AB Active ETF, Inc.
AB California Intermediate Municipal ETF
Portfolio of Investments
August 31, 2026 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 102.1% |
||||||||
| Long-Term Municipal Bonds – 90.4% |
||||||||
| California – 84.3% |
||||||||
| Bay Area Toll Authority |
$ | 5,000 | $ | 4,988,073 | ||||
| 2.69% (MUNIPSA + 0.41%), 04/01/2056(a) |
13,415 | 13,337,881 | ||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign |
1,000 | 1,089,638 | ||||||
| 5.00%, 07/01/2038 |
2,695 | 2,868,011 | ||||||
| 5.25%, 07/01/2042 |
950 | 1,000,398 | ||||||
| 5.25%, 07/01/2044 |
8,865 | 9,263,401 | ||||||
| AG Series 2024-B |
4,500 | 4,337,213 | ||||||
| 4.125%, 07/01/2041 |
3,000 | 2,850,380 | ||||||
| AG Series 2026-B |
2,200 | 2,422,558 | ||||||
| 5.25%, 07/01/2039 |
2,250 | 2,451,686 | ||||||
| Series 2026-B |
1,000 | 1,098,804 | ||||||
| California Community Choice Financing Authority |
1,265 | 1,355,946 | ||||||
| California Community Choice Financing Authority |
5,000 | 5,196,736 | ||||||
| Series 2025C |
7,600 | 7,873,541 | ||||||
| California Community Choice Financing Authority |
7,000 | 7,107,397 | ||||||
| Series 2024G |
13,000 | 13,210,722 | ||||||
| California Community Choice Financing Authority |
7,800 | 8,210,951 | ||||||
| California Community Choice Financing Authority |
1,250 | 1,325,656 | ||||||
| Series 2026 |
3,125 | 3,282,923 | ||||||
| California Community Choice Financing Authority |
17,000 | 17,833,405 | ||||||
| California Community Choice Financing Authority |
7,015 | 7,061,274 | ||||||
| Series 2023 |
9,590 | 9,913,157 | ||||||
| 5.25%, 11/01/2054 |
1,000 | 1,047,847 | ||||||
| California Community Choice Financing Authority |
4,435 | 4,450,066 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2023 |
$ | 5,000 | $ | 5,067,965 | ||||
| 4.108% (SOFR + 1.67%), 02/01/2054(a) |
5,000 | 5,086,735 | ||||||
| 5.00%, 02/01/2054 |
16,770 | 17,453,725 | ||||||
| Series 2024-E |
1,185 | 1,241,067 | ||||||
| Series 2026-A |
1,500 | 1,490,469 | ||||||
| 5.00%, 04/01/2056 |
1,000 | 1,051,674 | ||||||
| California Community Choice Financing Authority |
14,250 | 15,213,533 | ||||||
| Series 2025G |
4,500 | 4,815,133 | ||||||
| Series 2026 |
2,040 | 2,179,591 | ||||||
| California Community Choice Financing Authority |
4,175 | 4,285,918 | ||||||
| California Community Choice Financing Authority |
7,795 | 8,198,414 | ||||||
| California Community Choice Financing Authority |
2,000 | 2,123,271 | ||||||
| California Community Choice Financing Authority |
10,000 | 10,688,397 | ||||||
| California Community Housing Agency |
4,450 | 3,429,377 | ||||||
| California Community Housing Agency |
1,330 | 1,130,470 | ||||||
| California Community Housing Agency |
3,390 | 2,483,539 | ||||||
| California County Tobacco Securitization Agency |
510 | 497,972 | ||||||
| 4.00%, 06/01/2038 |
1,000 | 967,346 | ||||||
| 5.00%, 06/01/2027 |
800 | 812,321 | ||||||
| 5.00%, 06/01/2028 |
700 | 724,354 | ||||||
| 5.00%, 06/01/2030 |
500 | 529,515 | ||||||
| 5.00%, 06/01/2031 |
400 | 421,450 | ||||||
| 5.00%, 06/01/2032 |
300 | 314,252 | ||||||
| California Earthquake Authority |
790 | 795,467 | ||||||
| California Enterprise Development Authority |
1,000 | 1,093,318 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Enterprise Development Authority |
$ | 2,000 | $ | 1,992,146 | ||||
| California Enterprise Development Authority |
340 | 339,405 | ||||||
| 4.00%, 06/01/2031(b) |
2,000 | 1,971,181 | ||||||
| California Health Facilities Financing Authority |
1,265 | 1,360,702 | ||||||
