees for those Funds cover additional services provided by third parties and thus are not directly comparable to the Adviser’s institutional fee schedules and the schedules of fees for most other funds advised by the Adviser. The Adviser reviewed with the Directors the significantly greater scope of the services it provides to each Fund relative to institutional, offshore fund and sub-advised fund clients, as applicable. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, each Fund, as applicable, (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows (in the case of open-end Funds) and, in the case of the AB ETFs, demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Funds, and the different risk profile, the Directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.



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In connection with their review of each Fund’s management fee, the Directors also considered the total expense ratio of the Fund in comparison to the medians for a peer group and a peer universe of funds or ETFs, as applicable, selected by the 15(c) provider. The Directors also considered the Adviser’s expense caps for certain Funds. The Directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to a Fund by others, and in most cases, the Adviser is responsible for paying such services under its unitary fee arrangement with the AB ETFs.

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale

The Directors noted that the management fee schedules for certain Funds do not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The Directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The Directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Board meeting. The Directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The Directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The Directors observed that in the mutual fund industry as a whole, as well as among funds or ETFs, as applicable, similar to each Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The Directors also noted that the advisory agreements for many funds and ETFs do not have breakpoints at all. The Directors informed the Adviser that they would monitor the asset levels of the Funds without breakpoints and their profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warrant doing so.

The Directors did not consider the extent to which fee levels in the Advisory Agreement for the ACS Funds reflect economies of scale because that Advisory Agreement does not provide for any compensation to be paid to the Adviser by the ACS Funds and the expense ratio of each of those Funds is zero.



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Interim Advisory Agreements

In approving the Interim Advisory Agreements, the Boards, with the assistance of independent counsel, considered similar factors to those considered in approving the Proposed Agreements. The Interim Advisory Agreements approved by the Boards are identical to the Proposed Agreements, as well as the Current Agreements, in all material respects except for their proposed effective and termination dates and provisions intended to comply with the requirements of the relevant SEC rule, such as provisions requiring escrow of advisory fees. Under an Interim Advisory Agreement, the Adviser would continue to manage a Fund until a new advisory agreement was approved by stockholders or until the end of the 150-day period after termination of the Current Agreement, whichever would occur earlier. All fees earned by the Adviser under an Interim Advisory Agreement would be held in escrow pending shareholder approval of the Proposed Agreement. Upon approval of a new advisory agreement by stockholders, the escrowed management fees would be paid to the Adviser, and the Interim Advisory Agreement would terminate.

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Disruptors ETF (the “Fund”) at a meeting held in-person on May 5-7, 2026 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, including the other series of the Company that are organized as exchange-traded funds (“ETFs”), their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.



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The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and may from time to time propose changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements will be subject to the directors’ approval on a quarterly basis. The directors noted that the Adviser does not expect to request such reimbursements. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2024 and 2025 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly



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available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended February 28, 2026 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider, concerning advisory fee rates payable by other ETFs in the same category as the Fund. The directors noted that the advisory fee is a unitary fee and that the Adviser pays all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors compared the Fund’s contractual advisory fee rate against a peer group median and noted that it was lower than the median.



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some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was lower than the median of a peer group and above the median of a peer universe. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



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scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



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Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB US High Dividend ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



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Nature, Extent and Quality of Services Provided



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Costs of Services to be Provided and Profitability



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Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



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The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



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Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB US High Dividend ETF (the “Fund”) at a meeting held in-person on November 4-6, 2025 (the “Meeting”).



116 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2023 and calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors



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focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors were also mindful that they had approved a reduction in the Fund’s advisory fee (a unitary fee) from 0.45% to 0.35% earlier in 2025. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by an independent service provider (the “15(c) service provider”), showing the Fund’s performance against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended July 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other ETFs in the same category as the Fund. The directors noted that the advisory fee is a unitary fee and that the Adviser pays all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors compared the Fund’s contractual advisory fee rate against a peer group median and noted that it was lower than the median. The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional



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clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The information provided included a pro forma expense ratio to reflect the reduction in the Fund’s advisory fee earlier in 2025. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others, and in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s pro forma expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s pro forma expense ratio was acceptable.

Economies of Scale



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may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



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Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB US Large Cap Strategic Equities ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



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Nature, Extent and Quality of Services Provided



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Costs of Services to be Provided and Profitability



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Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



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The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



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Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB US Large Cap Strategic Equities ETF (the “Fund”) at a meeting held in-person on May 5-7, 2026.



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Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



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Fall-Out Benefits

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the 15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended February 28, 2026 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser under the Advisory Agreement, and information prepared by the 15(c) service provider concerning advisory fee rates payable by other ETFs in the same category as the Fund. The directors noted that the advisory fee is a unitary fee and that the Adviser pays all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s contractual advisory fee rate against a peer group median and noted that it was lower than the median.



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those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was below the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund in the Advisory Agreement does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for



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setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



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Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB US Low Volatility Equity ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



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Nature, Extent and Quality of Services Provided



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Costs of Services to be Provided and Profitability



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Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



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The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



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Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB US Low Volatility Equity ETF (the “Fund”) at a meeting held in-person on May 5-7, 2026.



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Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 139

Fall-Out Benefits

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the 15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended February 28, 2026 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the period reviewed, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses



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between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was below the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



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and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



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Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB International Low Volatility Equity ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



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Nature, Extent and Quality of Services Provided



144 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 145

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



146 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 147

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



148 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of Company’s Advisory Agreement with the Adviser in respect of AB International Low Volatility Equity ETF (the “Fund”) at a meeting held in-person on May 5-7, 2026 (the “Meeting”).

Prior to approval of the continuance Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.



ABFunds.com		AB Active ETFs, Inc. 149

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2024 and calendar year 2025 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by numerous factors. The directors



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focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund in 2024 was not unreasonable. The directors noted that the Fund was not profitable to the Adviser in 2025.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Fund’s recent unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors have received detailed performance information for the Fund at each regular Board meeting.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund (including its predecessor mutual fund) against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2026 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider, concerning advisory fee rates payable by other ETFs in the same category as the Fund. The directors noted that the advisory fee is a unitary fee and that the Adviser pays all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s contractual advisory fee rate against a peer group median and noted that it was lower than the median.



ABFunds.com		AB Active ETFs, Inc. 151

strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advisory fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was equal to the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



152 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 153

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB International Growth ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



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Nature, Extent and Quality of Services Provided



ABFunds.com		AB Active ETFs, Inc. 155

Costs of Services to be Provided and Profitability



156 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



ABFunds.com		AB Active ETFs, Inc. 157



158 AB Active ETFs, Inc.		ABFunds.com

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 159

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB International Growth ETF (the “Fund”) for an initial two-year period at a meeting held in-person on May 6-8, 2025 (the “Meeting”).

Prior to approval of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed approval in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services to be provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, including the other series of the Company that are organized as exchange-traded funds (“ETFs”), their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the AB Funds.



160 AB Active ETFs, Inc.		ABFunds.com

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services to be Provided

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the AB Funds. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements will be subject to the directors’ approval on a quarterly basis. The directors noted that the Adviser does not expect to request such reimbursements. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement.

Costs of Services to be Provided and Profitability

Because the Fund had not yet commenced operations, the directors were unable to consider historical information about the profitability of the Fund. However, the Adviser agreed to provide the directors with profitability information in connection with future proposed continuances of the Advisory Agreement. They also considered the costs to be borne by the Adviser in providing services to the Fund and that the Fund was unlikely to be profitable to the Adviser unless it achieves a material level of net assets.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its proposed relationship with the Fund. The directors recognized that the Adviser’s future profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.



ABFunds.com		AB Active ETFs, Inc. 161

Investment Results

Since the Fund had not yet commenced operations, no performance or other historical information for the Fund was available. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds and ETFs, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the “15(c) service provider”), concerning advisory fee rates payable by other ETFs in the same category as the Fund, based on the Fund’s projected net assets of $250 million. The directors noted that the proposed advisory fee is a unitary fee and that the Adviser will pay all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was equal to the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s proposed fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it will provide to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients



162 AB Active ETFs, Inc.		ABFunds.com

as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the proposed unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the projected total expense ratio of the shares of the Fund in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the Fund’s projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s projected expense ratio was equal to the median of a peer group and lower than the median of a peer universe. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale

The directors noted that the proposed advisory fee schedule for the Fund does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



ABFunds.com		AB Active ETFs, Inc. 163

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB US Equity ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



164 AB Active ETFs, Inc.		ABFunds.com

the Current Agreements that would be a material consideration to the Boards in connection with their consideration of the Proposed Agreements, except for matters disclosed to the Boards by the Adviser. The Directors considered the fact that each Proposed Agreement would have corresponding terms and conditions identical to those of the corresponding Current Agreement with the exception of the effective date and initial term under the Proposed Agreement.

Nature, Extent and Quality of Services Provided



ABFunds.com		AB Active ETFs, Inc. 165

the Fund’s relative or absolute performance for the Directors’ consideration. They also noted the professional experience and qualifications of each Fund’s portfolio management team and other senior personnel of the Adviser. The Directors also considered that certain Proposed Agreements, similar to the corresponding Current Agreements, provide that the Funds will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Funds by employees of the Adviser or its affiliates, and that the Adviser receives similar reimbursements from AMMAF pursuant to a separate Administrative Reimbursement Agreement. Requests for these reimbursements are made on a quarterly basis and subject to approval by the Directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Funds to the Adviser than the fee rate stated in the Proposed Agreements. The Directors noted that the Adviser did not request any reimbursements from certain Funds in the Funds’ latest fiscal year reviewed and that, in the case of the AB ETFs, the Adviser does not expect to request such reimbursements. The Directors noted that the methodology to be used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the Directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Funds’ other service providers, also was considered. The Directors concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to each Fund under the Proposed Agreement for the Fund.

Costs of Services to be Provided and Profitability



166 AB Active ETFs, Inc.		ABFunds.com

provide the Directors with profitability information in connection with future proposed continuances of the Proposed Agreements.

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



ABFunds.com		AB Active ETFs, Inc. 167

that are included in the fees paid by other funds or ETFs. The Directors also considered the Adviser’s fee waivers for certain Funds. The Directors compared each Fund’s contractual management fee rate with a peer group median, and where applicable, took into account the impact on the management fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year. In the case of the ACS Funds, the Directors noted that the management fee rate is zero but also were cognizant that the Adviser is indirectly compensated by the wrap fee program sponsors that use the ACS Funds as an investment vehicle for their clients.



168 AB Active ETFs, Inc.		ABFunds.com

services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Funds, and the different risk profile, the Directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 169

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB US Equity ETF (the “Fund”) for an initial two-year period at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



170 AB Active ETFs, Inc.		ABFunds.com

provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the AB Funds.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services to be Provided

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 171

Fall-Out Benefits

Investment Results

Advisory Fees and Other Expenses

The Adviser informed the directors that there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those proposed for the Fund.



172 AB Active ETFs, Inc.		ABFunds.com

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 173

NOTES



174 AB Active ETFs, Inc.		ABFunds.com

NOTES



ABFunds.com		AB Active ETFs, Inc. 175

NOTES



176 AB Active ETFs, Inc.		ABFunds.com

LOGO

AB ACTIVE ETFS, INC.

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-EQ-0152-0526 LOGO

May 31, 2026

LOGO

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB ACTIVE ETFS, INC.

AB TAX-AWARE SHORT DURATION MUNICIPAL ETF (NYSE Arca: TAFI)

AB ULTRA SHORT INCOME ETF (NYSE Arca: YEAR)

AB HIGH YIELD ETF (NYSE Arca: HYFI)

AB CORE PLUS BOND ETF (NASDAQ: CPLS)

AB CORPORATE BOND ETF (NASDAQ: EYEG)

AB TAX-AWARE INTERMEDIATE MUNICIPAL ETF (NYSE Arca: TAFM)

AB TAX-AWARE LONG MUNICIPAL ETF (NYSE Arca: TAFL)

AB SHORT DURATION HIGH YIELD ETF (NYSE Arca: SYFI)

AB SHORT DURATION INCOME ETF (NYSE Arca: SDFI)

AB CALIFORNIA INTERMEDIATE MUNICIPAL ETF (NYSE Arca: CAM)

AB NEW YORK INTERMEDIATE MUNICIPAL ETF (NYSE Arca: NYM)

AB CORE BOND ETF (NYSE Arca: CORB)

AB CONSERVATIVE BUFFER ETF (NASDAQ: BUFC)

AB INTERNATIONAL BUFFER ETF (NASDAQ: BUFI)

AB MODERATE BUFFER ETF (NASDAQ: BUFM)

LOGO

AllianceBernstein L.P. would like to thank you for your interest in the Fund.



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

Foreside Fund Services, LLC (“Foreside”) is the distributor of the fund. Foreside is a member of FINRA.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

PORTFOLIO OF INVESTMENTS

AB TAX-AWARE SHORT DURATION MUNICIPAL ETF

May 31, 2026 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 97.6%
Long-Term Municipal Bonds – 84.8%
Alabama – 3.9%
Black Belt Energy Gas District (BP PLC) Series 2024-D 5.00%, 03/01/2055	$	3,000	$	3,197,635
Series 2025-E 5.00%, 12/01/2055		2,000		2,135,768
Black Belt Energy Gas District (Canadian Imperial Bank of Commerce) Series 2026-B 5.00%, 12/01/2034		1,035		1,111,469
Black Belt Energy Gas District (Citadel LP) Series 2025-C 5.50%, 11/01/2056^(a)		2,500		2,670,718
Black Belt Energy Gas District (Goldman Sachs Group) Series 2021-B 4.00%, 10/01/2052		1,200		1,203,201
Series 2023-D 4.282% (SOFR + 1.85%), 06/01/2049^(b)		1,000		1,017,829
Series 2024-B 5.00%, 10/01/2055		2,750		2,901,585
Series 2025-G 5.00%, 10/01/2035		1,500		1,584,718
Series 2026-E 5.00%, 07/01/2033		1,000		1,053,908
Black Belt Energy Gas District (Pacific Life Insurance) Series 2026-F 5.00%, 12/01/2035		1,000		1,061,898
Black Belt Energy Gas District (Royal Bank of Canada) Series 2023-B 5.25%, 12/01/2053		2,210		2,382,933
County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) Series 2024 5.00%, 10/01/2033		2,230		2,479,825
5.00%, 10/01/2034		1,005		1,112,761
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2024 5.00%, 06/01/2049		1,000		1,053,356



ABFunds.com		AB Active ETFs, Inc. 1

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Southeast Alabama Gas Supply District (The) (Pacific Life Insurance) Series 2024-A 5.00%, 08/01/2054	$	6,000	$	6,353,835
Southeast Energy Authority A Cooperative District (Deutsche Bank AG) Series 2024-A 5.00%, 11/01/2035		1,000		1,043,422
Southeast Energy Authority A Cooperative District (Goldman Sachs Group) Series 2022-B 5.00%, 05/01/2053		1,000		1,032,974
Southeast Energy Authority A Cooperative District (JPMorgan Chase & Co.) Series 2025-E 5.00%, 10/01/2030		2,005		2,146,988
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2022-A 5.50%, 01/01/2053		2,000		2,126,066
Southeast Energy Authority A Cooperative District (New York Life Insurance) Series 2025 5.00%, 09/01/2035		1,000		1,085,482
Southeast Energy Authority A Cooperative District (Pacific Life Insurance) Series 2024-C 5.00%, 10/01/2055		1,500		1,594,261
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		3,110		3,294,205
Series 2025-C 5.00%, 05/01/2055		1,620		1,730,756
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group) Series 2023-A 5.00%, 07/01/2027		1,500		1,523,948
5.25%, 01/01/2054		2,500		2,625,813

				49,525,354

Arizona – 2.0%
Arizona Department of Transportation State Highway Fund Revenue (Prerefunded - Others) Series 2016 5.00%, 07/01/2034		2,575		2,579,693



2 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) Series 2026 5.00%, 11/01/2031	$	1,000	$	1,089,098
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2042		3,000		3,036,329
5.00%, 09/01/2052		5,000		5,061,489
Series 2024 4.00%, 06/01/2049		5,000		5,077,467
City of Glendale AZ Water & Sewer Revenue (City of Glendale AZ Water & Sewer Revenue) Series 2022-B 5.00%, 07/01/2026		1,000		1,001,854
Industrial Development Authority of the City of Phoenix Arizona (The) (AZ GFF Tiyan LLC Lease) Series 2014 5.00%, 02/01/2029		700		696,588
La Paz County Industrial Development Authority (Harmony Public Schools) Series 2016 5.00%, 02/15/2036^(a)		1,100		1,100,430
Maricopa County Industrial Development Authority (Banner Health Obligated Group) Series 2026 5.00%, 01/01/2034^(c)		1,000		1,104,890
Series 2026-A 5.00%, 01/01/2034		2,500		2,801,786
Salt River Project Agricultural Improvement & Power District (Salt River Project Agricultural Improvement & Power District) Series 2016-A 5.00%, 01/01/2030		2,000		2,028,436

				25,578,060

Arkansas – 0.0%
Arkansas Development Finance Authority (Hybar LLC) Series 2023 6.875%, 07/01/2048^(a)		115		123,732


California – 9.4%
Anaheim Public Financing Authority (City of Anaheim CA Lease) AG Series 1997 Zero Coupon, 09/01/2031		1,000		858,237



ABFunds.com		AB Active ETFs, Inc. 3

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Bay Area Toll Authority (Bay Area Toll Authority) Series 2021 1.98% (MUNIPSA + 0.41%), 04/01/2056^(b)	$	3,000	$	2,979,928
California Community Choice Financing Authority (American General Life Insurance) Series 2023-D 5.50%, 05/01/2054		5,000		5,221,961
Series 2024C 5.00%, 08/01/2055		2,000		2,084,265
California Community Choice Financing Authority (Athene Annuity & Life Co.) Series 2024G 5.00%, 11/01/2055		2,000		2,056,075
California Community Choice Financing Authority (Bank of Nova Scotia (The)) Series 2025E 5.00%, 10/01/2056		1,950		2,107,443
California Community Choice Financing Authority (Canadian Imperial Bank of Commerce) Series 2025F 5.00%, 11/01/2033		1,000		1,080,845
Series 2026 5.00%, 02/01/2031		1,000		1,061,292
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		1,000		1,061,599
California Community Choice Financing Authority (Goldman Sachs Group) Series 2021 4.00%, 10/01/2052		1,000		1,011,228
California Community Choice Financing Authority (Morgan Stanley) Series 2023 5.00%, 07/01/2053		3,030		3,165,461
Series 2024 5.00%, 05/01/2054		3,500		3,711,511
Series 2026-A 3.882% (SOFR + 1.45%), 04/01/2056^(b)		2,000		1,996,334
California Community Choice Financing Authority (New York Life Insurance) Series 2024H 5.00%, 01/01/2056		1,000		1,083,231
Series 2025G 5.00%, 12/01/2035		1,000		1,096,179



4 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Community Choice Financing Authority (Nomura Holdings, Inc.) Series 2026 5.00%, 03/01/2036	$	2,300	$	2,416,496
California Community Choice Financing Authority (Pacific Life Insurance) Series 2024-F 5.00%, 02/01/2055		1,750		1,862,624
California Community Choice Financing Authority (Realty Income Corp.) Series 2026 5.25%, 02/01/2036		1,000		1,090,263
California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) Series 2025 5.00%, 12/01/2032		2,000		2,190,348
California Infrastructure & Economic Development Bank (Desertxpress Enterprises) Series 2025 3.50%, 01/01/2065^(a)		4,000		3,999,110
12.00%, 01/01/2065^(a)		1,100		616,000
California Municipal Finance Authority (LAX Integrated Express Solutions) Series 2018 5.00%, 06/30/2029		1,000		1,036,433
5.00%, 12/31/2033		1,500		1,544,225
California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029		1,285		1,295,659
California Pollution Control Financing Authority (Waste Management, Inc.) Series 2024 4.25%, 11/01/2038		1,000		1,030,997
California State Public Works Board (California State Public Works Board Lease) Series 2017-H 5.00%, 04/01/2031		1,425		1,451,626
California Statewide Communities Development Authority (Redlands Community Hospital Obligated Group) Series 2016 3.75%, 10/01/2035		1,735		1,644,834
California Statewide Communities Development Authority (Southern California Edison) Series 2023 4.50%, 11/01/2033		1,000		1,037,876



ABFunds.com		AB Active ETFs, Inc. 5

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) Series 2017-A 5.00%, 05/15/2030	$	3,385	$	3,450,375
Series 2018 5.00%, 05/15/2027		1,730		1,766,754
Series 2023 5.00%, 05/15/2028		1,610		1,677,330
County of Sacramento CA Airport System Revenue (County of Sacramento CA Airport System Revenue) Series 2025-A 5.00%, 07/01/2031		1,800		1,958,469
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) Series 2021 3.85%, 06/01/2050		1,700		1,554,855
Los Angeles County Sanitation Districts Financing Authority (Los Angeles County Sanitation District No. 20) Series 2016-A 5.00%, 10/01/2030		1,140		1,148,086
Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) Series 2018-A 5.00%, 07/01/2032		1,680		1,729,639
Series 2018-D 5.00%, 07/01/2032		1,955		2,030,450
Series 2022-B 5.00%, 07/01/2028		1,100		1,148,003
Series 2025-A 5.00%, 07/01/2028		4,520		4,668,796
Series 2026-A 5.00%, 07/01/2032		1,000		1,107,378
Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) Series 2020-A 5.00%, 07/01/2027		2,035		2,087,485
Series 2021 4.00%, 07/01/2026		1,350		1,351,193
Series 2021-B 5.00%, 07/01/2032		2,060		2,230,368



6 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue) Series 2018-B 5.00%, 07/01/2028	$	1,150	$	1,200,184
5.00%, 07/01/2032		1,000		1,038,594
Series 2023-A 5.00%, 07/01/2035		1,800		1,993,544
Los Angeles Unified School District/CA (Los Angeles Unified School District/CA) Series 2017-A 5.00%, 07/01/2026		1,000		1,002,015
Montebello Public Financing Authority (City of Montebello CA Lease) Series 2016 5.00%, 06/01/2030		1,000		1,001,084
Newport Mesa Unified School District (Newport Mesa Unified School District) NATL Series 2007 Zero Coupon, 08/01/2031		2,000		1,716,845
Port of Oakland (Port of Oakland) Series 2017 5.00%, 11/01/2029		1,500		1,539,374
Series 2021 5.00%, 11/01/2029		1,575		1,672,679
San Diego County Regional Airport Authority (San Diego County Regional Airport Authority) Series 2017-B 5.00%, 07/01/2029		1,725		1,760,438
Series 2021-B 5.00%, 07/01/2030		1,000		1,076,237
Series 2023 5.00%, 07/01/2029		1,610		1,711,681
San Francisco Intl Airport (San Francisco Intl Airport) Series 2018 5.00%, 05/01/2027		1,530		1,559,318
Series 2019-H 5.00%, 05/01/2027		1,500		1,528,743
Series 2024 5.00%, 05/01/2029		2,500		2,648,618
San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) Series 2025 5.50%, 01/01/2056		3,000		3,322,716



ABFunds.com		AB Active ETFs, Inc. 7

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Southern California Public Power Authority (American General Life Insurance) Series 2024-A 5.00%, 04/01/2055	$	1,000	$	1,045,729
Southern California Public Power Authority (Goldman Sachs Group) Series 2007-A 5.00%, 11/01/2033		1,000		1,067,491
State of California (State of California) Series 2015-C 5.00%, 09/01/2030		50		50,094
Series 2016 5.00%, 09/01/2034		1,500		1,507,892
Series 2024 5.00%, 08/01/2029		1,885		2,028,573
University of California (University of California) Series 2025-C 5.00%, 05/15/2030		7,000		7,651,519
Washington Township Health Care District (Washington Township Health Care District) Series 2020-A 5.00%, 07/01/2031		650		689,029

				118,513,658

Colorado – 2.4%
Adams & Weld Counties School District No. 27J Brighton/CO (Adams & Weld Counties School District No. 27J Brighton/CO) Series 2016-A 2.50%, 12/01/2027		1,500		1,490,715
City & County of Broomfield CO Sales & Use Tax Revenue (City & County of Broomfield CO Sales & Use Tax Revenue) Series 2017 5.00%, 12/01/2034		2,000		2,056,924
City & County of Denver CO Airport System Revenue (City & County of Denver CO Airport System Revenue) Series 2022-A 5.50%, 11/15/2035		3,250		3,658,357
Series 2022-D 5.25%, 11/15/2026		1,020		1,031,698
5.75%, 11/15/2035		1,250		1,425,083



8 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City & County of Denver CO Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2029	$	3,000	$	3,142,822
5.00%, 12/01/2030		1,370		1,477,259
5.00%, 12/01/2031		2,020		2,110,042
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools) Series 2024 4.75%, 04/01/2034^(a)		1,000		1,003,121
Colorado Health Facilities Authority (CommonSpirit Health Obligated Group) Series 2024-A 5.00%, 12/01/2034		1,550		1,727,085
Series 2025 5.00%, 09/01/2032		3,500		3,840,804
Colorado Housing & Finance Authority (Albion Apartments LLLP) Series 2025 3.375%, 07/01/2044		3,000		3,014,412
E-470 Public Highway Authority (E-470 Public Highway Authority) Series 2024-B 3.175% (SOFR + 0.75%), 09/01/2039^(b)		2,000		1,998,909
State of Colorado (State of Colorado COP) Series 2018-A 5.00%, 12/15/2027		1,000		1,036,576
State of Colorado Department of Transportation (Prerefunded - US Treasuries) Series 2017 5.00%, 06/15/2041		1,140		1,140,968

				30,154,775

Connecticut – 0.6%
City of New Haven CT (City of New Haven CT) AG Series 2016-A 5.00%, 08/15/2027		1,875		1,883,465
Stamford Housing Authority (TJH Senior Living Obligated Group) Series 2025 4.75%, 10/01/2032		2,000		2,069,436
State of Connecticut Special Tax Revenue (State of Connecticut Special Tax Revenue) Series 2016-A 5.00%, 09/01/2032		2,340		2,352,038



ABFunds.com		AB Active ETFs, Inc. 9

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Town of Hamden CT (Town of Hamden CT) BAM Series 2017-A 5.00%, 08/15/2026	$	1,000	$	1,004,099

				7,309,038

District of Columbia – 1.7%
District of Columbia (Plenary Infrastructure DC State Lease) Series 2022 5.00%, 08/31/2026		1,410		1,415,028
5.00%, 08/31/2028		1,275		1,320,125
5.00%, 02/28/2030		1,380		1,455,694
District of Columbia (Prerefunded - US Treasuries) Series 2016-A 5.00%, 06/01/2027		2,500		2,500,000
Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) Series 2017 5.00%, 10/01/2026		465		468,449
Series 2018-A 5.00%, 10/01/2034		1,075		1,113,066
Series 2019-A 5.00%, 10/01/2027		1,025		1,054,316
Series 2020-A 5.00%, 10/01/2029		1,435		1,526,584
5.00%, 10/01/2032		2,000		2,143,564
Series 2022-A 5.00%, 10/01/2030		3,000		3,240,772
Series 2025-A 5.00%, 10/01/2031		4,500		4,907,712

				21,145,310

Florida – 5.3%
Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) Series 2020-A 5.00%, 10/01/2026		1,500		1,506,864
City of Jacksonville FL (Genesis Health Obligated Group) Series 2017 5.00%, 11/01/2026		600		604,107
City of Port St. Lucie FL Utility System Revenue (City of Port St. Lucie FL Utility System Revenue) Series 2016 4.00%, 09/01/2032		3,560		3,564,986



10 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of Venice FL (Southwest Florida Retirement Center Obligated Group) Series 2024 4.25%, 01/01/2030^(a)	$	900	$	900,337
Collier County Industrial Development Authority (NCH Healthcare System Obligated Group) Series 2024 5.00%, 10/01/2054		2,000		2,137,702
County of Brevard FL (County of Brevard FL Fuel Tax) AG Series 2016 5.00%, 08/01/2028		1,445		1,450,337
County of Broward FL Port Facilities Revenue (County of Broward FL Port Facilities Revenue) Series 2019-B 5.00%, 09/01/2032		1,500		1,562,228
County of Charlotte FL (County of Charlotte FL) Series 2015 5.00%, 10/01/2027		1,080		1,081,686
County of Lee FL Airport Revenue (County of Lee FL Airport Revenue) Series 2026-A 5.00%, 10/01/2056		1,670		1,791,917
County of Miami-Dade FL (County of Miami-Dade FL) Series 2016 5.00%, 07/01/2032		1,040		1,041,711
Series 2025 5.00%, 07/01/2028		1,000		1,048,320
County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) Series 2024-A 5.00%, 10/01/2030		1,540		1,657,107
5.00%, 10/01/2033		2,500		2,761,607
5.00%, 10/01/2034		1,000		1,110,898
5.00%, 10/01/2035		3,000		3,322,767
County of Miami-Dade Seaport Department (County of Miami-Dade Seaport Dept.) Series 2023-A 5.00%, 10/01/2030		1,145		1,224,732
5.00%, 10/01/2034		1,000		1,081,188
County of Palm Beach FL (Palm Beach Atlantic University) Series 2025 5.50%, 10/01/2035^(a)		1,600		1,778,722



ABFunds.com		AB Active ETFs, Inc. 11

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Florida Development Finance Corp. (GFL Solid Waste Southeast) Series 2024 4.375%, 10/01/2054^(a)	$	1,950	$	1,964,960
Florida Development Finance Corp. (Waste Pro USA, Inc.) Series 2025 4.45%, 07/01/2037^(a)		1,500		1,531,543
Florida Housing Finance Corp. (Claude Pepper LLC) Series 2026 3.10%, 12/01/2044		1,055		1,057,649
Florida Insurance Assistance Interlocal Agency, Inc. (Florida Insurance Guaranty Association) Series 2023-A 5.00%, 09/01/2027		4,000		4,021,101
5.00%, 09/01/2028		1,060		1,065,722
Florida Local Government Finance Commission (Ponte Vedra Pine Obligated Group) Series 2025 4.20%, 11/15/2030^(a)		1,000		1,004,772
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2025 5.00%, 10/01/2026		1,100		1,107,236
Greater Orlando Aviation Authority (Greater Orlando Aviation Authority) Series 2019-A 5.00%, 10/01/2027		2,500		2,569,514
Series 2022-A 5.00%, 10/01/2029		1,040		1,105,015
Series 2024 5.00%, 10/01/2027		1,000		1,027,805
Greater Orlando Aviation Authority (United Airlines, Inc.) Series 2025 5.25%, 11/01/2034		2,000		2,122,095
Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) Series 2024 5.00%, 10/01/2033		2,295		2,535,155
JEA Electric System Revenue (JEA Electric System Revenue) Series 2017-B 5.00%, 10/01/2028		1,500		1,546,935



12 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Lee County Industrial Development Authority/FL (Shell Point Obligated Group) Series 2024 4.125%, 11/15/2029	$	1,000	$	1,000,924
Miami-Dade County Expressway Authority (Miami-Dade County Expressway Authority) Series 2016-A 5.00%, 07/01/2028		1,625		1,627,605
5.00%, 07/01/2033		1,000		1,001,281
Miami-Dade County Industrial Development Authority (PRG - Casa Properties LLC) Series 2026 5.375%, 07/01/2065^(a)		1,000		1,036,739
Mid-Bay Bridge Authority (Mid-Bay Bridge Authority) AG Series 2025 5.00%, 10/01/2030		2,000		2,158,995
North Sumter County Utility Dependent District (North Sumter County Utility Dependent District) Series 2020 5.00%, 10/01/2026		900		905,649
Orange County School Board (Orange County School Board COP) Series 2017 5.00%, 08/01/2026		1,300		1,304,475
Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group) Series 2025 5.00%, 11/01/2030		2,015		2,153,496
Pinery Community Development District (Pinery Community Development District Assessment Area One) Series 2026 4.50%, 05/01/2036		200		196,594
School Board of Miami-Dade County (The) (Miami-Dade County School Board Foundation COP) Series 2026-A 5.00%, 02/01/2032		1,500		1,650,535
School District of Broward County/FL (Broward County School Board/FL COP) Series 2017-C 5.00%, 07/01/2026		1,530		1,532,686
Village Community Development District No. 15 (Village Community Development District No. 15 Series 2024 Special Assessment) Series 2024 3.75%, 05/01/2029^(a)		525		527,726



ABFunds.com		AB Active ETFs, Inc. 13

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Woodlands Section 9 Community Development District (Woodlands Section 9 Community Development District) Series 2026 4.25%, 05/01/2031	$	200	$	197,607

				67,581,030

Georgia – 3.8%
Albany-Dougherty County Hospital Authority (Phoebe Putney Memorial Hospital) Series 2022 5.00%, 09/01/2027		1,530		1,570,059
City of Atlanta GA Airport Passenger Facility Charge (City of Atlanta GA Airport Passenger Facility Charge) Series 2023 5.00%, 07/01/2030		2,000		2,153,272
City of Atlanta GA Department of Aviation (City of Atlanta GA Dept. of Aviation) Series 2020-B 5.00%, 07/01/2026		2,000		2,003,477
Series 2022-B 5.00%, 07/01/2032		1,250		1,373,226
Series 2023-G 5.00%, 07/01/2027		1,000		1,022,701
Series 2025-B 5.00%, 07/01/2031		2,100		2,282,821
County of DeKalb GA Water & Sewerage Revenue (County of DeKalb GA Water & Sewerage Revenue) Series 2025-A 5.00%, 10/01/2026		1,500		1,511,780
Development Authority for Fulton County (Piedmont Healthcare Obligated Group) Series 2016-A 5.00%, 07/01/2028		1,125		1,126,973
Development Authority of Burke County (The) (Georgia Power Co.) Series 2024 3.30%, 12/01/2049		1,500		1,514,700
Development Authority of Cobb County (The) (MT Bethel Christian Academy) Series 2025 5.00%, 06/01/2035^(a)		1,160		1,193,600
Fayette County Development Authority (United States Soccer Federation) Series 2024 5.00%, 10/01/2033		1,100		1,195,220
Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052^(a)		4,500		4,508,657



14 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2019-C 4.00%, 03/01/2050	$	1,000	$	1,001,791
Series 2021-C 4.00%, 05/01/2052		1,000		1,013,133
Series 2022-B 5.00%, 12/01/2052		4,000		4,164,636
Series 2023-A 5.00%, 06/01/2053		2,000		2,097,128
Series 2024-C 5.00%, 12/01/2054		3,500		3,694,414
Series 2024-E 5.00%, 05/01/2055		2,000		2,121,047
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2023 4.125% (SOFR + 1.70%), 12/01/2053^(b)		1,000		1,029,281
Series 2024-B 5.00%, 12/01/2054		2,360		2,542,693
Main Street Natural Gas, Inc. (Toronto-Dominion Bank) Series 2024-D 5.00%, 04/01/2054		1,500		1,594,961
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2016-A 5.00%, 01/01/2028		1,840		1,843,356
Series 2019-A 5.00%, 01/01/2033		1,200		1,257,787
Series 2020 5.00%, 01/01/2029		500		527,367
Series 2024 5.00%, 01/01/2030		1,000		1,073,830
Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033^(a)		2,000		2,254,533

				47,672,443

Guam – 0.8%
Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) Series 2024-B 5.00%, 07/01/2027		1,000		1,019,449



ABFunds.com		AB Active ETFs, Inc. 15

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2026	$	2,000	$	2,009,235
5.00%, 12/01/2031		3,000		3,012,632
Territory of Guam (Territory of Guam) Series 2019 5.00%, 11/15/2031		715		745,738
Series 2025-G 5.00%, 01/01/2028		1,625		1,666,301
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 5.00%, 01/01/2031		1,250		1,334,551

				9,787,906

Hawaii – 0.6%
City & County of Honolulu HI (City & County of Honolulu HI) Series 2019-D 5.00%, 08/01/2026		1,050		1,053,910
State of Hawaii (State of Hawaii) Series 2016-F 4.00%, 10/01/2030		1,625		1,630,989
5.00%, 10/01/2028		1,855		1,870,044
State of Hawaii Airports System Revenue (State of Hawaii Airports System Revenue) Series 2018-A 5.00%, 07/01/2029		1,000		1,039,968
State of Hawaii Harbor System Revenue (State of Hawaii Harbor System Revenue) Series 2020-A 4.00%, 07/01/2035		2,280		2,299,137

				7,894,048

Idaho – 0.3%
Idaho Health Facilities Authority (St. Luke’s Health System Obligated Group/ID) Series 2018 5.00%, 03/01/2027		1,000		1,016,468
Idaho State Building Authority (State of Idaho Sales Tax Revenue) Series 2024-A 5.00%, 06/01/2028		2,500		2,623,396

				3,639,864



16 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Illinois – 6.3%
Chicago Board of Education (Chicago Board of Education) Series 2017-C 5.00%, 12/01/2030	$	1,000	$	1,009,272
AG Series 2018-A 5.00%, 12/01/2027		1,500		1,540,094
AG Series 2018-C 5.00%, 12/01/2031		1,000		1,038,027
Series 2019-A 5.00%, 12/01/2030		1,575		1,612,796
Series 2021-B 5.00%, 12/01/2036		2,500		2,526,274
Series 2025-B 5.50%, 12/01/2033		4,000		4,283,009
Chicago Midway International Airport (Chicago Midway Intl Airport) Series 2024-C 5.00%, 01/01/2030		3,325		3,506,220
Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) Series 2024-C 5.00%, 01/01/2027		2,750		2,783,105
5.00%, 01/01/2028		3,000		3,101,981
5.00%, 01/01/2034		1,015		1,122,975
Series 2025-A 5.00%, 01/01/2036		1,000		1,105,461
Chicago Transit Authority (Chicago Transit Authority) Series 2017 5.00%, 06/01/2026		1,695		1,695,000
Chicago Transit Authority Capital Grant Receipts Revenue (City of Chicago IL Fed Hwy Grant) Series 2021 5.00%, 06/01/2027		1,750		1,784,101
5.00%, 06/01/2028		1,750		1,821,400
Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) Series 2024-A 5.00%, 12/01/2029		1,780		1,910,625
City of Chicago IL Wastewater Transmission Revenue (City of Chicago IL Wastewater Transmission Revenue) Series 2017-B 5.00%, 01/01/2027		2,500		2,530,096



ABFunds.com		AB Active ETFs, Inc. 17

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of Chicago IL Waterworks Revenue (City of Chicago IL Waterworks Revenue) AMBAC Series 2001 5.75%, 11/01/2030	$	635	$	673,008
City of Springfield IL Electric Revenue (City of Springfield IL Electric Revenue) BAM Series 2024 5.00%, 03/01/2027		2,000		2,031,888
City of Waukegan IL (City of Waukegan IL) AG Series 2018-B 5.00%, 12/30/2026		1,125		1,138,152
County of Cook IL (County of Cook IL) Series 2021-A 5.00%, 11/15/2033		970		1,042,296
Illinois Finance Authority (Ann & Robert H Lurie Children’s Hospital of Chicago Obligated Group) Series 2017 5.00%, 08/15/2026		2,265		2,274,991
Illinois Finance Authority (Centerpoint Joliet Terminal Railroad) Series 2024 4.125%, 12/01/2050^(a)		1,500		1,497,802
Series 2025 4.80%, 12/01/2043^(a)		1,000		1,033,592
Illinois Finance Authority (Moorings of Arlington Heights Obligated Group) Series 2025 3.65%, 05/01/2031		2,230		2,226,434
Illinois Municipal Electric Agency (Illinois Municipal Electric Agency) Series 2025-A 5.00%, 02/01/2027		1,000		1,014,926
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2023 5.00%, 12/15/2027		1,000		1,027,107
Metropolitan Water Reclamation District of Greater Chicago (Metropolitan Water Reclamation District of Greater Chicago) Series 2016-A 5.00%, 12/01/2030		2,620		2,648,977
Series 2016-B 5.00%, 12/01/2031		850		859,274



18 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Northern Illinois University (Northern Illinois University) BAM Series 2020-B 5.00%, 04/01/2031	$	725	$	765,783
Public Building Commission of Chicago (Public Building Commission of Chicago) AMBAC Series 2006 5.25%, 03/01/2028		2,970		3,082,778
Sales Tax Securitization Corp. (Sales Tax Securitization) Series 2018-C 5.50%, 01/01/2031		2,000		2,127,209
Sangamon County School District No. 186 Springfield (Prerefunded - US Treasuries) AG Series 2020-B 5.00%, 02/01/2032		735		794,270
State of Illinois (State of Illinois) Series 2017-D 5.00%, 11/01/2026		2,000		2,017,738
5.00%, 11/01/2027		2,500		2,574,848
Series 2018-A 5.00%, 10/01/2029		2,000		2,092,905
Series 2019-A 5.00%, 11/01/2029		695		741,892
Series 2020 5.50%, 05/01/2030		2,040		2,156,641
Series 2024 5.00%, 02/01/2031		2,000		2,169,303
Series 2024-B 5.00%, 05/01/2028		1,210		1,258,605
5.00%, 10/01/2035		1,170		1,282,730
Series 2025-B 5.25%, 09/01/2027		1,500		1,544,276
Series 2025-C 5.25%, 09/01/2033		1,370		1,545,266
State of Illinois Sales Tax Revenue (State of Illinois Sales Tax Revenue) Series 2021-A 4.00%, 06/15/2028		605		617,146
Series 2024-A 5.00%, 06/15/2030		1,790		1,926,048
Series 2025 5.00%, 06/15/2028		1,680		1,750,107

				79,286,428



ABFunds.com		AB Active ETFs, Inc. 19

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Indiana – 0.8%
City of Valparaiso IN (Pratt Paper IN LLC) Series 2024 4.50%, 01/01/2034^(a)	$	740	$	759,570
City of Whiting IN (BP PLC) Series 2025 4.20%, 06/01/2044		1,000		1,045,000
Indiana Finance Authority (Indiana University Health Obligated Group) Series 2023-B 5.00%, 10/01/2062		2,265		2,353,051
Series 2025 5.00%, 10/01/2064		1,000		1,058,288
Indiana Finance Authority (Ohio Valley Electric) Series 2020 3.00%, 11/01/2030		455		446,537
Series 2022-A 4.25%, 11/01/2030		2,040		2,104,818
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-B 3.244% (SOFR + 0.71%), 11/01/2046^(b)(d)		2,000		1,997,591

				9,764,855

Iowa – 0.1%
PEFA, Inc. (Massachusetts Mutual Life Insurance) Series 2026-A 5.00%, 04/01/2035^(c)		1,000		1,065,128


Kansas – 0.2%
Seward County Unified School District No. 480 Liberal (Seward County Unified School District No. 480 Liberal) Series 2017-B 5.00%, 09/01/2026		1,500		1,502,440
University of Kansas Hospital Authority (University of Kansas Health System Obligated Group) Series 2026 5.00%, 03/01/2028		900		934,432

				2,436,872



20 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Kentucky – 0.8%
Kentucky Public Energy Authority (BP PLC) Series 2024-B 5.00%, 01/01/2055	$	1,000	$	1,059,091
Series 2025-C 5.00%, 05/01/2036		2,000		2,124,696
Kentucky Public Energy Authority (Goldman Sachs Group) Series 2024-A 5.00%, 05/01/2055		3,000		3,141,096
Kentucky Public Energy Authority (Morgan Stanley) Series 2023-A 5.25%, 04/01/2054		2,000		2,131,422
Series 2025-A 5.25%, 06/01/2055		1,000		1,056,516
Kentucky Turnpike Authority (Kentucky Transportation Cabinet State Lease) Series 2026 5.00%, 07/01/2027		1,000		1,025,077

				10,537,898

Louisiana – 0.8%
City of New Orleans LA (City of New Orleans LA) Series 2021-A 5.00%, 12/01/2028		1,285		1,338,575
Series 2022 5.00%, 12/01/2027		1,000		1,026,137
Series 2024-A 5.00%, 12/01/2028		1,000		1,041,692
Series 2026-A 5.00%, 12/01/2028^(c)		250		260,490
5.00%, 12/01/2029^(c)		250		263,666
City of Shreveport LA (City of Shreveport LA) BAM Series 2016 5.00%, 03/01/2027		1,400		1,406,003
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Insurance Guaranty Association) Series 2022 5.00%, 08/15/2029		665		680,487
New Orleans Aviation Board (Louis Armstrong New Orleans Intl Airport) Series 2024 5.00%, 01/01/2029		1,000		1,044,482



ABFunds.com		AB Active ETFs, Inc. 21

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Parish of St. James LA (NuStar Logistics LP) Series 2020 6.10%, 06/01/2038^(a)	$	1,500	$	1,649,075
Parish of St. John the Baptist LA (Marathon Oil Corp.) Series 2024 3.30%, 06/01/2037		2,000		2,006,474

				10,717,081

Maryland – 1.4%
County of Baltimore MD (County of Baltimore MD) Series 2026 5.00%, 03/01/2028		1,500		1,563,934
County of Montgomery MD (County of Montgomery MD) Series 2017-B 5.00%, 06/01/2026		1,520		1,520,000
County of Prince George’s MD (County of Prince George’s MD) Series 2018-A 5.00%, 07/15/2033		1,500		1,568,922
Series 2023-A 5.00%, 08/01/2035		2,695		3,042,128
Maryland Economic Development Corp. (Purple Line Transit Partners) Series 2022 5.00%, 11/12/2028		3,000		3,005,063
Maryland Stadium Authority Sports Entertainment Facilities Revenue (Maryland Stadium Authority Sports Entertainment Facilities Revenue State Lease) Series 2025 5.00%, 06/15/2029		2,000		2,128,998
State of Maryland (State of Maryland) Series 2025-B 5.00%, 08/01/2028		1,500		1,578,713
State of Maryland Department of Transportation (Baltimore/Washington Intl Thurgood Marshall Airport) Series 2021 5.00%, 08/01/2030		1,000		1,073,788
5.00%, 08/01/2033		1,150		1,239,679
State of Maryland Department of Transportation (Maryland Aviation Administration) AG Series 2024 5.00%, 08/01/2027		950		972,003

				17,693,228



22 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Massachusetts – 2.1%
City of Quincy MA (City of Quincy MA) Series 2025 5.00%, 07/24/2026	$	8,500	$	8,525,538
City of Somerville MA (City of Somerville MA) Series 2025-B 5.00%, 07/01/2026		3,000		3,005,390
Commonwealth of Massachusetts (Prerefunded - US Treasuries) Series 2016-B 5.00%, 07/01/2033		1,050		1,051,914
Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group) Series 2019 5.00%, 07/01/2031		870		920,940
Massachusetts Development Finance Agency (Care Communities Obligated Group) Series 2025 5.50%, 07/15/2035^(a)		1,000		1,022,101
Massachusetts Development Finance Agency (GingerCare Living Obligated Group) Series 2024 4.75%, 12/01/2029^(a)		1,000		1,000,176
Massachusetts Development Finance Agency (Prerefunded - Others) Series 2016-A 4.00%, 07/15/2036		1,000		1,001,471
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) Series 2026 5.25%, 10/01/2035		1,000		1,121,083
7.375%, 10/01/2035		1,000		1,028,960
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) Series 2016 5.00%, 07/01/2030		1,295		1,296,778
Massachusetts Port Authority (Massachusetts Port Authority) Series 2017-A 5.00%, 07/01/2027		1,120		1,144,460
Series 2019-A 5.00%, 07/01/2027		2,255		2,304,249
5.00%, 07/01/2028		2,515		2,619,666

				26,042,726



ABFunds.com		AB Active ETFs, Inc. 23

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Michigan – 0.5%
Detroit Downtown Development Authority (Detroit Downtown Development Authority Catalyst Development Area) Series 2024 5.00%, 07/01/2048	$	1,090	$	1,126,283
Great Lakes Water Authority Water Supply System Revenue (Great Lakes Water Authority Water Supply System Revenue) Series 2018-A 5.00%, 07/01/2028		1,000		1,047,220
Michigan State Building Authority (State of Michigan Lease) Series 2016-I 5.00%, 10/15/2032		1,765		1,778,700
Michigan State Hospital Finance Authority (Prerefunded - Others) Series 2019 5.00%, 11/01/2026		2,000		2,017,846

				5,970,049

Minnesota – 0.6%
City of Shakopee MN Senior Housing Revenue (Benedictine Living Community of Shakopee Obligated Group) Series 2025 4.45%, 11/01/2035		1,300		1,303,631
Minnesota Municipal Gas Agency (Nomura Holdings, Inc.) Series 2026-A 5.00%, 09/01/2035		1,000		1,045,898
State of Minnesota (State of Minnesota) Series 2024 5.00%, 08/01/2027		1,500		1,543,994
Series 2024-A 5.00%, 08/01/2026		1,665		1,671,775
Series 2024-B 5.00%, 08/01/2026		1,200		1,204,883
University of Minnesota (University of Minnesota) Series 2017-A 5.00%, 09/01/2032		1,020		1,047,889

				7,818,070



24 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Mississippi – 0.3%
City of Gulfport MS (Memorial Hospital at Gulfport Obligated Group) Series 2016 5.00%, 07/01/2030	$	2,450	$	2,451,326
Mississippi Business Finance Corp. (Waste Pro USA, Inc.) Series 2025 4.375%, 02/01/2048^(a)		1,000		1,004,895

				3,456,221

Missouri – 0.5%
County of St. Louis MO (County of St. Louis MO Lease) Series 2020-A 4.00%, 12/01/2030		755		773,974
Health & Educational Facilities Authority of the State of Missouri (SSM Health Care Obligated Group) Series 2022-A 5.00%, 06/01/2027		3,535		3,607,042
Missouri Highway & Transportation Commission (Missouri Highway & Transportation Commission) Series 2025 5.00%, 05/01/2027		2,500		2,557,745

				6,938,761

Nebraska – 0.2%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054		1,000		1,050,258
Central Plains Energy Project (Royal Bank of Canada) Series 2025-A 5.00%, 08/01/2055		1,000		1,071,968

				2,122,226

Nevada – 0.4%
Clark County School District (Clark County School District) Series 2025-B 5.00%, 06/15/2028		1,000		1,045,298
Series 2026-A 5.00%, 06/15/2034		2,000		2,262,253
State of Nevada Department of Business & Industry (Desertxpress Enterprises) Series 2025 12.00%, 01/01/2065^(a)		425		238,000



ABFunds.com		AB Active ETFs, Inc. 25

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Tahoe-Douglas Visitors Authority (Tahoe-Douglas Visitors Authority) Series 2020 5.00%, 07/01/2033	$	1,000	$	1,053,617

				4,599,168

New Hampshire – 1.8%
National Finance Authority Affordable Housing Certificates Series 2024-1 (ARC70 2024-1) Series 2024-1, Class A 4.15%, 10/20/2040^(b)		2,490		2,486,301
New Hampshire Business Finance Authority (Brazoria-Fort Bend County Municipal Utility District No. 3) Series 2024 4.875%, 12/01/2033^(a)		400		399,986
New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts 490, 491 & 158) Series 2024 5.375%, 12/15/2035^(a)		2,553		2,553,305
New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts-Multiple) Series 2025 5.875%, 12/15/2033^(a)		2,484		2,483,487
New Hampshire Business Finance Authority (Collin County Municipal Utility District No. 4) Series 2025 5.50%, 12/01/2030^(a)		800		800,384
New Hampshire Business Finance Authority (Emberly & Canterra Creek Projects) Series 2024 5.375%, 12/01/2031^(a)		950		949,629
New Hampshire Business Finance Authority (Generics Municipal Bond) Series 2026 Zero Coupon, 12/15/2041		2,000		753,824
New Hampshire Business Finance Authority (Lakes Fresh Water Supply District of Denton County) Series 2024 5.00%, 12/01/2028^(a)		720		719,873
New Hampshire Business Finance Authority (New Hampshire Business Finance Authority State Lease) Series 2026 Zero Coupon, 12/15/2034^(a)		1,000		578,914
6.125%, 12/15/2033^(a)		1,000		1,000,674
6.50%, 12/01/2034^(a)		1,000		1,003,342



26 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Hampshire Business Finance Authority (NFA 2026-2) Series 2026-2, Class A1 4.40%, 04/20/2043	$	2,000	$	2,021,849
Series 2026-2, Class A2 4.40%, 04/20/2043		1,000		980,093
New Hampshire Business Finance Authority (Novant Health Obligated Group) Series 2025 5.00%, 06/01/2032		1,500		1,632,242
New Hampshire Business Finance Authority (Tamarron Project) Series 2024 5.25%, 12/01/2035^(a)		1,377		1,376,862
New Hampshire Business Finance Authority (The Highlands Project) Series 2024 5.125%, 12/15/2030		1,153		1,153,903
New Hampshire Business Finance Authority (Valencia Project) Series 2024 5.30%, 12/01/2032^(a)		1,080		1,079,756
New Hampshire Health & Education Facilities Authority Act (Dartmouth Health Obligated Group) Series 2025 5.00%, 08/01/2032		1,000		1,100,078

				23,074,502

New Jersey – 4.9%
Atlantic County Improvement Authority (The) (Island Campus Redevelopment Urban Renewal Associates) AG Series 2016 5.00%, 09/01/2028		2,400		2,413,416
City of Jersey City NJ (City of Jersey City NJ) Series 2025 4.00%, 10/01/2035		1,000		1,031,505
City of Newark NJ (City of Newark NJ) AG Series 2020-A 5.00%, 10/01/2027		1,290		1,328,609
Garden State Preservation Trust (Garden State Preservation Trust) AG Series 2005-A 5.75%, 11/01/2028		1,950		2,035,416



ABFunds.com		AB Active ETFs, Inc. 27

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Brunswick Parking Authority (New Brunswick Parking Authority) BAM Series 2016-A 5.00%, 09/01/2030	$	2,000	$	2,010,784
New Jersey Economic Development Authority (DRP Urban Renewal 4 LLC) Series 2025 6.375%, 01/01/2035^(a)		1,500		1,576,834
New Jersey Economic Development Authority (New Jersey-American Water) Series 2023 3.75%, 11/01/2034		3,500		3,520,134
New Jersey Economic Development Authority (Port Newark Container Terminal) Series 2017 5.00%, 10/01/2037		1,500		1,519,467
New Jersey Economic Development Authority (State of New Jersey Lease) NATL Series 2005-N 5.50%, 09/01/2027		2,000		2,070,057
5.50%, 09/01/2029		5,910		6,417,925
Series 2015-X 5.25%, 06/15/2027		1,395		1,396,442
Series 2016-A 5.50%, 06/15/2028		1,500		1,522,163
New Jersey Economic Development Authority (State of New Jersey Motor Vehicle Surcharge Revenue Lease) Series 2017-A 5.00%, 07/01/2033		1,280		1,298,243
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.75%, 09/15/2027		1,625		1,627,814
New Jersey Educational Facilities Authority (Ramapo College of New Jersey) AG Series 2017-A 5.00%, 07/01/2026		1,375		1,377,519
New Jersey Health Care Facilities Financing Authority (Prerefunded - US Treasuries) Series 2016 5.00%, 07/01/2043		2,405		2,409,383
New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group) Series 2021 4.00%, 07/01/2036		1,935		1,966,369



28 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027	$	3,655	$	3,660,091
5.00%, 06/15/2028		2,115		2,117,820
Series 2018-A 5.00%, 06/15/2028		1,050		1,051,400
5.00%, 06/15/2029		1,000		1,001,328
5.00%, 06/15/2030		5,370		5,376,951
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) AMBAC Series 2006-C Zero Coupon, 12/15/2026		1,275		1,255,178
New Jersey Transportation Trust Fund Authority (Prerefunded - US Treasuries) Series 2019 5.00%, 06/15/2030		255		270,843
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2010-A Zero Coupon, 12/15/2027		1,500		1,433,594
Series 2019 5.00%, 12/15/2027		1,040		1,077,081
Series 2023-B 5.00%, 06/15/2033		2,000		2,247,994
Newark Board of Education (Newark Board of Education) BAM Series 2021 5.00%, 07/15/2029		1,210		1,288,960
South Jersey Transportation Authority (South Jersey Transportation Authority) AG Series 2019-A 5.00%, 11/01/2030		1,675		1,800,315
Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) Series 2018-A 5.00%, 06/01/2029		3,375		3,510,221

				61,613,856

New York – 7.3%
Build NYC Resource Corp. (Zeta Charter Schools Obligated Group) Series 2026 5.00%, 06/01/2036^(a)		1,000		1,038,659
City of New York NY (City of New York NY) Series 2017 5.00%, 08/01/2028		2,000		2,052,151



ABFunds.com		AB Active ETFs, Inc. 29

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2024-D 5.00%, 04/01/2033	$	1,660	$	1,856,664
Series 2025 5.00%, 08/01/2028		3,000		3,155,347
Series 2025-B 5.00%, 08/01/2028		2,000		2,103,564
Series 2026-G 5.00%, 02/01/2028		2,200		2,289,671
5.00%, 02/01/2032		2,000		2,214,536
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2016-D 5.00%, 11/15/2031		1,510		1,523,620
Series 2017 5.00%, 11/15/2028		2,010		2,124,256
Series 2017-C 5.00%, 11/15/2029		1,880		1,959,445
Series 2025 5.00%, 11/15/2031		4,535		5,025,216
5.00%, 11/15/2032		1,505		1,685,382
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2024 5.00%, 11/01/2026		1,000		1,010,139
Series 2025-H 5.00%, 11/01/2027		1,000		1,033,373
Series 2026 5.00%, 02/01/2028		1,000		1,039,260
5.00%, 11/01/2034		2,500		2,845,902
New York State Dormitory Authority (Montefiore Obligated Group) Series 2018 5.00%, 08/01/2028		1,000		1,032,716
5.00%, 08/01/2033		1,500		1,535,106
Series 2020 5.00%, 09/01/2027		1,400		1,423,389
5.00%, 09/01/2029		1,750		1,832,701
5.00%, 09/01/2030		1,000		1,052,536
Series 2024 5.00%, 11/01/2026		900		906,134
New York State Dormitory Authority (New York State Dormitory Authority Lease) Series 2018 5.00%, 10/01/2031		1,775		1,788,853



30 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York State Dormitory Authority (Northwell Health Obligated Group) Series 2025 5.00%, 05/01/2030	$	1,070	$	1,155,832
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2033		1,000		967,177
New York State Dormitory Authority (White Plains Hospital Obligated Group) Series 2024 5.00%, 10/01/2029		750		787,689
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2027		2,630		2,662,066
5.00%, 01/01/2030		6,750		6,934,097
Series 2020 4.00%, 10/01/2030		2,100		2,140,066
New York Transportation Development Corp. (JFK Intl Air Terminal) Series 2020 5.00%, 12/01/2026		1,550		1,563,687
5.00%, 12/01/2031		1,000		1,061,939
Series 2022 5.00%, 12/01/2030		2,065		2,200,937
Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) Series 2018-2 5.00%, 09/15/2029		1,530		1,581,191
5.00%, 09/15/2030		2,500		2,582,871
5.00%, 09/15/2031		2,575		2,657,706
Series 2019 5.00%, 09/01/2034		2,500		2,627,568
Series 2021-2 3.00%, 10/01/2028		3,950		3,954,351
5.00%, 07/15/2027		2,480		2,533,052
Series 2024-2 5.00%, 09/01/2032		1,235		1,362,894
Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) Series 2024 5.00%, 12/01/2034		1,500		1,544,376
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2026 5.00%, 02/01/2028		4,000		4,164,372



ABFunds.com		AB Active ETFs, Inc. 31

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2017-B 5.00%, 11/15/2033	$	1,205	$	1,228,203
Series 2025-A 5.00%, 03/01/2028		3,500		3,651,017
Troy Capital Resource Corp. (Prerefunded - US Treasuries) Series 2015 5.00%, 08/01/2028		1,000		1,000,243
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 5.00%, 09/01/2028		1,270		1,322,541

				92,212,495

North Carolina – 1.1%
City of Charlotte NC Airport Revenue (City of Charlotte NC Airport Revenue) Series 2023 5.00%, 07/01/2036		1,220		1,329,238
County of Guilford NC (County of Guilford NC) Series 2017-B 4.00%, 05/01/2033		3,000		3,028,506
County of New Hanover NC (County of New Hanover NC) Series 2018 5.00%, 09/01/2026		1,010		1,015,444
Cumberland County Industrial Facilities & Pollution Control Financing Authority (American Titanium Metal) Series 2025 3.125%, 12/01/2027		3,500		3,495,375
North Carolina Department of Transportation (I-77 Mobility Partners) Series 2015 5.00%, 12/31/2037		1,405		1,406,054
North Carolina Medical Care Commission (Deerfield Episcopal Retirement Community Obligated Group) Series 2026 3.20%, 11/01/2030		1,000		995,349
North Carolina Medical Care Commission (Pennybyrn at Maryfield) Series 2025 5.00%, 10/01/2035		560		606,769



32 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

North Carolina Medical Care Commission (United Methodist Retirement Homes Obligated Group) Series 2025 3.40%, 10/01/2029	$	2,000	$	2,004,089

				13,880,824

North Dakota – 0.1%
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2029		1,300		1,307,351


Ohio – 2.7%
Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) Series 2020-A 5.00%, 06/01/2028		1,425		1,487,127
City of Akron OH Income Tax Revenue (City of Akron OH Income Tax Revenue) Series 2022 4.00%, 12/01/2026		1,120		1,126,462
Columbus Regional Airport Authority (Columbus Regional Airport Authority) Series 2025 5.00%, 01/01/2034		3,160		3,476,194
County of Cuyahoga OH (MetroHealth System/The) Series 2017 5.00%, 02/15/2028		1,115		1,124,384
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2023 5.00%, 12/01/2053^(a)		4,000		4,081,944
Lancaster Port Authority (Royal Bank of Canada) Series 2024-A 5.00%, 02/01/2055		1,000		1,064,096
Ohio Air Quality Development Authority (American Electric Power) Series 2019 2.40%, 12/01/2038		500		480,365
Series 2024 3.70%, 07/01/2028		4,000		4,028,542
3.70%, 10/01/2028		1,500		1,510,945
3.75%, 01/01/2029		1,500		1,513,594



ABFunds.com		AB Active ETFs, Inc. 33

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Ohio Air Quality Development Authority (Duke Energy Corp.) Series 2022 4.00%, 09/01/2030	$	4,175	$	4,209,859
Ohio Air Quality Development Authority (Ohio Valley Electric) Series 2026 3.875%, 01/01/2036		2,400		2,401,974
Ohio Higher Educational Facility Commission (John Carroll University) Series 2025 5.00%, 10/01/2033		1,085		1,146,570
Ohio Higher Educational Facility Commission (Xavier University) Series 2020 5.00%, 05/01/2027		1,000		1,013,709
Series 2024 5.00%, 05/01/2033		1,215		1,294,426
Reynoldsburg City School District (Reynoldsburg City School District) Series 2013 4.919%, 09/01/2030		700		730,853
State of Ohio (Prerefunded - US Treasuries) Series 2016-2 5.00%, 12/15/2028		1,015		1,015,861
Series 2018-1 5.00%, 12/15/2028		1,000		1,000,849
State of Ohio (University Hospitals Health System Obligated Group) Series 2025 5.00%, 01/15/2030		1,000		1,064,522

				33,772,276

Oklahoma – 0.4%
Oklahoma City Public Property Authority (Oklahoma City Public Property Authority Sales Tax) Series 2026 5.00%, 06/01/2029^(c)		2,020		2,146,318
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2018-B 5.00%, 08/15/2029		1,000		1,027,081
Oklahoma Municipal Power Authority (Oklahoma Municipal Power Authority) AG Series 2025-A 5.00%, 01/01/2033		740		826,707



34 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) Series 2025 6.25%, 12/01/2035	$	1,000	$	1,127,020

				5,127,126

Oregon – 0.3%
Medford Hospital Facilities Authority (Asante Health System Obligated Group) Series 2020-A 5.00%, 08/15/2027		1,000		1,025,971
Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) Series 2022-2 5.00%, 07/01/2030		1,015		1,090,360
Port of Portland OR Airport Revenue (Portland Intl Airport) Series 2017-2 5.00%, 07/01/2029		1,000		1,011,714
5.00%, 07/01/2031		1,100		1,111,875

				4,239,920

Other – 0.2%
2026 Loan Holding-1 (2026 Loan Holding-1) Series 2026-C 2.45% (MUNIPSA + 0.88%), 10/01/2027^(a)(b)		2,400		2,379,473


Pennsylvania – 2.2%
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2022 2.27% (MUNIPSA + 0.70%), 11/15/2047^(b)		1,000		993,839
City of Philadelphia PA Airport Revenue (City of Philadelphia PA Airport Revenue) Series 2020-C 5.00%, 07/01/2030		1,220		1,308,642
Commonwealth of Pennsylvania (Commonwealth of Pennsylvania) Series 2023 5.00%, 09/01/2027		1,500		1,546,573
Series 2025-A 5.00%, 08/15/2027		2,000		2,059,888
Series 2026 5.00%, 04/01/2027		5,000		5,103,024
County of Allegheny PA (County of Allegheny PA) Series 2016-C 5.00%, 11/01/2029		2,000		2,018,297



ABFunds.com		AB Active ETFs, Inc. 35

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2032	$	1,980	$	1,998,812
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2030		1,000		1,039,771
5.00%, 09/01/2031		1,500		1,556,959
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) Series 2022 5.00%, 12/31/2032		2,000		2,175,238
Pennsylvania Economic Development Financing Authority (Noble Environmental, Inc.) Series 2026 5.45%, 03/01/2056^(a)		1,000		1,020,984
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 12/31/2027		4,000		4,004,598
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2026-B 5.00%, 06/15/2031		2,000		2,168,566
Scranton School District/PA (Scranton School District/PA) BAM Series 2017-E 5.00%, 12/01/2029		1,000		1,033,261

				28,028,452

Puerto Rico – 1.2%
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) Series 2021-A 5.625%, 07/01/2027		7,858		7,981,982
5.625%, 07/01/2029		675		709,326
Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) Series 2020-A 5.00%, 07/01/2030^(a)		1,000		1,044,490



36 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2021-C 3.50%, 07/01/2026^(a)	$	2,000	$	1,996,939
3.75%, 07/01/2027^(a)		2,000		1,959,774
Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) Series 2010-A 5.25%, 07/01/2027^(e)(f)		1,565		1,150,275

				14,842,786

South Carolina – 0.8%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2023 5.25%, 02/01/2054		2,130		2,295,458
South Carolina Jobs-Economic Development Authority (International Paper Co.) Series 2026 3.95%, 04/01/2033		1,000		999,667
South Carolina Jobs-Economic Development Authority (Rolling Green Village) Series 2025 4.00%, 12/01/2030		1,000		1,002,743
South Carolina Public Service Authority (Prerefunded - US Treasuries) Series 2016-A 5.00%, 12/01/2034		485		485,000
5.00%, 12/01/2036		490		490,000
South Carolina Public Service Authority (South Carolina Public Service Authority) Series 2016-A 5.00%, 12/01/2027		1,160		1,161,296
5.00%, 12/01/2034		1,015		1,015,882
5.00%, 12/01/2036		1,010		1,010,788
Series 2025-B 5.00%, 12/01/2031		1,775		1,968,066

				10,428,900

Tennessee – 1.5%
City of Chattanooga TN Electric Revenue (City of Chattanooga TN Electric Revenue) Series 2025 5.00%, 09/01/2032		1,855		2,089,558
Memphis-Shelby County Airport Authority (Memphis-Shelby County Airport Authority) Series 2021-A 5.00%, 07/01/2034		1,355		1,443,233



ABFunds.com		AB Active ETFs, Inc. 37

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (EC Burning Tree LLC) Series 2025 5.00%, 10/01/2028	$	2,000	$	2,050,952
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group) Series 2023 5.00%, 07/01/2028		1,000		1,043,226
Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The) Series 2019-B 5.00%, 07/01/2030		1,005		1,074,038
Series 2022-B 5.00%, 07/01/2031		1,625		1,764,082
Series 2026-B 5.00%, 07/01/2029		1,575		1,666,823
Tennergy Corp./TN (Nomura Holdings, Inc.) Series 2022-A 5.50%, 10/01/2053		1,500		1,593,151
Tennessee Energy Acquisition Corp. (Goldman Sachs Group) Series 2023-A 5.00%, 05/01/2053		2,000		2,056,829
Tennessee Energy Acquisition Corp. (Massachusetts Mutual Life Insurance) Series 2026-A 5.00%, 11/01/2034		2,500		2,660,372
Tennessee Energy Acquisition Corp. (Pacific Life Insurance) Series 2025-A 5.00%, 12/01/2035		2,000		2,122,764

				19,565,028

Texas – 6.6%
Central Texas Regional Mobility Authority (Central Texas Regional Mobility Authority) Series 2020-E 5.00%, 01/01/2031		1,420		1,520,981
City of Fort Worth TX (City of Fort Worth TX) Series 2025 5.00%, 03/01/2027		2,000		2,036,927



38 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of Houston TX Airport System Revenue (City of Houston TX Airport System Revenue) Series 2018-C 5.00%, 07/01/2029	$	2,000	$	2,076,649
AG Series 2023 5.00%, 07/01/2031		1,420		1,543,622
Series 2025-A 5.00%, 07/01/2028		1,600		1,662,210
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2018 5.00%, 07/15/2028		1,000		1,026,521
Series 2020 5.00%, 07/15/2027		1,500		1,523,543
Series 2024-B 5.25%, 07/15/2034		1,500		1,601,427
Series 2025 5.25%, 07/15/2030		1,410		1,480,085
Series 2026 5.50%, 07/15/2036		1,000		1,077,964
City of San Antonio TX Airport System (City of San Antonio TX Airport System) Series 2019-A 5.00%, 07/01/2029		550		579,740
County of Harris TX (County of Harris TX) Series 2025-A 5.00%, 09/15/2027		1,175		1,212,106
Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) Series 2025-A 5.00%, 11/01/2031		5,000		5,447,692
5.00%, 11/01/2033		2,000		2,210,491
5.00%, 11/01/2050		2,000		2,100,923
Dallas Independent School District (Dallas Independent School District) Series 2025-B 5.00%, 02/15/2035		1,390		1,583,897
Series 2026-B 5.00%, 02/15/2056		1,000		1,067,575
Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital Obligated Group) Series 2026-A 5.00%, 12/01/2029		1,525		1,633,648



ABFunds.com		AB Active ETFs, Inc. 39

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2022 2.42% (MUNIPSA + 0.85%), 07/01/2049^(b)	$	2,000	$	2,000,107
Series 2024 5.00%, 07/01/2054		3,600		3,797,940
Harris County Housing Finance Corp. (Kobayashi Baypointe Apartments) Series 2025 2.95%, 09/01/2043		2,500		2,492,459
Harris County Industrial Development Corp. (Energy Transfer LP) Series 2023 4.05%, 11/01/2050		2,000		2,070,963
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2033		1,000		1,000,657
Legacy Denton Public Facility Corp. (2100 Spencer Road TX Owner) Series 2025 2.70%, 10/01/2043		4,000		3,960,452
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue (Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue) Series 2016-A 5.00%, 11/01/2029		1,000		1,009,813
Mission Economic Development Corp. (Graphic Packaging Intl) Series 2026 5.00%, 12/01/2064^(c)		2,000		2,063,663
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031^(a)		1,855		1,858,591
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas Obligated Group) Series 2017-A 5.00%, 08/15/2027		3,545		3,643,460
North Texas Tollway Authority (North Texas Tollway System) Series 2025-A 5.00%, 01/01/2033		600		673,512
Port Arthur Housing Authority (Foothill Willow Lakes LLC) Series 2026-A 3.90%, 04/01/2036		1,100		1,112,466



40 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Port Freeport TX (Port Freeport TX) Series 2019-A 5.00%, 06/01/2031	$	1,085	$	1,130,934
Port of Beaumont Industrial Development Authority (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2021 4.10%, 01/01/2028^(a)		1,800		1,643,370
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2024 10.00%, 07/01/2026^(a)		1,000		1,000,072
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group) Series 2026 5.00%, 11/15/2028		2,500		2,636,550
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources Obligated Group) Series 2025 5.00%, 11/15/2064		2,000		2,131,960
Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) Series 2007 3.506% (CME Term SOFR 3 Month + 1.05%), 09/15/2027^(b)		1,430		1,433,656
Series 2012-C 3.287% (CME Term SOFR 3 Month + 0.86%), 09/15/2027^(b)		1,730		1,732,645
Texas Municipal Gas Acquisition & Supply Corp. III (Macquarie Group Ltd.) Series 2021 5.00%, 12/15/2032		2,000		2,136,072
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-A 5.50%, 01/01/2054		4,000		4,225,686
Series 2023-B 5.50%, 01/01/2054		1,500		1,642,309
Texas Municipal Gas Acquisition & Supply Corp. V (Citigroup, Inc.) Series 2026 5.00%, 04/01/2036		1,000		1,054,342



ABFunds.com		AB Active ETFs, Inc. 41

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Texas Municipal Gas Acquisition & Supply Corp. VI (Bank of America Corp.) Series 2025 5.00%, 01/01/2036	$	1,000	$	1,067,595
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) Series 2019 5.00%, 12/31/2030		1,000		1,061,261
Texas State University System (Texas State University System) Series 2026-C 5.00%, 03/15/2028^(c)		1,000		1,024,781
Texas Water Development Board (State Water Implementation Revenue Fund for Texas) Series 2023-A 5.00%, 10/15/2026		1,000		1,008,912
University of Houston (University of Houston) Series 2020-A 5.00%, 02/15/2027		1,000		1,016,387

				83,016,616

Utah – 1.1%
Deseret Public Infrastructure District No. 2 (Deseret Public Infrastructure District No. 2 Special Assmnt Deseret Assmnt Area 1) Series 2026 5.375%, 12/01/2036^(a)		2,200		2,240,813
Grapevine Wash Local District (Grapevine Wash Local District Assessment Area No. 1) Series 2024-A 5.25%, 12/01/2044^(a)		1,000		1,001,648
Intermountain Power Agency (Intermountain Power Agency) Series 2022-A 5.00%, 07/01/2026		2,200		2,204,060
5.00%, 07/01/2027		1,095		1,122,767
5.00%, 07/01/2028		1,680		1,757,518
Utah Board of Higher Education (University of Utah/The) NATL Series 1998 5.50%, 04/01/2029		1,110		1,162,955
Utah Infrastructure Agency (Utah Infrastructure Agency) Series 2017-A 5.00%, 10/15/2029		1,000		1,011,223



42 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2022 5.00%, 10/15/2032	$	1,135	$	1,208,693
Series 2024 5.00%, 10/15/2026		440		442,331
Utah Transit Authority (Utah Transit Authority Sales Tax) NATL Series 2007-A 5.00%, 06/15/2031		1,000		1,088,978
Wolf Creek Infrastructure Financing District No. 1 (Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1) Series 2025 5.75%, 12/01/2044		1,000		1,038,537

				14,279,523

Virginia – 0.9%
Fairfax County Industrial Development Authority (Inova Health System Obligated Group) Series 2024 5.00%, 05/15/2032		1,000		1,114,552
Hampton Roads Transportation Accountability Commission (Prerefunded - US Govt Agencies) Series 2021-A 5.00%, 07/01/2026		2,450		2,454,465
Louisa Industrial Development Authority (Virginia Electric & Power) Series 2023 3.65%, 11/01/2035		2,000		2,015,900
Series 2025 3.125%, 11/01/2035		2,000		1,994,113
Virginia College Building Authority (Commonwealth of Virginia) Series 2026 5.00%, 02/01/2033		1,000		1,129,896
Virginia College Building Authority (Commonwealth of Virginia State Lease) Series 2023 5.00%, 02/01/2033		1,030		1,163,792
Virginia College Building Authority (Marymount University) Series 2015 5.25%, 07/01/2030^(a)		1,000		936,685
Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 5.00%, 07/01/2032		1,170		1,255,753

				12,065,156



ABFunds.com		AB Active ETFs, Inc. 43

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Washington – 3.2%
Energy Northwest (Prerefunded - US Govt Agencies) Series 2016 5.00%, 07/01/2027	$	1,550	$	1,552,891
Series 2025-A 5.00%, 07/01/2026		3,000		3,005,595
FYI Properties (State of Washington Consolidated Technology Services Lease) Series 2019 5.00%, 06/01/2026		1,965		1,965,000
King County School District No. 414 Lake Washington (King County School District No. 414 Lake Washington) Series 2017 5.00%, 12/01/2026		1,060		1,072,643
Port of Seattle WA (Port of Seattle WA) Series 2017-C 5.00%, 05/01/2028		1,260		1,284,560
Series 2018-A 5.00%, 05/01/2030		2,185		2,222,625
5.00%, 05/01/2036		1,035		1,048,130
Series 2018-B 5.00%, 05/01/2027		1,000		1,020,258
Series 2022 5.00%, 08/01/2030		1,000		1,076,221
5.00%, 08/01/2033		1,000		1,093,249
Series 2025-B 5.00%, 10/01/2028		2,000		2,094,725
5.00%, 10/01/2031		1,000		1,089,065
State of Washington (State of Washington) Series 2017 5.00%, 08/01/2030		1,000		1,027,232
Series 2025-R 5.00%, 07/01/2028		4,500		4,725,393
5.00%, 07/01/2030		4,060		4,433,513
Series 2026-R 5.00%, 08/01/2031		7,000		7,772,305
University of Washington (University of Washington) Series 2025-A 5.00%, 04/01/2033		1,000		1,130,713
Washington State Housing Finance Commission (Josephine Caring Community Obligated Group) Series 2025 4.20%, 07/01/2030^(a)		1,000		997,362



44 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2019-A 5.00%, 01/01/2034^(a)	$	1,225	$	1,254,827

				39,866,307

West Virginia – 0.5%
Tobacco Settlement Finance Authority/WV (Tobacco Settlement Finance Authority/WV) Series 2020 4.875%, 06/01/2049		1,150		1,126,382
West Virginia Economic Development Authority (Appalachian Power Co.) Series 2024 3.375%, 03/01/2040		3,000		3,019,564
West Virginia Economic Development Authority (Provident Group - Marshall Properties) AG Series 2023 5.00%, 07/01/2030		2,665		2,865,306

				7,011,252

Wisconsin – 2.2%
Central Brown County Water Authority (Central Brown County Water Authority) Series 2024 5.00%, 11/01/2027		1,135		1,170,634
City of Milwaukee WI (City of Milwaukee WI) Series 2020-N 5.00%, 04/01/2027		1,000		1,017,524
AG Series 2023 5.00%, 04/01/2031		1,025		1,116,957
AG Series 2023-N 5.00%, 04/01/2028		1,690		1,758,676
City of Milwaukee WI Sewerage System Revenue (City of Milwaukee WI Sewerage System Revenue) Series 2016-S 4.00%, 06/01/2028		350		350,284
Wisconsin Health & Educational Facilities Authority (Froedtert ThedaCare Health Obligated Group) Series 2025 5.00%, 10/01/2032		1,640		1,820,931
Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) Series 2025 5.00%, 08/15/2028		1,000		1,044,721



ABFunds.com		AB Active ETFs, Inc. 45

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Wisconsin Health & Educational Facilities Authority (Prerefunded - US Treasuries) Series 2024 5.00%, 08/01/2027^(a)	$	2,500	$	2,504,556
Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) Series 2024 Zero Coupon, 12/15/2038^(a)		2,000		935,607
Wisconsin Public Finance Authority (C/HP Cove, Inc.) Series 2026 4.00%, 05/01/2036		2,000		1,998,675
Wisconsin Public Finance Authority (Creekhaven Wildrye & Furst Ranch Projects) Series 2026 Zero Coupon, 12/15/2036^(a)		2,000		1,030,097
Wisconsin Public Finance Authority (Denton County Municipal Utility District No. 16) Series 2024 5.75%, 12/15/2033^(a)		2,000		2,001,163
Wisconsin Public Finance Authority (Inperium Obligated Group) Series 2024 5.00%, 12/01/2034^(a)		1,540		1,589,657
Wisconsin Public Finance Authority (Kaiser Obligated Group) Series 2023-A 5.00%, 10/01/2027		1,305		1,340,249
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) Series 2023 Zero Coupon, 09/01/2029^(a)		700		549,208
Wisconsin Public Finance Authority (Renown Regional Medical Center Obligated Group) Series 2020 5.00%, 06/01/2029		975		1,032,231
Wisconsin Public Finance Authority (Signorelli Projects) Series 2024 5.375%, 12/15/2032^(a)		1,598		1,597,867
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2022 5.00%, 02/01/2030		1,000		1,004,505
5.00%, 02/01/2033		1,460		1,453,899



46 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Wisconsin Public Finance Authority (Waterstone Projects) 5.50%, 12/15/2038^(a)	$	924	$	925,397
Wisconsin Public Finance Authority (Wisconsin Public Finance Authority-Muni Certificates) Series 2026 3.625%, 06/15/2063		1,440		1,438,600

				27,681,438


Total Long-Term Municipal Bonds (cost $1,067,520,157)				1,071,767,210


Short-Term Municipal Notes – 12.8%
Alabama – 0.1%
Alabama Highway Authority (Alabama Highway Authority) AG Series 2025 5.00%, 09/01/2026		1,000		1,005,719


Arizona – 0.4%
Arizona Health Facilities Authority (Banner Health Obligated Group) Series 2017-C 2.85%, 01/01/2046^(g)		5,720		5,720,000


California – 1.3%
City of Los Angeles CA (City of Los Angeles CA) Series 2025 5.00%, 06/25/2026		5,000		5,007,758
County of Los Angeles CA (County of Los Angeles CA) Series 2025-A 5.00%, 06/30/2026		1,500		1,502,708
Long Beach Unified School District (Long Beach Unified School District) Series 2026-B 5.00%, 08/01/2026		5,000		5,021,582
Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) Series 2017 2.02%, 10/01/2047^(a)(g)		1,000		1,000,000
Oakland Unified School District/Alameda County (Oakland Unified School District/Alameda County) Series 2026-A 5.00%, 08/01/2026		2,500		2,509,013



ABFunds.com		AB Active ETFs, Inc. 47

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

San Francisco Bay Area Rapid Transit District (San Francisco Bay Area Rapid Transit District) Series 2025 5.00%, 08/01/2026	$	1,000	$	1,004,181

				16,045,242

Colorado – 2.4%
Colorado Educational & Cultural Facilities Authority (Jewish Federation of South Palm Beach County) Series 2008 2.85%, 02/01/2038^(g)		350		350,000
Colorado Educational & Cultural Facilities Authority (Miami Beach Jewish Community Center) Series 2022 2.80%, 07/01/2041^(g)		1,400		1,400,000
Colorado Educational & Cultural Facilities Authority (Michael Ann Russell Jewish Community Center) Series 2012 2.85%, 01/01/2039^(g)		775		775,000
Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group) Series 2020 2.85%, 12/01/2052^(g)		1,345		1,345,000
Colorado State Education Loan Program (Colorado State Education Loan Program) Series 2025 5.00%, 06/30/2026		6,650		6,662,464
Series 2026 5.00%, 06/30/2026		19,200		19,236,069

				29,768,533

Connecticut – 0.2%
City of Danbury CT (City of Danbury CT) Series 2026 4.00%, 02/22/2027		2,500		2,525,010


District of Columbia – 0.1%
District of Columbia (MedStar Health Obligated Group) Series 2017-A 2.85%, 08/15/2038^(g)		1,210		1,210,000


Florida – 0.4%
County of Miami-Dade FL Water & Sewer System Revenue (County of Miami-Dade FL Water & Sewer System Revenue) Series 2025-B 5.00%, 10/01/2026		1,650		1,662,736



48 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Hillsborough County Industrial Development Authority (BayCare Obligated Group) Series 2020 2.85%, 11/15/2042^(g)	$	1,480	$	1,480,000
School District of Broward County/FL (School District of Broward County/FL) Series 2025 4.00%, 06/25/2026		2,085		2,086,742

				5,229,478

Georgia – 0.4%
Cobb County School District (Cobb County School District) Series 2026 4.00%, 12/15/2026		3,500		3,524,951
County of Fulton GA (County of Fulton GA) Series 2026 5.00%, 12/30/2026		1,540		1,561,957

				5,086,908

Idaho – 0.1%
Idaho Health Facilities Authority (St. Luke’s Health System Obligated Group/ID) Series 2018-C 2.75%, 03/01/2048^(g)		1,675		1,675,000


Illinois – 0.6%
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2018 2.85%, 11/15/2037^(g)		7,080		7,080,000


Iowa – 0.1%
Iowa Finance Authority (Iowa Health System Obligated Group) Series 2018 2.75%, 02/15/2041^(g)		800		800,000


Kansas – 0.1%
University of Kansas Hospital Authority (University of Kansas Health System Obligated Group) Series 2026 5.00%, 03/01/2027		850		863,680



ABFunds.com		AB Active ETFs, Inc. 49

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Massachusetts – 0.4%
City of Quincy MA (City of Quincy MA) Series 2025 5.00%, 09/29/2026	$	5,705	$	5,746,262


Missouri – 0.2%
Health & Educational Facilities Authority of the State of Missouri (St. Louis University/US) Series 2013-B 2.80%, 10/01/2035^(g)		2,130		2,130,000


New Jersey – 1.5%
City of Hoboken NJ (City of Hoboken NJ) Series 2026-A 4.00%, 03/08/2027		4,091		4,134,028
City of Jersey City NJ (City of Jersey City NJ) Series 2025-C 4.00%, 10/20/2026		4,073		4,092,496
County of Hudson NJ (County of Hudson NJ) Series 2026 4.00%, 02/24/2027		2,500		2,525,587
Essex County Improvement Authority (County of Essex NJ) Series 2026 4.00%, 03/12/2027		2,500		2,527,115
Jersey City Redevelopment Agency (Jersey City Redevelopment Agency) Series 2025 5.00%, 12/09/2026		2,000		2,024,048
Monmouth County Improvement Authority (The) (Monmouth County Improvement Authority/The) Series 2026 4.00%, 03/12/2027		3,500		3,539,571

				18,842,845

New York – 2.0%
City of New York NY (City of New York NY) Series 2018-E 2.80%, 03/01/2048^(g)		950		950,000
City of Rochester NY (City of Rochester NY) Series 2025-I 4.00%, 07/30/2026		3,000		3,006,521



50 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Tonawanda City School District (Tonawanda City School District) Series 2025 4.00%, 06/12/2026	$	1,000	$	1,000,424
Town of Oyster Bay NY (Town of Oyster Bay NY) Series 2025 4.00%, 08/21/2026		4,670		4,683,834
Series 2026 4.00%, 03/05/2027		1,500		1,516,959
Town of Tonawanda NY (Town of Tonawanda NY) Series 2025 4.00%, 08/21/2026		2,000		2,005,651
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2018-2 2.75%, 01/01/2031^(g)		12,185		12,185,000
Series 2022-B 2.75%, 01/01/2033^(g)		400		400,000
Series 2023-C 2.85%, 01/01/2032^(g)		225		225,000

				25,973,389

North Carolina – 0.1%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health Obligated Group) AG Series 2017-E 2.80%, 01/15/2044^(g)		1,570		1,570,000


Ohio – 0.4%
State of Ohio (University Hospitals Health System Obligated Group) Series 2025 2.85%, 01/15/2050^(g)		5,700		5,700,000


Oregon – 0.1%
Oregon State Facilities Authority (PeaceHealth Obligated Group) Series 2018-B 2.80%, 08/01/2034^(g)		1,750		1,750,000


Other – 0.2%
Nuveen AMT-Free Municipal Credit Income Fund (Nuveen AMT-Free Municipal Credit Income Fund) Series 2019 2.02%, 03/01/2029^(g)		1,000		1,000,000



ABFunds.com		AB Active ETFs, Inc. 51

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Nuveen AMT-Free Quality Municipal Income Fund (Nuveen AMT-Free Quality Municipal Income Fund) Series 2021 2.02%, 03/01/2029^(g)	$	1,000	$	1,000,000

				2,000,000

Rhode Island – 0.2%
City of Cranston RI (City of Cranston RI) Series 2025-1 4.00%, 08/19/2026		2,000		2,004,662


South Carolina – 0.5%
Berkeley County School District (Berkeley County School District) Series 2025-A 5.00%, 06/01/2026		2,000		2,000,000
Greenville County School District (Greenville County School District) Series 2025-C 5.00%, 06/29/2026		1,710		1,712,611
Orangeburg County School District (Orangeburg County School District) Series 2025 5.00%, 08/13/2026		2,500		2,510,954

				6,223,565

Tennessee – 0.2%
Metropolitan Government of Nashville & Davidson County TN (Metropolitan Govt of Nashville & Davidson County TN) Series 2026-D 5.00%, 01/01/2027		2,000		2,028,389


Texas – 0.1%
Tarrant Regional Water District Water Supply System Revenue (Tarrant Regional Water District Water Supply System Revenue) Series 2026 5.00%, 03/01/2027		1,500		1,526,569


Virginia – 0.3%
Hampton Roads Sanitation District (Hampton Roads Sanitation District) Series 2025-A 5.00%, 07/15/2026		3,000		3,009,178



52 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Roanoke Economic Development Authority (Carilion Clinic Obligated Group) Series 2024 2.80%, 07/01/2052^(g)	$	400	$	400,000

				3,409,178

Wisconsin – 0.4%
Wisconsin Health & Educational Facilities Authority (Medical College of Wisconsin) Series 2023-B 2.80%, 12/01/2033^(g)		3,665		3,665,000
Wisconsin Public Finance Authority (Deutsche Bank AG) Series 2026 3.582% (SOFR + 1.15%), 12/01/2068^(a)(b)		2,000		1,999,220

				5,664,220


Total Short-Term Municipal Notes (cost $161,646,377)				161,578,649


Total Municipal Obligations (cost $1,229,166,534)				1,233,345,859


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.5%
Risk Share Floating Rate – 0.5%
Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 4.762% (CME Term SOFR + 1.15%), 03/25/2044^(a)(b)		292		291,561
Series 2026-R01, Class 2M1 4.612% (CME Term SOFR + 1.00%), 01/25/2046^(a)(b)		2,271		2,270,775
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2023-DNA1, Class M1A 5.708% (CME Term SOFR + 2.10%), 03/25/2043^(a)(b)		430		434,891
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 Series 2025-DNA4, Class M1 4.712% (CME Term SOFR + 1.10%), 10/25/2045^(a)(b)		760		759,915
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2026-HQA1 Series 2026-HQA1, Class A1 4.643% (CME Term SOFR + 1.00%), 05/25/2046^(a)(b)		2,000		2,001,875


Total Collateralized Mortgage Obligations (cost $5,753,151)				5,759,017



ABFunds.com		AB Active ETFs, Inc. 53

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

ASSET-BACKED SECURITIES – 0.3%
Autos - Fixed Rate – 0.3%
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028^(a)	$	23	$	22,569
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a)		146		147,230
Series 2025-1A, Class A2 5.10%, 10/15/2030^(a)		1,217		1,219,349
Tricolor Auto Securitization Trust Series 2025-2A, Class A 5.12%, 01/16/2029^{(d)(e)(f)(h)(i)}		3,644		2,209,715

				3,598,863

Other ABS - Fixed Rate – 0.0%
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)		33		33,241


Total Asset-Backed Securities (cost $5,061,822)				3,632,104


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%
Non-Agency Floating Rate CMBS – 0.1%
DBC Mortgage Trust Series 2025-DBC, Class B 5.228% (CME Term SOFR 1 Month + 1.60%), 11/15/2042^(a)(b)		1,624		1,625,205


Non-Agency Fixed Rate CMBS – 0.1%
MAD Commercial Mortgage Trust Series 2025-11MD, Class A 4.754%, 10/15/2042^(a)		1,500		1,492,121


Total Commercial Mortgage-Backed Securities (cost $3,123,684)				3,117,326


CORPORATES - INVESTMENT GRADE – 0.1%
Industrial – 0.1%
Consumer Non-Cyclical – 0.1%
Altria Group, Inc. 3.40%, 05/06/2030		215		205,615
BAT Capital Corp. 4.906%, 04/02/2030		230		231,700
Philip Morris International, Inc. 5.625%, 11/17/2029		250		258,450

				695,765



54 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Technology – 0.0%
CDW LLC/CDW Finance Corp. 2.67%, 12/01/2026	$	370	$	366,685

				1,062,450

Financial Institutions – 0.0%
Banking – 0.0%
Citigroup, Inc. Series AA 7.625%, 11/15/2028^(j)		184		191,375
Wells Fargo & Co. 7.625%, 09/15/2028^(j)		27		28,394

				219,769

Total Corporates - Investment Grade (cost $1,251,723)				1,282,219


	Shares
WARRANTS – 0.0%
Industrials – 0.0%
Construction & Engineering – 0.0%
DesertXpress Enterprises LLC, expiring 12/31/2026^(e)(h)(i)(k) (cost $0)		6,608		9,912


Total Investments – 98.7% (cost $1,244,356,914)				1,247,146,437
Other assets less liabilities – 1.3%				15,843,792


Net Assets – 100.0%			$	1,262,990,229

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at May 31, 2026			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 46, 5 Year Index, 06/20/2031*		(5.00	)%		Quarterly		3.02	%		USD	3,693	$	(342,512	)	$	(139,260	)	$	(203,252	)

*	Termination date.



ABFunds.com		AB Active ETFs, Inc. 55

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)


				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	1,830		10/15/2028	CPI#	2.565%	Maturity	$	(24,913	)	$	– 0	–	$	(24,913	)
USD	4,499		10/15/2029	2.451%	CPI#	Maturity		82,635			– 0	–		82,635
USD	3,450		10/15/2029	2.485%	CPI#	Maturity		57,730			– 0	–		57,730
USD	2,901		10/15/2029	2.499%	CPI#	Maturity		46,575			– 0	–		46,575
USD	1,920		10/15/2030	CPI#	2.531%	Maturity		(26,410	)		– 0	–		(26,410	)

							$	135,617		$	– 0	–	$	135,617

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				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	2,336		10/15/2029	1 Day SOFR	3.814%	Annual	$	(2,617	)	$	– 0	–	$	(2,617	)
USD	2,500		10/15/2030	1 Day SOFR	4.082%	Annual		26,854			– 0	–		26,854

							$	24,237		$	– 0	–	$	24,237

(a)

(b)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2026.

(c)	When-Issued or delayed delivery security.

(d)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.34% of net assets as of May 31, 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
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-B 3.244%, 11/01/2046		06/24/2024	$	2,000,000	$	1,997,591		0.16	%
Tricolor Auto Securitization Trust Series 2025-2A, Class A 5.12%, 01/16/2029		06/10/2025		3,643,507		2,209,715		0.18	%

(e)	Non-income producing security.

(f)	Defaulted.

(g)

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.

(h)	Fair valued by the Adviser.

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



56 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(j)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(k)	Restricted and illiquid security.

Restricted & Illiquid
Securities

Acquisition
Date

Cost

Market
Value

Percentage of
Net Assets

DesertXpress Enterprises LLC

11/28/2025 -
12/16/2025

– 0

–

9,912

0.00

As of May 31, 2026, the Portfolio’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 4.7% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AG – Assured Guaranty Inc.

AMBAC – American Bond Assurance Corporation

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

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

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

ID – Improvement District

MUNIPSA – SIFMA Municipal Swap Index.