| 5.00%, 12/01/2036 |
1,000 | 1,063,521 | ||||||
| Series 2025 |
5,500 | 5,918,060 | ||||||
| California Health Facilities Financing Authority |
6,500 | 6,515,551 | ||||||
| 5.00%, 11/15/2028 |
6,000 | 6,046,934 | ||||||
| 5.00%, 11/15/2029 |
7,000 | 7,052,816 | ||||||
| California Health Facilities Financing Authority |
1,215 | 1,221,629 | ||||||
| Series 2025 |
1,850 | 1,852,345 | ||||||
| California Health Facilities Financing Authority |
6,550 | 7,119,123 | ||||||
| California Health Facilities Financing Authority |
3,000 | 3,252,500 | ||||||
| California Health Facilities Financing Authority |
8,000 | 8,655,408 | ||||||
| California Health Facilities Financing Authority |
1,280 | 1,316,135 | ||||||
| Series 2026-A |
2,500 | 2,633,137 | ||||||
| California Housing Finance Agency |
3,137 | 124,336 | ||||||
| California Housing Finance Agency |
9,348 | 9,415,296 | ||||||
| California Housing Finance Agency |
9,140 | 8,699,561 | ||||||
| California Housing Finance Agency |
7,432 | 7,388,351 | ||||||
| Series 2021-2, Class X |
3,716 | 124,814 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Housing Finance Agency |
$ | 1,845 | $ | 1,737,396 | ||||
| California Housing Finance Agency |
4,000 | 4,000,051 | ||||||
| California Infrastructure & Economic Development Bank |
3,750 | 3,758,693 | ||||||
| California Infrastructure & Economic Development Bank |
16,200 | 16,197,236 | ||||||
| California Infrastructure & Economic Development Bank |
1,675 | 1,656,340 | ||||||
| California Municipal Finance Authority |
3,000 | 2,988,899 | ||||||
| California Municipal Finance Authority |
2,500 | 2,490,549 | ||||||
| California Municipal Finance Authority |
1,000 | 1,000,455 | ||||||
| California Municipal Finance Authority |
999 | 948,393 | ||||||
| 5.35%, 06/20/2046 |
3,555 | 3,736,662 | ||||||
| Series 2026-2 |
1,180 | 1,184,432 | ||||||
| California Municipal Finance Authority |
2,825 | 2,868,865 | ||||||
| California Municipal Finance Authority |
3,549 | 3,189,835 | ||||||
| California Municipal Finance Authority |
2,855 | 2,756,512 | ||||||
| Series 2025-2, Class A2 |
2,284 | 2,101,977 | ||||||
| California Municipal Finance Authority |
2,191 | 2,072,969 | ||||||
| Series 2026-1, Class B |
1,000 | 992,075 | ||||||
| California Municipal Finance Authority |
2,250 | 2,225,075 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Municipal Finance Authority |
$ | 2,000 | $ | 1,965,561 | ||||
| California Municipal Finance Authority |
1,000 | 1,015,930 | ||||||
| California Municipal Finance Authority |
2,140 | 2,092,989 | ||||||
| California Municipal Finance Authority |
1,100 | 959,761 | ||||||
| 5.00%, 12/31/2026 |
2,200 | 2,210,345 | ||||||
| 5.00%, 12/31/2028 |
1,000 | 1,030,092 | ||||||
| 5.00%, 06/30/2029 |
1,050 | 1,080,421 | ||||||
| 5.00%, 12/31/2029 |
2,150 | 2,211,193 | ||||||
| 5.00%, 12/31/2031 |
2,250 | 2,307,997 | ||||||
| 5.00%, 12/31/2033 |
1,500 | 1,533,983 | ||||||
| 5.00%, 12/31/2043 |
2,000 | 2,010,379 | ||||||
| California Municipal Finance Authority |
2,125 | 2,121,920 | ||||||
| California Municipal Finance Authority |
1,200 | 1,199,743 | ||||||
| California Municipal Finance Authority |
3,350 | 3,571,820 | ||||||
| 5.00%, 09/01/2045 |
1,000 | 1,041,629 | ||||||
| California Municipal Finance Authority |
410 | 443,861 | ||||||
| 5.00%, 04/01/2035 |
720 | 778,427 | ||||||
| 5.00%, 04/01/2038 |
500 | 529,691 | ||||||
| 5.00%, 04/01/2044 |
1,415 | 1,444,451 | ||||||
| California Municipal Finance Authority |
9,900 | 9,948,170 | ||||||
| California Pollution Control Financing Authority |
1,075 | 1,079,104 | ||||||
| Series 2019 |
1,000 | 1,012,179 | ||||||
| California Pollution Control Financing Authority |
2,145 | 2,213,287 | ||||||
| 5.00%, 07/01/2039(b) |
2,465 | 2,512,038 | ||||||
| California Public Finance Authority |
1,500 | 1,543,440 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| California School Finance Authority |
$ | 1,305 | $ | 1,194,094 | ||||
| California School Finance Authority |
1,000 | 1,030,257 | ||||||
| California School Finance Authority |
2,000 | 1,746,976 | ||||||
| California School Finance Authority |
530 | 530,040 | ||||||
| Series 2016-A |
1,700 | 1,667,684 | ||||||
| California State Public Works Board |
2,385 | 2,518,680 | ||||||
| California State Public Works Board |
2,000 | 2,012,939 | ||||||
| 5.06%, 04/01/2033 |
1,000 | 1,003,083 | ||||||
| California State University |
5,620 | 5,702,091 | ||||||
| Series 2020-D |
1,500 | 1,406,347 | ||||||
| Series 2021-B |
7,000 | 5,712,559 | ||||||
| California Statewide Communities Development Authority |
5,750 | 5,623,935 | ||||||
| California Statewide Communities Development Authority |
1,210 | 1,225,488 | ||||||
| California Statewide Communities Development Authority |
720 | 729,208 | ||||||
| 5.00%, 04/01/2028 |
535 | 553,064 | ||||||
| California Statewide Communities Development Authority |
4,500 | 4,358,415 | ||||||
| California Statewide Communities Development Authority |
1,000 | 1,061,070 | ||||||
| California Statewide Communities Development Authority |
3,250 | 3,250,985 | ||||||
| Series 2019 |
755 | 767,967 | ||||||
| 5.00%, 06/01/2039(b) |
1,800 | 1,804,223 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Statewide Communities Development Authority |
$ | 4,500 | $ | 4,503,344 | ||||
| Series 2018-A |
250 | 255,359 | ||||||
| 5.00%, 12/01/2033(b) |
1,000 | 1,018,457 | ||||||
| California Statewide Communities Development Authority |
410 | 417,520 | ||||||
| California Statewide Communities Development Authority |
2,360 | 2,361,944 | ||||||
| 5.00%, 10/01/2028 |
1,230 | 1,231,769 | ||||||
| 5.00%, 10/01/2033 |
2,135 | 2,136,968 | ||||||
| California Statewide Communities Development Authority |
6,700 | 6,840,236 | ||||||
| Central Valley Energy Authority |
1,650 | 1,718,482 | ||||||
| Central Valley Energy Authority |
1,000 | 1,054,951 | ||||||
| City & County of San Francisco CA |
3,815 | 3,843,559 | ||||||
| City of Fremont CA Community Facilities District No. 1 |
1,000 | 1,008,531 | ||||||
| City of Los Angeles CA Wastewater System Revenue |
1,500 | 1,447,018 | ||||||
| 5.00%, 06/01/2032 |
1,565 | 1,590,769 | ||||||
| City of Los Angeles Department of Airports |
1,440 | 1,459,919 | ||||||
| 5.00%, 05/15/2031 |
1,275 | 1,291,969 | ||||||
| Series 2018 |
3,000 | 3,133,032 | ||||||
| 5.00%, 05/15/2035 |
1,190 | 1,214,946 | ||||||
| Series 2019-A |
4,315 | 4,421,054 | ||||||
| Series 2020-C |
5,000 | 5,281,057 | ||||||
| 5.00%, 05/15/2039 |
2,655 | 2,725,801 | ||||||
| Series 2021 |
3,000 | 3,180,338 | ||||||
| 5.00%, 05/15/2033 |
4,735 | 5,066,371 | ||||||
| 5.00%, 05/15/2035 |
1,685 | 1,774,492 | ||||||
| 5.00%, 05/15/2040 |
2,000 | 2,055,835 | ||||||
| Series 2021-D |
2,165 | 2,060,118 | ||||||
| Series 2022 |
1,300 | 1,289,381 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 05/15/2029 |
$ | 2,225 | $ | 2,336,957 | ||||
| 5.00%, 05/15/2032 |
4,000 | 4,289,795 | ||||||
| Series 2022-A |
6,160 | 5,785,516 | ||||||
| Series 2025 |
4,500 | 4,770,507 | ||||||
| 5.00%, 05/15/2036 |
2,630 | 2,845,249 | ||||||
| 5.00%, 05/15/2037 |
1,065 | 1,142,116 | ||||||