NATL – National Interstate Corporation

OSF – Order of St. Francis

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 57

PORTFOLIO OF INVESTMENTS

AB ULTRA SHORT INCOME ETF

May 31, 2026 (unaudited)


	Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 43.7%
Financial Institutions – 25.6%
Banking – 6.1%
Capital One Financial Corp. 3.75%, 07/28/2026	$	20,795	$	20,780,444
Cooperatieve Rabobank UA 3.75%, 07/21/2026		20,631		20,612,432
Nationwide Building Society 4.00%, 09/14/2026^(a)		12,204		12,181,301
Nordea Bank Abp 1.50%, 09/30/2026^(a)		2,192		2,173,083
Societe Generale SA 4.25%, 08/19/2026^(a)		12,148		12,137,553
Wells Fargo & Co. 4.10%, 06/03/2026		21,021		21,021,000

				88,905,813

Commercial Banking – 15.2%
Bank of America Corp. 4.25%, 10/22/2026		20,461		20,468,161
Bank of Montreal 1.25%, 09/15/2026		7,477		7,415,464
Bank of Nova Scotia (The) 5.35%, 12/07/2026		14,640		14,732,086
Citigroup, Inc. 3.20%, 10/21/2026		20,516		20,442,963
Credit Agricole SA/London 4.125%, 01/10/2027^(a)		14,732		14,720,656
Goldman Sachs Group, Inc. (The) 3.85%, 01/26/2027		8,500		8,481,215
5.95%, 01/15/2027		11,903		12,016,555
HSBC Holdings PLC 4.375%, 11/23/2026		8,789		8,787,945
JPMorgan Chase & Co. 4.125%, 12/15/2026		20,375		20,366,239
Lloyds Banking Group PLC 3.75%, 01/11/2027		14,809		14,778,493
Mitsubishi UFJ Financial Group, Inc. 2.757%, 09/13/2026		2,000		1,991,220
3.677%, 02/22/2027		7,379		7,345,942
Mizuho Financial Group, Inc. 3.663%, 02/28/2027		13,752		13,694,242
Morgan Stanley Series G 4.35%, 09/08/2026		20,391		20,389,165
Societe Generale SA 5.25%, 02/19/2027^(a)		7,300		7,345,114



58 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Standard Chartered PLC 4.30%, 02/19/2027^(a)	$	14,767	$	14,732,741
Svenska Handelsbanken AB 1.418%, 06/11/2027^(a)		500		499,535
Toronto-Dominion Bank (The) 5.532%, 07/17/2026		7,236		7,249,169
UniCredit SpA 1.982%, 06/03/2027^(a)		7,300		7,300,000

				222,756,905

Diversified Financial Services – 1.2%
American Express Co. 2.55%, 03/04/2027		15,015		14,852,838
Nationwide Building Society 1.50%, 10/13/2026^(a)		2,591		2,565,401

				17,418,239

Finance – 1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 2.45%, 10/29/2026		7,359		7,307,193
Aviation Capital Group LLC 1.95%, 09/20/2026^(a)		368		365,210
Sumisho Air Lease Corp. Series G 3.75%, 06/01/2026		7,472		7,472,000

				15,144,403

Insurance – 1.6%
Aon Corp. 8.205%, 01/01/2027		1,542		1,570,897
Cigna Group (The) 3.40%, 03/01/2027		7,422		7,376,355
Elevance Health, Inc. 4.50%, 10/30/2026		6,795		6,799,688
Principal Financial Group, Inc. 3.10%, 11/15/2026		7,300		7,261,748

				23,008,688

REITs – 0.5%
American Tower Corp. 3.375%, 10/15/2026		7,327		7,302,528

				374,536,576

Industrial – 16.6%
Basic – 0.5%
Nutrien Ltd. 4.00%, 12/15/2026		7,292		7,279,968


Capital Goods – 0.9%
Parker-Hannifin Corp. 3.25%, 03/01/2027		5,807		5,772,390



ABFunds.com		AB Active ETFs, Inc. 59

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

RTX Corp. 5.75%, 11/08/2026	$	7,061	$	7,100,754

				12,873,144

Communications - Media – 0.5%
Cox Communications, Inc. 3.35%, 09/15/2026^(a)		7,220		7,193,214


Communications - Telecommunications – 1.5%
AT&T, Inc. 3.80%, 02/15/2027		7,401		7,378,279
TELUS Corp. 2.80%, 02/16/2027		7,489		7,400,106
Verizon Communications, Inc. 4.125%, 03/16/2027		7,358		7,359,545

				22,137,930

Consumer Cyclical - Automotive – 1.9%
American Honda Finance Corp. Series G 5.25%, 07/07/2026		8,903		8,911,191
BMW US Capital LLC 4.65%, 03/19/2027^(a)		6,168		6,195,817
General Motors Financial Co., Inc. 1.50%, 06/10/2026		5,604		5,599,629
Honda Motor Co., Ltd. 2.534%, 03/10/2027		5,838		5,757,786
Hyundai Capital America 5.25%, 01/08/2027^(a)		1,351		1,357,498

				27,821,921

Consumer Cyclical - Restaurants – 0.3%
Starbucks Corp. 4.85%, 02/08/2027		3,659		3,673,307


Consumer Cyclical - Retailers – 0.2%
O’Reilly Automotive, Inc. 5.75%, 11/20/2026		3,648		3,668,575


Consumer Non-Cyclical – 3.7%
Amgen, Inc. 2.20%, 02/21/2027		7,490		7,382,743
Bunge Ltd. Finance Corp. 3.25%, 08/15/2026		7,423		7,404,443
CVS Health Corp. 3.00%, 08/15/2026		6,082		6,064,727
Kraft Heinz Foods Co. 3.00%, 06/01/2026		7,405		7,405,000
Molson Coors Beverage Co. 3.00%, 07/15/2026		7,500		7,486,350



60 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Sysco Corp. 3.30%, 07/15/2026	$	7,321	$	7,310,897
Thermo Fisher Scientific, Inc. 5.00%, 12/05/2026		3,660		3,673,871
Zimmer Biomet Holdings, Inc. 4.70%, 02/19/2027		7,322		7,345,357

				54,073,388

Energy – 4.4%
Continental Resources, Inc./OK 2.268%, 11/15/2026^(a)		7,664		7,592,035
Energy Transfer LP 6.05%, 12/01/2026		7,129		7,181,541
Hess Corp. 4.30%, 04/01/2027		10,192		10,201,071
Kinder Morgan, Inc. 1.75%, 11/15/2026		7,493		7,412,675
Marathon Petroleum Corp. 5.125%, 12/15/2026		7,426		7,445,827
MPLX LP 4.125%, 03/01/2027		7,369		7,360,673
ONEOK, Inc. 5.55%, 11/01/2026		2,503		2,513,788
Spectra Energy Partners LP 3.375%, 10/15/2026		7,500		7,473,000
Valero Energy Corp. 3.40%, 09/15/2026		7,323		7,307,768

				64,488,378

Services – 0.5%
S&P Global, Inc. 2.45%, 03/01/2027		7,502		7,412,276


Technology – 1.8%
Broadridge Financial Solutions, Inc. 3.40%, 06/27/2026		7,497		7,487,779
CDW LLC/CDW Finance Corp. 2.67%, 12/01/2026		7,389		7,322,795
Dell International LLC/EMC Corp. 4.90%, 10/01/2026		2,039		2,041,324
Fiserv, Inc. 3.20%, 07/01/2026		1,911		1,909,261
Oracle Corp. 2.65%, 07/15/2026		7,378		7,362,727

				26,123,886

Transportation - Services – 0.4%
Ryder System, Inc. 1.75%, 09/01/2026		6,421		6,377,273

				243,123,260



ABFunds.com		AB Active ETFs, Inc. 61

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Utility – 1.5%
Electric – 1.5%
Entergy Corp. 2.95%, 09/01/2026	$	7,523	$	7,499,453
Eversource Energy 2.90%, 03/01/2027		7,460		7,384,580
Southwestern Electric Power Co. Series K 2.75%, 10/01/2026		7,570		7,533,664

				22,417,697

Total Corporates - Investment Grade (cost $640,384,883)				640,077,533


GOVERNMENTS - TREASURIES – 32.7%
United States – 32.7%
U.S. Treasury Notes 3.375%, 02/29/2028		36,603		36,228,391
3.75%, 04/30/2028		37,258		37,087,719
3.846% (CME Term SOFR 3 Month + 0.18%), 07/31/2026^(b)		61,687		61,702,963
3.875%, 03/31/2028		66,427		66,283,787
3.875%, 07/15/2028		36,967		36,860,143
3.875%, 04/15/2029		29,253		29,118,162
4.00%, 03/31/2030		28,039		27,942,616
4.25%, 12/31/2026		62,295		62,448,304
4.25%, 02/15/2028		119,973		120,479,136


Total Governments - Treasuries (cost $477,791,377)				478,151,221


ASSET-BACKED SECURITIES – 7.0%
Autos - Fixed Rate – 3.6%
ACM Auto Trust Series 2025-1A, Class A 5.38%, 06/20/2029^(a)		163		163,060
Series 2025-2A, Class A 5.55%, 06/20/2028^(a)		1,565		1,567,835
American Credit Acceptance Receivables Trust Series 2025-2, Class A 4.81%, 09/12/2028^(a)		1,218		1,219,411
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028^(a)		73		73,149
Series 2025-1A, Class A2 4.92%, 05/15/2029^(a)		4,252		4,263,078
BOF VII AL Funding Trust I Series 2023-CAR3, Class A2 6.291%, 07/26/2032^(a)		480		486,688



62 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Bridgecrest Lending Auto Securitization Trust Series 2025-2, Class A2 4.84%, 01/18/2028	$	488	$	488,512
Series 2026-2, Class A2 4.24%, 09/15/2028		2,328		2,328,236
CarMax Select Receivables Trust Series 2025-A, Class A2A 4.76%, 05/15/2028		2,096		2,099,490
Consumer Portfolio Services Auto Trust Series 2025-B, Class A 4.74%, 02/15/2029^(a)		2,153		2,155,809
CPS Auto Receivables Trust Series 2026-B, Class A 4.35%, 02/15/2030^(a)		1,147		1,146,868
Exeter Select Automobile Receivables Trust Series 2025-1, Class A2 4.83%, 10/16/2028		1,263		1,264,830
FHF Issuer Trust Series 2023-2A, Class A2 6.79%, 10/15/2029^(a)		243		244,901
GLS Auto Receivables Issuer Trust Series 2025-2A, Class A2 4.75%, 03/15/2028^(a)		1,601		1,602,427
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a)		164		164,897
Series 2023-2A, Class A2 7.09%, 10/16/2028^(a)		244		246,165
Series 2023-3A, Class A2 7.50%, 12/15/2028^(a)		327		332,085
Series 2026-1A, Class A2 4.68%, 07/15/2030^(a)		1,913		1,911,965
Lobel Automobile Receivables Trust Series 2025-1, Class A 5.06%, 11/15/2027^(a)		313		312,765
Series 2026-1, Class A 4.88%, 10/16/2028^(a)		2,774		2,774,861
Merchants Fleet Funding LLC Series 2023-1A, Class A 7.21%, 05/20/2036^(a)		668		671,958
OCCU Auto Receivables Trust Series 2025-1A, Class A2 4.82%, 04/17/2028^(a)		3,309		3,314,207
Prestige Auto Receivables Trust Series 2025-1A, Class A2 4.87%, 12/15/2027^(a)		930		929,891
Research-Driven Pagaya Motor Asset Trust Series 2025-4A, Class A2 5.124%, 04/25/2034^(a)		6,928		6,946,374



ABFunds.com		AB Active ETFs, Inc. 63

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

SAFCO Auto Receivables Trust Series 2025-1A, Class A 5.46%, 09/10/2029^(a)	$	2,791	$	2,787,867
Santander Drive Auto Receivables Trust Series 2025-2, Class A2 4.71%, 06/15/2028		610		609,851
Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA, Class A2 4.63%, 07/20/2027^(a)		3,669		3,674,787
Strike Acceptance Auto Funding Trust Series 2025-1A, Class A 5.84%, 04/15/2032^(a)		1,218		1,221,035
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		682,849
Series 2025-1A, Class A 4.94%, 02/15/2029^{(c)(d)(e)(f)(g)}		2,015		1,227,504
United Auto Credit Securitization Trust Series 2026-1, Class A 4.41%, 06/12/2028^(a)		5,309		5,307,401
US Bank NA Series 2023-1, Class B 6.789%, 08/25/2032^(a)		352		354,291

				53,318,851

Other ABS - Fixed Rate – 3.0%
ACHV ABS Trust Series 2024-2PL, Class A 5.07%, 10/27/2031^(a)		1,147		1,150,572
Affirm Asset Securitization Trust Series 2025-X2, Class A 4.45%, 10/15/2030^(a)(b)		1,770		1,771,594
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)		52		52,188
Equify ABS LLC Series 2024-1A, Class A 5.43%, 04/18/2033^(a)		1,134		1,137,113
Marlette Funding Trust Series 2025-1A, Class A 4.75%, 07/16/2035^(a)		985		985,707
NMEF Funding LLC Series 2023-A, Class A2 6.57%, 06/17/2030^(a)		87		86,962



64 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Pagaya AI Debt Grantor Trust Series 2024-5, Class A 6.278%, 10/15/2031^(a)	$	203	$	202,998
Series 2025-3, Class A2 5.365%, 12/15/2032^(a)		2,659		2,666,872
Series 2026-1, Class A2 4.739%, 09/15/2033^(a)		1,000		998,830
Pagaya AI Debt Grantor Trust And Pagaya AI Debt Trust Series 2024-6, Class A 6.093%, 11/15/2031^(a)		389		389,563
Pagaya AI Debt Trust Series 2025-R1, Class A2 5.338%, 06/15/2032^(a)		4,935		4,952,522
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1, Class A 5.715%, 01/20/2034^(a)		7,000		7,019,559
PEAC Solutions Receivables LLC Series 2024-2A, Class A2 4.74%, 04/20/2027^(a)		1,246		1,247,145
RCKT Trust Series 2025-1A, Class A 4.90%, 07/25/2034^(a)		3,282		3,287,783
Reach ABS Trust Series 2026-1A, Class A 4.32%, 02/15/2033^(a)		2,333		2,333,199
Series 2026-2A, Class A 4.34%, 02/15/2035^(a)		3,000		2,999,994
Service Experts Issuer LLC Series 2024-1A, Class A 6.39%, 11/20/2035^(a)		3,137		3,196,661
Upgrade Master Pass-Thru Trust Series 2025-ST5, Class A 4.794%, 09/15/2032^(a)		3,312		3,314,454
Upstart Securitization Trust Series 2024-1, Class A 5.33%, 11/20/2034^(a)		1,097		1,099,118
Verdant Receivables 2023-1 LLC Series 2023-1A, Class A2 6.24%, 01/13/2031^(a)		391		396,233
VFI ABS LLC Series 2025-1A, Class A 4.78%, 06/24/2030^(a)		3,909		3,917,076

				43,206,143



ABFunds.com		AB Active ETFs, Inc. 65

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

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	$	5,918,042


Total Asset-Backed Securities (cost $103,145,230)				102,443,036


	Shares
SHORT-TERM INVESTMENTS – 16.2%
Investment Companies – 2.1%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(h)(i)(j)(cost $31,259,738)		31,259,738		31,259,738


	Principal Amount (000)
Commercial Paper – 14.1%
BAT International Finance PLC Zero Coupon, 06/08/2026^(a)	$	3,700		3,695,956
Becton Dickinson & Co. Zero Coupon, 06/05/2026^(a)		7,400		7,394,360
Boston Scientific Corp. Zero Coupon, 06/12/2026^(a)		7,400		7,388,622
Charles Schwab Corp. (The) Zero Coupon, 06/05/2026^(a)		7,300		7,294,819
Zero Coupon, 07/28/2026^(a)		2,000		1,987,467
CRH America Finance, Inc. Zero Coupon, 06/24/2026^(a)		4,000		3,988,413
Dominion Energy, Inc. Zero Coupon, 06/17/2026^(a)		7,400		7,384,544
eBay, Inc. Zero Coupon, 09/17/2026^(a)		7,400		7,306,817
Fidelity National Information Services, Inc. Zero Coupon, 06/03/2026^(a)		7,400		7,395,986
General Motors Financial Co., Inc. Zero Coupon, 07/10/2026^(a)		9,000		8,957,286
Glencore Funding LLC Zero Coupon, 06/22/2026^(a)		7,300		7,280,806
HCA, Inc. Zero Coupon, 08/13/2026^(a)		5,500		5,448,609
Healthpeak Properties, Inc. Zero Coupon, 06/17/2026^(a)		7,400		7,384,349
Honeywell International, Inc. Zero Coupon, 06/05/2026^(a)		4,200		4,196,954



66 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

HSBC USA, Inc. Zero Coupon, 08/06/2026^(a)	$	2,250	$	2,233,242
Zero Coupon, 09/16/2026^(a)		2,819		2,785,177
Hyundai Capital America Zero Coupon, 06/04/2026^(a)		3,000		2,998,084
Intesa Sanpaolo Funding LLC Zero Coupon, 11/20/2026		14,000		13,711,671
Macquarie Group Ltd. Zero Coupon, 06/02/2026		7,200		7,196,881
Zero Coupon, 06/05/2026		14,600		14,588,872
Marriott International, Inc./MD Zero Coupon, 06/23/2026^(a)		6,000		5,983,076
Marsh & McLennan Cos., Inc. Zero Coupon, 06/11/2026^(a)		7,400		7,389,448
McCormick & Co., Inc./MD Zero Coupon, 06/16/2026^(a)		7,400		7,385,301
Mondelez International, Inc. Zero Coupon, 06/15/2026^(a)		6,750		6,737,544
ONE Gas, Inc. Zero Coupon, 06/02/2026^(a)		6,030		6,027,355
ONEOK, Inc. Zero Coupon, 06/08/2026^(a)		5,000		4,994,505
RWE AG Zero Coupon, 06/23/2026^(a)		8,342		8,318,968
Sherwin-Williams Co. (The) Zero Coupon, 06/09/2026^(a)		7,300		7,291,604
VW Credit, Inc. Zero Coupon, 08/17/2026^(a)		3,611		3,577,806
Zero Coupon, 09/08/2026^(a)		3,500		3,458,826
Western Union Co. (The) Zero Coupon, 06/15/2026^(a)		7,300		7,286,322
Westpac Banking Corp. Zero Coupon, 01/29/2027^(a)		7,105		6,914,639


Total Commercial Paper (cost $206,090,788)				205,984,309


Total Short-Term Investments (cost $237,350,526)				237,244,047


Total Investments – 99.6% (cost $1,458,672,016)				1,457,915,837
Other assets less liabilities – 0.4%				6,444,473


Net Assets – 100.0%			$	1,464,360,310



ABFunds.com		AB Active ETFs, Inc. 67

PORTFOLIO OF INVESTMENTS (continued)

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		437		September 2026	$	90,267,813	$	134,571
U.S. T-Note 5 Yr (CBT) Futures		320		September 2026		34,307,500		118,750

							$	253,321

(a)

(b)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2026.

(c)	Non-income producing security.

(d)	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 May 31, 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	$	423,527	$	398,805		0.03	%
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027		05/14/2024		368,982		344,999		0.02	%
Tricolor Auto Securitization Trust Series 2024-3A, Class A 5.22%, 06/15/2028		10/07/2024		784,858		682,849		0.05	%
Tricolor Auto Securitization Trust Series 2025-1A, Class A 4.94%, 02/15/2029		03/11/2025		2,015,241		1,227,504		0.08	%

(e)	Fair valued by the Adviser.

(f)	Defaulted.

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

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

(i)	Affiliated investments.

(j)	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.

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



68 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB HIGH YIELD ETF

May 31, 2026 (unaudited)


		Principal Amount (000)		U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 76.6%
Industrial – 67.0%
Basic – 4.6%
Alcoa Nederland Holding BV 4.125%, 03/31/2029^(a)	U.S.$		1,735	$	1,691,261
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^(a)(b)			282		3,549
11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), 09/30/2029^(a)(b)(c)			715		291,530
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027^(a)			234		233,221
Capstone Copper Corp. 6.75%, 03/31/2033^(a)			130		132,545
Celanese US Holdings LLC 7.379%, 07/15/2032^(c)			806		847,960
7.70%, 11/15/2033^(c)			1,369		1,470,484
Cerdia Finanz GmbH 9.375%, 10/03/2031^(a)			200		177,058
Compass Minerals International, Inc. 8.00%, 07/01/2030^(a)			145		152,862
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			1,519		1,519,349
Element Solutions, Inc. 3.875%, 09/01/2028^(a)			235		229,097
Fortescue Treasury Pty Ltd. 4.50%, 09/15/2027^(a)			230		228,880
GPD Cos., Inc. 12.50% (12.50% Cash and 2.375% PIK), 12/31/2029^(a)(b)			49		33,787
Huntsman International LLC 4.50%, 05/01/2029			278		269,154
INEOS Finance PLC 7.25%, 03/31/2031^(a)	EUR		355		404,374
Ingevity Corp. 3.875%, 11/01/2028^(a)	U.S.$		591		570,545
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2023^{(d)(e)(f)(g)(h)}			60		– 0	–
Methanex Corp. 5.125%, 10/15/2027			100		100,061
5.25%, 12/15/2029			67		66,886
Novelis Corp. 4.75%, 01/30/2030^(a)			868		837,438



ABFunds.com		AB Active ETFs, Inc. 69

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Olin Corp. 5.00%, 02/01/2030	U.S.$		1,781	$	1,729,476
Olympus Water US Holding Corp. 6.75%, 08/01/2032^(a)			327		319,541
7.25%, 06/15/2031^(a)			310		314,721
7.25%, 02/15/2033^(a)			400		394,956
Rain Carbon, Inc. 12.25%, 09/01/2029^(a)			64		67,946
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(a)			408		399,057
SK Invictus Intermediate II SARL 5.00%, 10/30/2029^(a)			267		261,708
Skeena Resources Ltd. 8.50%, 04/01/2031^(a)			312		327,734
Sword Purchaser LLC 8.25%, 04/15/2033^(a)			833		857,998
Vibrantz Technologies, Inc. 9.00%, 02/28/2031^(e)			2		1,194
WR Grace Holdings LLC 5.625%, 08/15/2029^(a)			136		130,304
6.625%, 08/15/2032^(a)			1,087		1,078,739
7.00%, 08/01/2033^(a)			799		792,456

					15,935,871

Capital Goods – 5.6%
Arcosa, Inc. 6.875%, 08/15/2032^(a)			375		388,526
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 5.00%, 01/30/2031^(a)	EUR		177		206,726
Artera Services LLC 8.50%, 02/15/2031^(a)	U.S.$		93		84,695
Biffa Group Holdings Ltd. 5.25%, 06/15/2031^(a)	EUR		358		412,345
Bombardier, Inc. 7.45%, 05/01/2034^(a)	U.S.$		1,264		1,392,347
8.75%, 11/15/2030^(a)			1,007		1,068,910
Calderys Financing LLC 11.25%, 06/01/2028^(a)			307		317,945
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028^(a)			798		488,296
Clean Harbors, Inc. 6.375%, 02/01/2031^(a)			294		298,725
Columbus McKinnon Corp./NY 7.125%, 02/01/2033^(a)			1,560		1,580,405
Cornerstone Building Brands, Inc. 9.5%, 08/15/2029^(a)			120		73,252
Dycom Industries, Inc. 4.50%, 04/15/2029^(a)			91		89,377



70 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Efesto Bidco SpA Efesto US LLC Series XR 7.50%, 02/15/2032^(a)	U.S.$		1,339	$	1,312,675
EnerSys 4.375%, 12/15/2027^(a)			80		79,437
Esab Corp. 6.25%, 04/15/2029^(a)			1,529		1,557,286
GFL Environmental, Inc. 4.00%, 08/01/2028^(a)			50		48,858
4.375%, 08/15/2029^(a)			438		426,305
Goat Holdco LLC 6.75%, 02/01/2032^(a)			840		855,372
Griffon Corp. 5.75%, 03/01/2028			408		407,976
Luna 2 5SARL 5.50%, 07/01/2032^(a)	EUR		125		146,318
Maxam Prill SARL 7.75%, 07/15/2030^(a)	U.S.$		483		498,760
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC 6.75%, 04/01/2032^(a)			353		347,356
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)			1,358		1,268,915
Mueller Water Products, Inc. 4.00%, 06/15/2029^(a)			1,288		1,244,453
Solaris Energy Infrastructure LLC 6.375%, 05/15/2031^(a)			324		329,103
Terex Corp. 5.00%, 05/15/2029^(a)			178		176,393
TransDigm, Inc. 6.375%, 03/01/2029^(a)			2,681		2,734,271
6.75%, 08/15/2028^(a)			690		698,963
WESCO Distribution, Inc. 5.25%, 04/15/2031^(a)			663		657,723
7.25%, 06/15/2028^(a)			124		124,206

					19,315,919

Communications - Media – 7.1%
AMC Global Media, Inc. 10.50%, 07/15/2032^(a)			176		182,123
Arches Buyer, Inc. 6.125%, 12/01/2028^(a)			617		597,768
CCO Holdings LLC/CCO Holdings Capital Corp. 7.375%, 03/01/2031^(a)			231		234,241
7.375%, 02/01/2036^(a)			1,791		1,748,303
Clear Channel Outdoor Holdings, Inc. 7.125%, 02/15/2031^(a)			445		460,059
CompoSecure Holdings LLC 5.625%, 02/01/2033^(a)			211		204,818



ABFunds.com		AB Active ETFs, Inc. 71

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

CSC Holdings LLC 4.50%, 11/15/2031^(a)	U.S.$		199	$	111,237
4.625%, 12/01/2030^(a)			678		162,550
5.375%, 02/01/2028^(a)			298		188,819
5.50%, 04/15/2027^(a)			356		256,320
5.75%, 01/15/2030^(a)			400		99,476
6.50%, 02/01/2029^(a)			351		207,244
7.50%, 04/01/2028^(a)			200		66,822
11.25%, 05/15/2028^(a)			449		298,985
11.75%, 01/31/2029^(a)			505		318,887
DIRECTV Financing LLC 8.875%, 02/01/2030^(a)			347		356,487
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			63		63,115
10.00%, 02/15/2031^(a)			725		758,792
Discovery Global Holdings, Inc. 4.279%, 03/15/2032			487		430,367
5.05%, 03/15/2042			2,151		1,539,643
5.141%, 03/15/2052			147		91,891
DISH DBS Corp. 5.125%, 06/01/2029			687		621,790
5.25%, 12/01/2026^(a)			1,276		1,271,508
5.75%, 12/01/2028^(a)			1,869		1,831,900
7.375%, 07/01/2028			214		207,770
EchoStar Corp. 6.75% (6.75% Cash or 6.75% PIK), 11/30/2030^(b)(c)			746		763,458
10.75%, 11/30/2029			689		749,320
EW Scripps Co. (The) 9.88%, 08/15/2030^(a)			201		192,138
Gray Media, Inc. 4.75%, 10/15/2030^(a)			185		139,671
5.375%, 11/15/2031^(a)			17		12,190
7.25%, 08/15/2033^(a)			311		308,412
9.63%, 07/15/2032^(a)			676		666,232
iHeartCommunications, Inc. 9.125%, 05/01/2029^(a)			232		224,884
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(a)			654		408,868
6.75%, 10/15/2027^(a)			400		259,080
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			1,824		1,814,661
Midcontinent Communications 8.00%, 08/15/2032^(a)			141		133,290
National CineMedia, Inc. 5.75%, 08/15/2026^(d)(f)(h)(i)			21		– 0	–



72 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Paramount Global 6.375%, 03/30/2062	U.S.$		385	$	325,090
Sinclair Television Group, Inc. 5.50%, 03/01/2030^(a)			48		42,761
8.125%, 02/15/2033^(a)			535		549,049
Sirius XM Radio LLC 4.00%, 07/15/2028^(a)			338		329,192
4.125%, 07/01/2030^(a)			1,907		1,795,650
Snap, Inc. 6.875%, 03/15/2034^(a)			377		371,319
Summer BC Holdco B SARL 5.875%, 02/15/2030^(a)	EUR		113		116,001
Veritiv Operating Co. 10.50%, 11/30/2030^(a)	U.S.$		199		204,190
Versant Media Group, Inc. 7.25%, 01/30/2031^(a)			1,379		1,432,271
Virgin Media Finance PLC 5.00%, 07/15/2030^(a)			832		683,197
Virgin Media O2 Vendor Financing Notes VI DAC 8.50%, 03/15/2033^(a)			578		499,860

					24,331,699

Communications - Telecommunications – 2.1%
Altice Financing SA 5.75%, 08/15/2029^(a)			261		189,155
Altice France Lux 3/Altice Holdings 1 10.00%, 01/15/2033^(e)			50		49,191
Altice France SA 6.50%, 04/15/2032^(a)			488		474,356
6.875%, 10/15/2030^(a)			507		496,535
6.875%, 07/15/2032^(a)			564		549,953
9.5%, 11/01/2029^(a)			270		274,498
APLD ComputeCo 2 LLC 6.75%, 03/15/2031^(a)			707		712,486
Connect Finco SARL/Connect US Finco LLC 9.00%, 09/15/2029^(a)			200		211,112
Core Scientific Finance I LLC 7.75%, 05/15/2031^(a)			366		374,542
Edged Compute LLC 7.50%, 04/30/2031^(a)			292		292,861
Fibercop SpA 6.00%, 09/30/2034^(a)			640		616,422
7.20%, 07/18/2036^(a)			564		565,715
7.721%, 06/04/2038^(a)			606		611,278
GCI LLC 4.75%, 10/15/2028^(a)			200		193,046
Iliad Holding SAS 8.50%, 04/15/2031^(a)			288		305,127



ABFunds.com		AB Active ETFs, Inc. 73

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Viasat, Inc. 6.50%, 07/15/2028^(a)	U.S.$		22	$	21,996
7.50%, 05/30/2031^(a)			128		129,318
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(a)			238		199,011
4.75%, 07/15/2031^(a)			200		168,960

					6,435,562

Consumer Cyclical - Automotive – 2.8%
Adient Global Holdings Ltd. 7.50%, 02/15/2033^(a)			96		99,543
8.25%, 04/15/2031^(a)			928		966,828
Aston Martin Capital Holdings Ltd. 10.00%, 03/31/2029^(a)			1,270		1,032,497
Clarios Global LP/Clarios US Finance Co. 6.75%, 09/15/2032^(a)			170		174,179
Cooper-Standard Automotive, Inc. 9.25%, 03/01/2031^(a)			315		318,459
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024^{(d)(e)(f)(h)(i)}			32		– 0	–
Exide Technologies (First Lien) 11.00%, 10/31/2024^{(d)(e)(f)(h)(i)}			13		– 0	–
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029			676		645,621
5.25%, 07/15/2031			528		468,811
5.625%, 04/30/2033			426		371,080
6.625%, 07/15/2030			382		373,157
IHO Verwaltungs GmbH 6.75% (6.75% Cash or 7.50% PIK), 11/15/2029^(a)(b)	EUR		144		175,626
7.75% (7.75% Cash or 8.50% PIK), 11/15/2030^(a)(b)	U.S.$		200		206,724
JB Poindexter & Co., Inc. 8.75%, 12/15/2031^(a)			150		154,240
Nissan Motor Acceptance Co. LLC 2.75%, 03/09/2028^(a)			211		200,539
6.125%, 09/30/2030^(a)			153		151,158
7.05%, 09/15/2028^(a)			1,833		1,881,520
Nissan Motor Co., Ltd. 4.81%, 09/17/2030^(a)			1,262		1,182,343
PM General Purchaser LLC 9.5%, 10/01/2028^(a)			525		468,011
Tenneco, Inc. 8.00%, 11/17/2028^(a)			814		818,534
Titan International, Inc. 7.00%, 04/30/2028			17		16,990

					9,705,860



74 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Entertainment – 1.5%
Live Nation Entertainment, Inc. 6.50%, 05/15/2027^(a)	U.S.$		262	$	262,356
NCL Corp., Ltd. 5.875%, 01/15/2031^(a)			1,684		1,627,148
6.75%, 02/01/2032^(a)			640		634,611
7.75%, 02/15/2029^(a)			315		329,317
Patrick Industries, Inc. 6.375%, 11/01/2032^(a)			162		161,789
SeaWorld Parks & Entertainment, Inc. 5.25%, 08/15/2029^(a)			1,377		1,339,504
Six Flags Entertainment Corp. 7.25%, 05/15/2031^(a)			194		193,587
Viking Cruises Ltd. 5.875%, 10/15/2033^(a)			196		196,063
7.00%, 02/15/2029^(a)			50		50,218
9.125%, 07/15/2031^(a)			121		127,205

					4,921,798

Consumer Cyclical - Other – 6.7%
Affinity Interactive 6.875%, 12/15/2027^(a)			59		34,603
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029^(a)			438		452,055
AmeriTex HoldCo Intermediate LLC 7.625%, 08/15/2033^(a)			634		659,956
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.875%, 08/01/2033^(a)			216		211,531
Banijay Gaming SAS 5.125%, 12/10/2031^(a)	EUR		243		286,793
Boyne USA, Inc. 4.75%, 05/15/2029^(a)	U.S.$		755		744,392
Builders FirstSource, Inc. 5.00%, 03/01/2030^(a)			1,667		1,626,659
6.375%, 06/15/2032^(a)			531		535,821
Caesars Entertainment, Inc. 6.00%, 10/15/2032^(a)			124		111,009
CD&R Smokey Buyer, Inc./Radio Systems Corp. 9.5%, 10/15/2029^(a)			222		133,251
Century Communities, Inc. 3.875%, 08/15/2029^(a)			227		214,290
Churchill Downs, Inc. 4.75%, 01/15/2028^(a)			624		618,141
5.50%, 04/01/2027^(a)			106		106,066
Cirsa Finance International SARL 6.50%, 03/15/2029^(a)	EUR		220		265,714
CP Atlas Buyer, Inc. 9.75%, 07/15/2030^(a)	U.S.$		790		743,256



ABFunds.com		AB Active ETFs, Inc. 75

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Great Canadian Gaming Corp./Raptor LLC 8.75%, 11/15/2029^(a)	U.S.$		1,469	$	1,445,584
Hilton Domestic Operating Co., Inc. 3.75%, 05/01/2029^(a)			729		705,184
5.875%, 04/01/2029^(a)			419		425,184
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(a)			592		553,017
5.00%, 06/01/2029^(a)			1,093		1,063,587
6.625%, 01/15/2032^(a)			211		214,804
Jacobs Entertainment, Inc. 6.75%, 02/15/2029^(a)			100		98,201
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			1,371		1,323,193
6.50%, 10/01/2033^(a)			249		243,968
Masterbrand, Inc. 7.00%, 07/15/2032^(a)			1,488		1,484,399
MGM Resorts International 6.125%, 09/15/2029			994		1,008,174
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.25%, 04/15/2030^(a)			311		324,892
11.875%, 04/15/2031^(a)			290		315,056
Pioneer Opco LLC 7.00%, 05/15/2033^(a)			146		149,162
Standard Building Solutions, Inc. 5.875%, 03/15/2034^(a)			80		77,996
6.25%, 08/01/2033^(a)			380		380,274
6.50%, 08/15/2032^(a)			415		420,735
Standard Industries, Inc./NY 3.375%, 01/15/2031^(a)			227		206,629
4.375%, 07/15/2030^(a)			996		949,049
4.75%, 01/15/2028^(a)			779		775,346
Station Casinos LLC 4.50%, 02/15/2028^(a)			290		285,853
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028^(a)			434		438,006
Thor Industries, Inc. 4.00%, 10/15/2029^(a)			295		278,890
Travel & Leisure Co. 4.50%, 12/01/2029^(a)			478		461,284
4.625%, 03/01/2030^(a)			12		11,536
6.00%, 04/01/2027^(c)			55		55,147
6.25%, 06/01/2031^(a)			1,191		1,197,813
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028^(a)			1,487		1,466,182

					23,102,682



76 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Restaurants – 0.7%
1011778 BC ULC/New Red Finance, Inc. 4.00%, 10/15/2030^(a)	U.S.$		366	$	347,103
4.375%, 01/15/2028^(a)			1,363		1,349,997
BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. 9.5%, 07/01/2032^(a)			104		94,660
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 4.625%, 01/15/2029^(a)			404		393,860
Papa John’s International, Inc. 3.875%, 09/15/2029^(a)			22		21,136
Yum! Brands, Inc. 3.625%, 03/15/2031			355		330,296

					2,537,052

Consumer Cyclical - Retailers – 5.7%
Advance Auto Parts, Inc. 7.00%, 08/01/2030^(a)			1,856		1,907,523
Arko Corp. 5.125%, 11/15/2029^(a)			44		40,233
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(a)			1,258		1,222,285
Beach Acquisition Bidco LLC 5.25%, 07/15/2032^(a)	EUR		229		268,747
Boots Group Finco LP 5.375%, 08/31/2032^(a)			421		503,588
Carvana Co. 5.50%, 04/15/2027^(a)	U.S.$		39		38,432
9.00%, 06/01/2030^(a)(b)(c)			824		854,916
9.00%, 06/01/2031^(a)(b)(c)			1,093		1,207,478
Champ Acquisition Corp. 8.375%, 12/01/2031^(a)			68		71,429
FirstCash, Inc. 4.625%, 09/01/2028^(a)			445		438,903
6.875%, 03/01/2032^(a)			839		863,650
Gap, Inc. (The) 3.625%, 10/01/2029^(a)			1,416		1,328,420
3.875%, 10/01/2031^(a)			260		237,900
Gee Automotive Holdings LLC 7.25%, 03/01/2031^(a)			323		326,282
Global Auto Holdings Ltd./AAG FH UK Ltd. 8.375%, 01/15/2029^(a)			318		309,541
8.75%, 01/15/2032^(a)			668		628,568
11.50%, 08/15/2029^(a)			255		264,545
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(a)			882		857,886
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(a)			1,703		1,663,456



ABFunds.com		AB Active ETFs, Inc. 77

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Murphy Oil USA, Inc. 4.75%, 09/15/2029	U.S.$		150	$	147,477
Park River Holdings, Inc. 8.00%, 03/15/2031^(a)			152		153,897
Penske Automotive Group, Inc. 3.75%, 06/15/2029			715		684,870
PetSmart LLC/PetSmart Finance Corp. 7.50%, 09/15/2032^(a)			1,084		1,092,217
QXO Building Products, Inc. 6.75%, 04/30/2032^(a)			793		808,273
Specialty Building Products Holdings LLC/SBP Finance Corp. 7.75%, 10/15/2029^(a)			1,331		1,230,297
Staples, Inc. 10.75%, 09/01/2029^(a)			1,120		1,065,456
12.75%, 01/15/2030^(a)			254		193,349
William Carter Co. (The) 7.375%, 02/15/2031^(a)			396		409,599

					18,819,217

Consumer Non-Cyclical – 7.7%
Acadia Healthcare Co., Inc. 5.00%, 04/15/2029^(a)			150		146,914
Bausch & Lomb Corp. 8.375%, 10/01/2028^(a)			832		861,170
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(a)			59		58,699
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(a)			261		241,495
11.00%, 09/30/2028^(a)			622		648,385
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(a)			98		89,987
5.25%, 05/15/2030^(a)			1,937		1,826,223
6.00%, 01/15/2029^(a)			20		19,820
6.875%, 04/15/2029^(a)			423		417,797
9.75%, 01/15/2034^(a)			250		262,275
10.875%, 01/15/2032^(a)			864		931,116
CVS Health Corp. 6.75%, 12/10/2054			33		34,371
7.00%, 03/10/2055			495		516,379
DaVita, Inc. 4.625%, 06/01/2030^(a)			237		230,262
Embecta Corp. 5.00%, 02/15/2030^(a)			1,376		1,066,469
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			747		675,811
Fiesta Purchaser, Inc. 7.875%, 03/01/2031^(a)			101		101,706



78 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Froneri Lux FinCo SARL 6.00%, 08/01/2032^(a)	U.S.$		200	$	195,048
Genmab A/S/Genmab Finance LLC 7.25%, 12/15/2033^(a)			163		169,584
Grifols SA 3.875%, 10/15/2028^(a)	EUR		312		361,398
4.75%, 10/15/2028^(a)	U.S.$		469		461,777
Gruppo San Donato SpA 6.50%, 10/31/2031^(a)	EUR		335		377,246
Insulet Corp. 6.50%, 04/01/2033^(a)	U.S.$		414		421,195
IQVIA, Inc. 5.00%, 10/15/2026^(a)			400		399,736
5.00%, 05/15/2027^(a)			197		196,935
Kedrion SpA 6.50%, 09/01/2029^(a)			350		345,023
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. 9.00%, 02/15/2029^(a)			206		215,324
LifePoint Health, Inc. 9.88%, 08/15/2030^(a)			632		669,345
10.00%, 06/01/2032^(a)			261		266,985
Mehilainen Yhtiot Oy 5.125%, 06/30/2032^(a)	EUR		261		304,473
ModivCare, Inc. 5.00%, 10/01/2029^{(c)(d)(e)(f)(j)}	U.S.$		459		597
MPH Acquisition Holdings LLC 5.75%, 12/31/2030^(a)			291		234,036
6.75% (6.00% Cash and 0.75% PIK), 03/31/2031^(a)(b)(c)			303		185,168
11.50% (6.50% Cash and 5.00% PIK), 12/31/2030^(a)(b)(c)			144		132,002
Neogen Food Safety Corp. 8.625%, 07/20/2030^(a)			111		116,411
Newell Brands, Inc. 8.50%, 06/01/2028^(a)			310		323,879
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028^(a)			865		854,533
5.125%, 04/30/2031^(a)			200		198,236
7.875%, 05/15/2034^(a)			440		472,010
Paradigm Parent LLC & Paradigm Parent CO-Issuer, Inc. 8.75%, 04/17/2032^(a)			1,385		1,268,771
Perrigo Finance Unlimited Co. 5.15%, 06/15/2030^(c)			317		303,879
Post Holdings, Inc. 6.25%, 02/15/2032^(a)			107		108,734



ABFunds.com		AB Active ETFs, Inc. 79

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Select Medical Corp. 6.25%, 12/01/2032^(a)	U.S.$		1,426	$	1,387,740
Surgery Center Holdings, Inc. 7.25%, 04/15/2032^(a)			1,538		1,543,029
TEAM Services Holding, Inc. 9.00%, 02/15/2033^(a)			146		147,063
Tenet Healthcare Corp. 4.25%, 06/01/2029			1,739		1,695,595
4.375%, 01/15/2030			697		674,564
US Foods, Inc. 4.75%, 02/15/2029^(a)			1,838		1,814,749
6.875%, 09/15/2028^(a)			208		213,194
Whirlpool Corp. 6.125%, 06/15/2030			1,479		1,392,183

					25,579,321

Energy – 9.2%
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 5.875%, 06/30/2029^(a)			132		131,809
BKV Upstream Midstream LLC 7.50%, 10/15/2030^(a)			104		105,368
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/2029^(a)			605		622,612
7.25%, 07/15/2032^(a)			920		955,705
Buckeye Partners LP 6.75%, 02/01/2030^(a)			190		196,739
6.875%, 07/01/2029^(a)			358		369,080
California Resources Corp. 7.00%, 01/15/2034^(a)			154		155,267
8.25%, 06/15/2029^(a)			150		156,426
Caturus Energy LLC 8.50%, 02/15/2030^(a)			100		104,575
Chord Energy Corp. 6.00%, 10/01/2030^(a)			850		860,225
6.75%, 03/15/2033^(a)			848		871,456
CITGO Petroleum Corp. 8.375%, 01/15/2029^(a)			227		233,844
CNX Resources Corp. 7.25%, 03/01/2032^(a)			1,234		1,275,080
7.375%, 01/15/2031^(a)			334		342,794
Comstock Resources, Inc. 5.875%, 01/15/2030^(a)			224		211,725
6.75%, 03/01/2029^(a)			1,180		1,159,539
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031^(a)			1,588		1,564,545
Crescent Energy Finance LLC 7.375%, 01/15/2033^(a)			448		455,164
7.625%, 04/01/2032^(a)			28		28,683



80 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.375%, 06/30/2033^(a)	U.S.$		378	$	390,175
8.625%, 03/15/2029^(a)			857		892,471
Ferrellgas LP/Ferrellgas Finance Corp. 9.25%, 01/15/2031^(a)			860		905,976
Genesis Energy LP/Genesis Energy Finance Corp. 7.875%, 05/15/2032			441		457,934
8.00%, 05/15/2033			796		835,139
Global Partners LP/GLP Finance Corp. 8.25%, 01/15/2032^(a)			1,529		1,603,416
Gulfport Energy Operating Corp. 6.75%, 09/01/2029^(a)			226		231,944
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)			1,162		1,159,362
6.00%, 04/15/2030^(a)			530		527,000
6.00%, 02/01/2031^(a)			324		319,574
Ithaca Energy North Sea PLC 8.125%, 10/15/2029^(a)			200		208,000
Kraken Oil & Gas Partners LLC 7.625%, 08/15/2029^(a)			68		69,026
Matador Resources Co. 6.50%, 04/15/2032^(a)			851		861,884
Nabors Industries, Inc. 9.125%, 01/31/2030^(a)			223		233,720
NFE Financing LLC 12.00%, 11/15/2029^(d)(e)(j)			1,012		440,567
Northern Oil & Gas, Inc. 8.75%, 06/15/2031^(a)			266		276,281
NuStar Logistics LP 5.625%, 04/28/2027			1,036		1,039,512
6.375%, 10/01/2030			101		104,873
PBF Holding Co. LLC/PBF Finance Corp. 7.25%, 06/01/2034^(a)			342		340,444
7.875%, 09/15/2030^(a)			39		39,920
9.88%, 03/15/2030^(a)			357		381,647
Saturn Oil & Gas, Inc. 9.63%, 06/15/2029^(a)			129		135,133
SM Energy Co. 6.75%, 08/01/2029^(a)			1,646		1,687,084
8.625%, 11/01/2030^(a)			113		119,475
9.63%, 06/15/2033^(a)			459		510,761
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.00%, 06/01/2031^(a)			237		227,300
Sunoco LP 4.625%, 05/01/2030^(a)			682		662,161
5.375%, 07/15/2031^(a)			137		136,212



ABFunds.com		AB Active ETFs, Inc. 81

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

6.625%, 08/15/2032^(a)	U.S.$		650	$	663,578
7.875%, 09/18/2030^(a)(k)			261		272,664
Sunoco LP/Sunoco Finance Corp. 4.50%, 04/30/2030			352		341,750
5.875%, 03/15/2028			16		16,026
Superior Plus LP/Superior General Partner, Inc. 4.50%, 03/15/2029^(a)			130		125,957
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 5.50%, 01/15/2028^(a)			1		1,000
7.375%, 02/15/2029^(a)			290		299,448
Talos Production, Inc. 9.00%, 02/01/2029^(a)			55		57,406
9.375%, 02/01/2031^(a)			1,361		1,445,015
TGNR Intermediate Holdings LLC 5.50%, 10/15/2029^(a)			427		420,723
Transocean Aquila Ltd. 8.00%, 09/30/2028^(a)			69		70,532
Transocean International Ltd. 7.875%, 10/15/2032^(a)			116		123,612
8.75%, 02/15/2030^(a)			187		195,193
Trident Energy Finance PLC 12.50%, 11/30/2029^(a)			200		213,344
Venture Global LNG, Inc. 8.125%, 06/01/2028^(a)			315		321,801
8.375%, 06/01/2031^(a)			140		145,670
9.00%, 09/30/2029^(a)(k)			320		316,115
9.88%, 02/01/2032^(a)			1,133		1,211,744
Vermilion Energy, Inc. 6.875%, 05/01/2030^(a)			32		32,295
Viridien 10.00%, 10/15/2030^(a)			200		213,622
Wildfire Intermediate Holdings LLC 7.50%, 10/15/2029^(a)			78		80,099

					31,165,221

Other Industrial – 0.7%
American Builders & Contractors Supply Co., Inc. 3.875%, 11/15/2029^(a)			27		25,671
Belden, Inc. 3.375%, 07/15/2031^(a)	EUR		153		172,337
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(a)	U.S.$		603		596,289
Fluor Corp. 4.25%, 09/15/2028			130		127,633
Multiversity SpA 6.40% (EURIBOR 3 Month + 4.25%), 05/17/2031^(a)(l)	EUR		100		117,605
7.125%, 05/17/2031^(a)			125		152,268



82 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

RB Global Holdings, Inc. 7.75%, 03/15/2031^(a)	U.S.$		337	$	349,924
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(a)			1,182		1,167,568

					2,709,295

Services – 4.8%
ADT Security Corp. (The) 4.125%, 08/01/2029^(a)			1,007		966,650
Allied Universal Holdco LLC 7.875%, 02/15/2031^(a)			1,223		1,278,536
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.875%, 06/15/2030^(a)			85		86,910
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.625%, 06/01/2028^(a)			1,398		1,377,003
4.875%, 06/01/2028^(a)	GBP		100		132,291
Angi Group LLC 3.875%, 08/15/2028^(a)	U.S.$		1,577		1,395,724
APi Group DE, Inc. 5.75%, 06/01/2034^(a)			329		327,148
Belron UK Finance PLC 5.75%, 10/15/2029^(a)			1,393		1,404,632
Clarivate Science Holdings Corp. 4.875%, 07/01/2029^(a)			1,079		986,972
Deepocean Ltd. 6.00%, 04/08/2031^(a)	EUR		221		264,733
Garda World Security Corp. 6.00%, 06/01/2029^(a)	U.S.$		1,450		1,419,840
8.25%, 08/01/2032^(a)			518		531,059
8.375%, 11/15/2032^(a)			124		128,586
ION Platform Finance US, Inc./ION Platform Finance SARL 4.625%, 05/01/2028^(a)			30		27,944
5.00%, 05/01/2028^(a)			42		39,269
5.75%, 05/15/2028^(a)			62		58,815
8.75%, 05/01/2029^(a)			200		184,448
Match Group Holdings II LLC 3.625%, 10/01/2031^(a)			387		346,976
Monitronics International, Inc. 9.125%, 04/01/2020^(d)(f)(h)(i)			14		– 0	–
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)			696		682,400
Rakuten Group, Inc. 9.75%, 04/15/2029^(a)			542		592,623
Raven Acquisition Holdings LLC 6.875%, 11/15/2031^(a)			1,707		1,673,218



ABFunds.com		AB Active ETFs, Inc. 83

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Sabre GLBL, Inc. 10.75%, 11/15/2029^(a)	U.S.$		238	$	214,350
10.75%, 03/15/2030^(a)			303		268,925
11.125%, 07/15/2030^(a)			927		826,281
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 5.50%, 05/15/2033^(a)	EUR		412		472,966
Techem Verwaltungsgesellschaft 675 mbH 5.375%, 07/15/2029^(a)			178		213,120
Wand NewCo 3, Inc. 7.625%, 01/30/2032^(a)	U.S.$		200		206,860

					16,108,279

Technology – 5.0%
Almaviva-The Italian Innovation Co. SpA 5.00%, 10/30/2030^(a)	EUR		206		233,512
AthenaHealth Group, Inc. 6.50%, 02/15/2030^(a)	U.S.$		28		26,992
Cloud Software Group, Inc. 6.50%, 03/31/2029^(a)			1,371		1,362,719
6.625%, 08/15/2033^(a)			153		139,306
8.25%, 06/30/2032^(a)			861		845,399
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028^(a)			72		72,065
CoreWeave, Inc. 9.25%, 06/01/2030^(a)			800		816,288
Dye & Durham Ltd. 8.625%, 04/15/2029^(a)			97		80,527
Ellucian Holdings, Inc. 6.50%, 12/01/2029^(a)			1,492		1,471,515
Fortress Intermediate 3, Inc. 7.50%, 06/01/2031^(a)			1,510		1,526,655
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			1,446		1,453,779
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 5.25%, 12/01/2027^(a)			180		179,955
GoTo Group, Inc. 5.50%, 05/01/2028^(a)			218		134,526
IPD 3 BV 5.50%, 06/15/2031^(a)	EUR		159		180,034
Meridian Arc Holdco LLC 6.25%, 04/30/2031^(a)	U.S.$		1,270		1,276,680
MKS, Inc. 4.25%, 02/15/2034^(a)	EUR		389		441,192
NCR Voyix Corp. 5.00%, 10/01/2028^(a)	U.S.$		1,123		1,103,359
OAK-Eagle Acquireco, Inc. 6.25%, 07/01/2033^(a)	EUR		782		950,280



84 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

7.25%, 07/01/2033^(a)	U.S.$		136	$	141,720
8.75%, 07/01/2034^(a)			1,526		1,612,631
ON Semiconductor Corp. 3.875%, 09/01/2028^(a)			164		159,977
Playtika Holding Corp. 4.25%, 03/15/2029^(a)			627		563,554
Rackspace Finance LLC 3.50%, 05/15/2028^(a)			526		444,157
Rackspace Technology Global, Inc. 5.375%, 12/01/2028^(a)			109		73,731
Rocket Software, Inc. 9.00%, 11/28/2028^(a)			1,079		1,087,999
TeamSystem SpA 5.00%, 07/01/2031^(a)	EUR		322		359,420
TTM Technologies, Inc. 4.00%, 03/01/2029^(a)	U.S.$		111		107,530
UKG, Inc. 6.875%, 02/01/2031^(a)			347		341,202
Virtusa Corp. 7.125%, 12/15/2028^(a)			937		788,570
WULF Compute LLC 7.75%, 10/15/2030^(a)			334		351,375

					18,326,649

Transportation - Airlines – 0.9%
Allegiant Travel Co. 7.25%, 08/15/2027^(a)			648		649,309
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.75%, 04/20/2029^(a)			1,930		1,928,533
JetBlue Airways Corp./JetBlue Loyalty LP 9.88%, 09/20/2031^(a)			189		173,927

					2,751,769

Transportation - Services – 1.9%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.375%, 05/21/2030^(a)	EUR		158		189,002
Alta Equipment Group, Inc. 9.00%, 06/01/2029^(a)	U.S.$		50		48,034
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)			1,145		1,127,573
5.375%, 03/01/2029^(a)			739		724,331
5.75%, 07/15/2027^(a)			6		6,001
Beacon Mobility Corp. 7.25%, 08/01/2030^(a)			1,119		1,158,490
Danaos Corp. 6.875%, 10/15/2032^(a)			259		267,433
Dcli Bidco LLC 7.75%, 11/15/2029^(a)			140		143,958



ABFunds.com		AB Active ETFs, Inc. 85

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Edge Finco PLC 8.125%, 08/15/2031^(a)	GBP		134	$	186,136
FTAI Aviation Investors LLC 7.875%, 12/01/2030^(a)	U.S.$		294		308,321
Hertz Corp. (The) 4.625%, 12/01/2026^(a)			114		109,009
Kapla Holding SAS 5.00%, 04/30/2031^(a)	EUR		359		420,171
NESCO Holdings II, Inc. 5.50%, 04/15/2029^(a)	U.S.$		168		167,395
PODS LLC 8.75%, 05/15/2031^(a)			444		431,959
PROG Holdings, Inc. 6.00%, 11/15/2029^(a)			918		901,127
Rand Parent LLC 8.50%, 02/15/2030^(a)			179		184,588
Upbound Group, Inc. 6.375%, 02/15/2029^(a)			82		81,083

					6,454,611

					228,200,805

Financial Institutions – 9.2%
Banking – 0.4%
Ally Financial, Inc. Series C 4.70%, 05/15/2028^(k)			28		27,238
Armor Holdco, Inc. 8.50%, 11/15/2029^(a)			151		151,853
Bread Financial Holdings, Inc. 6.75%, 05/15/2031^(a)			569		582,303
8.375%, 06/15/2035^(a)			243		253,772
Credit Acceptance Corp. 6.625%, 03/15/2030^(a)			256		257,718
Freedom Mortgage Corp. 12.25%, 10/01/2030^(a)			29		31,341

					1,304,225

Brokerage – 1.3%
Aretec Group, Inc. 7.50%, 04/01/2029^(a)			101		101,231
10.00%, 08/15/2030^(a)			640		679,322
First Eagle Holdings, Inc. 7.25%, 08/15/2032^(a)			411		416,528
Hightower Holding LLC 6.75%, 04/15/2029^(a)			11		10,958
9.125%, 01/31/2030^(a)			322		333,154
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/2029^(a)			1,990		1,943,733
7.125%, 04/30/2031^(a)			540		560,471



86 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

StoneX Group, Inc. 7.875%, 03/01/2031^(a)	U.S.$		253	$	266,247

					4,311,644

Finance – 3.4%
Black Pearl Compute LLC 6.125%, 02/15/2031^(a)			190		193,281
CNG Holdings, Inc. 16.50% (16.50% Cash or 17.50% PIK), 06/30/2031^(b)(e)(f)(h)			31		24,406
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(a)			817		781,726
Enova International, Inc. 9.125%, 08/01/2029^(a)			1,362		1,425,796
11.25%, 12/15/2028^(a)			119		125,664
Freedom Mortgage Holdings LLC 6.875%, 05/01/2031^(a)			332		321,349
GGAM Finance Ltd. 8.00%, 06/15/2028^(a)			512		532,454
goeasy Ltd. 6.875%, 05/15/2030^(a)			398		357,953
7.375%, 10/01/2030^(a)			260		233,709
7.625%, 07/01/2029^(a)			1,072		1,004,260
9.25%, 12/01/2028^(a)			83		81,387
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			1,650		1,595,698
Navient Corp. 5.625%, 08/01/2033			1,634		1,329,537
11.50%, 03/15/2031			165		175,600
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. 7.75%, 05/15/2031^(a)			165		163,748
PHH Escrow Issuer LLC/PHH Corp. 9.88%, 11/01/2029^(a)			156		153,130
Phoenix Aviation Capital Ltd. 9.25%, 07/15/2030^(a)			1,441		1,485,195
Planet Financial Group LLC 10.50%, 12/15/2029^(a)			122		122,140
Rfna LP 7.875%, 02/15/2030^(a)			937		918,513
SLM Corp. 6.495%, 05/15/2032			111		111,019
6.50%, 01/31/2030			538		545,193
Terawulf, Inc. Zero Coupon, 05/01/2032^(a)(m)			17		25,908

					11,707,666

Financial Services – 0.9%
1261229 BC Ltd. 10.00%, 04/15/2032^(a)			1,610		1,648,576



ABFunds.com		AB Active ETFs, Inc. 87

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Asurion LLC/Asurion Co-Issuer, Inc. 8.00%, 12/31/2032^(a)	U.S.$		446	$	464,942
Cipher Compute LLC 7.125%, 11/15/2030^(a)			664		691,934
PRA Group, Inc. 8.875%, 01/31/2030^(a)			295		303,169
Titanium 2l Bondco SARL 6.25%, 01/14/2031^(b)	EUR		109		18,995

					3,127,616

Insurance – 3.1%
Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/2029^(a)	U.S.$		99		93,819
6.00%, 08/01/2029^(a)			162		152,651
6.75%, 07/01/2032^(a)			1,214		1,173,889
7.50%, 11/06/2030^(a)			816		815,192
8.25%, 02/01/2029^(a)			109		107,538
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 04/15/2028^(a)			1,026		1,035,183
AmWINS Group, Inc. 4.875%, 06/30/2029^(a)			199		192,007
6.375%, 02/15/2029^(a)			846		855,907
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves 7.875%, 11/01/2029^(a)			151		151,584
Ardonagh Finco Ltd. 6.875%, 02/15/2031^(a)	EUR		202		236,447
7.75%, 02/15/2031^(a)	U.S.$		747		752,580
Ardonagh Group Finance Ltd. 8.875%, 02/15/2032^(a)			834		814,376
CRC Insurance Group LLC 7.125%, 06/01/2031^(a)			1,602		1,605,476
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC 7.25%, 02/15/2031^(a)			1,318		1,306,402
Jones Deslauriers Insurance Management, Inc. 8.50%, 03/15/2030^(a)			1,560		1,591,372

					10,884,423

REITs – 0.1%
Five Point Operating Co. LP 8.00%, 10/01/2030^(a)			378		387,783
Rithm Capital Corp. 8.00%, 04/01/2029^(a)			106		106,331

					494,114

					31,829,688

Utility – 0.4%
Electric – 0.4%
NRG Energy, Inc. 3.375%, 02/15/2029^(a)			591		563,820



88 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.75%, 07/15/2029^(a)	U.S.$		647	$	647,362
10.25%, 03/15/2028^(a)(k)			47		51,139
Vistra Corp. 7.00%, 12/15/2026^(a)(k)			28		28,148
8.00%, 10/15/2026^(a)(k)			29		29,188

					1,319,657

Total Corporates - Non-Investment Grade (cost $263,410,468)					261,350,150


CORPORATES - INVESTMENT GRADE – 14.4%
Industrial – 10.6%
Basic – 0.4%
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029^(a)			50		50,005
FMC Corp. 8.00%, 06/01/2031^(a)			528		551,876
Hudbay Minerals, Inc. 6.125%, 04/01/2029^(a)			118		118,956
SNF Group SACA 5.626%, 03/31/2031^(a)			723		731,972

					1,452,809

Communications - Media – 1.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049			1,159		891,932
5.375%, 04/01/2038			190		169,499
5.375%, 05/01/2047			82		66,115
Cox Communications, Inc. 4.80%, 02/01/2035^(a)			250		225,423
5.80%, 12/15/2053^(a)			1,187		996,415
Meta Platforms, Inc. 5.50%, 11/15/2045			493		462,409
5.75%, 11/15/2065			508		464,759
Nexstar Media, Inc. 6.50%, 09/15/2033^(a)			1,229		1,238,906
Time Warner Cable LLC 7.30%, 07/01/2038			104		108,271

					4,623,729

Communications - Telecommunications – 0.3%
HUT 8 DC LLC 6.192%, 11/15/2042^(a)			707		714,516
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(a)	EUR		21		24,683
TELUS Corp. 6.625%, 10/15/2055	U.S.$		35		35,465
6.625%, 06/09/2056			256		254,743

					1,029,407



ABFunds.com		AB Active ETFs, Inc. 89

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Automotive – 0.8%
Adient Global Holdings Ltd. 7.00%, 04/15/2028^(a)	U.S.$		570	$	579,593
Ford Motor Co. 3.25%, 02/12/2032			212		187,862
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			200		199,272
2.90%, 02/10/2029			150		141,456
4.95%, 05/28/2027			200		200,448
4.97%, 04/06/2029			357		354,523
6.467%, 05/22/2036			200		205,136
6.532%, 03/19/2032			430		446,417
General Motors Financial Co., Inc. 5.45%, 01/08/2036			106		105,792
Phinia, Inc. 6.75%, 04/15/2029^(a)			81		83,316

					2,503,815

Consumer Cyclical - Entertainment – 0.2%
Carnival Corp., Ltd. 4.00%, 08/01/2028^(a)			425		416,921
5.75%, 03/15/2030^(a)			377		380,860

					797,781

Consumer Cyclical - Other – 1.3%
Flutter Treasury DAC 5.00%, 04/29/2029^(a)	EUR		103		122,135
5.875%, 06/04/2031^(a)	U.S.$		837		829,986
6.125%, 06/04/2031^(a)	GBP		200		264,160
Las Vegas Sands Corp. 5.65%, 05/18/2033	U.S.$		156		156,969
Sekisui House US, Inc. 6.00%, 01/15/2043			1,279		1,170,183
Voyager Parent LLC 9.25%, 07/01/2032^(a)			1,666		1,767,309

					4,310,742

Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029^(a)			70		67,304
3.875%, 01/15/2028^(a)			778		764,463
5.625%, 09/15/2029^(a)			271		273,344

					1,105,111

Consumer Non-Cyclical – 0.9%
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(a)			285		273,050
Jazz Securities DAC 4.375%, 01/15/2029^(a)			1,619		1,588,061



90 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Utah Acquisition Sub, Inc. 5.25%, 06/15/2046	U.S.$		1,546	$	1,295,733

					3,156,844

Energy – 3.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(a)			1,348		1,347,002
5.75%, 01/15/2028^(a)			199		198,956
6.625%, 02/01/2032^(a)			446		455,420
Breakwater Energy Holdings SARL 9.25%, 11/15/2030^(a)			250		265,318
Continental Resources, Inc./OK 4.90%, 06/01/2044			1,512		1,243,091
Energy Transfer LP 8.00%, 05/15/2054			89		94,673
Harbour Energy PLC 6.327%, 04/01/2035^(a)			1,188		1,223,331
Hess Midstream Operations LP 4.25%, 02/15/2030^(a)			950		919,989
5.125%, 06/15/2028^(a)			799		796,939
5.875%, 03/01/2028^(a)			300		302,949
Permian Resources Operating LLC 5.875%, 07/01/2029^(a)			1,532		1,532,996
7.00%, 01/15/2032^(a)			475		495,225
Var Energi ASA 5.875%, 05/22/2030^(a)			241		248,970
6.50%, 05/22/2035^(a)			719		763,772
7.50%, 01/15/2028^(a)			200		208,490
Woodside Finance Ltd. 5.40%, 05/19/2030			137		139,702
6.00%, 05/19/2035			354		369,845

					10,606,668

Other Industrial – 0.8%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(a)			1,453		1,425,640
HNI Corp. 5.125%, 01/18/2029^(a)			88		86,049
RB Global Holdings, Inc. 6.75%, 03/15/2028^(a)			1,304		1,323,573

					2,835,262

Services – 0.8%
Block, Inc. 2.75%, 06/01/2026			977		977,000
3.50%, 06/01/2031			78		71,036
5.625%, 08/15/2030^(a)			1,488		1,493,565

					2,541,601



ABFunds.com		AB Active ETFs, Inc. 91

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Technology – 0.3%
Oracle Corp. 4.375%, 05/15/2055	U.S.$		44	$	30,144
5.375%, 09/27/2054			83		66,518
5.95%, 09/26/2055			147		128,538
RD Michigan Property Owner I LLC 7.50%, 03/30/2045^(a)			823		824,926

					1,050,126

					36,013,895

Financial Institutions – 3.5%
Banking – 2.9%
Ally Financial, Inc. 5.543%, 01/17/2031			177		178,416
5.737%, 05/15/2029			221		224,523
6.646%, 01/17/2040			1,054		1,042,933
6.70%, 02/14/2033			30		30,930
6.848%, 01/03/2030			83		86,453
Banco Bilbao Vizcaya Argentaria SA 6.033%, 03/13/2035			200		208,404
Banco Santander SA 6.35%, 03/14/2034			200		211,756
6.921%, 08/08/2033			400		434,552
Barclays PLC 5.785%, 02/25/2036			482		491,891
BNP Paribas SA 4.625%, 02/25/2031^(a)(k)			454		417,512
BPCE SA 6.508%, 01/18/2035^(a)			500		519,320
CaixaBank SA 5.581%, 07/03/2036^(a)			216		218,240
6.84%, 09/13/2034^(a)			235		256,761
Capital One Financial Corp. 6.183%, 01/30/2036			184		188,232
Citigroup, Inc. 5.827%, 02/13/2035			211		215,222
Series AA 7.625%, 11/15/2028^(k)			32		33,282
Series Y 4.15%, 11/15/2026^(k)			46		45,739
Deutsche Bank AG/New York NY 3.729%, 01/14/2032			387		361,357
3.742%, 01/07/2033			200		182,994
7.079%, 02/10/2034			204		218,823
Lloyds Banking Group PLC 6.00%, 06/07/2032^(k)	GBP		8		10,054
6.068%, 06/13/2036	U.S.$		327		336,473
Societe Generale SA 3.625%, 03/01/2041^(a)			450		328,185



92 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.40%, 04/10/2037^(a)	U.S.$		370	$	362,215
7.367%, 01/10/2053^(a)			600		641,190
Synchrony Financial 5.45%, 03/06/2031			101		101,088
5.935%, 08/02/2030			82		83,563
7.25%, 02/02/2033			1,094		1,133,252
UBS Group AG 6.625%, 01/08/2031^(a)(k)			363		364,202
7.125%, 08/10/2034^(a)(k)			297		302,613
UniCredit SpA 5.861%, 06/19/2032^(a)			600		603,558

					9,833,733

Brokerage – 0.0%
CI Financial Corp. 3.20%, 12/17/2030			158		142,683


Finance – 0.1%
Aircastle Ltd. 5.25%, 06/28/2026^(a)(k)			29		28,976
FS KKR Capital Corp. 3.125%, 10/12/2028			231		217,731
Midcap Financial Issuer Trust 6.50%, 05/01/2028^(a)			202		201,889
Sumisho Air Lease Corp. Series B 4.65%, 06/15/2026^(k)			50		49,929

					498,525

Insurance – 0.2%
Allianz SE 6.50%, 10/30/2034^(a)(k)			200		200,710
Global Atlantic Fin Co. 7.25%, 03/01/2056^(a)			255		253,011
Horizon Mutual Holdings, Inc. 6.20%, 11/15/2034^(a)			125		119,696

					573,417

REITs – 0.3%
Newmark Group, Inc. 7.50%, 01/12/2029			630		661,015
Vornado Realty LP 3.40%, 06/01/2031			30		27,360
5.75%, 02/01/2033			336		334,935

					1,023,310

					12,071,668

Utility – 0.3%
Electric – 0.3%
American Electric Power Co., Inc. 6.95%, 12/15/2054			28		29,935
Series D 6.05%, 03/15/2056			40		39,661



ABFunds.com		AB Active ETFs, Inc. 93

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Eversource Energy Series A 6.10%, 08/15/2056	U.S.$		83	$	82,527
Series B 6.35%, 08/15/2056			68		68,131
PacifiCorp 5.80%, 04/15/2036			585		601,690
Vistra Operations Co. LLC 6.95%, 10/15/2033^(a)			71		77,240

					899,184

Total Corporates - Investment Grade (cost $48,608,371)					48,984,747


BANK LOANS – 3.9%
Industrial – 2.9%
Basic – 0.2%
Ineos Quattro Holdings UK Ltd. 7.470% (CME Term SOFR 1 Month + 3.75%), 03/14/2030^(f)(h)(n)(o)			98		87,067
INEOS US Petrochem LLC 7.970% (CME Term SOFR 1 Month + 4.25%), 04/02/2029^(o)			727		669,557

					756,624

Communications - Media – 0.4%
DIRECTV Financing LLC 9.175% (SOFR + 5.25%), 08/02/2029^(o)			243		244,562
MH Sub I LLC 7.870% (CME Term SOFR 1 Month + 4.25%), 05/03/2028^(o)			542		524,420
MJH Healthcare Holdings LLC 7.370% (CME Term SOFR 1 Month + 3.75%), 01/28/2029^(o)			460		446,968
Radiate Holdco LLC 1.500% (PIK Interest 12 + 1.50%), 09/25/2029^(o)			291		262,405

					1,478,355

Communications - Telecommunications – 0.3%
MH Sub I LLC 02/23/2029^(p)			410		355,335
StubHub Holdco Sub LLC 03/15/2030^(p)			516		517,080

					872,415

Consumer Cyclical - Automotive – 0.0%
RealTruck Group, Inc. 9.897% (CME Term SOFR 3 Month + 6.00%), 01/31/2031^(o)			217		139,027



94 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value


Consumer Cyclical - Other – 0.1%
CP Atlas Buyer, Inc. 8.870% (CME Term SOFR 1 Month + 5.25%), 07/08/2030^(f)(h)(n)(o)	U.S.$		100	$	86,472
PHRG Intermediate LLC 7.699% (CME Term SOFR 3 Month + 4.00%), 02/20/2032^(o)			258		257,162

					343,634

Consumer Cyclical - Retailers – 0.2%
RVR Dealership Holdings LLC 8.166% (CME Term SOFR 3 Month + 4.50%), 02/26/2033^(o)			300		290,025
Specialty Building Products Holdings LLC/SBP Finance Corp. 7.470% (CME Term SOFR 1 Month + 3.75%), 10/16/2028^(o)			398		355,317

					645,342

Consumer Non-Cyclical – 0.2%
Hertz Corp. (The) 7.425% (CME Term SOFR 3 Month + 3.50%), 06/30/2028^(o)			451		348,418
ModivCare Buyer LLC 8.700% (CME Term SOFR 3 Month + 5.00%), 12/29/2030^(f)(h)(o)			119		100,358
MPH Acquisition Holdings LLC 7.413% (CME Term SOFR 3 Month + 3.75%), 12/31/2030^(o)			56		56,011
Weber-Stephen Products LLC 7.441% (CME Term SOFR 3 Month + 3.75%), 10/01/2032^(o)			210		201,600

					706,387

Energy – 0.2%
Calcasieu Pass Funding, LLC 6.954% (CME Term SOFR 6 Month + 3.25%), 04/11/2033^(o)			690		691,725


Other Industrial – 0.1%
Liberty Tire Recycling LLC 7.352% (CME Term SOFR 1 Month + 3.75%), 12/17/2032^(o)			390		389,879


Technology – 1.1%
Boxer Parent Co., Inc. 6.665% (CME Term SOFR 3 Month + 3.00%), 07/30/2031^(o)			526		491,784
Clover Holdings 2 LLC 7.750%, 12/09/2031			398		383,386



ABFunds.com		AB Active ETFs, Inc. 95

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Darktrace Finco US LLC 6.927% (CME Term SOFR 3 Month + 3.25%), 10/09/2031^(o)	U.S.$		429	$	409,127
Loyalty Ventures, Inc. 14.000% (CME Term SOFR 3 Month + 5.50%), 11/03/2027^{(d)(f)(h)(j)(o)}			115		10,363
Metropolis Technologies, Inc. 8.915% (CME Term SOFR 3 Month + 5.25%), 11/03/2032^(o)			558		555,940
Peraton Corp. 7.513% (CME Term SOFR 3 Month + 3.75%), 02/01/2028^(o)			611		542,375
12.603% (CME Term SOFR 3 Month + 7.75%), 02/01/2029^(o)			378		246,211
Ping Identity Holding Corp. 6.381% (CME Term SOFR 1 Month + 2.75%), 11/15/2032^(o)			290		286,195
Polaris Newco LLC 7.925% (CME Term SOFR 3 Month + 4.00%), 06/02/2028^(o)			467		416,962
Project Alpha Intermediate Holdings, Inc. 10.122% (CME Term SOFR 1 Month + 5.00%), 05/09/2033^(o)			260		151,666
Rocket Software, Inc. 7.370% (CME Term SOFR 1 Month + 3.75%), 11/28/2028^(o)			252		245,399

					3,739,408

Transportation - Airlines – 0.1%
JetBlue Airways Corp. 8.435% (CME Term SOFR 3 Month + 4.75%), 08/27/2029^(o)			197		171,883

					9,934,679

Financial Institutions – 1.0%
Brokerage – 0.1%
Jane Street Group LLC 5.665% (CME Term SOFR 3 Month + 2.00%), 12/15/2031^(o)			315		313,073


Finance – 0.1%
Nexus Buyer LLC 9.370% (CME Term SOFR 1 Month + 5.75%), 02/16/2032^(o)			410		399,237


Financial Services – 0.1%
ACProducts Holdings, Inc. 9.149% (CME Term SOFR 3 Month + 5.50%), 11/17/2031^(o)			6		6,486



96 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Colossus Acquireco LLC 5.380% (SOFR 4 + 1.75%), 07/30/2032^(o)	U.S.$		119	$	119,267
Rackspace Finance LLC 6.467% (CME Term SOFR 1 Month + 2.75%), 05/15/2028^(o)			361		313,209

					438,962

Insurance – 0.7%
Acrisure LLC 6.620% (CME Term SOFR 1 Month + 3.00%), 11/06/2030^(o)			1,247		1,181,384
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.120% (CME Term SOFR 1 Month + 2.50%), 09/19/2031^(o)			430		428,580
Asurion LLC 7.413% (CME Term SOFR 3 Month + 3.75%), 02/23/2033^(o)			574		559,938
8.013% (SOFR + 4.25%), 08/19/2028^(o)			18		18,413

					2,188,315

					3,339,587

Total Bank Loans (cost $13,770,944)					13,274,266


EMERGING MARKETS - CORPORATE BONDS – 1.0%
Industrial – 1.0%
Basic – 0.0%
First Quantum Minerals Ltd. 8.00%, 03/01/2033^(a)			227		237,011


Consumer Cyclical - Other – 1.0%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(a)			1,384		1,349,774
6.50%, 09/24/2033^(a)			493		487,133
MGM China Holdings Ltd. 4.75%, 02/01/2027^(a)			221		220,005
6.25%, 05/15/2033^(a)			466		466,972
Wynn Macau Ltd. 5.125%, 12/15/2029^(a)			390		381,170
6.75%, 02/15/2034^(a)			417		418,168

					3,323,222

Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022^{(d)(e)(f)(g)(h)}			15		– 0	–



ABFunds.com		AB Active ETFs, Inc. 97

PORTFOLIO OF INVESTMENTS (continued)

Principal
Amount
(000)

U.S. $ Value

K2016470260 South Africa Ltd.
25.00%, 12/31/2022^{(d)(e)(f)(g)(h)}

U.S.$

– 0

–

– 0

–

Total Emerging Markets - Corporate Bonds
(cost $3,546,796)

3,560,233

PREFERRED STOCKS – 0.2%

Industrials – 0.2%

Consumer Cyclical - Automotive – 0.0%

Exide International Holdings LP
0.00%^(d)(e)(f)(h)

50,700

Consumer Cyclical - Other – 0.0%

Hovnanian Enterprises, Inc.
7.625%^(d)

490

10,241

Consumer Cyclical - Retailers – 0.2%

QXO, Inc. – Class C
0.00%^(d)(f)(h)

502,335

Other Industrial – 0.0%

Asphalt ATD Holdco – Class A
0.00%^(d)(f)(h)

194

4,813

Technology – 0.0%

Veritas US, Inc.
0.00%^(d)(e)(f)(h)

678

12,882

580,971

Financials – 0.0%

Brokerage – 0.0%

Osaic Financial Services, Inc.
Series A
8.00%^(d)

2,175

43,239

Total Preferred Stocks
(cost $518,409)

624,210

COMMON STOCKS – 0.2%

Communication Services – 0.1%

Diversified Telecommunication Services – 0.1%

Altice France SA/LuxCo3^(d)(f)(h)

14,338

286,531

Information Technology – 0.1%

IT Services – 0.1%

Rackspace Technology, Inc.^(d)

34,231

176,974



98 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Company

U.S. $ Value

Financial Institutions – 0.0%

Financial Services – 0.0%

Curo Group Holdings LLC^(d)

9,491

98,469

Health Care – 0.0%

Health Care Providers & Services – 0.0%

ModivCare Topco LLC^(d)

9,656

54,315

Industrials – 0.0%

Electrical Equipment – 0.0%

Exide Technologies^(d)(f)(h)

4,466

Energy – 0.0%

Energy Equipment & Services – 0.0%

Artsonig Pty Ltd.^(d)(f)(h)

21,027

– 0

–

CHC Group LLC^(d)(f)

468

– 0

–

– 0

–

Oil, Gas & Consumable Fuels – 0.0%

New Fortress Energy, Inc.^(d)(f)

5,687

3,190

Consumer Discretionary – 0.0%

Broadline Retail – 0.0%

K201640219 South Africa Ltd.^(d)(f)(h)

678

– 0

–

K2016470219 South Africa Ltd. – Class A^(d)(f)(h)

191,574

– 0

–

K2016470219 South Africa Ltd. – Class B^(d)(f)(h)

30,276

– 0

–

– 0

–

Consumer Staples – %

Household Products – %

Southeastern Grocers, Inc.^(d)(f)(h)(i)

3,584

– 0

–

Total Common Stocks
(cost $737,884)

623,945

RIGHTS – 0.0%

Utility – 0.0%

Electric – 0.0%

Vistra Corp., expiring 12/31/2099^(d)(f)(h)

3,442

4,217

Communication Services – 0.0%

Diversified Telecommunication Services – 0.0%

Altice France SA (CVR)^(d)(e)(f)(h)

210

3,247

Total Rights
(cost $1,232)

7,464



ABFunds.com		AB Active ETFs, Inc. 99

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 2.1%
Investment Companies – 2.1%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(q)(r)(s) (cost $7,132,889)		7,132,889	$	7,132,889


Total Investments – 98.4% (cost $337,726,993)				335,557,904
Other assets less liabilities – 1.6%				5,447,417


Net Assets – 100.0%			$	341,005,321

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		205		September 2026	$	21,978,242	$	75,954
U.S. T-Note 10 Yr (CBT) Futures		86		September 2026		9,445,219		67,156

Sold Contracts
U.S. 10 Yr Ultra Futures		21		September 2026		2,353,641		(21,984	)
U.S. Long Bond (CBT) Futures		32		September 2026		3,591,000		(17,000	)
U.S. T-Note 2 Yr (CBT) Futures		37		September 2026		7,642,812		(11,274	)
U.S. Ultra Bond (CBT) Futures		11		September 2026		1,258,469		(6,703	)

							$	86,149

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Citibank NA		EUR	7,635		USD	9,031		06/18/2026	$	114,986
State Street Bank & Trust Co.		GBP	379		USD	513		07/16/2026		1,222

									$	116,208

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at May 31, 2026			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Hertz Corp. (The), 5.000%, 12/01/2029, 06/20/2029*		5.00	%		Quarterly		27.02	%		USD	80	$	(34,489	)	$	(7,556	)	$	(26,933	)

*	Termination date.



100 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(a)

(b)	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 May 31, 2026.

(c)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2026.

(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 0.17% of net assets as of May 31, 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
Altice France Lux 3/Altice Holdings 1 10.00%, 01/15/2033		10/01/2025	$	50,341		$	49,191			0.01	%
Altice France SA (CVR)		10/01/2025		1,232			3,247			0.00	%
CNG Holdings, Inc. 16.50%, 06/30/2031		10/20/2025 - 03/16/2026		27,545			24,406			0.01	%
Exide International Holdings LP		11/05/2020		29,328			50,700			0.02	%
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024		10/29/2020		– 0	–		– 0	–		0.00	%
Exide Technologies (First Lien) 11.00%, 10/31/2024		10/29/2020		– 0	–		– 0	–		0.00	%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022		02/05/2020 - 06/30/2022		51			– 0	–		0.00	%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022		05/12/2023		14,130			– 0	–		0.00	%
K2016470260 South Africa Ltd. 25.00%, 12/31/2022		08/16/2023		– 0	–		– 0	–		0.00	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2023		02/19/2015		36,767			– 0	–		0.00	%
ModivCare, Inc. 5.00%, 10/01/2029		03/07/2025 - 04/01/2025		364,863			597			0.00	%
NFE Financing LLC 12.00%, 11/15/2029		04/07/2025 - 09/12/2025		342,276			440,567			0.13	%
Veritas US, Inc.		12/09/2024		11,482			12,882			0.00	%
Vibrantz Technologies, Inc. 9.00%, 02/28/2031		02/27/2026		1,625			1,194			0.00	%

(f)	Fair valued by the Adviser.

(g)	Defaulted matured security.

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

(i)	Escrow shares.

(j)	Defaulted.

(k)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(l)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2026.

(m)	Convertible security.

(n)	Restricted and illiquid security.



ABFunds.com		AB Active ETFs, Inc. 101

PORTFOLIO OF INVESTMENTS (continued)


Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
CP Atlas Buyer, Inc. 8.870%, 07/08/2030		07/01/2025	$	96,233	$	86,472		0.02	%
Ineos Quattro Holdings UK Ltd. 7.470%, 03/14/2030		08/25/2025		86,942		87,067		0.02	%

(o)	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 May 31, 2026.

(p)	This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the Secured Overnight Financing Rate (“SOFR”) plus a premium which was determined at the time of purchase.

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

(r)	Affiliated investments.

(s)	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.