| Series 2026-B |
13,120 | 13,888,926 | ||||||
| City of Los Angeles Department of Airports |
1,145 | 1,145,146 | ||||||
| Series 2021 |
265 | 287,415 | ||||||
| City of Manhattan Beach CA |
2,470 | 2,546,019 | ||||||
| City of Roseville CA |
1,010 | 1,029,458 | ||||||
| 5.00%, 09/01/2030 |
1,290 | 1,308,381 | ||||||
| City of Roseville CA |
995 | 995,862 | ||||||
| City of San Jose CA Airport Revenue |
2,480 | 2,506,036 | ||||||
| City of Upland CA |
1,000 | 892,926 | ||||||
| CMFA Special Finance Agency VIII Elan Huntington Beach |
340 | 300,751 | ||||||
| Compton Community Redevelopment Agency Successor Agency |
3,925 | 4,247,827 | ||||||
| Compton Unified School District/CA |
2,790 | 2,996,405 | ||||||
| Contra Costa Transportation Authority Sales Tax Revenue |
1,250 | 1,265,571 | ||||||
| Coronado Community Development Agency Successor Agency |
675 | 675,000 | ||||||
| County of Sacramento CA Airport System Revenue |
1,000 | 1,017,747 | ||||||
| 5.00%, 07/01/2033 |
1,005 | 1,032,482 | ||||||
| 5.00%, 07/01/2038 |
5,000 | 5,084,159 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2025-A |
$ | 2,100 | $ | 2,208,373 | ||||
| 5.00%, 07/01/2039 |
1,320 | 1,384,191 | ||||||
| 5.00%, 07/01/2040 |
2,250 | 2,339,284 | ||||||
| 5.25%, 07/01/2043 |
1,150 | 1,212,475 | ||||||
| 5.25%, 07/01/2044 |
1,500 | 1,574,437 | ||||||
| Series 2026-A |
1,250 | 1,363,283 | ||||||
| County of Santa Barbara CA |
1,100 | 1,140,210 | ||||||
| 5.25%, 12/01/2032 |
2,740 | 2,834,106 | ||||||
| CSCDA Community Improvement Authority |
3,325 | 2,802,698 | ||||||
| CSCDA Community Improvement Authority |
1,500 | 1,240,119 | ||||||
| CSCDA Community Improvement Authority |
4,000 | 3,291,582 | ||||||
| CSCDA Community Improvement Authority |
4,985 | 3,877,251 | ||||||
| CSCDA Community Improvement Authority |
3,110 | 2,757,420 | ||||||
| CSCDA Community Improvement Authority |
1,000 | 828,219 | ||||||
| CSCDA Community Improvement Authority |
5,000 | 3,696,419 | ||||||
| CSCDA Community Improvement Authority |
2,330 | 2,076,992 | ||||||
| CSCDA Community Improvement Authority |
2,000 | 1,687,631 | ||||||
| CSCDA Community Improvement Authority |
2,996 | 2,540,827 | ||||||
| CSCDA Community Improvement Authority |
4,000 | 3,079,794 | ||||||
| CSCDA Community Improvement Authority |
1,500 | 999,493 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| East County Advanced Water Purification Joint Powers Authority |
$ | 5,000 | $ | 5,000,000 | ||||
| 5.00%, 09/01/2026 |
5,500 | 5,500,000 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
902 | 819,329 | ||||||
| Series 2022-ML13, Class XCA |
2,436 | 103,284 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily VRD Certificates |
5,000 | 5,000,000 | ||||||
| Fontana Redevelopment Agency Successor Agency |
1,750 | 1,788,034 | ||||||
| Foothill-De Anza Community College District |
1,000 | 768,253 | ||||||
| Foothill-Eastern Transportation Corridor Agency |
3,000 | 2,195,641 | ||||||
| Series 2021-C |
1,889 | 1,750,197 | ||||||
| Golden State Tobacco Securitization Corp. |
5,675 | 5,133,408 | ||||||
| Golden State Tobacco Securitization Corp. |
3,165 | 2,742,021 | ||||||
| 3.115%, 06/01/2038 |
2,500 | 2,019,006 | ||||||
| Inland Empire Tobacco Securitization Corp. |
1,000 | 968,700 | ||||||
| Long Beach Bond Finance Authority |
3,700 | 4,073,742 | ||||||
| Los Angeles County Metropolitan Transportation Authority |
1,600 | 1,676,832 | ||||||
| 5.00%, 06/01/2043(d) |
1,350 | 1,408,590 | ||||||
| 5.00%, 06/01/2044(d) |
1,350 | 1,401,748 | ||||||