Currency Abbreviations:

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

Glossary:

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

CVR – Contingent Value Right

EURIBOR – Euro Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



102 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB CORE PLUS BOND ETF

May 31, 2026 (unaudited)


	Principal Amount (000)		U.S. $ Value

GOVERNMENTS - TREASURIES – 43.4%
United States – 43.4%
U.S. Treasury Bonds 1.125%, 08/15/2040	$	6,082	$	3,779,393
2.375%, 11/15/2049		342		215,941
2.875%, 05/15/2049		1,175		828,191
3.00%, 02/15/2048		2,198		1,606,944
3.125%, 05/15/2048		7,012		5,231,609
3.375%, 11/15/2048		383		297,543
4.00%, 11/15/2052		3,229		2,741,623
4.375%, 05/15/2040		2,138		2,059,161
4.625%, 02/15/2055		1,784		1,682,535
4.75%, 08/15/2055		1,925		1,853,715
U.S. Treasury Notes 3.375%, 12/31/2027		2,568		2,544,025
3.50%, 01/31/2028		1,704		1,690,554
3.625%, 08/31/2030		7,164		7,026,317
3.75%, 06/30/2030		578		570,143
3.875%, 11/30/2029		4,396		4,365,777
3.875%, 12/31/2029		2,500		2,482,227
3.875%, 06/30/2030		6,323		6,267,180
4.00%, 02/28/2030		11,207		11,169,352
4.125%, 10/31/2026		171		171,207
4.125%, 01/31/2027		3,204		3,210,383
4.125%, 10/31/2029		681		681,851
4.125%, 11/30/2029		7,164		7,173,515
4.125%, 08/31/2030		2,213		2,212,827
4.25%, 12/31/2026		6,170		6,185,184
4.25%, 11/15/2034		6,952		6,892,256
4.25%, 05/15/2035		2,299		2,273,495
4.25%, 08/15/2035		946		934,471
4.375%, 05/15/2034		413		413,968
4.50%, 05/15/2027		1,385		1,392,412
4.875%, 10/31/2030		5,179		5,333,561


Total Governments - Treasuries (cost $94,151,920)				93,287,360


CORPORATES - INVESTMENT GRADE – 37.5%
Industrial – 19.0%
Basic – 0.8%
Ecolab, Inc. 4.60%, 06/15/2029		86		86,375
4.80%, 06/15/2031		86		86,645
5.15%, 06/15/2033		86		87,332
Glencore Funding LLC 2.85%, 04/27/2031^(a)		54		49,230



ABFunds.com		AB Active ETFs, Inc. 103

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.90%, 07/01/2031^(a)	$	28	$	28,000
4.907%, 04/01/2028^(a)		63		63,394
5.186%, 04/01/2030^(a)		29		29,378
5.20%, 07/01/2033^(a)		77		77,283
5.508%, 04/01/2036^(a)		77		77,818
Rio Tinto Finance USA PLC 4.875%, 03/14/2030		65		65,768
5.00%, 03/14/2032		65		65,851
5.25%, 03/14/2035		65		66,188
Steel Dynamics, Inc. 4.00%, 12/15/2028		78		77,069
Westlake Corp. 5.00%, 08/15/2046		569		489,983
6.375%, 11/15/2055		493		492,581

				1,842,895

Capital Goods – 1.0%
ABB Finance USA, Inc. 4.375%, 05/08/2042		466		410,961
Caterpillar Financial Services Corp. 3.95%, 11/14/2028		78		77,484
4.80%, 01/08/2030		25		25,485
Series K 4.10%, 08/15/2028		69		68,911
CIMIC Finance Ltd. 6.00%, 04/22/2036^(a)		88		87,091
CNH Industrial Capital LLC 4.375%, 03/07/2031		72		70,592
4.75%, 03/21/2028		46		46,148
CRH America Finance, Inc. 4.40%, 02/09/2031		75		73,976
5.00%, 02/09/2036		75		73,722
General Electric Co. 4.30%, 07/29/2030		59		58,634
Howmet Aerospace, Inc. 3.75%, 03/03/2028		81		80,074
3.90%, 04/15/2029		81		79,733
4.75%, 04/15/2036		81		78,872
John Deere Capital Corp. 4.375%, 10/15/2030		59		58,729
4.65%, 01/07/2028		25		25,172
Johnson Controls International PLC/Tyco Fire & Security Finance SCA 2.00%, 09/16/2031		409		357,450
Lockheed Martin Corp. 4.15%, 08/15/2028		60		59,886
4.40%, 08/15/2030		60		59,843
Otis Worldwide Corp. 4.488%, 05/07/2029		84		83,998



104 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Republic Services, Inc. 4.75%, 07/15/2030	$	65	$	65,545
Textron, Inc. 4.95%, 03/15/2036		78		75,954
Westinghouse Air Brake Technologies Corp. 4.90%, 05/29/2030		60		60,533

				2,078,793

Communications - Media – 1.1%
Meta Platforms, Inc. 4.20%, 11/15/2030		70		69,069
4.60%, 11/15/2032		70		69,091
4.65%, 08/15/2062		521		401,806
5.55%, 08/15/2064		416		369,990
5.60%, 05/15/2053		180		166,648
5.75%, 05/15/2063		538		493,437
5.75%, 11/15/2065		66		60,382
Omnicom Group, Inc. 4.20%, 03/02/2029		85		83,970
5.00%, 06/02/2033		85		83,729
5.30%, 06/02/2036		85		82,582
Paramount Global 4.85%, 07/01/2042		646		435,495
4.90%, 08/15/2044		48		31,277
4.95%, 05/19/2050		154		98,749
6.875%, 04/30/2036		37		34,188

				2,480,413

Communications - Telecommunications – 0.6%
AT&T, Inc. 2.30%, 06/01/2027		135		132,510
4.75%, 04/30/2033		80		79,046
5.125%, 04/30/2036		80		78,891
5.25%, 10/30/2036		88		87,086
5.65%, 02/15/2047		509		489,882
5.85%, 04/30/2046		80		78,109
6.20%, 10/30/2056		88		88,550
T-Mobile USA, Inc. 2.625%, 02/15/2029		10		9,526
Verizon Communications, Inc. 4.75%, 01/15/2033		78		77,244
6.05%, 05/14/2058		85		86,090
6.20%, 05/14/2056		85		86,278

				1,293,212

Consumer Cyclical - Automotive – 1.2%
American Honda Finance Corp. 4.15%, 01/08/2029		72		71,240
4.25%, 09/01/2028		69		68,599
4.45%, 01/08/2031		72		70,744



ABFunds.com		AB Active ETFs, Inc. 105

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.55%, 07/09/2027	$	60	$	60,110
Series A 5.20%, 04/08/2033		83		83,384
Series G 4.50%, 09/04/2030		69		68,091
BMW US Capital LLC 4.15%, 08/11/2027^(a)		70		69,906
4.30%, 03/17/2028^(a)		76		75,891
4.40%, 03/19/2029^(a)		76		75,833
4.50%, 08/11/2030^(a)		70		69,299
4.65%, 03/19/2031^(a)		76		75,517
4.75%, 03/21/2028^(a)		65		65,343
5.00%, 03/19/2033^(a)		76		75,800
5.05%, 03/21/2030^(a)		61		61,662
Daimler Truck Finance North America LLC 4.15%, 01/12/2029^(a)		150		148,231
4.50%, 04/12/2031^(a)		150		147,420
General Motors Financial Co., Inc. 4.75%, 04/06/2029		81		81,180
Honda Motor Co., Ltd. 4.436%, 07/08/2028		60		59,875
Hyundai Capital America 4.25%, 09/18/2028^(a)		71		70,400
4.30%, 09/24/2027^(a)		25		24,940
4.50%, 09/18/2030^(a)		71		69,865
4.55%, 09/26/2029^(a)		17		16,929
4.75%, 04/06/2029^(a)		83		83,075
5.00%, 04/07/2031^(a)		83		83,132
5.10%, 06/24/2030^(a)		54		54,452
5.15%, 03/27/2030^(a)		63		63,651
5.30%, 06/24/2029^(a)		25		25,401
5.35%, 03/19/2029^(a)		9		9,140
6.10%, 09/21/2028^(a)		179		184,411
PACCAR Financial Corp. 4.00%, 08/08/2028		70		69,844
Series R 4.00%, 11/07/2028		79		78,700
Toyota Motor Credit Corp. 4.05%, 09/05/2028		69		68,707
Series B 3.75%, 01/12/2028		72		71,557
4.20%, 01/10/2031		72		70,966
4.55%, 05/14/2031		85		84,741

				2,558,036

Consumer Cyclical - Other – 0.5%
Las Vegas Sands Corp. 5.30%, 05/15/2031		84		84,010



106 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.625%, 06/15/2028	$	44	$	44,624
5.65%, 05/18/2033		17		17,106
Marriott International, Inc./MD 4.20%, 07/15/2027		71		70,935
4.50%, 05/01/2033		82		79,458
4.90%, 04/15/2029		293		296,012
5.10%, 05/01/2038		63		60,838
Voyager Parent LLC 9.25%, 07/01/2032^(a)		316		335,216

				988,199

Consumer Cyclical - Restaurants – 0.1%
McDonald’s Corp. 4.40%, 02/12/2031		51		50,787
4.60%, 05/15/2030		65		65,388
Starbucks Corp. 4.50%, 05/15/2028		31		31,043

				147,218

Consumer Cyclical - Retailers – 0.5%
7-Eleven, Inc. 1.30%, 02/10/2028^(a)		144		136,532
Home Depot, Inc. (The) 3.75%, 09/15/2028		72		71,344
3.95%, 09/15/2030		72		70,761
Lowe’s Cos., Inc. 3.95%, 10/15/2027		55		54,775
4.00%, 10/15/2028		64		63,382
Nordstrom, Inc. 5.00%, 01/15/2044		632		446,439
Walmart, Inc. 4.00%, 04/30/2029		86		85,618
4.35%, 04/28/2030		62		62,335

				991,186

Consumer Non-Cyclical – 5.7%
Abbott Laboratories 4.65%, 03/15/2036		83		80,712
4.75%, 03/15/2038		83		80,111
AbbVie, Inc. 3.775%, 03/03/2028		85		84,323
4.125%, 03/15/2031		85		83,407
4.40%, 03/15/2033		85		83,308
4.75%, 03/15/2036		85		83,371
5.65%, 03/15/2066		85		83,602
Altria Group, Inc. 3.70%, 02/04/2051		641		445,239
4.45%, 05/06/2050		490		386,948
5.375%, 01/31/2044		36		33,615
5.95%, 02/14/2049		419		412,518



ABFunds.com		AB Active ETFs, Inc. 107

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Amgen, Inc. 4.20%, 02/19/2031	$	81	$	79,575
4.85%, 02/19/2036		81		79,422
5.50%, 02/19/2046		81		78,327
5.75%, 03/02/2063		397		385,146
Astrazeneca Finance LLC 4.00%, 03/02/2031		85		83,200
4.30%, 03/02/2033		85		82,820
4.60%, 03/02/2036		85		82,740
BAT Capital Corp. 2.259%, 03/25/2028		55		52,918
4.625%, 03/22/2033		19		18,645
Baxalta, Inc. 5.25%, 06/23/2045		320		298,448
Baxter International, Inc. 4.90%, 12/15/2030		78		77,317
Bunge Ltd. Finance Corp. 4.55%, 08/04/2030		69		68,650
4.80%, 03/19/2033		85		84,518
5.15%, 03/19/2036		85		84,697
Campbell’s Co. (The) 4.55%, 03/21/2031		80		77,480
Cardinal Health, Inc. 4.50%, 09/15/2030		66		65,425
Cargill, Inc. 4.125%, 10/23/2030^(a)		77		75,592
4.625%, 02/11/2028^(a)		20		20,116
Cencora, Inc. 3.95%, 02/13/2029		85		83,749
4.25%, 11/15/2030		85		83,453
4.60%, 02/13/2033		85		83,370
4.90%, 02/13/2036		85		82,913
Constellation Brands, Inc. 4.80%, 05/01/2030		62		62,405
4.85%, 05/06/2031		84		84,044
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		329		304,450
Eli Lilly & Co. 4.15%, 03/15/2059		487		379,456
4.90%, 10/15/2035		71		71,056
4.95%, 02/27/2063		314		279,356
5.10%, 02/09/2064		37		33,674
5.20%, 08/14/2064		463		428,187
5.65%, 10/15/2065		92		91,567
GE HealthCare Technologies, Inc. 4.15%, 12/15/2028		79		78,336
Gilead Sciences, Inc. 4.25%, 05/20/2028		87		86,985



108 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.40%, 05/20/2029	$	87	$	87,006
4.60%, 05/20/2031		46		46,047
4.90%, 05/20/2034		87		87,150
HCA, Inc. 4.30%, 11/15/2030		31		30,371
4.60%, 11/15/2032		77		75,113
4.70%, 05/15/2031		86		85,235
5.00%, 03/01/2028		59		59,509
5.00%, 05/15/2033		86		85,162
Japan Tobacco, Inc. 4.85%, 05/15/2028^(a)		150		151,047
5.25%, 06/15/2030^(a)		150		153,130
Johnson & Johnson 4.85%, 03/01/2032		59		60,562
5.00%, 03/01/2035		59		60,623
Keurig Dr. Pepper, Inc. 4.60%, 05/15/2030		62		61,619
Mars, Inc. 4.60%, 03/01/2028^(a)		39		39,189
4.80%, 03/01/2030^(a)		67		67,453
5.00%, 03/01/2032^(a)		67		67,694
McCormick & Co., Inc./MD 4.15%, 02/15/2029		80		79,235
McKesson Corp. 4.65%, 05/30/2030		60		60,161
4.95%, 05/30/2032		60		60,723
Medline Borrower LP/Medline Co-Issuer, Inc. 5.00%, 06/15/2031^(a)		85		84,944
Merck & Co., Inc. 2.90%, 12/10/2061		161		93,090
4.30%, 05/22/2028		87		87,257
4.45%, 12/04/2032		79		77,937
4.65%, 05/22/2031		87		87,420
4.75%, 12/04/2035		79		77,542
4.90%, 05/17/2044		26		24,062
4.95%, 05/22/2033		87		87,773
4.95%, 09/15/2035		69		68,927
5.00%, 05/17/2053		96		87,005
5.15%, 05/17/2063		495		448,544
5.20%, 05/22/2036		87		88,067
5.50%, 03/15/2046		79		77,970
5.55%, 12/04/2055		79		77,642
5.70%, 12/04/2065		419		413,394
5.85%, 05/22/2056		41		42,059
Novartis Capital Corp. 3.90%, 11/05/2028		76		75,478
4.10%, 03/16/2029		76		75,571
4.10%, 11/05/2030		76		74,809



ABFunds.com		AB Active ETFs, Inc. 109

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.30%, 11/05/2032	$	76	$	74,513
4.40%, 03/18/2031		76		75,634
4.60%, 03/18/2033		76		75,459
5.20%, 11/05/2045		76		73,100
5.30%, 11/05/2055		76		73,327
5.60%, 03/18/2046		76		76,822
5.70%, 03/18/2056		76		77,154
PepsiCo, Inc. 4.30%, 07/23/2030		59		59,069
4.45%, 02/07/2028		20		20,094
4.60%, 02/07/2030		20		20,216
Philip Morris International, Inc. 2.10%, 05/01/2030		144		131,371
4.00%, 10/29/2030		77		75,327
4.125%, 04/28/2028		62		61,717
4.25%, 10/29/2032		77		74,754
4.375%, 04/30/2030		62		61,550
4.625%, 10/29/2035		77		74,315
4.875%, 04/29/2036		86		84,316
5.25%, 02/13/2034		196		199,699
5.375%, 02/15/2033		286		294,400
Quest Diagnostics, Inc. 5.00%, 06/30/2036		86		84,447
Stryker Corp. 4.70%, 02/10/2028		20		20,112
Sysco Corp. 4.40%, 07/25/2031		41		40,043
5.10%, 09/23/2030		56		56,666
6.60%, 04/01/2050		423		450,647
Thermo Fisher Scientific, Inc. 4.20%, 03/01/2031		74		72,898
4.55%, 06/15/2033		84		82,728
4.902%, 02/12/2036		84		83,083
Tyson Foods, Inc. 3.55%, 06/02/2027		132		131,120
Utah Acquisition Sub, Inc. 5.25%, 06/15/2046		91		76,269

				12,232,561

Energy – 2.6%
Baker Hughes Holdings LLC 5.125%, 09/15/2040		439		423,284
Canadian Natural Resources Ltd. 6.25%, 03/15/2038		363		385,644
Cheniere Energy Partners LP 5.35%, 11/30/2036^(a)		81		81,001
Chevron USA, Inc. 3.95%, 08/13/2027		69		68,961



110 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.05%, 08/13/2028	$	69	$	68,774
4.30%, 10/15/2030		69		68,932
4.475%, 02/26/2028		60		60,319
4.687%, 04/15/2030		60		60,571
ConocoPhillips Co. 5.65%, 01/15/2065		438		423,174
5.70%, 09/15/2063		437		425,205
Enbridge, Inc. 4.20%, 11/20/2028		78		77,480
4.50%, 02/15/2031		78		77,115
4.60%, 06/20/2028		59		59,158
4.85%, 03/27/2031		77		77,280
4.90%, 06/20/2030		17		17,121
Energy Transfer LP 4.55%, 01/15/2031		79		78,310
6.30%, 01/15/2056		79		79,778
Eni SpA 5.25%, 05/18/2036^(a)		200		198,144
Enterprise Products Operating LLC Series E 5.25%, 08/16/2077		129		128,710
MPLX LP 4.80%, 02/15/2031		67		66,956
ONEOK, Inc. 4.85%, 02/01/2049		530		444,596
Plains All American Pipeline LP/PAA Finance Corp. 4.70%, 01/15/2031		65		64,676
Shell Finance US, Inc. 5.125%, 10/15/2041^(a)		370		355,111
Shell International Finance BV 4.375%, 05/11/2045		512		435,901
6.375%, 12/15/2038		442		486,691
Snam SpA 6.50%, 05/28/2055^(a)		348		362,007
Suncor Energy, Inc. 6.85%, 06/01/2039		377		419,439
Targa Resources Corp. 4.35%, 04/15/2031		26		25,471
Woodside Finance Ltd. 4.90%, 05/19/2028		60		60,355

				5,580,164

Other Industrial – 0.2%
Ferguson Finance PLC 3.25%, 06/02/2030^(a)		238		224,163
President & Fellows of Harvard College 6.50%, 01/15/2039^(a)		165		183,950

				408,113



ABFunds.com		AB Active ETFs, Inc. 111

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Services – 1.2%
Amazon.com, Inc. 3.25%, 05/12/2061	$	587	$	366,124
4.10%, 04/13/2062		500		373,155
4.25%, 08/22/2057		474		372,223
4.65%, 11/20/2035		54		52,792
5.45%, 11/20/2055		78		74,466
5.55%, 11/20/2065		443		419,809
6.05%, 03/13/2076		490		493,915
Cintas Corp. No. 2 4.20%, 05/01/2028		62		61,907
eBay, Inc. 4.25%, 03/06/2029		76		75,292
Mastercard, Inc. 4.55%, 03/15/2028		59		59,368
Quanta Services, Inc. 4.30%, 08/09/2028		70		69,837
RELX Capital, Inc. 4.75%, 03/27/2030		63		63,251
Verisk Analytics, Inc. 4.45%, 03/15/2031		83		81,621

				2,563,760

Technology – 3.2%
Alphabet, Inc. 3.70%, 02/15/2029		84		82,873
4.10%, 11/15/2030		68		67,278
4.10%, 02/15/2031		84		82,874
4.375%, 11/15/2032		76		74,982
4.40%, 02/15/2033		84		82,622
4.70%, 11/15/2035		43		42,264
4.80%, 02/15/2036		84		83,043
5.30%, 05/15/2065		534		494,222
5.35%, 11/15/2045		76		74,140
5.45%, 11/15/2055		29		27,981
5.50%, 02/15/2046		84		83,130
5.70%, 11/15/2075		447		435,807
Amphenol Corp. 3.80%, 11/15/2027		77		76,514
3.90%, 11/15/2028		77		76,262
4.125%, 11/15/2030		77		75,693
4.375%, 06/12/2028		60		60,081
4.40%, 02/15/2033		77		75,067
4.625%, 02/15/2036		77		74,360
5.00%, 01/15/2035		251		250,686
Analog Devices, Inc. 4.50%, 06/15/2030		60		59,945
Apple, Inc. 2.55%, 08/20/2060		113		61,482
4.10%, 08/08/2062		488		376,853



112 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Applied Materials, Inc. 4.00%, 01/15/2031	$	71	$	69,489
4.60%, 01/15/2036		71		68,920
Broadcom, Inc. 4.20%, 10/15/2030		54		53,172
4.30%, 01/15/2031		72		71,145
4.60%, 07/15/2030		60		59,987
4.60%, 01/15/2033		72		70,915
4.80%, 04/15/2028		25		25,231
4.90%, 07/15/2032		27		27,139
5.05%, 07/12/2027		114		115,114
5.05%, 04/15/2030		25		25,411
Cisco Systems, Inc. 4.55%, 02/24/2028		59		59,411
5.35%, 02/26/2064		407		382,625
Dell International LLC/EMC Corp. 4.15%, 02/15/2029		73		72,374
4.50%, 02/15/2031		73		72,420
4.75%, 04/01/2028		55		55,311
5.00%, 04/01/2030		55		55,706
5.30%, 04/01/2032		55		56,149
Hewlett Packard Enterprise Co. 4.05%, 09/15/2027		72		71,696
4.15%, 09/15/2028		72		71,438
4.40%, 10/15/2030		72		70,815
4.50%, 03/23/2028		76		76,013
4.60%, 03/23/2029		76		75,995
Intel Corp. 4.65%, 06/01/2031		86		85,339
5.00%, 08/15/2033		86		85,740
International Business Machines Corp. 4.65%, 02/10/2028		100		100,549
4.90%, 07/27/2052		261		223,017
NXP BV/NXP Funding LLC/NXP USA, Inc. 4.30%, 08/19/2028		67		66,737
Oracle Corp. 4.45%, 09/26/2030		71		68,813
4.80%, 08/03/2028		20		19,998
4.95%, 02/04/2031		81		79,629
Roper Technologies, Inc. 4.25%, 09/15/2028		67		66,571
Salesforce, Inc. 1.50%, 07/15/2028		141		132,811
4.50%, 03/15/2028		77		77,124
4.65%, 03/15/2029		77		77,160
4.90%, 09/15/2031		77		77,051
5.20%, 03/15/2033		77		77,360
5.55%, 03/15/2036		77		77,466



ABFunds.com		AB Active ETFs, Inc. 113

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

6.55%, 03/15/2056	$	453	$	462,155
6.70%, 03/15/2066		417		432,454
Texas Instruments, Inc. 4.50%, 05/23/2030		60		60,249
Tyco Electronics Group SA 4.50%, 02/09/2031		62		61,569

				6,856,427

Transportation - Airlines – 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(a)		248		247,683
Southwest Airlines Co. 4.375%, 11/15/2028		23		22,841

				270,524

Transportation - Services – 0.2%
Element Fleet Management Corp. 4.641%, 11/24/2030^(a)		78		77,180
5.037%, 03/25/2030^(a)		63		63,488
Fedex Freight Holding Co., Inc. 4.30%, 03/15/2029^(a)		80		78,990
4.65%, 03/15/2031^(a)		80		78,734
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.55%, 01/15/2031^(a)		72		71,145
5.25%, 07/01/2029^(a)		9		9,122
5.25%, 02/01/2030^(a)		24		24,323
5.35%, 03/30/2029^(a)		57		57,883
Ryder System, Inc. 4.30%, 12/01/2030		77		75,730

				536,595

				40,828,096

Financial Institutions – 16.4%
Banking – 10.8%
American Express Co. 4.351%, 07/20/2029		59		58,804
4.444%, 05/03/2030		86		85,720
4.731%, 04/25/2029		62		62,305
5.016%, 04/25/2031		62		62,771
5.667%, 04/25/2036		62		64,274
Banco Santander SA 2.749%, 12/03/2030		400		361,540
4.60%, 04/15/2029		200		199,326
4.867%, 04/15/2031		200		198,828
6.35%, 03/14/2034		400		423,512
6.921%, 08/08/2033		400		434,552
Bank of America Corp. 2.496%, 02/13/2031		166		153,600
2.687%, 04/22/2032		315		285,925



114 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

2.972%, 02/04/2033	$	332	$	300,191
3.419%, 12/20/2028		55		54,124
4.477%, 04/23/2030		84		83,603
4.623%, 05/09/2029		59		59,150
4.695%, 04/23/2032		84		83,533
5.425%, 08/15/2035		416		417,976
5.489%, 04/23/2037		84		83,567
5.518%, 10/25/2035		296		298,256
5.744%, 02/12/2036		20		20,424
Bank of Montreal 4.062%, 09/22/2028		71		70,667
4.35%, 09/22/2031		71		70,036
5.203%, 02/01/2028		61		61,808
Series J 4.338%, 03/19/2030		77		76,489
4.439%, 01/14/2032		72		70,880
Bank of New York Mellon Corp. (The) 4.54%, 04/23/2032		84		83,416
5.085%, 04/23/2037		84		83,510
Series J 4.967%, 04/26/2034		297		297,457
Bank of Nova Scotia (The) 4.043%, 09/15/2028		72		71,676
4.338%, 09/15/2031		72		70,782
4.932%, 02/14/2029		20		20,163
Banque Federative du Credit Mutuel SA 4.541%, 01/15/2031^(a)		200		197,170
BNP Paribas SA 4.916%, 01/15/2034^(a)		200		196,258
5.906%, 11/19/2035^(a)		428		436,500
CaixaBank SA 4.818%, 04/22/2032^(a)		202		200,806
5.402%, 04/22/2037^(a)		202		200,202
Canadian Imperial Bank of Commerce 4.243%, 09/08/2028		69		68,841
4.58%, 09/08/2031		69		68,442
4.857%, 03/30/2029		63		63,418
5.245%, 01/13/2031		25		25,478
Capital One Financial Corp. 4.493%, 09/11/2031		72		70,748
4.722%, 01/30/2032		46		45,420
5.468%, 02/01/2029		250		253,615
6.183%, 01/30/2036		127		129,921
6.377%, 06/08/2034		282		298,827
Citigroup, Inc. 2.976%, 11/05/2030		376		355,595
3.52%, 10/27/2028		118		116,614
4.503%, 09/11/2031		71		70,241



ABFunds.com		AB Active ETFs, Inc. 115

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.542%, 09/19/2030	$	298	$	296,757
4.786%, 03/04/2029		60		60,250
5.827%, 02/13/2035		288		293,763
6.174%, 05/25/2034		286		298,907
6.27%, 11/17/2033		29		30,973
Citizens Financial Group, Inc. 5.253%, 03/05/2031		36		36,421
5.841%, 01/23/2030		118		121,139
Cooperatieve Rabobank UA/NY 4.322%, 04/01/2029		252		252,234
Deutsche Bank AG/New York NY 4.469%, 12/10/2031		150		147,575
5.06%, 04/14/2032		150		149,728
Fifth Third Financial Corp. 5.982%, 01/30/2030		232		238,800
First Citizens BancShares, Inc./NC 4.869%, 03/03/2032		85		82,583
Goldman Sachs Group, Inc. (The) 2.383%, 07/21/2032		403		356,433
2.615%, 04/22/2032		336		302,585
2.65%, 10/21/2032		257		228,655
4.153%, 10/21/2029		75		74,069
4.369%, 10/21/2031		75		73,504
5.049%, 07/23/2030		24		24,218
5.065%, 01/21/2037		78		76,293
5.207%, 01/28/2031		95		96,295
5.218%, 04/23/2031		62		62,867
HSBC Holdings PLC 2.357%, 08/18/2031		374		338,021
5.874%, 11/18/2035		320		327,197
7.399%, 11/13/2034		313		348,475
JPMorgan Chase & Co. 2.963%, 01/25/2033		331		300,210
4.408%, 04/23/2030		88		87,544
4.622%, 04/23/2032		88		87,307
5.103%, 04/22/2031		61		61,983
5.14%, 01/24/2031		26		26,396
5.148%, 04/23/2037		88		87,460
5.193%, 02/05/2037		80		78,743
5.581%, 04/22/2030		68		69,735
5.717%, 09/14/2033		284		293,522
5.766%, 04/22/2035		20		20,806
M&T Bank Corp. 5.179%, 07/08/2031		60		60,559
Macquarie Bank Ltd. 3.915%, 02/03/2028^(a)		80		79,489
4.529%, 03/29/2029^(a)		83		83,207
Manufacturers & Traders Trust Co. 4.548%, 04/18/2030		252		250,952



116 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Mitsubishi HC Finance America LLC 4.558%, 01/14/2031^(a)	$	200	$	197,392
Morgan Stanley 3.622%, 04/01/2031		88		84,488
4.708%, 03/12/2032		77		76,297
4.994%, 04/12/2029		61		61,467
5.042%, 07/19/2030		25		25,221
5.073%, 01/30/2037		80		78,418
5.192%, 04/17/2031		61		61,892
5.23%, 01/15/2031		26		26,386
5.25%, 04/21/2034		185		186,902
5.297%, 04/20/2037		410		410,447
5.32%, 07/19/2035		161		162,433
5.449%, 07/20/2029		84		85,432
5.656%, 04/18/2030		14		14,354
5.664%, 04/17/2036		61		62,821
5.831%, 04/19/2035		24		25,011
Series G 2.239%, 07/21/2032		344		302,393
Series I 4.133%, 10/18/2029		43		42,496
4.356%, 10/22/2031		75		73,542
4.892%, 10/22/2036		75		72,739
Morgan Stanley Bank NA 4.788%, 05/10/2030		250		250,740
National Australia Bank Ltd. 2.332%, 08/21/2030^(a)		397		357,800
2.99%, 05/21/2031^(a)		394		358,442
NatWest Markets PLC 4.654%, 03/27/2029^(a)		202		202,331
Northern Trust Corp. 4.15%, 11/19/2030		78		77,040
PNC Financial Services Group, Inc. (The) 4.075%, 01/26/2029		78		77,518
4.626%, 06/06/2033		309		300,166
4.899%, 05/13/2031		59		59,420
5.222%, 01/29/2031		24		24,431
Regions Bank/Birmingham AL 6.45%, 06/26/2037		361		380,393
Royal Bank of Canada 3.995%, 11/03/2028		78		77,574
4.40%, 04/17/2030		81		80,518
4.612%, 05/03/2032		81		80,304
Series G 4.965%, 01/24/2029		26		26,198
4.97%, 05/02/2031		63		63,645
5.153%, 02/04/2031		26		26,375



ABFunds.com		AB Active ETFs, Inc. 117

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Santander Holdings USA, Inc. 5.473%, 03/20/2029	$	68	$	68,827
5.741%, 03/20/2031		31		31,789
6.174%, 01/09/2030		260		267,987
6.499%, 03/09/2029		18		18,525
Societe Generale SA 5.371%, 05/27/2032^(a)		202		203,984
State Street Corp. 4.536%, 02/28/2028		60		60,355
4.729%, 02/28/2030		60		60,502
4.784%, 10/23/2036		77		74,974
4.821%, 01/26/2034		296		294,443
4.834%, 04/24/2030		62		62,792
Swedbank AB 4.898%, 03/30/2031^(a)		202		202,919
Synchrony Financial 5.935%, 08/02/2030		10		10,191
6.00%, 07/29/2036		400		401,060
Toronto-Dominion Bank (The) 3.913%, 01/13/2028		72		71,488
4.109%, 10/13/2028		75		74,412
4.361%, 04/23/2029		84		83,684
4.411%, 01/13/2031		72		71,292
4.574%, 06/02/2028		59		59,168
4.808%, 06/03/2030		59		59,359
4.866%, 04/22/2033		84		83,461
Truist Financial Corp. 5.071%, 05/20/2031		59		59,671
Series I 4.68%, 04/23/2032		88		87,044
5.281%, 04/23/2037		88		87,167
UBS Group AG 4.151%, 12/23/2029^(a)		200		197,442
4.398%, 09/23/2031^(a)		200		196,360
US Bancorp 4.839%, 02/01/2034		299		295,107
4.967%, 07/22/2033		298		294,931
5.046%, 02/12/2031		20		20,260
5.083%, 05/15/2031		60		60,815
5.10%, 07/23/2030		25		25,375
Wells Fargo & Co. 3.35%, 03/02/2033		326		300,086
3.584%, 05/22/2028		5		4,961
4.078%, 09/15/2029		72		71,166
4.577%, 05/20/2029		85		84,972
4.808%, 07/25/2028		51		51,192
4.844%, 05/20/2032		85		84,930
4.96%, 01/23/2037		78		76,213



118 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.97%, 04/23/2029	$	62	$	62,467
5.15%, 04/23/2031		62		62,918
5.244%, 01/24/2031		118		119,997
5.574%, 07/25/2029		284		289,498
5.605%, 04/23/2036		21		21,545
Zions Bancorp NA 6.816%, 11/19/2035		391		406,863

				23,187,834

Brokerage – 0.5%
Affiliated Managers Group, Inc. 5.50%, 02/15/2036		80		79,117
Apollo Global Management, Inc. 4.60%, 01/15/2031		79		78,197
5.70%, 03/30/2036		76		76,796
BGC Group, Inc. 6.15%, 04/02/2030		55		56,291
Blackstone Holdings Finance Co. LLC 2.50%, 01/10/2030^(a)		384		356,686
Blue Owl Finance LLC 6.25%, 04/18/2034		336		333,685
Charles Schwab Corp. (The) 4.744%, 05/21/2030		87		87,484
LPL Holdings, Inc. 5.20%, 03/15/2030		60		60,466

				1,128,722

Finance – 1.1%
Aircastle Ltd./Aircastle Ireland DAC 5.00%, 05/15/2031^(a)		150		148,659
Apollo Debt Solutions BDC 5.20%, 12/08/2028^(a)		80		79,144
Ares Capital Corp. 5.50%, 09/01/2030		59		58,428
5.55%, 01/15/2030		84		83,690
Ares Strategic Income Fund 4.85%, 01/15/2029^(a)		72		70,098
5.15%, 01/15/2031^(a)		72		69,005
Barings BDC, Inc. 5.20%, 09/15/2028		72		70,777
Blackstone Private Credit Fund 6.00%, 11/22/2034		442		425,080
Blackstone Reg Finance Co. LLC 4.30%, 11/03/2030		78		76,764
Blackstone Secured Lending Fund 5.25%, 09/04/2029		83		81,837
Blue Owl Credit Income Corp. 5.80%, 03/15/2030		25		24,339
Brookfield Finance, Inc. 5.33%, 01/15/2036		66		65,143



ABFunds.com		AB Active ETFs, Inc. 119

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Franklin BSP Capital Corp. 6.00%, 10/02/2030^(a)	$	71	$	68,325
Goldman Sachs BDC, Inc. 5.10%, 01/28/2029		78		76,295
Goldman Sachs Private Credit Corp. 5.05%, 02/23/2028		82		81,451
5.875%, 01/31/2031		78		77,391
6.15%, 06/16/2031^(a)		81		80,662
Golub Capital Private Credit Fund 5.45%, 08/15/2028^(a)		60		59,464
HA Sustainable Infrastructure Capital, Inc. 6.75%, 07/15/2035		60		62,587
HPS Corporate Lending Fund 4.90%, 09/11/2028		71		69,697
5.15%, 04/02/2029^(a)		72		70,507
5.30%, 06/05/2027		55		54,821
5.45%, 11/15/2030		71		68,891
5.65%, 04/02/2031^(a)		72		70,177
Main Street Capital Corp. 5.40%, 08/15/2028		66		65,778
North Haven Private Income Fund LLC 5.125%, 09/25/2028^(a)		70		68,414
USAA Capital Corp. 4.375%, 06/01/2028^(a)		150		149,866

				2,377,290

Financial Services – 0.1%
Intercontinental Exchange, Inc. 3.95%, 12/01/2028		79		78,205
4.20%, 03/15/2031		79		77,709
Lincoln Financial Global Funding 4.625%, 08/18/2030^(a)		69		68,298
4.95%, 05/21/2031^(a)		24		23,948
Sammons Financial Group Global Funding 4.95%, 06/12/2030^(a)		60		59,844
5.05%, 01/10/2028^(a)		25		25,130

				333,134

Insurance – 3.3%
Aflac, Inc. 5.15%, 05/14/2036		85		84,939
American National Global Funding 5.25%, 06/03/2030^(a)		59		59,042
Athene Global Funding 5.583%, 01/09/2029^(a)		211		213,794
Athene Holding Ltd. 3.95%, 05/25/2051		403		277,506
Brown & Brown, Inc. 4.70%, 06/23/2028		60		60,115



120 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

CNO Global Funding 4.70%, 12/11/2030^(a)	$	80	$	79,198
Corebridge Global Funding 4.45%, 10/02/2030^(a)		71		69,810
4.55%, 01/09/2031^(a)		72		70,941
4.85%, 06/06/2030^(a)		59		58,975
4.90%, 01/07/2028^(a)		25		25,145
Elevance Health, Inc. 4.00%, 09/15/2028		72		71,317
F&G Global Funding 4.50%, 01/09/2029^(a)		72		70,742
4.65%, 09/08/2028^(a)		69		68,225
GA Global Funding Trust 4.50%, 09/18/2030^(a)		150		145,158
5.50%, 04/01/2032^(a)		150		148,968
Guardian Life Global Funding 4.066%, 09/05/2028^(a)		69		68,437
4.327%, 10/06/2030^(a)		74		72,940
4.402%, 12/11/2030^(a)		80		79,198
4.673%, 09/05/2032^(a)		69		68,156
4.798%, 04/28/2030^(a)		62		62,347
4.916%, 04/30/2033^(a)		86		85,680
Jackson National Life Global Funding 4.70%, 06/05/2028^(a)		150		149,723
MassMutual Global Funding II 4.70%, 04/01/2031^(a)		200		199,206
Met Tower Global Funding 4.00%, 01/14/2029^(a)		150		148,074
Mutual of Omaha Cos. Global Funding 4.546%, 01/13/2031^(a)		72		70,979
Nationwide Mutual Insurance Co. 4.35%, 04/30/2050^(a)		571		436,273
New York Life Global Funding 4.15%, 07/25/2028^(a)		59		58,701
4.40%, 04/25/2028^(a)		62		62,034
4.60%, 06/03/2030^(a)		59		59,007
5.20%, 06/03/2036^(a)		86		86,221
Northwestern Mutual Global Funding 4.125%, 08/25/2028^(a)		71		70,626
4.30%, 01/13/2031^(a)		72		71,074
4.60%, 06/03/2030^(a)		59		59,051
4.74%, 06/30/2031^(a)		81		81,223
Pacific Life Global Funding II 4.375%, 02/03/2031^(a)		80		79,143
4.45%, 05/01/2028^(a)		62		62,006
Pricoa Global Funding I 4.70%, 05/28/2030^(a)		150		150,057
5.00%, 05/27/2031^(a)		150		151,493



ABFunds.com		AB Active ETFs, Inc. 121

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Principal Financial Group, Inc. 5.30%, 01/15/2037	$	86	$	86,039
Principal Life Global Funding II 4.25%, 08/18/2028^(a)		69		68,549
4.45%, 01/13/2031^(a)		72		70,880
4.80%, 01/09/2028^(a)		130		130,709
Protective Life Global Funding 4.161%, 01/15/2029^(a)		150		148,009
4.803%, 06/05/2030^(a)		150		149,867
Prudential Financial, Inc. 4.50%, 09/15/2047		301		295,317
5.70%, 09/15/2048		292		291,994
RGA Global Funding 4.35%, 08/25/2028^(a)		71		70,531
4.60%, 11/25/2030^(a)		78		77,183
5.00%, 08/25/2032^(a)		71		70,624
5.10%, 05/26/2031^(a)		87		87,388
5.25%, 01/09/2030^(a)		25		25,362
5.448%, 05/24/2029^(a)		24		24,484
Sammons Financial Group, Inc. 6.875%, 04/15/2034^(a)		420		448,337
SBL Holdings, Inc. 5.00%, 02/18/2031^(a)		542		486,228
7.20%, 10/30/2034^(a)		525		484,649
Western-Southern Global Funding 4.50%, 07/16/2028^(a)		60		59,829

				7,011,503

REITs – 0.6%
American Homes 4 Rent LP 4.95%, 06/15/2030		59		59,204
CBRE Services, Inc. 4.80%, 06/15/2030		62		62,170
4.90%, 01/15/2033		79		77,941
5.25%, 06/01/2036		86		84,677
5.95%, 08/15/2034		245		255,435
EPR Properties 4.75%, 11/15/2030		76		74,466
Phillips Edison Grocery Center Operating Partnership I LP 4.75%, 03/15/2033		85		83,260
Prologis LP 4.25%, 06/15/2031		88		86,478
4.90%, 06/15/2036		88		86,258
Realty Income Corp. 3.95%, 02/01/2029		71		70,056
Regency Centers LP 4.50%, 03/15/2033		22		21,441
Simon Property Group LP 4.375%, 10/01/2030		67		66,411



122 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Store Capital LLC 4.95%, 02/11/2031^(a)	$	81	$	80,197
VICI Properties LP 4.75%, 04/01/2028		55		55,010
WP Carey, Inc. 4.65%, 07/15/2030		39		38,818

				1,201,822

				35,240,305

Utility – 2.1%
Electric – 1.9%
AEP Transmission Co. LLC 5.15%, 04/01/2034		34		34,255
Baltimore Gas & Electric Co. 5.15%, 06/01/2033		86		86,822
Black Hills Corp. 4.55%, 01/31/2031		71		70,180
Connecticut Light & Power Co. (The) 4.95%, 01/15/2030		25		25,353
Dominion Energy, Inc. 4.60%, 05/15/2028		59		59,142
Duke Energy Florida LLC 4.20%, 12/01/2030		79		77,882
Edison International 4.80%, 03/15/2031		83		80,846
5.00%, 05/05/2028		7		7,015
Emera US Finance LLC 4.50%, 04/01/2029		84		83,611
5.20%, 04/01/2033		84		83,508
ENEL Finance International NV 4.75%, 05/25/2047^(a)		228		191,894
7.75%, 10/14/2052^(a)		348		415,881
Entergy Texas, Inc. 5.20%, 06/15/2036		85		84,637
Evergy Missouri West, Inc. 4.70%, 05/21/2029^(a)		87		87,201
Eversource Energy 4.45%, 12/15/2030		75		73,798
FirstEnergy Pennsylvania Electric Co. 4.55%, 03/15/2031^(a)		76		75,345
Florida Power & Light Co. 5.125%, 06/01/2036		81		81,345
5.75%, 06/01/2056		81		81,241
5.90%, 06/01/2066		81		81,358
ITC Holdings Corp. 4.875%, 04/15/2031^(a)		84		83,710
National Rural Utilities Cooperative Finance Corp. 3.95%, 12/10/2027		79		78,610



ABFunds.com		AB Active ETFs, Inc. 123

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.30%, 12/10/2030	$	79	$	77,895
Series D 4.05%, 02/09/2029		80		79,289
4.15%, 08/25/2028		71		70,575
NextEra Energy Capital Holdings, Inc. 4.40%, 03/01/2031		80		79,080
4.685%, 09/01/2027		35		35,159
4.85%, 02/04/2028		20		20,173
Niagara Mohawk Power Corp. 4.647%, 10/03/2030^(a)		60		59,645
NRG Energy, Inc. 4.734%, 10/15/2030^(a)		14		13,794
4.955%, 04/30/2031^(a)		81		80,170
NSTAR Electric Co. 4.85%, 03/01/2030		60		60,520
5.20%, 05/15/2036		83		83,267
Oncor Electric Delivery Co. LLC 4.50%, 03/15/2031^(a)		84		83,265
4.65%, 11/01/2029		25		25,127
5.35%, 04/01/2035		47		47,988
5.90%, 03/15/2056^(a)		49		49,556
Pacific Gas & Electric Co. 5.05%, 10/15/2032		74		73,596
5.55%, 05/15/2029		294		300,703
PacifiCorp 4.25%, 03/15/2029		81		80,117
4.65%, 04/15/2029		84		83,892
5.10%, 04/15/2031		39		39,375
5.45%, 04/15/2033		84		85,423
5.80%, 04/15/2036		64		65,826
Pinnacle West Capital Corp. 4.90%, 05/15/2028		60		60,347
5.15%, 05/15/2030		60		60,823
Public Service Co. of New Hampshire 4.40%, 07/01/2028		59		59,078
San Diego Gas & Electric Co. 5.40%, 04/15/2035		63		64,171
Southern California Edison Co. 4.95%, 09/15/2031		84		83,987
Union Electric Co. 4.80%, 03/15/2036		83		80,883
Wisconsin Electric Power Co. 3.95%, 03/01/2029		34		33,592
Xcel Energy, Inc. 4.75%, 03/21/2028		63		63,256

				4,044,206



124 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Natural Gas – 0.1%
National Fuel Gas Co. 4.75%, 05/15/2029	$	86	$	86,054
5.05%, 10/15/2031		86		86,041
NiSource, Inc. 4.75%, 05/18/2031		85		84,985

				257,080

Other Utility – 0.1%
American Water Capital Corp. 4.625%, 06/01/2029		87		87,370

				4,388,656

Total Corporates - Investment Grade (cost $80,724,150)				80,457,057


CORPORATES - NON-INVESTMENT GRADE – 7.0%
Industrial – 6.8%
Basic – 0.9%
Celanese US Holdings LLC 7.00%, 02/15/2031		25		25,905
Cleveland-Cliffs, Inc. 6.75%, 04/15/2030^(a)		119		119,647
7.625%, 01/15/2034^(a)		393		404,688
Clydesdale Acquisition Holdings, Inc. 6.75%, 04/15/2032^(a)		508		488,366
8.75%, 04/15/2030^(a)		124		119,131
FMC Corp. 6.375%, 05/18/2053		644		501,187
Olin Corp. 6.625%, 04/01/2033^(a)		221		219,358

				1,878,282

Capital Goods – 0.3%
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)		394		368,154
Smyrna Ready Mix Concrete LLC 6.00%, 11/01/2028^(a)		129		129,364

				497,518

Communications - Media – 0.7%
Discovery Global Holdings, Inc. 5.05%, 03/15/2042		627		448,638
5.141%, 03/15/2052		369		234,149
VZ Secured Financing BV 7.50%, 01/15/2033^(a)		400		383,964
Ziggo Bond Co. BV 5.125%, 02/28/2030^(a)		468		408,129

				1,474,880



ABFunds.com		AB Active ETFs, Inc. 125

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Communications - Telecommunications – 0.4%
Vmed O2 UK Financing I PLC 4.75%, 07/15/2031^(a)	$	565	$	477,312
7.75%, 04/15/2032^(a)		508		473,710

				951,022

Consumer Cyclical - Automotive – 0.5%
American Axle & Manufacturing, Inc. 7.75%, 10/15/2033^(a)		375		376,027
Nissan Motor Acceptance Co. LLC 5.625%, 09/29/2028^(a)		53		52,865
6.125%, 09/30/2030^(a)		52		51,374
Nissan Motor Co., Ltd. 4.81%, 09/17/2030^(a)		325		304,486
ZF North America Capital, Inc. 6.75%, 04/23/2030^(a)		370		368,498

				1,153,250

Consumer Cyclical - Other – 0.4%
Caesars Entertainment, Inc. 6.00%, 10/15/2032^(a)		534		478,053
6.50%, 02/15/2032^(a)		483		471,263

				949,316

Consumer Non-Cyclical – 0.6%
CHS/Community Health Systems, Inc. 9.75%, 01/15/2034^(a)		115		120,647
10.875%, 01/15/2032^(a)		155		167,040
Organon & Co./Organon Foreign Debt Co-Issuer BV 7.875%, 05/15/2034^(a)		451		483,810
US Acute Care Solutions LLC 9.75%, 05/15/2029^(a)		385		369,015

				1,140,512

Energy – 1.8%
Crescent Energy Finance LLC 7.375%, 01/15/2033^(a)		400		406,396
7.875%, 04/15/2032^(a)		354		364,924
8.375%, 01/15/2034^(a)		55		57,758
Ferrellgas LP/Ferrellgas Finance Corp. 9.25%, 01/15/2031^(a)		395		416,117
Moss Creek Resources Holdings, Inc. 8.25%, 09/01/2031^(a)		417		424,181
Nabors Industries, Inc. 7.625%, 11/15/2032^(a)		406		423,109
8.875%, 08/15/2031^(a)		397		416,183
Northern Oil & Gas, Inc. 7.875%, 10/15/2033^(a)		437		445,159
Saturn Oil & Gas, Inc. 9.63%, 06/15/2029^(a)		385		403,303



126 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

SM Energy Co. 8.75%, 07/01/2031^(a)	$	349	$	365,546
9.63%, 06/15/2033^(a)		55		61,202

				3,783,878

Other Industrial – 0.2%
Lsf12 Helix Parent LLC 7.125%, 02/01/2033^(a)		498		488,219


Services – 0.3%
ION Platform Finance US, Inc. 7.875%, 09/30/2032^(a)		583		450,309
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)		133		130,401

				580,710

Technology – 0.6%
Cloud Software Group, Inc. 6.625%, 08/15/2033^(a)		522		475,281
8.25%, 06/30/2032^(a)		497		487,994
OAK-Eagle Acquireco, Inc. 8.75%, 07/01/2034^(a)		427		451,241

				1,414,516

Transportation - Airlines – 0.1%
JetBlue Airways Corp./JetBlue Loyalty LP 9.88%, 09/20/2031^(a)		334		307,363

				14,619,466

Utility – 0.2%
Electric – 0.2%
XPLR Infrastructure Operating Partners LP 7.75%, 04/15/2034^(a)		378		399,312


Natural Gas – 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp. 9.5%, 06/01/2030^(a)		25		26,878

				426,190

Financial Institutions – 0.0%
Financial Services – 0.0%
Herc Holdings, Inc. 7.00%, 06/15/2030^(a)		38		39,497


Total Corporates - Non-Investment Grade (cost $14,844,164)				15,085,153


MORTGAGE PASS-THROUGHS – 4.3%
Agency Fixed Rate 30-Year – 4.3%
Federal Home Loan Mortgage Corp. Series 2022 3.00%, 03/01/2052		704		623,246



ABFunds.com		AB Active ETFs, Inc. 127

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035	$	45	$	46,015
Series 2007 5.50%, 07/01/2035		6		6,332
Series 2016 4.00%, 02/01/2046		326		315,166
Series 2017 4.00%, 07/01/2044		197		190,217
Series 2018 4.50%, 03/01/2048		91		88,901
4.50%, 11/01/2048		223		218,390
5.00%, 11/01/2048		129		129,032
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033		12		12,086
5.50%, 07/01/2033		27		27,446
Series 2004 5.50%, 04/01/2034		3		3,536
5.50%, 05/01/2034		8		8,372
5.50%, 11/01/2034		13		12,924
5.50%, 01/01/2035		122		124,716
Series 2005 5.50%, 02/01/2035		17		17,618
Series 2007 5.50%, 08/01/2037		84		85,453
Series 2012 3.50%, 02/01/2042		92		86,732
Series 2013 3.50%, 04/01/2043		496		464,080
Series 2018 4.50%, 09/01/2048		143		140,210
Series 2021 2.00%, 07/01/2051		1,555		1,255,580
2.00%, 12/01/2051		687		553,120
Series 2022 2.50%, 03/01/2052		1,105		941,683
Government National Mortgage Association Series 2023 5.50%, 04/20/2053		381		387,115
Series 2026 2.00%, 06/01/2056, TBA		395		324,166
2.50%, 06/01/2056, TBA		394		337,210
3.00%, 06/01/2056, TBA		195		173,392
3.50%, 06/01/2056, TBA		150		135,141
4.50%, 06/01/2056, TBA		215		206,869
5.00%, 06/01/2056, TBA		339		334,850
6.00%, 06/01/2056, TBA		88		89,648



128 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Uniform Mortgage-Backed Security Series 2026 5.00%, 06/01/2056, TBA	$	601	$	591,516
5.50%, 06/01/2056, TBA		414		416,005
6.00%, 06/01/2056, TBA		546		557,517
6.50%, 06/01/2056, TBA		224		232,750


Total Mortgage Pass-Throughs (cost $9,554,651)				9,137,034


COLLATERALIZED LOAN OBLIGATIONS – 1.7%
CLO - Floating Rate – 1.7%
Elmwood CLO 45 Ltd. Series 2025-8A, Class A1 4.930% (CME Term SOFR 3 Month + 1.25%), 10/17/2038^(a)(b)		750		750,328
Flatiron CLO 25 Ltd. Series 2024-2A, Class A 5.030% (CME Term SOFR 3 Month + 1.35%), 10/17/2037^(a)(b)		460		461,116
Neuberger Berman Loan Advisers CLO 59 Ltd. Series 2024-59A, Class A1 4.956% (CME Term SOFR 3 Month + 1.29%), 01/23/2039^(a)(b)		500		500,744
Pikes Peak CLO 18 Series 2025-18A, Class A1 4.895% (CME Term SOFR 3 Month + 1.22%), 04/20/2038^(a)(b)		500		500,724
Pikes Peak CLO 8 Series 2021-8A, Class A1R 5.005% (CME Term SOFR 3 Month + 1.33%), 01/20/2038^(a)(b)		300		300,359
Signal Peak CLO 14 Ltd. Series 2024-14A, Class A 4.964% (CME Term SOFR 3 Month + 1.30%), 01/22/2038^(a)(b)		300		300,616
Silver Point CLO 12 Ltd. Series 2025-12A, Class A1 4.983% (CME Term SOFR 3 Month + 1.31%), 10/15/2038^(a)(b)		750		751,009


Total Collateralized Loan Obligations (cost $3,563,752)				3,564,896


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2%
Non-Agency Fixed Rate CMBS – 1.2%
BANK5 Series 2025-5YR14, Class A3 5.646%, 04/15/2058		600		616,639



ABFunds.com		AB Active ETFs, Inc. 129

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

BMO Mortgage Trust Series 2025-5C10, Class A3 5.578%, 05/15/2058	$	500	$	512,528
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026^(c)		421		417,814
Series 2021-1, Class AS 2.638%, 08/15/2026^(c)		25		24,537
Wells Fargo Commercial Mortgage Trust Series 2024-5C2, Class A3 5.92%, 11/15/2057		500		516,743
Series 2025-5C5, Class A3 5.59%, 07/15/2058		500		513,544

				2,601,805

Agency CMBS – 0.0%
Government National Mortgage Association Series 2006-39, Class IO 0.161%, 07/16/2046^(d)		101		1


Total Commercial Mortgage-Backed Securities (cost $2,640,280)				2,601,806


ASSET-BACKED SECURITIES – 1.0%
Other ABS - Fixed Rate – 0.6%
College Ave Student Loans LLC Series 2021-C, Class C 3.06%, 07/26/2055^(a)		133		123,332
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)		31		31,047
Diamond Issuer LLC Series 2021-1A, Class B 2.701%, 11/20/2051^(a)		566		550,369
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046^(a)		171		157,652
MVW LLC Series 2021-2A, Class C 2.23%, 05/20/2039^(a)		187		177,715
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062^(a)		220		197,337

				1,237,452

Autos - Fixed Rate – 0.4%
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028^(a)		10		10,072



130 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028^(a)	$	475	$	477,866
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028		18		17,463
Series 2021-N4, Class D 2.30%, 09/11/2028		30		29,261
Enterprise Fleet Financing LLC Series 2023-2, Class A2 5.56%, 04/22/2030^(a)		46		46,250
FHF Trust Series 2023-1A, Class A2 6.57%, 06/15/2028^(a)		12		11,684
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a)		96		97,024
Series 2023-2A, Class A2 7.09%, 10/16/2028^(a)		42		42,152
Santander Drive Auto Receivables Trust Series 2023-3, Class B 5.61%, 07/17/2028		29		29,082
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027^(a)		19		18,987
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027^{(c)(e)(f)(g)(h)}		28		26,335
US Bank NA Series 2023-1, Class B 6.789%, 08/25/2032^(a)		49		48,868

				855,044

Total Asset-Backed Securities (cost $2,161,156)				2,092,496


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%
Risk Share Floating Rate – 0.1%
Connecticut Avenue Securities Trust Series 2024-R02, Class 1M1 4.712% (CME Term SOFR + 1.10%), 02/25/2044^(a)(b)		28		27,965
Series 2024-R04, Class 1M1 4.712% (CME Term SOFR + 1.10%), 05/25/2044^(a)(b)		7		7,220
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2024-DNA1, Class M1 4.962% (CME Term SOFR + 1.35%), 02/25/2044^(a)(b)		88		88,011



ABFunds.com		AB Active ETFs, Inc. 131

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2024-HQA1, Class M1 4.862% (CME Term SOFR + 1.25%), 03/25/2044^(a)(b)	$	74	$	73,790

				196,986

Non-Agency Floating Rate – 0.0%
Federal Home Loan Mortgage Corp. Mscr Trust Mn1 Series 2021-MN1, Class M1 5.612% (CME Term SOFR + 2.00%), 01/25/2051^(a)(b)		14		13,602


Total Collateralized Mortgage Obligations (cost $210,578)				210,588


EMERGING MARKETS - CORPORATE BONDS – 0.1%
Industrial – 0.1%
Energy – 0.1%
Raizen Fuels Finance SA 6.25%, 07/08/2032^(c)(e)(g)(cost $283,199)		359		205,395


	Shares
SHORT-TERM INVESTMENTS – 4.4%
Investment Companies – 4.4%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(i)(j)(k)(cost $9,550,124)		9,550,124		9,550,124


Total Investments – 100.7% (cost $217,683,974)				216,191,909
Other assets less liabilities – (0.7)%				(1,510,339	)


Net Assets – 100.0%			$	214,681,570

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		59		September 2026	$	6,612,609	$	61,351
U.S. Long Bond (CBT) Futures		105		September 2026		11,782,969		39,172
U.S. T-Note 5 Yr (CBT) Futures		193		September 2026		20,691,711		71,586

Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		22		September 2026		4,544,375		(5,766	)
U.S. T-Note 10 Yr (CBT) Futures		58		September 2026		6,370,031		(48,015	)
U.S. Ultra Bond (CBT) Futures		61		September 2026		6,978,781		(37,172	)

							$	81,156



132 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(a)

(b)	Floating Rate Security. Stated interest/ floor/ceiling rate was in effect at May 31, 2026.

(c)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.30% of net assets as of May 31, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021 - 09/06/2022	$	421,719	$	417,814		0.19	%
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021 - 04/01/2021		25,030		24,537		0.01	%
Raizen Fuels Finance SA 6.25%, 07/08/2032		02/03/2026		283,199		205,395		0.09	%
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027		05/14/2024		28,165		26,335		0.01	%

(d)	IO – Interest Only.

(e)	Non-income producing security.

(f)	Fair valued by the Adviser.

(g)	Defaulted.

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

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

(j)	Affiliated investments.

(k)	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.

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 133

PORTFOLIO OF INVESTMENTS

AB CORPORATE BOND ETF

May 31, 2026 (unaudited)


	Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 97.0%
Industrial - 57.7%
Basic - 1.6%
Dow Chemical Co. (The) 4.375%, 11/15/2042	$	163	$	132,025
4.80%, 01/15/2031		27		26,755
6.90%, 05/15/2053		125		131,169
LYB International Finance III LLC 6.15%, 05/15/2035		7		7,249
Nutrien Ltd. 4.90%, 03/27/2028		130		131,078

				428,276

Capital Goods – 2.8%
3M Co. 3.375%, 03/01/2029		133		129,306
CRH America Finance, Inc. 4.40%, 02/09/2031		134		132,171
General Dynamics Corp. 3.625%, 04/01/2030		135		130,827
Johnson Controls International PLC/Tyco Fire & Security Finance SCA 1.75%, 09/15/2030		29		25,826
Northrop Grumman Corp. 3.25%, 01/15/2028		132		129,807
Parker-Hannifin Corp. 3.25%, 06/14/2029		24		23,187
4.25%, 09/15/2027		132		131,929
Regal Rexnord Corp. 6.05%, 04/15/2028		34		34,787

				737,840

Communications - Media – 2.8%
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484%, 10/23/2045		128		118,089
Cox Communications, Inc. 5.45%, 09/01/2034^(a)		36		34,327
5.80%, 12/15/2053^(a)		78		65,476
5.95%, 09/01/2054^(a)		145		124,342
Meta Platforms, Inc. 4.65%, 08/15/2062		141		108,742
5.625%, 11/15/2055		138		127,119
5.75%, 05/15/2063		36		33,018
5.75%, 11/15/2065		137		125,338

				736,451



134 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Communications - Telecommunications – 2.3%
AT&T, Inc. 4.55%, 03/09/2049	$	53	$	42,791
5.70%, 11/01/2054		27		25,488
6.05%, 08/15/2056		26		25,674
Verizon Communications, Inc. 5.012%, 08/21/2054		152		132,647
5.25%, 04/02/2035		132		132,799
5.25%, 03/16/2037		133		132,130
6.00%, 11/30/2065		133		131,056

				622,585

Consumer Cyclical - Automotive – 1.8%
American Honda Finance Corp. 4.90%, 03/13/2029		125		125,945
5.15%, 07/09/2032		28		28,185
Series G 4.45%, 10/22/2027		25		25,007
4.50%, 09/04/2030		27		26,645
5.05%, 07/10/2031		130		130,754
General Motors Co. 6.80%, 10/01/2027		127		130,410

				466,946

Consumer Cyclical - Other – 1.2%
JH North America Holdings, Inc. 6.125%, 07/31/2032^(a)		59		59,206
Las Vegas Sands Corp. 3.90%, 08/08/2029		128		123,755
5.625%, 06/15/2028		20		20,284
5.90%, 06/01/2027		126		127,520

				330,765

Consumer Cyclical - Retailers – 1.0%
Genuine Parts Co. 4.95%, 08/15/2029		131		130,535
Tapestry, Inc. 5.50%, 03/11/2035		128		129,028

				259,563

Consumer Non-Cyclical – 16.8%
AbbVie, Inc. 5.50%, 03/15/2064		109		104,922
Altria Group, Inc. 3.875%, 09/16/2046		23		17,114
5.25%, 08/06/2035		27		27,028
5.95%, 02/14/2049		108		106,329
Amgen, Inc. 5.15%, 03/02/2028		130		131,626



ABFunds.com		AB Active ETFs, Inc. 135

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Archer-Daniels-Midland Co. 3.25%, 03/27/2030	$	138	$	131,906
BAT Capital Corp. 6.25%, 08/15/2055		25		25,543
7.079%, 08/02/2043		103		114,616
Biogen, Inc. 2.25%, 05/01/2030		144		131,498
Bristol-Myers Squibb Co. 4.55%, 02/20/2048		151		129,242
5.55%, 02/22/2054		132		128,538
Cardinal Health, Inc. 3.41%, 06/15/2027		131		129,788
4.50%, 09/15/2030		27		26,765
5.125%, 02/15/2029		51		51,753
5.35%, 11/15/2034		25		25,279
Cencora, Inc. 3.45%, 12/15/2027		131		129,208
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC 5.60%, 01/15/2031^(a)		27		26,235
Eli Lilly & Co. 4.95%, 02/27/2063		148		131,671
5.20%, 08/14/2064		79		73,060
5.60%, 02/12/2065		134		131,246
5.65%, 10/15/2065		26		25,878
Gilead Sciences, Inc. 5.55%, 10/15/2053		87		85,587
5.60%, 11/15/2064		29		28,419
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030		78		73,414
4.60%, 05/15/2030		26		25,840
5.05%, 03/15/2029		74		74,752
Series 31* 2.25%, 03/15/2031		148		131,678
Kimberly-Clark Corp. 3.10%, 03/26/2030		84		80,007
Mars, Inc. 5.65%, 05/01/2045^(a)		131		129,887
Merck & Co., Inc. 4.90%, 05/17/2044		7		6,478
5.00%, 05/17/2053		86		77,942
5.15%, 05/17/2063		144		130,486
5.70%, 09/15/2055		132		132,434
5.70%, 12/04/2065		50		49,331
Novartis Capital Corp. 2.20%, 08/14/2030		144		131,603
3.80%, 09/18/2029		31		30,463
4.10%, 11/05/2030		133		130,916



136 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.30%, 11/05/2032	$	60	$	58,826
Pfizer Investment Enterprises Pte. Ltd. 4.65%, 05/19/2030		129		129,684
4.75%, 05/19/2033		130		129,224
Philip Morris International, Inc. 2.10%, 05/01/2030		96		87,581
Reynolds American, Inc. 5.85%, 08/15/2045		134		131,459
Royalty Pharma PLC 1.75%, 09/02/2027		135		130,637
Sysco Corp. 5.10%, 09/23/2030		24		24,286
5.95%, 04/01/2030		126		130,929
6.60%, 04/01/2050		126		134,235
Utah Acquisition Sub, Inc. 5.25%, 06/15/2046		90		75,431
Viatris, Inc. 3.85%, 06/22/2040		60		46,830
4.00%, 06/22/2050		190		129,705
Zoetis, Inc. 4.15%, 08/17/2028		131		130,253

				4,457,562

Energy – 12.0%
Baker Hughes Holdings LLC 5.125%, 09/15/2040		135		130,167
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. 3.337%, 12/15/2027		131		129,199
Eastern Energy Gas Holdings LLC 5.65%, 10/15/2054		140		133,305
Enbridge, Inc. 6.20%, 11/15/2030		125		132,140
Energy Transfer LP 6.20%, 04/01/2055		25		24,843
Enterprise Products Operating LLC Series E 5.25%, 08/16/2077		130		129,708
MPLX LP 6.20%, 09/15/2055		26		26,096
ONEOK, Inc. 4.25%, 09/24/2027		131		130,716
5.70%, 11/01/2054		140		130,539
6.625%, 09/01/2053		96		100,854
Phillips 66 5.875%, 05/01/2042		32		32,227
Phillips 66 Co. 5.25%, 06/15/2031		126		128,573



ABFunds.com		AB Active ETFs, Inc. 137

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Plains All American Pipeline LP 5.95%, 06/15/2035	$	124	$	128,253
Plains All American Pipeline LP/PAA Finance Corp. 5.60%, 01/15/2036		129		130,050
Schlumberger Holdings Corp. 2.65%, 06/26/2030^(a)		141		131,147
Shell Finance US, Inc. 4.00%, 05/10/2046		102		81,716
5.50%, 03/25/2040^(a)		128		129,424
6.375%, 12/15/2038^(a)		118		129,592
Suncor Energy, Inc. 6.85%, 06/01/2039		117		130,171
Targa Resources Corp. 4.35%, 01/15/2029		130		129,454
4.90%, 09/15/2030		49		49,309
5.40%, 07/30/2036		16		16,011
6.50%, 02/15/2053		124		130,404
Tennessee Gas Pipeline Co. LLC 2.90%, 03/01/2030^(a)		141		132,227
Williams Cos., Inc. (The) 2.60%, 03/15/2031		146		132,397
5.30%, 08/15/2052		107		97,821
5.65%, 03/15/2033		125		129,291
Woodside Finance Ltd. 5.10%, 09/12/2034		132		130,786
5.40%, 05/19/2030		127		129,504
6.00%, 05/19/2035		20		20,895

				3,186,819

Other Industrial – 0.5%
LKQ Corp. 5.75%, 06/15/2028		126		128,187


Services – 3.5%
Amazon.com, Inc. 3.25%, 05/12/2061		216		134,724
4.10%, 04/13/2062		180		134,336
4.25%, 08/22/2057		164		128,786
5.55%, 11/20/2065		133		126,037
5.80%, 03/13/2056		49		49,010
eBay, Inc. 2.70%, 03/11/2030		87		80,846
PayPal Holdings, Inc. 2.85%, 10/01/2029		30		28,355
5.05%, 06/01/2052		152		131,185
5.15%, 06/01/2034		130		129,326

				942,605



138 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Technology – 10.1%
Adobe, Inc. 2.30%, 02/01/2030	$	143	$	132,475
Alphabet, Inc. 5.25%, 05/15/2055		106		99,930
5.30%, 05/15/2065		146		135,125
5.70%, 11/15/2075		133		129,670
5.75%, 02/15/2066		76		75,395
Amphenol Corp. 3.80%, 11/15/2027		27		26,830
4.40%, 02/15/2033		27		26,322
4.625%, 02/15/2036		27		26,074
Apple, Inc. 2.55%, 08/20/2060		235		127,861
Applied Materials, Inc. 1.75%, 06/01/2030		144		129,672
Broadridge Financial Solutions, Inc. 2.60%, 05/01/2031		146		130,510
2.90%, 12/01/2029		140		131,275
Cisco Systems, Inc. 5.35%, 02/26/2064		139		130,675
Gartner, Inc. 3.625%, 06/15/2029^(a)		69		65,418
4.50%, 07/01/2028^(a)		131		129,194
Hewlett Packard Enterprise Co. 4.40%, 09/25/2027		132		131,942
Honeywell International, Inc. 2.70%, 08/15/2029		54		51,192
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.50%, 05/11/2031		131		117,711
Oracle Corp. 2.30%, 03/25/2028		99		94,802
3.25%, 11/15/2027		101		99,073
3.95%, 03/25/2051		154		101,025
4.45%, 09/26/2030		27		26,168
4.80%, 08/03/2028		24		23,998
4.80%, 09/26/2032		27		25,947
5.20%, 09/26/2035		19		18,067
5.875%, 09/26/2045		27		24,109
5.95%, 09/26/2055		27		23,609
6.00%, 08/03/2055		24		20,967
6.10%, 09/26/2065		27		23,234
6.125%, 08/03/2065		24		20,763
Salesforce, Inc. 1.95%, 07/15/2031		151		131,893
3.05%, 07/15/2061		231		132,014
6.55%, 03/15/2056		111		113,243

				2,676,183



ABFunds.com		AB Active ETFs, Inc. 139

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Transportation - Airlines – 0.8%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(a)	$	121	$	120,923
United Airlines 2020-1 Class A Pass Through Trust Series 20-1 5.875%, 04/15/2029		100		101,345

				222,268

Transportation - Services – 0.5%
XPO, Inc. 6.25%, 06/01/2028^(a)		126		127,627

				15,323,677

Financial Institutions – 31.2%
Banking – 19.2%
Ally Financial, Inc. 8.00%, 11/01/2031		115		128,408
American Express Co. 4.731%, 04/25/2029		26		26,128
Bank of America Corp. 3.419%, 12/20/2028		84		82,662
Series G 3.593%, 07/21/2028		124		122,910
Bank of Montreal 4.062%, 09/22/2028		27		26,873
Bank of Nova Scotia (The) 4.043%, 09/15/2028		27		26,878
4.404%, 09/08/2028		130		129,982
Capital One Financial Corp. 2.359%, 07/29/2032		152		131,246
6.183%, 01/30/2036		61		62,403
7.964%, 11/02/2034		72		82,947
Citigroup, Inc. 2.572%, 06/03/2031		15		13,798
3.52%, 10/27/2028		133		131,437
3.668%, 07/24/2028		131		129,923
4.503%, 09/11/2031		26		25,722
4.658%, 05/24/2028		58		58,160
5.827%, 02/13/2035		127		129,542
6.02%, 01/24/2036		24		24,716
6.174%, 05/25/2034		123		128,551
Citizens Financial Group, Inc. 5.718%, 07/23/2032		25		25,682
Fifth Third Bancorp 4.895%, 09/06/2030		130		130,367
Goldman Sachs Group, Inc. (The) 3.102%, 02/24/2033		27		24,474
3.691%, 06/05/2028		42		41,714
3.814%, 04/23/2029		133		131,139



140 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.153%, 10/21/2029	$	27	$	26,665
4.223%, 05/01/2029		131		130,037
4.369%, 10/21/2031		27		26,462
4.594%, 04/20/2030		26		25,911
4.939%, 10/21/2036		27		26,215
5.049%, 07/23/2030		25		25,227
5.094%, 04/20/2034		26		25,943
5.218%, 04/23/2031		26		26,363
5.33%, 07/23/2035		25		25,140
5.536%, 01/28/2036		24		24,410
5.727%, 04/25/2030		13		13,353
5.851%, 04/25/2035		18		18,728
6.484%, 10/24/2029		93		96,849
HSBC Holdings PLC 6.50%, 09/15/2037		124		131,631
JPMorgan Chase & Co. 2.182%, 06/01/2028		133		130,200
2.956%, 05/13/2031		136		127,200
M&T Bank Corp. 5.179%, 07/08/2031		26		26,242
Morgan Stanley 2.484%, 09/16/2036		15		13,044
5.164%, 04/20/2029		130		131,346
5.173%, 01/16/2030		101		102,194
5.192%, 04/17/2031		26		26,380
5.23%, 01/15/2031		24		24,357
5.449%, 07/20/2029		116		117,978
5.831%, 04/19/2035		109		113,590
Series G 2.699%, 01/22/2031		76		70,756
3.772%, 01/24/2029		131		129,415
Series I 4.133%, 10/18/2029		16		15,812
4.356%, 10/22/2031		27		26,475
4.892%, 10/22/2036		11		10,668
PNC Financial Services Group, Inc. (The) 4.626%, 06/06/2033		107		103,941
5.373%, 07/21/2036		27		27,244
5.575%, 01/29/2036		6		6,145
5.676%, 01/22/2035		116		119,697
6.875%, 10/20/2034		117		129,259
Regions Financial Corp. 5.722%, 06/06/2030		127		130,271
Royal Bank of Canada 4.40%, 04/17/2030		27		26,839
4.498%, 08/06/2029		27		26,980
4.612%, 05/03/2032		27		26,768



ABFunds.com		AB Active ETFs, Inc. 141

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series G 4.965%, 01/24/2029	$	128	$	128,977
5.153%, 02/04/2031		24		24,346
Santander Holdings USA, Inc. 6.174%, 01/09/2030		126		129,871
State Street Corp. 3.031%, 11/01/2034		140		131,349
Synchrony Financial 2.875%, 10/28/2031		150		132,033
5.935%, 08/02/2030		129		131,459
US Bancorp 4.548%, 07/22/2028		129		129,204
4.967%, 07/22/2033		131		129,650
Wells Fargo & Co. 4.078%, 09/15/2029		27		26,687
4.97%, 04/23/2029		26		26,196

				5,091,169

Brokerage – 1.3%
Apollo Global Management, Inc. 5.80%, 05/21/2054		133		128,223
Blue Owl Finance LLC 6.25%, 04/18/2034		126		125,132
Jefferies Financial Group, Inc. 6.20%, 04/14/2034		99		102,222

				355,577

Finance – 6.5%
Apollo Debt Solutions BDC 6.90%, 04/13/2029		93		95,625
Ares Capital Corp. 5.10%, 01/15/2031		27		26,236
5.50%, 09/01/2030		26		25,748
5.875%, 03/01/2029		104		105,097
5.95%, 07/15/2029		128		129,589
Ares Strategic Income Fund 4.85%, 01/15/2029^(a)		27		26,287
5.15%, 01/15/2031^(a)		27		25,877
5.70%, 03/15/2028		25		25,046
Barings BDC, Inc. 5.20%, 09/15/2028		27		26,542
Blackstone Private Credit Fund 5.95%, 07/16/2029		129		129,227
Blackstone Secured Lending Fund 5.125%, 01/31/2031		27		25,961
Blue Owl Capital Corp. 5.95%, 03/15/2029		129		128,951
Blue Owl Credit Income Corp. 5.80%, 03/15/2030		133		129,483



142 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

6.60%, 09/15/2029	$	87	$	87,653
Brookfield Finance, Inc. 5.33%, 01/15/2036		27		26,649
5.813%, 03/03/2055		27		26,321
Carlyle Secured Lending, Inc. 5.75%, 02/15/2031		27		25,990
Franklin BSP Capital Corp. 6.00%, 10/02/2030^(a)		27		25,983
Goldman Sachs Private Credit Corp. 6.15%, 06/16/2031^(a)		27		26,887
Golub Capital Private Credit Fund 5.875%, 05/01/2030		23		22,762
HA Sustainable Infrastructure Capital, Inc. 6.375%, 07/01/2034		126		129,122
6.75%, 07/15/2035		26		27,121
HPS Corporate Lending Fund 4.90%, 09/11/2028		26		25,523
5.30%, 06/05/2027		26		25,915
5.45%, 11/15/2030		26		25,228
5.85%, 06/05/2030		26		25,692
North Haven Private Income Fund LLC 5.125%, 09/25/2028^(a)		27		26,388
Oaktree Specialty Lending Corp. 6.34%, 02/27/2030		26		25,763
Oaktree Strategic Credit Fund 6.19%, 07/15/2030		132		131,403
Sixth Street Lending Partners 6.125%, 07/15/2030		128		128,655
6.50%, 03/11/2029		10		10,203

				1,722,927

Insurance – 2.2%
Athene Holding Ltd. 6.25%, 04/01/2054		129		121,461
6.625%, 05/19/2055		8		7,906
CNO Global Funding 5.875%, 06/04/2027^(a)		24		24,326
Jackson National Life Global Funding 4.55%, 09/09/2030^(a)		27		26,449
Prudential Financial, Inc. 4.50%, 09/15/2047		134		131,470
5.70%, 09/15/2048		130		129,998
SBL Holdings, Inc. 7.20%, 10/30/2034^(a)		143		132,009

				573,619

REITs – 2.0%
CBRE Services, Inc. 5.95%, 08/15/2034		125		130,324



ABFunds.com		AB Active ETFs, Inc. 143

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Equinix, Inc. 2.50%, 05/15/2031	$	146	$	131,058
Store Capital LLC 5.40%, 04/30/2030		26		26,223
VICI Properties LP/VICI Note Co., Inc. 4.625%, 12/01/2029^(a)		131		128,877
WEA Finance LLC 3.50%, 06/15/2029^(a)		131		125,896

				542,378

				8,285,670

Utility – 8.1%
Electric – 8.0%
AES Corp. (The) 2.45%, 01/15/2031		148		132,565
E.ON International Finance BV 6.65%, 04/30/2038^(a)		79		86,932
Emera US Finance LLC 4.50%, 04/01/2029		26		25,879
5.20%, 04/01/2033		26		25,848
ENEL Finance International NV 6.00%, 10/07/2039^(a)		129		131,545
Eversource Energy 5.45%, 03/01/2028		128		129,827
Exelon Corp. 4.05%, 04/15/2030		135		132,079
ITC Holdings Corp. 4.875%, 04/15/2031^(a)		26		25,910
4.95%, 09/22/2027^(a)		131		131,643
NextEra Energy Capital Holdings, Inc. 4.85%, 02/04/2028		128		129,107
5.65%, 05/01/2079		123		122,767
5.90%, 03/15/2055		89		87,940
Niagara Mohawk Power Corp. 4.647%, 10/03/2030^(a)		27		26,840
5.996%, 07/03/2055^(a)		132		131,151
NRG Energy, Inc. 4.955%, 04/30/2031^(a)		27		26,723
Oklahoma Gas & Electric Co. 5.90%, 04/01/2056		26		26,333
Pacific Gas & Electric Co. 3.75%, 07/01/2028		79		77,573
PacifiCorp 4.65%, 04/15/2029		26		25,967
5.10%, 04/15/2031		15		15,144
Public Service Co. of Colorado 1.875%, 06/15/2031		150		131,196
Sempra 3.40%, 02/01/2028		132		129,604



144 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Southern California Edison Co. 5.30%, 03/01/2028	$	129	$	130,406
5.45%, 06/01/2031		126		128,494
5.85%, 11/01/2027		70		71,162
Xcel Energy, Inc. 4.75%, 03/21/2028		26		26,106

				2,108,741

Other Utility – 0.1%
Boston Gas Co. 3.15%, 08/01/2027^(a)		38		37,463

				2,146,204

Total Corporates - Investment Grade (cost $25,887,454)				25,755,551



	Shares
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(b)(c)(d)(cost $132,946)		132,946		132,946


Total Investments – 97.5% (cost $26,020,400)				25,888,497
Other assets less liabilities – 2.5%				653,957


Net Assets – 100.0%			$	26,542,454

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		89		September 2026	$	9,974,953	$	88,211
U.S. Long Bond (CBT) Futures		28		September 2026		3,142,125		10,524
U.S. T-Note 5 Yr (CBT) Futures		262		September 2026		28,089,266		97,078

Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		54		September 2026		11,154,375		(16,453	)
U.S. T-Note 10 Yr (CBT) Futures		247		September 2026		27,127,547		(203,656	)
U.S. Ultra Bond (CBT) Futures		17		September 2026		1,944,906		(10,360	)

							$	(34,656	)

(a)

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



ABFunds.com		AB Active ETFs, Inc. 145

PORTFOLIO OF INVESTMENTS (continued)

(c)	Affiliated investments.

(d)	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.

Glossary:

CBT – Chicago Board of Trade

HFC – Housing Finance Corporation

REIT – Real Estate Investment Trust

See notes to financial statements.



146 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB TAX-AWARE INTERMEDIATE MUNICIPAL ETF

May 31, 2026 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 97.5%
Long-Term Municipal Bonds – 92.1%
Alabama – 4.4%
Alabama Highway Authority (Alabama Highway Authority) AG Series 2025 5.00%, 09/01/2044	$	1,000	$	1,090,500
Auburn University (Auburn University) Series 2025-A 5.00%, 06/01/2026		1,125		1,125,000
Black Belt Energy Gas District (BP PLC) Series 2024-D 5.00%, 03/01/2055		2,250		2,398,226
Series 2025-E 5.00%, 12/01/2055		1,000		1,067,884
Black Belt Energy Gas District (Canadian Imperial Bank of Commerce) Series 2022-E 5.00%, 05/01/2053		1,000		1,033,295
Series 2026-B 5.00%, 12/01/2034		1,035		1,111,469
Black Belt Energy Gas District (Goldman Sachs Group) Series 2024-B 5.00%, 10/01/2055		2,750		2,901,585
Series 2026-E 5.00%, 07/01/2033		1,000		1,053,908
Black Belt Energy Gas District (Nomura Holdings, Inc.) Series 2022-A 4.00%, 12/01/2052		1,100		1,106,529
Black Belt Energy Gas District (Pacific Life Insurance) Series 2025-D 5.00%, 12/01/2055		2,000		2,129,425
Series 2026-F 5.00%, 12/01/2035		1,000		1,061,897
County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) Series 2024 5.25%, 10/01/2040		1,250		1,365,524
5.25%, 10/01/2044		100		107,424



ABFunds.com		AB Active ETFs, Inc. 147

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Energy Southeast A Cooperative District (Goldman Sachs Group) Series 2025-A 5.00%, 11/01/2035	$	1,000	$	1,059,635
Energy Southeast A Cooperative District (Morgan Stanley) Series 2024-B 5.25%, 07/01/2054		1,460		1,557,282
Lauderdale County Agriculture Center Authority (Lauderdale County Agriculture Center Authority Spl Tax) Series 2024 5.00%, 07/01/2041		1,000		1,071,819
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2024 5.00%, 06/01/2049		200		210,671
Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) Series 2025-A 5.00%, 01/01/2056		500		510,981
Southeast Energy Authority A Cooperative District (Deutsche Bank AG) Series 2024-A 5.00%, 11/01/2035		1,900		1,982,502
Southeast Energy Authority A Cooperative District (JPMorgan Chase & Co.) Series 2025-E 5.00%, 10/01/2030		1,100		1,177,898
Southeast Energy Authority A Cooperative District (New York Life Insurance) Series 2025 5.00%, 09/01/2035		1,000		1,085,482
Southeast Energy Authority A Cooperative District (Pacific Life Insurance) Series 2024-C 5.00%, 10/01/2055		750		797,131

				27,006,067

Arizona – 2.1%
Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) Series 2023 5.25%, 11/01/2053		1,000		1,020,057
Series 2024 5.00%, 11/01/2044		150		157,775
5.00%, 11/01/2049		1,000		1,018,823



148 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Arizona Industrial Development Authority (ISF Ativo Portfolio Obligated Group) Series 2025 6.875%, 03/01/2055^(a)	$	1,000	$	1,051,342
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2042		300		303,633
5.00%, 09/01/2052		1,000		1,012,297
Series 2024 4.00%, 06/01/2049		2,000		2,030,987
Industrial Development Authority of the City of Phoenix Arizona (The) (Downtown Phoenix Student Housing) Series 2018-A 5.00%, 07/01/2037		1,000		1,009,327
La Paz County Industrial Development Authority (Harmony Public Schools) Series 2016 5.00%, 02/15/2036^(a)		400		400,156
Maricopa County Industrial Development Authority (Banner Health Obligated Group) Series 2026 5.00%, 01/01/2034^(b)		1,000		1,104,890
Maricopa County Industrial Development Authority (HonorHealth Obligated Group) Series 2019-A 4.125%, 09/01/2042		250		243,048
Salt River Project Agricultural Improvement & Power District (Salt River Project Agricultural Improvement & Power District) Series 2025-C 5.00%, 01/01/2046		2,000		2,155,465
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2037		1,500		1,581,442

				13,089,242

California – 9.0%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign) Series 2024-B 5.00%, 07/01/2032		1,000		1,095,686



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PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Community Choice Financing Authority (American General Life Insurance) Series 2024C 5.00%, 08/01/2055	$	3,200	$	3,334,824
California Community Choice Financing Authority (Athene Annuity & Life Co.) Series 2024G 5.00%, 11/01/2055		750		771,028
Series 2025-A 5.00%, 01/01/2056		1,000		1,029,839
California Community Choice Financing Authority (Bank of Nova Scotia (The)) Series 2025E 5.00%, 10/01/2056		1,250		1,350,925
California Community Choice Financing Authority (Canadian Imperial Bank of Commerce) Series 2026 5.00%, 02/01/2031		1,000		1,061,292
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		200		212,320
California Community Choice Financing Authority (Morgan Stanley) Series 2026-A 3.882% (SOFR + 1.45%), 04/01/2056^(c)		1,000		998,167
5.00%, 04/01/2056		1,000		1,079,584
California Community Choice Financing Authority (New York Life Insurance) Series 2024H 5.00%, 01/01/2056		500		541,616
Series 2025G 5.00%, 12/01/2035		1,000		1,096,179
California Community Choice Financing Authority (Pacific Life Insurance) Series 2024-F 5.00%, 02/01/2055		750		798,267
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056^(a)		100		81,286
California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) Series 2024 5.25%, 12/01/2044		1,000		1,052,723
Series 2025 5.00%, 12/01/2035		1,000		1,114,009



150 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Infrastructure & Economic Development Bank (Desertxpress Enterprises) Series 2025 3.50%, 01/01/2065^(a)	$	2,000	$	1,999,555
12.00%, 01/01/2065^(a)		945		529,200
California Municipal Finance Authority (CHF-Riverside II LLC) Series 2019 5.00%, 05/15/2033		500		524,610
California Municipal Finance Authority (CMFA 2026-1) Series 2026-1, Class A1 4.05%, 07/20/2041		998		985,218
California Public Finance Authority (ISF Ativo Portfolio Obligated Group) Series 2025 6.75%, 03/01/2055^(a)		1,000		1,056,828
California Statewide Communities Development Authority (California Statewide Community Development Authority PACE Assessments) Series 2026 5.00%, 09/02/2040^(a)		490		500,354
City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) Series 2025-A 5.00%, 06/01/2055		1,000		1,059,721
City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) Series 2020-C 5.00%, 05/15/2045		1,000		1,027,570
Series 2022 5.50%, 05/15/2038		2,000		2,197,136
Series 2025 5.25%, 05/15/2045		500		540,582
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 3.00%, 08/01/2056^(a)		100		69,427
County of Sacramento CA Airport System Revenue (County of Sacramento CA Airport System Revenue) Series 2025-A 5.00%, 07/01/2039		1,000		1,088,202



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PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) Series 2021-B Zero Coupon, 06/01/2066	$	455	$	45,322
Series 2022 5.00%, 06/01/2051		1,460		1,456,878
Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) Series 2024-C 5.00%, 07/01/2041		500		539,746
Series 2026-A 5.00%, 07/01/2043		1,750		1,900,809
5.00%, 07/01/2044		2,000		2,144,643
Los Angeles Unified School District/CA (Los Angeles Unified School District/CA) Series 2017-A 5.00%, 07/01/2026		1,000		1,002,015
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-B 7.00%, 11/01/2034		1,500		1,805,640
Series 2009-C 7.00%, 11/01/2034		1,000		1,203,760
San Diego County Regional Airport Authority (San Diego County Regional Airport Authority) Series 2021-B 5.00%, 07/01/2038		1,100		1,162,109
San Francisco Bay Area Rapid Transit District (San Francisco Bay Area Rapid Transit District) Series 2017 4.00%, 08/01/2037		300		302,168
San Francisco Bay Area Rapid Transit District (San Francisco Bay Area Rapid Transit District Sales Tax Revenue) Series 2017-A 5.00%, 07/01/2026		1,325		1,327,513
San Francisco Intl Airport (Prerefunded – US Treasuries) Series 2019 5.00%, 01/01/2047		1,000		1,055,969
San Francisco Intl Airport (San Francisco Intl Airport) Series 2019-A 5.00%, 05/01/2044		1,000		1,021,953
Series 2023-E 5.00%, 05/01/2033		1,000		1,108,017
5.50%, 05/01/2037		1,545		1,739,233



152 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2024 5.00%, 05/01/2034	$	500	$	556,082
5.25%, 05/01/2042		1,250		1,365,422
Series 2025-D 5.50%, 05/01/2055		2,000		2,120,534
San Francisco Unified School District (San Francisco Unified School District) Series 2022 5.00%, 06/15/2026		1,830		1,831,682
San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) Series 2025 5.50%, 01/01/2056		1,000		1,107,572
Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) Series 2023 5.00%, 07/01/2034		1,000		1,116,902
5.00%, 07/01/2040		1,000		1,086,169
State of California (State of California) Series 2024 5.00%, 08/01/2044		200		218,936
Series 2026 5.00%, 10/01/2042		1,000		1,130,914

				55,546,136

Colorado – 2.6%
City & County of Denver CO Airport System Revenue (City & County of Denver CO Airport System Revenue) Series 2022-A 5.00%, 11/15/2047		1,000		1,023,440
Series 2022-D 5.50%, 11/15/2029		1,000		1,085,318
5.75%, 11/15/2045		1,315		1,427,239
City & County of Denver CO Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2031		305		318,596
5.00%, 12/01/2034		400		444,733
Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) Series 2021 4.00%, 01/01/2042		250		242,133
Colorado Health Facilities Authority (CommonSpirit Health Obligated Group) Series 2025 5.00%, 09/01/2035		2,000		2,233,367



ABFunds.com		AB Active ETFs, Inc. 153

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Colorado Health Facilities Authority (Intermountain Healthcare Obligated Group) Series 2024-A 5.00%, 05/15/2044	$	1,380	$	1,451,360
Regional Transportation District (Regional Transportation District COP) Series 2025 5.00%, 06/01/2038		1,500		1,683,458
State of Colorado (State of Colorado COP) Series 2022 6.00%, 12/15/2041		1,500		1,722,852
State of Colorado Department of Transportation (Prerefunded – US Treasuries) Series 2017 5.00%, 06/15/2041		1,000		1,000,849
Town of Vail CO (Town of Vail CO COP) Series 2025 5.50%, 12/01/2064		3,000		3,193,073

				15,826,418

Connecticut – 1.2%
Connecticut State Health & Educational Facilities Authority (Stamford Hospital Obligated Group) Series 2022 4.00%, 07/01/2036		1,000		1,005,004
4.00%, 07/01/2037		1,000		997,946
4.00%, 07/01/2039		1,000		976,241
Stamford Housing Authority (TJH Senior Living Obligated Group) Series 2025 6.375%, 10/01/2045		300		318,360
State of Connecticut (State of Connecticut) Series 2021-D 5.00%, 07/15/2026		2,200		2,206,347
Series 2024-A 5.00%, 01/15/2028		2,000		2,080,328

				7,584,226

District of Columbia – 2.7%
District of Columbia (District of Columbia Union Market TIF Area) Series 2024-A 5.125%, 06/01/2034^(a)		1,000		1,038,193



154 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

District of Columbia (KIPP DC Obligated Group) Series 2017-B 5.00%, 07/01/2037	$	200	$	202,285
District of Columbia (Plenary Infrastructure DC State Lease) Series 2022 5.00%, 02/28/2030		1,000		1,054,851
5.50%, 02/28/2034		1,000		1,116,089
5.50%, 08/31/2034		1,000		1,122,585
District of Columbia Income Tax Revenue (District of Columbia Income Tax Revenue) Series 2025-A 5.00%, 06/01/2044		1,000		1,091,689
Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) Series 2020-A 5.00%, 10/01/2029		1,000		1,063,822
5.00%, 10/01/2033		250		266,847
Series 2022-A 5.00%, 10/01/2031		345		376,258
Series 2023-A 5.00%, 10/01/2035		1,000		1,082,158
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (Metropolitan Washington Airports Authority Dulles Toll Road Revenue) Series 2010-B 6.50%, 10/01/2044^(d)		1,000		1,056,962
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (Prerefunded – US Treasuries) AG Series 2009 6.50%, 10/01/2041^(d)		1,275		1,291,215
Washington Convention & Sports Authority (Washington Convention & Sports Authority Ded Tax) Series 2018-A 5.00%, 10/01/2026		1,200		1,208,658
Washington Metropolitan Area Transit Authority (Washington Metropolitan Area Transit Authority State Lease) Series 2020-A 5.00%, 07/15/2045		400		412,318
Series 2023 5.25%, 07/15/2053		2,235		2,333,184



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PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2024 5.25%, 07/15/2059	$	1,750	$	1,825,433

				16,542,547

Florida – 5.5%
Brevard County Health Facilities Authority (Health First Obligated Group) Series 2022 5.00%, 04/01/2042		1,350		1,406,949
Capital Projects Finance Authority/FL (Navigator Academy of Leadership Obligated Group) Series 2024 5.00%, 06/15/2034^(a)		150		151,872
Capital Projects Finance Authority/FL (PRG – UnionWest Properties) Series 2024 5.00%, 06/01/2058^(a)		1,000		831,707
5.25%, 06/01/2044^(a)		500		453,950
Capital Trust Authority (AIDS Healthcare Foundation Obligated Group) Series 2026 5.25%, 12/01/2055		1,000		1,019,403
Capital Trust Authority (Mason Classical Academy) Series 2024 5.00%, 06/01/2054^(a)		1,150		1,069,461
Capital Trust Authority (QSH/St Augustine LLC) Series 2026 8.50%, 07/01/2057^(a)		1,000		1,003,591
Central Florida Tourism Oversight District (Central Florida Tourism Oversight District) Series 2024-A 5.00%, 06/01/2044		1,000		1,070,375
City of Tampa FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2020 4.00%, 07/01/2038		375		370,098
City of Venice FL (Southwest Florida Retirement Center Obligated Group) Series 2024 5.625%, 01/01/2060^(a)		100		100,336
Collier County Industrial Development Authority (NCH Healthcare System Obligated Group) AG Series 2026 5.00%, 04/01/2035		1,000		1,109,571



156 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

County of Broward FL Port Facilities Revenue (County of Broward FL Port Facilities Revenue) Series 2019-B 4.00%, 09/01/2044	$	1,000	$	956,704
5.00%, 09/01/2032		1,500		1,562,228
County of Lee FL Airport Revenue (County of Lee FL Airport Revenue) Series 2024 5.25%, 10/01/2044		1,000		1,067,244
Series 2026-A 5.00%, 10/01/2056		1,590		1,706,077
5.25%, 10/01/2037		1,000		1,130,833
County of Miami-Dade FL (County of Miami-Dade FL) Series 2024 5.00%, 04/01/2046		1,000		1,047,652
County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) Series 2024-A 5.00%, 10/01/2033		1,000		1,104,643
5.00%, 10/01/2034		1,005		1,116,452
5.00%, 10/01/2035		1,000		1,107,589
County of Miami-Dade FL Water & Sewer System Revenue (County of Miami-Dade FL Water & Sewer System Revenue) Series 2025-A 5.00%, 10/01/2055		2,000		2,061,819
County of Miami-Dade Seaport Department (County of Miami-Dade Seaport Dept.) Series 2023-A 5.00%, 10/01/2035		1,035		1,113,562
County of Palm Beach FL Airport System Revenue (County of Palm Beach FL Airport System Revenue) Series 2024-B 5.25%, 10/01/2042		300		326,704
Florida Development Finance Corp. (Brightline Trains Florida) AG Series 2024 5.00%, 07/01/2044		350		344,725
Florida Development Finance Corp. (GFL Solid Waste Southeast) Series 2024 4.375%, 10/01/2054^(a)		250		251,918
Florida Development Finance Corp. (SFP – Tampa I LLC) Series 2024 5.00%, 06/01/2044^(a)		1,000		1,005,283



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PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Florida Higher Educational Facilities Financing Authority (Florida Institute of Technology) Series 2019 5.00%, 10/01/2036	$	155	$	158,669
Florida Housing Finance Corp. (The Gallery at SoMi Parc) Series 2026 5.55%, 12/01/2044^(d)		1,300		1,317,957
Florida Local Government Finance Commission (Ponte Vedra Pine Obligated Group) Series 2025 4.20%, 11/15/2030^(a)		1,000		1,004,772
Greater Orlando Aviation Authority (Greater Orlando Aviation Authority) Series 2024 5.00%, 10/01/2034		500		555,449
5.25%, 10/01/2040		1,095		1,207,343
Greater Orlando Aviation Authority (United Airlines, Inc.) Series 2025 5.50%, 11/01/2037		1,000		1,066,778
Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) Series 2024 5.25%, 10/01/2044		300		322,131
Miami-Dade County Industrial Development Authority (Mater Academy Foundation) Series 2026 5.375%, 06/15/2060^(b)		1,000		999,752
Orange County Health Facilities Authority (Orlando Health Obligated Group) Series 2025 5.00%, 10/01/2044		500		533,086
Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) Series 2024 5.25%, 10/01/2048		255		255,235
Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group) Series 2022 5.00%, 11/01/2036		700		740,647
Series 2025 5.00%, 11/01/2043		1,000		1,027,821
Village Community Development District No. 15 (Village Community Development District No. 15 Series 2024 Special Assessment) Series 2024 4.20%, 05/01/2039^(a)		245		244,954

				33,925,340



158 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Georgia – 3.8%
Bulloch County Public Facilities Authority (County of Bulloch GA Sales & Use Tax Revenue) AG Series 2025 5.00%, 12/15/2026	$	1,200	$	1,214,558
City of Atlanta GA Airport Passenger Facility Charge (City of Atlanta GA Airport Passenger Facility Charge) Series 2023 5.25%, 07/01/2041		1,495		1,625,094
City of Atlanta GA Department of Aviation (City of Atlanta GA Dept. of Aviation) Series 2022-A 5.00%, 07/01/2047		1,310		1,363,838
Series 2025-B 5.00%, 07/01/2035		1,000		1,114,719
5.00%, 07/01/2038		1,365		1,484,145
Fayette County Development Authority (United States Soccer Federation) Series 2024 5.00%, 10/01/2042		1,100		1,144,800
5.00%, 10/01/2043		1,140		1,181,589
5.25%, 10/01/2049		1,000		1,024,115
5.25%, 10/01/2054		1,050		1,064,791
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2022-B 5.00%, 12/01/2052		1,555		1,619,003
Main Street Natural Gas, Inc. (Macquarie Group Ltd.) Series 2019-A 5.00%, 05/15/2043		1,000		1,014,733
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2024-B 5.00%, 12/01/2054		2,000		2,154,825
Main Street Natural Gas, Inc. (Toronto-Dominion Bank) Series 2024-D 5.00%, 04/01/2054		1,000		1,063,307
Municipal Electric Authority of Georgia (JEA Electric System Revenue) Series 2022 5.00%, 07/01/2052		2,000		2,029,628
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2019 5.00%, 01/01/2063		700		700,696



ABFunds.com		AB Active ETFs, Inc. 159

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033^(a)	$	2,000	$	2,254,533
Savannah Economic Development Authority (SSU Community Development I) Series 2021 4.00%, 06/15/2038		1,000		1,006,233
Savannah Hospital Authority (St. Joseph’s/Candler Health System Obligated Group) Series 2019 4.00%, 07/01/2039		500		486,155

				23,546,762

Guam – 0.4%
Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) Series 2024-A 5.25%, 10/01/2040		385		409,462
Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) Series 2024-A 5.00%, 07/01/2039		270		289,851
Guam Power Authority (Guam Power Authority) Series 2017-A 5.00%, 10/01/2033		1,000		1,016,739
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2042		1,000		968,067

				2,684,119

Hawaii – 0.4%
City & County Honolulu HI Wastewater System Revenue (City & County Honolulu HI Wastewater System Revenue) Series 2020-A 2.624%, 07/01/2045		250		167,582
State of Hawaii Airports System Revenue (State of Hawaii Airports System Revenue) Series 2022-A 5.00%, 07/01/2047		1,000		1,022,782
Series 2025-C 5.00%, 07/01/2041		1,000		1,081,450

				2,271,814



160 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Illinois – 6.6%
Chicago Board of Education (Chicago Board of Education) Series 2017-A 7.00%, 12/01/2046^(a)	$	1,000	$	1,022,637
Series 2021-A 5.00%, 12/01/2036		120		121,261
Series 2023-A 5.00%, 12/01/2034		100		102,625
6.00%, 12/01/2049		1,300		1,334,311
Series 2025 5.75%, 12/01/2050		1,000		1,007,721
6.25%, 12/01/2050		1,230		1,294,405
Series 2025-B 6.00%, 12/01/2043		1,000		1,067,130
Series 2025-C 5.50%, 12/01/2045		1,500		1,511,808
Chicago Midway International Airport (Chicago Midway Intl Airport) Series 2024-C 5.00%, 01/01/2033		1,000		1,083,248
5.00%, 01/01/2034		1,000		1,088,935
Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) Series 2024-A 5.00%, 01/01/2036		500		547,376
Series 2024-B 5.25%, 01/01/2053		1,000		1,041,027
Series 2024-C 5.00%, 01/01/2034		1,000		1,106,379
5.25%, 01/01/2042		250		270,929
Series 2025-A 5.00%, 01/01/2037		1,000		1,098,514
Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) Series 2024-A 5.00%, 12/01/2049		3,535		3,640,035
Series 2026-A 5.00%, 12/01/2043		1,000		1,077,651
City of Chicago IL (City of Chicago IL) Series 2024-B 5.00%, 01/01/2034		1,000		1,044,167
Series 2025-B 5.50%, 01/01/2040		1,000		1,058,177
Illinois Finance Authority (Advocate Aurora Health Obligated Group) Series 2014 4.00%, 08/01/2038		1,000		963,873



ABFunds.com		AB Active ETFs, Inc. 161

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Illinois Finance Authority (Centerpoint Joliet Terminal Railroad) Series 2024 4.125%, 12/01/2043^(a)	$	100	$	99,853
4.125%, 12/01/2050^(a)		1,000		998,535
Series 2025 4.80%, 12/01/2043^(a)		1,000		1,033,592
Illinois State Toll Highway Authority (Illinois State Toll Highway Authority) Series 2017-A 5.00%, 01/01/2042		2,245		2,290,633
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) NATL Series 2002 Zero Coupon, 06/15/2035		150		107,528
Series 2017 0.00%, 12/15/2042^(d)		100		78,680
Series 2020 5.00%, 06/15/2050		1,000		1,005,210
Series 2022 4.00%, 12/15/2042		1,375		1,324,338
Sales Tax Securitization Corp. (Sales Tax Securitization) Series 2025-A 5.00%, 01/01/2041		1,000		1,084,572
State of Illinois (State of Illinois) Series 2020 5.50%, 05/01/2039		1,085		1,153,405
Series 2020-B 4.00%, 10/01/2033		100		101,221
4.00%, 10/01/2035		1,000		1,005,564
Series 2021-A 5.00%, 12/01/2026		200		202,145
Series 2023-B 5.50%, 05/01/2047		1,000		1,047,461
Series 2023-D 4.00%, 07/01/2037		2,000		1,999,025
Series 2024 5.00%, 02/01/2039		1,000		1,081,110
State of Illinois Sales Tax Revenue (State of Illinois Sales Tax Revenue) Series 2025 5.00%, 06/15/2038		1,000		1,101,201
5.00%, 06/15/2041		1,000		1,084,016
Series 2025-B 5.00%, 06/15/2040		1,000		1,089,779



162 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Upper Illinois River Valley Development Authority (High Point Residence Fox Valley Obligated Group) Series 2025 7.00%, 11/01/2060	$	1,000	$	984,018

				40,354,095

Indiana – 2.0%
City of Valparaiso IN (Pratt Paper IN LLC) Series 2024 4.875%, 01/01/2044^(a)		100		102,118
City of Whiting IN (BP PLC) Series 2025 4.20%, 06/01/2044		2,000		2,089,999
Hancock County Redevelopment Authority (County of Hancock IN Mt Comfort North Allocation Area No. 1 Lease) Series 2025 5.00%, 08/15/2036		1,150		1,290,341
Indiana Finance Authority (Ascension Health Credit Group) Series 2025 5.00%, 11/15/2043		1,000		1,082,034
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-A 5.00%, 11/01/2054		1,265		1,293,396
Indiana Finance Authority (SFP-PUFW I LLC) Series 2024 4.25%, 07/01/2044		1,000		940,965
Indiana Municipal Power Agency (Indiana Municipal Power Agency) Series 2026-A 5.00%, 01/01/2041		2,000		2,217,836
Indianapolis Local Public Improvement Bond Bank (Health & Hospital of Marion County/The) Series 2025 5.00%, 01/15/2039		1,000		1,106,204
Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) Series 2023 6.00%, 03/01/2053		150		155,729
BAM Series 2023 5.25%, 03/01/2067		1,600		1,653,942
Series 2023-F 7.75%, 03/01/2067		100		109,477

				12,042,041



ABFunds.com		AB Active ETFs, Inc. 163

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Iowa – 0.2%
Iowa Tobacco Settlement Authority (Iowa Tobacco Settlement Authority) Series 2021-B Zero Coupon, 06/01/2065	$	1,120	$	162,588
PEFA, Inc. (Massachusetts Mutual Life Insurance) Series 2026-A 5.00%, 04/01/2035^(b)		1,000		1,065,128

				1,227,716

Kentucky – 1.7%
Kenton County Airport Board (Cincinnati/Northern Kentucky Intl Airport) Series 2024-A 5.00%, 01/01/2033		1,885		2,070,914
5.00%, 01/01/2035		1,095		1,205,370
5.25%, 01/01/2044		350		371,747
Kentucky Public Energy Authority (BP PLC) Series 2024-B 5.00%, 01/01/2055		1,155		1,223,250
Series 2025-C 5.00%, 05/01/2036		3,500		3,718,219
Kentucky Public Energy Authority (Goldman Sachs Group) Series 2024-A 5.00%, 05/01/2055		500		523,516
Kentucky Public Energy Authority (Morgan Stanley) Series 2023-A 5.25%, 04/01/2054		200		213,142
Series 2025-A 5.25%, 06/01/2055		1,000		1,056,516

				10,382,674

Louisiana – 1.0%
City of New Orleans LA (City of New Orleans LA) Series 2024-A 5.00%, 12/01/2041		1,000		1,042,788
Louisiana Public Facilities Authority (Calcasieu Bridge Partners) Series 2024 5.50%, 09/01/2054		100		102,230
Louisiana Stadium & Exposition District (Louisiana Stadium & Exposition District) Series 2023-A 5.00%, 07/01/2038		2,000		2,176,324



164 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Orleans Aviation Board (Louis Armstrong New Orleans Intl Airport) Series 2024 5.25%, 01/01/2040	$	1,000	$	1,084,777
5.25%, 01/01/2045		1,000		1,049,986
Parish of St. John the Baptist LA (Marathon Oil Corp.) Series 2024 3.30%, 06/01/2037		500		501,618
State of Louisiana Gasoline & Fuels Tax Revenue (State of Louisiana Gasoline & Fuels Tax Revenue) Series 2024-A 5.00%, 05/01/2039		200		220,446

				6,178,169

Maine – 0.4%
Finance Authority of Maine (Casella Waste Systems) Series 2024 4.625%, 12/01/2047^(a)		1,000		1,033,657
Maine Governmental Facilities Authority (State of Maine Lease) Series 2025-A 5.25%, 10/01/2044		1,460		1,602,316

				2,635,973

Maryland – 1.9%
Maryland Economic Development Corp. (Purple Line Transit Partners) Series 2022 5.25%, 06/30/2047		1,070		1,079,176
5.25%, 06/30/2052		1,085		1,086,784
5.25%, 06/30/2055		4,500		4,503,605
Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health System) Series 2025 5.00%, 05/15/2035		1,000		1,146,492
Maryland Stadium Authority (Baltimore City Public Schools Construction & Revitalization Program) Series 2018 5.00%, 05/01/2036		445		459,753
State of Maryland (State of Maryland) Series 2020 5.00%, 08/01/2027		1,000		1,028,512



ABFunds.com		AB Active ETFs, Inc. 165

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

State of Maryland Department of Transportation (Baltimore/Washington Intl Thurgood Marshall Airport) Series 2021 5.00%, 08/01/2046	$	1,000	$	1,021,077
State of Maryland Department of Transportation (Maryland Aviation Administration) AG Series 2024 5.25%, 08/01/2043		1,000		1,084,591

				11,409,990

Massachusetts – 4.3%
City of Quincy MA (City of Quincy MA) Series 2022-B 5.00%, 07/01/2047		1,000		1,043,987
Series 2025 5.00%, 07/24/2026		1,000		1,003,005
Commonwealth of Massachusetts (Commonwealth of Massachusetts) Series 2025-A 5.00%, 04/01/2044		1,000		1,090,284
5.00%, 04/01/2045		2,500		2,703,491
5.00%, 04/01/2055		1,500		1,553,897
Series 2025-F 5.00%, 08/01/2049		1,000		1,056,178
Series 2026 5.00%, 02/01/2040		1,100		1,247,132
Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) Series 2023-A 5.25%, 07/01/2048		1,000		1,066,730
Series 2025-B 5.25%, 07/01/2055		2,000		2,125,684
Massachusetts Development Finance Agency (Boston Medical Center Obligated Group) Series 2015-D 5.00%, 07/01/2044		500		500,086
Massachusetts Development Finance Agency (Dana-Farber Cancer Institute Obligated Group) Series 2026 5.00%, 12/01/2046^(b)		1,000		1,034,168
5.50%, 12/01/2051		1,000		1,073,423
5.50%, 12/01/2056		1,000		1,063,340
Massachusetts Development Finance Agency (Emerson College) Series 2016-A 5.25%, 01/01/2042		1,000		1,003,586



166 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2017-A 5.00%, 01/01/2040	$	500	$	505,400
Series 2025 5.25%, 01/01/2043		460		483,495
Massachusetts Development Finance Agency (Lifespan Obligated Group) Series 2025 5.50%, 08/15/2050		1,000		1,060,141
Massachusetts Development Finance Agency (PRG Medford Properties) Series 2025 5.25%, 06/01/2065		1,000		1,024,716
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) Series 2025 5.00%, 07/01/2045		1,000		1,029,906
Massachusetts Port Authority (Massachusetts Port Authority) Series 2021-E 5.00%, 07/01/2038		975		1,033,894
5.00%, 07/01/2046		1,500		1,537,559
University of Massachusetts Building Authority (University of Massachusetts) Series 2017-1 5.25%, 11/01/2042		2,000		2,047,975

				26,288,077

Michigan – 1.1%
City of Detroit MI (City of Detroit MI) Series 2023-C 6.00%, 05/01/2043		1,000		1,113,710
Great Lakes Water Authority Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) Series 2026-C 5.00%, 07/01/2046^(b)		1,140		1,222,237
Great Lakes Water Authority Water Supply System Revenue (Great Lakes Water Authority Water Supply System Revenue) Series 2026-C 5.00%, 07/01/2041^(b)		1,000		1,118,539
Michigan State Hospital Finance Authority (Corewell Health Obligated Group) Series 2025-A 5.00%, 08/15/2046		2,500		2,619,118



ABFunds.com		AB Active ETFs, Inc. 167

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Michigan Strategic Fund (Michigan Strategic Fund – I 75 Improvement Project) AG Series 2018 4.50%, 06/30/2048	$	1,000	$	933,237

				7,006,841

Minnesota – 0.7%
City of Center City MN (Hazelden Betty Ford Foundation) Series 2025 5.00%, 11/01/2044		160		169,028
City of St. Cloud MN (CentraCare Health System Obligated Group) Series 2024 5.00%, 05/01/2035		1,000		1,129,468
5.00%, 05/01/2042		500		537,321
City of Woodbury MN (Math & Science Academy/MN) Series 2025 5.50%, 06/01/2055^(a)		500		468,076
Minneapolis-St. Paul Metropolitan Airports Commission (Minneapolis-St Paul Metropolitan Airports Commission) Series 2024 5.00%, 01/01/2036		1,000		1,095,447
Minnesota Municipal Gas Agency (Nomura Holdings, Inc.) Series 2026-A 5.00%, 09/01/2035		1,000		1,045,898

				4,445,238

Mississippi – 0.3%
City of Gulfport MS (Memorial Hospital at Gulfport Obligated Group) Series 2025 5.00%, 07/01/2034		715		779,688
5.50%, 07/01/2050		900		928,704

				1,708,392

Missouri – 0.6%
Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) Series 2025-A 5.00%, 04/01/2040		1,000		1,143,160
Series 2026-A 5.00%, 04/01/2036		1,000		1,143,198



168 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Health & Educational Facilities Authority of the State of Missouri (Mercy Health/MO) Series 2023 5.50%, 12/01/2043	$	1,530	$	1,685,562

				3,971,920

Nebraska – 0.5%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054		1,000		1,050,258
Central Plains Energy Project (Royal Bank of Canada) Series 2025-A 5.00%, 08/01/2055		1,000		1,071,968
Nebraska Public Power District (Nebraska Public Power District) Series 2026-A 5.25%, 01/01/2055		1,000		1,054,773

				3,176,999

Nevada – 0.1%
Reno-Tahoe Airport Authority (Reno-Tahoe Airport Authority) Series 2024 5.25%, 07/01/2044		300		319,040
State of Nevada Department of Business & Industry (Desertxpress Enterprises) Series 2025 12.00%, 01/01/2065^(a)		370		207,200
Tahoe-Douglas Visitors Authority (Tahoe-Douglas Visitors Authority) Series 2020 5.00%, 07/01/2035		235		245,687

				771,927

New Hampshire – 2.0%
National Finance Authority Affordable Housing Certificates Series 2024-1 (ARC70 2024-1) Series 2024-1, Class A 4.15%, 10/20/2040^(c)		996		994,520
New Hampshire Business Finance Authority (ARC70 2025-1) Series 2025-1, Class A1 4.75%, 06/20/2041^(c)		997		1,024,159
New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts 490, 491 & 158) Series 2024 5.375%, 12/15/2035^(a)		1,000		1,000,120



ABFunds.com		AB Active ETFs, Inc. 169

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts-Multiple) Series 2025 5.875%, 12/15/2033^(a)	$	828	$	827,829
New Hampshire Business Finance Authority (Collin County Municipal Utility District No. 4) Series 2025 5.50%, 12/01/2030^(a)		100		100,048
New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) Series 2026-1, Class A2 4.25%, 07/20/2041		999		932,707
New Hampshire Business Finance Authority (New Hampshire Business Finance Authority State Lease) Series 2025-A Zero Coupon, 02/01/2035^(a)		935		539,958
New Hampshire Business Finance Authority (NFA 2024-2) Series 2024-2, Class A 3.625%, 08/20/2039		98		93,540
New Hampshire Business Finance Authority (NFA 2025-2) Series 2025-2, Class A1 4.088%, 11/20/2042		992		968,412
New Hampshire Business Finance Authority (NFA 2026-1) Series 2026-1, Class A1 4.25%, 07/20/2041		999		974,867
New Hampshire Business Finance Authority (NFA 2026-2) Series 2026-2, Class A1 4.40%, 04/20/2043		1,000		1,010,925
New Hampshire Business Finance Authority (NFAAH 2025-1) Series 2025-1, Class B1 5.75%, 04/28/2042		1,000		1,028,111
New Hampshire Business Finance Authority (Novant Health Obligated Group) Series 2025 5.25%, 06/01/2045		1,000		1,063,852
New Hampshire Business Finance Authority (Tamarron Project) Series 2024 5.25%, 12/01/2035^(a)		1,000		999,900



170 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New Hampshire Business Finance Authority (University of Nevada Reno) BAM Series 2023 4.50%, 06/01/2053	$	960	$	924,653

				12,483,601

New Jersey – 1.6%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) AG Series 2006-C Zero Coupon, 12/15/2033		100		77,861
New Jersey Transportation Trust Fund Authority (State of New Jersey) Series 2025-A 5.00%, 06/15/2045		1,000		1,068,648
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2022 4.00%, 06/15/2039		1,390		1,390,375
Series 2022-A 4.00%, 06/15/2039		1,085		1,089,367
4.00%, 06/15/2040		1,000		995,255
Series 2023-A 4.25%, 06/15/2044		1,000		993,932
Series 2023-B 5.25%, 06/15/2050		1,950		2,047,153
Series 2024-A 4.00%, 06/15/2042		1,200		1,179,098
Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) Series 2018-B 5.00%, 06/01/2046		1,310		1,271,324

				10,113,013

New York – 9.0%
Build NYC Resource Corp. (KIPP NYC Public Charter Schools) Series 2023 5.00%, 07/01/2032		555		600,494
City of New York NY (City of New York NY) Series 2024-C 5.00%, 09/01/2048		995		1,031,519
Series 2025-A 5.00%, 08/01/2035		1,000		1,141,868
5.00%, 08/01/2046		1,000		1,054,555
Series 2025-E 5.00%, 08/01/2041		1,000		1,090,024



ABFunds.com		AB Active ETFs, Inc. 171

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2026 5.00%, 08/01/2035	$	1,500	$	1,712,802
Empire State Development Corp. (New York State Sales Tax) Series 2024-A 5.00%, 03/15/2047		1,000		1,052,680
Empire State Development Corp. (State of New York Pers Income Tax) Series 2020-A 4.00%, 03/15/2038		1,000		1,013,424
Long Island Power Authority (Long Island Power Authority) Series 2024-A 5.00%, 09/01/2049		1,000		1,046,383
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2017 Zero Coupon, 11/15/2033		425		328,356
Series 2020-C 4.75%, 11/15/2045		400		402,684
Series 2024-A 5.25%, 11/15/2049		1,060		1,103,744
Series 2024-B 5.00%, 11/15/2039		330		361,569
5.00%, 11/15/2040		1,000		1,087,700
Series 2025 5.25%, 11/15/2045		1,895		2,033,125
New York City Municipal Water Finance Authority (New York City Municipal Water Finance Authority) Series 2021-B 4.00%, 06/15/2045		1,000		953,134
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2024 5.00%, 11/01/2037		1,030		1,147,435
Series 2025 5.00%, 05/01/2046		1,000		1,060,373
Series 2025-H 5.25%, 11/01/2045		1,000		1,092,151
Series 2026 5.00%, 11/01/2046^(b)		1,525		1,629,255
New York Liberty Development Corp. (Goldman Sachs Headquarters) Series 2007 5.50%, 10/01/2037		1,000		1,168,350



172 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York State Dormitory Authority (State of New York Pers Income Tax) Series 2024-A 5.00%, 03/15/2039	$	2,225	$	2,467,623
Series 2025-A 5.00%, 03/15/2055		1,325		1,368,863
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2032		1,000		1,023,820
Series 2023 5.625%, 04/01/2040		500		530,973
New York Transportation Development Corp. (JFK Intl Air Terminal) Series 2022 5.00%, 12/01/2041		1,000		1,040,891
New York Transportation Development Corp. (JFK Millennium Partners) Series 2024 5.50%, 12/31/2054		500		511,268
5.50%, 12/31/2060		2,250		2,284,013
New York Transportation Development Corp. (JFK NTO LLC) Series 2023 6.00%, 06/30/2054		1,995		2,078,831
Series 2024 5.50%, 06/30/2054		1,000		1,013,352
Series 2025 6.00%, 06/30/2059		3,000		3,161,015
New York Transportation Development Corp. (Laguardia Gateway Partners) Series 2016-A 5.00%, 07/01/2046		250		249,997
5.25%, 01/01/2050		100		100,006
Onondaga Civic Development Corp. (Syracuse University) Series 2025 5.50%, 12/01/2056		1,000		1,081,735
Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) Series 2020-2 4.00%, 07/15/2037		900		905,567
Series 2022 5.00%, 01/15/2047		2,000		2,063,424
5.25%, 08/01/2041		855		916,380
5.25%, 08/01/2047		1,285		1,350,218



ABFunds.com		AB Active ETFs, Inc. 173

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) Series 2024 5.75%, 12/01/2044	$	100	$	102,889
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2022-C 5.25%, 05/15/2052		1,500		1,568,320
Series 2026 5.00%, 02/01/2028		2,350		2,446,569
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2025-A 5.00%, 02/01/2028		1,000		1,041,093
5.00%, 03/01/2028		1,000		1,043,148
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority Real Estate Transfer Tax) Series 2025 5.00%, 12/01/2046		500		532,466
Triborough Bridge & Tunnel Authority Sales Tax Revenue (Triborough Bridge & Tunnel Authority Sales Tax Revenue) Series 2024-A 5.00%, 05/15/2054		1,065		1,098,996
5.25%, 05/15/2064		1,000		1,039,827
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 5.00%, 09/01/2030		1,000		1,070,882
5.00%, 09/01/2034		1,125		1,191,252

				55,395,043

North Carolina – 1.3%
City of Charlotte NC Airport Revenue (City of Charlotte NC Airport Revenue) Series 2023 5.00%, 07/01/2037		1,300		1,409,071
County of Guilford NC (County of Guilford NC) Series 2017-B 4.00%, 05/01/2033		1,140		1,150,832
County of Wake NC (County of Wake NC) Series 2026 5.00%, 04/01/2037		1,000		1,161,771



174 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Greater Asheville Regional Airport Authority (Greater Asheville Regional Airport Authority) AG Series 2023 5.25%, 07/01/2042	$	1,000	$	1,074,274
Nash Health Care Systems (Nash Health Care Systems) Series 2025 5.75%, 02/01/2050		1,000		1,074,185
North Carolina Medical Care Commission (United Methodist Retirement Homes Obligated Group) Series 2025 5.00%, 10/01/2050		1,000		1,009,211
Raleigh Durham Airport Authority (Raleigh Durham Airport Authority) Series 2015-A 5.00%, 05/01/2029		1,225		1,227,249

				8,106,593

Ohio – 2.4%
American Municipal Power, Inc. (American Municipal Power Prairie State Energy Campus Revenue) Series 2023 5.00%, 02/15/2038		1,000		1,101,466
Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) Series 2020-B 5.00%, 06/01/2055		3,000		2,394,772
Columbus Regional Airport Authority (Columbus Regional Airport Authority) Series 2025 5.00%, 01/01/2040		1,000		1,075,395
5.25%, 01/01/2042		1,800		1,946,625
5.50%, 01/01/2050		1,955		2,067,300
County of Cuyahoga OH (County of Cuyahoga OH) Series 2026 5.50%, 12/01/2061^(b)		1,000		1,069,149
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2021 3.50%, 12/01/2051^(a)		100		81,813
Lancaster Port Authority (Royal Bank of Canada) Series 2024-A 5.00%, 02/01/2055		1,000		1,064,096



ABFunds.com		AB Active ETFs, Inc. 175

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Ohio Higher Educational Facility Commission (John Carroll University) Series 2025 5.00%, 10/01/2034	$	1,140	$	1,202,245
Ohio Higher Educational Facility Commission (Xavier University) Series 2024 5.00%, 05/01/2042		400		408,596
Port of Greater Cincinnati Development Authority (Duke Energy Convention Center Project) Series 2024 5.00%, 12/01/2063		1,190		1,197,177
State of Ohio (State of Ohio) Series 2026-A 5.00%, 09/15/2035		1,000		1,158,952

				14,767,586

Oklahoma – 0.7%
Oklahoma City Public Property Authority (Oklahoma City Public Property Authority Sales Tax) Series 2026 5.00%, 06/01/2034^(b)		1,000		1,135,336
Oklahoma Turnpike Authority (Oklahoma Turnpike Authority) Series 2025-A 5.00%, 01/01/2045		1,000		1,070,582
Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) Series 2025 6.25%, 12/01/2040		1,000		1,103,724
University of Oklahoma (The) (University of Oklahoma/The) BAM Series 2024-A 5.00%, 07/01/2044		890		954,644

				4,264,286

Oregon – 0.6%
Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) Series 2022-2 4.00%, 07/01/2047		500		461,286
Series 2023 5.25%, 07/01/2042		1,995		2,148,270
Series 2024-T 5.25%, 07/01/2041		1,000		1,092,443

				3,701,999



176 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Other – 0.3%
2026 Loan Holding-1 (2026 Loan Holding-1) Series 2026-C 2.45% (MUNIPSA + 0.88%), 10/01/2027^(a)(c)	$	1,000	$	991,447
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML21) Series 2024-ML21, Class AUS 4.518%, 08/25/2041		99		100,580
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) Series 2026-M 4.64%, 10/25/2040		999		1,028,990

				2,121,017

Pennsylvania – 2.5%
Adams County General Authority (Gettysburg College) Series 2025 5.00%, 08/15/2043		660		702,216
Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Revenue) Series 2022 5.25%, 05/01/2042^(a)		1,000		1,037,352
Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Development Authority) Series 2025 6.00%, 05/01/2042^(a)		1,000		1,103,520
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 5.00%, 07/01/2030		100		105,699
City of Philadelphia PA Water & Wastewater Revenue (City of Philadelphia PA Water & Wastewater Revenue) Series 2015-B 5.00%, 07/01/2032		1,000		1,001,393
Series 2020-A 5.00%, 11/01/2045		1,000		1,041,379
AG Series 2024-C 5.25%, 09/01/2049		1,000		1,062,075



ABFunds.com		AB Active ETFs, Inc. 177

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Commonwealth of Pennsylvania (Commonwealth of Pennsylvania) Series 2024 4.00%, 08/15/2043	$	200	$	198,896
Series 2026 5.00%, 04/01/2027		1,500		1,530,907
Delaware County Authority (Elwyn Obligated Group) Series 2017 5.00%, 06/01/2037		1,000		1,001,579
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) Series 2022 5.50%, 06/30/2039		300		323,852
6.00%, 06/30/2061		1,000		1,057,856
Pennsylvania Economic Development Financing Authority (Noble Environmental, Inc.) Series 2025 6.875%, 09/01/2047^(a)		250		270,048
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-A 5.00%, 02/15/2039		1,145		1,214,665
Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson University Obligated Group) AG Series 2024 5.25%, 11/01/2048		1,250		1,319,352
Philadelphia Gas Works Co. (Philadelphia Gas Works) Series 2024 5.00%, 08/01/2030		1,000		1,083,639
Pittsburgh Water & Sewer Authority (Pittsburgh Water & Sewer Authority) AG Series 2019-A 5.00%, 09/01/2044		1,000		1,034,811

				15,089,239

Puerto Rico – 0.5%
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) Series 2022-A 0.00%, 11/01/2051		1,000		321,250
Series 2022-C Zero Coupon, 11/01/2043		154		106,457



178 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) Series 2008-W 5.50%, 07/01/2021^(e)(f)	$	1,050	$	771,750
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.75%, 01/01/2046		100		113,916
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) Series 2019-A 5.00%, 07/01/2058		2,000		1,972,458

				3,285,831

South Carolina – 1.6%
South Carolina Jobs-Economic Development Authority (Beaufort Memorial Hospital Obligated Group) Series 2024 5.50%, 11/15/2044		395		409,322
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) Series 2024 5.25%, 11/01/2044		2,095		2,258,267
South Carolina Jobs-Economic Development Authority (Prisma Health Obligated Group) Series 2018 5.00%, 05/01/2028		1,000		1,040,788
South Carolina Jobs-Economic Development Authority (Rolling Green Village) Series 2025 5.80%, 12/01/2050		1,000		1,018,032
South Carolina Public Service Authority (South Carolina Public Service Authority) Series 2021-A 4.00%, 12/01/2035		1,000		1,024,718
Series 2025-A 5.00%, 12/01/2043		1,000		1,084,406
Series 2025-B 5.00%, 12/01/2044		500		537,576
Series 2026-A 5.00%, 12/01/2034		1,000		1,134,109
5.25%, 12/01/2056		1,000		1,041,297

				9,548,515



ABFunds.com		AB Active ETFs, Inc. 179

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Tennessee – 1.2%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(a)	$	505	$	503,490
Series 2016-B Zero Coupon, 12/01/2031^(a)		100		75,038
Metropolitan Government of Nashville & Davidson County TN (Metropolitan Govt of Nashville & Davidson County TN) Series 2024-C 4.00%, 01/01/2044		1,500		1,501,108
Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The) Series 2022-B 5.50%, 07/01/2041		1,290		1,406,983
Shelby County Health & Educational Facilities Board (Madrone Memphis Student Housing I) Series 2024 5.25%, 06/01/2056^(a)		1,100		1,071,140
Tennessee Energy Acquisition Corp. (Massachusetts Mutual Life Insurance) Series 2026-A 5.00%, 11/01/2034		1,385		1,473,846
Tennessee Energy Acquisition Corp. (Pacific Life Insurance) Series 2025-A 5.00%, 12/01/2035		1,000		1,061,382

				7,092,987

Texas – 6.9%
Aledo Independent School District (Aledo Independent School District) Series 2023 5.00%, 02/15/2042		1,000		1,056,065
Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools) Series 2024 5.00%, 06/15/2064^(a)		1,000		904,517
Series 2025 5.00%, 06/15/2030^(a)		700		718,914
Board of Regents of the University of Texas System (Board of Regents of the University of Texas System) Series 2019-B 5.00%, 08/15/2049		1,000		1,102,553



180 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Central Texas Regional Mobility Authority (Central Texas Regional Mobility Authority) Series 2025-B 5.00%, 01/01/2041	$	1,000	$	1,104,547
Central Texas Turnpike System (Central Texas Turnpike System) Series 2024-C 5.00%, 08/15/2038		100		109,855
City of Austin TX (City of Austin TX) Series 2023 5.00%, 09/01/2034		1,095		1,236,925
City of Dallas TX (City of Dallas TX) Series 2024-C 5.00%, 02/15/2032		1,000		1,111,882
City of Georgetown TX Utility System Revenue (City of Georgetown TX Utility System Revenue) BAM Series 2024 5.00%, 08/15/2044		1,535		1,634,225
City of Houston TX Airport System Revenue (City of Houston TX Airport System Revenue) AG Series 2023 5.00%, 07/01/2031		1,000		1,087,058
5.00%, 07/01/2038		500		537,956
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2024-B 5.25%, 07/15/2034		1,000		1,067,618
5.50%, 07/15/2036		2,500		2,699,614
5.50%, 07/15/2038		1,000		1,067,842
City of Houston TX Hotel Occupancy Tax & Special Revenue (City of Houston TX Hotel Occupancy Tax & Special Revenue) Series 2026 5.50%, 09/01/2058		2,000		2,112,601
City of San Antonio TX Electric & Gas Systems Revenue (City of San Antonio TX Electric & Gas Systems Revenue) Series 2021-A 5.00%, 02/01/2037		1,250		1,338,789
Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) Series 2025-A 5.00%, 11/01/2032		1,000		1,100,153
5.00%, 11/01/2034		1,000		1,111,365
5.25%, 11/01/2039		1,000		1,097,283



ABFunds.com		AB Active ETFs, Inc. 181

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Grand Parkway Transportation Corp. (Grand Parkway Transportation) Series 2020 4.00%, 10/01/2045	$	2,500	$	2,363,268
Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital Obligated Group) Series 2026-A 5.00%, 12/01/2036		1,000		1,142,871
Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) Series 2022-B 5.00%, 12/01/2036		300		309,110
Lewisville Independent School District (Lewisville Independent School District) Series 2025 5.00%, 08/15/2039		1,000		1,107,127
Lower Colorado River Authority (Lower Colorado River Authority) AG Series 2022 5.00%, 05/15/2034		1,000		1,087,313
Series 2024 5.00%, 05/15/2040		1,000		1,082,648
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue (Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue) Series 2016-A 5.00%, 11/01/2029		2,120		2,140,803
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031^(a)		925		926,791
North East Texas Regional Mobility Authority (North East Texas Regional Mobility Authority) Series 2025-A 5.00%, 01/01/2041		1,000		1,072,550
North Texas Tollway Authority (North Texas Tollway System) AG Series 2008 Zero Coupon, 01/01/2033		1,000		807,548
Zero Coupon, 01/01/2035		1,000		744,942
AG Series 2008D Zero Coupon, 01/01/2034		1,000		777,262
Port of Beaumont Industrial Development Authority (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2021 4.10%, 01/01/2028^(a)		1,100		1,004,282



182 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Sherman Independent School District/TX (Sherman Independent School District/TX) Series 2023-B 5.00%, 02/15/2041	$	1,475	$	1,594,248
Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) Series 2007 3.506% (CME Term SOFR 3 Month + 1.05%), 09/15/2027^(c)		715		716,828
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-B 5.50%, 01/01/2054		200		218,974
Texas Municipal Gas Acquisition & Supply Corp. V (Citigroup, Inc.) Series 2026 5.00%, 04/01/2036		1,000		1,054,342
Texas Municipal Gas Acquisition & Supply Corp. VI (Bank of America Corp.) Series 2025 5.00%, 01/01/2036		1,000		1,067,595
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3) Series 2019 5.00%, 06/30/2058		100		99,395
Texas State University System (Texas State University System) Series 2026-C 5.00%, 03/15/2032^(b)		1,000		1,089,511

				42,607,170

Utah – 0.8%
City of Salt Lake City UT Airport Revenue (City of Salt Lake City UT Airport Revenue) Series 2023-A 5.50%, 07/01/2053		2,000		2,090,186
Deseret Public Infrastructure District No. 2 (Deseret Public Infrastructure District No. 2 Special Assmnt Deseret Assmnt Area 1) Series 2026 6.125%, 12/01/2046^(a)		1,000		1,019,271
Utah City West Public Infrastructure District No. 1 (Utah City West Public Infrastructure District No. 1 Assessment Area No. 1) Series 2026 5.875%, 12/01/2055^(a)		1,000		1,018,704



ABFunds.com		AB Active ETFs, Inc. 183

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Utah Infrastructure Agency (Utah Infrastructure Agency) Series 2024 5.50%, 10/15/2044	$	500	$	528,035
Wolf Creek Infrastructure Financing District No. 1 (Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1) Series 2025 5.75%, 12/01/2044		200		207,707

				4,863,903

Virginia – 1.3%
Fairfax County Industrial Development Authority (Inova Health System Obligated Group) Series 2022 4.00%, 05/15/2042		1,000		978,344
Hampton Roads Transportation Accountability Commission (Prerefunded – US Govt Agencies) Series 2021-A 5.00%, 07/01/2026		2,450		2,454,465
Henrico County Economic Development Authority (Bon Secours Mercy Health) Series 2025 5.00%, 11/01/2048		1,000		1,032,429
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group) Series 2023 7.00%, 09/01/2059		100		109,088
Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 4.00%, 07/01/2041		1,000		968,779
5.00%, 07/01/2038		1,500		1,569,272
Virginia Small Business Financing Authority (LifeSpire of Virginia Obligated Group) Series 2024 4.50%, 12/01/2044		1,000		1,001,449

				8,113,826

Washington – 2.6%
City of Federal Way WA (City of Federal Way WA) Series 2024 5.00%, 12/01/2049		1,000		1,042,413



184 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

King & Snohomish Counties School District No. 417 Northshore (King & Snohomish Counties School District No. 417 Northshore) Series 2024 5.00%, 12/01/2040	$	100	$	110,588
Port of Seattle WA (Port of Seattle WA) Series 2019 5.00%, 04/01/2044		1,000		1,019,437
Series 2024 5.25%, 07/01/2049		1,000		1,041,335
Series 2025-B 5.00%, 10/01/2029		1,000		1,064,149
5.00%, 10/01/2039		1,555		1,693,048
State of Washington (State of Washington) Series 2022-R 4.00%, 07/01/2026		1,000		1,001,078
Series 2023-2 5.00%, 08/01/2037		1,500		1,668,513
Series 2026-C 5.00%, 02/01/2038		1,000		1,142,720
State of Washington (State of Washington COP) Series 2017-A 5.00%, 07/01/2031		1,000		1,023,037
Vancouver Housing Authority (Vancouver Housing Authority) Series 2025 4.25%, 02/01/2038		2,000		2,044,109
Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center Obligated Group) Series 2020 5.00%, 09/01/2045		1,000		1,030,579
Series 2025 4.00%, 03/01/2041		1,000		981,477
Washington State Housing Finance Commission (WSHFC 2024-1) Series 2024-1, Class A 4.085%, 03/01/2050		296		288,931
Washington State Housing Finance Commission (WSHFC 2025-1) Series 2025-1, Class A1 3.949%, 08/20/2063		993		958,484

				16,109,898



ABFunds.com		AB Active ETFs, Inc. 185

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

West Virginia – 0.2%
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) Series 2023 5.00%, 06/01/2041	$	1,000	$	1,068,436


Wisconsin – 3.1%
City of Milwaukee WI (City of Milwaukee WI) AG Series 2026-N 5.00%, 12/01/2035		1,000		1,126,602
Public Finance Authority (PFA 2026-1) Series 2026-1, Class A1 4.147%, 01/20/2041		999		964,014
Wisconsin Health & Educational Facilities Authority (Chiara Housing & Services Obligated Group) Series 2024 5.00%, 07/01/2035		595		610,996
Series 2025 6.375%, 07/01/2045		1,000		1,073,982
Wisconsin Health & Educational Facilities Authority (Prerefunded – US Treasuries) Series 2024 5.00%, 08/01/2027^(a)		150		150,273
Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) Series 2024 Zero Coupon, 12/15/2038^(a)		100		46,780
Wisconsin Public Finance Authority (Creekhaven Wildrye & Furst Ranch Projects) Series 2026 Zero Coupon, 12/15/2036^(a)		1,000		515,049
Wisconsin Public Finance Authority (Denton County Municipal Utility District No. 16) Series 2024 5.75%, 12/15/2033^(a)		250		250,145
Wisconsin Public Finance Authority (Foundation Academy Charter School A NJ Nonprofit) Series 2024 5.00%, 07/01/2060^(a)		500		449,691
Wisconsin Public Finance Authority (Heritage Bend Project) Series 2025 Zero Coupon, 12/15/2042^(a)		1,000		314,186



186 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Wisconsin Public Finance Authority (PRG – The Grounds LLC) Series 2025 5.00%, 07/01/2035	$	1,000	$	1,101,048
Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) Series 2024 5.50%, 07/01/2044		1,000		1,035,024
5.75%, 07/01/2049		1,000		1,036,702
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2047		1,000		1,024,062
Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) Series 2024 5.00%, 06/01/2041^(a)		100		102,080
Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) Series 2025 5.75%, 06/30/2060		1,875		1,947,705
5.75%, 12/31/2065		2,000		2,072,376
6.50%, 06/30/2060		3,135		3,488,427
6.50%, 12/31/2065		1,000		1,109,646
Wisconsin Public Finance Authority (Triad Math & Science Academy) Series 2025 5.25%, 06/15/2045		500		492,888
Wisconsin Public Finance Authority (Wisconsin Public Finance Authority-Muni Certificates) Series 2026 3.625%, 06/15/2063		480		479,533

				19,391,209

Total Long-Term Municipal Bonds (cost $562,985,108)				567,746,875


Short-Term Municipal Notes – 5.4%
Arizona – 0.3%
Arizona Health Facilities Authority (Banner Health Obligated Group) Series 2017-C 2.85%, 01/01/2046^(g)		1,590		1,590,000



ABFunds.com		AB Active ETFs, Inc. 187

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Arizona Industrial Development Authority (Phoenix Children’s Hospital) Series 2024 2.80%, 02/01/2048^(g)	$	260	$	260,000

				1,850,000

California – 0.2%
City of Los Angeles CA (City of Los Angeles CA) Series 2025 5.00%, 06/25/2026		1,000		1,001,552


Colorado – 0.9%
Colorado Educational & Cultural Facilities Authority (Jewish Federation of South Palm Beach County) Series 2008 2.85%, 02/01/2038^(g)		495		495,000
Colorado Educational & Cultural Facilities Authority (Miami Beach Jewish Community Center) Series 2022 2.80%, 07/01/2041^(g)		1,000		1,000,000
Colorado Educational & Cultural Facilities Authority (Michael Ann Russell Jewish Community Center) Series 2012 2.85%, 01/01/2039^(g)		350		350,000
Colorado State Education Loan Program (Colorado State Education Loan Program) Series 2025 5.00%, 06/30/2026		1,150		1,152,155
Series 2026 5.00%, 06/30/2026		2,500		2,504,697

				5,501,852

Florida – 0.7%
School District of Broward County/FL (School District of Broward County/FL) Series 2025 4.00%, 06/25/2026		4,200		4,203,509


Georgia – 0.2%
Cobb County School District (Cobb County School District) Series 2026 4.00%, 12/15/2026		1,000		1,007,129



188 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Illinois – 0.1%
Illinois Finance Authority (University of Chicago Medical Center Obligated Group) Series 2023 2.80%, 08/01/2043^(g)	$	655	$	655,000


Maryland – 0.1%
Maryland Health & Higher Educational Facilities Authority (University of Maryland Medical System Obligated Group) Series 2008 2.80%, 07/01/2041^(g)		600		600,000


Massachusetts – 0.2%
City of Quincy MA (City of Quincy MA) Series 2025 5.00%, 09/29/2026		1,000		1,007,233


Michigan – 0.1%
Green Lake Township Economic Development Corp. (Interlochen Center for the Arts) Series 2023 2.85%, 06/01/2034^(g)		700		700,000


Missouri – 0.1%
Health & Educational Facilities Authority of the State of Missouri (St. Louis University/US) Series 2013-B 2.80%, 10/01/2035^(g)		860		860,000


New Jersey – 0.6%
County of Hudson NJ (County of Hudson NJ) Series 2026 4.00%, 02/24/2027		1,000		1,010,235
Essex County Improvement Authority (County of Essex NJ) Series 2026 4.00%, 03/12/2027		1,000		1,010,846
Jersey City Redevelopment Agency (Jersey City Redevelopment Agency) Series 2025 5.00%, 12/09/2026		1,000		1,012,024



ABFunds.com		AB Active ETFs, Inc. 189

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Township of Gloucester NJ (Township of Gloucester NJ) Series 2025-A 4.00%, 07/21/2026	$	1,008	$	1,009,821

				4,042,926

New York – 0.4%
Metropolitan Transportation Authority Dedicated Tax Fund (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2017-A 2.80%, 11/01/2031^(g)		490		490,000
Town of Oyster Bay NY (Town of Oyster Bay NY) Series 2025 4.00%, 08/21/2026		1,120		1,123,318
Series 2026 4.00%, 03/05/2027		1,000		1,011,306

				2,624,624

North Carolina – 0.1%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health Obligated Group) AG Series 2017-E 2.80%, 01/15/2044^(g)		570		570,000


Other – 0.5%
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) Series 2026-M 4.02% (SOFR + 0.40%), 08/25/2041^(c)		3,000		3,000,000


Pennsylvania – 0.1%
Delaware Valley Regional Finance Authority (Delaware Valley Regional Finance Authority) Series 2024-B 2.80%, 09/01/2059^(g)		500		500,000


South Carolina – 0.3%
Berkeley County School District (Berkeley County School District) Series 2025-A 5.00%, 06/01/2026		1,000		1,000,000
Orangeburg County School District (Orangeburg County School District) Series 2025 5.00%, 08/13/2026		1,000		1,004,381

				2,004,381



190 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Virginia – 0.2%
Hampton Roads Sanitation District (Hampton Roads Sanitation District) Series 2025-A 5.00%, 07/15/2026	$	1,000	$	1,003,059


West Virginia – 0.1%
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) Series 2018 1.57%, 06/01/2034^(g)		500		500,000


Wisconsin – 0.2%
Wisconsin Health & Educational Facilities Authority (Medical College of Wisconsin) Series 2023-B 2.80%, 12/01/2033^(g)		465		465,000
Wisconsin Public Finance Authority (Deutsche Bank AG) Series 2026 3.582% (SOFR + 1.15%), 12/01/2068^(a)(c)		1,000		999,610

				1,464,610

Total Short-Term Municipal Notes (cost $33,106,265)				33,095,875


Total Municipal Obligations (cost $596,091,373)				600,842,750


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%
Non-Agency Fixed Rate CMBS – 0.2%
MAD Commercial Mortgage Trust Series 2025-11MD, Class A 4.754%, 10/15/2042^(a) (cost $1,000,000)		1,000		994,748


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%
Risk Share Floating Rate – 0.1%
Connecticut Avenue Securities Trust Series 2026-R01, Class 2M1 4.612% (CME Term SOFR + 1.00%), 01/25/2046^(a)(c) (cost $757,046)		757		756,925



ABFunds.com		AB Active ETFs, Inc. 191

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

WARRANTS – 0.0%
Industrials – 0.0%
Construction & Engineering – 0.0%
DesertXpress Enterprises LLC, expiring 12/31/2026^(e)(h)(i)(j) (cost $0)		7,809	$	11,714


SHORT-TERM INVESTMENTS – 2.0%
Investment Companies – 2.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(k)(l)(m) (cost $11,994,014)		11,994,014		11,994,014


Total Investments – 99.8% (cost $609,842,433)				614,600,151
Other assets less liabilities – 0.2%				1,532,774


Net Assets – 100.0%			$	616,132,925

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at May 31, 2026			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 46, 5 Year Index, 06/20/2031*		(5.00	)%		Quarterly		3.02	%		USD	3,317	$	(307,618	)	$	(125,073	)	$	(182,545	)

*	Termination date.

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)


				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	3,190		10/15/2028		CPI#		3.020%	Maturity	$	6,926	$	– 0	–	$	6,926
USD	17,600		10/15/2029		2.545%		CPI#	Maturity		243,285		– 0	–		243,285
USD	4,010		10/15/2030		CPI#		2.840%	Maturity		14,464		– 0	–		14,464

									$	264,675	$	– 0	–	$	264,675

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).



192 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				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	1,300		10/15/2030		1 Day SOFR		4.082%		Annual	$	13,964		$	– 0	–	$	13,964
USD	800		10/15/2030		1 Day SOFR		4.092%		Annual		8,947			– 0	–		8,947
USD	1,700		12/03/2031		1 Day SOFR		3.967%		Annual		8,582			– 0	–		8,582
USD	1,700		12/03/2031		1 Day SOFR		4.212%		Annual		31,277			– 0	–		31,277
USD	1,600		12/03/2031		1 Day SOFR		4.088%		Annual		18,604			– 0	–		18,604
USD	1,500		12/03/2031		1 Day SOFR		4.036%		Annual		13,241			– 0	–		13,241
USD	1,190		12/03/2031		1 Day SOFR		4.146%		Annual		17,623			17			17,606
USD	700		12/03/2031		1 Day SOFR		3.898%		Annual		926			(85	)		1,011
USD	390		12/03/2031		1 Day SOFR		4.125%		Annual		5,330			– 0	–		5,330
USD	13,100		03/12/2032		1 Day SOFR		3.660%		Annual		(163,108	)		– 0	–		(163,108	)
USD	2,980		03/12/2032		1 Day SOFR		3.826%		Annual		(10,475	)		– 0	–		(10,475	)
USD	1,950		01/03/2033		1 Day SOFR		3.720%		Annual		(22,759	)		– 0	–		(22,759	)
USD	3,460		03/15/2033		1 Day SOFR		3.776%		Annual		(30,732	)		– 0	–		(30,732	)
USD	7,000		05/10/2033		1 Day SOFR		4.028%		Annual		41,649			– 0	–		41,649
USD	4,600		09/25/2035		3.494%		1 Day SOFR		Annual		197,604			– 0	–		197,604

										$	130,673		$	(68	)	$	130,741

(a)

(b)	When-Issued or delayed delivery security.

(c)	Floating Rate Security. Stated interest/ floor/ceiling rate was in effect at May 31, 2026.

(d)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2026.

(e)	Non-income producing security.

(f)	Defaulted matured security.

(g)

(h)	Restricted and illiquid security.

Restricted & Illiquid Securities

Acquisition Date

Cost

Market
Value

Percentage of
Net Assets

DesertXpress Enterprises LLC

11/28/2025 - 12/16/2025

– 0

–

11,714

0.00

(i)	Fair valued by the Adviser.

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

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

(l)	Affiliated investments.

(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.



ABFunds.com		AB Active ETFs, Inc. 193

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

AG – Assured Guaranty Inc.

BAM – Build American Mutual

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

CHF – Collegiate Housing Foundation

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

FHLMC – Federal Home Loan Mortgage Association

MUNIPSA – SIFMA Municipal Swap Index.

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.



194 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB TAX-AWARE LONG MUNICIPAL ETF

May 31, 2026 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 97.8%
Long-Term Municipal Bonds – 95.2%
Alabama – 0.6%
County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) Series 2024 5.50%, 10/01/2053	$	325	$	339,414


Arizona – 0.8%
Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) Series 2023 5.25%, 11/01/2053		200		204,012
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2020-A 4.00%, 07/15/2040^(a)		125		117,696
Maricopa County Industrial Development Authority (Valley Christian Schools) Series 2023 6.375%, 07/01/2058^(a)		150		147,101

				468,809

California – 7.0%
California Community Choice Financing Authority (American General Life Insurance) Series 2024C 5.00%, 08/01/2055		400		416,853
California Community Choice Financing Authority (Athene Annuity & Life Co.) Series 2024G 5.00%, 11/01/2055		350		359,813
California Community Choice Financing Authority (Morgan Stanley) Series 2026-A 5.00%, 04/01/2056		100		107,958
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056^(a)		100		81,286
California Infrastructure & Economic Development Bank (Desertxpress Enterprises) Series 2025 12.00%, 01/01/2065^(a)		100		56,000



ABFunds.com		AB Active ETFs, Inc. 195

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) Series 2025-A 5.00%, 06/01/2055	$	200	$	211,944
City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) Series 2025 5.50%, 05/15/2055		100		106,276
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 3.00%, 08/01/2056^(a)		100		69,428
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) Series 2021-B Zero Coupon, 06/01/2066		1,000		99,609
Series 2022 5.00%, 06/01/2051		360		359,230
Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) BAM Series 2025-A 5.00%, 07/01/2053		500		515,057
Series 2026-A 5.00%, 07/01/2044		300		321,696
San Francisco Intl Airport (San Francisco Intl Airport) Series 2021-A 5.00%, 05/01/2035		1,000		1,069,406
University of California (University of California) Series 2026-C 5.25%, 11/15/2041		250		288,236

				4,062,792

Colorado – 3.4%
City & County of Denver CO Airport System Revenue (City & County of Denver CO Airport System Revenue) Series 2022-A 5.00%, 11/15/2036		1,000		1,080,514
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools) Series 2024 5.80%, 04/01/2054^(a)		100		98,350



196 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Town of Vail CO (Town of Vail CO COP) Series 2025 5.50%, 12/01/2064	$	750	$	798,268

				1,977,132

Connecticut – 0.2%
Stamford Housing Authority (TJH Senior Living Obligated Group) Series 2025 6.50%, 10/01/2055		100		103,729


District of Columbia – 2.0%
District of Columbia (District of Columbia Union Market TIF Area) Series 2024-A 5.125%, 06/01/2034^(a)		100		103,819
Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) Series 2025-A 5.50%, 10/01/2055		1,000		1,059,391

				1,163,210

Florida – 5.3%
Capital Projects Finance Authority/FL (Navigator Academy of Leadership Obligated Group) Series 2024 5.00%, 06/15/2034^(a)		100		101,248
Capital Trust Authority (AIDS Healthcare Foundation Obligated Group) Series 2026 5.25%, 12/01/2055		500		509,702
City of Venice FL (Southwest Florida Retirement Center Obligated Group) Series 2024 5.625%, 01/01/2060^(a)		100		100,336
County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) Series 2024-A 5.00%, 10/01/2035		1,000		1,107,589
County of Miami-Dade FL Water & Sewer System Revenue (County of Miami-Dade FL Water & Sewer System Revenue) Series 2025-A 5.00%, 10/01/2055		1,000		1,030,910



ABFunds.com		AB Active ETFs, Inc. 197

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Florida Development Finance Corp. (Brightline Trains Florida) AG Series 2024 5.25%, 07/01/2053	$	100	$	99,133
Florida Development Finance Corp. (SFP – Tampa I LLC) Series 2024 5.25%, 06/01/2059^(a)		100		96,683

				3,045,601

Georgia – 2.1%
Fayette County Development Authority (United States Soccer Federation) Series 2024 5.25%, 10/01/2054		200		202,817
Municipal Electric Authority of Georgia (JEA Electric System Revenue) Series 2022 5.00%, 07/01/2052		1,000		1,014,814

				1,217,631

Guam – 0.5%
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 5.00%, 01/01/2030		250		263,943


Hawaii – 0.1%
City & County Honolulu HI Wastewater System Revenue (City & County Honolulu HI Wastewater System Revenue) Series 2020-A 2.624%, 07/01/2045		100		67,033


Illinois – 6.4%
Chicago Board of Education (Chicago Board of Education) Series 2023-A 5.00%, 12/01/2034		150		153,937
6.00%, 12/01/2049		300		307,918
Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) Series 2026-A 5.50%, 12/01/2056		575		605,148
City of Chicago IL (City of Chicago IL) Series 2019-A 5.50%, 01/01/2049		90		90,218



198 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

City of Chicago IL Waterworks Revenue (City of Chicago IL Waterworks Revenue) BAM Series 2026 5.25%, 11/01/2061	$	1,500	$	1,555,653
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2017 0.00%, 12/15/2042^(b)		350		275,379
Series 2020 5.00%, 06/15/2050		310		311,615
State of Illinois (State of Illinois) Series 2023-B 5.50%, 05/01/2047		350		366,611

				3,666,479

Indiana – 1.9%
City of Valparaiso IN (Pratt Paper IN LLC) Series 2024 4.875%, 01/01/2044^(a)		100		102,118
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-A 5.00%, 11/01/2054		100		102,245
Indiana Finance Authority (University of Evansville) Series 2022 5.25%, 09/01/2057		100		93,890
Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) Series 2023 6.00%, 03/01/2053		150		155,729
BAM Series 2023 5.25%, 03/01/2067		500		516,857
Series 2023-F 7.75%, 03/01/2067		100		109,477

				1,080,316

Iowa – 0.3%
PEFA, Inc. (Massachusetts Mutual Life Insurance) Series 2026-A 5.00%, 04/01/2035^(c)		150		159,769


Kentucky – 1.4%
Kentucky Public Energy Authority (BP PLC) Series 2024-B 5.00%, 01/01/2055		740		783,727



ABFunds.com		AB Active ETFs, Inc. 199

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Maine – 0.4%
Finance Authority of Maine (Casella Waste Systems) Series 2024 4.625%, 12/01/2047^(a)	$	200	$	206,731


Maryland – 3.1%
Maryland Economic Development Corp. (Purple Line Transit Partners) Series 2022 5.25%, 06/30/2047		570		574,888
Maryland Economic Development Corp. (State of Maryland) Series 2025 5.00%, 06/01/2048		1,000		1,043,945
Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) Series 2020 5.00%, 05/01/2050		150		160,065

				1,778,898

Massachusetts – 5.6%
Commonwealth of Massachusetts (Commonwealth of Massachusetts) Series 2021-B 2.00%, 04/01/2050		180		108,677
Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) Series 2023-A 5.25%, 07/01/2048		835		890,720
Series 2025-B 5.25%, 07/01/2055		100		106,284
Massachusetts Development Finance Agency (Dana-Farber Cancer Institute Obligated Group) Series 2026 5.50%, 12/01/2056		1,000		1,063,340
Massachusetts School Building Authority (Massachusetts School Building Authority Sales Tax) Series 2025 5.25%, 02/15/2050		1,000		1,066,364

				3,235,385

Nebraska – 1.8%
Nebraska Public Power District (Nebraska Public Power District) Series 2026-A 5.00%, 01/01/2051		1,000		1,041,837



200 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value


New Hampshire – 0.4%
New Hampshire Business Finance Authority (NFAAH 2025-1) Series 2025-1, Class B1 5.75%, 04/28/2042	$	150	$	154,217
New Hampshire Business Finance Authority (Novant Health Obligated Group) Series 2025 5.50%, 06/01/2055		100		104,520

				258,737

New Jersey – 1.5%
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2023-B 5.25%, 06/15/2050		825		866,103


New York – 12.1%
City of New York NY (City of New York NY) Series 2024-C 5.00%, 09/01/2048		1,000		1,036,703
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2017 Zero Coupon, 11/15/2033		575		444,246
Series 2024-A 5.25%, 11/15/2049		510		531,047
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2025 5.00%, 05/01/2050		1,000		1,037,539
New York Liberty Development Corp. (7 World Trade Center II) Series 2022 3.00%, 09/15/2043		500		419,989
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2025-C 5.00%, 03/15/2055		1,210		1,251,656
New York Transportation Development Corp. (JFK NTO LLC) Series 2023 5.375%, 06/30/2060		1,000		1,004,229



ABFunds.com		AB Active ETFs, Inc. 201

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Onondaga Civic Development Corp. (Syracuse University) Series 2025 5.50%, 12/01/2056	$	100	$	108,173
Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) Series 2024 6.00%, 12/01/2053		100		102,235
Triborough Bridge & Tunnel Authority Sales Tax Revenue (Triborough Bridge & Tunnel Authority Sales Tax Revenue) Series 2024-A 5.25%, 05/15/2064		1,000		1,039,827

				6,975,644

North Carolina – 1.2%
Nash Health Care Systems (Nash Health Care Systems) Series 2025 5.75%, 02/01/2050		600		644,511
North Carolina Turnpike Authority (North Carolina Turnpike Authority) AG Series 2024 Zero Coupon, 01/01/2052		250		71,132

				715,643

Ohio – 4.3%
Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) Series 2020-B 5.00%, 06/01/2055		500		399,129
County of Cuyahoga OH (County of Cuyahoga OH) Series 2026 5.50%, 12/01/2061^(c)		1,000		1,069,149
State of Ohio (University Hospitals Health System Obligated Group) Series 2016 4.00%, 01/15/2046		1,100		1,006,705

				2,474,983

Oklahoma – 0.2%
Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) Series 2025 6.25%, 12/01/2040		100		110,372



202 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value


Oregon – 3.1%
Clackamas & Washington Counties School District No. 3 (Clackamas & Washington Counties School District No. 3) Series 2026-B 5.00%, 06/15/2046	$	1,250	$	1,346,663
Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) Series 2022-2 4.00%, 07/01/2047		500		461,286

				1,807,949

Pennsylvania – 2.4%
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System Obligated Group) Series 2025 5.00%, 08/15/2055		120		124,441
Pennsylvania State University (The) (Pennsylvania State University) Series 2023 5.25%, 09/01/2053		1,000		1,053,099
Philadelphia Authority for Industrial Development (Children’s Hospital of Philadelphia Obligated Group) Series 2024 5.50%, 07/01/2053		205		220,029

				1,397,569

Puerto Rico – 0.0%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) Series 2018-A Zero Coupon, 07/01/2051		100		26,724


South Carolina – 3.0%
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) Series 2024 5.50%, 11/01/2054		500		530,027
South Carolina Public Service Authority (South Carolina Public Service Authority) Series 2024-B 5.25%, 12/01/2054		1,175		1,220,707

				1,750,734



ABFunds.com		AB Active ETFs, Inc. 203

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Tennessee – 2.8%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.125%, 12/01/2042^(a)	$	280	$	275,398
Series 2016-B Zero Coupon, 12/01/2031^(a)		100		75,038
Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The) Series 2026-B 5.00%, 07/01/2040		375		407,367
Shelby County Health & Educational Facilities Board (Madrone Memphis Student Housing I) Series 2024 5.25%, 06/01/2056^(a)		875		852,043

				1,609,846

Texas – 7.8%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2024-B 5.50%, 07/15/2038		100		106,784
City of Houston TX Hotel Occupancy Tax & Special Revenue (City of Houston TX Hotel Occupancy Tax & Special Revenue) Series 2026 5.50%, 09/01/2058		1,000		1,056,300
Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) Series 2025-A 5.50%, 11/01/2050		1,000		1,060,099
Dallas Metrocare Services (State of Texas) Series 2025 5.25%, 11/01/2065		1,000		1,032,357
Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) Series 2022-B Zero Coupon, 12/01/2046		335		110,803
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2024 5.25%, 01/01/2054^(a)		100		91,087
Texas Transportation Finance Corp. (Texas Transportation Finance) Series 2025 5.25%, 10/01/2055		1,000		1,051,839

				4,509,269



204 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Utah – 0.2%
Utah Infrastructure Agency (Utah Infrastructure Agency) Series 2024 5.50%, 10/15/2044	$	100	$	105,607


Virginia – 2.3%
Fairfax County Industrial Development Authority (Inova Health System Obligated Group) Series 2022 4.00%, 05/15/2042		1,000		978,344
Henrico County Economic Development Authority (Bon Secours Mercy Health) Series 2025 5.00%, 11/01/2048		100		103,243
James City County Economic Development Authority (Williamsburg Landing Obligated Group) Series 2024-A 6.875%, 12/01/2058		100		109,049
Virginia College Building Authority (Regent University Obligated Group) Series 2025 6.00%, 06/01/2055		150		157,171

				1,347,807

Washington – 7.4%
City of Tacoma WA Electric System Revenue (City of Tacoma WA Electric System Revenue) Series 2025-A 5.25%, 01/01/2050		1,000		1,065,355
King County Public Hospital District No. 2 (King County Public Hospital District No. 2) Series 2024 5.25%, 12/01/2045		1,050		1,118,607
Vancouver Housing Authority (Vancouver Housing Authority) Series 2025 4.25%, 02/01/2038		1,000		1,022,054
Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group) Series 2025 5.50%, 09/01/2055		1,000		1,053,380

				4,259,396

Wisconsin – 3.6%
Wisconsin Health & Educational Facilities Authority (Prerefunded – US Treasuries) Series 2024 5.00%, 08/01/2027^(a)		150		150,273



ABFunds.com		AB Active ETFs, Inc. 205

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Wisconsin Public Finance Authority (Inperium Obligated Group) Series 2024 5.75%, 12/01/2054^(a)	$	100	$	100,618
Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) Series 2024 5.50%, 07/01/2044		200		207,005
Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) Series 2025 5.75%, 12/31/2065		1,550		1,606,091

				2,063,987

Total Long-Term Municipal Bonds (cost $54,679,709)				54,942,806


Short-Term Municipal Notes – 2.6%
Idaho – 1.3%
Idaho Health Facilities Authority (St. Luke’s Health System Obligated Group/ID) Series 2018-C 2.75%, 03/01/2048^(d)		750		750,000


Nevada – 1.3%
County of Clark Department of Aviation (County of Clark Dept. of Aviation) Series 2014-D 1.65%, 07/01/2040^(d)		750		750,000


Total Short-Term Municipal Notes (cost $1,500,000)				1,500,000


Total Municipal Obligations (cost $56,179,709)				56,442,806


	Shares
SHORT-TERM INVESTMENTS – 2.9%
Investment Companies – 2.9%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(e)(f)(g)(cost $1,690,337)		1,690,337		1,690,337


Total Investments – 100.7% (cost $57,870,046)				58,133,143
Other assets less liabilities – (0.7)%				(417,214	)


Net Assets – 100.0%			$	57,715,929



206 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at May 31, 2026			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 46, 5 Year Index, 06/20/2031*		(5.00	)%		Quarterly		3.02	%		USD 485	$	(44,995	)	$	(18,294	)	$	(26,701	)

*	Termination date.

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)


				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	380		10/15/2028	CPI#	2.565%		Maturity	$	(5,173	)	$	– 0	–	$	(5,173	)
USD	866		10/15/2029	2.451%	CPI#		Maturity		15,906			– 0	–		15,906
USD	634		10/15/2029	2.499%	CPI#		Maturity		10,179			– 0	–		10,179
USD	480		10/15/2029	2.485%	CPI#		Maturity		8,032			– 0	–		8,032
USD	400		10/15/2030	CPI#	2.531%		Maturity		(5,502	)		– 0	–		(5,502	)

								$	23,442		$	– 0	–	$	23,442

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				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	200		01/13/2045	1 Day SOFR	4.156%		Annual	$	(2,809	)	$	(79	)	$	(2,730	)
USD	200		01/13/2045	1 Day SOFR	4.189%		Annual		(1,930	)		– 0	–		(1,930	)
USD	1,200		05/15/2046	1 Day SOFR	4.405%		Annual		17,824			– 0	–		17,824
USD	1,000		05/15/2046	1 Day SOFR	4.273%		Annual		(2,809	)		– 0	–		(2,809	)
USD	400		05/15/2046	1 Day SOFR	4.473%		Annual		9,662			– 0	–		9,662
USD	600		05/05/2055	4.148%	1 Day SOFR		Annual		11,947			– 0	–		11,947
USD	500		05/05/2055	4.135%	1 Day SOFR		Annual		11,082			– 0	–		11,082
USD	300		05/05/2055	3.962%	1 Day SOFR		Annual		15,310			– 0	–		15,310
USD	200		05/05/2055	3.806%	1 Day SOFR		Annual		15,414			– 0	–		15,414
USD	400		11/15/2055	3.943%	1 Day SOFR		Annual		21,258			– 0	–		21,258
USD	60		11/15/2055	4.114%	1 Day SOFR		Annual		1,424			– 0	–		1,424

								$	96,373		$	(79	)	$	96,452

(a)

(b)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2026.

(c)	When-Issued or delayed delivery security.



ABFunds.com		AB Active ETFs, Inc. 207

PORTFOLIO OF INVESTMENTS (continued)

(d)

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

(f)	Affiliated investments.

(g)	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.

Glossary:

AG – Assured Guaranty Inc.

BAM – Build American Mutual

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

COP – Certificate of Participation

ID – Improvement District

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



208 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB SHORT DURATION HIGH YIELD ETF

May 31, 2026 (unaudited)


		Principal Amount (000)		U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 79.4%
Industrial – 70.1%
Basic – 6.2%
Ahlstrom Holding 3 Oy 4.875%, 02/04/2028^(a)	U.S.$		392	$	386,261
Alcoa Nederland Holding BV 4.125%, 03/31/2029^(a)			1,587		1,546,992
7.125%, 03/15/2031^(a)			4,179		4,360,661
Alumina Pty Ltd. 6.125%, 03/15/2030^(a)			7		7,152
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^(a)(b)			2,473		31,088
11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), 09/30/2029^(a)(b)(c)			983		400,999
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027^(a)			320		318,934
Capstone Copper Corp. 6.75%, 03/31/2033^(a)			889		906,407
Celanese US Holdings LLC 7.33%, 07/15/2029^(c)			213		223,003
7.35%, 11/15/2028^(c)			5,653		5,888,052
7.379%, 07/15/2032^(c)			1,566		1,647,526
Cerdia Finanz GmbH 9.375%, 10/03/2031^(a)			380		336,410
Constellium SE 3.75%, 04/15/2029^(a)			3,351		3,229,995
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			4,924		4,925,133
Element Solutions, Inc. 3.875%, 09/01/2028^(a)			3,613		3,522,241
Graphic Packaging International LLC 3.50%, 03/15/2028^(a)			50		48,373
Huntsman International LLC 4.50%, 05/01/2029			934		904,280
INEOS Finance PLC 7.25%, 03/31/2031^(a)	EUR		715		814,444
Ingevity Corp. 3.875%, 11/01/2028^(a)	U.S.$		1,972		1,903,749
Methanex Corp. 5.125%, 10/15/2027			4,427		4,429,700
Novelis Corp. 4.75%, 01/30/2030^(a)			4,657		4,493,027



ABFunds.com		AB Active ETFs, Inc. 209

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Olin Corp. 5.00%, 02/01/2030	U.S.$		5,752	$	5,585,595
5.625%, 08/01/2029			2,034		2,021,389
6.625%, 04/01/2033^(a)			47		46,651
Olympus Water US Holding Corp. 3.875%, 10/01/2028^(a)	EUR		100		115,439
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(a)	U.S.$		680		665,094
SunCoke Energy, Inc. 4.875%, 06/30/2029^(a)			2,076		1,988,102
WR Grace Holdings LLC 6.625%, 08/15/2032^(a)			5,503		5,461,177

					56,207,874

Capital Goods – 9.0%
Arcosa, Inc. 4.375%, 04/15/2029^(a)			2,896		2,823,426
6.875%, 08/15/2032^(a)			4,652		4,819,798
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 5.00%, 01/30/2031^(a)	EUR		597		697,261
Ball Corp. 2.875%, 08/15/2030	U.S.$		689		626,783
Biffa Group Holdings Ltd. 5.25%, 06/15/2031^(a)	EUR		777		894,951
Bombardier, Inc. 7.45%, 05/01/2034^(a)	U.S.$		2,663		2,933,401
8.75%, 11/15/2030^(a)			905		960,639
Columbus McKinnon Corp./NY 7.125%, 02/01/2033^(a)			4,683		4,744,254
Dycom Industries, Inc. 4.50%, 04/15/2029^(a)			2,714		2,665,609
Efesto Bidco SpA Efesto US LLC Series XR 7.50%, 02/15/2032^(a)			4,872		4,776,217
EnerSys 4.375%, 12/15/2027^(a)			1,214		1,205,453
Esab Corp. 6.25%, 04/15/2029^(a)			5,385		5,484,623
GFL Environmental, Inc. 4.00%, 08/01/2028^(a)			6,243		6,100,410
6.75%, 01/15/2031^(a)			507		523,777
Goat Holdco LLC 6.75%, 02/01/2032^(a)			731		744,377
IMA Industria Macchine Automatiche SpA 3.75%, 01/15/2028^(a)	EUR		650		757,895
LSB Industries, Inc. 6.25%, 10/15/2028^(a)(c)	U.S.$		4,694		4,697,755



210 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Luna 2 5SARL 5.50%, 07/01/2032^(a)	EUR		266	$	311,365
Maxam Prill SARL 7.75%, 07/15/2030^(a)	U.S.$		5,001		5,164,183
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)			7,455		6,965,952
Mueller Water Products, Inc. 4.00%, 06/15/2029^(a)			3,103		2,998,088
Quikrete Holdings, Inc. 6.375%, 03/01/2032^(a)			3,077		3,133,463
Silgan Holdings, Inc. 2.25%, 06/01/2028	EUR		412		467,341
Terex Corp. 5.00%, 05/15/2029^(a)	U.S.$		6,360		6,302,569
TK Elevator Midco GmbH 4.375%, 07/15/2027^(a)	EUR		34		39,736
TransDigm, Inc. 6.375%, 03/01/2029^(a)	U.S.$		3,656		3,728,645
6.75%, 08/15/2028^(a)			2,775		2,811,047
6.875%, 12/15/2030^(a)			2,646		2,727,894
Trinity Industries, Inc. 7.75%, 07/15/2028^(a)			863		883,876
WESCO Distribution, Inc. 5.25%, 04/15/2031^(a)			300		297,612

					81,288,400

Communications - Media – 5.4%
AMC Global Media, Inc. 10.50%, 07/15/2032^(a)			573		592,935
Banijay Entertainment SAS 7.00%, 05/01/2029^(a)	EUR		442		531,905
8.125%, 05/01/2029^(a)	U.S.$		234		241,142
Cable One, Inc. 4.00%, 11/15/2030^(a)			541		346,586
CCO Holdings LLC/CCO Holdings Capital Corp. 5.00%, 02/01/2028^(a)			4,293		4,250,929
7.00%, 02/01/2033^(a)			969		946,820
7.375%, 03/01/2031^(a)			615		623,628
Clear Channel Outdoor Holdings, Inc. 7.125%, 02/15/2031^(a)			1,149		1,187,882
CSC Holdings LLC 5.375%, 02/01/2028^(a)			1,973		1,250,132
5.50%, 04/15/2027^(a)			491		353,520
6.50%, 02/01/2029^(a)			233		137,573
DIRECTV Financing LLC 8.875%, 02/01/2030^(a)			4,131		4,243,942
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			148		148,271



ABFunds.com		AB Active ETFs, Inc. 211

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Discovery Global Holdings, Inc. 4.279%, 03/15/2032	U.S.$		2,355	$	2,081,137
DISH DBS Corp. 5.25%, 12/01/2026^(a)			2,160		2,152,397
5.75%, 12/01/2028^(a)			754		739,033
EchoStar Corp. 10.75%, 11/30/2029			2,131		2,316,290
EW Scripps Co. (The) 9.88%, 08/15/2030^(a)			795		759,948
Gray Media, Inc. 10.50%, 07/15/2029^(a)			2,081		2,205,485
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(a)			1,179		737,087
6.75%, 10/15/2027^(a)			2,212		1,432,712
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			4,979		4,953,508
Sinclair Television Group, Inc. 5.50%, 03/01/2030^(a)			22		19,599
8.125%, 02/15/2033^(a)			44		45,155
Sirius XM Radio LLC 4.00%, 07/15/2028^(a)			400		389,576
4.125%, 07/01/2030^(a)			5,418		5,101,643
5.00%, 08/01/2027^(a)			50		49,934
Summer BC Holdco B SARL 5.875%, 02/15/2030^(a)	EUR		196		201,205
Veritiv Operating Co. 10.50%, 11/30/2030^(a)	U.S.$		2,410		2,472,853
Versant Media Group, Inc. 7.25%, 01/30/2031^(a)			4,280		4,445,336
Virgin Media Secured Finance PLC 5.50%, 05/15/2029^(a)			4,101		3,945,326

					48,903,489

Communications - Telecommunications – 1.2%
Altice Financing SA 5.00%, 01/15/2028^(a)			1,198		878,206
Altice France SA 6.50%, 04/15/2032^(a)			1,342		1,305,183
6.875%, 10/15/2030^(a)			373		365,121
6.875%, 07/15/2032^(a)			1,450		1,413,526
9.5%, 11/01/2029^(a)			448		455,946
Connect Finco SARL/Connect US Finco LLC 9.00%, 09/15/2029^(a)			868		916,226
Core Scientific Finance I LLC 7.75%, 05/15/2031^(a)			1,864		1,907,506
Edged Compute LLC 7.50%, 04/30/2031^(a)			1,492		1,496,401
Iliad Holding SAS 8.50%, 04/15/2031^(a)			810		858,171



212 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Viasat, Inc. 7.50%, 05/30/2031^(a)	U.S.$		266	$	268,740
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(a)			736		615,429

					10,480,455

Consumer Cyclical - Automotive – 2.7%
Adient Global Holdings Ltd. 8.25%, 04/15/2031^(a)			3,749		3,905,858
Allison Transmission, Inc. 3.75%, 01/30/2031^(a)			500		468,295
Garrett Motion Holdings, Inc./Garrett LX I SARL 7.75%, 05/31/2032^(a)			1,665		1,744,520
Goodyear Tire & Rubber Co. (The) 5.25%, 04/30/2031			901		805,503
5.25%, 07/15/2031			4,357		3,868,580
IHO Verwaltungs GmbH 6.375% (6.375% Cash or 7.1250% PIK), 05/15/2029^(a)(b)			662		664,178
6.75% (6.75% Cash or 7.50% PIK), 11/15/2029^(a)(b)	EUR		520		634,205
7.75% (7.75% Cash or 8.50% PIK), 11/15/2030^(a)(b)	U.S.$		1,427		1,474,976
JB Poindexter & Co., Inc. 8.75%, 12/15/2031^(a)			1,938		1,992,787
Nissan Motor Acceptance Co. LLC 1.85%, 09/16/2026^(a)			450		445,073
2.75%, 03/09/2028^(a)			3,427		3,257,089
5.30%, 09/13/2027^(a)			618		616,523
5.625%, 09/29/2028^(a)			126		125,680
Nissan Motor Co., Ltd. 4.345%, 09/17/2027^(a)			314		309,519
4.81%, 09/17/2030^(a)			883		827,265
7.50%, 07/17/2030^(a)			792		820,765
Phinia, Inc. 6.625%, 10/15/2032^(a)			1,092		1,121,287

					23,082,103

Consumer Cyclical - Entertainment – 1.4%
CPUK Finance Ltd. 7.875%, 08/28/2029^(a)	GBP		400		553,512
NCL Corp., Ltd. 5.875%, 01/15/2031^(a)	U.S.$		2,858		2,761,514
6.75%, 02/01/2032^(a)			875		867,633
SeaWorld Parks & Entertainment, Inc. 5.25%, 08/15/2029^(a)			5,115		4,975,719
Viking Cruises Ltd. 5.875%, 10/15/2033^(a)			2,169		2,169,694
9.125%, 07/15/2031^(a)			729		766,383

					12,094,455



ABFunds.com		AB Active ETFs, Inc. 213

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Other – 7.8%
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029^(a)	U.S.$		1,194	$	1,232,315
AmeriTex HoldCo Intermediate LLC 7.625%, 08/15/2033^(a)			3,583		3,729,688
Banijay Gaming SAS 5.125%, 12/10/2031^(a)	EUR		424		500,412
Boyne USA, Inc. 4.75%, 05/15/2029^(a)	U.S.$		2,993		2,950,948
Brightstar Lottery PLC 5.25%, 01/15/2029^(a)			55		54,702
Builders FirstSource, Inc. 6.375%, 06/15/2032^(a)			651		656,911
Churchill Downs, Inc. 4.75%, 01/15/2028^(a)			1,582		1,567,145
Cirsa Finance International SARL 6.50%, 03/15/2029^(a)	EUR		668		806,806
Great Canadian Gaming Corp./Raptor LLC 8.75%, 11/15/2029^(a)	U.S.$		560		551,074
Hilton Domestic Operating Co., Inc. 3.75%, 05/01/2029^(a)			2,274		2,199,708
5.875%, 04/01/2029^(a)			3,092		3,137,638
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(a)			453		423,170
5.00%, 06/01/2029^(a)			4,339		4,222,238
6.625%, 01/15/2032^(a)			1,635		1,664,479
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			5,393		5,204,946
Masterbrand, Inc. 7.00%, 07/15/2032^(a)			7,090		7,072,842
Miller Homes Group Finco PLC 6.533% (EURIBOR 3 Month + 4.25%), 10/15/2030^(a)(d)	EUR		194		223,398
7.00%, 05/15/2029^(a)	GBP		276		362,734
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.25%, 04/15/2030^(a)	U.S.$		2,180		2,277,381
Playtech PLC 5.875%, 06/28/2028^(a)	EUR		620		734,651
Standard Building Solutions, Inc. 5.875%, 03/15/2034^(a)	U.S.$		334		325,633
6.25%, 08/01/2033^(a)			225		225,162
6.50%, 08/15/2032^(a)			173		175,391
Standard Industries, Inc./NY 3.375%, 01/15/2031^(a)			837		761,888
4.375%, 07/15/2030^(a)			4,583		4,366,957
4.75%, 01/15/2028^(a)			1,847		1,838,338



214 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Station Casinos LLC 4.50%, 02/15/2028^(a)	U.S.$		2,049	$	2,019,699
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028^(a)			3,464		3,495,973
Thor Industries, Inc. 4.00%, 10/15/2029^(a)			6,583		6,223,502
Travel & Leisure Co. 4.50%, 12/01/2029^(a)			3,291		3,175,914
6.25%, 06/01/2031^(a)			807		811,616
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028^(a)			5,140		5,068,040

					68,061,299

Consumer Cyclical - Restaurants – 0.6%
1011778 BC ULC/New Red Finance, Inc. 4.00%, 10/15/2030^(a)			398		377,451
4.375%, 01/15/2028^(a)			3,033		3,004,065
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75%, 06/01/2027^(a)			410		409,188
Yum! Brands, Inc. 3.625%, 03/15/2031			2,677		2,490,708

					6,281,412

Consumer Cyclical - Retailers – 5.1%
Advance Auto Parts, Inc. 7.00%, 08/01/2030^(a)			6,504		6,684,551
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(a)			6,375		6,194,014
Beach Acquisition Bidco LLC 5.25%, 07/15/2032^(a)	EUR		668		783,942
Boots Group Finco LP 5.375%, 08/31/2032^(a)			781		934,209
Carvana Co. 9.00%, 06/01/2030^(a)(b)(c)	U.S.$		2,076		2,153,808
9.00%, 06/01/2031^(a)(b)(c)			367		405,531
FirstCash, Inc. 4.625%, 09/01/2028^(a)			1,278		1,260,491
Gap, Inc. (The) 3.625%, 10/01/2029^(a)			5,830		5,469,415
Gee Automotive Holdings LLC 7.25%, 03/01/2031^(a)			899		908,134
Global Auto Holdings Ltd./AAG FH UK Ltd. 8.375%, 01/15/2029^(a)			3,265		3,178,151
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(a)			2,339		2,275,052
6.375%, 01/15/2030^(a)			467		474,766
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(a)			4,635		4,527,375
8.25%, 08/01/2031^(a)			208		217,060



ABFunds.com		AB Active ETFs, Inc. 215

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Murphy Oil USA, Inc. 3.75%, 02/15/2031^(a)	U.S.$		1,268	$	1,181,370
Park River Holdings, Inc. 8.00%, 03/15/2031^(a)			451		456,628
Penske Automotive Group, Inc. 3.75%, 06/15/2029			3,854		3,691,592
Sonic Automotive, Inc. 4.875%, 11/15/2031^(a)			1,739		1,664,484
Staples, Inc. 10.75%, 09/01/2029^(a)			1,864		1,773,223
William Carter Co. (The) 7.375%, 02/15/2031^(a)			1,295		1,339,470

					45,573,266

Consumer Non-Cyclical – 8.7%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028^(a)			4,580		4,552,612
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.875%, 02/15/2030^(a)			150		146,625
Bausch & Lomb Corp. 8.375%, 10/01/2028^(a)			3,128		3,237,668
Bausch Health Cos., Inc. 11.00%, 09/30/2028^(a)			187		194,933
CAB SELAS 7.75%, 08/09/2031^(a)	EUR		859		1,007,813
Chobani LLC/Chobani Finance Corp., Inc. 7.625%, 07/01/2029^(a)	U.S.$		250		258,075
CHS/Community Health Systems, Inc. 5.25%, 05/15/2030^(a)			2,443		2,303,285
6.00%, 01/15/2029^(a)			794		786,862
10.875%, 01/15/2032^(a)			2,176		2,345,032
Embecta Corp. 5.00%, 02/15/2030^(a)			6,159		4,773,533
6.75%, 02/15/2030^(a)			366		302,038
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			1,030		931,841
Grifols SA 3.875%, 10/15/2028^(a)	EUR		1,524		1,765,289
4.75%, 10/15/2028^(a)	U.S.$		3,183		3,133,982
Gruenenthal GmbH 4.125%, 05/15/2028^(a)	EUR		907		1,057,577
Gruppo San Donato SpA 6.50%, 10/31/2031^(a)			1,056		1,189,168
Iceland Bondco PLC 7.783% (EURIBOR 3 Month + 5.50%), 12/15/2027^(a)(d)			199		234,555
10.875%, 12/15/2027^(a)	GBP		114		159,168



216 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Insulet Corp. 6.50%, 04/01/2033^(a)	U.S.$		5,249	$	5,340,228
IQVIA, Inc. 5.00%, 10/15/2026^(a)			1,570		1,568,964
5.00%, 05/15/2027^(a)			413		412,864
Kedrion SpA 6.50%, 09/01/2029^(a)			1,578		1,555,561
LifePoint Health, Inc. 9.88%, 08/15/2030^(a)			2,365		2,504,748
Mehilainen Yhtiot Oy 5.125%, 06/30/2032^(a)	EUR		419		488,791
ModivCare, Inc. 5.00%, 10/01/2029^{(c)(e)(f)(g)(h)}	U.S.$		1,626		2,114
Neogen Food Safety Corp. 8.625%, 07/20/2030^(a)			1,166		1,222,843
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028^(a)			4,080		4,030,632
Perrigo Finance Unlimited Co. 5.15%, 06/15/2030^(c)			5,122		4,910,000
Series USD 6.125%, 09/30/2032			400		381,696
Premier Foods Finance PLC 3.50%, 10/15/2026^(a)	GBP		200		268,310
Select Medical Corp. 6.25%, 12/01/2032^(a)	U.S.$		5,297		5,154,882
Surgery Center Holdings, Inc. 7.25%, 04/15/2032^(a)			5,380		5,397,593
Tenet Healthcare Corp. 4.25%, 06/01/2029			4,205		4,100,043
4.375%, 01/15/2030			3,565		3,450,243
US Foods, Inc. 4.75%, 02/15/2029^(a)			5,606		5,535,084
Whirlpool Corp. 4.75%, 02/26/2029			757		714,987
6.125%, 06/15/2030			624		587,371

					76,007,010

Energy – 10.3%
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/2029^(a)			6,250		6,431,938
7.25%, 07/15/2032^(a)			564		585,889
Buckeye Partners LP 4.50%, 03/01/2028^(a)			3,007		2,971,547
6.75%, 02/01/2030^(a)			1,245		1,289,160
6.875%, 07/01/2029^(a)			1,737		1,790,760
California Resources Corp. 8.25%, 06/15/2029^(a)			897		935,427



ABFunds.com		AB Active ETFs, Inc. 217

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Chord Energy Corp. 6.00%, 10/01/2030^(a)	U.S.$		3,072	$	3,108,956
6.75%, 03/15/2033^(a)			3,700		3,802,342
CITGO Petroleum Corp. 8.375%, 01/15/2029^(a)			1,075		1,107,411
CNX Resources Corp. 7.25%, 03/01/2032^(a)			4,628		4,782,066
7.375%, 01/15/2031^(a)			300		307,899
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031^(a)			6,956		6,853,260
Delek Logistics Partners LP/Delek Logistics Finance Corp. 8.625%, 03/15/2029^(a)			2,674		2,784,677
Genesis Energy LP/Genesis Energy Finance Corp. 7.875%, 05/15/2032			1,774		1,842,122
8.875%, 04/15/2030			1,307		1,368,547
Global Partners LP/GLP Finance Corp. 8.25%, 01/15/2032^(a)			1,190		1,247,917
Gulfport Energy Operating Corp. 6.75%, 09/01/2029^(a)			1,400		1,436,820
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)			2,146		2,141,129
6.00%, 04/15/2030^(a)			2,266		2,253,174
6.25%, 04/15/2032^(a)			2,543		2,504,728
Ithaca Energy North Sea PLC 8.125%, 10/15/2029^(a)			410		426,400
Kraken Oil & Gas Partners LLC 7.625%, 08/15/2029^(a)			2,559		2,597,615
Matador Resources Co. 6.50%, 04/15/2032^(a)			2,255		2,283,841
NFE Financing LLC 12.00%, 11/15/2029^(e)(f)(h)			3,644		1,586,283
Northern Oil & Gas, Inc. 8.75%, 06/15/2031^(a)			3		3,116
NuStar Logistics LP 5.625%, 04/28/2027			1,317		1,321,465
6.375%, 10/01/2030			4,461		4,632,079
Range Resources Corp. 4.75%, 02/15/2030^(a)			643		629,323
Saturn Oil & Gas, Inc. 9.63%, 06/15/2029^(a)			843		883,076
SM Energy Co. 6.75%, 08/01/2029^(a)			3,570		3,659,107
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.00%, 06/01/2031^(a)			942		903,444
Sunoco LP 4.50%, 10/01/2029^(a)			2,409		2,351,208



218 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

4.625%, 05/01/2030^(a)	U.S.$		1,304	$	1,266,067
5.875%, 07/15/2027^(a)			3		3,002
6.625%, 08/15/2032^(a)			1,145		1,168,919
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			392		384,152
7.00%, 09/15/2028^(a)			4,746		4,859,287
Superior Plus LP/Superior General Partner, Inc. 4.50%, 03/15/2029^(a)			942		912,704
Talos Production, Inc. 9.00%, 02/01/2029^(a)			610		636,681
TGNR Intermediate Holdings LLC 5.50%, 10/15/2029^(a)			1,687		1,662,201
Transocean International Ltd. 8.75%, 02/15/2030^(a)			1,225		1,279,353
Venture Global LNG, Inc. 8.125%, 06/01/2028^(a)			300		306,477
8.375%, 06/01/2031^(a)			660		686,730
9.5%, 02/01/2029^(a)			3,743		4,073,507
Venture Global Plaquemines LNG LLC 6.125%, 12/15/2030^(a)			1,304		1,338,582
Wildfire Intermediate Holdings LLC 7.50%, 10/15/2029^(a)			2,410		2,474,853

					91,875,241

Other Industrial – 1.1%
American Builders & Contractors Supply Co., Inc. 3.875%, 11/15/2029^(a)			434		412,639
Belden, Inc. 3.375%, 07/15/2031^(a)	EUR		693		780,586
Fluor Corp. 4.25%, 09/15/2028	U.S.$		897		880,665
Gates Corp./DE 6.875%, 07/01/2029^(a)			340		349,986
Resideo Funding, Inc. 6.50%, 07/15/2032^(a)			4,416		4,435,519
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(a)			2,952		2,915,956

					9,775,351

Services – 4.0%
Allied Universal Holdco LLC 7.875%, 02/15/2031^(a)			3,691		3,858,608
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(a)	EUR		160		185,500
4.625%, 06/01/2028^(a)	U.S.$		4,085		4,023,869
Angi Group LLC 3.875%, 08/15/2028^(a)			5,221		4,620,846
Aramark International Finance SARL 4.375%, 04/15/2033^(a)	EUR		120		137,088



ABFunds.com		AB Active ETFs, Inc. 219

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Belron UK Finance PLC 5.75%, 10/15/2029^(a)	U.S.$		6,921	$	6,978,790
Cars.com, Inc. 6.375%, 11/01/2028^(a)			1,545		1,514,934
Clarivate Science Holdings Corp. 4.875%, 07/01/2029^(a)			1,940		1,774,537
Deepocean Ltd. 6.00%, 04/08/2031^(a)	EUR		416		498,320
Garda World Security Corp. 6.00%, 06/01/2029^(a)	U.S.$		4,405		4,313,376
7.75%, 02/15/2028^(a)			250		254,555
8.25%, 08/01/2032^(a)			326		334,218
8.375%, 11/15/2032^(a)			833		863,804
ION Platform Finance US, Inc./ION Platform Finance SARL 8.75%, 05/01/2029^(a)			115		106,058
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)			2,906		2,849,217
Sabre GLBL, Inc. 11.125%, 07/15/2030^(a)			2,137		1,904,815
Sotheby’s 8.25%, 04/15/2031^(a)			577		567,982
Techem Verwaltungsgesellschaft 675 mbH 5.375%, 07/15/2029^(a)	EUR		777		930,304
Wand NewCo 3, Inc. 7.625%, 01/30/2032^(a)	U.S.$		613		634,026

					36,350,847

Technology – 4.0%
Almaviva-The Italian Innovation Co. SpA 5.00%, 10/30/2030^(a)	EUR		1,870		2,119,741
Cloud Software Group, Inc. 6.50%, 03/31/2029^(a)	U.S.$		831		825,981
6.625%, 08/15/2033^(a)			990		901,395
8.25%, 06/30/2032^(a)			1,273		1,249,933
Diebold Nixdorf, Inc. 7.75%, 03/31/2030^(a)			2,080		2,180,838
Ellucian Holdings, Inc. 6.50%, 12/01/2029^(a)			5,296		5,223,286
Fortress Intermediate 3, Inc. 7.50%, 06/01/2031^(a)			4,890		4,943,937
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			1,022		1,027,498
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 3.50%, 03/01/2029^(a)			300		282,444
5.25%, 12/01/2027^(a)			1,233		1,232,692
GoTo Group, Inc. 5.50%, 05/01/2028^(a)			608		281,306



220 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

IPD 3 BV 5.50%, 06/15/2031^(a)	EUR		633	$	716,740
Meridian Arc Holdco LLC 6.25%, 04/30/2031^(a)	U.S.$		3,413		3,430,952
MKS, Inc. 4.25%, 02/15/2034^(a)	EUR		964		1,093,340
NCR Atleos Corp. 9.5%, 04/01/2029^(a)	U.S.$		372		397,739
NCR Voyix Corp. 5.00%, 10/01/2028^(a)			2,724		2,676,357
OAK-Eagle Acquireco, Inc. 6.25%, 07/01/2033^(a)	EUR		1,642		1,995,344
7.25%, 07/01/2033^(a)	U.S.$		2,122		2,211,251
ON Semiconductor Corp. 3.875%, 09/01/2028^(a)			939		915,966
Playtika Holding Corp. 4.25%, 03/15/2029^(a)			2,027		1,821,888
Rackspace Finance LLC 3.50%, 05/15/2028^(a)			1,075		907,358
TeamSystem SpA 5.00%, 07/01/2031^(a)	EUR		1,044		1,165,324

					37,601,310

Transportation - Airlines – 1.0%
Allegiant Travel Co. 7.25%, 08/15/2027^(a)	U.S.$		2,480		2,485,010
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.75%, 04/20/2029^(a)			6,458		6,453,092
Avianca Midco 2 PLC 9.00%, 12/01/2028^(a)			158		157,151

					9,095,253

Transportation - Services – 1.6%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.375%, 05/21/2030^(a)	EUR		246		294,269
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375%, 03/01/2029^(a)	U.S.$		1,342		1,315,361
5.75%, 07/15/2027^(a)			20		20,002
8.00%, 02/15/2031^(a)			830		836,897
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(a)	EUR		1,295		1,402,393
Beacon Mobility Corp. 7.25%, 08/01/2030^(a)	U.S.$		4,301		4,452,782
Boels Topholding BV 6.25%, 02/15/2029^(a)	EUR		492		588,148
Dcli Bidco LLC 7.75%, 11/15/2029^(a)	U.S.$		2,029		2,086,360
FTAI Aviation Investors LLC 7.875%, 12/01/2030^(a)			191		200,304



ABFunds.com		AB Active ETFs, Inc. 221

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Hertz Corp. (The) 4.625%, 12/01/2026^(a)	U.S.$		346	$	330,852
Kapla Holding SAS 5.00%, 04/30/2031^(a)	EUR		1,498		1,753,247
Loxam SAS 4.50%, 02/15/2027^(a)			104		121,247
6.375%, 05/31/2029^(a)			185		221,326
Mundys SpA 1.875%, 02/12/2028^(a)			450		511,705
Rand Parent LLC 8.50%, 02/15/2030^(a)	U.S.$		215		221,712
Upbound Group, Inc. 6.375%, 02/15/2029^(a)			865		855,329

					15,211,934

					627,889,699

Financial Institutions – 9.2%
Banking – 1.1%
Armor Holdco, Inc. 8.50%, 11/15/2029^(a)			1,360		1,367,684
Bread Financial Holdings, Inc. 6.75%, 05/15/2031^(a)			6,622		6,776,822
CaixaBank SA 5.875%, 10/09/2027^(a)(i)	EUR		200		238,627
Credit Acceptance Corp. 6.625%, 03/15/2030^(a)	U.S.$		217		218,456
Freedom Mortgage Corp. 12.25%, 10/01/2030^(a)			548		592,240

					9,193,829

Brokerage – 1.0%
Aretec Group, Inc. 10.00%, 08/15/2030^(a)			3,423		3,633,309
First Eagle Holdings, Inc. 7.25%, 08/15/2032^(a)			922		934,401
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/2029^(a)			4,101		4,005,652
7.125%, 04/30/2031^(a)			1,224		1,270,402

					9,843,764

Finance – 3.5%
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(a)			1,086		1,038,690
Curo SPV LLC 13.00%, 08/21/2027^(g)(j)			1,259		1,202,572
Enova International, Inc. 9.125%, 08/01/2029^(a)			2,874		3,008,618
11.25%, 12/15/2028^(a)			1,667		1,760,352
GGAM Finance Ltd. 8.00%, 02/15/2027^(a)			674		678,994
8.00%, 06/15/2028^(a)			4,650		4,835,768



222 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

goeasy Ltd. 6.875%, 05/15/2030^(a)	U.S.$		1,197	$	1,076,558
7.375%, 10/01/2030^(a)			1,003		901,577
7.625%, 07/01/2029^(a)			1,228		1,150,403
9.25%, 12/01/2028^(a)			954		935,464
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			4,492		4,344,168
Navient Corp. 9.375%, 10/15/2031			1,066		1,062,418
11.50%, 03/15/2031			2,727		2,902,183
OneMain Finance Corp. 7.875%, 03/15/2030			1,226		1,275,126
Phoenix Aviation Capital Ltd. 9.25%, 07/15/2030^(a)			1,327		1,367,699
Rfna LP 7.875%, 02/15/2030^(a)			4,840		4,744,507
SLM Corp. 6.495%, 05/15/2032			562		562,096

					32,847,193

Financial Services – 0.5%
1261229 BC Ltd. 10.00%, 04/15/2032^(a)			278		284,661
Asurion LLC/Asurion Co-Issuer, Inc. 8.00%, 12/31/2032^(a)			592		617,142
Cipher Compute LLC 7.125%, 11/15/2030^(a)			1,537		1,601,662
Encore Capital Group, Inc. 8.50%, 05/15/2030^(a)			1,954		2,078,353

					4,581,818

Insurance – 3.0%
Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/2029^(a)			1,355		1,284,093
6.75%, 07/01/2032^(a)			2,052		1,984,202
7.50%, 11/06/2030^(a)			2,147		2,144,874
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 04/15/2028^(a)			3,667		3,699,820
AmWINS Group, Inc. 4.875%, 06/30/2029^(a)			329		317,439
6.375%, 02/15/2029^(a)			4,316		4,366,540
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves 7.875%, 11/01/2029^(a)			416		417,610
Ardonagh Finco Ltd. 6.875%, 02/15/2031^(a)	EUR		1,374		1,608,311
7.75%, 02/15/2031^(a)	U.S.$		1,352		1,362,099
CRC Insurance Group LLC 7.125%, 06/01/2031^(a)			3,781		3,789,205



ABFunds.com		AB Active ETFs, Inc. 223

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Howden UK Re nance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC 7.25%, 02/15/2031^(a)	U.S.$		3,498	$	3,467,218
Jones Deslauriers Insurance Management, Inc. 8.50%, 03/15/2030^(a)			2,622		2,674,728

					27,116,139

REITs – 0.1%
Five Point Operating Co. LP 8.00%, 10/01/2030^(a)			977		1,002,285
Vivion Investments SARL Series E 6.50%, 02/28/2029^(a)(b)(c)	EUR		1		842

					1,003,127

					84,585,870

Utility – 0.1%
Electric – 0.1%
NRG Energy, Inc. 5.75%, 07/15/2029^(a)	U.S.$		909		909,509


Total Corporates - Non-Investment Grade (cost $718,257,022)					713,385,078


CORPORATES - INVESTMENT GRADE – 12.5%
Industrial – 8.5%
Basic – 0.3%
FMC Corp. 8.00%, 06/01/2031^(a)			1,038		1,084,938
Hudbay Minerals, Inc. 6.125%, 04/01/2029^(a)			686		691,557
SNF Group SACA 5.626%, 03/31/2031^(a)			1,096		1,109,601

					2,886,096

Communications - Media – 0.1%
Time Warner Cable Enterprises LLC 8.375%, 07/15/2033			1,128		1,272,880


Communications - Telecommunications – 0.0%
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(a)	EUR		173		202,335


Consumer Cyclical - Automotive – 1.0%
Adient Global Holdings Ltd. 7.00%, 04/15/2028^(a)	U.S.$		1,163		1,182,573
Ford Motor Co. 3.25%, 02/12/2032			2,600		2,303,964
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			254		253,075



224 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

2.90%, 02/10/2029	U.S.$		425	$	400,792
4.95%, 05/28/2027			731		732,637
5.80%, 03/08/2029			846		858,132
5.875%, 11/07/2029			514		522,101
6.80%, 05/12/2028			648		668,017
7.35%, 11/04/2027			1,437		1,482,898
Jaguar Land Rover Automotive PLC 6.875%, 11/15/2026^(a)	EUR		478		561,801

					8,965,990

Consumer Cyclical - Entertainment – 0.6%
Carnival Corp., Ltd. 4.00%, 08/01/2028^(a)	U.S.$		4,226		4,145,664
5.75%, 01/15/2030^(a)	EUR		189		233,010
5.75%, 03/15/2030^(a)	U.S.$		1,137		1,148,643

					5,527,317

Consumer Cyclical - Other – 1.0%
Flutter Treasury DAC 4.00%, 06/04/2031^(a)	EUR		675		769,669
5.875%, 06/04/2031^(a)	U.S.$		1,914		1,897,961
6.125%, 06/04/2031^(a)	GBP		456		602,286
6.375%, 04/29/2029^(a)	U.S.$		205		207,935
Las Vegas Sands Corp. 5.65%, 05/18/2033			417		419,590
Voyager Parent LLC 9.25%, 07/01/2032^(a)			4,629		4,910,489

					8,807,930

Consumer Cyclical - Restaurants – 0.5%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029^(a)			1,208		1,161,480
3.875%, 01/15/2028^(a)			2,378		2,336,623
5.625%, 09/15/2029^(a)			492		496,256
6.125%, 06/15/2029^(a)			306		311,673

					4,306,032

Consumer Non-Cyclical – 1.5%
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(a)			2,590		2,481,401
Jazz Securities DAC 4.375%, 01/15/2029^(a)			7,888		7,737,260
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027	EUR		482		563,336
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/2026	U.S.$		193		192,035
4.75%, 05/09/2027			1,620		1,620,648
5.125%, 05/09/2029			372		373,109

					12,967,789



ABFunds.com		AB Active ETFs, Inc. 225

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Energy – 1.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.75%, 01/15/2028^(a)	U.S.$		481	$	480,894
5.75%, 10/15/2033^(a)			700		692,650
6.625%, 02/01/2032^(a)			1,818		1,856,396
Breakwater Energy Holdings SARL 9.25%, 11/15/2030^(a)			200		212,254
Colonial Pipeline Co. 7.63%, 04/15/2032^(a)			3,000		3,298,620
EQT Corp. 4.50%, 01/15/2029			78		77,537
Hess Midstream Operations LP 4.25%, 02/15/2030^(a)			403		390,269
5.125%, 06/15/2028^(a)			3,772		3,762,269
Permian Resources Operating LLC 5.875%, 07/01/2029^(a)			55		55,036
7.00%, 01/15/2032^(a)			5,245		5,468,332
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030^(a)			242		225,665

					16,519,922

Other Industrial – 0.8%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(a)			6,754		6,626,822
RB Global Holdings, Inc. 6.75%, 03/15/2028^(a)			502		509,535

					7,136,357

Services – 0.9%
Block, Inc. 2.75%, 06/01/2026			3,947		3,947,000
3.50%, 06/01/2031			2,402		2,187,525
5.625%, 08/15/2030^(a)			1,567		1,572,861

					7,707,386

Transportation - Services – 0.0%
Adani Ports & Special Economic Zone Ltd. 4.375%, 07/03/2029^(a)			202		197,142

					76,497,176

Financial Institutions – 4.0%
Banking – 3.1%
Ally Financial, Inc. 6.70%, 02/14/2033			4,224		4,354,944
6.848%, 01/03/2030			1,201		1,250,962
8.00%, 11/01/2031			809		903,321
Bank of Ireland Group PLC 5.601%, 03/20/2030^(a)			752		769,679
BPCE SA 5.876%, 01/14/2031^(a)			686		705,915



226 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

CaixaBank SA 5.673%, 03/15/2030^(a)	U.S.$		1,324	$	1,355,935
Capital One Financial Corp. 5.463%, 07/26/2030			1,573		1,603,453
Citigroup, Inc. Series AA 7.625%, 11/15/2028⁽ⁱ⁾			205		213,216
Deutsche Bank AG/New York NY 3.729%, 01/14/2032			3,990		3,725,623
3.742%, 01/07/2033			230		210,443
Intesa Sanpaolo SpA 4.198%, 06/01/2032^(a)			2,636		2,487,330
Synchrony Financial 5.935%, 08/02/2030			610		621,627
7.25%, 02/02/2033			5,915		6,127,230
Truist Financial Corp. Series N 6.669%, 09/01/2026⁽ⁱ⁾			626		627,214
UBS Group AG 3.875%, 06/02/2026^(a)(i)			445		445,000
4.375%, 02/10/2031^(a)(i)			507		462,217
UniCredit SpA 5.861%, 06/19/2032^(a)			1,787		1,797,597

					27,661,706

Finance – 0.5%
FS KKR Capital Corp. 3.125%, 10/12/2028			1,309		1,233,811
Midcap Financial Issuer Trust 6.50%, 05/01/2028^(a)			3,001		2,999,350

					4,233,161

Insurance – 0.1%
Athene Global Funding 5.583%, 01/09/2029^(a)			93		94,231
Hartford Insurance Group, Inc. (The) Series ICON 6.038% (CME Term SOFR 3 Month + 2.39%), 02/12/2047^(a)(d)			859		829,330
SBL Holdings, Inc. 5.00%, 02/18/2031^(a)			370		331,927
5.90%, 09/26/2028^(a)			236		228,637

					1,484,125

REITs – 0.3%
Newmark Group, Inc. 7.50%, 01/12/2029			2,027		2,126,789
Trust 2401 4.869%, 01/15/2030^(a)			211		202,222



ABFunds.com		AB Active ETFs, Inc. 227

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Vornado Realty LP 3.40%, 06/01/2031	U.S.$		84	$	76,610

					2,405,621

					35,784,613

Utility – 0.0%
Electric – 0.0%
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029^(a)			427		398,062


Total Corporates - Investment Grade (cost $111,404,761)					112,679,851


BANK LOANS – 4.4%
Industrial – 3.1%
Basic – 0.2%
INEOS US Petrochem LLC 7.970% (CME Term SOFR 1 Month + 4.25%), 04/02/2029^(k)			1,886		1,737,254


Communications - Media – 0.6%
DIRECTV Financing LLC 9.175% (CME Term SOFR 3 Month + 5.25%), 08/02/2029^(k)			1,216		1,222,114
MH Sub I LLC 7.870% (CME Term SOFR 1 Month + 4.25%), 05/03/2028^(k)			1,592		1,538,840
MJH Healthcare Holdings LLC 7.370% (CME Term SOFR 1 Month + 3.75%), 01/28/2029^(k)			1,450		1,408,922
Neptune Bidco US, Inc. 8.768% (CME Term SOFR 3 Month + 5.00%), 02/03/2033^(k)			1,000		987,810
Radiate Holdco LLC 1.500% (PIK Interest 12 + 1.50%), 09/25/2029^(k)			772		697,556

					5,855,242

Communications - Telecommunications – 0.2%
StubHub Holdco Sub LLC 03/15/2030^(l)			1,388		1,390,548


Consumer Cyclical - Automotive – 0.1%
RealTruck Group, Inc. 9.897% (CME Term SOFR 3 Month + 6.00%), 01/31/2031^(k)			958		612,981


Consumer Cyclical - Other – 0.1%
PHRG Intermediate LLC 7.699% (CME Term SOFR 3 Month + 4.00%), 02/20/2032^(k)			804		801,160



228 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value


Consumer Non-Cyclical – 0.4%
Hertz Corp. (The) 7.425% (CME Term SOFR 3 Month + 3.50%), 06/30/2028^(k)	U.S.$		1,514	$	1,169,853
ModivCare Buyer LLC 8.700% (CME Term SOFR 3 Month + 5.00%), 12/29/2030^(g)(j)(k)			88		73,745
MPH Acquisition Holdings LLC 12/31/2030^(l)			1,926		1,912,750
Weber-Stephen Products LLC 7.441% (CME Term SOFR 3 Month + 3.75%), 10/01/2032^(k)			620		595,200

					3,751,548

Energy – 0.2%
Calcasieu Pass Funding, LLC 6.954% (CME Term SOFR 6 Month + 3.25%), 04/11/2033^(k)			1,930		1,934,825


Technology – 1.2%
Boxer Parent Co., Inc. 6.665% (CME Term SOFR 3 Month + 3.00%), 07/30/2031^(k)			1,469		1,373,286
Clover Holdings 2 LLC 7.750%, 12/09/2031			1,787		1,721,423
Darktrace Finco US LLC 6.927% (CME Term SOFR 3 Month + 3.25%), 10/09/2031^(k)			1,207		1,151,263
Loyalty Ventures, Inc. 14.000% (PRIME 3 Month + 5.50%), 11/03/2027^{(e)(g)(h)(j)(k)}			550		49,487
Peraton Corp. 7.513% (CME Term SOFR 3 Month + 3.75%), 02/01/2028^(k)			2,357		2,093,353
Ping Identity Holding Corp. 6.381% (CME Term SOFR 1 Month + 2.75%), 11/15/2032^(k)			790		779,635
Playtika Holding Corp. 6.484% (CME Term SOFR 1 Month + 2.75%), 03/13/2028^(k)			767		748,986
Polaris Newco LLC 7.925% (CME Term SOFR 3 Month + 4.00%), 06/02/2028^(k)			1,257		1,122,570
Rocket Software, Inc. 11/28/2028^(l)			2,000		1,944,800

					10,984,803



ABFunds.com		AB Active ETFs, Inc. 229

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Transportation - Airlines – 0.1%
JetBlue Airways Corp. 8.435% (CME Term SOFR 3 Month + 4.75%), 08/27/2029^(k)	U.S.$		847	$	739,095

					27,807,456

Financial Institutions – 1.3%
Banking – 0.0%
Orbit Private Holdings I Ltd. 7.549% (CME Term SOFR 6 Month + 3.75%), 12/10/2031^(k)			105		105,395


Brokerage – 0.3%
Jane Street Group LLC 5.665% (CME Term SOFR 3 Month + 2.00%), 12/15/2031^(k)			2,526		2,510,605


Finance – 0.2%
Nexus Buyer LLC 07/31/2031^(l)			1,800		1,771,074


Financial Services – 0.0%
ACProducts Holdings, Inc. 9.149% (CME Term SOFR 3 Month + 5.50%), 11/17/2031^(k)			43		44,225
Colossus Acquireco LLC 5.380% (SOFR 4 + 1.75%), 07/30/2032^(k)			517		516,825

					561,050

Insurance – 0.8%
Acrisure LLC 6.620% (CME Term SOFR 1 Month + 3.00%), 11/06/2030^(k)			5,087		4,820,047
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.120% (CME Term SOFR 1 Month + 2.50%), 09/19/2031^(k)			1,200		1,194,791
Asurion LLC 7.413% (CME Term SOFR 3 Month + 3.75%), 02/23/2033^(k)			873		850,773
8.013% (CME Term SOFR 3 Month + 4.25%), 08/19/2028^(k)			114		113,930

					6,979,541

					11,927,665

Total Bank Loans (cost $41,296,616)					39,735,121



230 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

EMERGING MARKETS - CORPORATE BONDS – 0.5%
Industrial – 0.4%
Basic – 0.1%
Braskem Idesa SAPI 6.99%, 02/20/2032^(e)(f)(h)	U.S.$		486	$	331,082
Braskem Netherlands Finance BV 4.50%, 01/10/2028^(f)			341		226,339

					557,421

Consumer Cyclical - Other – 0.3%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(a)			2,150		2,096,831
5.625%, 07/17/2027^(a)			356		355,341

					2,452,172

Consumer Non-Cyclical – 0.0%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029^(a)			28		27,580


Energy – 0.0%
Ecopetrol SA 8.625%, 01/19/2029			216		227,092
Gran Tierra Energy, Inc. 9.5%, 10/15/2029^(a)			216		197,640

					424,732

Technology – 0.0%
ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C 7.875%, 02/03/2030^(a)			470		482,671

					3,944,576

Utility – 0.1%
Electric – 0.1%
India Clean Energy Holdings 4.50%, 04/18/2027^(a)			200		196,583
Investment Energy Resources Ltd. 6.25%, 04/26/2029^(a)			247		246,950

					443,533

Total Emerging Markets - Corporate Bonds (cost $4,541,225)					4,388,109


EMERGING MARKETS - SOVEREIGNS – 0.3%
Bahrain – 0.1%
Bahrain Government International Bond 7.00%, 10/12/2028^(a)			570		576,509



ABFunds.com		AB Active ETFs, Inc. 231

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Cote D’Ivoire – 0.1%
Ivory Coast Government International Bond 6.375%, 03/03/2028^(a)	U.S.$		507	$	514,798


Egypt – 0.0%
Egypt Government International Bond 7.50%, 01/31/2027^(a)			200		203,096


Senegal – 0.0%
Senegal Government International Bond 4.75%, 03/13/2028^(a)	EUR		333		220,792
6.75%, 03/13/2048^(a)	U.S.$		483		245,122

					465,914

South Africa – 0.1%
Republic of South Africa Government International Bond
Series 10Y 4.85%, 09/27/2027			540		541,890
Series 12Y 4.30%, 10/12/2028			208		206,010

					747,900

Total Emerging Markets - Sovereigns (cost $2,887,499)					2,508,217


		Shares
COMMON STOCKS – 0.1%
Communication Services – 0.1%
Diversified Telecommunication Services – 0.1%
Altice France SA/LuxCo3^(e)(g)(j)			26,338		526,339


Health Care – 0.0%
Health Care Providers & Services – 0.0%
ModivCare Topco LLC^(e)			7,096		39,915


Energy – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
New Fortress Energy, Inc.^(e)(g)			38,964		21,851


Industrial – 0.0%
Transportation Infrastructure – 0.0%
Spirit Airlines LLC^(e)			22,351		335


Total Common Stocks (cost $1,128,601)					588,440



232 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1%
Non-Agency Fixed Rate CMBS – 0.1%
CD Mortgage Trust Series 2016-CD1, Class XA 1.252%, 08/10/2049^(m)	U.S.$		2,179	$	159
Citigroup Commercial Mortgage Trust Series 2017-C4, Class XA 0.974%, 10/12/2050^(m)			2,382		22,913
Commercial Mortgage Trust Series 2012-CR3, Class D 4.434%, 10/15/2045^(a)			100		82,990
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.253%, 08/10/2044^(a)			158		153,996
Series 2011-GC5, Class D 5.253%, 08/10/2044^(a)			236		184,615
Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class XA 1.480%, 10/15/2049^(m)			1,036		543
WFRBS Commercial Mortgage Trust Series 2011-C4, Class E 4.984%, 06/15/2044^(a)			25		24,232


Total Commercial Mortgage-Backed Securities (cost $545,625)					469,448


QUASI-SOVEREIGNS – 0.0%
Quasi-Sovereign Bonds – 0.0%
South Africa – 0.0%
Transnet/South Africa 8.25%, 02/06/2028^(a) (cost $370,000)			370		384,800


		Shares
PREFERRED STOCKS – 0.0%
Industrials – 0.0%
Other Industrial – 0.0%
Asphalt ATD Holdco – Class A 0.00%^(e)(g)(j) (cost $66,597)			2,684		66,590



ABFunds.com		AB Active ETFs, Inc. 233

PORTFOLIO OF INVESTMENTS (continued)

Company

Principal
Amount
(000)

U.S. $ Value

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%

Risk Share Floating Rate – 0.0%

Federal National Mortgage Association Connecticut Avenue Securities
Series 2017-C07, Class 2M2
6.227% (CME Term SOFR + 2.61%), 05/25/2030^(d)(cost $3,609)

U.S.$

3,646

SHORT-TERM INVESTMENTS – 1.6%

Investment Companies – 1.6%

AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(n)(o)(p)
(cost $14,434,300)

14,434,300

Total Investments – 98.9%
(cost $894,935,855)

888,643,600

Other assets less liabilities – 1.1%

10,323,257

Net Assets – 100.0%

898,966,857

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		6	September 2026	$	672,469	$	6,242
U.S. T-Note 5 Yr (CBT) Futures		325	September 2026		34,843,555		120,602

Sold Contracts
Euro-BOBL Futures		12	June 2026		1,625,934		13,863
U.S. T-Note 2 Yr (CBT) Futures		243	September 2026		50,194,688		(74,039	)
U.S. T-Note 10 Yr (CBT) Futures		353	September 2026		38,769,328		(292,265	)

						$	(225,597	)



234 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
NatWest Markets PLC		EUR	30,685		USD	36,306		06/18/2026	$	472,331
NatWest Markets PLC		GBP	894		USD	1,209		07/16/2026		3,685
State Street Bank & Trust Co.		USD	350		EUR	300		06/18/2026		322
State Street Bank & Trust Co.		USD	593		EUR	500		06/18/2026		(9,475	)
State Street Bank & Trust Co.		GBP	20		USD	27		07/16/2026		89

									$	466,952

(a)

(b)	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 May 31, 2026.