| 5.00%, 06/01/2045(d) |
1,375 | 1,422,965 | ||||||
| 5.00%, 06/01/2046(d) |
1,350 | 1,388,974 | ||||||
| Los Angeles Department of Water & Power |
2,500 | 2,596,862 | ||||||
| Series 2023-D |
1,285 | 1,330,017 | ||||||
| Series 2024-B |
2,000 | 2,159,350 | ||||||
| 5.00%, 07/01/2037 |
2,540 | 2,722,958 | ||||||
| 5.00%, 07/01/2038 |
2,055 | 2,182,356 | ||||||
| 5.00%, 07/01/2039 |
1,845 | 1,939,511 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2024-C |
$ | 1,070 | $ | 1,112,399 | ||||
| 5.00%, 07/01/2042 |
1,000 | 1,037,214 | ||||||
| Series 2024-D |
5,930 | 6,120,761 | ||||||
| Series 2024-E |
2,000 | 2,108,375 | ||||||
| BAM Series 2025-A |
1,750 | 1,815,428 | ||||||
| Series 2025-B |
3,665 | 4,027,841 | ||||||
| 5.00%, 07/01/2034 |
2,000 | 2,202,152 | ||||||
| Series 2026-B |
6,155 | 6,335,377 | ||||||
| Los Angeles Department of Water & Power Power System Revenue |
1,000 | 1,042,824 | ||||||
| Los Angeles Department of Water & Power Water System Revenue |
1,040 | 1,124,048 | ||||||
| 5.00%, 07/01/2042 |
2,125 | 2,205,797 | ||||||
| Series 2025-A |
10,000 | 10,558,267 | ||||||
| Series 2025-B |
1,000 | 1,092,394 | ||||||
| 5.00%, 07/01/2033 |
1,300 | 1,432,037 | ||||||
| Los Angeles Unified School District/CA |
9,020 | 9,301,291 | ||||||
| Series 2026-A |
2,510 | 2,623,532 | ||||||
| Los Angeles Unified School District/CA |
2,500 | 2,504,244 | ||||||
| Middle Fork Project Finance Authority |
1,650 | 1,720,044 | ||||||
| 5.00%, 04/01/2034 |
1,100 | 1,143,435 | ||||||
| 5.00%, 04/01/2035 |
1,150 | 1,190,812 | ||||||
| M-S-R Energy
Authority |
6,785 | 7,947,671 | ||||||
| Series 2009-B |
2,180 | 2,553,563 | ||||||
| 7.00%, 11/01/2034 |
7,055 | 8,294,463 | ||||||
| Series 2009-C |
1,000 | 1,175,686 | ||||||
| Northern California Energy Authority |
10,000 | 10,402,852 | ||||||
| Oakland Unified School District/Alameda County |
1,120 | 872,000 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| Orange County Community Facilities District |
$ | 1,035 | $ | 1,063,347 | ||||
| 5.00%, 08/15/2046 |
1,500 | 1,516,437 | ||||||
| Pittsburg Successor Agency Redevelopment Agency |
2,785 | 2,785,000 | ||||||
| Port of Los Angeles |
1,295 | 1,366,571 | ||||||
| 5.00%, 08/01/2030 |
2,110 | 2,256,749 | ||||||
| 5.00%, 08/01/2031 |
1,250 | 1,351,305 | ||||||
| 5.00%, 08/01/2035 |
2,330 | 2,524,053 | ||||||
| River Islands Public Financing Authority |
2,905 | 2,844,756 | ||||||
| 5.00%, 09/01/2042 |
2,510 | 2,515,144 | ||||||
| Sacramento County Water Financing Authority |
5,700 | 5,345,080 | ||||||
| San Diego County Regional Airport Authority |
4,945 | 5,130,558 | ||||||
| 5.00%, 07/01/2030 |
1,060 | 1,128,374 | ||||||
| 5.00%, 07/01/2038 |
3,500 | 3,640,525 | ||||||
| 5.00%, 07/01/2046 |
2,000 | 2,024,748 | ||||||
| Series 2023 |
10,320 | 10,667,965 | ||||||
| 5.25%, 07/01/2037 |
3,020 | 3,267,626 | ||||||
| San Diego Unified School District/CA |
875 | 959,067 | ||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue |
2,650 | 2,657,719 | ||||||
| San Francisco Intl Airport |
11,015 | 11,442,124 | ||||||
| 5.00%, 05/01/2035 |
1,000 | 1,035,714 | ||||||
| Series 2019-E 5.00%, 05/01/2034 |
3,450 | 3,583,779 | ||||||
| 5.00%, 05/01/2035 |
3,275 | 3,391,962 | ||||||
| 5.00%, 05/01/2036 |
3,385 | 3,495,799 | ||||||
| 5.00%, 05/01/2045 |
1,000 | 1,008,533 | ||||||
| Series 2021-A |
2,500 | 2,690,345 | ||||||
| Series 2022-A |
1,500 | 1,614,207 | ||||||
| Series 2022-C |
1,625 | 1,510,240 | ||||||
| Series 2023-E |
5,080 | 5,531,580 | ||||||
| Series 2024 |
13,000 | 14,125,882 | ||||||