(c)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2026.

(d)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2026.

(e)	Non-income producing security.

(f)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.24% of net assets as of May 31, 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
Braskem Idesa SAPI 6.99%, 02/20/2032		10/14/2021	$	247,898	$	168,947		0.02	%
Braskem Idesa SAPI 6.99%, 02/20/2032		09/30/2022		175,821		162,135		0.02	%
Braskem Netherlands Finance BV 4.50%, 01/10/2028		07/28/2021		345,784		226,339		0.02	%
ModivCare, Inc. 5.00%, 10/01/2029		03/07/2025 - 04/01/2025		1,342,482		2,114		0.00	%
NFE Financing LLC 12.00%, 11/15/2029		12/05/2024 - 03/13/2025		3,466,458		1,586,283		0.18	%

(g)	Fair valued by the Adviser.

(h)	Defaulted.

(i)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

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

(k)	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 May 31, 2026.

(l)	This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the Secured Overnight Financing Rate (“SOFR”) plus a premium which was determined at the time of purchase.

(m)	IO – Interest Only.

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

(o)	Affiliated investments.

(p)	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.



ABFunds.com		AB Active ETFs, Inc. 235

PORTFOLIO OF INVESTMENTS (continued)

Currency Abbreviations:

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

Glossary:

BOBL – Bundesobligationen

CAB – Capital Appreciation Bond

CBT – Chicago Board of Trade

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

EURIBOR – Euro Interbank Offered Rate

PRIME – U.S. Federal Reserve Bank Prime Loan Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



236 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB SHORT DURATION INCOME ETF

May 31, 2026 (unaudited)


		Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 42.9%
Industrial – 26.2%
Basic – 1.8%
Anglo American Capital PLC 4.625%, 03/19/2031^(a)	U.S.$		512	$	506,803
BHP Billiton Finance USA Ltd. 4.75%, 02/28/2028			570		574,309
FMC Corp. 8.00%, 06/01/2031^(a)			18		18,814
Glencore Funding LLC 4.90%, 07/01/2031^(a)			85		85,001
5.186%, 04/01/2030^(a)			161		163,101
5.338%, 04/04/2027^(a)			435		439,058
6.125%, 10/06/2028^(a)			29		29,925
Nutrien Ltd. 4.90%, 03/27/2028			766		772,350
SNF Group SACA 5.626%, 03/31/2031^(a)			511		517,342

					3,106,703

Capital Goods – 2.7%
BAE Systems PLC 5.00%, 03/26/2027^(a)			374		376,435
Boeing Co. (The) 3.25%, 02/01/2028			762		747,506
6.259%, 05/01/2027			104		105,675
Honeywell Aerospace, Inc. 3.90%, 03/16/2028^(a)			109		108,137
4.00%, 03/16/2029^(a)			338		334,069
Northrop Grumman Corp. 3.25%, 01/15/2028			184		180,944
Parker-Hannifin Corp. 3.25%, 06/14/2029			66		63,764
4.25%, 09/15/2027			496		495,732
4.50%, 09/15/2029			121		121,258
Republic Services, Inc. 3.95%, 05/15/2028			428		425,749
4.875%, 04/01/2029			348		352,231
RTX Corp. 2.25%, 07/01/2030			322		294,755
3.50%, 03/15/2027			202		201,055
4.125%, 11/16/2028			40		39,746
5.75%, 11/08/2026			421		423,370
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/2026			444		442,162

					4,712,588



ABFunds.com		AB Active ETFs, Inc. 237

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Communications - Telecommunications – 0.4%
Rogers Communications, Inc. 3.20%, 03/15/2027	U.S.$		629	$	623,320


Consumer Cyclical - Automotive – 2.5%
American Honda Finance Corp. 2.00%, 03/24/2028			457		437,290
4.90%, 03/13/2029			57		57,431
5.65%, 11/15/2028			347		355,595
Series G 4.45%, 10/22/2027			290		290,084
Ford Motor Credit Co. LLC 3.815%, 11/02/2027			219		215,787
5.80%, 03/08/2029			383		388,492
5.918%, 03/20/2028			346		350,976
7.35%, 11/04/2027			264		272,432
General Motors Co. 4.20%, 10/01/2027			394		392,861
6.80%, 10/01/2027			31		31,833
General Motors Financial Co., Inc. 2.40%, 04/10/2028			155		149,142
2.70%, 08/20/2027			295		289,009
5.05%, 04/04/2028			124		125,034
5.35%, 07/15/2027			251		253,540
Hyundai Capital America 4.25%, 01/08/2029^(a)			57		56,367
4.30%, 09/24/2027^(a)			35		34,916
4.50%, 09/18/2030^(a)			71		69,865
4.55%, 09/26/2029^(a)			38		37,843
4.90%, 06/23/2028^(a)			98		98,460
5.15%, 03/27/2030^(a)			100		101,034
5.25%, 01/08/2027^(a)			25		25,120
5.30%, 03/19/2027^(a)			322		324,218

					4,357,329

Consumer Cyclical - Entertainment – 0.4%
Carnival Corp., Ltd. 5.125%, 05/01/2029^(a)			81		80,896
5.75%, 03/15/2030^(a)			16		16,164
Hasbro, Inc. 4.65%, 03/12/2031			105		103,836
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027^(a)			436		437,382

					638,278

Consumer Cyclical - Other – 0.6%
CK Hutchison International 24 Ltd. 5.375%, 04/26/2029^(a)			447		458,113
Flutter Treasury DAC 5.875%, 06/04/2031^(a)			200		198,324



238 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Las Vegas Sands Corp. 3.50%, 08/18/2026	U.S.$		424	$	423,631

					1,080,068

Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(a)			17		16,704
5.625%, 09/15/2029^(a)			356		359,080
6.125%, 06/15/2029^(a)			193		196,578

					572,362

Consumer Cyclical - Retailers – 0.7%
AutoNation, Inc. 4.45%, 01/15/2029			148		146,690
Ralph Lauren Corp. 2.95%, 06/15/2030			423		397,523
Tapestry, Inc. 5.10%, 03/11/2030			575		580,968

					1,125,181

Consumer Non-Cyclical – 5.5%
AbbVie, Inc. 3.20%, 11/21/2029			193		185,355
Altria Group, Inc. 3.40%, 05/06/2030			466		445,659
4.80%, 02/14/2029			440		442,834
BAT Capital Corp. 2.259%, 03/25/2028			446		429,115
3.557%, 08/15/2027			124		122,895
4.70%, 04/02/2027			299		299,900
Becton Dickinson & Co. 3.70%, 06/06/2027			193		191,869
4.693%, 02/13/2028			707		710,259
CVS Health Corp. 2.875%, 06/01/2026			401		401,000
3.00%, 08/15/2026			107		106,696
3.625%, 04/01/2027			283		281,591
DH Europe Finance II SARL 2.60%, 11/15/2029			490		460,085
General Mills, Inc. 4.20%, 04/17/2028			582		579,951
Gilead Sciences, Inc. 1.65%, 10/01/2030			817		725,169
HCA, Inc. 3.125%, 03/15/2027			362		358,959
5.20%, 06/01/2028			299		302,923
Imperial Brands Finance PLC 3.50%, 07/26/2026^(a)			376		375,421
Jazz Securities DAC 4.375%, 01/15/2029^(a)			301		295,248



ABFunds.com		AB Active ETFs, Inc. 239

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Kraft Heinz Foods Co. 3.00%, 06/01/2026	U.S.$		381	$	381,000
Molson Coors Beverage Co. 3.00%, 07/15/2026			393		392,285
Philip Morris International, Inc. 3.375%, 08/15/2029			49		47,389
4.375%, 11/01/2027			266		266,474
4.875%, 02/15/2028			43		43,372
4.875%, 02/13/2029			356		359,674
5.125%, 11/17/2027			144		145,636
5.125%, 02/15/2030			190		193,646
5.625%, 11/17/2029			68		70,298
Royalty Pharma PLC 2.20%, 09/02/2030			95		85,845
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026			486		484,289
Takeda Pharmaceutical Co., Ltd. 2.05%, 03/31/2030			503		457,876

					9,642,713

Energy – 6.5%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 6.625%, 02/01/2032^(a)			286		292,040
ConocoPhillips Co. 4.70%, 01/15/2030			701		705,977
Continental Resources, Inc./OK 2.268%, 11/15/2026^(a)			29		28,728
4.375%, 01/15/2028			295		293,383
Diamondback Energy, Inc. 3.50%, 12/01/2029			186		180,403
Energy Transfer LP 5.50%, 06/01/2027			345		348,115
Eni SpA Series X-R 4.75%, 09/12/2028^(a)			522		524,861
EOG Resources, Inc. 4.40%, 01/15/2031			724		716,224
EQT Corp. 3.90%, 10/01/2027			217		215,544
4.75%, 01/15/2031			600		596,478
Hess Midstream Operations LP 5.875%, 03/01/2028^(a)			172		173,691
6.50%, 06/01/2029^(a)			284		291,375
Kinder Morgan, Inc. 5.00%, 02/01/2029			733		742,478
MPLX LP 4.00%, 03/15/2028			278		275,837



240 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

ONEOK, Inc. 3.10%, 03/15/2030	U.S.$		118	$	111,474
4.25%, 09/24/2027			284		283,384
4.55%, 07/15/2028			473		473,213
5.65%, 11/01/2028			33		33,763
Permian Resources Operating LLC 5.875%, 07/01/2029^(a)			197		197,128
Pioneer Natural Resources Co. 1.90%, 08/15/2030			285		257,116
Santos Finance Ltd. Series E 4.125%, 09/14/2027^(a)			632		627,102
Schlumberger Holdings Corp. 3.90%, 05/17/2028^(a)			726		719,894
Targa Resources Corp. 5.20%, 07/01/2027			538		542,315
6.15%, 03/01/2029			241		250,609
TotalEnergies Capital International SA 2.829%, 01/10/2030			205		194,078
Var Energi ASA 5.875%, 05/22/2030^(a)			200		206,614
7.50%, 01/15/2028^(a)			446		464,933
Williams Cos., Inc. (The) 3.75%, 06/15/2027			580		577,158
4.90%, 03/15/2029			231		233,086
5.30%, 08/15/2028			148		150,643
Woodside Finance Ltd. 3.70%, 03/15/2028^(a)			175		172,419
4.50%, 03/04/2029^(a)			290		288,347
5.40%, 05/19/2030			174		177,431

					11,345,841

Other Industrial – 0.5%
LKQ Corp. 5.75%, 06/15/2028			613		623,642
RB Global Holdings, Inc. 6.75%, 03/15/2028^(a)			187		189,807

					813,449

Services – 0.7%
Expedia Group, Inc. 3.80%, 02/15/2028			558		551,594
Global Payments, Inc. 4.55%, 03/15/2028			249		248,348
S&P Global, Inc. 2.45%, 03/01/2027			481		475,247

					1,275,189



ABFunds.com		AB Active ETFs, Inc. 241

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Technology – 2.1%
Analog Devices, Inc. 1.70%, 10/01/2028	U.S.$		72	$	67,832
3.50%, 12/05/2026			125		124,568
Fidelity National Information Services, Inc. 4.45%, 03/10/2028			127		126,653
Fiserv, Inc. 3.20%, 07/01/2026			416		415,622
5.15%, 03/15/2027			253		254,343
Intel Corp. 1.60%, 08/12/2028			85		79,998
4.875%, 02/10/2028			690		694,512
Oracle Corp. 2.65%, 07/15/2026			68		67,859
3.25%, 11/15/2027			187		183,432
Salesforce, Inc. 1.50%, 07/15/2028			770		725,278
VMware LLC 1.40%, 08/15/2026			442		439,406
1.80%, 08/15/2028			442		417,893

					3,597,396

Transportation - Airlines – 0.5%
Delta Air Lines, Inc. 4.95%, 07/10/2028			214		215,158
5.25%, 07/10/2030			614		621,079

					836,237

Transportation - Railroads – 0.0%
CSX Corp. 3.80%, 03/01/2028			61		60,517


Transportation - Services – 1.0%
ERAC USA Finance LLC 4.60%, 05/01/2028^(a)			406		407,608
5.00%, 02/15/2029^(a)			312		315,463
Fedex Freight Holding Co., Inc. 4.30%, 03/15/2029^(a)			430		424,569
XPO, Inc. 6.25%, 06/01/2028^(a)			600		607,746

					1,755,386

					45,542,557

Financial Institutions – 14.3%
Banking – 11.5%
Ally Financial, Inc. 5.737%, 05/15/2029			412		418,567
7.10%, 11/15/2027			393		406,240
Banco Bilbao Vizcaya Argentaria SA 4.968%, 05/08/2031			400		400,016



242 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Banco Santander SA 1.722%, 09/14/2027	U.S.$		400	$	396,804
4.175%, 03/24/2028			200		199,400
4.25%, 04/11/2027			400		399,832
5.565%, 01/17/2030			200		204,862
Bank of Ireland Group PLC 5.601%, 03/20/2030^(a)			464		474,909
Barclays PLC 2.279%, 11/24/2027			200		197,952
4.476%, 11/11/2029			200		198,766
5.501%, 08/09/2028			450		454,558
7.385%, 11/02/2028			200		207,398
BNP Paribas SA 5.125%, 01/13/2029^(a)			573		577,882
CaixaBank SA 6.208%, 01/18/2029^(a)			343		351,743
Capital One Financial Corp. 1.878%, 11/02/2027			643		635,940
4.927%, 05/10/2028			280		281,131
Citigroup, Inc. 1.462%, 06/09/2027			424		423,733
4.643%, 05/07/2028			390		390,873
4.658%, 05/24/2028			118		118,326
Series VAR 3.07%, 02/24/2028			317		314,017
Credit Agricole SA 5.23%, 01/09/2029^(a)			275		277,791
Deutsche Bank AG/New York NY 2.552%, 01/07/2028			565		558,474
5.706%, 02/08/2028			347		349,814
DNB Bank ASA 1.605%, 03/30/2028^(a)			647		632,100
HSBC Holdings PLC 4.583%, 06/19/2029			200		199,774
4.755%, 06/09/2028			200		200,544
5.21%, 08/11/2028			556		560,259
5.597%, 05/17/2028			305		308,254
ING Groep NV 4.017%, 03/28/2028			482		480,578
JPMorgan Chase & Co. 1.47%, 09/22/2027			72		71,377
3.509%, 01/23/2029			635		625,177
4.851%, 07/25/2028			154		154,750
KBC Group NV 5.796%, 01/19/2029^(a)			414		422,044
Lloyds Banking Group PLC 3.574%, 11/07/2028			200		197,558
3.75%, 03/18/2028			394		392,160



ABFunds.com		AB Active ETFs, Inc. 243

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.985%, 08/07/2027	U.S.$		175	$	175,476
Manufacturers & Traders Trust Co. 4.548%, 04/18/2030			414		412,278
Mitsubishi UFJ Financial Group, Inc. 1.538%, 07/20/2027			440		438,275
2.341%, 01/19/2028			487		480,689
Morgan Stanley 3.95%, 04/23/2027			222		221,487
4.21%, 04/20/2028			366		365,568
4.994%, 04/12/2029			91		91,697
5.652%, 04/13/2028			601		607,353
Nationwide Building Society 2.972%, 02/16/2028^(a)			454		449,138
3.96%, 07/18/2030^(a)			279		272,022
NatWest Group PLC 1.642%, 06/14/2027			416		415,567
3.073%, 05/22/2028			273		269,514
Santander UK Group Holdings PLC 2.469%, 01/11/2028			200		197,450
3.823%, 11/03/2028			434		429,387
Societe Generale SA 4.45%, 04/12/2030^(a)			200		197,818
5.249%, 05/22/2029^(a)			200		201,926
5.519%, 01/19/2028^(a)			443		445,414
Standard Chartered PLC 5.545%, 01/21/2029^(a)			236		239,177
Synchrony Financial 3.95%, 12/01/2027			59		58,382
5.019%, 07/29/2029			348		348,230
7.25%, 02/02/2033			179		185,422
UBS Group AG 1.494%, 08/10/2027^(a)			226		224,655
4.703%, 08/05/2027^(a)			367		367,033
UniCredit SpA 1.982%, 06/03/2027^(a)			404		404,000

					19,981,561

Finance – 0.0%
FS KKR Capital Corp. 3.125%, 10/12/2028			46		43,358


Financial Services – 0.0%
Lincoln Financial Global Funding 4.20%, 01/12/2029^(a)			56		55,235


REITs – 2.8%
Digital Realty Trust LP 3.70%, 08/15/2027			610		604,821



244 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

GLP Capital LP/GLP Financing II, Inc. 5.30%, 01/15/2029	U.S.$		420	$	422,839
Host Hotels & Resorts LP 4.25%, 12/15/2028			19		18,829
Series I 3.50%, 09/15/2030			749		706,150
Newmark Group, Inc. 7.50%, 01/12/2029			260		272,800
Ventas Realty LP 4.40%, 01/15/2029			769		765,909
VICI Properties LP 4.75%, 02/15/2028			569		569,990
VICI Properties LP/VICI Note Co., Inc. 4.25%, 12/01/2026^(a)			5		4,991
4.625%, 12/01/2029^(a)			675		664,058
Welltower OP LLC 3.10%, 01/15/2030			655		622,558
4.25%, 04/15/2028			183		182,727

					4,835,672

					24,915,826

Utility – 2.4%
Electric – 2.4%
Constellation Energy Generation LLC 4.625%, 02/01/2029^(a)			184		183,113
EDP Finance BV 1.71%, 01/24/2028^(a)			734		701,007
ENEL Finance International NV 2.125%, 07/12/2028^(a)(b)			474		451,310
4.125%, 09/30/2028^(a)			227		224,607
ITC Holdings Corp. 4.95%, 09/22/2027^(a)			483		485,372
Sempra 3.25%, 06/15/2027			223		220,411
3.40%, 02/01/2028			618		606,783
Southern Co. (The) 5.113%, 08/01/2027^(b)			568		572,436
Vistra Operations Co. LLC 3.70%, 01/30/2027^(a)			483		480,493
4.30%, 07/15/2029^(a)			207		203,419
4.55%, 10/30/2028^(a)			79		78,647

					4,207,598

Total Corporates - Investment Grade (cost $74,699,463)					74,665,981


GOVERNMENTS - TREASURIES – 21.9%
United States – 21.9%
U.S. Treasury Bonds 4.75%, 02/15/2045			145		141,194
4.875%, 08/15/2045			77		76,049



ABFunds.com		AB Active ETFs, Inc. 245

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

U.S. Treasury Notes 3.375%, 11/30/2027	U.S.$		437	$	433,262
3.375%, 02/29/2028			45		44,539
3.50%, 09/30/2027			1,102		1,095,629
3.50%, 01/31/2028			1,057		1,048,660
3.625%, 08/31/2027			2,949		2,937,480
3.625%, 08/31/2030			2,760		2,706,956
3.625%, 12/31/2030			1,095		1,072,073
3.75%, 04/30/2027			6		5,993
3.75%, 04/30/2028			2,023		2,013,754
3.75%, 10/31/2032			1,700		1,652,453
3.75%, 11/30/2032			1,538		1,494,143
3.875%, 05/31/2027			254		253,901
3.875%, 07/31/2027			272		271,787
3.875%, 03/15/2028			293		292,405
3.875%, 03/31/2028			578		576,758
3.875%, 07/31/2030			3,498		3,466,299
3.875%, 09/30/2032			1,669		1,635,229
4.00%, 01/31/2029			1,445		1,443,194
4.00%, 07/31/2029			2,591		2,585,939
4.00%, 02/28/2030			2,375		2,367,022
4.125%, 01/31/2027			14		14,028
4.125%, 02/28/2027			176		176,358
4.125%, 03/31/2029			1,158		1,160,262
4.125%, 02/15/2036			2,133		2,081,341
4.25%, 02/28/2029			1,190		1,196,136
4.25%, 06/30/2029			151		151,300
4.25%, 01/31/2030			2,220		2,231,447
4.375%, 08/31/2028			398		401,155
4.375%, 11/30/2028			970		977,730
4.375%, 12/31/2029			900		908,508
4.625%, 09/30/2028			74		74,977
4.625%, 04/30/2029			1,060		1,076,397
4.875%, 10/31/2028			24		24,458


Total Governments - Treasuries (cost $38,317,788)					38,088,816


ASSET-BACKED SECURITIES – 11.2%
Other ABS - Fixed Rate – 6.8%
Affirm Asset Securitization Trust Series 2025-X2, Class A 4.45%, 10/15/2030^(a)(c)			167		167,583
Series 2026-X1, Class A 4.27%, 04/15/2031^(a)			138		138,033
APL Finance DAC Series 2025-1A, Class A 4.81%, 03/20/2036^(a)			226		225,067



246 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Avant Loans Funding Trust Series 2024-REV1, Class A 5.92%, 10/15/2033^(a)	U.S.$		255	$	255,155
Series 2025-REV1, Class A 5.12%, 05/15/2034^(a)			250		250,385
Series 2026-REV1, Class A 4.52%, 05/15/2036^(a)			253		251,082
BHG Securitization Trust Series 2023-B, Class A 6.92%, 12/17/2036^(a)			84		87,074
Series 2025-2CON, Class A 4.84%, 09/17/2036^(a)			219		218,164
Castlelake Aircraft Structured Trust Series 2025-2A, Class A 5.465%, 08/15/2050^(a)			565		562,235
Series 2025-3A, Class A 5.087%, 11/15/2050^(a)			240		236,030
Cherry Securitization Trust Series 2024-1A, Class A 5.70%, 04/15/2032^(a)			600		601,872
Series 2025-1A, Class A 6.13%, 11/15/2032^(a)			400		404,497
Dailypay Securitization Trust Series 2025-1A, Class A 5.63%, 06/26/2028^(a)			600		601,098
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(a)			14		13,961
Equify ABS LLC Series 2024-1A, Class A 5.43%, 04/18/2033^(a)			46		46,616
Lendmark Funding Trust Series 2024-1A, Class A 5.53%, 06/21/2032^(a)			300		302,091
Series 2025-1A, Class A 4.94%, 09/20/2034^(a)			300		301,190
Series 2025-3A, Class A 4.51%, 05/21/2035^(a)			100		98,614
Onemain Financial Issuance Trust Series 2025-1A, Class A 4.82%, 07/14/2038^(a)			420		421,130
Oportun Issuance Trust Series 2025-B, Class A 4.88%, 05/09/2033^(a)			600		600,547
Series 2025-C, Class A 4.49%, 07/08/2033^(a)			600		597,924
OWN Equipment Fund II LLC Series 2025-1M, Class A 5.48%, 09/26/2033^(a)			522		523,173



ABFunds.com		AB Active ETFs, Inc. 247

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Pagaya AI Debt Grantor Trust Series 2024-10, Class A 5.183%, 06/15/2032^(a)	U.S.$		33	$	33,567
Series 2026-1, Class A1 4.228%, 02/15/2027^(a)			160		159,501
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1, Class A 5.715%, 01/20/2034^(a)			292		292,816
PK ALIFT Loan Funding 7 LP Series 2025-2, Class A 4.75%, 03/15/2043^(a)			332		327,748
Purchasing Power Funding LLC Series 2026-A, Class A 4.37%, 08/15/2030^(a)			224		222,242
Reach ABS Trust Series 2025-2A, Class A 4.93%, 08/18/2032^(a)			209		210,039
Series 2026-1A, Class A 4.32%, 02/15/2033^(a)			246		246,282
Regional Management Issuance Trust Series 2024-2, Class A 5.11%, 12/15/2033^(a)			220		220,592
Series 2025-1, Class A 4.99%, 04/17/2034^(a)			585		586,454
Republic Finance Issuance Trust Series 2024-A, Class A 5.91%, 08/20/2032^(a)			250		250,778
Series 2024-B, Class A 5.42%, 11/20/2037^(a)			150		150,899
Short Term Consumer Receivables Issuer Trust Series 2025-1B, Class INV 0.00%, 11/20/2035^(d)(e)(f)			96		98,645
Series 2026-1A, Class INV 0.01%, 03/20/2036^(d)(e)(f)			180		187,345
Sotheby’s Artfi Master Trust Series 2026-1A, Class A1 4.80%, 06/20/2033^(a)			388		386,429
Sunbit Asset Securitization Trust Series 2025-1, Class A 5.36%, 07/15/2030^(a)			300		300,755
Upgrade Master Pass-Thru Trust Series 2025-ST6, Class A 4.611%, 10/15/2032^(a)			186		185,749
Series 2025-ST8, Class A 4.618%, 12/15/2033^(a)			183		182,757
Series 2026-ST1, Class A 4.244%, 03/15/2034^(a)			148		147,472



248 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Upstart Securitization Trust Series 2024-1, Class A 5.33%, 11/20/2034^(a)	U.S.$		28	$	27,991
Series 2026-1, Class A1 4.142%, 02/22/2027^(a)			197		197,025
Verdant Receivables 2023-1 LLC Series 2023-1A, Class A2 6.24%, 01/13/2031^(a)			154		155,784
VFI ABS LLC Series 2025-1A, Class A 4.78%, 06/24/2030^(a)			276		276,832

					11,751,223

Autos - Fixed Rate – 2.8%
ACM Auto Trust Series 2025-1A, Class A 5.38%, 06/20/2029^(a)			13		13,215
Series 2025-2A, Class A 5.55%, 06/20/2028^(a)			185		185,581
Series 2025-3A, Class A 5.01%, 01/22/2030^(a)			289		288,737
CPS Auto Receivables Trust Series 2026-A, Class A 4.19%, 12/17/2029^(a)			301		301,149
Series 2026-B, Class A 4.35%, 02/15/2030^(a)			155		154,879
Credit Acceptance Auto Loan Trust Series 2025-1A, Class A 5.02%, 03/15/2035^(a)			250		251,017
Series 2026-1A, Class A 4.65%, 04/15/2036^(a)			400		398,804
FHF Trust Series 2023-1A, Class A2 6.57%, 06/15/2028^(a)			12		11,629
FinBe USA Trust Series 2025-1A, Class A 5.70%, 12/15/2028^(a)			213		212,585
Hertz Vehicle Financing III LLC Series 2024-1A, Class A 5.44%, 01/25/2029^(a)			154		155,696
Series 2025-1A, Class A 4.91%, 09/25/2029^(a)			250		250,748
Series 2025-3A, Class A 5.06%, 12/26/2029^(a)			600		603,418
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a)			28		27,974



ABFunds.com		AB Active ETFs, Inc. 249

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2023-2A, Class A2 7.09%, 10/16/2028^(a)	U.S.$		35	$	35,407
Series 2023-3A, Class A2 7.50%, 12/15/2028^(a)			38		38,317
Series 2026-1A, Class A1 4.176%, 01/15/2027^(a)			64		64,009
Series A2, Class 24-1A 6.19%, 08/15/2029^(a)			50		50,590
Lobel Automobile Receivables Trust Series 2025-1, Class A 5.06%, 11/15/2027^(a)			13		12,510
Series 2026-1, Class A 4.88%, 10/16/2028^(a)			311		310,699
Merchants Fleet Funding LLC Series 2023-1A, Class A 7.21%, 05/20/2036^(a)			94		94,764
Series 2025-1A, Class A 4.49%, 01/20/2039^(a)			366		366,283
Research-Driven Pagaya Motor Asset Trust Series 2024-3A, Class A 5.281%, 03/25/2033^(a)			250		250,529
Series 2025-1A, Class A 5.044%, 06/27/2033^(a)			234		234,769
SAFCO Auto Receivables Trust Series 2025-1A, Class A 5.46%, 09/10/2029^(a)			104		103,549
Tricolor Auto Securitization Trust Series 2024-1A, Class A 6.61%, 10/17/2027^{(d)(e)(f)(g)(h)}			25		23,265
Series 2024-3A, Class A 5.22%, 06/15/2028^{(d)(e)(f)(g)(h)}			142		123,833
Series 2025-1A, Class A 4.94%, 02/15/2029^{(d)(e)(f)(g)(h)}			105		63,960
Series 2025-2A, Class A 5.12%, 01/16/2029^{(d)(e)(f)(g)(h)}			547		331,457

					4,959,373

Credit Cards - Fixed Rate – 0.9%
Continental Finance Credit Card ABS Master Trust Series 2024-A, Class A 5.78%, 12/15/2032^(a)			250		251,313
Mission Lane Credit Card Master Trust Series 2025-A, Class A 5.80%, 05/15/2030^(a)			600		602,732
Series 2025-B, Class A 5.06%, 09/15/2031^(a)			371		370,885
Series 2025-C, Class A 4.78%, 12/16/2030^(a)			345		344,898

					1,569,828



250 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Other ABS - Floating Rate – 0.7%
Capital Street Master Trust Series 2026-1, Class A 4.796% (CME Term SOFR + 1.15%), 05/16/2030^(a)(c)	U.S.$		409	$	408,994
Gracie Point International Funding LLC Series 2025-1A, Class A 5.149% (CME Term SOFR + 1.50%), 08/15/2028^(a)(c)			650		650,479
Pagaya AI Debt Grantor Trust Series 2024-S1, Class ABC 7.314%, 09/15/2031^(d)(e)(f)			77		77,530
Series 2025-1, Class A 5.156%, 07/15/2032^(a)			87		86,970

					1,223,973

Total Asset-Backed Securities (cost $19,769,934)					19,504,397


CORPORATES - NON-INVESTMENT GRADE – 9.8%
Industrial – 9.0%
Basic – 1.0%
Alcoa Nederland Holding BV 7.125%, 03/15/2031^(a)			284		296,345
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^(a)(i)			9		115
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027^(a)			376		374,748
Celanese US Holdings LLC 7.165%, 07/15/2027^(b)			364		372,885
Fortescue Treasury Pty Ltd. 4.50%, 09/15/2027^(a)			205		204,002
Methanex Corp. 5.125%, 10/15/2027			249		249,152
Olin Corp. 5.625%, 08/01/2029			372		369,694

					1,866,941

Capital Goods – 1.0%
Ball Corp. 6.00%, 06/15/2029			300		305,415
Bombardier, Inc. 8.75%, 11/15/2030^(a)			190		201,681
Esab Corp. 5.625%, 04/01/2031^(a)			37		37,259
6.25%, 04/15/2029^(a)			414		421,659



ABFunds.com		AB Active ETFs, Inc. 251

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

GFL Environmental, Inc. 4.00%, 08/01/2028^(a)	U.S.$		385	$	376,207
6.75%, 01/15/2031^(a)			38		39,257
LSB Industries, Inc. 6.25%, 10/15/2028^(a)(b)			147		147,118
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)			78		72,883
Quikrete Holdings, Inc. 6.375%, 03/01/2032^(a)			47		47,862
Trinity Industries, Inc. 7.75%, 07/15/2028^(a)			22		22,532
WESCO Distribution, Inc. 6.375%, 03/15/2029^(a)			250		255,860

					1,927,733

Communications - Media – 0.9%
Banijay Entertainment SAS 7.00%, 05/01/2029^(a)	EUR		170		204,579
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030^(a)	U.S.$		26		24,184
7.375%, 03/01/2031^(a)			292		296,097
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			6		6,011
10.00%, 02/15/2031^(a)			124		129,780
Discovery Global Holdings, Inc. 4.279%, 03/15/2032			332		293,392
Gray Media, Inc. 10.50%, 07/15/2029^(a)			78		82,666
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			26		25,867
Sirius XM Radio LLC 4.125%, 07/01/2030^(a)			316		297,549
Versant Media Group, Inc. 7.25%, 01/30/2031^(a)			66		68,550

					1,428,675

Communications - Telecommunications – 0.0%
Core Scientific Finance I LLC 7.75%, 05/15/2031^(a)			70		71,634
Edged Compute LLC 7.50%, 04/30/2031^(a)			54		54,159

					125,793

Consumer Cyclical - Automotive – 0.0%
Goodyear Tire & Rubber Co. (The) 6.625%, 07/15/2030			30		29,305



252 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value


Consumer Cyclical - Entertainment – 0.0%
Lindblad Expeditions LLC 7.00%, 09/15/2030^(a)	U.S.$		15	$	15,451
NCL Corp., Ltd. 5.875%, 01/15/2031^(a)			42		40,582

					56,033

Consumer Cyclical - Other – 1.3%
Churchill Downs, Inc. 4.75%, 01/15/2028^(a)			97		96,089
Cirsa Finance International SARL 6.50%, 03/15/2029^(a)	EUR		100		120,779
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029^(a)	U.S.$		465		471,863
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(a)			109		101,822
5.00%, 06/01/2029^(a)			45		43,789
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			331		319,458
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028			11		10,909
Standard Building Solutions, Inc. 6.50%, 08/15/2032^(a)			415		420,735
Standard Industries, Inc./NY 4.75%, 01/15/2028^(a)			247		245,842
Thor Industries, Inc. 4.00%, 10/15/2029^(a)			182		172,061
Travel & Leisure Co. 6.25%, 06/01/2031^(a)			158		158,904

					2,162,251

Consumer Cyclical - Restaurants – 0.4%
1011778 BC ULC/New Red Finance, Inc. 4.375%, 01/15/2028^(a)			412		408,070
Yum! Brands, Inc. 4.75%, 01/15/2030^(a)			386		380,662

					788,732

Consumer Non-Cyclical – 1.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029^(a)			40		38,178
6.50%, 02/15/2028^(a)			114		115,283
Bausch & Lomb Corp. 8.375%, 10/01/2028^(a)			57		58,998
CHS/Community Health Systems, Inc. 5.25%, 05/15/2030^(a)			144		135,765



ABFunds.com		AB Active ETFs, Inc. 253

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

DaVita, Inc. 4.625%, 06/01/2030^(a)	U.S.$		136	$	132,134
Embecta Corp. 5.00%, 02/15/2030^(a)			29		22,476
MPH Acquisition Holdings LLC 6.75% (6.00% Cash and 0.75% PIK), 03/31/2031^(a)(b)(i)			43		26,075
11.50% (6.50% Cash and 5.00% PIK), 12/31/2030^(a)(b)(i)			8		7,421
5.75%, 12/31/2030^(a)			5		4,059
Tenet Healthcare Corp. 4.375%, 01/15/2030			72		69,682
6.125%, 06/15/2030			290		292,830
US Foods, Inc. 4.75%, 02/15/2029^(a)			871		859,982
Whirlpool Corp. 6.125%, 06/15/2030			350		329,455

					2,092,338

Energy – 1.3%
CITGO Petroleum Corp. 8.375%, 01/15/2029^(a)			186		191,608
Delek Logistics Partners LP/Delek Logistics Finance Corp. 8.625%, 03/15/2029^(a)			69		71,856
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25%, 11/01/2028^(a)			73		73,285
NFE Financing LLC 12.00%, 11/15/2029^(d)(g)(h)			190		82,556
NuStar Logistics LP 5.625%, 04/28/2027			312		313,058
Range Resources Corp. 4.75%, 02/15/2030^(a)			450		440,429
Sunoco LP 4.50%, 10/01/2029^(a)			305		297,683
7.00%, 05/01/2029^(a)			389		401,331
Venture Global LNG, Inc. 9.88%, 02/01/2032^(a)			282		301,599

					2,173,405

Other Industrial – 0.3%
RB Global Holdings, Inc. 7.75%, 03/15/2031^(a)			189		196,248
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(a)			253		249,911

					446,159

Services – 0.3%
Angi Group LLC 3.875%, 08/15/2028^(a)			127		112,401



254 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Garda World Security Corp. 6.00%, 06/01/2029^(a)	U.S.$		51	$	49,939
7.75%, 02/15/2028^(a)			48		48,875
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)			235		230,408
Raven Acquisition Holdings LLC 6.875%, 11/15/2031^(a)			32		31,367
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 5.50%, 05/15/2033^(a)	EUR		112		128,573

					601,563

Technology – 1.0%
Ellucian Holdings, Inc. 6.50%, 12/01/2029^(a)	U.S.$		375		369,851
Fortress Intermediate 3, Inc. 7.50%, 06/01/2031^(a)			271		273,989
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			42		42,226
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 5.25%, 12/01/2027^(a)			374		373,906
Meridian Arc Holdco LLC 6.25%, 04/30/2031^(a)			239		240,257
OAK-Eagle Acquireco, Inc. 7.25%, 07/01/2033^(a)			331		344,922
Playtika Holding Corp. 4.25%, 03/15/2029^(a)			219		196,839
Virtusa Corp. 7.125%, 12/15/2028^(a)			7		5,891

					1,847,881

Transportation - Airlines – 0.0%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.75%, 04/20/2029^(a)			44		43,967


Transportation - Services – 0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 8.375%, 06/15/2032^(a)			282		287,725
Loxam SAS 4.50%, 02/15/2027^(a)	EUR		100		116,584

					404,309

					15,995,085



ABFunds.com		AB Active ETFs, Inc. 255

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Financial Institutions – 0.8%
Finance – 0.7%
Enova International, Inc. 9.125%, 08/01/2029^(a)	U.S.$		155	$	162,260
GGAM Finance Ltd. 8.00%, 02/15/2027^(a)			12		12,089
8.00%, 06/15/2028^(a)			77		80,076
goeasy Ltd. 7.625%, 07/01/2029^(a)			296		277,296
Navient Corp. 6.75%, 06/15/2026			259		258,907
9.375%, 10/15/2031			136		135,543

					926,171

Insurance – 0.1%
Acrisure LLC/Acrisure Finance, Inc. 7.50%, 11/06/2030^(a)			102		101,899
AmWINS Group, Inc. 6.375%, 02/15/2029^(a)			31		31,363
CRC Insurance Group LLC 7.125%, 06/01/2031^(a)			53		53,115

					186,377

					1,112,548

Total Corporates - Non-Investment Grade (cost $17,115,436)					17,107,633


COLLATERALIZED LOAN OBLIGATIONS – 5.6%
CLO - Floating Rate – 5.6%
AGL CLO 44 Ltd. Series 2025-44A, Class A 4.814% (CME Term SOFR 3 Month + 1.15%), 10/22/2037^(a)(c)			250		249,993
AGL CLO 45 Ltd. Series 2025-45A, Class A 4.864% (CME Term SOFR 3 Month + 1.20%), 01/22/2039^(a)(c)			250		250,074
Bain Capital Credit CLO Ltd. Series 2021-4A, Class A1RR 4.675% (CME Term SOFR 3 Month + 1.00%), 10/20/2034^(a)(c)			350		350,110
Series 2021-6A, Class A1R 4.762% (CME Term SOFR 3 Month + 1.09%), 10/21/2034^(a)(c)			300		300,097
Benefit Street Partners CLO 48 Ltd. Series 2026-48A, Class A 4.859% (CME Term SOFR 3 Month + 1.15%), 04/20/2038^(a)(c)			312		311,942



256 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Canyon Capital CLO Ltd. Series 2021-1A, Class AR 4.723% (CME Term SOFR 3 Month + 1.05%), 04/15/2034^(a)(c)	U.S.$		550	$	550,330
Dryden 113 CLO Ltd. Series 2022-113A, Class AR3 4.763% (CME Term SOFR 3 Month + 1.09%), 10/15/2037^(a)(c)			829		829,701
Goldentree Loan Management US CLO 8 Ltd. Series 2020-8A, Class ARR 4.825% (CME Term SOFR 3 Month + 1.15%), 10/20/2034^(a)(c)			450		450,313
Golub Capital Partners CLO 50B-R Ltd. Series 2020-50A, Class A1R2 4.785% (CME Term SOFR 3 Month + 1.11%), 04/20/2035^(a)(c)			310		309,726
Invesco CLO Ltd. Series 2021-2A, Class AR 4.773% (CME Term SOFR 3 Month + 1.10%), 07/15/2034^(a)(c)			650		650,636
Juniper Valley Park CLO Ltd. Series 2023-1A, Class ARR 4.755% (CME Term SOFR 3 Month + 1.08%), 07/20/2036^(a)(c)			690		690,448
KKR CLO 21 Ltd. Series 21, Class A 4.935% (CME Term SOFR 3 Month + 1.26%), 04/15/2031^(a)(c)			26		25,864
Magnetite Xli Ltd. Series 2024-41A, Class A 4.957% (CME Term SOFR 3 Month + 1.29%), 01/25/2038^(a)(c)			600		601,903
MidOcean Credit CLO XIV Ltd. Series 2024-14A, Class A1R 4.926% (CME Term SOFR 3 Month + 1.22%), 04/15/2037^(a)(c)			414		413,920
Neuberger Berman Loan Advisers CLO 47 Ltd. Series 2022-47A, Class AR 4.759% (CME Term SOFR 3 Month + 1.09%), 04/16/2035^(a)(c)			738		738,369
OCP CLO Ltd. Series 2023-26A, Class AR 4.760% (CME Term SOFR 3 Month + 1.08%), 04/17/2037^(a)(c)			700		700,030
Palmer Square CLO Ltd. Series 2026-1A, Class A 4.864% (CME Term SOFR 3 Month + 1.19%), 04/20/2039^(a)(c)			300		300,300



ABFunds.com		AB Active ETFs, Inc. 257

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Rad CLO 14 Ltd. Series 2021-14A, Class A 5.105% (CME Term SOFR 3 Month + 1.43%), 01/15/2035^(a)(c)	U.S.$		550	$	550,400
Symphony CLO 50 Ltd. Series 2025-50A, Class A1 4.945% (CME Term SOFR 3 Month + 1.27%), 10/20/2038^(a)(c)			292		292,218
Trinitas CLO XX Ltd. Series 2022-20A, Class A1R 4.715% (CME Term SOFR 3 Month + 1.04%), 07/20/2035^(a)(c)			250		249,442
Trinitas CLO XXX Ltd. Series 2024-30A, Class A1 5.036% (CME Term SOFR 3 Month + 1.37%), 10/23/2037^(a)(c)			400		400,277
VERDE CLO Ltd. Series 2019-1A, Class ARR 4.783% (CME Term SOFR 3 Month + 1.11%), 04/15/2032^(a)(c)			73		73,094
Voya CLO Ltd. Series 2022-3A, Class A1R2 4.805% (CME Term SOFR 3 Month + 1.13%), 10/20/2036^(a)(c)			350		349,616


Total Collateralized Loan Obligations (cost $9,632,062)					9,638,803


COLLATERALIZED MORTGAGE OBLIGATIONS – 3.8%
Non-Agency Floating Rate – 2.8%
BRAVO Residential Funding Trust Series 2026-NQM1, Class A1 4.83%, 12/25/2065^(a)			224		221,845
Series 2026-NQM2, Class A1 4.619%, 11/25/2065^(a)			241		237,961
COLT Mortgage Loan Trust Series 2026-4, Class A1 5.288%, 06/25/2071^(a)			434		433,640
Cross Series 2026-NQM6, Class A1 5.268%, 05/25/2071^(a)			201		201,217
Cross Mortgage Trust Series 2025-H10, Class A1 4.968%, 01/25/2071^(a)			209		207,571
Series 2026-NQM2, Class A1 4.833%, 03/25/2061^(a)			237		235,486
GCAT Trust Series 2026-NQM1, Class A1 4.789%, 12/25/2070^(a)			225		222,862



258 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2026-NQM3, Class A1 5.409%, 04/25/2071^(a)	U.S.$		147	$	146,962
HOMES Trust Series 2026-NQM3, Class A1 5.262%, 04/27/2071^(a)			207		206,366
Morgan Stanley Residential Mortgage Loan Trust Series 2026-NQM5, Class A1 5.488%, 04/27/2071^(a)			229		229,487
OBX Trust Series 2025-NQM23, Class A1 4.872%, 10/25/2065^(a)			327		325,003
Series 2026-NQM3, Class A1 4.652%, 01/25/2066^(a)			95		94,306
Series 2026-NQM6, Class A1 5.063%, 04/26/2066^(a)			156		154,985
Series 2026-NQM7, Class A1 5.22%, 04/25/2066^(a)			256		255,870
Santander Mortgage Asset Receivable Trust Series 2026-NQM1, Class A1 4.947%, 11/25/2065^(a)			212		210,107
Series 2026-NQM2, Class A1 4.704%, 01/25/2066^(a)			160		158,423
Series 2026-NQM4, Class A1 5.49%, 05/25/2066^(a)			282		281,452
SG Residential Mortgage Trust Series 2026-3, Class A1 5.188%, 04/25/2066^(a)			237		235,934
Verus Securitization Trust Series 2025-12, Class A1 4.961%, 12/25/2070^(a)			354		352,518
Series 2026-2, Class A1 4.59%, 02/25/2071^(a)			168		165,777
Series 2026-R4, Class A1 5.275%, 12/27/2067^(a)			200		199,910

					4,777,682

Non-Agency Fixed Rate – 0.9%
Angel Oak Mortgage Trust Series 2025-13, Class A1 4.929%, 10/25/2070^(a)			137		135,639
COOPR Residential Mortgage Trust Series 2026-CES1, Class A1A 4.874%, 02/25/2061^(a)			194		192,309
FIGRE Trust Series 2026-HE1, Class A 4.982%, 01/25/2056^(a)			142		140,295
GS Mortgage-Backed Securities Trust Series 2026-CES2, Class A1A 5.227%, 06/25/2056^(a)			98		97,178



ABFunds.com		AB Active ETFs, Inc. 259

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

JP Morgan Mortgage Trust Series 2025-CES7, Class A1A 5.055%, 04/25/2056^(a)	U.S.$		334	$	332,140
RCKT Mortgage Trust Series 2026-CES1, Class A1A 4.827%, 01/25/2056^(a)			143		142,179
Series 2026-CES2, Class A1A 4.762%, 02/25/2056^(a)			226		223,713
Santander Mortgage Asset Receivable Trust Series 2026-CES1, Class A1A 4.876%, 01/25/2056^(a)			144		142,515
Towd Point Mortgage Trust Series 2026-FIX1, Class A1 4.98%, 12/25/2065^(a)			213		211,138

					1,617,106

Risk Share Floating Rate – 0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2021-DNA6, Class M2 5.112% (CME Term SOFR + 1.50%), 10/25/2041^(a)(c)			107		106,945


Agency Fixed Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 4913, Class IO 6.00%, 04/15/2041^(j)			44		8,644
Federal National Mortgage Association REMICS Series 2016-26, Class IO 5.00%, 05/25/2046^(j)			85		11,008
Series 2016-31, Class IO 5.00%, 06/25/2046^(j)			115		14,154
Series 2016-64, Class BI 5.00%, 09/25/2046^(j)			13		1,613

					35,419

Agency Floating Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 4372, Class JS 2.343% (5.99% – CME Term SOFR), 08/15/2044^(c)(k)			61		5,769
Federal National Mortgage Association REMICS Series 2012-17, Class ES 2.823% (6.44% – CME Term SOFR), 03/25/2041^(c)(k)			7		60
Series 2012-17, Class SE 2.223% (5.84% – CME Term SOFR), 03/25/2042^(c)(k)			47		4,514



260 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2019-25, Class SA 2.323% (5.94% – CME Term SOFR), 06/25/2049^(c)(k)	U.S.$		29	$	2,916
Series 2019-42, Class SQ 2.323% (5.94% – CME Term SOFR), 08/25/2049^(c)(k)			26		2,472

					15,731

Total Collateralized Mortgage Obligations (cost $6,588,268)					6,552,883


MORTGAGE PASS-THROUGHS – 3.0%
Agency Fixed Rate 30-Year – 3.0%
Federal Home Loan Mortgage Corp. Series 2024 5.50%, 11/01/2054			777		782,257
Federal National Mortgage Association Series 2024 5.50%, 10/01/2054			697		701,083
6.00%, 06/01/2054			604		617,890
6.00%, 09/01/2054			610		623,552
Uniform Mortgage-Backed Security Series 2026 4.00%, 06/01/2056, TBA			488		457,280
4.50%, 06/01/2056, TBA			480		460,962
5.00%, 06/01/2056, TBA			385		378,463
5.50%, 06/01/2056, TBA			1,213		1,218,728


Total Mortgage Pass-Throughs (cost $5,187,664)					5,240,215


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.5%
Non-Agency Fixed Rate CMBS – 0.5%
BANK Series 2020-BN28, Class XA 1.759%, 03/15/2063^(j)			1,989		120,582
Series 2020-BN29, Class XA 1.298%, 11/15/2053^(j)			943		43,507
Barclays Commercial Mortgage Trust Series 2019-C3, Class XA 1.307%, 05/15/2052^(j)			910		27,505
BBCMS Mortgage Trust Series 2017-C1, Class XA 1.439%, 02/15/2050^(j)			1,124		3,576
CD Mortgage Trust Series 2016-CD1, Class XA 1.252%, 08/10/2049^(j)			865		63
CFCRE Commercial Mortgage Trust Series 2016-C4, Class XA 0.779%, 05/10/2058^(j)			1		– 0	–



ABFunds.com		AB Active ETFs, Inc. 261

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2017-C8, Class XA 1.435%, 06/15/2050^(j)	U.S.$		249	$	1,626
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class A5 3.616%, 02/10/2049			38		37,500
Series 2017-P7, Class XA 1.091%, 04/14/2050^(j)			735		3,081
Commercial Mortgage Trust Series 2014-CR16, Class D 4.729%, 04/10/2047^(a)			100		95,637
GS Mortgage Securities Trust Series 2013-GC13, Class D 3.854%, 07/10/2046^(a)			100		75,083
Series 2016-GS3, Class XA 1.088%, 10/10/2049^(j)			1,045		68
Series 2017-GS5, Class XA 0.820%, 03/10/2050^(j)			1,377		5,241
Series 2017-GS7, Class XA 1.021%, 08/10/2050^(j)			3,063		22,486
Series 2019-GC39, Class XA 1.068%, 05/10/2052^(j)			3,467		91,514
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-LC9, Class G 3.572%, 12/15/2047^(a)			100		58,719
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.036%, 08/15/2046^(a)			75		59,202
UBS Commercial Mortgage Trust Series 2017-C1, Class XA 1.445%, 06/15/2050^(j)			849		5,778
Series 2017-C2, Class XA 1.018%, 08/15/2050^(j)			1,667		13,572
Series 2018-C14, Class XA 0.892%, 12/15/2051^(j)			675		11,734
Series 2018-C15, Class XA 0.872%, 12/15/2051^(j)			548		10,018
Series 2019-C18, Class XA 0.975%, 12/15/2052^(j)			1,171		28,771
UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class D 3.892%, 04/10/2046^(a)			69		63,666
Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class XA 1.480%, 10/15/2049^(j)			370		194
Series 2018-C48, Class XA 0.927%, 01/15/2052^(j)			706		12,921



262 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2019-C52, Class XA 1.560%, 08/15/2052^(j)	U.S.$		770	$	30,566
WFRBS Commercial Mortgage Trust Series 2011-C4, Class D 4.984%, 06/15/2044^(a)			36		34,982
Series 2011-C4, Class E 4.984%, 06/15/2044^(a)			25		23,895

					881,487

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)(c)			76		45,896


Total Commercial Mortgage-Backed Securities (cost $1,033,767)					927,383


BANK LOANS – 0.2%
Industrial – 0.1%
Capital Goods – 0.0%
Chariot Buyer LLC 6.370% (CME Term SOFR 1 Month + 2.75%), 09/08/2032⁽¹⁾			10		9,582


Communications - Media – 0.1%
DIRECTV Financing LLC 9.175% (CME Term SOFR 3 Month + 5.25%), 08/02/2029^(l)			19		19,181
9.580% (CME Term SOFR 3 Month + 5.50%), 02/17/2031^(l)			77		76,630
Radiate Holdco LLC 1.500% (PIK Interest 12 + 1.50%), 09/25/2029⁽¹⁾			83		75,340

					171,151

Technology – 0.0%
Loyalty Ventures, Inc. 14.000% (PRIME 3 Month + 5.50%), 11/03/2027^{(e)(f)(g)(h)(l)}			72		6,513

					187,246

Financial Institutions – 0.1%
Financial Services – 0.1%
Colossus Acquireco LLC 5.380% (SOFR 4 + 1.75%), 07/30/2032⁽¹⁾			100		99,389


Total Bank Loans (cost $358,098)					286,635



ABFunds.com		AB Active ETFs, Inc. 263

PORTFOLIO OF INVESTMENTS (continued)


		Shares		U.S. $ Value

COMMON STOCKS – 0.0%
Energy – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
New Fortress Energy, Inc.^(e)(g)(cost $19,137)			2,218	$	1,244


SHORT-TERM INVESTMENTS – 1.2%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(m)(n)(o)(cost $1,447,540)			1,447,540		1,447,540


		Principal Amount (000)
Asset-Backed Securities – 0.4%
Other ABS - Fixed Rate – 0.2%
Upstart Securitization Trust 2026-2 Series 2026-2, Class A1 4.218%, 04/20/2027^(a)	U.S.$		414		414,027


Autos - Fixed Rate – 0.2%
Bridgecrest Lending Auto Securitization Trust 2026-2 Series 2026-2, Class A1 3.971%, 04/15/2027			307		307,438


Total Asset-Backed Securities (cost $721,436)					721,465


Total Short-Term Investments (cost $2,168,976)					2,169,005


Total Investments – 100.1% (cost $174,890,593)					174,182,995
Other assets less liabilities – (0.1)%					(95,807	)


Net Assets – 100.0%				$	174,087,188

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		43		September 2026	$	8,882,187	$	2,453
U.S. T-Note 5 Yr (CBT) Futures		353		September 2026		37,845,461		130,664

Sold Contracts
U.S. Long Bond (CBT) Futures		10		September 2026		1,122,187		(5,313	)
U.S. T-Note 10 Yr (CBT) Futures		141		September 2026		15,485,766		(116,734	)
U.S. Ultra Bond (CBT) Futures		1		September 2026		114,406		(609	)

							$	10,461



264 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		EUR	658		USD	779		06/18/2026	$	10,789
State Street Bank & Trust Co.		USD	236		EUR	200		06/18/2026		(2,076	)

									$	8,713

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at May 31, 2026			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAIG Series 46, 5 Year Index, 06/20/2031*		(1.00	)%	Quarterly		0.51	%	USD	2,390	$	(58,290	)	$	(51,260	)	$	(7,030	)
iTraxx Australia Series 45, 5 Year Index, 06/20/2031*		(1.00	)	Quarterly		0.73		USD	2,720		(39,090	)		(16,696	)		(22,394	)
Sale Contracts
CDX-NAHY Series 46, 5 Year Index, 06/20/2031*		5.00		Quarterly		3.02		USD	4,514		418,728			210,402			208,326

										$	321,348		$	142,446		$	178,902

*	Termination date.

(a)

(b)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2026.

(c)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2026.

(d)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.56% of net assets as of May 31, 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
NFE Financing LLC 12.00%, 11/15/2029		11/22/2024 - 12/05/2024	$	181,246	$	82,556		0.05	%
Pagaya AI Debt Grantor Trust Series 2024-S1, Class ABC 7.314%, 09/15/2031		04/24/2024		77,337		77,530		0.04	%
Short Term Consumer Receivables Issuer Trust Series 2025-1B, Class INV 0.00%, 11/20/2035		12/02/2025		99,517		98,645		0.05	%
Short Term Consumer Receivables Issuer Trust Series 2026-1A, Class INV 0.01%, 03/20/2036		02/25/2026		188,071		187,345		0.11	%



ABFunds.com		AB Active ETFs, Inc. 265

PORTFOLIO OF INVESTMENTS (continued)


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	$	24,707	$	23,265		0.01	%
Tricolor Auto Securitization Trust Series 2024-3A, Class A 5.22%, 06/15/2028		09/18/2025		133,619		123,833		0.07	%
Tricolor Auto Securitization Trust Series 2025-1A, Class A 4.94%, 02/15/2029		03/11/2025		105,006		63,960		0.04	%
Tricolor Auto Securitization Trust Series 2025-2A, Class A 5.12%, 01/16/2029		06/10/2025		546,526		331,457		0.19	%

(e)	Fair valued by the Adviser.

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

(g)	Non-income producing security.

(h)	Defaulted.

(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 May 31, 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 May 31, 2026.

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

(n)	Affiliated investments.

(o)	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.

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 – U.S. Federal Reserve Bank Prime Loan Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduit

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

See notes to financial statements.



266 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB CALIFORNIA INTERMEDIATE MUNICIPAL ETF

May 31, 2026 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 99.3%
Long-Term Municipal Bonds – 91.2%
California – 85.0%
Anaheim Public Financing Authority (City of Anaheim CA Lease) AG Series 1997 Zero Coupon, 09/01/2031	$	3,500	$	3,003,831
Bay Area Toll Authority (Bay Area Toll Authority) Series 2021 1.87% (MUNIPSA + 0.30%), 04/01/2056^(a)		5,000		4,983,018
1.98% (MUNIPSA + 0.41%), 04/01/2056^(a)		13,415		13,325,246
Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign) Series 2024-B 5.00%, 07/01/2035		1,000		1,102,071
5.00%, 07/01/2036		2,000		2,192,122
5.25%, 07/01/2042		950		1,035,855
5.25%, 07/01/2044		8,865		9,540,410
AG Series 2024-B 4.00%, 07/01/2039		4,500		4,527,668
4.125%, 07/01/2041		3,000		2,996,617
AG Series 2026-B 5.25%, 07/01/2038		2,200		2,510,933
5.25%, 07/01/2039		2,250		2,553,351
Series 2026-B 5.00%, 07/01/2036		1,000		1,116,735
California Community Choice Financing Authority (American General Life Insurance) Series 2023-D 5.50%, 05/01/2054		5,000		5,221,961
Series 2024C 5.00%, 08/01/2055		7,600		7,920,207
California Community Choice Financing Authority (Athene Annuity & Life Co.) Series 2024B 5.00%, 01/01/2055		17,000		17,490,323
Series 2024G 5.00%, 11/01/2055		3,000		3,084,113
California Community Choice Financing Authority (Bank of Nova Scotia (The)) Series 2025E 5.00%, 10/01/2056		7,800		8,429,774



ABFunds.com		AB Active ETFs, Inc. 267

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Community Choice Financing Authority (Canadian Imperial Bank of Commerce) Series 2025F 5.00%, 11/01/2033	$	1,250	$	1,351,057
Series 2026 5.00%, 02/01/2031		3,125		3,316,537
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		11,000		11,677,585
California Community Choice Financing Authority (Goldman Sachs Group) Series 2021 4.00%, 10/01/2052		7,015		7,093,761
Series 2023 5.00%, 12/01/2053		9,590		10,012,317
5.25%, 11/01/2054		1,000		1,056,585
California Community Choice Financing Authority (Morgan Stanley) Series 2021-B 4.00%, 02/01/2052		4,435		4,499,538
Series 2023 4.062% (SOFR + 1.63%), 07/01/2053^(a)		5,000		5,067,977
4.102% (SOFR + 1.67%), 02/01/2054^(a)		5,000		5,087,924
5.00%, 02/01/2054		16,770		17,702,144
Series 2026-A 3.882% (SOFR + 1.45%), 04/01/2056^(a)		1,500		1,497,250
5.00%, 04/01/2056		1,000		1,079,584
California Community Choice Financing Authority (New York Life Insurance) Series 2024H 5.00%, 01/01/2056		14,250		15,436,047
Series 2025G 5.00%, 12/01/2035		4,500		4,932,806
California Community Choice Financing Authority (Nomura Holdings, Inc.) Series 2026 5.00%, 03/01/2036		4,175		4,386,466
California Community Choice Financing Authority (Pacific Life Insurance) Series 2024-F 5.00%, 02/01/2055		6,045		6,434,034
California Community Choice Financing Authority (Realty Income Corp.) Series 2026 5.25%, 02/01/2036		2,000		2,180,527



268 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Community Choice Financing Authority (Royal Bank of Canada) Series 2024D 5.00%, 02/01/2055	$	10,000	$	10,825,959
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047^(b)		4,450		3,504,031
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046^(b)		1,330		1,160,630
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 4.00%, 02/01/2050^(b)		3,390		2,549,139
California County Tobacco Securitization Agency (Los Angeles County Securitization) Series 2020-A 4.00%, 06/01/2037		510		503,949
4.00%, 06/01/2038		1,000		978,764
5.00%, 06/01/2027		800		817,134
5.00%, 06/01/2028		700		729,016
5.00%, 06/01/2030		500		533,121
5.00%, 06/01/2031		400		424,649
5.00%, 06/01/2032		300		316,526
California Earthquake Authority (California Earthquake Authority) Series 2022-A 5.603%, 07/01/2027		790		794,691
California Enterprise Development Authority (Milken Community School) Series 2026 5.00%, 07/01/2033		1,000		1,112,892
California Enterprise Development Authority (Real Journey Academies Obligated Group) Series 2024-A 5.00%, 06/01/2044^(b)		2,000		2,025,733
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2027^(b)		340		339,086
4.00%, 06/01/2031^(b)		2,000		1,981,437



ABFunds.com		AB Active ETFs, Inc. 269

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) Series 2024 5.00%, 12/01/2034	$	1,265	$	1,397,569
5.00%, 12/01/2036		1,000		1,089,105
Series 2025 5.00%, 12/01/2032		5,500		6,023,456
California Health Facilities Financing Authority (Cedars-Sinai Medical Center) Series 2015 5.00%, 11/15/2027		6,500		6,514,503
5.00%, 11/15/2028		6,000		6,028,485
5.00%, 11/15/2029		7,000		7,032,273
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2032		1,215		1,219,986
California Health Facilities Financing Authority (CommonSpirit Health Obligated Group) Series 2020-A 5.00%, 04/01/2034		750		801,032
California Health Facilities Financing Authority (Rady Children’s Hospital Obligated Group) Series 2026 5.00%, 08/15/2047		3,000		3,301,354
California Health Facilities Financing Authority (Sutter Health) Series 2018-A 5.00%, 11/15/2029		1,280		1,325,897
California Housing Finance Agency Series 2021-3, Class X 0.770%, 08/20/2036^(c)		3,152		129,594
California Housing Finance Agency (CAHFA 2019-2) Series 2019-2, Class A 4.00%, 03/20/2033		9,405		9,606,121
California Housing Finance Agency (CAHFA 2021-1) Series 2021-1, Class A 3.50%, 11/20/2035		9,184		9,112,674
California Housing Finance Agency (CAHFA 2021-2) Series 2021-2, Class A 3.75%, 03/25/2035		7,465		7,548,886
Series 2021-2, Class X 0.825%, 03/25/2035^(c)		3,733		134,440



270 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Housing Finance Agency (CAHFA 2021-3) Series 2021-3, Class A 3.25%, 08/20/2036	$	1,854	$	1,788,332
California Housing Finance Agency (Creekside Commons LP) Series 2026-C 2.95%, 11/01/2056		4,000		4,001,488
California Infrastructure & Economic Development Bank (Adventist Health System/West Obligated Group) Series 2024 5.00%, 07/01/2042		2,355		2,492,238
5.00%, 07/01/2044		2,000		2,088,991
California Infrastructure & Economic Development Bank (Broad/The) Series 2021 5.00%, 06/01/2026		2,000		2,000,000
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2024 3.25%, 08/01/2029		5,750		5,785,251
California Infrastructure & Economic Development Bank (Desertxpress Enterprises) Series 2025 3.50%, 01/01/2065^(b)		16,200		16,196,394
California Infrastructure & Economic Development Bank (Museum Associates) Series 2026 3.25%, 06/01/2033		1,675		1,680,643
California Municipal Finance Authority (Ascent 613) Series 2025-A 5.25%, 01/01/2045^(b)		2,500		2,538,585
California Municipal Finance Authority (California Baptist University) Series 2016-A 5.00%, 11/01/2036^(b)		1,000		1,000,527
California Municipal Finance Authority (Clay Lacy Santa Ana LLC) Series 2026 5.00%, 01/01/2041^(b)		2,825		2,917,677



ABFunds.com		AB Active ETFs, Inc. 271

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Municipal Finance Authority (CMFA 2025-1) Series 2025-2, Class A1 3.439%, 02/20/2041	$	3,559	$	3,326,412
California Municipal Finance Authority (CMFA 2025-2) Series 2025-2, Class A1 4.216%, 11/20/2040		2,861		2,839,900
Series 2025-2, Class A2 4.216%, 11/20/2040		2,289		2,165,797
California Municipal Finance Authority (CMFA 2026-1) Series 2026-1, Class A1 4.05%, 07/20/2041		2,196		2,167,480
Series 2026-1, Class B 4.325%, 12/20/2043		1,000		1,015,411
California Municipal Finance Authority (Community Health Centers of The Central Coast) Series 2021-A 5.00%, 12/01/2046^(b)		2,250		2,275,782
California Municipal Finance Authority (EL Camino PA LP) Series 2026 2.50%, 03/01/2046		2,000		1,969,831
California Municipal Finance Authority (Emerson College) Series 2017-B 5.00%, 01/01/2030		1,000		1,025,925
California Municipal Finance Authority (Gateways Hospital & Mental Health Center) Series 2026 5.00%, 09/01/2046		2,140		2,163,040
California Municipal Finance Authority (LAX Integrated Express Solutions) Series 2018 4.00%, 12/31/2047		1,100		994,020
5.00%, 12/31/2026		2,200		2,217,480
5.00%, 12/31/2028		1,000		1,036,717
5.00%, 06/30/2029		1,050		1,088,255
5.00%, 12/31/2029		2,150		2,227,609
5.00%, 12/31/2031		2,250		2,324,494
5.00%, 12/31/2033		1,500		1,544,225
5.00%, 12/31/2043		2,000		2,027,366
California Municipal Finance Authority (PRG – Potrero Properties) Series 2026 5.00%, 06/30/2032		3,350		3,605,061
5.00%, 09/01/2045		1,000		1,078,841



272 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Municipal Finance Authority (PRS-California Obligated Group) Series 2024 5.00%, 04/01/2034	$	410	$	450,883
5.00%, 04/01/2035		720		789,660
5.00%, 04/01/2038		500		541,921
5.00%, 04/01/2044		1,415		1,480,083
California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029		9,900		9,982,119
California Pollution Control Financing Authority (Channelside Water Resources) Series 2012 5.00%, 07/01/2027^(b)		1,075		1,075,629
Series 2019 5.00%, 11/21/2045^(b)		1,000		1,018,090
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 07/01/2029^(b)		2,145		2,203,375
5.00%, 07/01/2039^(b)		2,465		2,527,280
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054^(b)		1,500		1,546,294
California School Finance Authority (KIPP SoCal Public Schools Obligated Group) Series 2020-A 4.00%, 07/01/2040^(b)		1,305		1,250,602
California School Finance Authority (Lighthouse Community Public Schools Obligated Group) Series 2022 6.25%, 06/01/2042^(b)		1,000		1,043,383
California School Finance Authority (Rex & Margaret Fortune School of Education) Series 2024 5.00%, 06/01/2044^(b)		2,000		1,908,402
California School Finance Authority (Rocketship Education Obligated Group) Series 2015-A 4.25%, 03/01/2028^(b)		530		530,018
Series 2016-A 5.00%, 06/01/2031^(b)		1,700		1,675,821



ABFunds.com		AB Active ETFs, Inc. 273

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California State Public Works Board (California State Public Works Board Lease) Series 2025 5.00%, 04/01/2043	$	2,000	$	2,216,456
5.00%, 04/01/2044		2,000		2,196,161
5.00%, 04/01/2045		2,385		2,595,678
California State Public Works Board (State of California Lease) Series 2022-A 5.00%, 08/01/2027		2,000		2,059,594
Series 2022-B 5.00%, 06/01/2026		10,000		10,000,000
Series 2023 5.00%, 09/01/2026		2,000		2,012,348
Series 2024 5.05%, 04/01/2032		2,000		2,038,032
5.06%, 04/01/2033		1,000		1,017,170
California State University (California State University) Series 2017-A 5.00%, 11/01/2033		5,620		5,737,460
Series 2020-D 1.49%, 11/01/2028		1,500		1,406,880
Series 2021-B 2.274%, 11/01/2034		7,000		5,830,060
California Statewide Communities Development Authority (CHF-Irvine LLC) Series 2017-A 5.00%, 05/15/2029		1,210		1,231,346
California Statewide Communities Development Authority (Emanate Health Obligated Group) Series 2020-A 5.00%, 04/01/2027		720		732,796
5.00%, 04/01/2028		535		556,058
California Statewide Communities Development Authority (John Muir Health Obligated Group) Series 2024-A 5.25%, 12/01/2040		2,400		2,718,035
California Statewide Communities Development Authority (Lancer Educational Housing) Series 2016 5.00%, 06/01/2036^(b)		3,250		3,251,766
Series 2019 5.00%, 06/01/2034^(b)		755		775,520
5.00%, 06/01/2039^(b)		1,800		1,826,337



274 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2014 5.25%, 12/01/2034	$	4,500	$	4,503,681
Series 2018-A 5.00%, 12/01/2027^(b)		250		256,398
5.00%, 12/01/2033^(b)		1,000		1,028,774
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.00%, 07/01/2029^(b)		570		579,475
California Statewide Communities Development Authority (Redlands Community Hospital Obligated Group) Series 2016 5.00%, 10/01/2027		2,360		2,368,001
5.00%, 10/01/2028		1,230		1,236,219
5.00%, 10/01/2033		2,135		2,143,693
California Statewide Communities Development Authority (Southern California Edison) Series 2023 4.50%, 11/01/2033		6,700		6,953,766
Central Valley Energy Authority (Pacific Life Insurance) Series 2025
5.00%, 12/01/2055		1,000		1,074,594
City & County of San Francisco CA (Sunnydale Block 9 Housing Partners) Series 2025 3.35%, 08/01/2029		3,815		3,857,408
City of Fremont CA Community Facilities District No. 1 (City of Fremont CA Community Facilities District No. 1) Series 2015 5.00%, 09/01/2027		1,000		1,004,167
City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) Series 2017-A 5.00%, 06/01/2032		1,565		1,601,402
City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) Series 2017 5.00%, 05/15/2029		1,145		1,147,247
Series 2017-A 5.00%, 05/15/2028		1,440		1,469,823



ABFunds.com		AB Active ETFs, Inc. 275

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 05/15/2031	$	1,275	$	1,298,771
Series 2018 5.00%, 05/15/2031		3,000		3,168,050
5.00%, 05/15/2035		1,190		1,226,721
Series 2019-A 5.00%, 05/15/2038		4,315		4,475,605
Series 2020-C 5.00%, 05/15/2031		5,000		5,369,419
5.00%, 05/15/2039		2,655		2,783,742
Series 2021 5.00%, 05/15/2030		3,000		3,232,165
5.00%, 05/15/2033		4,735		5,161,825
5.00%, 05/15/2035		1,685		1,810,507
5.00%, 05/15/2040		2,000		2,111,961
Series 2021-D 4.00%, 05/15/2040		2,165		2,160,109
Series 2022 4.00%, 05/15/2036		1,300		1,316,004
4.00%, 05/15/2041		1,100		1,089,612
5.00%, 05/15/2029		1,000		1,060,769
5.00%, 05/15/2032		4,000		4,375,756
Series 2022-A 4.00%, 05/15/2041		6,160		6,101,828
Series 2025 5.00%, 05/15/2030		4,500		4,848,247
5.00%, 05/15/2036		1,050		1,166,163
5.00%, 05/15/2037		1,065		1,175,262
City of Los Angeles Department of Airports (Prerefunded – US Treasuries) Series 2021 5.00%, 05/15/2033		265		291,660
City of Roseville CA (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1) Series 2017 5.00%, 09/01/2028		1,010		1,034,661
5.00%, 09/01/2030		1,295		1,321,157
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.00%, 09/01/2031		995		998,681
City of San Jose CA Airport Revenue (Norman Y Mineta San Jose Intl Airport SJC) Series 2017-A 5.00%, 03/01/2027		2,480		2,514,909
City of Santa Rosa CA Wastewater Revenue (City of Santa Rosa CA Wastewater Revenue) AMBAC Series 2002-B Zero Coupon, 09/01/2029		3,000		2,734,548



276 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach) Series 2021 4.00%, 08/01/2047^(b)	$	340	$	318,479
Compton Community Redevelopment Agency Successor Agency (Compton Community Redevelopment Agency Successor Agency) AG Series 2022-A 5.25%, 08/01/2032		3,925		4,309,615
Contra Costa Transportation Authority Sales Tax Revenue (Contra Costa Transportation Authority Sales Tax Revenue) Series 2017-A 5.00%, 03/01/2030		1,250		1,274,657
Coronado Community Development Agency Successor Agency (Coronado Community Development Agency Successor Agency) Series 2018-A 5.00%, 09/01/2033		675		675,709
County of Sacramento CA Airport System Revenue (County of Sacramento CA Airport System Revenue) Series 2018-C 5.00%, 07/01/2033		1,005		1,037,124
5.00%, 07/01/2038		5,000		5,118,089
Series 2025-A 5.00%, 07/01/2029		2,100		2,224,974
5.00%, 07/01/2039		1,320		1,436,426
5.00%, 07/01/2040		2,250		2,435,749
5.25%, 07/01/2043		1,150		1,257,298
5.25%, 07/01/2044		1,500		1,625,978
County of Santa Barbara CA (County of Santa Barbara CA COP) Series 2018-B 5.00%, 12/01/2030		1,100		1,150,183
5.25%, 12/01/2032		2,740		2,864,439
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.35%, 04/01/2047^(b)		3,325		2,912,581
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047^(b)		1,500		1,270,639



ABFunds.com		AB Active ETFs, Inc. 277

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046^(b)	$	4,000	$	3,318,717
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046^(b)		4,985		4,167,399
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A1 2.875%, 08/01/2041^(b)		3,215		2,990,339
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043^(b)		1,000		862,672
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) Series 2021 3.20%, 09/01/2046^(b)		5,000		3,680,583
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 2.65%, 12/01/2046^(b)		2,340		2,033,053
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047^(b)		2,000		1,729,322
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045^(b)		3,000		2,627,046
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048^(b)		4,000		3,157,825
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056^(b)		1,500		1,035,445



278 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

East County Advanced Water Purification Joint Powers Authority (East County Advanced Water Purification Joint Powers Authority) Series 2024 3.125%, 09/01/2026	$	5,000	$	4,999,950
5.00%, 09/01/2026		5,500		5,506,352
Fontana Redevelopment Agency Successor Agency (Fontana Redevelopment Agency Successor Agency) Series 2017-A 5.00%, 10/01/2031		1,750		1,801,962
Foothill-De Anza Community College District (Foothill-De Anza Community College District) AMBAC Series 2007-A Zero Coupon, 08/01/2034		1,000		778,384
Foothill-Eastern Transportation Corridor Agency (Foothill-Eastern Transportation Corridor Agency) AG Series 2015 Zero Coupon, 01/15/2035		3,000		2,254,349
Series 2021-C 4.00%, 01/15/2043		1,889		1,863,884
Fremont Union High School District (Fremont Union High School District) Series 2024 5.00%, 08/01/2026		1,000		1,003,995
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) Series 2021 3.85%, 06/01/2050		4,760		4,353,594
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Lease) Series 2021 2.746%, 06/01/2034		3,165		2,792,855
3.115%, 06/01/2038		2,500		2,083,207
Long Beach Bond Finance Authority (Bank of America Corp.) Series 2007-A 5.50%, 11/15/2037		3,700		4,224,099
Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) Series 2022-C 5.00%, 07/01/2039		2,500		2,667,820
Series 2023-A 5.00%, 07/01/2026		1,375		1,377,549
Series 2024-B 5.00%, 07/01/2036		2,000		2,218,296



ABFunds.com		AB Active ETFs, Inc. 279

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 07/01/2037	$	1,405	$	1,546,836
5.00%, 07/01/2038		2,055		2,246,185
5.00%, 07/01/2039		1,845		2,007,477
Series 2024-C 5.00%, 07/01/2041		1,070		1,155,056
Series 2024-D 5.00%, 07/01/2043		4,165		4,476,139
Series 2024-E 5.00%, 07/01/2039		2,000		2,186,129
BAM Series 2025-A 5.00%, 07/01/2043		1,750		1,894,186
Series 2025-B 5.00%, 07/01/2032		3,250		3,598,977
5.00%, 07/01/2033		3,665		4,091,047
5.00%, 07/01/2034		2,000		2,246,151
Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) Series 2021 5.00%, 07/01/2038		1,000		1,065,080
Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue) Series 2023-A 5.00%, 07/01/2035		1,040		1,151,825
5.00%, 07/01/2042		2,125		2,273,487
Series 2025-A 5.00%, 01/01/2030		10,000		10,623,815
Series 2025-B 5.00%, 07/01/2031		1,625		1,778,540
5.00%, 07/01/2032		1,000		1,107,378
5.00%, 07/01/2033		1,300		1,451,122
Los Angeles Unified School District/CA (Los Angeles Unified School District/CA) Series 2016-B 5.00%, 07/01/2030		2,500		2,504,837
Series 2017-A 5.00%, 07/01/2026		1,510		1,513,044
Series 2018-B 5.00%, 07/01/2029		9,020		9,385,737
Series 2019-A 5.00%, 07/01/2026		1,620		1,623,265
Series 2020-C 5.00%, 07/01/2026		1,600		1,603,225
Series 2024-A 5.00%, 07/01/2026		1,490		1,493,003



280 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2025-A 5.00%, 07/01/2043	$	2,000	$	2,226,290
Metropolitan Water District of Southern California (Metropolitan Water District of Southern California) Series 2019-A 5.00%, 07/01/2026		3,540		3,546,864
Series 2020-A 5.00%, 07/01/2026		1,500		1,502,909
Middle Fork Project Finance Authority (Middle Fork Project Finance Authority) Series 2020 5.00%, 04/01/2033		1,650		1,739,510
5.00%, 04/01/2034		1,100		1,156,882
5.00%, 04/01/2035		1,150		1,206,138
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-A 6.50%, 11/01/2039		5,285		6,508,730
Series 2009-B 6.50%, 11/01/2039		2,180		2,684,774
7.00%, 11/01/2034		7,055		8,492,526
Series 2009-C 7.00%, 11/01/2034		1,000		1,203,760
Northern California Energy Authority (Pacific Life Insurance) Series 2024 5.00%, 12/01/2054		10,000		10,606,335
Oakland Unified School District/Alameda County (Oakland Unified School District/Alameda County) BAM Series 2021 3.115%, 08/01/2040		1,120		899,416
Pittsburg Successor Agency Redevelopment Agency (Pittsburg Successor Agency Redevelopment Agency) AG Series 2016-A 5.00%, 09/01/2027		2,785		2,800,720
Port of Los Angeles (Port of Los Angeles) Series 2024-A 5.00%, 08/01/2029		1,295		1,377,274
5.00%, 08/01/2030		2,110		2,282,252
5.00%, 08/01/2031		1,250		1,369,017
5.00%, 08/01/2035		2,330		2,584,183
River Islands Public Financing Authority (River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1) Series 2022 4.50%, 09/01/2037		2,905		2,940,169
5.00%, 09/01/2042		2,510		2,584,198



ABFunds.com		AB Active ETFs, Inc. 281

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 3.202% (CME Term SOFR 3 Month + 0.57%), 06/01/2039^(a)	$	5,700	$	5,376,125
San Diego Community College District (Prerefunded – US Treasuries) Series 2016 4.00%, 08/01/2041		4,000		4,010,698
San Diego County Regional Airport Authority (San Diego County Regional Airport Authority) Series 2021-B 5.00%, 07/01/2028		5,245		5,469,445
5.00%, 07/01/2030		1,060		1,140,811
5.00%, 07/01/2038		3,500		3,697,619
5.00%, 07/01/2046		2,000		2,050,719
Series 2023 5.00%, 07/01/2041		10,320		10,993,447
Series 2025 5.00%, 07/01/2029		1,000		1,063,156
San Diego Unified School District/CA (San Diego Unified School District/CA) Series 2025-Z 5.00%, 07/01/2039		875		990,293
San Francisco City & County Public Utilities Commission Wastewater Revenue (San Francisco City & County Public Utilities Commission Wastewater Revenue) Series 2024 4.655%, 10/01/2027		2,650		2,667,677
San Francisco Intl Airport (San Francisco Intl Airport) Series 2019-A 5.00%, 05/01/2034		11,015		11,536,546
5.00%, 05/01/2035		1,000		1,045,108
Series 2019-E 5.00%, 05/01/2034		3,450		3,613,353
5.00%, 05/01/2035		3,275		3,422,728
5.00%, 05/01/2036		3,385		3,528,029
5.00%, 05/01/2045		1,000		1,018,821
Series 2022-A 5.00%, 05/01/2031		1,500		1,636,750
Series 2022-C 2.583%, 05/01/2030		1,625		1,517,916
Series 2023-E 5.00%, 05/01/2033		5,080		5,628,727
Series 2024 5.00%, 05/01/2035		13,000		14,430,443



282 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 05/01/2036	$	1,950	$	2,144,540
5.00%, 05/01/2039		5,860		6,324,913
5.25%, 05/01/2044		10,000		10,783,586
Series 2025-D 5.00%, 05/01/2031		2,000		2,182,334
Series 2026-A 5.25%, 05/01/2045^(d)		1,000		1,084,808
San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) Series 2025 5.50%, 01/01/2056		7,120		7,885,913
San Mateo Joint Powers Financing Authority (County of San Mateo CA Lease) Series 2019-A 5.00%, 07/15/2026		3,310		3,319,615
San Mateo Union High School District (San Mateo Union High School District) Series 2026 5.00%, 09/01/2028^(d)		1,750		1,856,962
5.00%, 09/01/2029^(d)		1,150		1,249,511
5.00%, 09/01/2030^(d)		1,830		2,031,615
5.00%, 09/01/2033^(d)		1,000		1,164,138
Saugus/Hart School Facilities Financing Authority (Saugus Union School District Community Facilities District No. 06-01) Series 2016 5.00%, 09/01/2029		1,000		1,003,006
5.00%, 09/01/2030		1,365		1,369,059
South Orange County Public Financing Authority (South Orange County Public Financing Authority) Series 2023 5.00%, 08/15/2026		1,005		1,009,865
South San Francisco Unified School District (South San Francisco Unified School District) Series 2025 5.00%, 09/01/2029		1,000		1,086,746
Southern California Public Power Authority (American General Life Insurance) Series 2024-A 5.00%, 04/01/2055		3,500		3,660,053
Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) Series 2023 5.00%, 07/01/2035		2,645		2,939,997
5.00%, 07/01/2036		2,000		2,210,844
5.00%, 07/01/2039		2,000		2,178,964
5.00%, 07/01/2041		1,100		1,190,219



ABFunds.com		AB Active ETFs, Inc. 283

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2024 5.00%, 07/01/2040	$	3,200	$	3,509,352
5.00%, 07/01/2042		1,650		1,789,938
5.00%, 07/01/2044		1,995		2,132,961
BAM Series 2025 5.25%, 07/01/2042		2,175		2,432,565
Southern California Public Power Authority (Pacific Life Insurance) Series 2026 5.00%, 11/01/2033^(d)		1,000		1,065,711
Southern California Public Power Authority (Southern California Public Power Authority) BAM Series 2025 5.00%, 07/01/2035		1,950		2,228,745
5.25%, 07/01/2044		1,200		1,320,925
5.25%, 07/01/2045		1,730		1,888,593
State of California (State of California) Series 2009 7.30%, 10/01/2039		1,000		1,143,782
7.55%, 04/01/2039		1,000		1,190,258
Series 2016 5.00%, 09/01/2034		3,500		3,518,414
Series 2019 5.00%, 04/01/2028		1,625		1,701,454
5.00%, 04/01/2037		615		648,813
Series 2023 6.00%, 03/01/2033		5,000		5,370,570
Series 2024 5.15%, 09/01/2034		2,000		2,054,449
Series 2025 5.00%, 11/01/2027		7,000		7,254,447
Series 2026 5.00%, 10/01/2042		1,065		1,204,423
Sweetwater Union High School District (Sweetwater Union High School District) Series 2016 5.00%, 08/01/2030		3,205		3,211,500
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization) Series 2021 4.00%, 06/01/2034		1,000		1,017,425
4.00%, 06/01/2036		1,015		1,024,106
4.00%, 06/01/2038		1,210		1,211,523
4.00%, 06/01/2040		1,150		1,119,537
5.00%, 06/01/2026		1,360		1,360,000
5.00%, 06/01/2027		1,500		1,533,320
5.00%, 06/01/2028		1,220		1,272,506



284 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 06/01/2030	$	1,500	$	1,616,379
5.00%, 06/01/2032		1,300		1,403,709
Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment) Series 2020 5.00%, 10/01/2031		500		522,465
5.00%, 10/01/2032		950		990,254
5.00%, 10/01/2034		600		622,060
5.00%, 10/01/2035		600		620,262
5.00%, 10/01/2036		800		824,420
5.00%, 10/01/2037		1,375		1,412,895
5.00%, 10/01/2038		1,000		1,024,958
Tustin Unified School District (Tustin Unified School District Community Facilities District No. 97-1) BAM Series 2026 5.00%, 09/01/2033		4,220		4,775,843
5.00%, 09/01/2034		2,555		2,916,512
University of California (University of California) Series 2017-A 5.00%, 05/15/2028		1,000		1,025,199
5.00%, 05/15/2029		3,000		3,070,911
5.00%, 05/15/2031		2,465		2,522,246
Series 2023-B 4.693%, 05/15/2033		6,260		6,296,980
Series 2025-C 5.50%, 05/15/2040		2,000		2,356,617
Series 2026-C 5.00%, 11/15/2039		4,150		4,913,824
Washington Township Health Care District (Washington Township Health Care District) Series 2023-A 5.00%, 07/01/2040		400		410,806
5.00%, 07/01/2041		360		366,367
5.00%, 07/01/2042		350		354,536
5.00%, 07/01/2043		275		277,739
AG Series 2023-B 4.125%, 08/01/2041		750		754,324
4.125%, 08/01/2042		275		273,397
4.25%, 08/01/2043		370		369,995
Westlands Water District (Prerefunded – US Treasuries) AG Series 2016-A 5.00%, 09/01/2032		1,300		1,307,595
Yucaipa Valley Water District Financing Authority (Yucaipa Valley Water District Water & Sewer Revenue) Series 2024-A 5.00%, 06/01/2026		10,000		10,000,000

				990,496,149



ABFunds.com		AB Active ETFs, Inc. 285

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

American Samoa – 0.1%
American Samoa Economic Development Authority (American Samoa Economic Development Authority) Series 2025-A 5.00%, 09/01/2030^(b)	$	1,000	$	1,041,780
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028^(b)		470		485,434

				1,527,214

Florida – 0.1%
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2033		175		133,737
County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) Series 2020-A Zero Coupon, 10/01/2030		150		127,079
Zero Coupon, 10/01/2031		185		150,129
Zero Coupon, 10/01/2032		100		77,693
Zero Coupon, 10/01/2033		250		185,639
Zero Coupon, 10/01/2034		270		191,263
New River Community Development District (New River Community Development District) Series 2006-B 5.00%, 05/01/2013^(e)(f)		405		4

				865,544

Georgia – 0.2%
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2019 5.00%, 01/01/2032		460		478,008
5.00%, 01/01/2035		250		258,619
5.00%, 01/01/2036		1,590		1,642,011

				2,378,638

Guam – 1.7%
Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) Series 2021-A 2.899%, 10/01/2027		825		808,394
Series 2023 5.00%, 10/01/2028		960		984,661
5.125%, 10/01/2034		140		150,214
5.375%, 10/01/2040		275		292,828



286 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2024-A 5.00%, 10/01/2027	$	155	$	157,628
5.00%, 10/01/2031		600		633,082
5.00%, 10/01/2033		600		639,826
5.00%, 10/01/2034		450		482,004
Guam Department of Education (Guam Dept. of Education COP) Series 2020 4.25%, 02/01/2030		1,225		1,224,416
5.00%, 02/01/2040		1,090		1,097,703
Guam Education Financing Foundation (Guam Education Financing Foundation COP) Series 2016-B 5.00%, 10/01/2026^(b)		1,045		1,045,676
Guam Power Authority (Guam Power Authority) Series 2022-A 5.00%, 10/01/2028		3,000		3,104,639
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2026		1,000		1,004,617
5.00%, 12/01/2029		455		457,192
5.00%, 12/01/2030		730		733,346
5.00%, 12/01/2032		675		677,623
Territory of Guam (Territory of Guam) Series 2019 5.00%, 11/15/2031		355		370,261
Series 2025-G 5.00%, 01/01/2033		1,200		1,300,044
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 5.00%, 01/01/2031		1,000		1,067,641
Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2027		795		813,499
5.00%, 11/01/2028		955		992,477
5.00%, 11/01/2029		1,000		1,053,501
5.00%, 11/01/2030		820		874,184

				19,965,456

Illinois – 0.5%
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2017-B 5.00%, 12/15/2026		3,250		3,282,098



ABFunds.com		AB Active ETFs, Inc. 287

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Village of Bolingbrook IL Sales Tax Revenue (Village of Bolingbrook IL Sales Tax Revenue) 6.00%, 01/01/2026^(e)(f)	$	3,602	$	1,945,251

				5,227,349

Indiana – 0.0%
City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) 10.75%, 12/01/2029^(e)(g)		25		2


Kentucky – 0.4%
City of Ashland KY (Royal Blue Health Obligated Group) Series 2019 5.00%, 02/01/2027		260		263,000
5.00%, 02/01/2030		160		169,465
5.00%, 02/01/2031		200		211,813
Kentucky Economic Development Finance Authority (Owensboro Health Obligated Group) Series 2017-A 5.00%, 06/01/2029		3,500		3,540,474

				4,184,752

Missouri – 0.0%
Howard Bend Levee District (Howard Bend Levee District) XLCA Series 2005 5.75%, 03/01/2027		150		152,534


New Jersey – 1.2%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		1,410		1,411,964
5.00%, 06/15/2029		6,660		6,668,841
Series 2018-A 5.00%, 06/15/2028		2,710		2,713,614
5.00%, 06/15/2029		1,290		1,291,712
Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) Series 2018-A 5.00%, 06/01/2026		1,000		1,000,000
5.00%, 06/01/2028		1,000		1,041,290

				14,127,421

New York – 0.0%
New York Transportation Development Corp. (Laguardia Gateway Partners) Series 2016-A 5.00%, 07/01/2046		220		219,997



288 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value


Ohio – 0.1%
Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) Series 2020-A 5.00%, 06/01/2036	$	1,175	$	1,231,178


Other – 0.4%
Federal Home Loan Mortgage Corp. Multifamily ML Certificates Series 2021-ML10, Class AUS 2.032%, 01/25/2038		4,690		3,733,491
Series 2022-ML13, Class ACA 2.875%, 07/25/2036		909		838,235
Series 2022-ML13, Class XCA 0.960%, 07/25/2036^(c)		2,455		104,653

				4,676,379

Pennsylvania – 0.1%
Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Revenue) Series 2018 5.00%, 05/01/2033^(b)		1,000		1,025,997


Puerto Rico – 1.1%
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) Series 2021-A Zero Coupon, 07/01/2033		1,680		1,224,286
Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) Series 2020-A 5.00%, 07/01/2030^(b)		2,440		2,548,555
5.00%, 07/01/2035^(b)		1,735		1,799,340
Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) AG Series 2007-V 5.25%, 07/01/2027		1,720		1,731,105
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.25%, 01/01/2040		1,665		1,885,988
6.75%, 01/01/2045		1,000		1,133,273



ABFunds.com		AB Active ETFs, Inc. 289

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) Series 2018-A Zero Coupon, 07/01/2029	$	1,500	$	1,359,530
Zero Coupon, 07/01/2033		1,516		1,178,159

				12,860,236

Washington – 0.1%
Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group) Series 2019-A 5.00%, 08/01/2031		830		875,723


Wisconsin – 0.2%
Wisconsin Public Finance Authority (UMA Education, Inc.) Series 2019 5.00%, 10/01/2026^(b)		770		773,010
5.00%, 10/01/2027^(b)		805		818,424
5.00%, 10/01/2028^(b)		700		719,961
5.00%, 10/01/2029^(b)		320		332,278

				2,643,673

Total Long-Term Municipal Bonds (cost $1,071,721,747)				1,062,458,242


Short-Term Municipal Notes – 8.1%
California – 8.1%
Bay Area Toll Authority (Bay Area Toll Authority) Series 2023-B 2.25%, 04/01/2055^(h)		8,000		8,000,000
City of Los Angeles CA (City of Los Angeles CA) Series 2025 5.00%, 06/25/2026		50,000		50,077,585
County of Riverside CA (County of Riverside CA) Series 2025 5.00%, 06/30/2026		10,000		10,018,219
Long Beach Unified School District (Long Beach Unified School District) Series 2026 5.00%, 08/01/2026		4,885		4,906,086
Series 2026-B 5.00%, 08/01/2026		7,500		7,532,374



290 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) Series 2017 2.02%, 10/01/2047^(b)(h)	$	5,000	$	5,000,000
Oakland Unified School District/Alameda County (Oakland Unified School District/Alameda County) Series 2026-A 5.00%, 08/01/2026		1,500		1,505,408
San Diego Unified School District/CA (San Diego Unified School District/CA) Series 2025-P 5.00%, 07/01/2026		2,685		2,690,206
State of California (State of California) Series 2024-A 1.20%, 05/01/2054^(h)		5,250		5,250,000


Total Short-Term Municipal Notes (cost $94,965,223)				94,979,878


Total Municipal Obligations (cost $1,166,686,970)				1,157,438,120


ASSET-BACKED SECURITIES – 0.0%
Autos - Fixed Rate – 0.0%
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(b) (cost $292,022)		292		294,460


Total Investments – 99.3% (cost $1,166,978,992)				1,157,732,580
Other assets less liabilities – 0.7%				7,888,628


Net Assets – 100.0%			$	1,165,621,208

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at May 31, 2026			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 46, 5 Year Index, 06/20/2031*		(5.00	)%		Quarterly		3.02	%		USD	7,524	$	(697,880	)	$	(283,747	)	$	(414,133	)

*	Termination date.