| 5.00%, 05/01/2036 |
1,950 | 2,103,233 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 05/01/2039 |
$ | 5,860 | $ | 6,169,061 | ||||
| 5.25%, 05/01/2044 |
10,000 | 10,507,415 | ||||||
| Series 2025-D |
2,000 | 2,152,276 | ||||||
| Series 2026-A |
1,000 | 1,057,923 | ||||||
| San Joaquin Valley Clean Energy Authority |
7,120 | 7,679,227 | ||||||
| San Juan Unified School District |
1,000 | 958,339 | ||||||
| San Mateo Union High School District |
1,150 | 1,236,186 | ||||||
| 5.00%, 09/01/2030 |
1,830 | 2,003,907 | ||||||
| Saugus/Hart School Facilities Financing Authority |
1,000 | 1,005,522 | ||||||
| 5.00%, 09/01/2030 |
1,365 | 1,371,979 | ||||||
| South San Francisco Unified School District |
1,000 | 1,076,448 | ||||||
| Southern California Public Power Authority |
3,500 | 3,633,799 | ||||||
| Southern California Public Power Authority |
2,645 | 2,863,746 | ||||||
| 5.00%, 07/01/2036 |
2,000 | 2,151,051 | ||||||
| 5.00%, 07/01/2039 |
2,000 | 2,096,403 | ||||||
| 5.00%, 07/01/2041 |
1,100 | 1,143,667 | ||||||
| Series 2024 |
3,200 | 3,358,105 | ||||||
| 5.00%, 07/01/2042 |
1,650 | 1,717,143 | ||||||
| 5.00%, 07/01/2044 |
1,995 | 2,056,095 | ||||||
| BAM Series 2025 |
1,950 | 2,159,253 | ||||||
| 5.25%, 07/01/2042 |
2,175 | 2,323,782 | ||||||
| 5.25%, 07/01/2045 |
1,730 | 1,825,739 | ||||||
| Series 2026-A |
1,150 | 1,219,302 | ||||||
| Southern California Public Power Authority |
1,000 | 1,051,619 | ||||||
| State of California |
1,000 | 1,111,758 | ||||||
| 7.55%, 04/01/2039 |
1,000 | 1,152,626 | ||||||
| Series 2016 |
3,500 | 3,504,581 | ||||||
| Series 2023 |
5,000 | 5,269,957 | ||||||
| Series 2024 |
1,000 | 1,100,474 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 08/01/2039 |
$ | 1,000 | $ | 1,078,277 | ||||
| 5.15%, 09/01/2034 |
2,000 | 2,015,777 | ||||||
| Series 2025 |
7,000 | 7,198,974 | ||||||
| Series 2026 |
6,000 | 6,791,896 | ||||||
| Sweetwater Union High School District |
3,205 | 3,212,043 | ||||||
| Tobacco Securitization Authority of Northern California |
1,000 | 1,012,151 | ||||||
| 4.00%, 06/01/2036 |
1,015 | 1,018,839 | ||||||
| 4.00%, 06/01/2038 |
1,210 | 1,198,836 | ||||||
| 4.00%, 06/01/2040 |
1,150 | 1,105,955 | ||||||
| 5.00%, 06/01/2027 |
1,500 | 1,524,000 | ||||||
| 5.00%, 06/01/2028 |
1,220 | 1,264,139 | ||||||
| 5.00%, 06/01/2030 |
1,500 | 1,604,470 | ||||||
| 5.00%, 06/01/2032 |
1,300 | 1,391,828 | ||||||
| Transbay Joint Powers Authority |
500 | 517,243 | ||||||
| 5.00%, 10/01/2032 |
950 | 979,806 | ||||||
| 5.00%, 10/01/2034 |
600 | 614,969 | ||||||
| 5.00%, 10/01/2035 |
600 | 612,556 | ||||||
| 5.00%, 10/01/2036 |
800 | 813,704 | ||||||
| 5.00%, 10/01/2037 |
1,375 | 1,392,774 | ||||||
| 5.00%, 10/01/2038 |
1,000 | 1,008,859 | ||||||
| Tustin Unified School District |
4,220 | 4,701,159 | ||||||
| 5.00%, 09/01/2034 |
2,555 | 2,861,271 | ||||||
| University of California |
1,000 | 1,018,135 | ||||||
| 5.00%, 05/15/2029 |
3,000 | 3,051,453 | ||||||
| 5.00%, 05/15/2031 |
2,465 | 2,503,529 | ||||||
| Series 2023-B |
6,260 | 6,195,220 | ||||||
| Series 2025-C |
2,000 | 2,250,954 | ||||||
| Washington Township Health Care District |
400 | 403,429 | ||||||
| 5.00%, 07/01/2041 |
360 | 361,198 | ||||||
| 5.00%, 07/01/2042 |
350 | 350,201 | ||||||
| 5.00%, 07/01/2043 |
275 | 273,574 | ||||||
| AG Series 2023-B |
750 | 722,052 | ||||||
| 4.125%, 08/01/2042 |
275 | 261,595 | ||||||
| 4.25%, 08/01/2043 |
370 | 354,657 | ||||||
|
|
|
|||||||
| 1,018,345,706 | ||||||||
|
|
|
|||||||
| American Samoa – 0.1% |
||||||||
| American Samoa Economic Development Authority |
1,000 | 1,031,954 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| American Samoa Economic Development Authority |
$ | 340 | $ | 348,996 | ||||
|
|
|
|||||||
| 1,380,950 | ||||||||
|
|
|
|||||||
| Florida – 0.1% |
||||||||
| City of Tampa FL |
175 | 132,948 | ||||||
| County of Osceola FL Transportation Revenue |
150 | 127,240 | ||||||
| Zero Coupon, 10/01/2031 |
185 | 149,882 | ||||||
| Zero Coupon, 10/01/2032 |
100 | 77,305 | ||||||
| Zero Coupon, 10/01/2033 |
250 | 184,259 | ||||||
| Zero Coupon, 10/01/2034 |
270 | 188,902 | ||||||
| New River Community Development District |
405 | 4 | ||||||
|
|
|
|||||||
| 860,540 | ||||||||
|
|
|
|||||||
| Georgia – 0.2% |
||||||||
| Municipal Electric Authority of Georgia |
460 | 475,185 | ||||||
| 5.00%, 01/01/2035 |
250 | 256,944 | ||||||
| 5.00%, 01/01/2036 |
1,590 | 1,630,781 | ||||||
|
|
|
|||||||
| 2,362,910 | ||||||||
|
|
|
|||||||
| Guam – 1.6% |
||||||||
| Antonio B Won Pat International Airport Authority |
825 | 809,573 | ||||||
| Series 2023 |
875 | 895,841 | ||||||
| 5.125%, 10/01/2034 |
140 | 148,290 | ||||||
| 5.375%, 10/01/2040 |
275 | 284,621 | ||||||
| Series 2024-A |
155 | 157,345 | ||||||
| 5.00%, 10/01/2031 |
600 | 628,233 | ||||||
| 5.00%, 10/01/2033 |
600 | 632,993 | ||||||
| 5.00%, 10/01/2034 |
450 | 475,362 | ||||||
| Guam Department of Education |
1,225 | 1,218,637 | ||||||
| 5.00%, 02/01/2040 |
1,090 | 1,057,253 | ||||||
| Guam Education Financing Foundation |
1,045 | 1,045,785 | ||||||
| Guam Power Authority |
3,000 | 3,094,312 | ||||||
| Territory of Guam |
1,000 | 1,002,371 | ||||||
| 5.00%, 12/01/2029 |
455 | 455,892 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 12/01/2030 |
$ | 730 | $ | 731,229 | ||||
| 5.00%, 12/01/2032 |
675 | 675,819 | ||||||
| Territory of Guam |
355 | 366,923 | ||||||
| Series 2025-G |
1,200 | 1,289,607 | ||||||
| Territory of Guam |
1,000 | 1,060,342 | ||||||
| Territory of Guam |
795 | 810,419 | ||||||
| 5.00%, 11/01/2028 |
955 | 987,892 | ||||||
| 5.00%, 11/01/2029 |
1,000 | 1,045,734 | ||||||
| 5.00%, 11/01/2030 |
820 | 864,796 | ||||||
|
|
|
|||||||
| 19,739,269 | ||||||||
|
|
|
|||||||
| Illinois – 0.4% |
||||||||
| Metropolitan Pier & Exposition Authority |
3,250 | 3,268,730 | ||||||
| Village of Bolingbrook IL Sales Tax Revenue |
3,042 | 1,064,804 | ||||||
|
|
|
|||||||
| 4,333,534 | ||||||||
|
|
|
|||||||
| Indiana – 0.0% |
||||||||
| City of Fort Wayne IN |
25 | 2 | ||||||
|
|
|
|||||||
| Kentucky – 0.3% |
||||||||
| City of Ashland KY |
260 | 261,948 | ||||||
| 5.00%, 02/01/2030 |
160 | 167,965 | ||||||
| 5.00%, 02/01/2031 |
200 | 209,644 | ||||||
| Kentucky Economic Development Finance Authority |
3,500 | 3,527,692 | ||||||
|
|
|
|||||||
| 4,167,249 | ||||||||
|
|
|
|||||||
| Missouri – 0.0% |
||||||||
| Howard Bend Levee District |
150 | 151,746 | ||||||
|
|
|
|||||||
| New Jersey – 1.1% |
||||||||
| New Jersey Transportation Trust Fund Authority |
1,410 | 1,417,818 | ||||||
| 5.00%, 06/15/2029 |
6,660 | 6,691,947 | ||||||
| Series 2018-A |
2,710 | 2,724,993 | ||||||
| 5.00%, 06/15/2029 |
1,290 | 1,296,188 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| Tobacco Settlement Financing Corp./NJ |
$ | 1,000 | $ | 1,033,925 | ||||
|
|
|
|||||||
| 13,164,871 | ||||||||
|
|
|
|||||||
| New York – 0.0% |
||||||||
| New York Transportation Development Corp. |
220 | 216,514 | ||||||
|
|
|
|||||||
| Ohio – 0.1% |
||||||||
| Buckeye Tobacco Settlement Financing Authority |
1,175 | 1,222,822 | ||||||
|
|
|
|||||||
| Other – 0.3% |