ABFunds.com		AB Active ETFs, Inc. 291

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value (Received)		Upfront Premiums Paid			Unrealized Appreciation (Depreciation)
USD	5,200		10/15/2028		CPI#		3.020%	Maturity	$	11,290	$	– 0	–	$	11,290
USD	13,413		10/15/2029		2.451%		CPI#	Maturity		246,361		115,181			131,180
USD	10,800		10/15/2029		2.485%		CPI#	Maturity		180,719		78,037			102,682
USD	6,560		10/15/2030		CPI#		2.840%	Maturity		23,662		– 0	–		23,662

									$	462,032	$	193,218		$	268,814

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				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	2,000		10/15/2030		1 Day SOFR		4.092%	Annual	$	22,368		$	59,026		$	(36,658	)
USD	10,000		08/15/2031		1 Day SOFR		4.053%	Annual		95,126			302,588			(207,462	)
USD	12,400		11/05/2032		1 Day SOFR		3.516%	Annual		(300,145	)		– 0	–		(300,145	)
USD	7,300		01/03/2033		1 Day SOFR		3.611%	Annual		(134,158	)		– 0	–		(134,158	)
USD	18,200		03/25/2033		1 Day SOFR		3.774%	Annual		(165,581	)		– 0	–		(165,581	)
USD	6,200		06/15/2034		3.543%		1 Day SOFR	Annual		211,629			12,555			199,074
USD	11,000		08/15/2034		3.545%		1 Day SOFR	Annual		371,071			26,843			344,228
USD	3,670		08/15/2034		3.272%		1 Day SOFR	Annual		202,033			79,690			122,343
USD	7,800		09/25/2035		3.587%		1 Day SOFR	Annual		278,446			24,795			253,651
USD	11,700		10/25/2035		3.521%		1 Day SOFR	Annual		481,729			– 0	–		481,729

									$	1,062,518		$	505,497		$	557,021

(a)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2026.

(b)

(c)	IO – Interest Only.

(d)	When-Issued or delayed delivery security.

(e)	Non-income producing security.

(f)	Defaulted matured security.

(g)	Defaulted.

(h)



292 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

AG – Assured Guaranty Inc.

AMBAC – American Bond Assurance Corporation

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

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

CHF – Collegiate Housing Foundation

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

MUNIPSA – SIFMA Municipal Swap Index.

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

XLCA – XL Capital Assurance Inc.

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 293

PORTFOLIO OF INVESTMENTS

AB NEW YORK INTERMEDIATE MUNICIPAL ETF

May 31, 2026 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 98.4%
Long-Term Municipal Bonds – 91.2%
New York – 80.4%
Albany Capital Resource Corp. (Albany Medical Center Hospital Obligated Group) Series 2025 5.25%, 05/01/2042	$	1,500	$	1,674,594
5.25%, 05/01/2043		2,250		2,493,583
Albany County Airport Authority (Albany County Airport Authority) Series 2020-B 5.00%, 12/15/2026		855		863,857
Broome County Local Development Corp. (United Health Services Hospitals Obligated Group) AG Series 2020 3.00%, 04/01/2035		2,220		2,100,534
3.00%, 04/01/2036		2,000		1,862,139
3.00%, 04/01/2037		1,500		1,370,373
4.00%, 04/01/2034		725		738,111
4.00%, 04/01/2038		2,900		2,916,695
4.00%, 04/01/2040		1,500		1,493,894
5.00%, 04/01/2032		2,000		2,122,047
5.00%, 04/01/2033		1,000		1,057,871
Buffalo Municipal Water Finance Authority (Buffalo Municipal Water Finance Authority) BAM Series 2026-B 5.00%, 07/01/2029		1,000		1,075,814
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) Series 2022 5.00%, 06/01/2032^(a)		1,150		1,171,380
5.75%, 06/01/2042^(a)		2,250		2,283,392
Build NYC Resource Corp. (Grand Concourse Acadmey Charter School) Series 2022 5.00%, 07/01/2042		550		553,963
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2041^(a)		800		725,608
Build NYC Resource Corp. (Metropolitan College of New York) 5.25%, 11/01/2029		759		607,255
Build NYC Resource Corp. (REN 4520 83rd Street LLC) Series 2025 4.25%, 06/15/2035		1,900		1,889,636



294 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

4.75%, 06/15/2040	$	1,900	$	1,898,410
5.75%, 06/15/2060		1,500		1,501,019
Build NYC Resource Corp. (South Bronx Classical Charter School V) Series 2026 5.00%, 06/15/2041		2,000		2,096,505
Build NYC Resource Corp. (Success Academy Charter Schools Obligated Group) Series 2024 4.00%, 09/01/2040		1,060		1,040,343
4.00%, 09/01/2041		1,725		1,679,924
4.00%, 09/01/2042		1,175		1,128,378
5.00%, 09/01/2038		1,485		1,566,882
5.00%, 09/01/2039		1,125		1,181,493
Build NYC Resource Corp. (TrIPs Obligated Group) Series 2025 5.50%, 07/01/2045		1,535		1,633,941
Build NYC Resource Corp. (Zeta Charter Schools Obligated Group) Series 2026 5.00%, 06/01/2036^(a)		6,250		6,491,616
City of New York NY (City of New York NY) 4.61%, 09/01/2037		1,031		985,820
Series 2016-E 5.00%, 08/01/2026		2,400		2,409,563
5.00%, 08/01/2027		1,495		1,500,993
Series 2018-A 5.00%, 08/01/2026		7,690		7,720,640
Series 2018-D 5.00%, 12/01/2038		9,665		10,002,566
Series 2020-A 5.00%, 08/01/2026		2,185		2,193,706
Series 2020-C 4.00%, 08/01/2037		3,445		3,475,414
4.00%, 08/01/2039		1,450		1,450,324
5.00%, 08/01/2026		3,000		3,011,953
Series 2021 1.216%, 08/01/2026		5,360		5,334,994
1.396%, 08/01/2027		4,950		4,800,145
1.623%, 08/01/2028		3,255		3,073,719
Series 2021-F 4.00%, 03/01/2040		1,000		999,564
Series 2023 5.00%, 08/01/2036		2,500		2,755,314
5.00%, 08/01/2040		1,000		1,084,755
5.00%, 08/01/2043		5,000		5,346,998



ABFunds.com		AB Active ETFs, Inc. 295

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2023-C 5.00%, 08/01/2027	$	15,305	$	15,750,310
Series 2023-E 5.25%, 04/01/2044		4,000		4,308,991
Series 2024-A 5.00%, 08/01/2026		1,000		1,003,984
5.00%, 08/01/2029		1,065		1,139,332
AG Series 2024-A 5.00%, 08/01/2026		4,985		5,004,947
Series 2024-B 5.00%, 09/01/2027		5,000		5,155,869
Series 2024-C 5.00%, 09/01/2044		1,000		1,069,027
AG Series 2024-C 5.00%, 10/01/2027		1,000		1,033,394
Series 2024-I 5.00%, 04/01/2034		7,000		7,932,128
Series 2025 5.00%, 08/01/2027		3,820		3,931,146
Series 2025-A 5.00%, 08/01/2035		2,000		2,283,736
Series 2025-B 5.00%, 08/01/2028		9,745		10,249,618
Series 2025-D 5.00%, 10/01/2030		4,060		4,422,546
Series 2025-G 5.00%, 02/01/2032		2,000		2,214,536
Series 2026 5.00%, 08/01/2030		3,500		3,802,924
Series 2026-G 5.00%, 02/01/2044		6,000		6,492,585
City of New York NY (Prerefunded – US Treasuries) Series 2021 1.216%, 08/01/2026		640		637,146
1.623%, 08/01/2028		745		704,682
City of Yonkers NY (City of Yonkers NY) AG Series 2024-A 5.00%, 02/15/2037		1,100		1,220,358
5.00%, 02/15/2040		1,000		1,093,858
5.00%, 02/15/2041		2,120		2,303,356
County of Nassau NY (County of Nassau NY) Series 2017-C 5.00%, 10/01/2026		2,220		2,238,254
Series 2024-A 5.00%, 04/01/2040		5,705		6,323,921



296 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 04/01/2041	$	2,855	$	3,148,366
5.00%, 04/01/2043		6,280		6,844,895
County of Suffolk NY (County of Suffolk NY) Series 2022 5.00%, 09/01/2029		1,770		1,908,518
Dutchess County Local Development Corp. (Bard College) Series 2020-A 5.00%, 07/01/2040		2,400		2,453,201
Series 2020-B 5.918%, 07/01/2039		4,855		4,829,322
Empire State Development Corp. (State of New York Pers Income Tax) Series 2017 5.00%, 03/15/2031		5,000		5,087,013
Series 2022 5.00%, 09/15/2029		6,830		7,361,823
Hempstead Town Local Development Corp. (Adelphi University) Series 2026 5.00%, 10/01/2039		1,000		1,078,933
5.00%, 10/01/2040		1,200		1,291,188
5.00%, 10/01/2042		1,305		1,384,696
Series 2026-A 5.00%, 10/01/2043		1,000		1,054,212
Hempstead Town Local Development Corp. (Evergreen Charter School) Series 2022-A 5.25%, 06/15/2042		4,000		4,068,898
Hudson Yards Infrastructure Corp. (Hudson Yards Infrastructure) Series 2017-A 5.00%, 02/15/2031		17,060		17,326,443
5.00%, 02/15/2032		5,590		5,674,548
Metropolitan Transportation Authority (Metropolitan Transportation Authority) AG Series 2006-B 5.25%, 11/15/2026		5,000		5,056,274
Series 2010 6.814%, 11/15/2040		3,315		3,645,517
Series 2016-D 5.00%, 11/15/2027		1,210		1,221,501
Series 2017 5.00%, 11/15/2027		5,050		5,223,442
5.00%, 11/15/2028		4,020		4,248,511
Series 2017-C 5.00%, 11/15/2027		9,140		9,453,912



ABFunds.com		AB Active ETFs, Inc. 297

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 11/15/2028	$	7,400	$	7,712,634
5.00%, 11/15/2029		1,790		1,865,642
5.00%, 11/15/2031		29,930		31,089,243
Series 2020-C 4.75%, 11/15/2045		1,000		1,006,710
Series 2021 2.862% (SOFR + 0.43%), 11/01/2026^(b)		250		249,484
Series 2025 5.00%, 11/15/2031		1,325		1,468,228
5.00%, 11/15/2035		2,815		3,216,144
5.00%, 11/15/2044		2,000		2,120,172
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2017-A 5.00%, 11/15/2031		2,060		2,103,657
Metropolitan Transportation Authority Dedicated Tax Fund (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2022-A 4.00%, 11/15/2038		3,000		3,042,478
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) Series 2022 5.00%, 07/01/2032^(a)		250		256,124
5.625%, 07/01/2042^(a)		2,000		2,035,428
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) Series 2020 5.00%, 12/01/2028		1,210		1,262,016
Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) Series 2019 4.00%, 01/01/2030		1,485		1,472,592
Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School) Series 2020 5.00%, 06/01/2040^(a)		2,265		2,283,708
Nassau County Local Economic Assistance Corp. (Roosevelt Children’s Academy Charter School) Series 2023 4.00%, 07/01/2033		700		640,706
Nassau Health Care Corp. (Nassau Health Care Corp.) Series 2021 5.00%, 08/01/2029		6,000		6,452,632



298 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York City Health & Hospitals Corp. (New York City Health & Hospital Lease) Series 2025-A 5.00%, 02/15/2041	$	4,000	$	4,409,568
5.00%, 02/15/2042		1,000		1,095,410
New York City Housing Development Corp. (NYHDC 2024-8SPR)
Series 2024-8SPR, Class D 4.00%, 12/15/2043		550		556,151
Series 2024-8SPR, Class E 4.375%, 12/15/2043		1,070		1,087,605
Series 2024-8SPR, Class F 5.25%, 12/15/2043		2,620		2,700,167
New York City Industrial Development Agency (Yankee Stadium LLC) AG Series 2020 4.00%, 03/01/2031		4,760		4,927,858
New York City Municipal Water Finance Authority (New York City Municipal Water Finance Authority) Series 2021-B 4.00%, 06/15/2039		2,000		2,022,457
Series 2023 5.00%, 06/15/2035		13,345		15,270,854
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2018-S 5.00%, 07/15/2031		2,065		2,160,290
5.00%, 07/15/2032		16,090		16,808,391
New York City Transitional Finance Authority Building Aid Revenue (State of New York) Series 2025-S 5.00%, 07/15/2027		3,745		3,851,933
5.00%, 07/15/2028		2,500		2,628,641
New York City Transitional Finance Authority Building Aid Revenue (State of New York State Lease) Series 2021-S 4.00%, 07/15/2040		2,500		2,506,747
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2017-F 5.00%, 05/01/2032		1,220		1,244,203
Series 2020 5.00%, 11/01/2027		2,580		2,666,103



ABFunds.com		AB Active ETFs, Inc. 299

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2020-1 5.00%, 11/01/2027	$	17,235	$	17,810,185
Series 2021-E 4.00%, 02/01/2038		3,750		3,813,278
4.00%, 02/01/2040		12,575		12,642,269
Series 2022 5.00%, 11/01/2026		4,000		4,040,554
Series 2023 5.50%, 05/01/2043		5,000		5,564,415
Series 2023-E 5.00%, 11/01/2026		3,000		3,030,415
Series 2024 5.01%, 05/01/2034		2,000		2,025,136
Series 2025 5.00%, 05/01/2043		5,500		5,965,343
Series 2026 5.00%, 02/01/2028		1,250		1,299,075
5.00%, 11/01/2030^(c)		1,500		1,636,610
5.00%, 11/01/2030		4,125		4,502,939
New York City Transitional Finance Authority Future Tax Secured Revenue (Prerefunded – US Govt Agencies) Series 2016-B 5.00%, 08/01/2031		2,200		2,208,054
New York Energy Finance Development Corp. (Athene Annuity & Life Co.) Series 2025 5.00%, 07/01/2056		9,115		9,425,288
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040^(a)		2,000		2,001,362
7.25%, 11/15/2044^(a)		3,260		3,264,884
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069		20,000		19,282,980
2.625%, 09/15/2069		22,240		21,031,576
2.80%, 09/15/2069		6,470		6,090,305
New York Liberty Development Corp. (Port Authority of New York & New Jersey) Series 2021-1 3.00%, 02/15/2042		20,000		16,659,392
New York Power Authority (New York Power Authority SFP Transmission Project) AG Series 2023 5.25%, 11/15/2040		1,000		1,132,664



300 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.25%, 11/15/2041	$	1,000	$	1,128,103
New York State Dormitory Authority (Catholic Health System Obligated Group) Series 2019 5.00%, 07/01/2036		1,000		982,936
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2026^(a)		1,500		1,499,951
5.00%, 12/01/2034^(a)		2,500		2,454,650
New York State Dormitory Authority (Iona College) Series 2022-2 5.00%, 07/01/2026		620		620,906
5.00%, 07/01/2027		325		330,922
5.00%, 07/01/2029		500		525,098
5.00%, 07/01/2030		300		318,965
5.00%, 07/01/2031		320		343,207
5.00%, 07/01/2032		280		302,474
New York State Dormitory Authority (Iona University) AG Series 2025 5.00%, 07/01/2039		1,000		1,117,712
5.00%, 07/01/2040		1,000		1,109,350
5.50%, 07/01/2044		1,250		1,378,746
New York State Dormitory Authority (Memorial Sloan-Kettering Cancer Center) Series 2025 5.00%, 07/01/2035		1,000		1,173,981
New York State Dormitory Authority (Montefiore Obligated Group) Series 2024 5.25%, 11/01/2041		2,150		2,287,752
5.25%, 11/01/2043		1,500		1,576,798
5.50%, 11/01/2044		2,900		3,090,913
New York State Dormitory Authority (Mount Sinai Hospital Obligated Group) Series 2025 5.00%, 07/01/2045		6,250		6,367,141
New York State Dormitory Authority (New York & Presbyterian Hospital Obligated Group) Series 2023 5.00%, 08/01/2036		4,250		4,768,952
New York State Dormitory Authority (New York State Dormitory Authority Lease) AG Series 2020 5.00%, 10/01/2026		3,045		3,070,242
5.00%, 10/01/2029		2,130		2,248,782



ABFunds.com		AB Active ETFs, Inc. 301

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

New York State Dormitory Authority (New York State Sales Tax) Series 2018-C 5.00%, 03/15/2040	$	2,000	$	2,054,334
New York State Dormitory Authority (New York University) Series 2019-A 5.00%, 07/01/2032		2,975		3,174,057
New York State Dormitory Authority (Northwell Health Obligated Group) Series 2022 4.00%, 05/01/2039		2,500		2,483,141
4.00%, 05/01/2040		6,000		5,856,963
Series 2025 5.00%, 05/01/2027		2,300		2,347,224
5.00%, 05/01/2029		10,635		11,295,127
New York State Dormitory Authority (NYU Langone Hospitals Obligated Group) Series 2024 5.00%, 07/01/2030		1,600		1,749,730
5.00%, 07/01/2034		1,700		1,939,047
New York State Dormitory Authority (Pace University) Series 2024-A 5.25%, 05/01/2039		1,050		1,141,442
5.25%, 05/01/2042		1,325		1,407,520
5.25%, 05/01/2044		1,050		1,103,335
5.50%, 05/01/2049		1,500		1,563,824
New York State Dormitory Authority (Prerefunded – US Treasuries) AG Series 2020 5.00%, 10/01/2026		5		5,038
5.00%, 10/01/2029		5		5,267
New York State Dormitory Authority (Rochester Institute of Technology) Series 2020-A 5.00%, 07/01/2026		1,000		1,001,849
New York State Dormitory Authority (St. John’s University/NY) Series 2021-A 4.00%, 07/01/2031		1,400		1,464,080
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2009 5.628%, 03/15/2039		2,225		2,274,439
Series 2017-B 5.00%, 02/15/2037		5,520		5,630,940
Series 2021-A 4.00%, 03/15/2039		1,000		1,004,694



302 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2021-E 4.00%, 03/15/2037	$	4,645	$	4,735,431
Series 2022-A 4.00%, 03/15/2039		2,000		2,011,193
Series 2024-A 5.00%, 03/15/2046		3,000		3,163,675
New York State Dormitory Authority (State University of New York Dormitory Facilities Revenue) Series 2020 2.985%, 07/01/2040		2,000		1,599,680
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2035		1,000		944,308
5.00%, 07/01/2037		1,000		935,619
5.00%, 07/01/2039		1,500		1,394,849
5.00%, 07/01/2042		1,630		1,502,932
New York State Dormitory Authority (White Plains Hospital Obligated Group) Series 2024 5.00%, 10/01/2035		1,300		1,411,662
5.00%, 10/01/2036		1,700		1,834,600
5.00%, 10/01/2037		1,800		1,931,511
New York State Energy Research & Development Authority (Rochester Gas & Electric) Series 2025 4.00%, 05/15/2032		6,800		6,871,395
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority) Series 2019-B 5.00%, 06/15/2027		445		456,862
Series 2023 5.125%, 09/01/2050^(a)		1,800		1,890,874
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2021-O 4.00%, 01/01/2042		5,750		5,731,250
New York State Thruway Authority (State of New York Pers Income Tax) Series 2022-A 5.00%, 03/15/2039		7,250		7,873,981
Series 2025-A 5.00%, 03/15/2045		5,645		6,079,018
New York Transportation Development Corp. (American Airlines, Inc.) Series 2016 5.00%, 08/01/2026		375		375,231



ABFunds.com		AB Active ETFs, Inc. 303

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2020 5.375%, 08/01/2036	$	2,685	$	2,795,398
Series 2021 2.25%, 08/01/2026		420		419,513
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2030		24,485		25,152,794
5.00%, 01/01/2032		2,355		2,411,095
5.00%, 01/01/2034		1,630		1,662,926
5.00%, 01/01/2036		2,000		2,034,853
Series 2020 4.375%, 10/01/2045		1,500		1,434,215
5.00%, 10/01/2040		1,500		1,540,248
Series 2023 5.625%, 04/01/2040		4,165		4,423,009
6.00%, 04/01/2035		1,500		1,654,583
New York Transportation Development Corp. (Elevated Accessibility Enhancements Holding) Series 2023 6.971%, 06/30/2051		2,000		1,995,292
New York Transportation Development Corp. (Empire State Thruway Partners) Series 2021 4.00%, 10/31/2034		500		504,572
4.00%, 10/31/2041		2,075		2,029,842
New York Transportation Development Corp. (JFK Intl Air Terminal) Series 2020 5.00%, 12/01/2027		2,210		2,265,216
5.00%, 12/01/2030		1,010		1,076,487
5.00%, 12/01/2031		400		424,776
5.00%, 12/01/2032		1,035		1,095,969
5.00%, 12/01/2035		1,000		1,048,660
5.00%, 12/01/2036		1,050		1,097,123
Series 2022 5.00%, 12/01/2027		2,115		2,167,843
5.00%, 12/01/2031		4,205		4,518,014
5.00%, 12/01/2035		1,000		1,067,769
5.00%, 12/01/2039		4,580		4,805,864
5.00%, 12/01/2040		3,310		3,458,740
5.00%, 12/01/2042		2,860		2,960,880
New York Transportation Development Corp. (JFK NTO LLC) AG Series 2023 5.50%, 06/30/2043		2,250		2,381,342
5.50%, 06/30/2044		3,630		3,827,029
Series 2024 5.25%, 06/30/2043		8,500		8,882,099



304 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.25%, 06/30/2044	$	10,895	$	11,306,083
AG Series 2024 4.25%, 06/30/2042		10,000		9,703,758
Series 2025 6.00%, 06/30/2044		2,650		2,928,304
New York Transportation Development Corp. (Laguardia Gateway Partners) Series 2016-A 5.00%, 07/01/2046		4,400		4,399,947
5.25%, 01/01/2050		2,535		2,535,145
Onondaga Civic Development Corp. (Crouse Health Hospital Obligated Group) Series 2024 5.00%, 08/01/2033		825		817,066
Onondaga Civic Development Corp. (Le Moyne College) Series 2022 4.00%, 07/01/2034		300		301,699
4.00%, 07/01/2036		350		347,772
4.00%, 07/01/2039		450		435,309
Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) Series 2017 5.00%, 10/15/2028		6,925		7,037,863
Series 2018-2 5.00%, 09/15/2026		1,000		1,006,430
5.00%, 09/15/2027		5,300		5,446,507
5.00%, 09/15/2028		8,000		8,271,992
5.00%, 09/15/2031		5,000		5,160,594
5.00%, 09/15/2033		5,335		5,489,621
Series 2019 5.00%, 11/01/2039		9,000		9,352,474
Series 2020-2 5.00%, 07/15/2033		3,000		3,197,978
5.00%, 07/15/2034		4,860		5,167,182
5.00%, 07/15/2035		5,095		5,398,519
Series 2022 5.00%, 01/15/2047		3,000		3,095,137
Series 2022-2 5.00%, 08/01/2030		7,185		7,757,485
5.00%, 08/01/2035		1,390		1,504,459
Series 2023-2 5.00%, 07/15/2035		2,505		2,770,662
5.00%, 07/15/2036		1,350		1,481,370
5.00%, 12/01/2036		1,750		1,920,636
5.00%, 12/01/2038		2,000		2,160,314
5.00%, 12/01/2041		1,005		1,071,589



ABFunds.com		AB Active ETFs, Inc. 305

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2024-2 5.00%, 09/01/2030	$	2,000	$	2,161,840
Rensselaer County Capital Resource Corp. (County of Rensselaer NY Lease) Series 2026 5.25%, 04/01/2042		1,000		1,116,393
Saratoga County Capital Resource Corp. (Washington Saratoga Warren Hamilton & Essex Boces) Series 2025 4.875%, 07/01/2044		6,000		6,208,478
State of New York (State of New York) Series 2023-A 5.00%, 03/15/2031		5,600		6,260,277
5.00%, 03/15/2032		1,815		2,063,366
5.00%, 03/15/2033		1,750		2,019,030
5.00%, 03/15/2036		1,500		1,698,256
5.00%, 03/15/2038		1,500		1,690,430
5.00%, 03/15/2039		2,000		2,245,745
5.00%, 03/15/2040		2,250		2,516,164
Series 2023-C 5.00%, 03/15/2037		1,670		1,879,894
Suffolk County Economic Development Corp. (Peconic Landing at Southold) Series 2020 5.00%, 12/01/2029		500		513,021
Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) Series 2024 5.75%, 12/01/2044		4,300		4,424,214
Suffolk Tobacco Asset Securitization Corp. (Suffolk Tobacco Asset Securitization) Series 2021 4.00%, 06/01/2035		2,300		2,303,826
4.00%, 06/01/2036		2,425		2,412,547
4.00%, 06/01/2038		1,000		974,577
5.00%, 06/01/2034		2,275		2,435,626
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.511%, 05/15/2035		10,000		8,349,805
Series 2022 5.00%, 05/15/2041		1,750		1,892,246
Series 2023 5.25%, 11/15/2042		10,420		11,502,605



306 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2024 5.00%, 11/15/2033	$	3,000	$	3,440,963
Series 2024-B 5.00%, 03/15/2027		5,000		5,096,599
Series 2025 5.00%, 03/15/2027		13,850		14,117,578
Series 2026 5.00%, 02/01/2028		10,500		10,931,476
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2025-A 5.00%, 02/01/2028		10,865		11,311,475
5.00%, 03/01/2028		2,500		2,607,870
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 4.00%, 09/01/2040		1,190		1,161,197
5.00%, 09/01/2031		2,570		2,746,453
5.00%, 09/01/2032		7,890		8,408,310
5.00%, 09/01/2033		3,010		3,198,581
5.00%, 09/01/2034		1,370		1,450,680
Series 2026 5.00%, 09/01/2036		600		668,120
5.00%, 09/01/2038		750		825,215
Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts) Series 2016-A 5.00%, 12/01/2026		13,175		13,317,284
Series 2020 4.00%, 12/01/2033		1,160		1,194,090
5.00%, 12/01/2031		1,800		1,950,125
5.00%, 12/01/2032		2,000		2,159,302
Series 2026 5.00%, 12/01/2035		1,300		1,473,076
Westchester County Local Development Corp. (Kendal on Hudson Obligated Group) Series 2022 5.00%, 01/01/2027		140		141,153
5.00%, 01/01/2032		520		547,029
5.00%, 01/01/2037		530		554,600
5.00%, 01/01/2041		720		746,698

				1,048,546,249

Alabama – 0.7%
Black Belt Energy Gas District (Citadel LP) Series 2025-C 5.50%, 11/01/2056^(a)		1,200		1,281,945



ABFunds.com		AB Active ETFs, Inc. 307

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Black Belt Energy Gas District (Pacific Life Insurance) Series 2024-C 5.00%, 05/01/2055	$	5,000	$	5,286,229
Series 2026-F 5.00%, 12/01/2035		1,220		1,295,515
Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) Series 2025-A 5.00%, 01/01/2056		1,000		1,021,963

				8,885,652

American Samoa – 0.0%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028^(a)		670		692,001


California – 0.1%
California Community Choice Financing Authority (Goldman Sachs Group) Series 2023 5.25%, 11/01/2054		1,215		1,283,751


Colorado – 0.0%
Vauxmont Metropolitan District (Vauxmont Metropolitan District) AG Series 2020 5.00%, 12/01/2050		160		161,505


Connecticut – 0.7%
State of Connecticut (State of Connecticut) Series 2018-C 5.00%, 06/15/2027		4,715		4,836,266
Series 2018-F 5.00%, 09/15/2027		4,025		4,153,356

				8,989,622

Florida – 0.0%
County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) Series 2020-A Zero Coupon, 10/01/2030		100		84,719
Zero Coupon, 10/01/2032		100		77,693
Zero Coupon, 10/01/2033		100		74,256
Zero Coupon, 10/01/2034		110		77,922

				314,590



308 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Georgia – 0.6%
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2021-C 4.00%, 05/01/2052	$	2,440	$	2,472,044
Series 2025-B 5.00%, 12/01/2055		2,000		2,117,739
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2019 5.00%, 01/01/2031		905		941,740
5.00%, 01/01/2032		565		587,118
Municipal Electric Authority of Georgia (PowerSouth Energy Cooperative) Series 2019 5.00%, 01/01/2035		1,185		1,216,224

				7,334,865

Guam – 2.0%
Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) Series 2021-A 3.099%, 10/01/2028		1,430		1,380,081
Series 2023 5.125%, 10/01/2034		250		268,239
5.25%, 10/01/2031		1,025		1,093,763
5.25%, 10/01/2035		265		285,840
5.375%, 10/01/2033		525		571,916
Series 2024-A 5.00%, 10/01/2028		325		334,421
5.00%, 10/01/2030		855		896,020
5.00%, 10/01/2032		1,875		1,989,377
Guam Government Waterworks Authority (Guam Govt Waterworks Authority) Series 2017 5.00%, 07/01/2028		1,250		1,273,997
Guam Government Waterworks Authority (Guam Waterworks Authority Water & Wastewater System) Series 2024-A 5.00%, 07/01/2045		1,100		1,136,593
Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) Series 2025-A 5.25%, 07/01/2041		1,050		1,132,226
Guam Power Authority (Guam Power Authority) Series 2017-A 5.00%, 10/01/2026		1,225		1,231,059



ABFunds.com		AB Active ETFs, Inc. 309

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

5.00%, 10/01/2027	$	1,230	$	1,255,682
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2026		1,150		1,155,310
5.00%, 12/01/2029		770		773,709
5.00%, 12/01/2030		1,000		1,004,583
5.00%, 12/01/2032		925		928,595
5.00%, 12/01/2033		1,725		1,731,048
5.00%, 12/01/2034		1,250		1,254,513
Territory of Guam (Territory of Guam) Series 2019 5.00%, 11/15/2031		175		182,524
Series 2025-G 5.00%, 01/01/2032		2,000		2,151,304
5.00%, 01/01/2033		2,500		2,708,424
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 5.00%, 01/01/2030		1,250		1,319,714

				26,058,938

Illinois – 0.1%
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2017-B 5.00%, 12/15/2028		2,000		2,055,570


Indiana – 0.0%
City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) 10.75%, 12/01/2029^(d)(e)		32		3


Kentucky – 0.1%
City of Ashland KY (Royal Blue Health Obligated Group) Series 2019 5.00%, 02/01/2027		375		379,327
5.00%, 02/01/2030		210		222,423
5.00%, 02/01/2031		275		291,242

				892,992

Michigan – 1.1%
City of Detroit MI (City of Detroit MI) Series 2018 5.00%, 04/01/2029		250		257,404



310 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Michigan Strategic Fund (Michigan Strategic Fund - I 75 Improvement Project) Series 2018 5.00%, 12/31/2029	$	8,600	$	8,891,858
5.00%, 12/31/2030		4,000		4,128,173
5.00%, 06/30/2032		1,690		1,739,724

				15,017,159

Missouri – 0.0%
Howard Bend Levee District (Howard Bend Levee District) XLCA Series 2005 5.75%, 03/01/2027		275		279,646


Nebraska – 0.8%
Central Plains Energy Project (Goldman Sachs Group) Series 2022-1 5.00%, 05/01/2053		10,000		10,463,031


New Jersey – 2.1%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		5,000		5,006,964
Series 2018-A 5.00%, 06/15/2028		11,680		11,695,575
New Jersey Transportation Trust Fund Authority (Prerefunded – US Treasuries) Series 2019-B 5.00%, 06/15/2030		230		244,290
New Jersey Transportation Trust Fund Authority (State of New Jersey) Series 2019-B 5.00%, 06/15/2030		1,270		1,338,101
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2018-A 5.00%, 12/15/2030		3,360		3,538,884
Series 2024-A 5.00%, 06/15/2042		4,805		5,222,149

				27,045,963

Puerto Rico – 1.4%
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) Series 2021-A Zero Coupon, 07/01/2033		2,420		1,763,556
5.625%, 07/01/2029		760		798,648



ABFunds.com		AB Active ETFs, Inc. 311

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2022-C Zero Coupon, 11/01/2043	$	771	$	532,286
Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) Series 2020-A 5.00%, 07/01/2030^(a)		3,090		3,227,474
5.00%, 07/01/2035^(a)		2,310		2,395,663
Series 2021-B 4.00%, 07/01/2042^(a)		1,000		958,925
Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) AG Series 2007-V 5.25%, 07/01/2031		1,390		1,420,737
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.25%, 01/01/2040		1,000		1,132,726
6.50%, 01/01/2041		1,250		1,433,710
6.75%, 01/01/2045		1,000		1,133,272
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) Series 2018-A Zero Coupon, 07/01/2029		2,000		1,812,706
Zero Coupon, 07/01/2033		2,000		1,554,300

				18,164,003

South Carolina – 0.4%
South Carolina Public Service Authority (South Carolina Public Service Authority) Series 2020-A 5.00%, 12/01/2043		1,500		1,568,764
Series 2021-B 4.00%, 12/01/2038		2,125		2,141,150
5.00%, 12/01/2040		1,000		1,066,121

				4,776,035

Tennessee – 0.1%
Tennessee Energy Acquisition Corp. (Massachusetts Mutual Life Insurance) Series 2026-A 5.00%, 11/01/2034		1,930		2,053,807


Texas – 0.2%
Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) Series 2024 5.00%, 01/01/2055		2,000		2,138,332



312 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value


Washington – 0.1%
Washington State Housing Finance Commission (WSHFC 2021-1) Series 2021-1, Class A 3.50%, 12/20/2035	$	911	$	876,592
Series 2021-1, Class X 0.726%, 12/20/2035^(f)		911		32,030

				908,622

Wisconsin – 0.3%
Wisconsin Public Finance Authority (UMA Education, Inc.) Series 2019 5.00%, 10/01/2026^(a)		1,050		1,054,104
5.00%, 10/01/2027^(a)		1,090		1,108,177
5.00%, 10/01/2028^(a)		900		925,664
5.00%, 10/01/2029^(a)		275		285,552

				3,373,497

Total Long-Term Municipal Bonds (cost $1,194,989,426)				1,189,435,833


Short-Term Municipal Notes – 7.2%
New York – 7.2%
Brewster Central School District (Brewster Central School District) Series 2026 4.00%, 02/12/2027		1,000		1,010,003
Build NYC Resource Corp. (Asia Society/The) Series 2015 1.61%, 04/01/2045^(g)		1,585		1,585,000
City of Buffalo NY (City of Buffalo NY) Series 2025-A 4.00%, 09/30/2026		5,000		5,019,211
City of New Rochelle NY (City of New Rochelle NY) Series 2025 4.00%, 12/09/2026		8,000		8,056,319
City of New York NY (City of New York NY) Series 2015 2.85%, 06/01/2044^(g)		2,215		2,215,000
Series 2022-A 2.80%, 09/01/2049^(g)		3,900		3,900,000
City of Rochester NY (City of Rochester NY) Series 2025-I 4.00%, 07/30/2026		3,000		3,005,508



ABFunds.com		AB Active ETFs, Inc. 313

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Connetquot Central School District of Islip (Connetquot Central School District of Islip) Series 2025 4.00%, 06/18/2026	$	1,000	$	1,000,465
County of Suffolk NY (County of Suffolk NY) Series 2025 4.00%, 07/24/2026		11,000		11,021,430
Dutchess County Industrial Development Agency (Marist College) Series 2008 1.61%, 07/01/2038^(g)		1,005		1,005,000
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2021-E 1.60%, 11/01/2035^(g)		6,710		6,710,000
New York City Housing Development Corp. (201 Pearl LLC) Series 2006-A 1.60%, 10/15/2041^(g)		250		250,000
New York City Housing Development Corp. (New York City Housing Development) Series 2012-A 1.50%, 09/01/2049^(g)		1,000		1,000,000
New York State Housing Finance Agency (Barclay Street Realty LLC) Series 2004-A 1.55%, 11/15/2037^(g)		3,700		3,700,000
New York State Housing Finance Agency (New York State Housing Finance Agency) Series 2009 1.55%, 05/15/2039^(g)		400		400,000
Nuveen New York AMT-Free Quality Municipal Income Fund (Nuveen New York AMT-Free Quality Municipal Income Fund) Series 2017 2.02%, 05/01/2047^(a)(g)		7,200		7,200,000
Tompkins-Seneca-Tioga Board of Cooperative Educational Services (Tompkins-Seneca-Tioga Board of Cooperative Educational Services) Series 2025 4.00%, 06/30/2026		6,000		6,005,795
Town of Oyster Bay NY (Town of Oyster Bay NY) Series 2025 4.00%, 08/21/2026		17,650		17,702,286



314 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


	Principal Amount (000)		U.S. $ Value

Series 2026 4.00%, 03/05/2027	$	5,000	$	5,056,529
Town of Tonawanda NY (Town of Tonawanda NY) Series 2025 4.00%, 08/21/2026		1,770		1,775,001
Trust for Cultural Resources of The City of New York (The) (Pierpont Morgan Library) Series 2004 1.30%, 02/01/2034^(g)		5,465		5,465,000


Total Short-Term Municipal Notes (cost $93,114,964)				93,082,547


Total Municipal Obligations (cost $1,288,104,390)				1,282,518,380


ASSET-BACKED SECURITIES – 0.0%
Autos - Fixed Rate – 0.0%
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028^(a) (cost $292,022)		292		294,460


Total Investments – 98.4% (cost $1,288,396,412)				1,282,812,840
Other assets less liabilities – 1.6%				21,033,364


Net Assets – 100.0%			$	1,303,846,204

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)


				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	6,000		10/15/2028	CPI#	3.020%		Maturity	$	13,027	$	– 0	–	$	13,027
USD	17,161		10/15/2029	2.451%	CPI#		Maturity		315,201		88,160			227,041
USD	10,500		10/15/2029	2.485%	CPI#		Maturity		175,699		39,257			136,442
USD	7,570		10/15/2030	CPI#	2.840%		Maturity		27,306		– 0	–		27,306

								$	531,233	$	127,417		$	403,816

#	Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).



ABFunds.com		AB Active ETFs, Inc. 315

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				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	25,000		01/15/2027	1 Day SOFR	2.540%		Annual	$	(296,509	)	$	(147,071	)	$	(149,438	)
USD	17,500		10/15/2029	1 Day SOFR	3.785%		Annual		(38,313	)		249,706			(288,019	)
USD	7,600		10/15/2030	1 Day SOFR	4.082%		Annual		81,714			217,209			(135,495	)
USD	8,200		06/15/2034	3.543%	1 Day SOFR		Annual		279,618			28,606			251,012
USD	9,620		08/15/2034	3.314%	1 Day SOFR		Annual		497,435			195,075			302,360

								$	523,945		$	543,525		$	(19,580	)

INTEREST RATE SWAPS (see Note D)

Rate Type

Swap

Counterparty

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)

CitibankNA

USD

16,980

10/09/2029

1.125%

1 Week
SIFMA*

Quarterly

908,844

– 0

–

908,844

*	Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a)

(b)	Floating Rate Security. Stated interest/ floor/ceiling rate was in effect at May 31, 2026.

(c)	When-Issued or delayed delivery security.

(d)	Non-income producing security.

(e)	Defaulted.

(f)	IO – Interest Only.

(g)

Glossary:

AG – Assured Guaranty Inc.

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

SOFR – Secured Overnight Financing Rate

XLCA – XL Capital Assurance Inc.

See notes to financial statements.



316 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS

AB CORE BOND ETF

May 31, 2026 (unaudited)


		Principal Amount (000)		U.S. $ Value

GOVERNMENTS - TREASURIES – 40.1%
Canada – 1.1%
Canadian Government Bond 3.50%, 12/01/2057	CAD		16,851	$	11,569,463


United States – 39.0%
U.S. Treasury Bonds 1.875%, 02/15/2051	U.S.$		3,799		2,089,230
2.00%, 08/15/2051			9,349		5,270,724
2.25%, 08/15/2046^(a)			2,357		1,525,421
2.25%, 08/15/2049			10,858		6,694,636
2.25%, 02/15/2052			4,934		2,941,659
2.375%, 11/15/2049			4,905		3,097,048
2.50%, 02/15/2046			932		637,837
2.50%, 05/15/2046			5,327		3,633,249
2.875%, 08/15/2045			51		37,875
2.875%, 11/15/2046			1,123		814,205
2.875%, 05/15/2052			5,595		3,836,003
3.00%, 05/15/2045			129		97,018
3.00%, 11/15/2045			363		272,475
3.00%, 05/15/2047			1,447		1,067,163
3.00%, 02/15/2048			5,490		4,013,705
3.25%, 05/15/2042			1,539		1,261,663
3.375%, 08/15/2042			6,591		5,477,041
3.50%, 02/15/2039			2,550		2,283,047
3.625%, 08/15/2043			1,943		1,647,335
3.625%, 02/15/2053			4,596		3,644,885
3.625%, 05/15/2053			4,008		3,175,318
3.75%, 11/15/2043			295		253,700
3.875%, 02/15/2043			3,999		3,527,603
3.875%, 05/15/2043			999		878,788
4.00%, 11/15/2042			5,931		5,331,053
4.125%, 08/15/2053			7,705		6,681,333
4.25%, 02/15/2054			5,131		4,543,606
4.375%, 02/15/2038			3,290		3,255,756
4.375%, 11/15/2039			10,740		10,387,594
4.375%, 08/15/2043			7,123		6,668,815
4.50%, 02/15/2044			5,053		4,789,707
4.50%, 11/15/2054			4,431		4,092,674
4.625%, 05/15/2044			2,775		2,668,722
4.625%, 05/15/2054			1,354		1,276,380
4.625%, 11/15/2055			5,219		4,927,062
4.75%, 02/15/2037			1,525		1,565,508
4.75%, 11/15/2043			7,167		7,019,474
4.75%, 11/15/2053			7,348		7,059,532
U.S. Treasury Notes 2.625%, 02/15/2029			7,181		6,919,470



ABFunds.com		AB Active ETFs, Inc. 317

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

3.125%, 11/15/2028	U.S.$		30,348	$	29,707,945
3.375%, 02/29/2028			2,410		2,385,335
3.50%, 04/30/2028			11,286		11,181,021
3.625%, 09/30/2030			24,421		23,945,837
3.625%, 09/30/2031			23,662		23,050,408
3.75%, 04/30/2028			5,441		5,416,133
3.75%, 12/31/2028			7,851		7,795,085
3.75%, 08/31/2031			23,899		23,430,454
3.875%, 12/31/2027			9,511		9,494,553
3.875%, 03/31/2031			22,369		22,117,052
4.00%, 02/29/2028			11,580		11,581,309
4.125%, 03/31/2029			6,400		6,412,300
4.125%, 10/31/2031			23,021		22,960,050
4.25%, 02/28/2029			16,977		17,064,739
4.25%, 06/30/2029			12,176		12,240,987
4.375%, 11/30/2028			6,169		6,217,958
4.375%, 05/15/2034			1,979		1,983,939
4.50%, 11/15/2033			17,905		18,117,217
4.625%, 09/30/2028			8,685		8,799,162
4.875%, 10/31/2028			12,567		12,806,355

					412,072,153

Total Governments - Treasuries (cost $451,058,436)					423,641,616


CORPORATES - INVESTMENT GRADE – 31.2%
Industrial – 17.6%
Basic – 0.9%
Freeport Indonesia PT 4.763%, 04/14/2027^(b)			324		323,676
Glencore Funding LLC 2.85%, 04/27/2031^(b)			135		123,075
4.90%, 07/01/2031^(b)			69		69,001
4.907%, 04/01/2028^(b)			841		846,256
5.186%, 04/01/2030^(b)			356		360,646
5.338%, 04/04/2027^(b)			509		513,749
6.50%, 10/06/2033^(b)			390		423,033
International Flavors & Fragrances, Inc. 1.832%, 10/15/2027^(b)			628		606,014
Marcobre SAC 5.75%, 01/22/2036^(b)			252		247,584
Nexa Resources SA 6.75%, 04/09/2034^(b)			241		252,942
Nutrien Ltd. 2.95%, 05/13/2030			2,400		2,255,064
SNF Group SACA 5.626%, 03/31/2031^(b)			2,250		2,277,923



318 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

WRKCo, Inc. 4.00%, 03/15/2028	U.S.$		1,732	$	1,718,923

					10,017,886

Capital Goods – 0.8%
Boeing Co. (The) 3.25%, 02/01/2028			970		951,551
Caterpillar Financial Services Corp. 3.70%, 01/10/2028			266		264,564
4.45%, 10/16/2026			1,888		1,891,077
General Electric Co. 4.90%, 01/29/2036			865		863,728
Republic Services, Inc. 4.75%, 07/15/2030			2,083		2,100,455
Westinghouse Air Brake Technologies Corp. 4.90%, 05/29/2030			2,075		2,093,426

					8,164,801

Communications - Media – 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049			467		359,389
5.375%, 04/01/2038			1,806		1,611,133
Meta Platforms, Inc. 5.50%, 11/15/2045			777		728,787
5.75%, 11/15/2065			801		732,819
6.45%, 05/15/2066			1,489		1,498,247
Prosus NV 3.257%, 01/19/2027^(b)			489		484,721
Time Warner Cable Enterprises LLC 8.375%, 07/15/2033			379		427,679
Time Warner Cable LLC 4.50%, 09/15/2042			505		381,497

					6,224,272

Communications - Telecommunications – 0.1%
AT&T, Inc. 4.50%, 05/15/2035			408		387,229
NTT Finance Corp. 5.171%, 07/16/2032^(b)			736		740,151
T-Mobile USA, Inc. 3.875%, 04/15/2030			352		342,538

					1,469,918

Consumer Cyclical - Automotive – 1.4%
American Honda Finance Corp. 4.15%, 01/08/2029			29		28,694
Series A 4.55%, 04/10/2028			267		266,912



ABFunds.com		AB Active ETFs, Inc. 319

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

BMW US Capital LLC 4.60%, 08/13/2027^(b)	U.S.$		1,889	$	1,896,140
4.65%, 03/19/2027^(b)			188		188,848
Ford Motor Co. 3.25%, 02/12/2032			1,299		1,151,096
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			215		214,217
3.815%, 11/02/2027			523		515,328
5.918%, 03/20/2028			298		302,285
6.125%, 03/08/2034			526		533,348
6.467%, 05/22/2036			336		344,629
General Motors Financial Co., Inc. 2.40%, 04/10/2028			190		182,820
4.75%, 04/06/2029			97		97,215
5.55%, 07/15/2029			800		818,960
6.00%, 01/09/2028			1,329		1,357,374
Honda Motor Co., Ltd. 4.436%, 07/08/2028			2,110		2,105,590
Hyundai Capital America 4.30%, 09/24/2027^(b)			35		34,916
4.50%, 09/18/2030^(b)			201		197,786
5.25%, 01/08/2027^(b)			443		445,131
5.30%, 03/19/2027^(b)			513		516,535
6.10%, 09/21/2028^(b)			871		897,330
Mercedes-Benz Finance North America LLC 4.125%, 03/10/2028^(b)			2,373		2,360,186

					14,455,340

Consumer Cyclical - Entertainment – 0.3%
Carnival Corp., Ltd. 4.00%, 08/01/2028^(b)			593		581,727
7.00%, 08/15/2029^(b)			1,503		1,560,460
Hasbro, Inc. 4.65%, 03/12/2031			286		282,828
6.05%, 05/14/2034			450		470,313

					2,895,328

Consumer Cyclical - Other – 0.6%
Flutter Treasury DAC 5.875%, 06/04/2031^(b)			745		738,757
6.375%, 04/29/2029^(b)			1,701		1,725,358
Las Vegas Sands Corp. 5.65%, 05/18/2033			281		282,745
6.00%, 06/14/2030			356		367,250
Marriott International, Inc./MD 4.20%, 07/15/2027			2,129		2,127,062
5.10%, 05/01/2038			98		94,637
Sekisui House US, Inc. 6.00%, 01/15/2043			968		885,642

					6,221,451



320 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Restaurants – 0.2%
Starbucks Corp. 4.85%, 02/08/2027	U.S.$		1,837	$	1,844,183


Consumer Cyclical - Retailers – 0.8%
AutoNation, Inc. 4.45%, 01/15/2029			1,554		1,540,247
Hutchison Whampoa International 03/33 Ltd. 7.45%, 11/24/2033^(b)			2,185		2,531,082
Ross Stores, Inc. 4.70%, 04/15/2027			1,925		1,924,596
Tapestry, Inc. 3.05%, 03/15/2032			670		605,445
5.10%, 03/11/2030			1,633		1,649,951

					8,251,321

Consumer Non-Cyclical – 3.4%
Altria Group, Inc. 3.40%, 05/06/2030			1,745		1,668,831
6.875%, 11/01/2033			808		896,645
BAT Capital Corp. 4.625%, 03/22/2033			571		560,351
7.75%, 10/19/2032			141		161,202
Cargill, Inc. 4.125%, 10/23/2030^(b)			1,250		1,227,137
5.125%, 10/11/2032^(b)			835		851,642
General Mills, Inc. 4.875%, 01/30/2030			1,398		1,407,492
HCA, Inc. 2.375%, 07/15/2031			3,000		2,659,380
Imperial Brands Finance PLC 3.875%, 07/26/2029^(b)			908		886,735
5.875%, 07/01/2034^(b)			1,460		1,507,742
IQVIA, Inc. 6.25%, 02/01/2029			2,150		2,225,336
Japan Tobacco, Inc. 5.85%, 06/15/2035^(b)			708		741,800
JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings 6.75%, 03/15/2034			73		79,483
Mars, Inc. 4.60%, 03/01/2028^(b)			1,212		1,217,878
Mondelez International, Inc. 4.50%, 05/06/2030			1,311		1,305,808
Novartis Capital Corp. 4.10%, 03/16/2029			2,377		2,363,594
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			1,480		1,261,715



ABFunds.com		AB Active ETFs, Inc. 321

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Philip Morris International, Inc. 5.375%, 02/15/2033	U.S.$		1,688	$	1,737,577
6.375%, 05/16/2038			800		876,392
Pilgrim’s Pride Corp. 3.50%, 03/01/2032			816		740,953
4.25%, 04/15/2031			511		490,192
6.875%, 05/15/2034			1,429		1,545,049
Roche Holdings, Inc. 4.075%, 12/02/2030^(b)			235		230,824
4.203%, 09/09/2029^(b)			1,902		1,893,099
Royalty Pharma PLC 5.40%, 09/02/2034			733		741,781
Smithfield Foods, Inc. 3.00%, 10/15/2030^(b)			570		520,855
Sysco Corp. 4.40%, 07/25/2031			1,025		1,001,076
5.75%, 01/17/2029			1,029		1,057,308
Takeda US Financing, Inc. 5.20%, 07/07/2035			2,111		2,114,821
Tyson Foods, Inc. 5.70%, 03/15/2034			600		621,246
Viatris, Inc. 2.70%, 06/22/2030			1,050		959,479

					35,553,423

Energy – 4.8%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. 4.35%, 06/15/2031			839		825,299
5.00%, 06/15/2036			755		742,195
Cenovus Energy, Inc. 4.65%, 03/20/2031			517		512,724
5.40%, 03/20/2036			552		551,404
Cheniere Energy Partners LP 4.00%, 03/01/2031			1,094		1,054,714
Colonial Enterprises, Inc. 3.25%, 05/15/2030^(b)			605		566,921
ConocoPhillips 6.50%, 02/01/2039			1,821		2,016,066
ConocoPhillips Co. 5.65%, 01/15/2065			1,910		1,845,346
Continental Resources, Inc./OK 2.875%, 04/01/2032^(b)			1,630		1,438,540
5.75%, 01/15/2031^(b)			718		733,172
Devon Energy Corp. 5.20%, 09/15/2034			637		641,217
5.60%, 07/15/2041			1,422		1,405,690
Diamondback Energy, Inc. 3.125%, 03/24/2031			1,124		1,052,749



322 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

6.25%, 03/15/2033	U.S.$		457	$	490,503
Energy Transfer LP 5.60%, 09/01/2034			1,831		1,871,026
Eni SpA 5.75%, 05/19/2035^(b)			2,092		2,161,203
Enterprise Products Operating LLC 5.95%, 02/01/2041			1,318		1,379,221
6.125%, 10/15/2039			1,245		1,328,054
EQT Corp. 4.75%, 01/15/2031			2,561		2,545,967
7.00%, 02/01/2030^(c)			484		516,041
Expand Energy Corp. 5.375%, 02/01/2029			1,830		1,829,176
Kinder Morgan Energy Partners LP 6.95%, 01/15/2038			1,057		1,187,825
7.30%, 08/15/2033			1,200		1,361,856
Kinder Morgan, Inc. 5.85%, 06/01/2035			483		506,653
MPLX LP 5.30%, 04/01/2036			1,207		1,193,470
ONEOK, Inc. 5.40%, 10/15/2035			771		773,737
5.625%, 01/15/2028^(b)			765		774,432
6.05%, 09/01/2033			707		743,170
6.50%, 09/01/2030^(b)			489		516,223
Permian Resources Operating LLC 7.00%, 01/15/2032^(b)			1,194		1,244,841
Plains All American Pipeline LP/PAA Finance Corp. 5.60%, 01/15/2036			221		222,799
5.70%, 09/15/2034			1,842		1,888,916
Santos Finance Ltd. Series E 4.125%, 09/14/2027^(b)			2,798		2,776,315
Suncor Energy, Inc. 7.15%, 02/01/2032			692		766,418
Targa Resources Corp. 4.90%, 09/15/2030			385		387,426
5.65%, 02/15/2036			425		434,290
6.05%, 05/15/2056			1,512		1,501,492
Var Energi ASA 7.50%, 01/15/2028^(b)			1,132		1,180,053
Western Midstream Operating LP 7.25%, 04/01/2030^(b)			2,641		2,782,346
Williams Cos., Inc. (The) 4.625%, 06/30/2030			1,242		1,241,143
4.80%, 11/15/2029			855		861,404
Woodside Finance Ltd. 4.50%, 03/04/2029^(b)			1,487		1,478,524



ABFunds.com		AB Active ETFs, Inc. 323

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.40%, 05/19/2030	U.S.$		764	$	779,066
6.00%, 05/19/2035			802		837,898

					50,947,525

Services – 0.3%
Amazon.com, Inc. 3.90%, 11/20/2028			1,075		1,067,314
4.875%, 03/13/2036			1,075		1,061,649
5.55%, 11/20/2065			908		860,466
Global Payments, Inc. 4.95%, 08/15/2027			709		711,474

					3,700,903

Technology – 2.4%
Alphabet, Inc. 5.65%, 02/15/2056			2,228		2,211,379
Apple, Inc. 4.10%, 08/08/2062			1,148		886,532
Broadcom, Inc. 4.90%, 07/15/2032			484		486,492
4.926%, 05/15/2037^(b)			1,962		1,905,377
CDW LLC/CDW Finance Corp. 4.25%, 04/01/2028			2,817		2,781,618
Dell International LLC/EMC Corp. 4.35%, 02/01/2030			1,930		1,912,070
Fidelity National Information Services, Inc. 4.45%, 03/10/2028			718		716,040
Fiserv, Inc. 3.50%, 07/01/2029			2,539		2,441,274
Hewlett Packard Enterprise Co. 4.40%, 09/25/2027			791		790,652
International Business Machines Corp. 5.00%, 02/10/2032			2,010		2,031,085
Jabil, Inc. 3.60%, 01/15/2030			2,050		1,967,201
Oracle Corp. 4.375%, 05/15/2055			395		270,610
5.20%, 09/26/2035			157		149,290
5.95%, 09/26/2055			338		295,551
6.125%, 08/03/2065			2,168		1,875,558
RD Michigan Property Owner I LLC 7.50%, 03/30/2045^(b)			2,005		2,009,692
Salesforce, Inc. 4.90%, 09/15/2031			1,194		1,194,788
5.20%, 03/15/2033			1,194		1,199,588

					25,124,797

Transportation - Airlines – 0.3%
Delta Air Lines, Inc. 5.25%, 07/10/2030			2,617		2,647,174



324 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Southwest Airlines Co. 4.375%, 11/15/2028	U.S.$		615	$	610,744

					3,257,918

Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036^(b)			192		182,412
5.875%, 07/05/2034^(b)			302		308,488

					490,900

Transportation - Services – 0.7%
ENA Master Trust 4.00%, 05/19/2048^(b)			376		301,899
ERAC USA Finance LLC 4.50%, 10/30/2029^(b)			1,898		1,891,091
4.60%, 05/01/2028^(b)			517		519,048
Fedex Freight Holding Co., Inc. 4.30%, 03/15/2029^(b)			1,208		1,192,743
Ryder System, Inc. 5.375%, 03/15/2029			1,458		1,489,857
TTX Co. 5.50%, 09/25/2026^(b)			1,677		1,681,360

					7,075,998

					185,695,964

Financial Institutions – 10.1%
Banking – 8.2%
AIB Group PLC 5.32%, 05/15/2031^(b)			2,402		2,439,279
Ally Financial, Inc. 4.75%, 06/09/2027			432		433,538
5.543%, 01/17/2031			291		293,328
5.737%, 05/15/2029			987		1,002,733
6.992%, 06/13/2029			976		1,013,829
American Express Co. 5.098%, 02/16/2028			1,827		1,837,597
ANZ Bank New Zealand Ltd. 5.548%, 08/11/2032^(b)			2,450		2,470,041
Banco Bilbao Vizcaya Argentaria SA 5.127%, 03/03/2036			2,000		1,947,760
7.883%, 11/15/2034			200		227,226
Banco Santander SA 3.80%, 02/23/2028			200		197,654
4.175%, 03/24/2028			800		797,600
5.565%, 01/17/2030			800		819,448
6.921%, 08/08/2033			800		869,104
Bank of America Corp. 5.744%, 02/12/2036			2,019		2,061,783
Bank of Ireland Group PLC 5.601%, 03/20/2030^(b)			365		373,581



ABFunds.com		AB Active ETFs, Inc. 325

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Bank of Montreal 3.803%, 12/15/2032	U.S.$		895	$	881,011
Banque Federative du Credit Mutuel SA 5.538%, 01/22/2030^(b)			1,937		1,985,599
Barclays PLC 5.207%, 02/24/2037			328		319,010
5.335%, 09/10/2035			734		729,625
5.501%, 08/09/2028			509		514,156
5.674%, 03/12/2028			351		354,114
6.224%, 05/09/2034			740		780,167
BNP Paribas SA 2.591%, 01/20/2028^(b)			751		742,123
4.375%, 03/01/2033^(b)			895		885,441
4.625%, 02/25/2031^(b)(d)			388		356,817
5.497%, 05/20/2030^(b)			1,133		1,156,045
BPCE SA 5.417%, 01/13/2037^(b)			251		245,952
6.508%, 01/18/2035^(b)			1,793		1,862,282
CaixaBank SA 4.818%, 04/22/2032^(b)			554		550,726
6.037%, 06/15/2035^(b)			843		880,218
6.684%, 09/13/2027^(b)			994		1,000,093
Capital One Financial Corp. 4.722%, 01/30/2032			54		53,320
5.468%, 02/01/2029			416		422,015
6.377%, 06/08/2034			1,163		1,232,396
Capital One NA 5.974%, 08/09/2028			386		393,554
Citigroup, Inc. 4.643%, 05/07/2028			2,031		2,035,549
6.02%, 01/24/2036			44		45,313
Series Y 4.15%, 11/15/2026^(d)			139		138,211
Cooperatieve Rabobank UA 5.564%, 02/28/2029^(b)			1,301		1,322,948
Credit Agricole SA 4.656%, 01/12/2032^(b)			769		758,157
5.222%, 05/27/2031^(b)			573		579,028
6.251%, 01/10/2035^(b)			795		825,449
Danske Bank A/S 4.613%, 10/02/2030^(b)			846		841,135
5.019%, 03/04/2031^(b)			607		610,193
5.705%, 03/01/2030^(b)			858		879,536
Deutsche Bank AG/New York NY 4.469%, 12/10/2031			906		891,350
4.95%, 08/04/2031			920		917,773
7.146%, 07/13/2027			323		323,937



326 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Goldman Sachs Group, Inc. (The) 2.65%, 10/21/2032	U.S.$		67	$	59,611
4.937%, 04/23/2028			1,123		1,127,705
Series V 4.125%, 11/10/2026^(d)			764		759,607
HSBC Holdings PLC 2.804%, 05/24/2032			581		525,335
2.848%, 06/04/2031			1,675		1,550,698
7.399%, 11/13/2034			1,536		1,710,090
8.113%, 11/03/2033			767		882,449
ING Groep NV 5.066%, 03/25/2031			887		895,746
Intesa Sanpaolo SpA 4.198%, 06/01/2032^(b)			1,147		1,082,309
7.20%, 11/28/2033^(b)			919		1,036,246
KBC Group NV 4.454%, 09/23/2031^(b)			811		797,294
4.932%, 10/16/2030^(b)			1,350		1,355,549
Lloyds Banking Group PLC 4.976%, 08/11/2033			420		418,253
5.087%, 11/26/2028			746		753,042
5.462%, 01/05/2028			216		217,354
7.953%, 11/15/2033			461		524,222
Mizuho Financial Group, Inc. 5.376%, 05/26/2030			550		561,242
Morgan Stanley 4.238%, 01/09/2030			272		269,057
4.555%, 04/10/2030			440		438,222
4.994%, 04/12/2029			174		175,333
Series I 4.133%, 10/18/2029			526		519,835
Morgan Stanley Bank NA 5.504%, 05/26/2028			1,013		1,023,809
National Australia Bank Ltd. 3.933%, 08/02/2034^(b)			2,349		2,273,503
National Bank of Canada 4.166%, 01/20/2029			1,022		1,017,605
Nationwide Building Society 2.972%, 02/16/2028^(b)			1,238		1,224,741
3.96%, 07/18/2030^(b)			945		921,365
5.537%, 07/14/2036^(b)			433		437,222
NatWest Group PLC 3.032%, 11/28/2035			378		346,260
5.115%, 05/23/2031			1,742		1,757,521
Santander Holdings USA, Inc. 6.565%, 06/12/2029			132		136,621
Santander UK Group Holdings PLC 4.32%, 09/22/2029			601		595,976



ABFunds.com		AB Active ETFs, Inc. 327

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

4.858%, 09/11/2030	U.S.$		1,139	$	1,139,695
5.694%, 04/15/2031			378		387,654
Societe Generale SA 2.797%, 01/19/2028^(b)			1,389		1,373,582
5.249%, 05/22/2029^(b)			636		642,125
5.519%, 01/19/2028^(b)			502		504,736
5.634%, 01/19/2030^(b)			425		433,364
Standard Chartered PLC 5.435% (CME Term SOFR 3 Month + 1.77%), 01/30/2027^(b)(d)(e)			400		387,564
5.545%, 01/21/2029^(b)			217		219,921
6.187%, 07/06/2027^(b)			407		407,565
Sumitomo Mitsui Financial Group, Inc. 5.316%, 07/09/2029			1,485		1,513,750
Sumitomo Mitsui Trust Bank Ltd. 4.45%, 09/10/2027^(b)			306		306,346
Swedbank AB 4.898%, 03/30/2031^(b)			579		581,634
Synchrony Financial 3.95%, 12/01/2027			831		822,291
5.15%, 03/19/2029			868		869,510
5.45%, 03/06/2031			661		661,575
Toronto-Dominion Bank (The) 5.146%, 09/10/2034			661		664,893
UBS Group AG 2.095%, 02/11/2032^(b)			202		178,315
3.091%, 05/14/2032^(b)			1,265		1,161,283
4.194%, 04/01/2031^(b)			549		536,137
4.398%, 09/23/2031^(b)			202		198,324
6.625%, 01/08/2031^(b)(d)			352		353,165
7.125%, 08/10/2034^(b)(d)			440		448,316
UniCredit SpA 3.127%, 06/03/2032^(b)			3,007		2,765,478
Wells Fargo & Co. 3.35%, 03/02/2033			2,456		2,260,773
5.499%, 01/23/2035			192		195,886
Westpac New Zealand Ltd. 4.127%, 01/29/2029^(b)			335		331,935

					87,037,383

Brokerage – 0.2%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026^(d)			1,949		1,949,000
Nomura Holdings, Inc. 5.594%, 07/02/2027			514		519,603

					2,468,603



328 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Finance – 0.1%
Aircastle Ltd. 5.95%, 02/15/2029^(b)	U.S.$		310	$	318,014
Aviation Capital Group LLC 1.95%, 09/20/2026^(b)			390		387,044
4.75%, 04/14/2027^(b)			124		124,276

					829,334

Financial Services – 0.2%
Lincoln Financial Global Funding 4.20%, 01/12/2029^(b)			317		312,666
4.625%, 05/28/2028^(b)			900		900,423
5.30%, 01/13/2030^(b)			731		740,708

					1,953,797

Insurance – 0.7%
Allianz SE 6.50%, 10/30/2034^(b)(d)			200		200,710
Athene Global Funding 5.033%, 07/17/2030^(b)			2,222		2,201,802
Massachusetts Mutual Life Insurance Co. 3.729%, 10/15/2070^(b)			11		7,105
MetLife Capital Trust IV 7.875% (CME Term SOFR 3 Month + 3.96%), 12/15/2067^(b)(e)			970		1,063,052
MetLife, Inc. 10.75%, 08/01/2069			25		32,263
New York Life Global Funding 4.05%, 02/02/2029^(b)			2,204		2,180,064
Principal Life Global Funding II 5.10%, 01/25/2029^(b)			1,265		1,279,725
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049^(b)			600		597,642

					7,562,363

REITs – 0.7%
American Tower Corp. 3.65%, 03/15/2027			466		464,015
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			1,036		929,479
4.00%, 01/15/2031			364		344,369
5.625%, 03/01/2036			1,038		1,020,053
5.75%, 06/01/2028			509		516,172
Omega Healthcare Investors, Inc. 5.20%, 07/01/2030			364		366,155
Trust 2401 4.869%, 01/15/2030^(b)			258		247,267



ABFunds.com		AB Active ETFs, Inc. 329

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

VICI Properties LP/VICI Note Co., Inc. 4.625%, 12/01/2029^(b)	U.S.$		3,085	$	3,034,992

					6,922,502

					106,773,982

Utility – 3.5%
Electric – 3.4%
AES Andes SA 6.25%, 03/14/2032^(b)			1,242		1,274,758
AES Panama Generation Holdings SRL 4.375%, 05/31/2030^(b)			451		425,453
Alexander Funding Trust II 7.467%, 07/31/2028^(b)			406		426,093
American Electric Power Co., Inc. 6.95%, 12/15/2054			558		596,552
Series D 6.05%, 03/15/2056			305		302,414
Appalachian Power Co. 7.00%, 04/01/2038			1,390		1,553,867
CenterPoint Energy Houston Electric LLC 4.95%, 04/01/2033			76		76,508
5.05%, 03/01/2035			1,731		1,729,581
Series AQ 4.95%, 08/15/2035			165		163,334
Series AR 4.85%, 04/01/2036			162		159,160
DTE Electric Co. Series A 4.85%, 03/01/2036			1,367		1,339,004
Series B 5.55%, 03/01/2056			907		885,150
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2043			920		738,981
Duke Energy Florida LLC 6.35%, 09/15/2037			686		745,161
EDP Finance BV 1.71%, 01/24/2028^(b)			787		751,624
Electricite de France SA 9.125%, 03/15/2033^(b)(d)			366		424,974
ENEL Finance International NV 4.125%, 09/30/2028^(b)			611		604,560
5.50%, 06/26/2034^(b)			1,243		1,263,895
7.50%, 10/14/2032^(b)			465		523,078
Entergy Mississippi LLC 5.05%, 04/15/2036			438		431,242
Eversource Energy Series A 6.10%, 08/15/2056			247		245,592



330 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series B 6.35%, 08/15/2056	U.S.$		203	$	203,392
FIEMEX Energia – Banco Actinver SA Institucion de Banca Multiple 7.25%, 01/31/2041^(b)			474		481,949
Florida Power & Light Co. 5.30%, 06/15/2034			694		711,399
ITC Holdings Corp. 4.875%, 04/15/2031^(b)			1,547		1,541,663
Jersey Central Power & Light Co. 5.10%, 01/15/2035			526		524,180
LG Energy Solution Ltd. 5.375%, 04/02/2030^(b)			2,091		2,115,067
Niagara Mohawk Power Corp. 4.647%, 10/03/2030^(b)			1,453		1,444,398
5.29%, 01/17/2034^(b)			652		653,728
NRG Energy, Inc. 4.734%, 10/15/2030^(b)			380		374,410
PacifiCorp 4.25%, 03/15/2029			2,211		2,186,900
5.10%, 04/15/2031			46		46,443
5.80%, 04/15/2036			52		53,484
Progress Energy, Inc. 6.00%, 12/01/2039			785		817,373
Public Service Co. of Colorado 5.15%, 09/15/2035			2,139		2,134,037
Public Service Electric & Gas Co. Series R 4.20%, 01/01/2031			2,216		2,182,250
Virginia Electric & Power Co. Series C 4.90%, 09/15/2035			1,845		1,817,196
Vistra Operations Co. LLC 3.70%, 01/30/2027^(b)			2,868		2,853,115
4.30%, 10/15/2028^(b)			571		564,360
5.05%, 12/30/2026^(b)			62		62,176
6.95%, 10/15/2033^(b)			726		789,808

					36,218,309

Other Utility – 0.1%
COX Asset Mexico SA de CV 7.125%, 01/08/2032^(b)			694		706,145

					36,924,454

Total Corporates - Investment Grade (cost $330,286,234)					329,394,400



ABFunds.com		AB Active ETFs, Inc. 331

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)			U.S. $ Value

MORTGAGE PASS-THROUGHS – 18.4%
Agency Fixed Rate 30-Year – 18.2%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049	U.S.$		310		$	285,629
3.50%, 11/01/2049			427			392,906
Series 2020 3.50%, 01/01/2050			945			871,579
Series 2022 2.00%, 03/01/2052			5,077			4,122,109
2.50%, 04/01/2052			5,887			5,019,005
3.00%, 03/01/2052			3,231			2,860,962
3.00%, 05/01/2052			3,687			3,232,482
3.00%, 07/01/2052			1,170			1,026,023
Series 2024 5.50%, 11/01/2054			1,185			1,193,166
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035			11			10,896
Series 2007 5.50%, 07/01/2035			66			67,606
Series 2017 4.00%, 07/01/2044			465			449,413
Series 2018 4.50%, 03/01/2048			213			208,896
4.50%, 10/01/2048			471			461,133
4.50%, 11/01/2048			634			620,150
5.00%, 11/01/2048			285			285,880
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033			55			56,270
5.50%, 07/01/2033			108			109,779
Series 2004 5.50%, 02/01/2034			1			1,239
5.50%, 04/01/2034			28			28,486
5.50%, 05/01/2034			23			23,040
5.50%, 11/01/2034			110			112,654
Series 2005 5.50%, 02/01/2035			170			173,343
Series 2006 5.50%, 04/01/2036			35			35,783
Series 2007 5.50%, 05/01/2036			2			1,751
5.50%, 09/01/2036			1			1,027
5.50%, 08/01/2037			40			41,253
Series 2008 5.50%, 08/01/2037			0	*		252



332 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2009 5.00%, 12/01/2039	U.S.$		7	$	7,460
Series 2010 5.00%, 06/01/2040			7		6,882
Series 2012 3.50%, 02/01/2042			236		222,390
3.50%, 11/01/2042			411		386,262
3.50%, 01/01/2043			437		409,866
Series 2013 3.50%, 04/01/2043			1,495		1,398,616
Series 2015 3.00%, 05/01/2045			382		344,663
3.00%, 08/01/2045			558		501,739
Series 2018 4.50%, 09/01/2048			370		361,426
Series 2019 3.50%, 08/01/2049			1,090		1,002,712
3.50%, 09/01/2049			466		429,450
3.50%, 11/01/2049			996		915,958
Series 2021 2.00%, 07/01/2051			5,450		4,401,156
2.00%, 12/01/2051			7,945		6,398,713
2.50%, 01/01/2052			1,589		1,354,225
Series 2022 2.50%, 03/01/2052			3,551		3,027,037
2.50%, 04/01/2052			3,638		3,099,456
2.50%, 05/01/2052			4,857		4,138,476
3.00%, 02/01/2052			3,909		3,461,048
3.00%, 03/01/2052			4,851		4,295,623
Series 2024 5.00%, 12/01/2054			1,921		1,897,333
Series 2025 5.50%, 02/01/2055			3,239		3,258,704
6.00%, 02/01/2055			1,033		1,055,203
Government National Mortgage Association Series 2016 3.00%, 04/20/2046			122		110,313
3.00%, 05/20/2046			353		318,058
Series 2023 5.50%, 04/20/2053			2,589		2,630,725
Series 2026 2.50%, 06/01/2056, TBA			19,151		16,390,996
3.00%, 06/01/2056, TBA			3,085		2,743,203
4.00%, 06/01/2056, TBA			3,275		3,046,117
4.50%, 06/01/2056, TBA			10,576		10,176,124
5.00%, 06/01/2056, TBA			12,561		12,406,948
5.50%, 06/01/2056, TBA			5,036		5,066,848
6.00%, 06/01/2056, TBA			7,343		7,480,635



ABFunds.com		AB Active ETFs, Inc. 333

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)			U.S. $ Value

Uniform Mortgage-Backed Security Series 2026 2.00%, 06/01/2056, TBA	U.S.$		28,309		$	22,650,651
2.50%, 06/01/2056, TBA			12,766			10,691,198
3.00%, 06/01/2056, TBA			8,578			7,495,150
5.00%, 06/01/2056, TBA			8,819			8,679,825
5.50%, 06/01/2056, TBA			13,039			13,101,844
6.00%, 06/01/2056, TBA			4,886			4,989,033

						192,044,778

Agency Fixed Rate 15-Year – 0.2%
Federal National Mortgage Association Series 2016 2.50%, 10/01/2031			21			20,661
2.50%, 11/01/2031			1,159			1,115,032
2.50%, 12/01/2031			5			4,988
Series 2017 2.50%, 01/01/2032			285			274,220
2.50%, 02/01/2032			353			338,606

						1,753,507

Agency ARMS – 0.0%
Federal Home Loan Mortgage Corp. Series 2006 3.874%, 12/01/2036^(e)			0	*		74
Series 2007 5.203%, 03/01/2037^(e)			0	*		162
Federal National Mortgage Association Series 2007 2.418%, 02/01/2037^(e)			1			839
5.879%, 03/01/2037^(e)			0	*		149

						1,224

Total Mortgage Pass-Throughs (cost $198,922,240)						193,799,509


COLLATERALIZED MORTGAGE OBLIGATIONS – 5.6%
Risk Share Floating Rate – 2.7%
Connecticut Avenue Securities Series 2025-R01, Class 1A1 4.562% (CME Term SOFR + 0.95%), 01/25/2045^(b)(e)			1,458			1,459,734
Connecticut Avenue Securities Trust Series 2022-R03, Class 1M2 7.112% (CME Term SOFR + 3.50%), 03/25/2042^(b)(e)			1,545			1,575,309
Series 2022-R05, Class 2M2 6.612% (CME Term SOFR + 3.00%), 04/25/2042^(b)(e)			1,206			1,222,660



334 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2023-R03, Class 2M1 6.112% (CME Term SOFR + 2.50%), 04/25/2043^(b)(e)	U.S.$		314	$	316,048
Series 2023-R04, Class 1M1 5.912% (CME Term SOFR + 2.30%), 05/25/2043^(b)(e)			781		792,266
Series 2023-R06, Class 1M1 5.312% (CME Term SOFR + 1.70%), 07/25/2043^(b)(e)			390		390,813
Series 2024-R02, Class 1M1 4.712% (CME Term SOFR + 1.10%), 02/25/2044^(b)(e)			117		116,876
Series 2025-R02, Class 1A1 4.612% (CME Term SOFR + 1.00%), 02/25/2045^(b)(e)			427		426,930
Series 2025-R03, Class 2M1 5.212% (CME Term SOFR + 1.60%), 03/25/2045^(b)(e)			588		588,681
Series 2025-R05, Class 2M1 4.812% (CME Term SOFR + 1.20%), 07/25/2045^(b)(e)			1,241		1,242,193
Series 2025-R06, Class 1A1 4.512% (CME Term SOFR + 0.90%), 09/25/2045^(b)(e)			617		617,532
Series 2025-R06, Class 1M1 4.562% (CME Term SOFR + 0.95%), 09/25/2045^(b)(e)			666		665,149
Series 2026-R01, Class 2M1 4.612% (CME Term SOFR + 1.00%), 01/25/2046^(b)(e)			1,030		1,029,906
Series 2026-R03, Class 2A1 4.712% (CME Term SOFR + 1.10%), 04/25/2046^(b)(e)			1,354		1,357,693
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2021-DNA5, Class M2 5.262% (CME Term SOFR + 1.65%), 01/25/2034^(b)(e)			120		120,663
Series 2021-DNA6, Class M2 5.112% (CME Term SOFR + 1.50%), 10/25/2041^(b)(e)			1,789		1,791,894
Series 2021-DNA7, Class M2 5.412% (CME Term SOFR + 1.80%), 11/25/2041^(b)(e)			2,412		2,419,078
Series 2021-HQA4, Class M2 5.962% (CME Term SOFR + 2.35%), 12/25/2041^(b)(e)			1,530		1,541,146



ABFunds.com		AB Active ETFs, Inc. 335

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2022-DNA3, Class M1B 6.512% (CME Term SOFR + 2.90%), 04/25/2042^(b)(e)	U.S.$		711	$	722,703
Series 2022-DNA5, Class M1B 8.112% (CME Term SOFR + 4.50%), 06/25/2042^(b)(e)			2,274		2,354,979
Series 2022-DNA7, Class M1A 6.112% (CME Term SOFR + 2.50%), 03/25/2052^(b)(e)			313		314,002
Series 2023-DNA1, Class M1A 5.708% (CME Term SOFR + 2.10%), 03/25/2043^(b)(e)			420		424,628
Series 2024-DNA3, Class A1 4.662% (CME Term SOFR + 1.05%), 10/25/2044^(b)(e)			824		824,838
Series 2024-HQA1, Class M1 4.862% (CME Term SOFR + 1.25%), 03/25/2044^(b)(e)			325		324,991
Series 2024-HQA2, Class M1 4.812% (CME Term SOFR + 1.20%), 08/25/2044^(b)(e)			493		493,139
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA1 Series 2025-DNA1, Class A1 4.562% (CME Term SOFR + 0.95%), 01/25/2045^(b)(e)			659		659,588
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA2 Series 2025-DNA2, Class A1 4.712% (CME Term SOFR + 1.10%), 05/25/2045^(b)(e)			344		345,291
Series 2025-DNA2, Class M1 4.812% (CME Term SOFR + 1.20%), 05/25/2045^(b)(e)			183		182,742
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Dna3 Series 2025-DNA3, Class A1 4.562% (CME Term SOFR + 0.95%), 09/25/2045^(b)(e)			1,511		1,512,494
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 Series 2025-DNA4, Class M1 4.712% (CME Term SOFR + 1.10%), 10/25/2045^(b)(e)			1,338		1,337,078
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Hqa1 Series 2025-HQA1, Class A1 4.562% (CME Term SOFR + 0.95%), 02/25/2045^(b)(e)			811		812,225



336 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2026-HQA1 Series 2026-HQA1, Class A1 4.643% (CME Term SOFR + 1.00%), 05/25/2046^(b)(e)	U.S.$		563	$	563,774
Series 2026-HQA1, Class M1 4.893% (CME Term SOFR + 1.25%), 05/25/2046^(b)(e)			563		563,774

					29,110,817

Non-Agency Fixed Rate – 1.9%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035			47		29,851
Series 2006-24CB, Class A16 5.75%, 08/25/2036			328		156,589
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			129		84,272
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036			73		31,339
COOPR Residential Mortgage Trust Series 2026-CES1, Class A1A 4.874%, 02/25/2061^(b)			1,704		1,687,893
FIGRE Trust Series 2025-HE7, Class A 5.15%, 11/25/2055^(b)			1,398		1,388,688
Series 2025-HE8, Class A 5.206%, 11/25/2055^(b)			1,622		1,611,837
Series 2026-HE1, Class A 4.982%, 01/25/2056^(b)			388		382,820
Series 2026-HE2, Class A 5.049%, 01/25/2056^(b)			1,289		1,274,184
GS Mortgage-Backed Securities Trust Series 2026-CES2, Class A1A 5.227%, 06/25/2056^(b)			1,041		1,036,226
JP Morgan Mortgage Trust Series 2025-CES7, Class A1A 5.055%, 04/25/2056^(b)			1,061		1,054,704
Series 2025-HE3, Class A1 4.975% (CME Term SOFR + 1.35%), 03/20/2056^(b)(e)			1,465		1,472,882
Series 2026-CES1, Class A1A 4.909%, 06/25/2056^(b)			1,392		1,380,324
OBX Trust Series 2026-CES1, Class A1A 5.192%, 04/25/2056^(b)			1,201		1,197,232



ABFunds.com		AB Active ETFs, Inc. 337

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

RCKT Mortgage Trust Series 2025-CES12, Class A1A 5.027%, 11/25/2055^(b)	U.S.$		1,608	$	1,600,718
Series 2026-CES1, Class A1A 4.827%, 01/25/2056^(b)			811		803,284
Series 2026-CES2, Class A1A 4.762%, 02/25/2056^(b)			1,127		1,114,894
Series 2026-CES4, Class A1A 5.124%, 04/25/2056^(b)			781		778,817
Santander Mortgage Asset Receivable Trust Series 2026-CES1, Class A1A 4.876%, 01/25/2056^(b)			1,699		1,679,254
Towd Point Mortgage Trust Series 2026-CES2, Class A1A 4.72%, 02/25/2066^(b)			437		431,499
Series 2026-FIX1, Class A1 4.98%, 12/25/2065^(b)			604		599,127

					19,796,434

Non-Agency Floating Rate – 0.8%
COLT Mortgage Loan Trust Series 2026-3, Class A1 5.119%, 05/25/2071^(b)			575		572,992
Cross Series 2026-NQM6, Class A1 5.268%, 05/25/2071^(b)			544		543,022
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 4.079% (CME Term SOFR 1 Month + 0.49%), 12/25/2036^(e)			752		231,777
Federal Home Loan Mortgage Corp. Mscr Trust Mn1 Series 2021-MN1, Class M1 5.612% (CME Term SOFR + 2.00%), 01/25/2051^(b)(e)			34		33,551
HomeBanc Mortgage Trust Series 2005-1, Class A1 4.199% (CME Term SOFR 1 Month + 0.61%), 03/25/2035^(e)			89		73,383
HOMES Trust Series 2026-NQM3, Class A1 5.262%, 04/27/2071^(b)			577		576,063
JPMorgan Chase Bank NA – CHASE Series 2019-CL1, Class M3 5.799% (CME Term SOFR 1 Month + 2.21%), 04/25/2047^(b)(e)			147		149,687
Morgan Stanley Residential Mortgage Loan Trust Series 2026-NEW1, Class A1 5.276%, 04/27/2071^(b)			2,154		2,151,232



338 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

OBX Trust Series 2026-NQM6, Class A1 5.063%, 04/26/2066^(b)	U.S.$		816	$	812,427
Series 2026-NQM7, Class A1 5.22%, 04/25/2066^(b)			775		773,602
SG Residential Mortgage Trust Series 2026-3, Class A1 5.188%, 04/25/2066^(b)			1,571		1,565,929
Verus Securitization Trust Series 2026-R3, Class A1 5.19%, 02/27/2068^(b)			918		916,198
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 4.299% (CME Term SOFR 1 Month + 0.71%), 04/25/2034^(e)			23		22,586

					8,422,449

Agency Floating Rate – 0.1%
Federal Home Loan Mortgage Corp. REMICS Series 4416, Class BS 2.343% (5.99% – CME Term SOFR), 12/15/2044^(e)(f)			906		86,126
Series 4693, Class SL 2.393% (6.04% – CME Term SOFR), 06/15/2047^(e)(f)			989		98,260
Series 4954, Class SL 2.323% (5.94% – CME Term SOFR), 02/25/2050^(e)(f)			1,266		126,395
Series 4981, Class HS 2.373% (5.99% – CME Term SOFR), 06/25/2050^(e)(f)			2,990		290,054
Federal National Mortgage Association REMICS Series 2016-106, Class ES 2.273% (5.89% – CME Term SOFR), 01/25/2047^(e)(f)			917		89,390
Series 2017-73, Class SA 2.423% (6.04% – CME Term SOFR), 09/25/2047^(e)(f)			1,193		125,461
Series 2017-97, Class LS 2.473% (6.09% – CME Term SOFR), 12/25/2047^(e)(f)			881		88,669
Series 2017-97, Class SW 2.473% (6.09% – CME Term SOFR), 12/25/2047^(e)(f)			790		82,724
Government National Mortgage Association Series 2017-43, Class ST 2.383% (5.99% – CME Term SOFR 1 Month), 03/20/2047^(e)(f)			1,211		127,721



ABFunds.com		AB Active ETFs, Inc. 339

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2017-65, Class ST 2.433% (6.04% – CME Term SOFR 1 Month), 04/20/2047^(e)(f)	U.S.$		1,084	$	117,770
Series 2017-134, Class SE 2.483% (6.09% – CME Term SOFR 1 Month), 09/20/2047^(e)(f)			611		65,662

					1,298,232

Agency Fixed Rate – 0.1%
Federal Home Loan Mortgage Corp. REMICS Series 4973, Class BI 4.50%, 05/25/2050^(g)			3,487		806,609
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 8.472%, 05/28/2035			199		192,548

					999,157

Total Collateralized Mortgage Obligations (cost $60,139,567)					59,627,089


ASSET-BACKED SECURITIES – 3.9%
Autos - Fixed Rate – 1.9%
ACM Auto Trust Series 2025-1A, Class A 5.38%, 06/20/2029^(b)			97		97,093
Series 2025-2A, Class A 5.55%, 06/20/2028^(b)			674		675,129
American Credit Acceptance Receivables Trust Series 2025-2, Class B 4.85%, 05/14/2029^(b)			1,999		2,004,043
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028^(b)			23		23,378
Series 2025-1A, Class A2 4.92%, 05/15/2029^(b)			805		807,025
AutoNation Finance Trust Series 2025-1A, Class A2 4.72%, 04/10/2028^(b)			549		549,255
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028^(b)			1,016		1,022,131
Bridgecrest Lending Auto Securitization Trust Series 2026-2, Class A2 4.24%, 09/15/2028			1,574		1,574,159
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028			52		50,492



340 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2021-N4, Class D 2.30%, 09/11/2028	U.S.$		89	$	87,233
Series 2021-P4, Class D 2.61%, 09/11/2028			989		961,592
CPS Auto Receivables Trust Series 2026-B, Class A 4.35%, 02/15/2030^(b)			787		786,750
Flagship Credit Auto Trust Series 2024-3, Class A 4.88%, 11/15/2028^(b)			154		154,237
Lendbuzz Securitization Trust Series 2025-1A, Class A2 5.10%, 10/15/2030^(b)			945		947,018
Series 2025-2A, Class A2 5.18%, 05/15/2030^(b)(e)			1,033		1,036,062
Series 2026-1A, Class A1 4.176%, 01/15/2027^(b)			196		196,193
Series 2026-1A, Class A2 4.68%, 07/15/2030^(b)			908		906,911
Lobel Automobile Receivables Trust Series 2025-1, Class A 5.06%, 11/15/2027^(b)			105		104,689
Series 2026-1, Class A 4.88%, 10/16/2028^(b)			1,783		1,783,352
OCCU Auto Receivables Trust Series 2025-1A, Class A2 4.82%, 04/17/2028^(b)			914		915,281
Prestige Auto Receivables Trust Series 2025-1A, Class A2 4.87%, 12/15/2027^(b)			294		293,841
Research-Driven Pagaya Motor Asset Trust Series 2025-4A, Class A2 5.124%, 04/25/2034^(b)			2,022		2,027,463
Santander Drive Auto Receivables Trust Series 2023-3, Class B 5.61%, 07/17/2028			106		106,125
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027^(b)			79		79,583
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027^{(h)(i)(j)(k)(l)}			119		111,191
Series 2025-1A, Class A 4.94%, 02/15/2029^{(h)(i)(j)(k)(l)}			1,273		775,404
United Auto Credit Securitization Trust Series 2026-1, Class A 4.41%, 06/12/2028^(b)			1,593		1,592,220

					19,667,850



ABFunds.com		AB Active ETFs, Inc. 341

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Other ABS - Fixed Rate – 1.7%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051^(b)	U.S.$		1,984	$	1,892,320
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055^(b)			374		341,348
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032^(b)			111		111,490
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049^(b)			935		920,862
Diamond Issuer LLC Series 2021-1A, Class A 2.305%, 11/20/2051^(b)			1,941		1,888,592
Equify ABS LLC Series 2024-1A, Class A 5.43%, 04/18/2033^(b)			364		364,535
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046^(b)			415		382,280
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048^(b)			754		745,019
Series 2020-1A, Class A2 3.981%, 12/20/2050^(b)			464		448,804
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039^(b)			221		210,169
Neighborly Issuer LLC Series 2022-1A, Class A2 3.695%, 01/30/2052^(b)			1,927		1,827,914
Series 2023-1A, Class A2 7.308%, 01/30/2053^(b)			1,358		1,362,302
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062^(b)			620		556,132
Series 2021-CA, Class B 2.53%, 04/20/2062^(b)			907		800,070
Series 2021-DA, Class B 2.90%, 04/20/2062^(b)			798		716,678
NMEF Funding LLC Series 2024-A, Class A2 5.15%, 12/15/2031^(b)			647		649,789
Pagaya AI Debt Grantor Trust Series 2024-5, Class A 6.278%, 10/15/2031^(b)			167		167,095



342 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2024-9, Class B 5.306%, 03/15/2032^(b)	U.S.$		785	$	786,011
Series 2025-3, Class A2 5.365%, 12/15/2032^(b)			195		196,080
Series 2025-6, Class A2 4.497%, 04/15/2033^(b)			390		388,728
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1, Class A 5.715%, 01/20/2034^(b)			676		677,892
SoFi Consumer Loan Program Trust Series 2025-4, Class A 4.24%, 08/25/2035^(b)			1,079		1,078,607
Upgrade Master Pass-Thru Trust Series 2026-ST1, Class A 4.244%, 03/15/2034^(b)			1,087		1,085,555
Upstart Securitization Trust Series 2026-1, Class A1 4.142%, 02/22/2027^(b)			473		472,859

					18,071,131

Credit Cards - Fixed Rate – 0.3%
Mission Lane Credit Card Master Trust Series 2024-B, Class A 5.88%, 01/15/2030^(b)			1,890		1,895,780
Series 2025-A, Class A 5.80%, 05/15/2030^(b)			1,086		1,090,945

					2,986,725

Other ABS - Floating Rate – 0.0%
Pagaya AI Debt Grantor Trust Series 2025-1, Class A 5.156%, 07/15/2032^(b)			137		137,805
Series 2025-5, Class A 5.108%, 03/15/2033^(b)			78		77,755

					215,560

Total Asset-Backed Securities (cost $42,070,848)					40,941,266


COLLATERALIZED LOAN OBLIGATIONS – 2.1%
CLO - Floating Rate – 2.1%
AGL CLO 44 Ltd. Series 2025-44A, Class A 4.814% (CME Term SOFR 3 Month + 1.15%), 10/22/2037^(b)(e)			808		808,103
AMMC CLO 27 Ltd. Series 2022-27A, Class A1R 4.755% (CME Term SOFR 3 Month + 1.08%), 01/20/2037^(b)(e)			2,580		2,580,597



ABFunds.com		AB Active ETFs, Inc. 343

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Ballyrock CLO 27 Ltd. Series 2024-27A, Class A1A 5.017% (CME Term SOFR 3 Month + 1.35%), 10/25/2037^(b)(e)	U.S.$		714	$	713,939
Benefit Street Partners CLO XXXVIII Ltd. Series 2024-38A, Class A 4.977% (CME Term SOFR 3 Month + 1.31%), 01/25/2038^(b)(e)			819		820,864
Diameter Capital CLO 9 Ltd. Series 2025-9A, Class A 4.845% (CME Term SOFR 3 Month + 1.17%), 04/20/2038^(b)(e)			3,014		3,012,955
HPS Loan Management Ltd. Series 2024-19A, Class A1R 4.899% (CME Term SOFR 3 Month + 1.26%), 04/15/2037^(b)(e)			449		449,800
Series 2026-28A, Class A1 4.856% (CME Term SOFR 3 Month + 1.22%), 07/20/2039^(b)(e)			2,889		2,889,353
Juniper Valley Park CLO Ltd. Series 2023-1A, Class ARR 4.755% (CME Term SOFR 3 Month + 1.08%), 07/20/2036^(b)(e)			1,673		1,674,102
Midocean Credit CLO Xxiii Series 2026-23A, Class A1 4.886% (CME Term SOFR 3 Month + 1.24%), 07/18/2039^(b)(e)			2,180		2,180,403
Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R2 4.88% (CME Term SOFR 3 Month + 1.22%), 04/20/2038^(b)(e)			3,060		3,060,308
Oaktree CLO Ltd. Series 2026-34A, Class A 4.897% (CME Term SOFR 3 Month + 1.23%), 04/15/2039^(b)(e)			1,103		1,103,372
OCP CLO Ltd. Series 2024-34A, Class A1 5.033% (CME Term SOFR 3 Month + 1.36%), 10/15/2037^(b)(e)			561		562,259
Series 2026-50A, Class A1 4.863% (CME Term SOFR 3 Month + 1.20%), 07/15/2039^(b)(e)			1,399		1,399,198
Trestles CLO X Ltd. Series 2026-10A, Class A1 4.849% (CME Term SOFR 3 Month + 1.18%), 04/20/2039^(b)(e)			1,280		1,278,877


Total Collateralized Loan Obligations (cost $22,533,030)					22,534,130



344 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value


AGENCIES – 1.2%
Agency Debentures – 1.2%
Federal Home Loan Banks 4.00%, 06/30/2028	U.S.$		10,600	$	10,592,686
4.75%, 12/08/2028			1,785		1,812,471
Federal National Mortgage Association 6.25%, 05/15/2029			355		376,446
6.625%, 11/15/2030			260		285,984


Total Agencies (cost $13,085,957)					13,067,587


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.9%
Non-Agency Floating Rate CMBS – 0.5%
ALA Trust Series 2025-OANA, Class A 5.371% (CME Term SOFR 1 Month + 1.74%), 06/15/2040^(b)(e)			1,520		1,526,537
AREIT Trust Series 2022-CRE6, Class A 4.888% (CME Term SOFR + 1.25%), 01/20/2037^(b)(e)			635		634,997
BHMS Commercial Mortgage Trust Series 2025-ATLS, Class A 5.477% (CME Term SOFR 1 Month + 1.85%), 08/15/2042^(b)(e)			1,442		1,443,809
BX Commercial Mortgage Trust Series 2019-IMC, Class D 5.573% (CME Term SOFR 1 Month + 1.95%), 04/15/2034^(b)(e)			207		205,971
Series 2019-IMC, Class E 5.823% (CME Term SOFR 1 Month + 2.20%), 04/15/2034^(b)(e)			839		835,717
CLNY Trust Series 2019-IKPR, Class D 6.033% (CME Term SOFR 1 Month + 2.39%), 11/15/2038^(b)(e)			744		710,520

					5,357,551

Non-Agency Fixed Rate CMBS – 0.3%
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.253%, 08/10/2044^(b)			28		21,566
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026⁽ⁱ⁾			1,055		1,046,568



ABFunds.com		AB Active ETFs, Inc. 345

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2021-1, Class AS 2.638%, 08/15/2026⁽ⁱ⁾	U.S.$		59	$	57,907
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.036%, 08/15/2046^(b)			472		372,970
Series 2014-C22, Class XA 0.403%, 09/15/2047^(g)			247		7
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class D 3.25%, 12/15/2047^(b)			390		383,022
Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class C 4.298%, 11/15/2049			1,030		1,006,568

					2,888,608

Non-Agency Fixed Rate – 0.1%
Ellington Financial Mortgage Trust Series 2026-CES1, Class A1A 4.914%, 12/25/2060^(b)			725		718,401


Total Commercial Mortgage-Backed Securities (cost $9,084,402)					8,964,560


GOVERNMENTS - SOVEREIGN BONDS – 0.7%
Colombia – 0.1%
Colombia Government International Bond 3.125%, 04/15/2031			696		606,912
6.50%, 01/21/2033			420		415,296

					1,022,208

Ecuador – 0.1%
Amazon Conservation DAC 6.034%, 01/16/2042^(b)			927		934,574


Mexico – 0.1%
Mexico Government International Bond 5.375%, 03/22/2033			716		700,885


Romania – 0.2%
Romanian Government International Bond 5.75%, 09/16/2030^(b)			2,010		2,029,658


Saudi Arabia – 0.2%
KSA Sukuk Ltd. 5.25%, 06/04/2027^(b)			2,535		2,557,181


Total Governments - Sovereign Bonds (cost $7,312,429)					7,244,506



346 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 0.6%
Industrial – 0.6%
Capital Goods – 0.1%
Axon Enterprise, Inc. 6.125%, 03/15/2030^(b)	U.S.$		655	$	669,777


Communications - Media – 0.1%
VZ Vendor Financing II BV 2.875%, 01/15/2029^(b)	EUR		540		603,970


Communications - Telecommunications – 0.0%
Altice France SA 4.75%, 10/15/2030^(b)			197		223,261


Consumer Cyclical - Other – 0.0%
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029^(b)	U.S.$		455		461,716
6.125%, 04/01/2032^(b)			261		266,113

					727,829

Consumer Cyclical - Retailers – 0.1%
Advance Auto Parts, Inc. 7.00%, 08/01/2030^(b)			1,250		1,284,700


Consumer Non-Cyclical – 0.1%
CVS Health Corp. 6.75%, 12/10/2054			47		48,953
7.00%, 03/10/2055			786		819,947
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(b)	EUR		320		369,690

					1,238,590

Energy – 0.1%
Sunoco LP 5.625%, 03/15/2031^(b)	U.S.$		753		754,370


Technology – 0.1%
OAK-Eagle Acquireco, Inc. 7.25%, 07/01/2033^(b)			902		939,938


Total Corporates - Non-Investment Grade (cost $6,312,730)					6,442,435



ABFunds.com		AB Active ETFs, Inc. 347

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.5%
United States – 0.5%
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund) Series 2020-A 1.705%, 07/01/2027	U.S.$		1,634	$	1,592,948
State of California (State of California) Series 2010 7.625%, 03/01/2040			2,040		2,414,930
University of California (University of California) Series 2021-B 3.071%, 05/15/2051			2,070		1,423,376


Total Local Governments - US Municipal Bonds (cost $5,801,730)					5,431,254


EMERGING MARKETS - CORPORATE BONDS – 0.5%
Industrial – 0.5%
Basic – 0.2%
Braskem Netherlands Finance BV 4.50%, 01/10/2028⁽ⁱ⁾			1,440		955,800
Sasol Financing USA LLC 8.75%, 04/10/2033^(b)			712		753,403

					1,709,203

Consumer Cyclical - Other – 0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028^(b)			730		727,262


Energy – 0.2%
Ecopetrol SA 8.375%, 01/19/2036			817		837,735
8.875%, 01/13/2033			793		837,805
Raizen Fuels Finance SA 6.25%, 07/08/2032^(h)(i)(k)			411		235,145
6.70%, 02/25/2037^(h)(i)(k)			1,177		667,948

					2,578,633

Total Emerging Markets - Corporate Bonds (cost $5,978,889)					5,015,098


EMERGING MARKETS - SOVEREIGNS – 0.1%
Mexico – 0.1%
Eagle Funding Luxco SARL 5.50%, 08/17/2030^(b) (cost $860,136)			862		866,310



348 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Principal
Amount
(000)

U.S. $ Value

QUASI-SOVEREIGNS – 0.1%

Quasi-Sovereign Bonds – 0.1%

Kazakhstan – 0.1%

QazaqGaz NC JSC
5.625%, 05/08/2036^(b)(cost $548,598)

U.S.$

559

547,121

GOVERNMENTS - SOVEREIGN AGENCIES – 0.0%

Kazakhstan – 0.0%

Baiterek National Investment H
5.45%, 05/08/2028^(b)
(cost $354,712)

356

360,117

COMMON STOCKS – 0.0%

Communication Services – 0.0%

Diversified Telecommunication Services – 0.0%

Altice France SA/LuxCo3^(h)(j)(l)
(cost $24,345)

1,339

26,759

Principal
Amount
(000)

SHORT-TERM INVESTMENTS – 3.9%

U.S. Treasury Bills – 3.9%

U.S. Treasury Bill
Zero Coupon, 08/04/2026
(cost $41,677,881)

U.S.$

41,946

41,675,229

Total Investments – 109.8%
(cost $1,196,052,164)

1,159,578,986

Other assets less liabilities – (9.8)%

(103,633,415

)

Net Assets – 100.0%

1,055,945,571



ABFunds.com		AB Active ETFs, Inc. 349

PORTFOLIO OF INVESTMENTS (continued)

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Australian 10 Yr Bond Futures		158		June 2026	$	12,394,367	$	49,732
Long Gilt Futures		75		September 2026		8,971,285		94,020
U.S. T-Note 2 Yr (CBT) Futures		5		September 2026		1,032,813		2,188
U.S. T-Note 5 Yr (CBT) Futures		1,261		September 2026		135,192,993		467,407
U.S. T-Note 10 Yr (CBT) Futures		114		September 2026		12,520,406		53,828
U.S. Ultra Bond (CBT) Futures		186		September 2026		21,279,562		89,984

Sold Contracts
Canadian 10 Yr Bond Futures		318		September 2026		27,754,448		(279,322	)
U.S. 10 Yr Ultra Futures		93		September 2026		10,423,266		(97,359	)

							$	380,478

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		JPY	536,602		USD	3,367		06/11/2026	$	(4,698	)
State Street Bank & Trust Co.		USD	3,407		JPY	536,602		06/11/2026		(35,077	)
State Street Bank & Trust Co.		EUR	1,041		USD	1,233		07/15/2026		16,366
State Street Bank & Trust Co.		JPY	1,361,295		USD	8,665		07/15/2026		87,734
State Street Bank & Trust Co.		USD	4,107		JPY	652,663		07/15/2026		5,701
State Street Bank & Trust Co.		USD	4,484		JPY	708,632		07/15/2026		(18,855	)
State Street Bank & Trust Co.		CAD	15,914		USD	11,606		08/17/2026		25,297

									$	76,468

*	Principal amount less than 500.

(a)	Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(b)

(c)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2026.

(d)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(e)	Floating Rate Security. Stated interest/ floor/ceiling rate was in effect at May 31, 2026.

(f)	Inverse interest only security.

(g)	IO – Interest Only.

(h)	Non-income producing security.



350 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(i)	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 May 31, 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
Braskem Netherlands Finance BV 4.50%, 01/10/2028		12/12/2023 - 07/10/2025	$	1,323,412	$	955,800		0.09	%
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021 - 09/06/2022		1,056,346		1,046,568		0.10	%
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021 - 04/01/2021		59,067		57,907		0.00	%
Raizen Fuels Finance SA 6.25%, 07/08/2032		02/03/2026 - 02/04/2026		322,026		235,145		0.02	%
Raizen Fuels Finance SA 6.70%, 02/25/2037		02/20/2025 - 02/21/2025		1,173,754		667,948		0.07	%
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027		05/14/2024		118,921		111,191		0.01	%
Tricolor Auto Securitization Trust Series 2025-1A, Class A 4.94%, 02/15/2029		03/11/2025		1,273,011		775,404		0.07	%

(j)	Fair valued by the Adviser.

(k)	Defaulted.

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

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgage

CBT – Chicago Board of Trade

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

JSC – Joint Stock Company

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduit

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 351

PORTFOLIO OF INVESTMENTS

AB CONSERVATIVE BUFFER ETF

May 31, 2026 (unaudited)


		Notional Amount		U.S. $ Value

PURCHASED OPTIONS – CALLS – 101.5%
Options on Equity Indices – 101.5%
SPDR S&P 500 ETF Trust Expiration: Aug 2026; Contracts: 14,319; Exercise Price: USD 3.66; Counterparty: Morgan Stanley & Co. LLC^(a)(premium paid $1,039,922,484)	USD		5,240,754	$	1,076,226,063


PURCHASED OPTIONS – PUTS – 1.7%
Options on Equity Indices – 1.7%
SPDR S&P 500 ETF Trust Expiration: Aug 2026; Contracts: 14,319; Exercise Price: USD 731.58; Counterparty: Morgan Stanley & Co. LLC^(a)(premium paid $32,573,860)			1,047,549,402		17,693,989


		Shares
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(b)(c)(d)(cost $5,636,613)			5,636,613		5,636,613


Total Investments – 103.7% (cost $1,078,132,957)					1,099,556,665
Other assets less liabilities – (3.7)%					(39,405,458	)


Net Assets – 100.0%				$	1,060,151,207

CALL WRITTEN OPTIONS (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

US $ Value

SPDR S&P 500 ETF Trust^(###)

Morgan Stanley &

Co. LLC

14,319

USD

758.58

August 2026

USD

1,086,211

$ 22,299,747

$ (35,056,062)

PUT WRITTEN OPTIONS (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

US $ Value

SPDR S&P 500 ETF Trust^(###)

Morgan Stanley &

Co. LLC

14,319

USD

621.84

August 2026

USD

890,413

$ 7,702,865

$ (3,755,588)

(###)

One contract relates to 100 shares.

(a)	Non-income producing security.

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

(c)	Affiliated investments.



352 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(d)	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.

Glossary:

ETF – Exchange Traded Fund

SPDR – Standard & Poor’s Depository Receipts

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 353

PORTFOLIO OF INVESTMENTS

AB INTERNATIONAL BUFFER ETF

May 31, 2026 (unaudited)


		Notional Amount		U.S. $ Value

PURCHASED OPTIONS – CALLS – 99.1%
Options on Equity Indices – 99.1%
iShares MSCI EAFE ETF Expiration: Jul 2026; Contracts: 12,381; Exercise Price: USD 0.51; Counterparty: Morgan Stanley & Co., Inc^(a)(premium paid $124,239,446)	USD		631,431	$	127,122,908


PURCHASED OPTIONS – PUTS – 2.1%
Options on Equity Indices – 2.1%
iShares MSCI EAFE ETF Expiration: Jul 2026; Contracts: 12,381; Exercise Price: USD 102.32; Counterparty: Morgan Stanley & Co., Inc^(a)(premium paid $4,537,360)			126,682,392		2,653,248


		Shares
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc.– Government Money Market Portfolio – Class AB, 3.46%^(b)(c)(d)(cost $684,600)			684,600		684,600


Total Investments – 101.7% (cost $129,461,406)					130,460,756
Other assets less liabilities – (1.7)%					(2,163,897	)


Net Assets – 100.0%				$	128,296,859

CALL WRITTEN OPTIONS (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional

(000)

Premiums
Received

US $ Value

iShares MSCI EAFE ETF^(###)

Morgan Stanley & Co., Inc

12,381

USD

108.01

July 2026

USD

133,727

$ 1,377,186

$ (1,410,815)

PUT WRITTEN OPTIONS (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional

(000)

Premiums
Received

US $ Value

iShares MSCI EAFE ETF^(###)

Morgan Stanley & Co., Inc

12,381

USD

92.09

July 2026

USD

114,017

$ 1,230,133

$ (684,545)

(###)

One contract relates to 100 shares.

(a)	Non-income producing security.

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

(c)	Affiliated investments.

(d)	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.



354 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

EAFE – Europe, Australia, and Far East

ETF – Exchange Traded Fund

MSCI – Morgan Stanley Capital International

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 355

PORTFOLIO OF INVESTMENTS

AB MODERATE BUFFER ETF

May 31, 2026 (unaudited)


		Notional Amount		U.S. $ Value

PURCHASED OPTIONS – CALLS – 102.6%
Options on Equity Indices – 102.6%
SPDR S&P 500 ETF Trust Expiration: Jul 2026; Contracts: 5,683; Exercise Price: USD 3.56; Counterparty: Morgan Stanley & Co. LLC^(a)(premium paid $401,697,240)	USD		2,023,148	$	427,075,233


PURCHASED OPTIONS – PUTS – 0.7%
Options on Equity Indices – 0.7%
SPDR S&P 500 ETF Trust Expiration: Jul 2026; Contracts: 5,683; Exercise Price: USD 703.03; Counterparty: Morgan Stanley & Co. LLC^(a)(premium paid $10,606,096)			399,531,949		2,752,959


		Shares
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.46%^(b)(c)(d)(cost $2,226,979)			2,226,979		2,226,979


Total Investments – 103.8% (cost $414,530,315)					432,055,171
Other assets less liabilities – (3.8)%					(15,874,199	)


Net Assets – 100.0%				$	416,180,972

CALL WRITTEN OPTIONS (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

US $ Value

SPDR S&P 500 ETF Trust^(###)

Morgan Stanley & Co. LLC

5,683

USD

746.77

July 2026

USD

424,389

$ 5,448,003

$ (14,658,787)

PUT WRITTEN OPTIONS (see Note D)

Description

Counterparty

Contracts

Exercise
Price

Expiration
Month

Notional
(000)

Premiums
Received

US $ Value

SPDR S&P 500 ETF Trust^(###)

Morgan Stanley & Co. LLC

5,683

USD

640.09

July 2026

USD

363,763

$ 4,403,456

$ (986,342)

(###)

One contract relates to 100 shares.

(a)	Non-income producing security.

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

(c)	Affiliated investments.

(d)	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.



356 AB Active ETFs, Inc.		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

ETF – Exchange Traded Fund

SPDR – Standard & Poor’s Depository Receipts

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 357

STATEMENT OF ASSETS & LIABILITIES

May 31, 2026 (unaudited)


	AB Tax-Aware Short Duration Municipal ETF			AB Ultra Short Income ETF			AB High Yield ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,244,356,914, $1,427,412,278 and $330,594,104, respectively)	$	1,247,146,437		$	1,426,656,099		$	328,425,015
Affiliated issuers (cost $0, $31,259,738 and $7,132,889, respectively)		– 0	–		31,259,738			7,132,889
Cash		– 0	–		393			56,518
Cash collateral due from broker		401,789			924,400			333,501
Foreign currencies, at value (cost $0, $0 and $284,438, respectively)		– 0	–		– 0	–		281,935
Receivable for shares of beneficial interest sold		21,413,440			– 0	–		– 0	–
Unaffiliated interest and dividends receivable		17,926,339			11,993,861			5,983,586
Receivable for investment securities sold		8,462,000			– 0	–		1,017,656
Affiliated dividends receivable		47,419			89,502			17,910
Receivable due from Adviser		2,987			5,324			1,162
Receivable for variation margin on centrally cleared swaps		2,698			– 0	–		– 0	–
Unrealized appreciation on forward currency exchange contracts		– 0	–		– 0	–		116,208
Receivable for variation margin on futures		– 0	–		26,154			7,124
Foreign withholding tax reclaims		– 0	–		18,600			917

Total assets		1,295,403,109			1,470,974,071			343,374,421

Liabilities
Due to custodian		1,451,003			– 0	–		– 0	–
Payable for investment securities purchased		21,836,187			– 0	–		2,241,941
Payable for shares of beneficial interest redeemed		8,822,905			6,300,813			– 0	–
Advisory fee payable		280,072			312,948			113,964
Payable for variation margin on centrally cleared swaps		– 0	–		– 0	–		301
Foreign capital gains tax payable		– 0	–		– 0	–		7,973
Accrued expenses		22,713			– 0	–		4,921

Total liabilities		32,412,880			6,613,761			2,369,100

Net Assets	$	1,262,990,229		$	1,464,360,310		$	341,005,321

Composition of Net Assets
Capital stock, at par	$	5,010		$	2,905		$	911
Additional paid-in capital		1,257,342,488			1,464,040,450			353,399,652
Distributable earnings/Accumulated loss		5,642,731			316,955			(12,395,242	)

Net Assets	$	1,262,990,229		$	1,464,360,310		$	341,005,321



358 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value


	Net Assets		Shares Outstanding		Net Asset Value

AB Tax-Aware Short Duration Municipal ETF	$	1,262,990,229		50,102,000	$	25.21

AB Ultra Short Income ETF	$	1,464,360,310		29,051,000	$	50.41

AB High Yield ETF	$	341,005,321		9,114,045	$	37.42

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 359

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)


	AB Core Plus Bond ETF			AB Corporate Bond ETF			AB Tax-Aware Intermediate Municipal ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $208,133,850, $25,887,454 and $597,848,419, respectively)	$	206,641,785		$	25,755,551		$	602,606,137
Affiliated issuers (cost $9,550,124, $132,946 and $11,994,014, respectively)		9,550,124			132,946			11,994,014
Cash		– 0	–		– 0	–		162
Cash collateral due from broker		507,372			307,198			1,167,615
Unaffiliated interest and dividends receivable		2,175,797			311,902			8,666,580
Receivable for investment securities sold		861,067			– 0	–		499,424
Affiliated dividends receivable		28,109			276			39,404
Receivable due from Adviser		1,785			18			2,487
Receivable for shares of beneficial interest sold		– 0	–		– 0	–		3,826,845
Receivable for variation margin on futures		– 0	–		41,282			– 0	–
Receivable for variation margin on centrally cleared swaps		– 0	–		– 0	–		11,297

Total assets		219,766,039			26,549,173			628,813,965

Liabilities
Due to custodian		236,443			– 0	–		– 0	–
Payable for investment securities purchased		4,766,741			– 0	–		12,531,306
Advisory fee payable		54,843			6,719			134,489
Payable for variation margin on futures		19,686			– 0	–		– 0	–
Foreign capital gains tax payable		6,756			– 0	–		– 0	–
Accrued expenses		– 0	–		– 0	–		15,245

Total liabilities		5,084,469			6,719			12,681,040

Net Assets	$	214,681,570		$	26,542,454		$	616,132,925

Composition of Net Assets
Capital stock, at par	$	609		$	75		$	2,415
Additional paid-in capital		263,136,737			26,744,457			609,661,708
Distributable earnings/Accumulated loss		(48,455,776	)		(202,078	)		6,468,802

Net Assets	$	214,681,570		$	26,542,454		$	616,132,925



360 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value


	Net Assets		Shares Outstanding		Net Asset Value

AB Core Plus Bond ETF	$	214,681,570		6,091,144	$	35.24

AB Corporate Bond ETF	$	26,542,454		750,028	$	35.39

AB Tax-Aware Intermediate Municipal ETF	$	616,132,925		24,150,040	$	25.51

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 361

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)


	AB Tax-Aware Long Municipal ETF			AB Short Duration High Yield ETF			AB Short Duration Income ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $56,179,709, $880,501,555 and $173,443,053, respectively)	$	56,442,806		$	874,209,300		$	172,735,455
Affiliated issuers (cost $1,690,337, $14,434,300 and $1,447,540, respectively)		1,690,337			14,434,300			1,447,540
Cash		7			6,785			89,413
Cash collateral due from broker		81,165			766,413			616,631
Foreign currencies, at value (cost $0, $839,065 and $50,201, respectively)		– 0	–		838,645			50,029
Interest receivable		715,577			14,993,587			1,769,662
Receivable for variation margin on centrally cleared swaps		14,014			– 0	–		570
Affiliated dividends receivable		4,303			49,347			2,856
Receivable due from Adviser		268			3,263			235
Receivable for investment securities sold		– 0	–		3,427,932			1,443
Unrealized appreciation on forward currency exchange contracts		– 0	–		476,427			10,789
Receivable for variation margin on futures		– 0	–		– 0	–		27,960

Total assets		58,948,477			909,205,999			176,752,583

Liabilities
Payable for investment securities purchased		1,207,185			9,885,387			2,538,576
Payable for terminated centrally cleared interest rate swaps		13,179			– 0	–		– 0	–
Advisory fee payable		12,184			305,488			44,144
Payable for variation margin on futures		– 0	–		8,411			– 0	–
Unrealized depreciation on forward currency exchange contracts		– 0	–		9,475			2,076
Foreign capital gains tax payable		– 0	–		30,381			3,324
Accrued expenses		– 0	–		– 0	–		77,275

Total liabilities		1,232,548			10,239,142			2,665,395

Net Assets	$	57,715,929		$	898,966,857		$	174,087,188

Composition of Net Assets
Capital stock, at par	$	230		$	2,512		$	489
Additional paid-in capital		57,576,605			928,832,026			179,792,371
Distributable earnings/Accumulated loss		139,094			(29,867,681	)		(5,705,672	)

Net Assets	$	57,715,929		$	898,966,857		$	174,087,188



362 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value


	Net Assets		Shares Outstanding		Net Asset Value

AB Tax-Aware Long Municipal ETF	$	57,715,929		2,300,040	$	25.09

AB Short Duration High Yield ETF	$	898,966,857		25,120,150	$	35.79

AB Short Duration Income ETF	$	174,087,188		4,888,461	$	35.61

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 363

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)


	AB California Intermediate Municipal ETF			AB New York Intermediate Municipal ETF			AB Core Bond ETF
Assets
Investments in securities, at value (cost $1,166,978,992, $1,288,396,412 and $1,196,052,164, respectively)	$	1,157,732,580		$	1,282,812,840		$	1,159,578,986
Cash		– 0	–		5,658,410			16,833,597
Cash collateral due from broker		942,830			673,933			3,961,827
Foreign currencies, at value (cost $0, $0 and $214,070, respectively)		– 0	–		– 0	–		214,651
Unaffiliated interest and dividends receivable		15,600,009			16,413,730			8,259,909
Receivable for investment securities sold		3,215,000			150,000			27,528,596
Receivable for variation margin on centrally cleared swaps		25,837			23,939			– 0	–
Unrealized appreciation on forward currency exchange contracts		– 0	–		– 0	–		135,098
Unrealized appreciation on interest rate swaps		– 0	–		908,844			– 0	–
Foreign withholding tax reclaims		– 0	–		– 0	–		18,348
Other assets		– 0	–		– 0	–		270,000

Total assets		1,177,516,256			1,306,641,696			1,216,801,012

Liabilities
Due to custodian		15,730			– 0	–		– 0	–
Cash collateral due to broker		– 0			830,000			– 0	–
Payable for investment securities purchased		11,534,100			1,628,880			160,194,722
Advisory fee payable		262,738			296,743			242,284
Payable for variation margin on futures		– 0	–		– 0	–		275,216
Unrealized depreciation on forward currency exchange contracts		– 0	–		– 0	–		58,630
Foreign capital gains tax payable		– 0	–		– 0	–		2,315
Accrued expenses		82,480			39,869			82,274

Total liabilities		11,895,048			2,795,492			160,855,441

Net Assets	$	1,165,621,208		$	1,303,846,204		$	1,055,945,571

Composition of Net Assets
Capital stock, at par	$	4,646		$	5,203		$	3,577
Additional paid-in capital		1,179,186,187			1,337,600,025			1,182,674,061
Accumulated loss		(13,569,625	)		(33,759,024	)		(126,732,067	)

Net Assets	$	1,165,621,208		$	1,303,846,204		$	1,055,945,571



364 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value


	Net Assets		Shares Outstanding		Net Asset Value

AB California Intermediate Municipal ETF	$	1,165,621,208		46,455,552	$	25.09

AB New York Intermediate Municipal ETF	$	1,303,846,204		52,025,758	$	25.06

AB Core Bond ETF	$	1,055,945,571		35,768,003	$	29.52

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 365

STATEMENT OF ASSETS & LIABILITIES (unaudited) (continued)


	AB Conservative Buffer ETF			AB International Buffer ETF		AB Moderate Buffer ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,072,496,344, $128,776,806 and $412,303,336, respectively)	$	1,093,920,052		$	129,776,156	$	429,828,192
Affiliated issuers (cost $5,636,613, $684,600 and $2,226,979, respectively)		5,636,613			684,600		2,226,979
Cash collateral due from broker		– 0	–		2,000		2,000
Affiliated dividends receivable		16,811			2,002		6,275
Receivable due from Adviser		1,054			125		393

Total assets		1,099,574,530			130,464,883		432,063,839

Liabilities
Options written, at value (premiums received $30,002,612, $2,607,319 and $9,851,459, respectively)		38,811,650			2,095,360		15,645,129
Advisory fee payable		613,673			72,664		237,738

Total liabilities		39,425,323			2,168,024		15,882,867

Net Assets	$	1,060,149,207		$	128,296,859	$	416,180,972

Composition of Net Assets
Capital stock, at par	$	2,495		$	305	$	1,028
Additional paid-in capital		1,028,287,841			123,106,139		396,242,227
Distributable earnings		31,860,871			5,190,415		19,937,717

Net Assets	$	1,060,151,207		$	128,296,859	$	416,180,972

Net Asset Value Per Share—500 million shares of capital stock authorized, $.0001 par value


	Net Assets		Shares Outstanding		Net Asset Value

AB Conservative Buffer ETF	$	1,060,151,207		24,950,028	$	42.49

AB International Buffer ETF	$	128,296,859		3,050,028	$	42.06

AB Moderate Buffer ETF	$	416,180,972		10,275,028	$	40.50

See notes to financial statements.



366 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF OPERATIONS

Year Ended May 31, 2026 (unaudited)


	AB Tax-Aware Short Duration Municipal ETF			AB Ultra Short Income ETF			AB High Yield ETF
Investment Income
Interest	$	18,960,346		$	29,360,426		$	11,122,328
Dividends—Affiliated issuers		376,214			1,148,119			109,700
Dividends—Unaffiliated issuers		– 0	–		– 0	–		2,642
Other income		– 0	–		– 0	–		788

Total income	$	19,336,560		$	30,508,545		$	11,235,458

Expenses
Advisory fee (see Note B)		1,534,645			1,821,932			631,974

Total expenses before bank overdraft expense		1,534,645			1,821,932			631,974
Bank overdraft expense		393			– 0	–		1,405

Total expenses		1,535,038			1,821,932			633,379
Less: expenses waived and reimbursed by the Adviser (see Note B)		(22,232	)		(68,495	)		(6,612	)

Net expenses		1,512,806			1,753,437			626,767

Net investment income		17,823,754			28,755,108			10,608,691

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions^(a)		(256,326	)		(158,180	)		503,261
In-kind redemptions		848,853			– 0	–		237,691
Forward currency exchange contracts		– 0	–		– 0	–		(3,723	)
Futures		– 0	–		(2,124,688	)		(384,304	)
Swaps		202,220			– 0	–		134,759
Foreign currency transactions		– 0	–		– 0	–		(105,112	)
Net change in unrealized appreciation (depreciation) of:
Investments^(b)		(4,074,824	)		(4,855,862	)		(3,195,124	)
Forward currency exchange contracts		– 0	–		– 0	–		135,167
Futures		– 0	–		89,883			92,290
Swaps		(150,246	)		– 0	–		(6,222	)
Foreign currency denominated assets and liabilities		– 0	–		– 0	–		(633	)

Net loss on investment and foreign currency transactions		(3,430,323	)		(7,048,847	)		(2,591,950	)

Net Increase in Net Assets from Operations	$	14,393,431		$	21,706,261		$	8,016,741

(a)	Net of foreign realized capital gains taxes of $575, $0 and $0, respectively.

(b)	Net of decrease in accrued foreign capital gains taxes on unrealized gains of $1,287, $0 and $0, respectively.

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 367

STATEMENT OF OPERATIONS (unaudited) (continued)


	AB Core Plus Bond ETF			AB Corporate Bond ETF			AB Tax-Aware Intermediate Municipal ETF
Investment Income
Interest	$	4,778,537		$	674,929		$	9,800,621
Dividends—Affiliated issuers		190,673			3,771			172,190
Other income		73			– 0	–		625

Total income	$	4,969,283		$	678,700		$	9,973,436

Expenses
Advisory fee (see Note B)		309,600			40,174			688,152

Total expenses before bank overdraft expense		309,600			40,174			688,152
Bank overdraft expense		194			588			1,473

Total expenses		309,794			40,762			689,625
Less: expenses waived and reimbursed by the Adviser (see Note B)		(11,379	)		(231	)		(10,287	)

Net expenses		298,415			40,531			679,338

Net investment income		4,670,868			638,169			9,294,098

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions^(a)		(740,337	)		(115,177	)		119,072
In-kind redemptions		18,755			140,110			– 0	–
Futures		(247,023	)		(60,856	)		– 0	–
Swaps		– 0	–		– 0	–		(32,875	)
Net change in unrealized appreciation (depreciation) of:
Investments		(3,194,677	)		(473,740	)		(304,924	)
Futures		62,406			(52,875	)		– 0	–
Swaps		– 0	–		– 0	–		(487,931	)

Net loss on investment transactions		(4,100,876	)		(562,538	)		(706,658	)

Net Increase in Net Assets from Operations	$	569,992		$	75,631		$	8,587,440

(a)	Net of foreign realized capital gains taxes of $6,554, $0 and $0, respectively.

See notes to financial statements.



368 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF OPERATIONS (unaudited) (continued)


	AB Tax-Aware Long Municipal ETF			AB Short Duration High Yield ETF			AB Short Duration Income ETF
Investment Income
Interest	$	1,053,181		$	27,518,723		$	3,739,520
Dividends—Affiliated issuers		23,483			350,172			23,291

Total income	$	1,076,664		$	27,868,895		$	3,762,811

Expenses
Advisory fee (see Note B)		66,984			1,746,520			240,662

Total expenses before bank overdraft expense		66,984			1,746,520			240,662
Bank overdraft expense		167			3,158			96

Total expenses		67,151			1,749,678			240,758
Less: expenses waived and reimbursed by the Adviser (see Note B)		(1,395	)		(21,327	)		(1,412	)

Net expenses		65,756			1,728,351			239,346

Net investment income		1,010,908			26,140,544			3,523,465

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions^(a)		(123,780	)		1,643,619			211,479
In-kind redemptions		18,087			411,583			65,431
Forward currency exchange contracts		– 0	–		29,400			251
Futures		– 0	–		558,499			(238,833	)
Swaps		116,431			531,898			16,554
Foreign currency transactions		– 0	–		(540,016	)		(14,492	)
Net change in unrealized appreciation (depreciation) of:
Investments^(b)		61,198			(7,310,102	)		(1,631,361	)
Forward currency exchange contracts		– 0	–		596,189			13,238
Futures		– 0	–		(271,394	)		(687	)
Swaps		(78,902	)		– 0	–		154,168
Foreign currency denominated assets and liabilities		– 0	–		9,125			352

Net loss on investment and foreign currency transactions		(6,966	)		(4,341,199	)		(1,423,900	)

Net Increase in Net Assets from Operations	$	1,003,942		$	21,799,345		$	2,099,565

(a)	Net of foreign realized capital gains taxes of $225, $3,288 and $0, respectively.

(b)	Net of decrease in accrued foreign capital gains taxes on unrealized gains of $0, $8,026 and $98, respectively.

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 369

STATEMENT OF OPERATIONS (unaudited) (continued)


	AB California Intermediate Municipal ETF			AB New York Intermediate Municipal ETF			AB Core Bond ETF
Investment Income
Interest	$	19,653,297		$	21,409,007		$	19,432,528
Other income		– 0	–		– 0	–		1,916

Total income	$	19,653,297		$	21,409,007		$	19,434,444

Expenses
Advisory fee (see Note B)		1,514,127			1,746,867			1,305,637

Total expenses before bank overdraft expense		1,514,127			1,746,867			1,305,637
Bank overdraft expense		26,498			8,512			843

Total expenses		1,540,625			1,755,379			1,306,480

Net expenses		1,540,625			1,755,379			1,306,480

Net investment income		18,112,672			19,653,628			18,127,964

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions^(a)		78,356			(3,485,883	)		648,379
In-kind redemptions		1,091,330			70,885			(829,766	)
Forward currency exchange contracts		– 0	–		– 0	–		12,342
Futures		– 0	–		– 0	–		(4,154,016	)
Swaps		(15,619	)		(627,236	)		– 0	–
Foreign currency transactions		– 0	–		– 0	–		352,381
Net change in unrealized appreciation (depreciation) of:		(4,262,743	)		3,597,085			(14,837,800	)
Investments^(b)		(4,262,743	)		3,597,085			(14,837,800	)
Forward currency exchange contracts		– 0	–		– 0	–		(71,039	)
Futures		– 0	–		– 0	–		(96,263	)
Swaps		546,524			909,803			– 0	–
Foreign currency denominated assets and liabilities		– 0	–		– 0	–		5,082

Net gain (loss) on investment and foreign currency transactions		(2,562,152	)		464,654			(18,970,700	)
Contributions from Affiliates (see Note B)		– 0	–		– 0	–		2,722

Net Increase (Decrease) in Net Assets from Operations	$	15,550,520		$	20,118,282		$	(840,014	)

(a)	Net of foreign realized capital gains taxes of $0, $5,750 and $0, respectively.

(b)	Net of decrease in accrued foreign capital gains taxes on unrealized gains of $0, $1,716 and $0, respectively.

See notes to financial statements.



370 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF OPERATIONS (unaudited) (continued)


	AB Conservative Buffer ETF			AB International Buffer ETF			AB Moderate Buffer ETF
Investment Income
Dividends—Affiliated issuers	$	93,404		$	9,423		$	31,821
Interest		2			5			8
Other income		89			2,081			2,183

Total income	$	93,495		$	11,509		$	34,012

Expenses
Advisory fee (see Note B)		3,486,424			344,241			1,171,480

Total expenses before bank overdraft expense		3,486,424			344,241			1,171,480
Bank overdraft expense		262			656			15

Total expenses		3,486,686			344,897			1,171,495
Less: expenses waived and reimbursed by the Adviser (see Note B)		(5,575	)		(565	)		(1,901	)

Net expenses		3,481,111			344,332			1,169,594

Net investment income		(3,387,616	)		(332,823	)		(1,135,582	)

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions		48,894,760			4,029,045			15,451,971
In-kind redemptions		(2,834,338	)		2,352,814			10,590,178
Options written		(17,824,338	)		(905,951	)		(14,053,937	)
Net change in unrealized appreciation (depreciation) of:
Investments		24,015,406			732,183			12,980,151
Options written		(15,335,499	)		373,361			(7,896,013	)

Net gain on investment transactions		36,915,991			6,581,452			17,072,350

Net Increase in Net Assets from Operations	$	33,528,375		$	6,248,629		$	15,936,768

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 371

STATEMENT OF CHANGES IN NET ASSETS


	AB Tax-Aware Short Duration Municipal ETF						AB Ultra Short Income ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income	$	17,823,754		$	26,531,780		$	28,755,108		$	60,793,155
Net realized gain (loss) on investment transactions		794,747			(238,764	)		(2,282,868	)		(111,720	)
Net change in unrealized appreciation (depreciation) of investments		(4,225,070	)		2,820,583			(4,765,979	)		2,819,333
Contributions from Affiliates (see Note B)		– 0	–		2,723			– 0	–		– 0	–

Net increase in net assets from operations		14,393,431			29,116,322			21,706,261			63,500,768
Distributions to Shareholders		(17,684,429	)		(25,495,866	)		(30,064,576	)		(60,695,920	)
Transactions in Shares of the Fund
Net increase (decrease)		222,044,595			389,795,505			(26,556,587	)		353,341,290
Other Capital		83,877			143,158			– 0	–		– 0	–

Total increase (decrease)		218,837,474			393,559,119			(34,914,902	)		356,146,138
Net Assets
Beginning of period		1,044,152,755			650,593,636			1,499,275,212			1,143,129,074

End of period	$	1,262,990,229		$	1,044,152,755		$	1,464,360,310		$	1,499,275,212

See notes to financial statements.



372 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB High Yield ETF						AB Core Plus Bond ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income	$	10,608,691		$	14,755,703		$	4,670,868		$	6,608,835
Net realized gain (loss) on investment and foreign currency transactions		382,572			1,539,190			(968,605	)		457,100
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(2,974,522	)		181,636			(3,132,271	)		912,878

Net increase in net assets from operations		8,016,741			16,476,529			569,992			7,978,813
Distributions to Shareholders		(10,693,806	)		(13,808,737	)		(4,890,762	)		(6,108,010	)
Transactions in Shares of the Fund
Net increase		38,229,418			127,652,321			23,082,260			138,643,204
Other Capital		2,604			23,564			7,029			16,056

Total increase .		35,554,957			130,343,677			18,768,519			140,530,063
Net Assets
Beginning of period		305,450,364			175,106,687			195,913,051			55,382,988

End of period	$	341,005,321		$	305,450,364		$	214,681,570		$	195,913,051

See	notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 373

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Corporate Bond ETF						AB Tax-Aware Intermediate Municipal ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income	$	638,169		$	1,313,684		$	9,294,098		$	9,987,414
Net realized gain (loss) on investment transactions		(35,923	)		319,764			86,197			(429,733	)
Net change in unrealized appreciation (depreciation) of investments		(526,615	)		(98,726	)		(792,855	)		4,843,009

Net increase in net assets from operations		75,631			1,534,722			8,587,440			14,400,690
Distributions to Shareholders		(666,400	)		(1,506,283	)		(8,925,094	)		(8,743,650	)
Transactions in Shares of the Fund
Net increase (decrease)		(9,070	)		1,755,345			195,794,510			322,081,425
Other Capital		– 0	–		67			168,219			293,363

Total increase (decrease)		(599,839	)		1,783,851			195,625,075			328,031,828
Net Assets
Beginning of period		27,142,293			25,358,442			420,507,850			92,476,022

End of period	$	26,542,454		$	27,142,293		$	616,132,925		$	420,507,850

See	notes to financial statements.



374 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Tax-Aware Long Municipal ETF						AB Short Duration High Yield ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,010,908		$	1,333,108		$	26,140,544		$	51,179,077
Net realized gain (loss) on investment and foreign currency transactions		10,738			(216,101	)		2,634,983			518,640
Net change in unrealized depreciation of investments and foreign currency denominated assets and liabilities		(17,704	)		(370,267	)		(6,976,182	)		(3,115,226	)

Net increase in net assets from operations		1,003,942			746,740			21,799,345			48,582,491
Distributions to Shareholders		(983,381	)		(1,295,116	)		(26,234,681	)		(47,922,615	)
Transactions in Shares of the Fund
Net increase		14,839,515			13,798,975			65,572,630			82,729,034
Other Capital		35,430			43,062			28,798			60,872

Total increase .		14,895,506			13,293,661			61,166,092			83,449,782
Net Assets
Beginning of period		42,820,423			29,526,762			837,800,765			754,350,983

End of period	$	57,715,929		$	42,820,423		$	898,966,857		$	837,800,765

See	notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 375

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Short Duration Income ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,523,465		$	5,549,850
Net realized gain on investment and foreign currency transactions		40,390			993,762
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(1,464,290	)		447,592

Net increase in net assets from operations		2,099,565			6,991,204
Distributions to Shareholders		(3,614,688	)		(5,535,810	)
Transactions in Shares of the Fund
Net increase		30,459,740			55,182,805
Other Capital		36			972

Total increase .		28,944,653			56,639,171
Net Assets
Beginning of period		145,142,535			88,503,364

End of period	$	174,087,188		$	145,142,535

See	notes to financial statements.



376 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB California Intermediate Municipal ETF
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025			Year Ended September 30, 2025^(a)
Increase (Decrease) in Net Assets from Operations
Net investment income	$	18,112,672		$	5,719,481		$	30,734,034
Net realized gain on investment transactions		1,154,067			1,292,394			97,147
Net change in unrealized appreciation (depreciation) of investments		(3,716,219	)		5,376,628			(7,423,081	)

Net increase in net assets from operations .		15,550,520			12,388,503			23,408,100
Distributions to Shareholders
Municipal Class		– 0	–		– 0	–		(25,034,821	)
Class A		– 0	–		– 0	–		(1,258,916	)
Class C		– 0	–		– 0	–		(33,186	)
Advisor Class		(19,491,403	)		(3,097,434	)		(4,053,384	)
Return of Capital
Municipal Class		– 0	–		– 0	–		(462,148	)
Class A		– 0	–		– 0	–		(23,240	)
Class C		– 0	–		– 0	–		(613	)
Advisor Class		– 0	–		– 0	–		(74,826	)
Transactions in Shares of the Fund
Net increase		71,363,590			3,019,310			62,559,581
Other Capital		45,812			7,545			– 0	–

Total increase		67,468,519			12,317,924			55,026,547
Net Assets
Beginning of period		1,098,152,689			1,085,834,765			1,030,808,218

End of period	$	1,165,621,208		$	1,098,152,689		$	1,085,834,765

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on October 3, 2025, California Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB California Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

See	notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 377

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB New York Intermediate Municipal ETF
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025^(a)			Year Ended September 30, 2025^(b)
Increase (Decrease) in Net Assets from Operations
Net investment income	$	19,653,628		$	6,048,389		$	35,302,223
Net realized gain (loss) on investment transactions		(4,042,234	)		615,935			(3,498,399	)
Net change in unrealized appreciation (depreciation) of investments		4,506,888			5,190,421			(7,976,376	)

Net increase (decrease) in net assets from operations		20,118,282			11,854,745			23,827,448
Distributions to Shareholders								(1,801,246	)
Class A		– 0	–		– 0	–
Class C		– 0	–		– 0	–		(34,459	)
Advisor Class		(19,265,188	)		(3,614,529	)		(1,436,296	)
Municipal Class		– 0	–		– 0	–		(31,911,836	)
Transactions in Shares of the Fund
Net increase		10,006,516			3,715,650			(51,699,999	)
Other Capital		36,324			– 0	–		– 0	–

Total increase (decrease)		10,895,934			11,955,866			(63,056,388	)
Net Assets
Beginning of period		1,292,950,270			1,280,994,404			1,344,050,792

End of period	$	1,303,846,204		$	1,292,950,270		$	1,280,994,404

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on November 7, 2025, New York Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB New York Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

See	notes to financial statements.



378 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Core Bond ETF
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025^(a)			Year Ended September 30, 2025^(b)
Increase (Decrease) in Net Assets from Operations
Net investment income	$	18,127,964		$	5,938,881		$	35,444,319
Net realized loss on investment and foreign currency transactions		(3,970,680	)		1,990,331			(939,322	)
Net change in unrealized depreciation of investments and foreign currency denominated assets and liabilities		(15,000,020	)		1,853,051			(8,674,938	)
Contributions from Affiliates (see Note B)		2,722			– 0	–		– 0	–

Net decrease in net assets from operations .		(840,014	)		9,782,263			25,830,059
Distributions to Shareholders		(18,883,184	)		(3,584,580	)		(34,541,099	)
Transactions in Shares of the Fund
Net increase		199,101,520			16,719,933			91,558,182
Other Capital		15,341			5,036			– 0	–

Total increase		179,393,663			22,922,652			82,847,142
Net Assets
Beginning of period		876,551,908			853,629,256			770,782,114

End of period	$	1,055,945,571		$	876,551,908		$	853,629,256

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on November 7, 2025, Bernstein Intermediate Duration Institutional Portfolio (the “Acquired Portfolio”) was reorganized into AB Core Bond ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.

See	notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 379

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Conservative Buffer ETF						AB International Buffer ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			December 9, 2024^(a)to November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment loss	$	(3,387,616	)	$	(5,726,353	)	$	(332,823	)	$	(259,470	)
Net realized gain on investment transactions		28,236,084			49,963,628			5,475,908			4,319,491
Net change in unrealized appreciation of investments		8,679,907			5,119			1,105,544			405,766

Net increase in net assets from operations		33,528,375			44,242,394			6,248,629			4,465,787
Transactions in Shares of the Fund
Net increase		49,923,628			235,652,725			48,096,278			69,372,420
Other Capital		11,829			53,565			52,166			61,579

Total increase .		83,463,832			279,948,684			54,397,073			73,899,786
Net Assets
Beginning of period		976,687,375			696,738,691			73,899,786			– 0	–

End of period	$	1,060,151,207		$	976,687,375		$	128,296,859		$	73,899,786

(a)	Commencement of operations.

See	notes to financial statements.



380 AB Active ETFs, Inc.		ABFunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Moderate Buffer ETF
	Six Months Ended May 31, 2026 (unaudited)			December 9, 2024^(a)to November 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment loss	$	(1,135,582	)	$	(975,749	)
Net realized gain on investment transactions		11,988,212			15,563,840
Net change in unrealized appreciation of investments		5,084,138			6,647,049

Net increase in net assets from operations		15,936,768			21,235,140
Transactions in Shares of the Fund
Net increase		131,267,870			247,659,617
Other Capital		30,861			50,716

Total increase .		147,235,499			268,945,473
Net Assets
Beginning of period		268,945,473			– 0	–

End of period	$	416,180,972		$	268,945,473

(a)	Commencement of operations.

See	notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 381

NOTES TO FINANCIAL STATEMENTS

May 31, 2026 (unaudited)

NOTE A

Significant Accounting Policies

AB Active ETFs, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Corporation, which is a Maryland corporation, operates as a series company comprised of 23 funds currently in operation. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to AB Tax-Aware Short Duration Municipal ETF, AB Ultra Short Income ETF, AB High Yield ETF, AB Core Plus Bond ETF, AB Corporate Bond ETF, AB Tax-Aware Intermediate Municipal ETF, AB Tax-Aware Long Municipal ETF, AB Short Duration High Yield ETF, AB Short Duration Income ETF, AB California Intermediate Municipal ETF, AB New York Intermediate Municipal ETF, AB Core Bond ETF, AB Conservative Buffer ETF, AB International Buffer ETF and AB Moderate Buffer ETF (hereafter collectively referred to as the “Funds” and each individually a “Fund”). AB Tax-Aware Short Duration Municipal ETF, AB Ultra Short Income ETF, AB High Yield ETF, AB Core Plus Bond ETF, AB Corporate Bond ETF, AB Tax-Aware Intermediate Municipal ETF, AB Tax-Aware Long Municipal ETF, AB Short Duration High Yield ETF, AB Short Duration Income ETF and AB Core Bond ETF are diversified portfolios. AB California Intermediate Municipal ETF, AB New York Intermediate Municipal ETF, AB Conservative Buffer ETF, AB International Buffer ETF and AB Moderate Buffer ETF are non-diversified portfolios.

The AB Core Plus Bond ETF commenced investment operations on December 13, 2023. The AB Core Plus Bond ETF (the “Acquiring Fund”) acquired the assets and liabilities of AB Total Return Bond Portfolio, a portfolio of AB Bond Fund, Inc. (the “Acquired Fund”), in a reorganization that was effective at the close of business on February 7, 2025 (the “Reorganization”). The Reorganization was approved by the Fund’s Board of Directors (the “Board”) pursuant to a Plan of Acquisition and Liquidation (the “Reorganization Agreement”) (see Note H for additional information). The Acquiring Fund was the accounting survivor in the Reorganization.

Certain of the Funds, as set forth in the table below, participated in reorganizations pursuant to which a predecessor mutual fund (an “Acquired Portfolio”) transferred its assets and liabilities to a Fund (each a “Conversion”). Pursuant to an Agreement and Plan of Acquisition and Termination (each a “Plan”), each Acquired Portfolio was converted into an ETF (the “Acquiring Portfolio”), with the same investment objective, and the same investment policies and investment strategies as the Acquired Portfolio on the conversion date of the Conversion (the “Conversion date”). In connection with each Conversion, the assets and liabilities of an Acquired Portfolio were transferred to its respective Acquiring Portfolio, and stockholders of the Acquired Portfolio received shares of the Acquiring Portfolio equal in aggregate net asset value (“NAV”) to the NAV of their



382 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

shares of the Acquired Portfolio (less cash corresponding to any fractional share amount). Each Acquired Portfolio had a fiscal year end different than its Acquiring Portfolio. Each Acquiring Portfolio has a fiscal year end of November 30. Each Acquired Portfolio was the accounting survivor in its Conversion and as such, the financial statements and the financial highlights reflect the financial information of the Acquired Portfolio through the Conversion date. See Note H for additional information regarding each Conversion. The following chart sets forth each Acquiring Portfolio and Acquired Portfolio, each Conversion date and each Acquired Portfolio’s fiscal year end:


Acquiring Portfolio	Acquired Portfolio	Conversion Date and Acquiring Portfolio Commencement of Operations Date	Acquired Portfolio Fiscal Year End
AB Short Duration High Yield ETF	AB Short Duration High Yield Portfolio, a Portfolio of AB Bond Fund, Inc.	June 7, 2024	September 30

AB Short Duration Income ETF	AB Short Duration Income Portfolio, a portfolio of AB Bond Fund, Inc.	June 7, 2024	October 31

AB California Intermediate Municipal ETF	California Municipal Portfolio, a portfolio of Sanford C. Bernstein Fund, Inc.	October 3, 2025	September 30

AB New York Intermediate Municipal ETF	New York Municipal Portfolio, a portfolio of Sanford C. Bernstein Fund, Inc.	November 7, 2025	September 30

AB Core Bond ETF	Bernstein Intermediate Duration Institutional Portfolio, a portfolio of Sanford C. Bernstein Fund II, Inc.	November 7, 2025	September 30

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Funds.



ABFunds.com		AB Active ETFs, Inc. 383

NOTES TO FINANCIAL STATEMENTS (continued)

1. Security Valuation

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed options are generally valued using market-based inputs, such as last traded prices, closing bid and ask prices, or settlement prices, as applicable; over-the-counter (“OTC”) options, including flexible exchange-traded options (“Flex Options”), are typically valued at transaction price on the trade date and thereafter valued using models that consider the terms of the option and/or relevant market inputs, as applicable; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at fair value by an independent pricing service. If an independent fair value is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reason ably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services,



384 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open -end mutual funds are valued at closing net assets value per share, while exchange-traded funds are valued at closing market price per share.

2. Fair Value Measurements

•

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 Funds’ own assumptions in determining the fair value of investments)



ABFunds.com		AB Active ETFs, Inc. 385

NOTES TO FINANCIAL STATEMENTS (continued)

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 a 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.

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.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency,



386 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

The following tables summarize the valuation of the Funds’ investments by the above fair value hierarchy levels as of May 31, 2026:

AB Tax-Aware Short Duration Municipal ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,071,767,210

– 0

–

1,071,767,210

Short-Term Municipal Notes

– 0

–

161,578,649

– 0

–

161,578,649

Collateralized Mortgage Obligations

– 0

–

5,759,017

– 0

–

5,759,017

Asset-Backed Securities

– 0

–

1,422,389

2,209,715

3,632,104

Commercial Mortgage-Backed Securities

– 0

–

3,117,326

– 0

–

3,117,326

Corporates – Investment Grade

– 0

–

1,282,219

– 0

–

1,282,219

Warrants

– 0

–

– 0

–

9,912

Total Investments in Securities

– 0

–

1,244,926,810

2,219,627

1,247,146,437

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

186,940

– 0

–

186,940

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

26,854

– 0

–

26,854

^(b)

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(342,512

)

– 0

–

(342,512

)^(b)

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(51,323

)

– 0

–

(51,323

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(2,617

)

– 0

–

(2,617

)^(b)

Total

– 0

–

1,244,744,152

2,219,627

1,246,963,779



ABFunds.com		AB Active ETFs, Inc. 387

NOTES TO FINANCIAL STATEMENTS (continued)

AB Ultra Short Income ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Investment Grade

– 0

–

640,077,533

– 0

–

640,077,533

Governments – Treasuries

– 0

–

478,151,221

– 0

–

478,151,221

Asset-Backed Securities

– 0

–

99,788,879

2,654,157

102,443,036

Short-Term Investments:

Commercial Paper

– 0

–

205,984,309

– 0

–

205,984,309

Investment Companies

31,259,738

– 0

–

– 0

–

31,259,738

Total Investments in Securities

31,259,738

1,424,001,942

2,654,157

1,457,915,837

Other Financial Instruments^(a):

Assets:

Futures

253,321

– 0

–

– 0

–

253,321

^(b)

Liabilities

– 0

–

– 0

–

– 0

–

– 0

–

Total

31,513,059

1,424,001,942

2,654,157

1,458,169,158

AB High Yield ETF


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Corporates – Non-Investment Grade	$	– 0	–	$	261,325,744		$	24,406	^(c)	$	261,350,150
Corporates – Investment Grade		– 0	–		48,984,747			– 0	–		48,984,747
Bank Loans		– 0	–		12,990,006			284,260			13,274,266
Emerging Markets – Corporate Bonds		– 0	–		3,560,233			0	^(c)		3,560,233
Preferred Stocks		10,241			43,239			570,730			624,210
Common Stocks		180,164			152,784			290,997	^(c)		623,945
Rights		– 0	–		– 0	–		7,464			7,464
Short-Term Investments		7,132,889			– 0	–		– 0	–		7,132,889

Total Investments in Securities		7,323,294			327,056,753			1,177,857	^(c)		335,557,904
Other Financial Instruments^(a):
Assets:
Futures		143,110			– 0	–		– 0	–		143,110	^(b)
Forward Currency Exchange Contracts		– 0	–		116,208			– 0	–		116,208
Liabilities:
Futures		(56,961	)		– 0	–		– 0	–		(56,961	)^(b)
Centrally Cleared Credit Default Swaps		– 0	–		(34,489	)		– 0	–		(34,489	)^(b)

Total	$	7,409,443		$	327,138,472		$	1,177,857	^(c)	$	335,725,772

AB Core Plus Bond ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments – Treasuries

– 0

–

93,287,360

– 0

–

93,287,360

Corporates – Investment Grade

– 0

–

80,457,057

– 0

–

80,457,057

Corporates – Non-Investment Grade

– 0

–

15,085,153

– 0

–

15,085,153

Mortgage Pass-Throughs

– 0

–

9,137,034

– 0

–

9,137,034



388 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


Investments in Securities:	Level 1			Level 2			Level 3			Total
Collateralized Loan Obligations	$	– 0	–	$	3,564,896		$	– 0	–	$	3,564,896
Commercial Mortgage-Backed Securities		– 0	–		2,601,806			– 0	–		2,601,806
Asset-Backed Securities		– 0	–		2,066,161			26,335			2,092,496
Collateralized Mortgage Obligations		– 0	–		210,588			– 0	–		210,588
Emerging Markets – Corporate Bonds		– 0	–		205,395			– 0	–		205,395
Short-Term Investments		9,550,124			– 0	–		– 0	–		9,550,124

Total Investments in Securities		9,550,124			206,615,450			26,335			216,191,909
Other Financial Instruments^(a):
Assets:
Futures		172,109			– 0	–		– 0	–		172,109	^(b)
Liabilities:
Futures		(90,953	)		– 0	–		– 0	–		(90,953	)^(b)

Total	$	9,631,280		$	206,615,450		$	26,335		$	216,273,065

AB Corporate Bond ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Investment Grade

– 0

–

25,755,551

– 0

–

25,755,551

Short-Term Investments

132,946

– 0

–

– 0

–

132,946

Total Investments in Securities

132,946

25,755,551

– 0

–

25,888,497

Other Financial Instruments^(a):

Assets:

Futures

195,813

– 0

–

– 0

–

195,813

^(b)

Liabilities:

Futures

(230,469

)

– 0

–

– 0

–

(230,469

)^(b)

Total

98,290

25,755,551

– 0

–

25,853,841

AB Tax-Aware Intermediate Municipal ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

567,746,875

– 0

–

567,746,875

Short-Term Municipal Notes

– 0

–

33,095,875

– 0

–

33,095,875

Commercial Mortgage-Backed Securities

– 0

–

994,748

– 0

–

994,748

Collateralized Mortgage Obligations

– 0

–

756,925

– 0

–

756,925

Warrants

– 0

–

– 0

–

11,714

Short-Term Investments

11,994,014

– 0

–

– 0

–

11,994,014

Total Investments in Securities

11,994,014

602,594,423

11,714

614,600,151

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

264,675

– 0

–

264,675

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

357,748

– 0

–

357,748

^(b)

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(307,618

)

– 0

–

(307,618

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(227,075

)

– 0

–

(227,075

)^(b)

Total

11,994,014

602,682,153

11,714

614,687,881



ABFunds.com		AB Active ETFs, Inc. 389

NOTES TO FINANCIAL STATEMENTS (continued)

AB Tax-Aware Long Municipal ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

54,942,806

– 0

–

54,942,806

Short-Term Municipal Notes

– 0

–

1,500,000

– 0

–

1,500,000

Short-Term Investments

1,690,337

– 0

–

– 0

–

1,690,337

Total Investments in Securities

1,690,337

56,442,806

– 0

–

58,133,143

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

34,117

– 0

–

34,117

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

103,921

– 0

–

103,921

^(b)

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(44,995

)

– 0

–

(44,995

)^(b)

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(10,675

)

– 0

–

(10,675

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(7,548

)

– 0

–

(7,548

)^(b)

Total

1,690,337

56,517,626

– 0

–

58,207,963

AB Short Duration High Yield ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Non-Investment Grade

– 0

–

712,182,506

1,202,572

713,385,078

Corporates – Investment Grade

– 0

–

112,679,851

– 0

–

112,679,851

Bank Loans

– 0

–

39,611,889

123,232

39,735,121

Emerging Markets – Corporate Bonds

– 0

–

4,388,109

– 0

–

4,388,109

Emerging Markets – Sovereigns

– 0

–

2,508,217

– 0

–

2,508,217

Common Stocks

22,186

39,915

526,339

588,440

Commercial Mortgage-Backed Securities

– 0

–

469,448

– 0

–

469,448

Quasi-Sovereigns

– 0

–

384,800

– 0

–

384,800

Preferred Stocks

– 0

–

– 0

–

66,590

Collateralized Mortgage Obligations

– 0

–

3,646

– 0

–

3,646

Short-Term Investments

14,434,300

– 0

–

– 0

–

14,434,300

Total Investments in Securities

14,456,486

872,268,381

1,918,733

888,643,600

Other Financial Instruments^(a):

Assets:

Futures

140,707

– 0

–

– 0

–

140,707

^(b)

Forward Currency Exchange Contracts

– 0

–

476,427

– 0

–

476,427

Liabilities:

Futures

(366,304

)

– 0

–

– 0

–

(366,304

)^(b)

Forward Currency Exchange Contracts

– 0

–

(9,475

)

– 0

–

(9,475

)

Total

14,230,889

872,735,333

1,918,733

888,884,955



390 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

AB Short Duration Income ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Investment Grade

– 0

–

74,665,981

– 0

–

74,665,981

Governments – Treasuries

– 0

–

38,088,816

– 0

–

38,088,816

Asset-Backed Securities

– 0

–

18,598,362

906,035

19,504,397

Corporates – Non-Investment Grade

– 0

–

17,107,633

– 0

–

17,107,633

Collateralized Loan Obligations

– 0

–

9,638,803

– 0

–

9,638,803

Collateralized Mortgage Obligations

– 0

–

6,552,883

– 0

–

6,552,883

Mortgage Pass-Throughs

– 0

–

5,240,215

– 0

–

5,240,215

Commercial Mortgage-Backed Securities

– 0

–

927,383

– 0

–

927,383

Bank Loans

– 0

–

280,122

6,513

286,635

Common Stocks

1,244

– 0

–

– 0

–

1,244

Short-Term Investments:

Investment Companies

1,447,540

– 0

–

– 0

–

1,447,540

Asset-Backed Securities

– 0

–

721,465

– 0

–

721,465

Total Investments in Securities

1,448,784

171,821,663

912,548

174,182,995

Other Financial Instruments^(a):

Assets:

Futures

133,117

– 0

–

– 0

–

133,117

^(b)

Forward Currency Exchange Contracts

– 0

–

10,789

– 0

–

10,789

Centrally Cleared Credit Default Swaps

– 0

–

418,728

– 0

–

418,728

^(b)

Liabilities:

Futures

(122,656

)

– 0

–

– 0

–

(122,656

)^(b)

Forward Currency Exchange Contracts

– 0

–

(2,076

)

– 0

–

(2,076

)

Centrally Cleared Credit Default Swaps

– 0

–

(97,380

)

– 0

–

(97,380

)^(b)

Total

1,459,245

172,151,724

912,548

174,523,517

AB California Intermediate Municipal ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,062,458,242

– 0

–

1,062,458,242

Short-Term Municipal Notes

– 0

–

94,979,878

– 0

–

94,979,878

Asset-Backed Securities

– 0

–

294,460

– 0

–

294,460

Total Investments in Securities

– 0

–

1,157,732,580

– 0

–

1,157,732,580

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

462,032

– 0

–

462,032

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

1,662,402

– 0

–

1,662,402

^(b)

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(697,880

)

– 0

–

(697,880

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(599,884

)

– 0

–

(599,884

)^(b)

Total

– 0

–

1,158,559,250

– 0

–

1,158,559,250



ABFunds.com		AB Active ETFs, Inc. 391

NOTES TO FINANCIAL STATEMENTS (continued)

AB New York Intermediate Municipal ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,189,435,833

– 0

–

1,189,435,833

Short-Term Municipal Notes

– 0

–

93,082,547

– 0

–

93,082,547

Asset-Backed Securities

– 0

–

294,460

– 0

–

294,460

Total Investments in Securities

– 0

–

1,282,812,840

– 0

–

1,282,812,840

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

531,233

– 0

–

531,233

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

858,767

– 0

–

858,767

^(b)

Interest Rate Swaps

– 0

–

908,844

– 0

–

908,844

Liabilities:

Centrally Cleared Interest Rate Swaps

– 0

–

(334,822

)

– 0

–

(334,822

)^(b)

Total

– 0

–

1,284,776,862

– 0

–

1,284,776,862

AB Core Bond ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments – Treasuries

– 0

–

423,641,616

– 0

–

423,641,616

Corporates – Investment Grade

– 0

–

329,394,400

– 0

–

329,394,400

Mortgage Pass-Throughs

– 0

–

193,799,509

– 0

–

193,799,509

Collateralized Mortgage Obligations

– 0

–

59,627,089

– 0

–

59,627,089

Asset-Backed Securities

– 0

–

40,054,671

886,595

40,941,266

Collateralized Loan Obligations

– 0

–

22,534,130

– 0

–

22,534,130

Agencies

– 0

–

13,067,587

– 0

–

13,067,587

Commercial Mortgage-Backed Securities

– 0

–

8,964,560

– 0

–

8,964,560

Governments – Sovereign Bonds

– 0

–

7,244,506

– 0

–

7,244,506

Corporates – Non-Investment Grade

– 0

–

6,442,435

– 0

–

6,442,435

Local Governments – US Municipal Bonds

– 0

–

5,431,254

– 0

–

5,431,254

Emerging Markets – Corporate Bonds

– 0

–

5,015,098

– 0

–

5,015,098

Emerging Markets – Sovereigns

– 0

–

866,310

– 0

–

866,310

Quasi-Sovereigns

– 0

–

547,121

– 0

–

547,121

Governments – Sovereign Agencies

– 0

–

360,117

– 0

–

360,117

Common Stocks

– 0

–

– 0

–

26,759

Short-Term Investments

– 0

–

41,675,229

– 0

–

41,675,229

Total Investments in Securities

– 0

–

1,158,665,632

913,354

1,159,578,986

Other Financial Instruments^(a):

Assets:

Futures

757,159

– 0

–

– 0

–

757,159

^(b)

Forward Currency Exchange Contracts

– 0

–

135,098

– 0

–

135,098

Liabilities:

Futures

(376,681

)

– 0

–

– 0

–

(376,681

)^(b)

Forward Currency Exchange Contracts

– 0

–

(58,630

)

– 0

–

(58,630

)

Total

380,478

1,158,742,100

913,354

1,160,035,932



392 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

AB Conservative Buffer ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Purchased Options – Calls

– 0

–

1,076,226,063

– 0

–

1,076,226,063

Purchased Options – Puts

– 0

–

17,693,989

– 0

–

17,693,989

Short-Term Investments

5,636,613

– 0

–

– 0

–

5,636,613

Total Investments in Securities

5,636,613

1,093,920,052

– 0

–

1,099,556,665

Other Financial Instruments^(a):

Assets

– 0

–

– 0

–

– 0

–

– 0

–

Liabilities:

Call Written Options

– 0

–

(35,056,062

)

– 0

–

(35,056,062

)

Put Written Options

– 0

–

(3,755,588

)

– 0

–

(3,755,588

)

Total

5,636,613

1,055,108,402

– 0

–

1,060,745,015

AB International Buffer ETF

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Purchased Options – Calls

– 0

–

127,122,908

– 0

–

127,122,908

Purchased Options – Puts

– 0

–

2,653,248

– 0

–

2,653,248

Short-Term Investments

684,600

– 0

–

– 0

–

684,600

Total Investments in Securities

684,600

129,776,156

– 0

–

130,460,756

Other Financial Instruments^(a):

Assets

– 0

–

– 0

–

– 0

–

– 0

–

Liabilities:

Call Written Options

– 0

–

(1,410,815

)

– 0

–

(1,410,815

)

Put Written Options

– 0

–

(684,545

)

– 0

–

(684,545

)

Total

684,600

127,680,796

– 0

–

128,365,396

AB Moderate Buffer ETF

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Purchased Options – Calls

– 0

–

427,075,233

– 0

–

427,075,233

Purchased Options – Puts

– 0

–

2,752,959

– 0

–

2,752,959

Short-Term Investments

2,226,979

– 0

–

– 0

–

2,226,979

Total Investments in Securities

2,226,979

429,828,192

– 0

–

432,055,171

Other Financial Instruments^(a):

Assets

– 0

–

– 0

–

– 0

–

– 0

–

Liabilities:

Call Written Options

– 0

–

(14,658,787

)

– 0

–

(14,658,787

)

Put Written Options

– 0

–

(986,342

)

– 0

–

(986,342

)

Total

2,226,979

414,183,063

– 0

–

416,410,042

(a)

(b)

Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

(c)	The Fund held securities with zero market value at period end.



ABFunds.com		AB Active ETFs, Inc. 393

NOTES TO FINANCIAL STATEMENTS (continued)

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

4. Taxes

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Funds are informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Funds amortize premiums and accrete original issue and market discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from



394 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

Prior to the Conversion, all income earned and expenses incurred by the Acquired Portfolio were borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in the Acquired Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of AB Cap Fund, Inc. were charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses were all located among the various share classes based on respective net assets.

7. Dividends and Distributions

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

Each Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ President is the CODM. The CODM monitors the operating results of each Fund as a whole and the pre-determined Fund’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment’s performance versus the each Fund’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.



ABFunds.com		AB Active ETFs, Inc. 395

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, each Fund pays the Adviser a unitary advisory fee based on each Fund’s average daily net assets at the annual rate set forth below:


Fund	Advisory Fee Rate
AB Tax-Aware Short Duration Municipal ETF		.27	%
AB Ultra Short Income ETF		.25	%
AB High Yield ETF		.40	%
AB Core Plus Bond ETF		.30	%
AB Corporate Bond ETF		.30	%
AB Tax-Aware Intermediate Municipal ETF		.28	%
AB Tax-Aware Long Municipal ETF		.28	%
AB Short Duration High Yield ETF		.40	%
AB Short duration Income ETF		.30	%
AB California Intermediate Municipal ETF		.27	%
AB New York Intermediate Municipal ETF		.27	%
AB Core Bond ETF		.28	%
AB Conservative Buffer ETF		.69	%
AB International Buffer ETF		.69	%
AB Moderate Buffer ETF		.69	%

The fees are accrued daily and paid monthly.

With respect to AB Core Plus Bond ETF, prior to February 7, 2025, the AB Core Plus Bond ETF paid the Advisor a unitary advisory fee at annual rate of .33% of the AB Core Plus Bond ETF’s average daily net assets.

With respect to AB Short Duration High Yield ETF, prior to June 7, 2024, the Acquired Portfolio paid the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .50% of the next $2.5 billion and .45% in excess of $5 billion, of the AB Short Duration High Yield ETF’s average daily net assets. The Adviser had agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annual basis (the “Expense Caps”) to .95%, 1.70%, .70%, 1.20%, .95% and .70% of the daily average net assets for the Class A, Class C, Advisor Class, Class R, Class K and Class I shares, respectively.

With respect to AB Short Duration Income ETF, prior to June 7, 2024, the Acquired Portfolio paid the Adviser an advisory fee at an annual rate of .35% of the first $2.5 billion of the Fund’s average daily net assets and .30% of the excess over $2.5 billion of the AB Short Duration Income ETF’s average daily net assets. The Adviser had agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund



396 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annual basis (the “Expense Caps”) to .65%, 1.45% and .45% of daily average net assets for Class A, Class C, and Advisor Class shares, respectively.

With respect to AB California Intermediate Municipal ETF, prior to October 3, 2025, the Acquired Portfolio paid the Adviser an advisory fee of the AB California Intermediate Municipal ETF’s average daily net assets at an annual rate 0.425% of the first $1 billion, .375% of the next $2 billion, .325% of the next $2 billion and .275% thereafter. Prior to October 3, 2025, under the Shareholder Servicing Agreement between the Acquired Portfolio and the Adviser, the Adviser paid expenses it incurred in providing shareholder servicing to the Fund, the Acquired Portfolio and individual shareholders. The Shareholder Servicing Agreement did not apply to the Retail Classes. Such services included, but were not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by the Acquired Portfolio to the Adviser for services was .10 of 1%, annualized, of the average net assets attributable to the Bernstein Class during the month.

With respect to AB New York Intermediate Municipal ETF, prior to November 10, 2025, the Acquired Portfolio paid the Adviser an advisory fee of the AB New York Intermediate Municipal ETF’s average daily net assets at an annual rate 0.425% of the first $1 billion, .375% of the next $2 billion, .325% of the next $2 billion and .275% thereafter. Prior to November 7, 2025, under the Shareholder Servicing Agreement between the Acquired Portfolio and the Adviser, the Adviser paid expenses it incurred in providing shareholder servicing to Sanford C. Bernstein Fund, Inc., the Acquired Portfolio and individual shareholders. The Shareholder Servicing Agreement does not apply to the Retail Classes. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by the Acquired Portfolio to the Adviser for services is .10 of 1%, annualized, of the average net assets attributable to the Bernstein Class during the month.



ABFunds.com		AB Active ETFs, Inc. 397

NOTES TO FINANCIAL STATEMENTS (continued)

With respect to AB Core Bond ETF, prior to November 7, 2025, the Acquired Portfolio paid the Adviser an advisory fee at an annual rate of 0.45% of the first $2.5 billion, 0.40% of the next $2.5 billion, 0.35% of the next $5 billion and 0.30% in excess of $8 billion of the average daily net assets of the Acquired Portfolio. Pursuant to an Expense Limitation Agreement, the Adviser waived a portion of its advisory fee or reimbursed the Acquired Portfolio for a portion of its expenses to the extent necessary to limit the Acquired Portfolio’s expenses to 0.45%. This waiver extended through January 28, 2026 and may be extended by the Adviser for additional one-year terms.

Under the investment advisory agreement, in accordance with the unitary fee structure, the Adviser bears the cost of various third-party services required by the Fund, including audit, custodial, accounting, legal, transfer agency and printing costs and the fees and expenses of the Corporation’s directors and their counsel. Also under the investment advisory agreement, the Adviser will reimburse the Fund for the Fund’s share of the acquired funds fees and expenses (advisory fees and other expenses) of any pooled investment vehicle for which the Adviser serves as investment adviser.

For the six months ended May 31, 2026, such waivers amounted to:


Fund	Amount
AB Tax-Aware Short Duration Municipal ETF	$	22,232
AB Ultra Short Income ETF		68,495
AB High Yield ETF		6,612
AB Core Plus Bond ETF		11,379
AB Corporate Bond ETF		231
AB Tax-Aware Intermediate Municipal ETF		10,287
AB Tax-Aware Long Municipal ETF		1,395
AB Short Duration High Yield ETF		21,327
AB Short duration Income ETF		1,412
AB Conservative Buffer ETF		5,575
AB International Buffer ETF		565
AB Moderate Buffer ETF		1,901



398 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

with the Adviser, in connection with the Transaction. The Boards also agreed to call and hold a joint meeting of shareholders on August 3, 2026, for shareholders of each AB Fund to approve the new investment advisory agreement with the Adviser that would be effective after the closing of the Transaction.

A summary of the Funds’ transactions in the AB Government Money Market Portfolio for the six months ended May 31, 2026 is as follows:


Fund	Market Value 11/30/25 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 5/31/26 (000)			Dividend Income (000)
AB Tax-Aware Short Duration Municipal ETF	$	30,907	$	267,325	$	298,232	$	– 0	–	$	376
AB Ultra Short Income ETF		131,537		667,020		767,297		31,260			1,148
AB High Yield ETF		3,911		51,661		48,439		7,133			110
AB Core Plus Bond ETF		10,995		24,873		26,318		9,550			191
AB Corporate Bond ETF		251		5,466		5,584		133			4
AB Tax-Aware Intermediate Municipal ETF		11,334		132,632		131,972		11,994			172
AB Tax-Aware Long Municipal ETF		816		21,894		21,020		1,690			23
AB Short Duration High Yield ETF		16,759		170,666		172,991		14,434			350
AB Short Duration Income ETF		806		22,031		21,389		1,448			23
AB Conservative Buffer ETF		5,215		4,726		4,304		5,637			93
AB International Buffer ETF		398		1,965		1,678		685			9
AB Moderate Buffer ETF		1,420		5,597		4,790		2,227			32

During the six months ended May 31, 2026, the Adviser reimbursed the AB Core Bond ETF $2,722 for trading losses incurred due to a trade entry error.

During the year ended November 30, 2025, the Adviser reimbursed the AB Tax-Aware Short Duration Municipal ETF $2,723 for trading losses incurred due to a trade entry error.

NOTE C

Distribution Plan



ABFunds.com		AB Active ETFs, Inc. 399

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments and in-kind purchases and sales) for the six months ended May 31, 2026 were as follows:


	Purchases						Sales
Fund	Investment Securities (Excluding U.S. Government Securities)			U.S. Government Securities			Investment Securities (Excluding U.S. Government Securities)			U.S. Government Securities
AB Tax-Aware Short Duration Municipal ETF	$	291,483,218		$	5,000,000		$	105,470,883		$	243,868
AB Ultra Short Income ETF		38,514,371			169,142,421			37,733,969			274,864,280
AB High Yield ETF		115,392,464			– 0	–		111,766,635			– 0	–
AB Core Plus Bond ETF		60,205,181			74,383,818			52,819,875			72,833,585
AB Corporate Bond ETF		18,746,360			– 0	–		10,266,681			– 0	–
AB Tax-Aware Intermediate Municipal ETF		208,875,277			5,058,135			24,241,431			243,849
AB Tax-Aware Long Municipal ETF		26,367,971			– 0	–		12,355,246			– 0	–
AB Short Duration High Yield ETF		340,790,764			– 0	–		296,505,079			7,863
AB Short Duration Income ETF		52,790,634			20,264,541			39,629,850			28,480,968
AB California Intermediate Municipal ETF		195,871,586			– 0	–		120,777,786			21,510
AB New York Intermediate Municipal ETF		157,266,733			– 0	–		116,308,395			2,347,671
AB Core Bond ETF		128,554,399			995,029,916			74,890,453			893,918,381
AB Conservative Buffer ETF		– 0	–		– 0	–		– 0	–		– 0	–
AB International Buffer ETF		– 0	–		– 0	–		– 0	–		– 0	–
AB Moderate Buffer ETF		– 0	–		– 0	–		– 0	–		– 0	–



400 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

each in-kind redemption transaction. For the six months ended May 31, 2026, the Fund had in-kind purchases and in-kind sales as follows:

Purchases

Sales

Fund

In-Kind
Transactions

U.S.
Government
Securities

In-Kind
Transactions

U.S.
Government
Securities

AB Tax-Aware Short Duration Municipal ETF

90,267,342

– 0

–

25,186,782

– 0

–

AB Ultra Short Income ETF

– 0

–

– 0

–

– 0

–

– 0

–

AB High Yield ETF

39,539,342

– 0

–

11,069,193

– 0

–

AB Core Plus Bond ETF

10,763,207

11,578,250

2,272,479

2,350,855

AB Corporate Bond ETF

– 0

–

– 0

–

8,813,403

– 0

–

AB Tax-Aware Intermediate Municipal ETF

25,837,977

– 0

–

– 0

–

– 0

–

AB Tax-Aware Long Municipal ETF

– 0

–

– 0

–

1,086,886

AB Short Duration High Yield ETF

82,049,076

– 0

–

52,294,996

AB Short Duration Income ETF

26,444,308

5,509,398

2,749,273

2,504,623

AB California Intermediate Municipal ETF

13,610,993

– 0

–

40,715,367

– 0

–

AB New York Intermediate Municipal ETF

13,732,250

– 0

–

7,546,158

– 0

–

AB Core Bond ETF

107,220,339

70,403,860

2,414,365

7,744,271

AB Conservative Buffer ETF

104,729

– 0

–

9,256,210

– 0

–

AB International Buffer ETF

115,764

– 0

–

126,243,154

– 0

–

AB Moderate Buffer ETF

507,979,566

– 0

–

888,014,237

– 0

–


	Gross Unrealized
Fund	Appreciation		Depreciation			Net Unrealized Appreciation (Depreciation)
AB Tax-Aware Short Duration Municipal ETF	$	6,828,951	$	(4,082,826	)	$	2,746,125
AB Ultra Short Income ETF		1,550,399		(2,053,257	)		(502,858	)
AB High Yield ETF		4,550,516		(6,544,181	)		(1,993,665	)
AB Core Plus Bond ETF		1,177,795		(2,588,704	)		(1,410,909	)
AB Corporate Bond ETF		330,944		(497,503	)		(166,559	)
AB Tax-Aware Intermediate Municipal ETF		7,924,096		(2,953,507	)		4,970,589
AB Tax-Aware Long Municipal ETF		722,250		(365,960	)		356,290



ABFunds.com		AB Active ETFs, Inc. 401

NOTES TO FINANCIAL STATEMENTS (continued)


	Gross Unrealized
Fund	Appreciation		Depreciation			Net Unrealized Appreciation (Depreciation)
AB Short Duration High Yield ETF	$	10,613,044	$	(16,663,944	)	$	(6,050,900	)
AB Short Duration Income ETF		881,616		(1,391,138	)		(509,522	)
AB California Intermediate Municipal ETF		13,440,733		(22,275,443	)		(8,834,710	)
AB New York Intermediate Municipal ETF		13,089,618		(17,380,110	)		(4,290,492	)
AB Core Bond ETF		5,843,852		(41,860,084	)		(36,016,232	)
AB Conservative Buffer ETF		40,250,856		(27,636,186	)		12,614,670
AB International Buffer ETF		3,429,049		(1,917,740	)		1,511,309
AB Moderate Buffer ETF		28,795,107		(17,063,921	)		11,731,186

1. Derivative Financial Instruments

Each Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivatives utilized by the Funds, as well as the methods in which they may be used are:

•

Futures

Each Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Funds may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time each Fund enters into futures, a Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures,



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since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended May 31, 2026, the AB Ultra Short Income ETF, AB High Yield ETF, AB Core Plus Bond ETF, AB Corporate Bond ETF and AB Short Duration High Yield ETF held futures for hedging purposes. AB Short Duration Income ETF and AB Core Bond ETF held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts

During the six months ended May 31, 2026, the AB High Yield ETF, AB Short Duration High Yield ETF, AB Short Duration Income ETF and AB Core Bond ETF held forward currency exchange contracts for hedging purposes.

•

Option Transactions

For hedging and investment purposes, the Funds may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and



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foreign securities exchanges and over-the-counter markets. Among other things, the Funds may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Funds were permitted to expire without being sold or exercised, its premium would represent a loss to the Funds. Put and call purchased options are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Funds write an option, the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Funds’ maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Funds on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Funds has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Funds. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of the written option by the Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

During the six months ended May 31, 2026, the AB Conservative Buffer ETF, AB International Buffer ETF and AB Moderate Buffer ETF held purchased options for non-hedging purposes.



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During the six months ended May 31, 2026, the AB Conservative Buffer ETF, AB International Buffer ETF and AB Moderate Buffer ETF held written options for non-hedging purposes.

•

Swaps

Each Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk or inflation. Each Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Funds in accordance with the terms of the respective swaps to provide value and recourse to the Funds or their counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Funds’ exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain(loss) on swaps on the statement of operations, in addition to any realized gain (loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps, inflation swaps and credit default swaps, are subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants



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(“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Funds enter into a centrally cleared swap, each Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Funds agree to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the six months ended May 31, 2026, the AB Tax-Aware Short Duration Municipal ETF, AB Tax-Aware Intermediate Municipal ETF, AB Tax-Aware Long Municipal ETF, AB California Intermediate Municipal ETF and AB New York Intermediate Municipal ETF held inflation (CPI) swaps for hedging purposes.

Interest Rate Swaps:

Each Funds is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Funds may enter into interest rate swaps.



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Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Funds may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Funds may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Funds anticipate purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments).

Credit Default Swaps:

Each Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the



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Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended May 31, 2026, the AB Tax-Aware Short Duration Municipal ETF, AB Tax-Aware Intermediate Municipal ETF, AB Tax-Aware Long Municipal ETF and AB California Intermediate Municipal ETF held credit default swaps for hedging purposes. AB High Yield ETF, AB Short Duration High Yield ETF and AB Short Duration Income ETF held credit default swaps for hedging and non-hedging purposes.

The Funds’ ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Funds decline below specific levels (“net asset contingent features”). If these levels are triggered, the Funds’ OTC counterparty has the right to terminate such transaction and require the Funds to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period



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NOTES TO FINANCIAL STATEMENTS (continued)

end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the six months ended May 31, 2026, the Funds had entered into the following derivatives:

AB Tax-Aware Short Duration Municipal ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Payable for
variation margin
on centrally
cleared swaps

203,252

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

213,794

Payable
for variation
margin on
centrally cleared
swaps

53,940

Total

213,794

257,192

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	134,923	$	(2,959	)

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		67,297		(147,287	)

Total		$	202,220	$	(150,246	)



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AB Ultra Short Income ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

253,321

Total

253,321

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(2,124,688	)	$	89,883

Total		$	(2,124,688	)	$	89,883

AB High Yield ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of

Assets and
Liabilities

Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

143,110

Payable for
variation margin
on futures

56,961

Credit contracts

Payable for
variation
margin on
centrally
cleared swaps

26,933

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

116,208

Total

259,318

83,894

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.



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This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(384,304	)	$	92,290

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(3,723	)		135,167

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		134,759			(6,222	)

Total		$	(253,268	)	$	221,235

AB Core Plus Bond ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of

Assets and
Liabilities

Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

172,109

Payable for
variation margin
on futures

90,953

Total

172,109

90,953

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(247,023	)	$	62,406

Total		$	(247,023	)	$	62,406



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AB Corporate Bond ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of

Assets and
Liabilities

Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

195,813

Payable for
variation margin
on futures

230,469

Total

195,813

230,469

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(60,856	)	$	(52,875	)

Total		$	(60,856	)	$	(52,875	)

AB Tax-Aware Intermediate Municipal ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of

Assets and
Liabilities

Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Payable for
variation margin
on centrally
cleared swaps

182,545

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

622,490

Payable for
variation
margin on
centrally
cleared swaps

227,074

Total

622,490

409,619

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.



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NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(91,706	)	$	(356,297	)

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		58,831			(131,634	)

Total		$	(32,875	)	$	(487,931	)

AB Tax-Aware Long Municipal ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of

Assets and
Liabilities

Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Payable for
variation margin
on centrally
cleared swaps

26,701

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

138,038

Payable for
variation
margin on
centrally
cleared swaps

18,144

Total

138,038

44,845

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	107,543	$	(59,453	)

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		8,888		(19,449	)

Total		$	116,431	$	(78,902	)



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NOTES TO FINANCIAL STATEMENTS (continued)

AB Short Duration High Yield ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of

Assets and
Liabilities

Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

140,707

Payable for
variation margin on
futures

366,304

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

476,427

Unrealized
depreciation on
forward currency
exchange contracts

9,475

Total

617,134

375,779

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	558,499	$	(271,394	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		29,400		596,189

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		531,898		– 0	–

Total		$	1,119,797	$	324,795



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AB Short Duration Income ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of

Assets and
Liabilities

Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

133,117

Payable for
variation margin on
futures

122,656

Credit contracts

Receivable for variation margin on centrally cleared swaps

208,326

Payable for
variation margin on
centrally cleared
swaps

29,424

Foreign currency contracts

10,789

Unrealized
depreciation on
forward currency
exchange contracts

2,076

Total

352,232

154,156

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(238,833	)	$	(687	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		251			13,238

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		16,554			154,168

Total		$	(222,028	)	$	166,719



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NOTES TO FINANCIAL STATEMENTS (continued)

AB California Intermediate Municipal ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of

Assets and
Liabilities

Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Payable for
variation margin
on centrally
cleared swaps

414,133

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

1,669,839

Payable for
variation
margin on
centrally
cleared swaps

844,004

Total

1,669,839

1,258,137

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(191,402	)	$	887,140

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		175,783			(340,616	)

Total		$	(15,619	)	$	546,524



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AB New York Intermediate Municipal ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

957,188

Payable for
variation margin
on centrally
cleared swaps

572,952

Interest rate contracts

Unrealized appreciation on interest rate swaps

908,844

Total

1,866,032

572,952

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(627,236	)	$	909,803

Total		$	(627,236	)	$	909,803

AB Core Bond ETF

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

757,159

Payable for
variation margin on
futures

376,681

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

135,098

Unrealized
depreciation on
forward currency
exchange contracts

58,630

Total

892,257

435,311

*	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the schedule of investments.



ABFunds.com		AB Active ETFs, Inc. 417

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(4,154,016	)	$	(96,263	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		12,342			(71,039	)

Total		$	(4,141,674	)	$	(167,302	)

AB Conservative Buffer ETF


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location		Fair Value
Equity contracts	Investments in securities, at value	$	1,093,920,052

Equity contracts					Options written, at value	$	38,811,650

Total		$	1,093,920,052			$	38,811,650



418 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments	$	46,060,421		$	24,015,406

Equity contracts	Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options		(17,824,338	)		(15,335,499	)

Total		$	28,236,083		$	8,679,907

AB International Buffer ETF


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location		Fair Value
Equity contracts	Investments in securities, at value	$	129,776,156

Equity contracts					Options written, at value	$	2,095,360

Total		$	129,776,156			$	2,095,360


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments	$	6,381,859		$	732,183

Equity contracts	Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options		(905,951	)		373,361

Total		$	5,475,908		$	1,105,544



ABFunds.com		AB Active ETFs, Inc. 419

NOTES TO FINANCIAL STATEMENTS (continued)

AB Moderate Buffer ETF


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location		Fair Value
Equity contracts	Investments in securities, at value	$	429,828,192

Equity contracts					Options written, at value	$	15,645,129

Total		$	429,828,192			$	15,645,129


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments	$	26,042,149		$	12,980,151

Equity contracts	Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options		(14,053,937	)		(7,896,013	)

Total		$	11,988,212		$	5,084,138

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended May 31, 2026:

AB Tax-Aware Short Duration Municipal ETF


Centrally Cleared Interest Rate Swaps:
Average notional amount	$	4,836,000
Centrally Cleared Inflation Swaps:
Average notional amount	$	27,500,000
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	3,730,000



420 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

AB California Intermediate Municipal ETF


Centrally Cleared Interest Rate Swaps:
Average notional amount	$	88,312,857
Centrally Cleared Inflation Swaps:
Average notional amount	$	78,057,000
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	7,567,429

AB New York Intermediate Municipal ETF


Interest Rate Swaps:
Average notional amount	$	16,980,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	78,034,286
Centrally Cleared Inflation Swaps:
Average notional amount	$	97,507,571

AB Core Bond ETF


Futures:
Average notional amount of buy contracts	$	219,443,261
Average notional amount of sale contracts	$	32,881,484
Forward Foreign Currency Contracts:
Average principal amount of buy contracts	$	3,442,084	^(a)
Average principal amount of sale contracts	$	10,820,144

AB Conservative Buffer ETF


Purchased Options:
Average notional amount	$	1,012,803,751
Written Options:
Average notional amount	$	1,900,591,801

AB International Buffer ETF


Purchased Options:
Average notional amount	$	99,650,478
Written Options:
Average notional amount	$	195,193,699

AB Moderate Buffer ETF


Purchased Options:
Average notional amount	$	334,576,831
Written Options:
Average notional amount	$	657,525,699

AB Ultra Short Income ETF


Futures:
Average notional amount of buy contracts	$	121,042,554



ABFunds.com		AB Active ETFs, Inc. 421

NOTES TO FINANCIAL STATEMENTS (continued)

AB High Yield ETF


Futures:
Average notional amount of buy contracts	$	26,363,875
Average notional amount of sale contracts	$	14,310,230
Forward Foreign Currency Contracts:
Average principal amount of sale contracts	$	8,921,969
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	190,000	^(b)
Average notional amount of sale contracts	$	713,999

AB Core Plus Bond ETF


Futures:
Average notional amount of buy contracts	$	29,421,134
Average notional amount of sale contracts	$	17,794,124

AB Corporate Bond ETF


Futures:
Average notional amount of buy contracts	$	27,427,773
Average notional amount of sale contracts	$	26,979,067

AB Tax-Aware Intermediate Municipal ETF


Centrally Cleared Interest Rate Swaps:
Average notional amount	$	44,934,286
Centrally Cleared Inflation Swaps:
Average notional amount	$	21,561,714
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	3,335,643

AB Tax-Aware Long Municipal ETF


Centrally Cleared Interest Rate Swaps:
Average notional amount	$	5,722,857
Centrally Cleared Inflation Swaps:
Average notional amount	$	5,262,857
Centrally Cleared Credit Default Swaps:	$	487,900
Average notional amount of buy contracts

AB Short Duration High Yield ETF


Futures:
Average notional amount of buy contracts	$	34,535,086
Average notional amount of sale contracts	$	75,017,586
Forward Foreign Currency Contracts:
Average principal amount of buy contracts	$	913,733	^(c)
Average principal amount of sale contracts	$	38,760,713
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	17,702,090	^(d)



422 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

AB Short Duration Income ETF


Futures:
Average notional amount of buy contracts	$	25,618,559
Average notional amount of sale contracts	$	10,105,241
Forward Foreign Currency Contracts:
Average principal amount of buy contracts	$	235,631	^(d)
Average principal amount of sale contracts	$	864,298
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	3,061,429
Average notional amount of sale contracts	$	6,155,077

(a)	Positions were open for four months during the period.

(b)	Positions were open for less than one months during the period.

(c)	Positions were open for five months during the period.

(d)	Positions were open for one month during the period.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

AB High Yield ETF

Counterparty

Derivative
Assets
Subject To a
MA

Derivatives
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount
of Derivative
Assets

Citibank NA

114,986

– 0

–

– 0

–

– 0

–

114,986

State Street Bank & Trust Co.

1,222

– 0

–

– 0

–

– 0

–

1,222

Total

116,208

– 0

–

– 0

–

– 0

–

116,208

^{^}

AB Short Duration High Yield ETF


Counterparty	Derivative Assets Subject To a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
NatWest Markets PLC	$	476,016	$	– 0	–	$	– 0	–	$	– 0	–	$	476,016
State Street Bank & Trust Co.		411		(411	)		– 0	–		– 0	–		– 0	–

Total	$	476,427	$	(411	)	$	– 0	–	$	– 0	–	$	476,016	^{^}



ABFunds.com		AB Active ETFs, Inc. 423

NOTES TO FINANCIAL STATEMENTS (continued)

Counterparty

Derivative
Liabilities
Subject To a
MA

Derivatives
Available
for Offset

Cash
Collateral
Pledged*

Security
Collateral
Pledged^*

Net Amount
of Derivative
Liabilities

NatWest Markets PLC

– 0

–

– 0

–

– 0

–

– 0

–

– 0

–

State Street Bank & Trust Co.

9,475

(411

)

– 0

–

– 0

–

9,064

Total

9,475

(411

)

– 0

–

– 0

–

9,064

^{^}

AB New York Intermediate Municipal ETF


Counterparty	Derivative Assets Subject To a MA		Derivatives Available for Offset			Cash Collateral Received^*			Security Collateral Received^*			Net Amount of Derivative Assets
Citibank NA	$	908,844	$	– 0	–	$	(830,000	)	$	– 0	–	$	78,844

Total	$	908,844	$	– 0	–	$	(830,000	)	$	– 0	–	$	78,844	^{^}

AB Short Duration Income ETF


Counterparty	Derivative Assets Subject To a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received^*			Net Amount of Derivative Assets
State Street Bank & Trust Co.	$	10,789	$	(2,076	)	$	– 0	–	$	– 0	–	$	8,713

Total	$	10,789	$	(2,076	)	$	– 0	–	$	– 0	–	$	8,713	^{^}


Counterparty	Derivative Liabilities Subject To a MA		Derivatives Available for Offset			Cash Collateral Pledged^*			Security Collateral Pledged^*			Net Amount of Derivative Liabilities
State Street Bank & Trust Co.	$	2,076	$	(2,076	)	$	– 0	–	$	– 0	–	$	– 0	–

Total	$	2,076	$	(2,076)		$	– 0	–	$	– 0	–	$	0	^{^}

AB Core Bond ETF


Counterparty	Derivative Assets Subject To a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received^*			Net Amount of Derivative Assets
State Street Bank & Trust Co.	$	135,098	$	(58,630	)	$	– 0	–	$	– 0	–	$	76,468

Total	$	135,098	$	(58,630	)	$	– 0	–	$	– 0	–	$	76,468	^{^}


Counterparty	Derivative Liabilities Subject To a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged^*			Net Amount of Derivative Liabilities
State Street Bank & Trust Co.	$	58,630	$	(58,630	)	$	– 0	–	$	– 0	–	$	– 0	–

Total	$	58,630	$	(58,630)		$	– 0	–	$	– 0	–	$	0	^{^}

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^	Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.



424 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

2 Currency Transactions

NOTE E

Shares of the Fund

The Fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because exchange-traded fund (“ETF”) shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund issues and redeems shares at its NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). A fixed transaction fee is imposed on authorized participants in connection with creation unit redemption and creation transactions. Authorized participants may be required to pay an additional variable charge to cover certain costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets.

Transactions in shares of the Fund were as follows:


	AB Tax-Aware Short Duration Municipal ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		11,800,000			17,700,000		$	297,774,450		$	444,735,955

Shares redeemed		(3,000,000	)		(2,200,000	)		(75,729,855	)		(54,940,450	)

Net increase		8,800,000			15,500,000		$	222,044,595		$	389,795,505



ABFunds.com		AB Active ETFs, Inc. 425

NOTES TO FINANCIAL STATEMENTS (continued)


	AB Ultra Short Income ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		7,250,000			13,700,000		$	366,243,378		$	692,256,432

Shares redeemed		(7,775,000	)		(6,700,000	)		(392,799,965	)		(338,915,142	)

Net increase (decrease)		(525,000	)		7,000,000		$	(26,556,587	)	$	353,341,290


	AB High Yield ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		1,325,000			4,075,000		$	49,547,593		$	152,418,193

Shares redeemed		(300,000	)		(675,000	)		(11,318,175	)		(24,765,872	)

Net increase		1,025,000			3,400,000		$	38,229,418		$	127,652,321


	AB Core Plus Bond ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		800,000			2,250,000		$	28,403,120		$	81,223,223

Shares issued in reinvestment of dividends and distributions		– 0	–		3,091,116			– 0	–		132,651,834

Shares redeemed		(150,000	)		(1,450,000	)		(5,320,860	)		(75,231,853	)

Net increase		650,000			3,891,116		$	23,082,260		$	138,643,204


	AB Corporate Bond ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		250,000			650,000		$	8,916,155		$	23,078,855

Shares redeemed		(250,000	)		(600,000	)		(8,925,225	)		(21,323,510	)

Net increase (decrease)		– 0	–		50,000		$	(9,070	)	$	1,755,345


	AB Tax-Aware Intermediate Municipal ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		7,850,000			13,000,000		$	199,585,910		$	325,776,180

Shares redeemed		(150,000	)		(150,000	)		(3,791,400	)		(3,694,755	)

Net increase		7,700,000			12,850,000		$	195,794,510		$	322,081,425



426 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


	AB Tax-Aware Long Municipal ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		900,000			900,000		$	22,357,170		$	22,458,945

Shares redeemed		(300,000	)		(350,000	)		(7,517,655	)		(8,659,970	)

Net increase		600,000			550,000		$	14,839,515		$	13,798,975


	AB Short Duration High Yield ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		3,300,000			6,775,000		$	118,155,443		$	242,196,014

Shares redeemed		(1,475,000	)		(4,525,000	)		(52,582,813	)		(159,466,980	)

Net increase		1,825,000			2,250,000		$	65,572,630		$	82,729,034


	AB Short Duration Income ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		1,100,000			1,700,000		$	39,349,885		$	60,488,135

Shares redeemed		(250,000	)		(150,000	)		(8,890,145	)		(5,305,330	)

Net increase		850,000			1,550,000		$	30,459,740		$	55,182,805

AB California Intermediate Municipal ETF

Amount

Six Months Ended
May 31, 2026
(unaudited)

Period Ended
November 30,
2025^(a)

Year Ended
September 30,
2025^(b)

Six Months Ended
May 31, 2026
(unaudited)

Period Ended
November 30,
2025^(a)

Year Ended
September 30,
2025^(b)

Class A

Shares sold

– 0

–

– 0

–

785,766

– 0

–

– 0

–

10,849,321

Shares issued in reinvestment of dividends

– 0

–

– 0

–

59,727

– 0

–

– 0

–

822,742

Shares converted from Class C

– 0

–

– 0

–

23,205

– 0

–

– 0

–

322,542

Shares converted to Advisor Class

– 0

–

(3,338,500

)

(46,040,583

)

Shares redeemed

– 0

–

– 0

–

(920,518

)

– 0

–

– 0

–

(12,617,623

)

Net increase (decrease)

– 0

–

– 0

–

(3,390,320

)

– 0

–

– 0

–

(46,663,601

)



ABFunds.com		AB Active ETFs, Inc. 427

NOTES TO FINANCIAL STATEMENTS (continued)


	AB California Intermediate Municipal ETF
	Shares									Amount
	Six Months Ended May 31, 2026 (unaudited)			Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Six Months Ended May 31, 2026 (unaudited)			Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)

Class C
Shares sold		– 0	–		– 0	–		20,253		$	– 0	–	$	– 0	–	$	280,482

Shares issued in reinvestment of dividends		– 0	–		– 0	–		1,441			– 0	–		– 0	–		19,863

Shares converted to Advisor Class		– 0	–		– 0	–		(110,592	)		– 0	–		– 0	–		(1,524,737	)

Shares converted to Class A		– 0	–		– 0	–		(23,216	)								(322,542	)

Shares redeemed		– 0	–		– 0	–		(57,560	)		– 0	–		– 0	–		(797,757	)

Net increase (decrease)		– 0	–		– 0	–		(169,674	)	$	– 0	–	$	– 0	–	$	(2,344,691	)


Municipal Class
Shares sold		– 0	–		– 0	–		14,774,861		$	– 0	–	$	– 0	–	$	203,955,177

Shares issued in reinvestment of dividends		– 0	–		– 0	–		1,439,037			– 0	–		– 0	–		19,847,683

Shares converted to Advisor Class		– 0	–		(64,725,760	)		– 0	–		– 0	–		(903,040,854	)		– 0	–

Shares redeemed		– 0	–		(4,258	)		(12,776,513	)		– 0	–		(59,354	)		(176,281,939	)

Net increase (decrease)		– 0	–		(64,730,018	)		3,437,385		$	– 0	–	$	(903,100,208	)	$	47,520,921


Advisor Class
Shares sold		5,500,000			500,040			5,175,800		$	137,870,435		$	12,542,210		$	71,339,926

Shares issued in reinvestment of dividends		– 0	–		– 0	–		189,065			– 0	–		– 0	–		2,608,202

Shares converted from Class A		– 0	–		– 0	–		3,338,790			– 0	–		– 0	–		46,040,583

Shares converted from Class C		– 0	–		– 0	–		110,572			– 0	–		– 0	–		1,524,737

Shares converted from Municipal Class					36,121,634			– 0	–		– 0	–		903,040,854			– 0	–

Shares redeemed		(2,650,000	)		(376,377	)		(4,184,795	)		(66,506,845	)		(9,463,546	)		(57,466,496	)

Net increase		2,850,000			36,245,297			4,629,432		$	71,363,590		$	906,119,518		$	64,046,952

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on October 3, 2025, California Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB California Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.



428 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


	AB New York Intermediate Municipal ETF
	Shares									Amount
	Six Months Ended May 31, 2026 (unaudited)			Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)			Six Months Ended May 31, 2026 (unaudited)			Period Ended November 30, 2025^(a)			Year Ended September 30, 2025^(b)

Class A
Shares sold		– 0	–		231,238			478,705		$	– 0	–	$	3,119,394		$	6,444,742

Shares issued in reinvestment of dividends		– 0	–		– 0	–		87,023			– 0	–		– 0	–		1,163,828

Shares converted from Class C		– 0	–		– 0	–		36,803			– 0	–		– 0	–		491,109

Shares converted to Advisor Class		– 0	–		(5,364,578	)		– 0	–					(72,384,257	)		– 0	–

Shares redeemed		– 0	–		(26,003	)		(1,032,061	)		– 0	–		(356,147	)		(13,801,795	)

Net increase (decrease)		– 0	–		(5,159,343	)		(429,530	)	$	– 0	–	$	(69,621,010	)	$	(5,702,116	)


Class C
Shares sold		– 0	–		240,529			103,614		$	– 0	–	$	3,244,738		$	1,396,070

Shares issued in reinvestment of dividends		– 0	–		– 0	–		1,916			– 0	–		– 0	–		25,622

Shares converted to Class A		– 0	–		– 0	–		(36,808	)		– 0	–		– 0	–		(491,109	)

Shares converted to Advisor Class		– 0	–		(434,443	)		– 0	–					(5,862,286	)		– 0	–

Shares redeemed		– 0	–		(1,708	)		(46,980	)		– 0	–		(23,036	)		(632,415	)

Net increase (decrease)		– 0	–		(195,622	)		21,742		$	– 0	–	$	(2,640,584	)	$	298,168


Municipal Class
Shares sold		– 0	–		1,063,719			12,390,680		$	– 0	–	$	14,388,990		$	166,136,309

Shares issued in reinvestment of dividends		– 0	–		220,443			1,776,990			– 0	–		2,986,997			23,771,829

Shares converted to Advisor Class		– 0	–		(85,702,331	)		– 0	–		– 0	–		(1,160,958,050	)		– 0	–

Shares redeemed		– 0	–		(1,009,716	)		(17,872,527	)		– 0	–		(13,664,268	)		(239,549,123	)

Net increase (decrease)		– 0	–		(85,427,885	)		(3,704,857	)	$	– 0	–	$	(1,157,246,331	)	$	(49,640,985	)


Advisor Class
Shares sold		2,450,000			220,938			2,095,450		$	61,383,976		$	5,503,803		$	27,991,632

Shares converted from Class A		– 0	–		2,905,241			– 0	–		– 0	–		72,384,257			– 0	–

Shares converted from Class C		– 0	–		235,277			– 0	–		– 0	–		5,862,286			– 0	–

Shares converted from Municipal Class		– 0	–		46,438,322			– 0	–		– 0	–		1,160,958,050			– 0	–

Shares issued in reinvestment of dividends		– 0	–		10,312			70,628			– 0	–		257,817			944,644

Shares redeemed		(2,050,000	)		(469,817	)		(1,913,739	)		(51,377,460	)		(11,742,638	)		(25,591,342	)

Net increase		400,000			49,340,273			252,339		$	10,006,516		$	1,233,223,575		$	3,344,934

(a)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(b)	After the close of business on November 7, 2025, New York Municipal Portfolio (the “Acquired Portfolio”) was reorganized into AB New York Intermediate Municipal ETF. The amounts disclosed include those of the Acquired Portfolio. See Note A for additional information on the reorganization.



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	AB Core Bond ETF
	Shares									Amount
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025			Year Ended September 30, 2025			Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025			Year Ended September 30, 2025

Shares sold		7,050,000			1,156,990			12,979,855		$	209,548,810		$	34,823,537		$	167,178,062

Shares issued in reinvestment of dividends		– 0	–		125,161			2,253,626			– 0	–		3,770,223			29,078,647

Shares converted from Intermediate Duration Class		– 0	–		(28,468,036	)		– 0	–		– 0	–		(854,041,087	)		– 0	–

Shares converted to Advisor Class		– 0	–		28,468,036			– 0	–		– 0	–		854,041,087			– 0	–

Shares redeemed		(350,000	)		(727,384	)		(8,093,165	)		(10,447,290	)		(21,873,827	)		(104,698,527	)

Net increase		6,700,000			554,767			7,140,316		$	199,101,520		$	16,719,933		$	91,558,182


	AB Conservative Buffer ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025

Shares sold		1,425,000			6,750,000		$	59,121,968		$	264,780,720

Shares redeemed		– 0	–		(725,000	)		(9,198,340	)		(29,127,995	)

Net increase		1,425,000			6,025,000		$	49,923,628		$	235,652,725


	AB International Buffer ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			December 9, 2024^(a) to November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			December 9, 2024^(a) to November 30, 2025

Shares sold		1,275,000			4,675,028		$	52,143,408		$	177,101,725

Shares redeemed		(100,000	)		(2,800,000	)		(4,047,130	)		(107,729,305	)

Net increase		1,175,000			1,875,028		$	48,096,278		$	69,372,420

(a)	Commencement of operations.


	AB Moderate Buffer ETF
	Shares						Amount
	Six Months Ended May 31, 2026 (unaudited)			December 9, 2024^(a) to November 30, 2025			Six Months Ended May 31, 2026 (unaudited)			December 9, 2024^(a) to November 30, 2025

Shares sold		3,900,000			13,825,028		$	152,855,658		$	501,257,904

Shares redeemed		(550,000	)		(6,900,000	)		(21,587,788	)		(253,598,287	)

Net increase		3,350,000			6,925,028		$	131,267,870		$	247,659,617

(a)	Commencement of operations.



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NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market. The Fund is exposed to market risk indirectly through its targeted exposure to the Underlying ETF.

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

Credit Risk—An issuer or guarantor of a fixed-income security may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will likely decrease in value by approximately 3% if interest rates increase by 1%.



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Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Leverage Risk—To the extent the Fund uses leveraging techniques, such as derivatives, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

Foreign (Non-U.S.) Securities Risk—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. securities such as less liquid, less transparent, less regulated and more volatile markets. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Fund invests and adversely affect the value of the Fund’s assets.



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Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments in fixed-income securities denominated in foreign currencies or reduce the Fund’s returns. The value of investments denominated in a non-U.S. currency held by the Underlying ETF (and therefore the value of the Underlying ETF), and therefore the value of the Fund’s FLEX Options, could change based on changes in currency exchange rates. The Fund’s NAV could therefore decline based on changes in the value of currencies or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.

ETF Share Price and Net Asset Value Risk—The Fund’s shares are listed for trading on the NYSE Arca, Inc. or Nasdaq Stock Market LLC (an “Exchange”). The Fund’s shares are generally bought and sold in the secondary market at market prices. The NAV per share of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Fund’s NAV is calculated once per day, at the end of the day. The market price of a share on an Exchange could be higher than the NAV (premium), or lower than the NAV (discount) and may fluctuate during the trading day. When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be differences between the current value of a security and the last quoted price for that security in the closed local market, which could lead to a deviation between the market value of the Fund’s shares and the Fund’s NAV. Disruptions in the creations and redemptions process or the existence of extreme market volatility could result in the Fund’s shares trading above or below NAV. As the Fund may invest in securities traded on foreign exchanges, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share than shares of other ETFs. In addition, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.

Authorized Participant Risk—Only a limited number of financial institutions that enter into an authorized participant relationship with the Fund (“Authorized



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Participants”) may engage in creation or redemption transactions. If the Fund’s Authorized Participants decide not to create or redeem shares, Fund shares may trade at a larger premium or discount to the Fund’s NAV per share, or the Fund could face trading halts or de-listing.

Active Trading Market Risk—There is no guarantee that an active trading market for Fund shares will exist at all times. In times of market stress, markets can suffer erratic or unpredictable trading activity, extraordinary volatility or wide bid/ask spreads, which could cause some market makers and Authorized Participants to reduce their market activity or “step away” from making a market in ETF shares. Market makers and Authorized Participants are not obligated to place or execute purchase and redemption orders. This could cause the Fund’s market price to deviate, materially, from the NAV, and reduce the effectiveness of the ETF arbitrage process. Any absence of an active trading market for Fund shares could lead to a heightened risk that there will be a difference between the market price of a Fund share and the underlying value of the Fund share.

Sector Risk—The Funds may have more risk because they may invest to a significant extent in one or more particular market sectors, such as the industrials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Funds’ investments.

The Underlying ETF may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the financials sector and industrials sector, which results in the Fund having significant exposure to such sectors through its exposure to the Underlying ETF by virtue of its usage of FLEX Options. To the extent the Underlying ETF does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Underlying ETF’s investments.

Mortgage-Related and Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities. Some mortgage-backed securities are “TBA” securities, which have additional risks.

Active Trading Risk—A Fund may engage in active and frequent trading of its portfolio securities, and its portfolio turnover rate may greatly exceed 100%.



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A higher rate of portfolio turnover or portfolio activity increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover or portfolio activity may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders. The Fund’s higher portfolio turnover or portfolio activity could also result in other consequences such as deferral of losses, acceleration of gains or treatment of short-term capital gains as ordinary income, any of which could adversely impact Fund shareholders.

Investment in Other Investment Companies Risk—With respect to AB Ultra Short Income ETF, as with other investments, investments in other investment companies are subject to market and management risk. In addition, shareholders of the Fund bear both their proportionate share of expenses in the Fund (including management fees) and, indirectly, the expenses of the investment companies in which the Fund invests to the extent these expenses are not waived or reimbursed by the Adviser.

Cash Transactions Risk—A Fund may effectuate all or a portion of the issuance and redemption of Creation Units (as defined below) for cash, rather than in-kind securities. As a result, an investment in such a Fund is expected to be less tax-efficient than an investment in an ETF that effectuates its transactions in Creation Units primarily on an in-kind basis. A fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required as compared to an ETF that distributes portfolio securities in-kind in redemption of Creation Units. The Fund intends to distribute gains that arise by virtue of the issuance and redemption of Creation Units being effectuated in cash to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with applicable tax requirements. This may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in another ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.

Tax Risk—From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax



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exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value (“NAV”) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.

The Fund intends to elect and to qualify each year to be treated as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code (the “Code”). If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. The federal income tax treatment of some aspects of the Fund’s investment operations are not guaranteed. There are some uncertainties in how the Code would apply to the Fund’s options strategy and hedging strategies, and the application of “straddle” rules, and loss limitation provisions of the Code. The Fund intends to treat any income it may derive from the FLEX Options as “qualifying income” under the provisions of the Code applicable to RICs. The Fund also intends to treat the issuer of FLEX Options as a referenced asset for federal income tax purposes. The FLEX Options included in the portfolio are exchange-traded options. Under Section 1256 of the Code, certain types of exchange-traded options are treated as if they were sold (i.e., “marked to market”) at the end of each year. The Fund does not believe that the positions held by the Fund will be subject to Section 1256, which means that the positions will not be marked to market. If the income is not qualifying income, or if the issuer of the FLEX Options is not appropriately treated as the referenced asset, or if the Fund cannot distribute the correct percentage of all income annually, the Fund could lose its status as a RIC, which could cause the Fund’s income to be taxed at higher rates. If a shareholder purchases Fund shares after the hedge period has begun, or shortly before a distribution by the Fund, then the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.

Variable and Floating-Rate Securities Risk—Variable and floating-rate securities pay interest at rates that are adjusted periodically, according to a specific formula. Because the interest rate is reset only periodically, changes in the interest rate on these securities may lag behind changes in the prevailing market interest rates. The value of the security may rise or fall depending on changes in interest rates between periodic resets.

Loan Participations and Assignments Risk—When the Fund purchases loan participations and assignments, it is subject to the credit risk associated with the



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underlying corporate borrower. In addition, the lack of a liquid secondary market for loan participations and assignments may have an adverse impact on the value of such investments and the Fund’s ability to dispose of particular assignments or participations when necessary to meet the Fund’s liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the borrower.

Mortgage-Related Securities Risk—Mortgage-related securities represent interests in “pools” of mortgages, including consumer loans or receivables held in trust. Mortgage-related securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Asset-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

Prepayment and Extension Risk—Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Fund. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

Subordination Risk—The Fund may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

Redemption Risk—The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Fund’s net asset value (“NAV”) or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.



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Foreign Currency Risk—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Fund’s investments or reduce the returns of the Fund. For example, the value of the Fund’s investments in foreign securities and foreign currency positions may decrease if the U.S. Dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the U.S. Dollar).

Actions by a Few Major Investors—In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, share prices of the Fund.

Lower-rated Securities Risk—Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

Inflation-Protected Securities Risk—The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors’ expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

Emerging Markets Securities Risk—The risks of investing in foreign (non-U.S.) securities are heightened with respect to issuers in emerging-market countries because the markets are less developed, less liquid and subject to increased potential for market manipulation, and there may be a greater amount of economic, political and social uncertainty. These risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic, climate change, or a natural disaster.

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, catastrophic natural disasters, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing



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unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings.

To the extent that the Fund invests more of its assets in the municipal securities of a particular state or territory, the Fund may be vulnerable to events adversely affecting that state or territory, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes.

With respect to AB New York Intermediate Municipal ETF, most of the Fund’s investments are in New York municipal securities. Thus, the Fund may be vulnerable to events adversely affecting New York’s economy, including public health crises (including the occurrence of a contagious disease or illness). New York’s economy, while diverse, has a relatively large share of the nation’s financial activities. With the financial services sector contributing more than one-fifth of the state’s wages, the state’s economy is especially vulnerable to adverse events affecting the financial markets such as those that occurred in 2008-2009 and during the COVID-19 pandemic. In addition, as New York’s financial services and professional and business services sectors serve a global market, they can be highly sensitive to global trends.

With respect to AB California Intermediate Municipal ETF, the Fund may invest a substantial portion of its assets in California municipal securities. These investments in California municipal securities may be vulnerable to events adversely affecting its economy. California’s economy, the largest of the 50 states, is relatively diverse, which makes it less vulnerable to events affecting a particular industry. However, there remain a number of risks that threaten the state’s economy, including potentially unfavorable changes to federal policies, the uncertain impact of changes in federal tax law and trade policy, significant unfunded liabilities of the two main retirement systems managed by state entities, the California Public Employees’ Retirement System and the California State Teachers’ Retirement System, and public health crises (including the occurrence of a contagious disease or illness). California’s economy may also be affected by natural disasters, such as earthquakes, droughts, flooding or fires.

The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities. In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.



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When-Issued and Forward Commitment Risks—These securities are purchased before the securities are actually issued or delivered. These securities are subject to the risk that, when delivered, they will be worth less than the agreed-upon purchase price.

Non-Diversification Risk—A Fund may have more risk if it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security, such as the Underlying ETF, may have a more significant effect, either negative or positive, on the Fund’s NAV.

Indemnification Risk—In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Funds have not accrued any liability in connection with these indemnification provisions.

The following risks are applicable to AB Conservative Buffer ETF, AB International Buffer ETF and AB Moderate Buffer ETF:

Buffered Loss Risk—There can be no guarantee that the Hedge Period Buffer will be successful in protecting the Fund from the impact of Underlying ETF price declines. Despite the intended Hedge Period Buffer, a shareholder may lose money by investing in the Fund. Declines in excess of the Hedge Period Buffer may result in the loss of an investor’s entire investment. If, during a Hedge Period, an investor purchases shares of the Fund after the date on which the Fund has entered into FLEX Options or sells shares of the Fund prior to the expiration of the FLEX Options, the Hedge Period Buffer that the Fund seeks to provide may not be available and the investor may not receive the full, or any, benefit of the Hedge Period Buffer.

The Fund does not provide principal protection, and an investor may experience significant losses on an investment in the Fund.

A blended portfolio of expiring options and new options could impact the Fund’s ability to realize the full, or any, benefit of the Hedge Period Buffer and may subject the Fund’s return to an upside limit that is slightly lower or higher than



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NOTES TO FINANCIAL STATEMENTS (continued)

the Hedge Period Cap for the applicable Hedge Period. Accordingly, an investor may bear losses against which the Hedge Period Buffer is anticipated to protect and may be subject to an upside limit that is lower than the Hedge Period Cap.

Buffer/Cap Change Risk—A new Hedge Period Buffer and a new Hedge Period Cap are established each time the Options Portfolio is implemented, including after an Upside Ratchet event. The duration of a Hedge Period Cap or Hedge Period Buffer may vary.

Capped Upside Risk—If an investor purchases shares of the Fund after the first day of a Hedge Period and the value of the Underlying ETF shares is at or near to the Hedge Period Cap for that Hedge Period, there may be little or no ability for that investor to experience an investment gain on their Fund shares unless the Fund engages in an Upside Ratchet of the Fund’s Options Portfolio. If an investor does not hold its shares of the Fund for an entire Hedge Period, the returns realized by that investor may not replicate those the Fund seeks to achieve. If the Underlying ETF experiences gains during a Hedge Period in excess of the Hedge Period Cap, unless the Fund has engaged in an Upside Ratchet, the Fund will not participate in those gains beyond the Hedge Period Cap.

FLEX Options Correlation Risk—Although the value of the FLEX Options structure held by the Fund generally correlates with the share price of the Underlying ETF, the FLEX Options are exercisable at the strike price only on their expiration date, and their daily valuation will not change at the same percentage as the share price of the Underlying ETF. Accordingly, the Fund’s net asset value, or NAV, or market price will not directly correlate on a day-to-day basis with the share price of the Underlying ETF.

FLEX Options Liquidity Risk—The FLEX Options are listed on an exchange; however, there is no guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading market for FLEX Options may lack depth and liquidity when compared to the trading market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.

FLEX Options Valuation Risk—FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. The value of the FLEX



ABFunds.com		AB Active ETFs, Inc. 441

NOTES TO FINANCIAL STATEMENTS (continued)

Options will be determined based upon market quotations or using other recognized pricing methods. The value of a FLEX Option prior to its expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of a FLEX Option, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options and changing volatility levels of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, FLEX Options may become more difficult to value and the judgment of the Adviser, as the Fund’s valuation designee, may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.

Hedge Period Risk—The Fund’s investment strategy is designed to deliver returns that reference an Underlying ETF and are based on options contracts that are designed to be in place for 90-day periods, although in some cases, the Fund will hold options contracts of longer duration. The Fund may not hold its Options Portfolio for the full duration of the options contracts, and the Adviser may change the Options Portfolio at any time, which would begin a new Hedge Period. Information about the Fund’s holdings is available and updated daily at—www.abfunds.com. Investors acquiring shares of the Fund at different time periods will have different investment results based on the price of shares of the Underlying ETF and how the Hedge Period Buffer and Hedge Period Cap are applied. Engaging in Upside Ratchets may potentially cause the Fund to have a higher portfolio turnover rate, and higher cost, than a fund that does not actively adjust its options portfolio prior to expiration. There is no guarantee that any Upside Ratchet will be successfully implemented, or that it will deliver the desired investment result.

The Fund’s Hedge Period Cap and Hedge Period Buffer are designed to work over a particular time frame, the Hedge Period. Investors that acquire Fund shares after the Hedge Period has commenced, or sell Fund shares before the Hedge Period ends or an Upside Ratchet is performed, may have a different investment result than investors who held Fund shares during the entire Hedge Period. The degree to which an investor may benefit from the Hedge Period Buffer or Hedge Period Cap will depend on the point in time when the investor purchases Fund shares and whether the Adviser effectuates an Upside Ratchet. At the time of purchasing Fund shares, an investor may be unable to determine the Fund’s position relative to the Hedge Period Cap and Hedge Period Buffer. If the price of the Underlying ETF is near or has exceeded the strike price of the Fund’s Options Portfolio, there may be little remaining upside potential during a particular Hedge Period, until the Options Portfolio expires or the Adviser effectuates an Upside Ratchet. Investors purchasing Fund shares during this period would still remain subject to significant downside risk before the sought-after protection from the Hedge Period Buffer began. Similarly, if the Underlying ETF has decreased in price significantly to equal or exceed the Fund’s anticipated



442 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Hedge Period Buffer, investors would also remain subject to significant downside risk and would receive no benefit from the Hedge Period Buffer. The Fund is continuously offered and a new Hedge Period begins after the end of the prior Hedge Period, with a new Hedge Period Cap and a new Hedge Period Buffer. An investor that holds Fund shares over multiple continuous Hedge Periods may have a different investment result than an investor holding Fund shares for one Hedge Period. The Fund’s return is measured, with respect to the Hedge Period Cap and Hedge Period Buffer, over a single Hedge Period. The Fund’s return over a period longer than a single Hedge Period could differ in amount and direction from the return of the Underlying ETF.

Underlying ETF Risk—The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests.

The Underlying ETF is an exchange-traded unit investment trust that uses a full replication strategy, meaning it invests entirely in the S&P 500 Index. The investment objective of the Underlying ETF is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index, which includes five hundred (500) selected companies, all of which are listed on national stock exchanges and spans over 24 separate industry groups.

Alternatively, the Underlying ETF generally will invest at least 80% of its assets in the component securities of the MSCI EAFE Index and in investments that have economic characteristics that are substantially identical to the component securities of the MSCI EAFE Index (i.e., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by its adviser or its affiliates, as well as in securities not included in the MSCI EAFE Index, but which its adviser believes will help the Underlying ETF track the MSCI EAFE Index. The investment objective of the Underlying ETF is to seek to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada.

The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to differences between the portfolio of the ETF and the components of the index, expenses, and other factors.



ABFunds.com		AB Active ETFs, Inc. 443

NOTES TO FINANCIAL STATEMENTS (continued)

The risks of investing in an ETF also include the risks associated with the underlying investments held by the ETF. As such, the Fund may be subject to the following risks as a result of its exposure to the Underlying ETF through its usage of FLEX Options.

Equity Securities Risk—The Underlying ETF invests in publicly-traded equity securities, and their value may fluctuate, sometimes rapidly and unpredictably, which means a security may be worth more or less than when it was purchased. These fluctuations can be based on a variety of factors including a company’s financial condition as well as macro-economic factors such as interest rates, inflation rates, global market conditions, and noneconomic factors such as market perceptions and social or political events.

Large-Capitalization Companies Risk—The Underlying ETF invests in the securities of large capitalization companies, which results in the Fund having significant exposure to such companies through its exposure to the Underlying ETFs by virtue of its usage of FLEX Options. Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small- and/or mid-capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different parts of market cycles.

Concentration Risk—The Underlying ETF may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Underlying ETF’s investments more than the market as a whole, to the extent that the Underlying ETF’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector, market segment or asset class.

NOTE F

Joint Credit Facility

A number of open-end mutual funds and ETFs managed by the Adviser, including the Funds, participate in a $380 million credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short-term liquidity requirements. The Facility, which will expire on June 23, 2027, may be renewed for an additional term dependent upon the election of the participating funds and lenders. A commitment fee of 0.15% per annum of the Facility amount is paid by the participating funds. The portion of the commitment fee related to the ETFs is paid by the Adviser pursuant to the ETFs’ unitary fee structure. The Funds did not utilize the Facility during the six months ended May 31, 2026.



444 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2027 will be determined at the end of the current fiscal year. The tax character of distributions paid during the tax years ended November 30, 2025 and November 30, 2024 and for the year ended October 31, 2024 and the years ended September 30, 2025 and September 30, 2024 were as follows:


AB Tax-Aware Short Duration Municipal ETF	2025		2024
Distributions paid from:
Ordinary income	$	1,495,094	$	1,688,107

Total taxable distributions		1,495,094		1,688,107
Tax-exempt distributions		24,000,772		13,885,701

Total distributions paid	$	25,495,866	$	15,573,808


AB Ultra Short Income ETF	2025		2024
Distributions paid from:
Ordinary income	$	60,695,920	$	48,760,403

Total taxable distributions	$	60,695,920	$	48,760,403


AB High Yield ETF	2025		2024
Distributions paid from:
Ordinary income	$	13,808,737	$	8,311,593

Total taxable distributions paid	$	13,808,737	$	8,311,593


AB Core Plus Bond ETF	2025		2024
Distributions paid from:
Ordinary income	$	6,108,010	$	1,814,999

Total taxable distributions	$	6,108,010	$	1,814,999


AB Corporate Bond ETF	2025		2024
Distributions paid from:
Ordinary income	$	1,506,283	$	1,119,835

Total taxable distributions paid	$	1,506,283	$	1,119,835


AB Tax-Aware Intermediate Municipal ETF	2025		2024
Distributions paid from:
Ordinary income	$	331,557	$	118,072

Total taxable distributions		331,557		118,072
Tax-exempt income		8,412,093		911,023

Total distributions paid	$	8,743,650	$	1,029,095



ABFunds.com		AB Active ETFs, Inc. 445

NOTES TO FINANCIAL STATEMENTS (continued)


AB Tax-Aware Long Municipal ETF				2025			2024
Distributions paid from:
Ordinary income				$	51,101		$	85,262

Total taxable distributions					51,101			85,262
Tax-exempt distributions					1,244,015			855,682

Total distributions paid				$	1,244,015		$	940,944


AB Short Duration High Yield ETF	Year Ended November 30, 2025			October 1, 2024 to November 30, 2024			Year Ended September 30, 2024
Distributions paid from:
Ordinary income	$	47,922,615		$	6,492,042		$	38,090,038

Total taxable distributions paid	$	47,922,615		$	6,492,042		$	38,090,038


AB Short duration Income ETF	Year Ended November 30, 2025			November 1, 2024 to November 30, 2024			Year Ended October 31, 2024
Distributions paid from:
Ordinary income	$	5,535,810		$	378,246		$	5,048,765

Total taxable distributions paid	$	5,535,810		$	378,246		$	5,048,765


AB California Intermediate Municipal ETF	October 1, 2025 to November 30, 2025			Year ended September 30, 2025			Year ended September 30, 2024
Distributions paid from:
Ordinary income	$	223,090		$	946,728		$	1,315,430
Long-term capital gains		– 0	–		– 0	–		– 0	–
Total taxable distributions		223,090			946,728			1,315,430
Tax exempt distributions		2,874,344			29,433,579			27,584,693
Tax return of capital		– 0	–		560,827			– 0	–

Total taxable distributions paid	$	3,097,434		$	30,941,134		$	28,900,123


AB New York Intermediate Municipal ETF	October 1, 2025 to November 30, 2025			Year ended September 30, 2025			Year ended September 30, 2024
Distributions paid from:
Ordinary income	$	124,863		$	964,191		$	1,837,686
Long-term capital gains		– 0	–		– 0	–		– 0	–
Total taxable distributions		124,863			964,191			1,837,686
Tax exempt distributions		3,489,666			34,219,646			33,907,609

Total distributions paid	$	3,614,529		$	35,183,837		$	35,745,295



446 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


AB Core Bond ETF	November 10, 2025 to November 30, 2025		Year ended September 30, 2025			Year ended September 30, 2024
Distributions paid from:
Ordinary income	$	3,584,580	$	34,541,099		$	31,542,428

Total taxable distributions paid	$	3,584,580	$	34,541,099		$	31,542,428


AB Conservative Buffer ETF			2025			2024
Distributions paid from:
Ordinary income			$	– 0	–	$

Total taxable distributions			$	– 0	–	$


AB International Buffer ETF			2025
Distributions paid from:
Ordinary income			$	– 0	–

Total taxable distributions			$	– 0	–


AB Moderate Buffer ETF			2025
Distributions paid from:
Ordinary income			$	– 0	–

Total taxable distributions			$	– 0	–

As of November 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Fund	Undistributed Ordinary Income			Undistributed Tax-Exempt Income			Undistributed Long-Term Gains			Accumulated Capital and Other Losses^(a)			Unrealized Appreciation (Depreciation)^(b)			Total Accumulated Earnings (Deficit)^(c)
AB Tax-Aware Short Duration Municipal ETF	$	– 0	–	$	3,019,925		$	– 0	–	$	(1,087,788	)	$	7,001,592		$	8,933,729
AB California Intermediate Municipal ETF		– 0	–		2,622,439			– 0	–		(7,152,669	)		(5,098,511	)		(9,628,741	)
AB New York Intermediate Municipal ETF		– 0	–		2,201,084			– 0	–		(28,020,699	)		(8,792,504	)		(34,612,119	)
AB Core Bond ETF		4,838,427			– 0	–		– 0	–		(89,977,812	)		(21,858,970	)		(106,998,355	)
AB Conservative Buffer ETF		– 0	–		– 0	–		– 0	–		(5,602,266	)		3,934,763			(1,667,503	)
AB International Buffer ETF		– 0	–		– 0	–		– 0	–		(1,463,980	)		405,766			(1,058,214	)
AB Moderate Buffer ETF		– 0	–		– 0	–		– 0	–		(2,646,099	)		6,647,049			4,000,950
AB Ultra Short Income ETF		5,789,670			– 0	–		– 0	–		(1,205,479	)		4,091,079			8,675,270
AB High Yield ETF		1,571,217			– 0	–		– 0	–		(11,787,608	)		541,328			(9,675,063	)
AB Core Plus Bond ETF		949,258			– 0	–		– 0	–		(47,044,985	)		1,960,922			(44,134,805	)
AB Corporate Bond ETF		118,488			– 0	–		– 0	–		(59,847	)		330,050			388,691
AB Tax-Aware Intermediate Municipal ETF		– 0	–		1,441,626			– 0	–		(520,857	)		5,885,687			6,806,456
AB Tax-Aware Long Municipal ETF		– 0	–		154,005			– 0	–		(438,478	)		403,006			118,533
AB Short Duration High Yield ETF		3,262,036			– 0	–		– 0	–		(29,096,648	)		574,325			(25,260,287	)
AB Short Duration Income ETF		584,485			– 0	–		– 0	–		(5,691,593	)		919,213			4,187,895



ABFunds.com		AB Active ETFs, Inc. 447

NOTES TO FINANCIAL STATEMENTS (continued)

(a)


Fund
AB Tax-Aware Short Duration Municipal ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $1,087,788.
AB Ultra Short Income ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $1,205,479.
AB High Yield ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $11,787,608. During the fiscal year, the Fund utilized $2,018,308 of capital loss carry forwards to offset current year net realized gains.
AB Core Plus Bond ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $46,613,314. As of November 30, 2025, the cumulative deferred loss on straddles was $431,671.
AB Corporate Bond ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $59,847.
AB Tax-Aware Intermediate Municipal ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $520,857.
AB Tax-Aware Long Municipal ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $438,478.
AB Short Duration High Yield ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $29,096,648. During the fiscal year, the Fund utilized $1,979,606 of capital loss carry forwards to offset current year net realized gains.
AB Short Duration Income ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $5,595,448. During the fiscal year, the Fund utilized $875,590 of capital loss carry forwards to offset current year net realized gains. As of November 30, 2025, the cumulative deferred loss on straddles was $96,145.
AB California Intermediate Municipal ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $7,152,669. During the fiscal year, the Fund utilized $1,277,548 of capital loss carry forwards to offset current year net realized gains.
AB New York Intermediate Municipal ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $28,020,699. During the fiscal year, the Fund utilized $624,906 of capital loss carry forwards to offset current year net realized gains.
AB Core Bond ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $89,865,748. During the fiscal year, the Fund utilized $994,845 of capital loss carry forwards to offset current year net realized gains. As of November 30, 2025, the cumulative deferred loss on straddles was $112,064.
AB Conservative Buffer ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $5,602,266. During the fiscal year, the Fund utilized $49,336,601 of capital loss carry forwards to offset current year net realized gains.
AB International Buffer ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $1,206,575 and the Fund had a qualified late-year ordinary loss deferral of $257,405.
AB Moderate Buffer ETF		As of November 30, 2025, the Fund had a net capital loss carryforward of $2,646,099.



448 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

(b)


Fund
AB Tax-Aware Short Duration Municipal ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps.
AB Ultra Short Income ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments and the tax treatment of callable bonds.
AB High Yield ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of partnership investments.
AB Core Plus Bond ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, and the tax deferral of losses on wash sales.
AB Corporate Bond ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments, the tax treatment of callable bonds, and the tax deferral of losses on wash sales.
AB Tax-Aware Intermediate Municipal ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps and the tax treatment of bond restructuring.
AB Tax-Aware Long Municipal ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps and the tax treatment of bond restructuring.
AB Short Duration High Yield ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, and the tax deferral of losses on wash sales.
AB Short Duration Income ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.
AB California Intermediate Municipal ETF		The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.



ABFunds.com		AB Active ETFs, Inc. 449

NOTES TO FINANCIAL STATEMENTS (continued)

AB New York Intermediate Municipal ETF

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of bond restructuring.

AB Core Bond ETF

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments, the tax treatment of callable bonds, and the tax deferral of losses on wash sales.

(c)


Fund
AB High Yield ETF		The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.
AB Core Plus Bond ETF		The differences between book-basis and tax-basis components of accumulated earnings (deficit) is attributable primarily to the accrual of foreign capital gains tax.
AB Short Duration High Yield ETF		The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.
AB Short Duration Income ETF		The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.

As of November 30, 2025, the Portfolios’ most recent tax year end, the Portfolios had net capital loss carryforwards as follows:


Fund	Short-Term Amount		Long-Term Amount
AB Tax-Aware Short Duration Municipal ETF	$	1,087,788	$	– 0	–
AB California Intermediate Municipal ETF		7,152,669		– 0	–
AB New York Intermediate Municipal ETF		27,938,209		82,490
AB Core Bond ETF		43,047,223		46,818,525
AB Conservative Buffer ETF		5,602,266		– 0	–
AB International Buffer ETF		1,206,575		– 0	–
AB Moderate Buffer ETF		2,646,099		– 0	–
AB Ultra Short Income ETF		1,205,479		– 0	–
AB High Yield ETF		5,798,731		5,988,877
AB Core Plus Bond ETF		16,905,328		29,707,986
AB Corporate Bond ETF		59,847		– 0	–
AB Tax-Aware Intermediate Municipal ETF		520,857		– 0	–
AB Tax-Aware Long Municipal ETF		241,503		196,975
AB Short Duration High Yield ETF		7,970,082		21,126,566
AB Short Duration Income ETF		1,569,826		4,025,622



450 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Reorganization

With respect to AB Core Plus Bond ETF, at meetings held on November 5-7, 2024, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Fund approved the Reorganization providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Fund. The acquisition was completed at the close of business February 7, 2025. Pursuant to the Reorganization, the assets and liabilities of the Acquired Fund’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:


Portfolio	Shares outstanding before the Reorganization		Shares outstanding immediately after the Reorganization			Aggregate net assets before the Reorganization			Aggregate net assets immediately after the Reorganization
AB Total Return Bond Portfolio		14,331,948		– 0	–	$	132,651,834	+	$	– 0	–
AB Core Plus Bond ETF		1,250,028		5,039,723			43,755,214			176,407,048

+	Includes unrealized appreciation of $1,408,433.

Acquired Portfolio’s Share Class

Shares
outstanding
before the
Conversion

Conversion
Ratio

Shares
Outstanding
Immediately
after the
Conversion

Advisor Class

14,331,948

0.35164257

5,039,723

The acquisition of the Acquired Fund was completed on February 7, 2025. If the Reorganization had been completed as of the beginning of the annual reporting period, the Acquiring Fund’s pro forma results of the operations for the year ended November 30, 2025 would have been as follows::


Net investment income	$	4,351,370
Net realized and unrealized gain on investments		(2,790,155	)

Net increase in net assets resulting from operations	$	1,561,215

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquiring Fund that have been included in the Acquiring Fund’s Statement of Operations since February 7, 2025.



ABFunds.com		AB Active ETFs, Inc. 451

NOTES TO FINANCIAL STATEMENTS (continued)

With respect to AB Short Duration High Yield ETF, at meetings held on October 31 – November 2, 2023, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business June 7, 2024. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate
net assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

73,474,038

– 0

–

675,330,250

– 0

–

The Fund

– 0

–

19,295,122

– 0

–

675,330,250

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $3,942,798 and unrealized depreciation on investments of $3,405132, with a fair value of $650,158,849 and identified cost of $653,563,981.

With respect to AB Short Duration Income ETF, at meetings held on October 31 – November 2, 2023, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business June 7, 2024. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate
net assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

11,443,352

– 0

–

101,095,155

– 0

–

The Fund

– 0

–

2,888,433

– 0

–

101,095,155

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $331,428 and unrealized depreciation on investments of $209,880, with a fair value of $99,296,404 and identified cost of $99,506,284.



452 AB Active ETFs, Inc.		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

With respect to AB California Intermediate Municipal ETF, at meetings held on May 6 – 8, 2025, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business October 3, 2025. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate net
assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

77,897,816

– 0

–

1,086,830,672

– 0

–

The Fund

– 0

–

43,455,512

– 0

–

1,086,830,672

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $445,802 and unrealized depreciation on investments of $10,343,024, with a fair value of $1,065,337,559 and identified cost of $1,075,680,583.


Acquired Portfolio’s Share Class	Shares outstanding before the Conversion		Conversion Ratio		Shares Outstanding Immediately after the Conversion
Advisor Class		13,172,056		0.55811597		7,351,535
Sanford C. Bernstein Class		64,725,760		0.55779920		36,103,977
Total		77,897,816				43,455,512

With respect to AB New York Intermediate Municipal ETF, at meetings held on May 6 – 8, 2025, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business November 7, 2025. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate net
assets before
the Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

95,056,720

– 0

–

1,287,610,520

– 0

–

The Fund

– 0

–

51,425,718

– 0

–

1,287,610,520

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $150,524 and unrealized depreciation on investments of $8,558,388, with a fair value of $1,260,803,927 and identified cost of $1,269,362,315.



ABFunds.com		AB Active ETFs, Inc. 453

NOTES TO FINANCIAL STATEMENTS (continued)


Acquired Portfolio’s Share Class	Shares outstanding before the Conversion		Conversion Ratio		Shares Outstanding Immediately after the Conversion
Advisor Class		9,351,572		0.53314408		4,985,735
Sanford C. Bernstein Class		85,705,148		0.54185757		46,439,983
Total		95,056,720				51,425,718

With respect to AB Core Bond ETF, at meetings held on May 6 – 8, 2025, the Board, on behalf of the Fund, and the Board of Directors of the Acquired Portfolio approved the Conversion providing for the tax-free acquisition by the Fund of the assets and liabilities of the Acquired Portfolio. The acquisition was completed at the close of business November 7, 2025. Pursuant to the Plan, the assets and liabilities of the Acquired Portfolio’s shares were transferred in exchange for Fund shares, in a tax-free exchange as follows:

Portfolio

Shares
outstanding
before the
Conversion

Shares
outstanding
immediately
after the
Conversion

Aggregate
net assets
before the
Conversion

Aggregate
net assets
immediately
after the
Conversion

Acquired Portfolio*

64,921,899

– 0

–

854,037,950

– 0

–

The Fund

– 0

–

28,467,970

– 0

–

854,037,950

*	Represents the accounting survivor.

+	Includes distributions in excess of net investment income of $616,256 and unrealized depreciation on investments of $23,738,750, with a fair value of $818,947,577 and identified cost of $842,683,884.

Acquired Portfolio’s Share Class

Shares
outstanding
before the
Conversion

Conversion
Ratio

Shares
Outstanding
Immediately
after the
Conversion

Advisor Class

64,921,899

0.43849565

28,467,970

For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

NOTE I

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Funds’ financial statements through this date.



454 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Tax-Aware Short Duration Municipal ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30,									September 14, 2022^(a) to November 30, 2022
	Six Months Ended May 31, 2026 (unaudited)			2025			2024			2023			September 14, 2022^(a) to November 30, 2022


Net asset value, beginning of period		$ 25.28			$ 25.21			$ 25.01			$ 24.97			$ 25.00

Income From Investment Operations

Net investment income^(b)(c)		.39			.84			.87			.86			.16

Net realized and unrealized gain (loss) on investment transactions		(.06	)		.06			.14			(.03	)		(.10	)

Contributions from Affiliates		– 0	–		.00	^(d)		– 0	–		– 0	–		– 0	–

Net increase in net asset value from operations		.33			.90			1.01			.83			.06

Less: Dividends

Dividends from net investment income		(.40	)		(.83	)		(.81	)		(.79	)		(.09	)

Net asset value, end of period		$ 25.21			$ 25.28			$ 25.21			$ 25.01			$ 24.97


Total Return^(e)

Total investment return based on net asset value		1.29	%		3.64	%		4.14	%		3.41	%		.22	%

Ratios/Supplemental Data^.

Net assets, end of period (000’s omitted)		$1,262,990			$1,044,153			$650,594			$290,121			$47,492

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.27	%^(f)		.27	%		.27	%		.27	%		.27	%^(f)

Expenses, before waivers/reimbursements		.27	%^(f)		.27	%		.27	%		.27	%		.27	%^(f)

Net investment income^(c)		3.14	%^(f)		3.37	%		3.49	%		3.46	%		2.99	%^(f)

Portfolio turnover rate^(g)		11	%		35	%		29	%		25	%		11	%

See footnote summary on pages 470-473.



ABFunds.com		AB Active ETFs, Inc. 455

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Ultra Short Income ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30,									September 14, 2022^(a)to November 30, 2022
	Six Months Ended May 31, 2026 (unaudited)			2025			2024			2023			September 14, 2022^(a)to November 30, 2022


Net asset value, beginning of period		$ 50.69			$ 50.63			$ 50.34			$ 49.98			$ 50.00

Income From Investment Operations

Net investment income^(b)(c)		.99			2.25			2.66			2.63			.42

Net realized and unrealized gain (loss) on investment transactions		(.23	)		.10			.22			.14			(.20	)

Net increase (decrease) in net asset value from operations		.76			2.35			2.88			2.77			.22

Less: Dividends

Dividends from net investment income		(1.04	)		(2.29	)		(2.59	)		(2.41	)		(.24	)

Net asset value, end of period		$ 50.41			$ 50.69			$ 50.63			$ 50.34			$ 49.98


Total Return

Total investment return based on net asset value^(e)		1.49	%		4.75	%		5.87	%		5.66	%		.46	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,464,360			$1,499,275			$1,143,129			$586,540			$150,002

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^‡^(h)		.24	%^(f)		.24	%		.24	%		.25	%		.25	%^(f)

Expenses, before waiver/reimbursements^‡^(h)		.25	%^(f)		.25	%		.25	%		.25	%		.25	%^(f)

Net investment income^(c)		3.95	%^(f)		4.45	%		5.28	%		5.30	%		3.98	%^(f)

Portfolio turnover rate^(g)		30	%		114	%		59	%		114	%		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/ unaffiliated underlying
portfolios		.01	%^(f)		.01	%		.01	%		.00	%		.00	%

See footnote summary on pages 470-473.



456 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period⁽ⁱ⁾


	AB High Yield ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30,						November 1, 2023 to November 30, 2023^(j)			Year Ended October 31,						January 1, 2021 to October 31, 2021^(j)
	Six Months Ended May 31, 2026 (unaudited)			2025			2024			November 1, 2023 to November 30, 2023^(j)			2023			2022			January 1, 2021 to October 31, 2021^(j)


Net asset value, beginning of period		$ 37.76			$ 37.34			$ 35.58			$ 34.15			$ 34.62			$ 42.09			$ 41.58

Income From Investment Operations

Net investment income^(b)(c)		1.25			2.56			2.53			.21			2.34			1.90			1.60

Net realized and unrealized gain (loss) on investment transactions		(.31	)		.31			1.67			1.44			(.32	)		(7.09	)		.68

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.94			2.87			4.20			1.65			2.02			(5.19	)		2.28

Less: Dividends and Distributions

Dividends from net investment income		(1.28	)		(2.45	)		(2.44	)		(.16	)		(2.49	)		(2.28	)		(1.77	)
Return of capital		– 0	–		– 0	–		– 0	–		(.06	)		– 0	–		– 0	–		– 0	–

Total dividends and distributions		(1.28	)		(2.45	)		(2.44	)		(.22	)		(2.49	)		(2.28	)		(1.77	)

Net asset value, end of period		$ 37.42			$ 37.76			$ 37.34			$ 35.58			$ 34.15			$ 34.62			$ 42.09


Total Return
Total investment return based on net asset value^(e)		2.53	%		8.02	%		12.21	%		4.84	%		5.86	%		(12.68	)%		5.56	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$341,005			$305,466			$175,107			$79,655			$73,899			$67,249			$63,608

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(h)(k)(l)		.40	%^(f)		.40	%		.40	%		.40	%^(f)		.50	%		.60	%		.51	%^(f)

Expenses, before waivers/reimbursements^(h)(k)(l)		.40	%^(f)		.40	%		.40	%		.40	%^(f)		.86	%		1.35	%		1.74	%^(f)

Net investment income^(c)		6.71	%^(f)		6.90	%		6.92	%		7.21	%^(f)		6.68	%		5.00	%		4.60	%^(f)
Portfolio turnover rate^(g)(m)		36	%		83	%		75	%		4	%		57	%		48	%		36	%

See footnote summary on pages 470-473.



ABFunds.com		AB Active ETFs, Inc. 457

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Core Plus Bond ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024


Net asset value, beginning of period		$ 36.01			$ 35.73			$ 35.00

Income From Investment Operations

Net investment income^(b)(c)		.80			1.62			1.58

Net realized and unrealized gain on investment transactions		(.72	)		.31			.55

Net increase in net asset value from operations		.08			1.93			2.13

Less: Dividends and Distributions

Dividends from net investment income		(.85	)		(1.63	)		(1.40	)

Distributions from net realized gain on investment transactions		– 0	–		(.02	)		– 0	–


Total dividends and distributions		(.85	)		(1.65	)		(1.40	)

Net asset value, end of period		$ 35.24			$ 36.01			$ 35.73


Total Return

Total investment return based on net asset value^(e)		.27	%		5.57	%		6.19	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$214,682			$195,913			$55,383

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(h)(k)^‡		.29	%^(f)		.29	%		.32	%^(f)

Expenses, before waivers/reimbursements^(h)(k)^‡		.30	%^(f)		.30	%		.33	%^(f)

Net investment income^(c)		4.53	%^(f)		4.62	%		4.62	%^(f)

Portfolio turnover rate^(g)		64	%		114	%		232	%


^‡Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolio		.01	%^(f)		.01	%		.01	%^(f)

See footnote summary on pages 470-473.



458 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Corporate Bond ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024


Net asset value, beginning of period		$ 36.19			$ 36.22			$ 35.00

Income From Investment Operations

Net investment income^(b)(c)		.85			1.77			1.77

Net realized and unrealized gain (loss) on investment transactions		(.76	)		.26			1.05

Contributions from Affiliates		– 0	–		– 0	–		.00	^(d)

Net increase (decrease) in net asset value from operations		.09			2.03			2.82

Less: Dividends and Distributions

Dividends from net investment income		(.89	)		(1.79	)		(1.60	)

Distributions from net realized gain on investment transactions		– 0	–		(.27	)		– 0	–

Total dividends and distributions		(.89	)		(2.06	)		(1.60	)

Net asset value, end of period		$ 35.39			$ 36.19			$ 36.22


Total Return

Total investment return based on net asset value^(e)		.26	%		5.87	%		8.24	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$26,542			$27,142			$25,358

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.30	%^(f)		.30	%		.30	%^(f)

Expenses, before waiver/reimbursements		.30	%^(f)		.30	%		.30	%^(f)

Net investment income^(c)		4.77	%^(f)		4.98	%		5.13	%^(f)

Portfolio turnover rate^(g)		39	%		90	%		175	%

See footnote summary on pages 470-473.



ABFunds.com		AB Active ETFs, Inc. 459

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Tax-Aware Intermediate Municipal ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024


Net asset value, beginning of period		$ 25.56			$ 25.69			$ 25.00

Income From Investment Operations

Net investment income^(b)(c)		.48			.97			.91

Net realized and unrealized gain (loss) on investment transactions		(.06	)		(.22	)		.52

Net increase (decrease) in net asset value from operations		.42			.75			1.43

Less: Dividends

Dividends from net investment income		(.47	)		(.88	)		(.74	)


Net asset value, end of period		$ 25.51			$ 25.56			$ 25.69


Total Return

Total investment return based on net asset value^(e)		1.68	%		3.03	%		5.81	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$616,133			$420,508			$92,476

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.28	%^(f)		.28	%		.28	%^(f)

Expenses, before waiver/reimbursements		.28	%^(f)		.28	%		.28	%^(f)

Net investment income^(c)		3.78	%^(f)		3.89	%		3.74	%^(f)

Portfolio turnover rate^(g)		5	%		10	%		9	%

See footnote summary on pages 470-473.



460 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Tax-Aware Long Municipal ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a) to November 30, 2024


Net asset value, beginning of period		$ 25.19			$ 25.67			$ 25.00

Income From Investment Operations

Net investment income^(b)(c)		.52			1.04			.95

Net realized and unrealized gain (loss) on investment transactions		(.09	)		(.50	)		.57

Contributions from Affiliates		– 0	–		– 0	–		.00	^(d)

Net increase in net asset value from operations		.43			.54			1.52

Less: Dividends

Dividends from net investment income		(.53	)		(1.02	)		(.85	)

Net asset value, end of period		$ 25.09			$ 25.19			$ 25.67


Total Return

Total investment return based on net asset value^(e)		1.79	%		2.18	%		6.19	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$57,716			$42,820			$29,527

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^‡(h)		.27	%^(f)		.28	%		.28	%^(f)

Expenses, before waivers/reimbursements^‡(h)		.28	%^(f)		.28	%		.28	%^(f)

Net investment income^(c)		4.23	%^(f)		4.22	%		3.90	%^(f)

Portfolio turnover rate^(g)		26	%		50	%		12	%


^‡ Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated
underlying portfolio		.01	%^(f)		.00	%		.00	%

See footnote summary on pages 470-473.



ABFunds.com		AB Active ETFs, Inc. 461

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period⁽ⁿ⁾


	AB Short Duration High Yield ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			October 1, 2024^(o) to November 30, 2024			Year Ended September 30,
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			October 1, 2024^(o) to November 30, 2024			2024			2023			2022			2021


		$ 35.96			$ 35.84			$ 35.88			$ 33.81			$ 33.24			$ 39.37			$ 37.81


Net investment income^(b)(c)		1.07			2.31			.36			2.27			1.94			1.45			1.49

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.17	)		(.03	)		(.06	)		1.84			1.30			(5.98	)		1.71

Contribution from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.90			2.28			.30			4.11			3.24			(4.53	)		3.20

Less: Dividends

Dividends from net investment income		(1.07	)		(2.16	)		(.34	)		(2.04	)		(2.67	)		(1.60	)		(1.64	)

Net asset value, end of period		$ 35.79			$ 35.96			$ 35.84			$ 35.88			$ 33.81			$ 33.24			$ 39.37


Total Return

Total investment return based on net asset value^(d)		2.52	%		6.63	%		.93	%		12.50	%		10.04	%		(11.78	)%		8.52	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$898,967			$837,801			$754,351			$659,122			$484,876			$283,354			$334,801

Ratio to average net assets of:

Expenses, net of waivers/ reimbursements^‡(h)		.40	%^(f)		.40	%		.39	%^(f)		.58	%		.70	%		.70	%		.70	%

Expenses, before waiver/ reimbursements^‡(h)		.40	%^(f)		.40	%		.40	%^(f)		.61	%		.78	%		.75	%		.77	%

Net investment income^(c)		5.99	%^(f)		6.47	%		6.12	%^(f)		6.51	%		5.71	%		3.97	%		3.77	%

Portfolio turnover rate^(g)		35	%		72	%		4	%		41	%		67	%		62	%		57	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/ unaffiliated underlying
portfolios		.00	%		.00	%		.00	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on pages 470-473.



462 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(p)


	AB Short Duration Income ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			November 1, 2024 to November 30, 2024^(q)			Year Ended October 31,
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			November 1, 2024 to November 30, 2024^(q)			2024			2023			2022			2021


Net asset value, beginning of period		$ 35.94			$ 35.57			$ 35.51			$ 34.35			$ 34.43			$ 39.18			$ 39.42

Income From Investment Operations

Net investment income^(b)(c)		.78			1.69	(r)		.15			1.84			1.51			.79			.99

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.30	)		.42			.06			1.04			.27			(4.15	)		– 0	–

Contribution from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		.48			2.11			.21			2.88			1.78			(3.36	)		.99

Less: Dividends and Distributions

Dividends from net investment income		(.81	)		(1.74	)		(.15	)		(1.72	)		(1.86	)		(.95	)		(1.23	)

Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		(.44	)		– 0	–

Total dividends and distributions		(.81	)		(1.74	)		(.15	)		(1.72	)		(1.86	)		(1.39	)		(1.23	)

Net asset value, end of period		$ 35.61			$ 35.94			$ 35.57			$ 35.51			$ 34.35			$ 34.43			$ 39.18


Total Return

Total investment return based on net asset value^(e)		1.37	%		6.11	%^(r)		.59	%		8.52	%		5.22	%		(8.76	)%		2.48	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$174,087			$145,143			$88,503			$88,363			$105,618			$64,972			$56,593

Ratio to average net assets of:

Expenses, net of waivers/ reimbursements^(k)		.30	%^(f)		.30	%		.30	%^(f)		.39	%		.71	%		.77	%		.47	%

Expenses, before waiver/ reimbursements^(k)		.30	%^(f)		.30	%		.30	%^(f)		.70	%		1.26	%		1.48	%		1.18	%

Net investment income^(c)		4.39	%^(f)		4.75	%^(r)		5.14	%^(f)		5.23	%		4.29	%		2.17	%		2.52	%

Portfolio turnover rate^(g)(s)		42	%		73	%		1	%		116	%		185	%		60	%		163	%

See footnote summary on pages 470-473.



ABFunds.com		AB Active ETFs, Inc. 463

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(t)


	AB California Intermediate Municipal ETF
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025^(o)			Year Ended September 30,
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025^(o)			2025			2024			2023			2022			2021


Net asset value, beginning of period		$ 25.18			$ 24.98			$ 25.16			$ 23.94			$ 23.79			$ 26.16			$ 26.02

Income From Investment Operations

Net investment income^(b)		.40			.13			.73	^(r)		.72			.61			.47			.45

Net realized and unrealized gain (loss) on investment transactions		(.05	)		.14			(.16	)		1.22			.19			(2.39	)		.14

Net increase (decrease) in net asset value from operations		.35			.27			.57			1.94			.80			(1.92	)		.59

Less: Dividends and Distributions

Dividends from net investment income		(.44	)		(.07	)		(.73	)		(.72	)		(.65	)		(.45	)		(.45	)

Return of Capital		– 0	–		– 0	–		(.02	)		– 0	–		– 0	–		– 0	–		– 0	–

Total dividends and distributions		(.44	)		(.07	)		(.75	)		(.72	)		(.65	)		(.45	)		(.45	)

Net asset value, end of period		$ 25.09			$ 25.18			$ 24.98			$ 25.16			$ 23.94			$ 23.79			$ 26.16


Total Return

Total investment return based on net asset value^(e)		1.38	%		1.00	%		2.34	%^(r)		8.19	%		3.28	%		(7.40	)%		2.28	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,165,621			$1,098,153			$183,794			$120,177			$107,640			$102,466			$82,692

Ratio to average net assets of:

Expenses, net of waivers/ reimbursements^(k)		.27	%^(f)		.28	%^(f)		.50	%		.50	%		.51	%		.48	%		.48	%

Expenses, before waiver/ reimbursements^(k)		.27	%^(f)		.28	%^(f)		.50	%		.50	%		.51	%		.48	%		.48	%

Net investment income		3.23	%^(f)		3.18	%^(f)		3.01	%^(r)		2.88	%		2.50	%		1.86	%		1.71	%

Portfolio turnover rate^(g)		12	%		2	%		26	%		39	%		31	%		23	%		27	%

See footnote summary on pages 470-473.



464 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(u)


	AB New York Intermediate Municipal ETF
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025^(o)			Year Ended September 30,
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025^(o)			2025			2024			2023			2022			2021


Net asset value, beginning of period		$ 25.04			$ 24.89			$ 25.09			$ 23.91			$ 23.78			$ 26.29			$ 25.91

Income From Investment Operations

Net investment income^(b)		.38			.12			.70	^(r)		.68	^(c)		.59			.50			.50

Net realized and unrealized gain (loss) on investment transactions		.01			.10			(.20	)		1.16			.13			(2.51	)		.38

Contributions from affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.39			.22			.50			1.84			.72			(2.01	)		.88

Less: Dividends

Dividends from net investment income		(.37	)		(.07	)		(.70	)		(.66	)		(.59	)		(.50	)		(.50	)

Net asset value, end of period		$ 25.06			$ 25.04			$ 24.89			$ 25.09			$ 23.91			$ 23.78			$ 26.29


Total Return

Total investment return based on net asset value^(e)		1.57	%		.96	%		2.03	%^(r)		7.81	%		3.04	%		(7.77	)%		3.44	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,303,846			$1,292,950			$56,875			$53,919			$62,682			$61,511			$67,388

Ratio to average net assets of:

Expenses, net of waivers/ reimbursements^(k)		.27	%^(f)		.30	%^(f)		.50	%		.49	%		.51	%		.48	%		.48	%

Expenses, before waiver/ reimbursements^(k)		.27	%^(f)		.30	%^(f)		.50	%		.50	%		.51	%		.48	%		.48	%

Net investment income		3.04	%^(f)		3.06	%^(f)		2.82	%^(r)		2.74	%^(c)		2.40	%		1.96	%		1.91	%

Portfolio turnover rate^(g)		10	%		1	%		28	%		33	%		20	%		14	%		18	%

See footnote summary on pages 470-473.



ABFunds.com		AB Active ETFs, Inc. 465

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period^(v)


	AB Core Bond ETF
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025^(o)			Year Ended September 30,
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025^(o)			2025			2024			2023			2022			2021


Net asset value, beginning of period		$ 30.16			$ 29.94			$ 30.38			$ 28.07			$ 29.01			$ 35.35			$ 36.58

Income From Investment Operations

Net investment income^(b)(c)		.58			.21			1.28			1.28			1.07			.59			.68

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.61	)		.14			(.47	)		2.31			(.94	)		(5.81	)		(.66	)

Net increase (decrease) in net asset value from operations		(.03	)		.35			.81			3.59			.13			(5.22	)		.02

Less: Dividends and Distributions

Dividends from net investment income		(.61	)		(.13	)		(1.25	)		(1.28	)		(1.07	)		(.62	)		(.75	)

Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		(.50	)		(.50	)

Total dividends and distributions		(.61	)		(.13	)		(1.25	)		(1.28	)		(1.07	)		(1.12	)		(1.25	)

Net asset value, end of period		$ 29.52			$ 30.16			$ 29.94			$ 30.38			$ 28.07			$ 29.01			$ 35.35


Total Return

Total investment return based on net asset value^(e)		(.07	)%		.52	%		2.84	%		13.01	%		.45	%		(15.13	)%		.02	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,055,946			$876,552			$853,629			$770,782			$65,746			$708,490			$1,016,985

Ratio to average net assets of:

Expenses, net of waivers/ reimbursements^(h)		.28	%^(f)		.38	%^(f)		.44	%		.45	%		.45	%		.45	%		.45	%

Expenses, before waiver/ reimbursements^(h)		.28	%^(f)		.46	%^(f)		.52	%		.52	%		.54	%		.51	%		.52	%

Net investment income^(c)		3.89	%^(f)		4.14	%^(f)		4.34	%		4.36	%		3.63	%		1.85	%		1.92	%

Portfolio turnover rate^(g)(s)		106	%		33	%		180	%		206	%		169	%		129	%		118	%

See footnote summary on pages 470-473.



466 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Conservative Buffer ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a)to November 30, 2024


Net asset value, beginning of period		$ 41.12			$ 39.31			$ 35.00

Income From Investment Operations

Net investment loss^(b)(c)		(.14	)		(.26	)		(.24	)

Net realized and unrealized gain (loss) on investment transactions		1.51			2.07			4.55

Net increase (decrease) in net asset value from operations		1.37			1.81			4.31

Less: Dividends
Net asset value, end of period		$ 42.49			$ 41.12			$ 39.31


Total Return

Total investment return based on net asset value^(e)		3.33	%		4.62	%		12.31	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,060,151			$976,687			$696,739

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.69	%^(f)		.69	%		.69	%^(f)

Expenses, before waiver/reimbursements		.69	%^(f)		.69	%		.69	%^(f)

Net investment loss^(c)		(.67	)%^(f)		(.67	)%		(.66	)%^(f)

Portfolio turnover rate^(g)		– 0	– %		– 0	– %		– 0	– %

See footnote summary on pages 470-473.



ABFunds.com		AB Active ETFs, Inc. 467

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB International Buffer ETF
	Six Months Ended May 31, 2026 (unaudited)			December 9, 2024^(a)to November 30, 2025


Net asset value, beginning of period		$ 39.41			$ 35.00

Income From Investment Operations

Net investment loss^(b)(c)		(.14	)		(.24	)

Net realized and unrealized gain (loss) on investment transactions		2.79			4.65

Net increase (decrease) in net asset value from operations		2.65			4.41

Net asset value, end of period		$ 42.06			$ 39.41


Total Return

Total investment return based on net asset value^(e)		6.73	%		12.61	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$128,297			$73,900

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.69	%		.69	%

Expenses, before waiver/reimbursements		.69	%		.69	%

Net investment loss(c)		(.67	)%		(.67	)%

Portfolio turnover rate^(g)		– 0	– %		– 0	– %

See footnote summary on pages 470-473.



468 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Moderate Buffer ETF
	Six Months Ended May 31, 2026 (unaudited)			December 9, 2024^(a)to November 30, 2025


Net asset value, beginning of period		$ 38.84			$ 35.00

Income From Investment Operations

Net investment loss^(b)(c)		(.13	)		(.24	)

Net realized and unrealized gain (loss) on investment transactions		1.79			4.08

Net increase (decrease) in net asset value from operations		1.66			3.84

Net asset value, end of period		$ 40.50			$ 38.84


Total Return

Total investment return based on net asset value^(e)		4.29	%		10.96	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$416,181			$268,945

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)		.69	%		.69	%

Expenses, before waiver/reimbursements^(e)		.69	%		.69	%

Net investment loss^(c)		(.67	)%		(.67	)%

Portfolio turnover rate^(g)		– 0	– %		– 0	– %

See footnote summary on pages 470-473.



ABFunds.com		AB Active ETFs, Inc. 469

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	Amount is less than $.005.

(e)

(f)	Annualized.

(g)	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

(h)

In connection with the Fund investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund pro rata share of certain acquired fund fees and expenses, such waiver:


AB Ultra Short Income ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Year Ended November 30, 2024
Acquired Fund fees		.01	%^(f)		.01	%		.01	%

AB High Yield ETF
	Year Ended October 31, 2023
Acquired Fund fees		.01	%

AB Core Plus Bond ETF
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			Year Ended November 30, 2024
Acquired Fund fees		.01	%^(f)		.01	%		.01	%

AB Tax-Aware Long Municipal ETF
	Six Months Ended May 31, 2026 (unaudited)
Acquired Fund fees		.01	%^(f)



470 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

AB Short Duration High Yield ETF

Period Ended
November 30,
2024

Year Ended
September 30,
2024

Acquired Fund fees

.01

%^(f)

.01

AB Core Bond ETF

Year Ended
September 30,
2025

Acquired Fund fees

.01

(i)

After the close of business on May 12, 2023, AB High Yield Portfolio (the “Acquired Portfolio”) was converted into AB High Yield ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from November 1, 2018 through the Reorganization.

(j)	The Acquired Portfolio had a fiscal year end of October 31. The Fund has a fiscal year end of November 30 and The Acquired Portfolio changed its fiscal year end from December 31 to October 31, respectively in years 2023 and 2021.

(k)	The expense ratios presented below exclude interest/bank overdraft expense:


AB High Yield ETF

	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30,						November 1, 2023 to November 30, 2023^(b)			Year Ended October 31,						January 1, 2021 to October 31, 2021^(c)
	Six Months Ended May 31, 2026 (unaudited)			2025			2024			November 1, 2023 to November 30, 2023^(b)			2023			2022			January 1, 2021 to October 31, 2021^(c)
Net of waivers/reimbursements		.40	%^(f)		.40	%		.40	%		.40	%^(f)		.50	%		.60	%		.51	%^(f)
Before waivers/reimbursements		.40	%^(f)		.40	%		.40	%		.40	%^(f)		.86	%		1.35	%		1.74	%^(f)


AB Core Plus Bond ETF

	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			December 13, 2023^(a)November 30, 2024
Net of waivers/reimbursements		.29	%^(f)		.29	%		.32	%^(f)
Before waivers/reimbursements		.30	%^(f)		.30	%		.33	%^(f)


AB Short Duration Income ETF

	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			November 1, 2024 to November 30, 2024^(b)			Year Ended October 31,
	Six Months Ended May 31, 2026 (unaudited)			Year Ended November 30, 2025			November 1, 2024 to November 30, 2024^(b)			2024			2023			2022			2021
Net of waivers/reimbursements		.30	%^(f)		.30	%		.30	%^(f)		.39	%		.45	%		.45	%		.45	%
Before waivers/reimbursements		.30	%^(f)		.30	%		.30	%^(f)		.70	%		1.00	%		1.16	%		1.16	%



ABFunds.com		AB Active ETFs, Inc. 471

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


AB California Intermediate Municipal ETF

	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025			Year Ended September 30,
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025			2025			2024			2023			2022			2021
Net of waivers/reimbursements		.27	%^(f)		.28	%^(f)		.49	%		.50	%		.51	%		.48	%		.48	%
Before waivers/reimbursements		.27	%^(f)		.28	%^(f)		.49	%		.50	%		.51	%		.48	%		.48	%


AB New York Intermediate Municipal ETF

	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025			Year Ended September 30,
	Six Months Ended May 31, 2026 (unaudited)			October 1, 2025 to November 30, 2025			2025			2024			2023			2022			2021
Net of waivers/reimbursements		.27	%^(f)		.30	%^(f)		.49	%		.49	%		.51	%		.48	%		.48	%
Before waivers/reimbursements		.27	%^(f)		.30	%^(f)		.49	%		.50	%		.51	%		.48	%		.48	%

(l)	The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

(m)	Portfolio turnover is calculated for the Fund as a whole for the full fiscal year or period, as applicable, and is not annualized.

(n)

After the close of business on June 7, 2024, AB Short Duration High Yield Portfolio (the “Acquired Portfolio”) was converted into AB Short Duration High Yield ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from September 30, 2020 through the Reorganization.

(o)	The Acquired Portfolio had a fiscal year end of September 30. The Fund has a fiscal year end of November 30.

(p)

After the close of business on June 7, 2024, AB Short Duration Income Portfolio (the “Acquired Portfolio”) was converted into AB Short Duration Income ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from October 31, 2020 through the Reorganization.

(q)	The Acquired Portfolio had a fiscal year end of October 31. The Fund has a fiscal year end of November 30.



472 AB Active ETFs, Inc.		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(r)	During the year ended November 30, 2025, the Adviser reimbursed the Fund for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:


AB Short Duration Income ETF
	Net Investment Income Per Share			Net Investment Income Ratio			Total Return
Class A	$	.00	^(d)		.00	%^(w)		.00	%^(w)
Class C	$	.00	^(d)		.00	%^(w)		.00	%^(w)
Advisor Class	$	.00	^(d)		.00	%^(w)		.00	%^(w)

AB California Intermediate Municipal ETF
	Net Investment Income Per Share			Net Investment Income Ratio			Total Return
Adviser Class	$	.00	^(d)		.00	%^(w)		.00	%^(w)

AB New York Intermediate Municipal ETF
	Net Investment Income Per Share			Net Investment Income Ratio			Total Return
Adviser Class	$	.00	^(d)		.01	%		.01	%

(s)	The Fund accounts for dollar roll transactions as purchases and sales.

(t)

After the close of business on October 3, 2025, California Municipal Portfolio (the “Acquired Portfolio”) was converted into AB California Intermediate Municipal ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from September 30, 2021 through the Reorganization.

(u)

After the close of business on November 7, 2025, New York Municipal Portfolio (the “Acquired Portfolio”) was converted into AB New York Intermediate Municipal ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from September 30, 2021 through the Reorganization.

(v)

After the close of business on November 7, 2025, Bernstein Intermediate Duration Institutional Portfolio (the “Acquired Portfolio”) was converted into AB Core Bond ETF. The performance and financial history of the Acquired Portfolio’s Advisor Class Shares have been adopted by the Fund and will be used going forward. As a result, the Financial Highlight information includes that of the Acquired Portfolio’s Advisor Class Shares and has been adjusted retroactively for the periods from September 30, 2021 through the reorganization.

(w)	Less than .005%.

See notes to financial statements.



ABFunds.com		AB Active ETFs, Inc. 473

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB California Intermediate Municipal ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



474 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided



ABFunds.com		AB Active ETFs, Inc. 475

Costs of Services to be Provided and Profitability



476 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses

The Directors considered the management fee rate payable by each Fund to the Adviser and information prepared by an independent service provider (the “15(c) provider”) concerning management fee rates payable by other funds or exchange-traded funds (“ETFs”), as applicable, in the same category as the Fund or the AB ETFs, as applicable. In the case of the AB ETFs, the Directors noted that the management fee is a unitary fee and that the Adviser pays all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The Directors recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds or ETFs. The Directors also considered the Adviser’s fee waivers for certain Funds. The Directors compared each Fund’s contractual management fee rate with a peer group median, and where applicable, took into account the impact on the management fee rate of



ABFunds.com		AB Active ETFs, Inc. 477



478 AB Active ETFs, Inc.		ABFunds.com

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 479

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB California Intermediate Municipal ETF (the “Fund”) for an initial two-year period at a meeting held in-person on May 6-8, 2025 (the “Meeting”).



480 AB Active ETFs, Inc.		ABFunds.com

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services to be Provided

Costs of Services to be Provided and Profitability

Fall-Out Benefits



ABFunds.com		AB Active ETFs, Inc. 481

Investment Results

Since the Fund was newly formed and had not yet commenced operations, no performance or other historical information for the Fund was available. However, it was proposed that the Fund would receive the assets of AB California Municipal Portfolio (the “Acquired Portfolio”), a series of Sanford C. Bernstein Fund, Inc. (a mutual fund), in exchange for shares of the Fund (an exchange traded fund) and the assumption by the Fund of all the liabilities of the Acquired Portfolio. Shareholders of the Acquired Portfolio would receive shares of the Fund in a liquidating distribution of the Acquired Portfolio (the “Conversion”). The Conversion is expected to be consummated on or about October 3, 2025. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds and ETFs, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the “15(c) service provider”), concerning advisory fee rates payable by other ETFs in the same category as the Fund, based on the Fund’s projected net assets of $1.05 billion (the Acquired Portfolio’s current asset size). The directors noted that the proposed advisory fee is a unitary fee and that the Adviser will pay all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was equal to the median.



482 AB Active ETFs, Inc.		ABFunds.com

(ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the proposed unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the Fund’s projected total expense ratio in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the Fund’s projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s projected expense ratio was lower than the median of a peer group and above the median of a peer universe. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 483

asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



484 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Conservative Buffer ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



ABFunds.com		AB Active ETFs, Inc. 485

Nature, Extent and Quality of Services Provided



486 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 487

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



488 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 489

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



490 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Conservative Buffer ETF (the “Fund”) at a meeting held in-person on November 4-6, 2025 (the “Meeting”).



ABFunds.com		AB Active ETFs, Inc. 491

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar year 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly available and is affected by



492 AB Active ETFs, Inc.		ABFunds.com

numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended July 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the period reviewed, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The Adviser informed the directors that there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a



ABFunds.com		AB Active ETFs, Inc. 493

peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was equal to the median of a peer group and lower than the median of a peer universe. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



494 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc.in respect of AB Core Bond ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



ABFunds.com		AB Active ETFs, Inc. 495

Nature, Extent and Quality of Services Provided



496 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 497

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



498 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 499

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



500 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB Core Bond ETF (the “Fund”) for an initial two-year period at a meeting held in-person on May 6-8, 2025 (the “Meeting”).



ABFunds.com		AB Active ETFs, Inc. 501

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services to be Provided

Costs of Services to be Provided and Profitability

Fall-Out Benefits



502 AB Active ETFs, Inc.		ABFunds.com

Investment Results

Since the Fund was newly formed and had not yet commenced operations, no performance or other historical information for the Fund was available. However, it was proposed that the Fund would receive the assets of Bernstein Intermediate Duration Institutional Portfolio (the “Acquired Portfolio”), a series of Sanford C. Bernstein Fund II, Inc. (a mutual fund), in exchange for shares of the Fund (an exchange traded fund) and the assumption by the Fund of all the liabilities of the Acquired Portfolio. Shareholders of the Acquired Portfolio would receive shares of the Fund in a liquidating distribution of the Acquired Portfolio (the “Conversion”). The Conversion is expected to be consummated on or about November 7, 2025. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds and ETFs, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the “15(c) service provider”), concerning advisory fee rates payable by other ETFs in the same category as the Fund, based on the Fund’s projected net assets of $842 million (the Acquired Portfolio’s current asset size). The directors noted that the proposed advisory fee is a unitary fee and that the Adviser will pay all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was lower than the median.



ABFunds.com		AB Active ETFs, Inc. 503

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the Fund’s projected total expense ratio in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the Fund’s projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s projected expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale



504 AB Active ETFs, Inc.		ABFunds.com

advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



ABFunds.com		AB Active ETFs, Inc. 505

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Core Plus Bond ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



506 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided



ABFunds.com		AB Active ETFs, Inc. 507

Costs of Services to be Provided and Profitability



508 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



ABFunds.com		AB Active ETFs, Inc. 509



510 AB Active ETFs, Inc.		ABFunds.com

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 511

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Core Plus Bond ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



512 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 513

numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the period reviewed.

Fall-Out Benefits

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses



514 AB Active ETFs, Inc.		ABFunds.com

The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser. The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The information provided included a pro forma expense ratio for the Fund’s latest fiscal year adjusted to reflect a reduction in the Fund’s unitary fee effective February 2025. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s pro expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s pro forma expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 515

had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



516 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Corporate Bond ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



ABFunds.com		AB Active ETFs, Inc. 517

Nature, Extent and Quality of Services Provided



518 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 519

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



520 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 521

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



522 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Corporate Bond ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



ABFunds.com		AB Active ETFs, Inc. 523

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



524 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses



ABFunds.com		AB Active ETFs, Inc. 525

those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



526 AB Active ETFs, Inc.		ABFunds.com

established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



ABFunds.com		AB Active ETFs, Inc. 527

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB High Yield ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



528 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided



ABFunds.com		AB Active ETFs, Inc. 529

Costs of Services to be Provided and Profitability



530 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



ABFunds.com		AB Active ETFs, Inc. 531



532 AB Active ETFs, Inc.		ABFunds.com

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 533

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB High Yield ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



534 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 535

generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund (including its predecessor mutual fund) against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the performance of the Fund (including its predecessor mutual fund) against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2025. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses



536 AB Active ETFs, Inc.		ABFunds.com

The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser. The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others, and in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was equal to the median of a peer group and lower than the median of a peer universe. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 537



538 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB International Buffer ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



ABFunds.com		AB Active ETFs, Inc. 539

Nature, Extent and Quality of Services Provided



540 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 541

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



542 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 543

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



544 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB International Buffer ETF (the “Fund”) for an initial two-year period at a meeting held in-person on July 30-31, 2024 (the “Meeting”).

The directors considered their knowledge of the nature and quality of the services to be provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, including the other series of the Company that are organized as exchange-traded funds (“ETFs), their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the AB Funds.



ABFunds.com		AB Active ETFs, Inc. 545

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services to be Provided

Costs of Services to be Provided and Profitability

Fall-Out Benefits



546 AB Active ETFs, Inc.		ABFunds.com

Investment Results

Advisory Fees and Other Expenses

The Adviser informed the directors that there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those proposed for the Fund.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the Fund’s projected total expense ratio in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s projected expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 547

that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



548 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Moderate Buffer ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



ABFunds.com		AB Active ETFs, Inc. 549

Nature, Extent and Quality of Services Provided



550 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 551

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



552 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 553

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



554 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB Moderate Buffer ETF (the “Fund”) for an initial two-year period at a meeting held in-person on July 30-31, 2024 (the “Meeting”).

The directors considered their knowledge of the nature and quality of the services to be provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, including the other series of the Company that are organized as exchange-traded funds (“ETFs), their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the AB Funds.



ABFunds.com		AB Active ETFs, Inc. 555

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services to be Provided

Costs of Services to be Provided and Profitability

Fall-Out Benefits



556 AB Active ETFs, Inc.		ABFunds.com

Investment Results

Advisory Fees and Other Expenses

The Adviser informed the directors that there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those proposed for the Fund.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the Fund’s projected total expense ratio in comparison to the medians for a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”) selected by the 15(c) service provider. The directors view the projected expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser will be responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s projected expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s projected expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 557



558 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB New York Intermediate Municipal ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



ABFunds.com		AB Active ETFs, Inc. 559

Nature, Extent and Quality of Services Provided



560 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 561

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



562 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 563

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



564 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB New York Intermediate Municipal ETF (the “Fund”) for an initial two-year period at a meeting held in-person on May 6-8, 2025 (the “Meeting”).



ABFunds.com		AB Active ETFs, Inc. 565

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services to be Provided

Costs of Services to be Provided and Profitability

Fall-Out Benefits



566 AB Active ETFs, Inc.		ABFunds.com

Investment Results

Since the Fund was newly formed and had not yet commenced operations, no performance or other historical information for the Fund was available. However, it was proposed that the Fund would receive the assets of AB New York Municipal Portfolio (the “Acquired Portfolio”), a series of Sanford C. Bernstein Fund, Inc. (a mutual fund), in exchange for shares of the Fund (an exchange traded fund) and the assumption by the Fund of all the liabilities of the Acquired Portfolio. Shareholders of the Acquired Portfolio would receive shares of the Fund in a liquidating distribution of the Acquired Portfolio (the “Conversion”). The Conversion is expected to be consummated on or about November 7, 2025. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds and ETFs, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the “15(c) service provider”), concerning advisory fee rates payable by other ETFs in the same category as the Fund, based on the Fund’s projected net assets of $1.3 billion (the Acquired Portfolio’s current asset size). The directors noted that the proposed advisory fee is a unitary fee and that the Adviser will pay all expenses of the Fund except for certain expenses payable by the Fund such as interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other ETFs. The directors considered the Fund’s proposed contractual advisory fee rate against a peer group median and noted that it was lower than the median.



ABFunds.com		AB Active ETFs, Inc. 567

Economies of Scale



568 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 569

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Short Duration High Yield ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



570 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided



ABFunds.com		AB Active ETFs, Inc. 571

also noted the professional experience and qualifications of each Fund’s portfolio management team and other senior personnel of the Adviser. The Directors also considered that certain Proposed Agreements, similar to the corresponding Current Agreements, provide that the Funds will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Funds by employees of the Adviser or its affiliates, and that the Adviser receives similar reimbursements from AMMAF pursuant to a separate Administrative Reimbursement Agreement. Requests for these reimbursements are made on a quarterly basis and subject to approval by the Directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Funds to the Adviser than the fee rate stated in the Proposed Agreements. The Directors noted that the Adviser did not request any reimbursements from certain Funds in the Funds’ latest fiscal year reviewed and that, in the case of the AB ETFs, the Adviser does not expect to request such reimbursements. The Directors noted that the methodology to be used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the Directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Funds’ other service providers, also was considered. The Directors concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to each Fund under the Proposed Agreement for the Fund.

Costs of Services to be Provided and Profitability



572 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



ABFunds.com		AB Active ETFs, Inc. 573

where applicable, took into account the impact on the management fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year. In the case of the ACS Funds, the Directors noted that the management fee rate is zero but also were cognizant that the Adviser is indirectly compensated by the wrap fee program sponsors that use the ACS Funds as an investment vehicle for their clients.



574 AB Active ETFs, Inc.		ABFunds.com

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 575

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Short Duration High Yield ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



576 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly



ABFunds.com		AB Active ETFs, Inc. 577

available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser from its relationship with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund (including its predecessor mutual fund) against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance (including its predecessor mutual fund) against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10- year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses



578 AB Active ETFs, Inc.		ABFunds.com

and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser. The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore fund or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 579

fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



580 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Short Duration Income ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



ABFunds.com		AB Active ETFs, Inc. 581

Nature, Extent and Quality of Services Provided



582 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 583

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



584 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 585

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



586 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Short Duration Income ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



ABFunds.com		AB Active ETFs, Inc. 587

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



588 AB Active ETFs, Inc.		ABFunds.com

The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the period reviewed.

Fall-Out Benefits

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund (including its predecessor mutual fund) against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance (including its predecessor mutual fund) against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses



ABFunds.com		AB Active ETFs, Inc. 589

services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser. The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



590 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 591

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Tax-Aware Intermediate Municipal ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



592 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided



ABFunds.com		AB Active ETFs, Inc. 593

Costs of Services to be Provided and Profitability



594 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



ABFunds.com		AB Active ETFs, Inc. 595



596 AB Active ETFs, Inc.		ABFunds.com

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 597

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Tax-Aware Intermediate Municipal ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



598 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 599

Fall-Out Benefits

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.



600 AB Active ETFs, Inc.		ABFunds.com

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 601

that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



602 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Tax-Aware Long Municipal ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



ABFunds.com		AB Active ETFs, Inc. 603

Nature, Extent and Quality of Services Provided



604 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 605

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



606 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 607

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



608 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Tax-Aware Long Municipal ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



ABFunds.com		AB Active ETFs, Inc. 609

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



610 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The Adviser informed the directors that there were no institutional accounts managed by the Adviser that utilize investment strategies similar to those of the Fund.



ABFunds.com		AB Active ETFs, Inc. 611

The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others and, in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangements with the Fund. The directors noted that the Fund’s expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



612 AB Active ETFs, Inc.		ABFunds.com

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Tax-Aware Short Duration Municipal ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



ABFunds.com		AB Active ETFs, Inc. 613

Nature, Extent and Quality of Services Provided



614 AB Active ETFs, Inc.		ABFunds.com

Costs of Services to be Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 615

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



616 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 617

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



618 AB Active ETFs, Inc.		ABFunds.com

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Tax-Aware Short Duration Municipal ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



ABFunds.com		AB Active ETFs, Inc. 619

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted that the assumptions and methods of allocation used by the Adviser in preparing profitability data for ETFs and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of ETF advisory contracts for unaffiliated ETFs because comparative information is not generally publicly



620 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the Fund’s performance against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the



ABFunds.com		AB Active ETFs, Inc. 621

Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations. The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others, and in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was close to the median of a peer group and above the median of a peer universe. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



622 AB Active ETFs, Inc.		ABFunds.com



ABFunds.com		AB Active ETFs, Inc. 623

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of a Potential Assignment

As described in more detail in the Proxy Statement for the AB Funds dated June 23, 2026, the Boards of the AB Funds, at a meeting held in-person on May 5-7, 2026, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Active ETFs, Inc. in respect of AB Ultra Short Income ETF (the “Fund”), in connection with an Agreement and Plan of Merger (the “Merger Agreement”) by and among Equitable Holdings, Inc. (“Equitable”) (the holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser), Corebridge Financial, Inc. (“Corebridge”), and various Corebridge subsidiaries, pursuant to which Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses into a newly formed company. Because Equitable controls the Adviser, the Merger may result in an “assignment” (within the meaning of section 2(a)(4) of the Investment Company Act) of the current advisory agreements for the AB Funds, including the Fund’s current Advisory Agreement, resulting in the automatic termination of such advisory agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on May 5-7, 2026, is set forth below.



624 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided



ABFunds.com		AB Active ETFs, Inc. 625

Costs of Services to be Provided and Profitability



626 AB Active ETFs, Inc.		ABFunds.com

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses



ABFunds.com		AB Active ETFs, Inc. 627



628 AB Active ETFs, Inc.		ABFunds.com

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 629

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Active ETFs, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Ultra Short Income ETF (the “Fund”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”).



630 AB Active ETFs, Inc.		ABFunds.com

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



ABFunds.com		AB Active ETFs, Inc. 631

before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

Investment Results

At the Meeting, the directors reviewed information prepared by an independent service provider (the “15(c) service provider”), showing the Fund’s performance against a group of similar ETFs (“peer group”) and a larger group of similar ETFs (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-year period ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.



632 AB Active ETFs, Inc.		ABFunds.com

The directors noted that the unitary fee for the Fund covers additional services provided by third parties and thus is not directly comparable to the Adviser’s institutional fee schedule and the schedule of fees for most other funds advised by the Adviser. The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more managerial and administrative resources due to the potential for frequent creations and redemptions of shares; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the Fund’s total expense ratio in comparison to the medians for a peer group and a peer universe of ETFs selected by the 15(c) service provider. The Fund’s expense ratio was based on the Fund’s latest fiscal year. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others, and in most cases, the Adviser is responsible for paying for such services under its unitary fee arrangement with the Fund. The directors noted that the Fund’s expense ratio was close to the median of a peer group and higher than the median of a peer universe. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale



ABFunds.com		AB Active ETFs, Inc. 633

of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among ETFs similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many ETFs do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



634 AB Active ETFs, Inc.		ABFunds.com

NOTES



ABFunds.com		AB Active ETFs, Inc. 635

NOTES



636 AB Active ETFs, Inc.		ABFunds.com

LOGO

AB ACTIVE ETFS, INC.

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

ETF-FI-0152-0526 LOGO

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There were no disagreements with accountants during the reporting period.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There were no shareholder meetings during the reporting period.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the registrant.

ITEM 19. EXHIBITS

The following exhibits are attached to this Form N-CSR:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

19(b)(1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

19(b)(2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

19(c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant): AB Active ETFs, Inc.

By:		/s/ Onur Erzan
		Onur Erzan
		President

Date:		July 29, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ Onur Erzan
		Onur Erzan
		President

Date:		July 29, 2026

By:		/s/ Stephen M. Woetzel
		Stephen M. Woetzel
		Treasurer and Chief Financial Officer

Date:		July 29, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d66642dncsrs_htm.xml

CAM

AB California Intermediate Municipal ETF

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Key Fund Statistics

Graphical Representation of Holdings

Credit Rating BreakdownFootnote Reference*

State Breakdown (% of Net Assets)

Availability of Additional Information

Householding

BUFC

Please scan QR code for

Fund Information

AB Conservative Buffer ETF

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Key Fund Statistics

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Availability of Additional Information

Householding

CORB

Please scan QR code for

Fund Information

AB Core Bond ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

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Key Fund Statistics

Graphical Representation of Holdings

Security Type Breakdown (% of Net Assets)

Availability of Additional Information

Householding

CPLS

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Fund Information

AB Core Plus Bond ETF

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report

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Key Fund Statistics

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

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Householding

EYEG

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Fund Information

AB Corporate Bond ETF

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report

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Sector Breakdown (% of Net Assets)

Availability of Additional Information

Householding

HYFI

Please scan QR code for

Fund Information

AB High Yield ETF

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Key Fund Statistics

Graphical Representation of Holdings

Sector Breakdown (% of Net Assets)

Availability of Additional Information

Householding

BUFI

Please scan QR code for

Fund Information

AB International Buffer ETF

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Key Fund Statistics

Graphical Representation of Holdings

Portfolio Breakdown (% of Net Assets)

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}