||||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
4,484 | 3,742,657 | ||||||
|
|
|
|||||||
| Pennsylvania – 0.1% |
||||||||
| Allentown Neighborhood Improvement Zone Development Authority |
1,000 | 1,018,995 | ||||||
|
|
|
|||||||
| Puerto Rico – 1.5% |
||||||||
| Commonwealth of Puerto Rico |
1,680 | 1,225,975 | ||||||
| 4.00%, 07/01/2035 |
3,170 | 3,121,857 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority |
2,010 | 2,126,909 | ||||||
| 5.00%, 07/01/2035(b) |
1,735 | 1,806,554 | ||||||
| Series 2021-B |
1,135 | 1,187,198 | ||||||
| Puerto Rico Electric Power Authority |
1,720 | 1,729,548 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing
Auth |
1,665 | 1,844,668 | ||||||
| 6.75%, 01/01/2045 |
1,000 | 1,117,561 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |
2,500 | 2,276,605 | ||||||
| Zero Coupon, 07/01/2033 |
1,516 | 1,198,348 | ||||||
|
|
|
|||||||
| 17,635,223 | ||||||||
|
|
|
|||||||
| Washington – 0.1% |
||||||||
| Washington Health Care Facilities Authority |
830 | 866,762 | ||||||
|
|
|
|||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin – 0.2% |
||||||||
| Wisconsin Public Finance Authority |
$ | 770 | $ | 770,886 | ||||
| 5.00%, 10/01/2027(b) |
805 | 817,388 | ||||||
| 5.00%, 10/01/2028(b) |
700 | 722,923 | ||||||
| 5.00%, 10/01/2029(b) |
320 | 333,890 | ||||||
|
|
|
|||||||
| 2,645,087 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
1,091,854,837 | |||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 11.7% |
||||||||
| California – 11.7% |
||||||||
| California Health Facilities Financing Authority |
1,100 | 1,100,000 | ||||||
| City of Los Angeles CA |
40,000 | 40,840,144 | ||||||
| City of Oakland CA |
5,000 | 5,104,436 | ||||||
| City of San Diego CA |
35,000 | 35,748,996 | ||||||
| County of Los Angeles CA |
30,000 | 30,636,966 | ||||||
| County of Riverside CA |
12,235 | 12,508,128 | ||||||
| Nuveen California AMT-Free Quality Municipal Income Fund |
5,000 | 5,000,000 | ||||||
| State of California |
10,000 | 10,223,998 | ||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
141,162,668 | |||||||
|
|
|
|||||||
| Total Municipal Obligations |
1,233,017,505 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES – 0.0% |
||||||||
| Autos - Fixed Rate – 0.0% |
||||||||
| Lendbuzz Securitization Trust |
204 | 205,373 | ||||||
|
|
|
|||||||
18
| U.S. $ Value | ||||||||
| Total Investments – 102.1% |
$ | 1,233,222,878 | ||||||
| Other assets less liabilities – (2.1)% |
(24,892,406 | ) | ||||||
|
|
|
|||||||
| Net Assets – 100.0% |
$ | 1,208,330,472 | ||||||
|
|
|
|||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
| Description | Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at August 31, |
Notional Amount (000) |
Market Value |
Upfront Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
| Buy Contracts |
| |||||||||||||||||||||||||||
| CDX-NAHY Series 46, 5 Year Index, 06/20/2031* |
(5.00 | )% | Quarterly | 3.01% | USD | 7,448 | $ | (663,562) | $ | (266,875) | $ | (396,687) | ||||||||||||||||
| * | Termination date. |
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 5,200 | 10/15/2028 | CPI# | 3.020% | Maturity | $ | 37,259 | $ | — | $ | 37,259 | |||||||||||||
| USD | 13,413 | 10/15/2029 | 2.451% | CPI# | Maturity | 178,793 | 106,579 | 72,214 | ||||||||||||||||
| USD | 10,800 | 10/15/2029 | 2.485% | CPI# | Maturity | 126,338 | 72,210 | 54,128 | ||||||||||||||||
| USD | 11,700 | 10/15/2030 | 2.615% | CPI# | Maturity | 28,870 | — | 28,870 | ||||||||||||||||
| USD | 6,560 | 10/15/2030 | CPI# | 2.840% | Maturity | 52,781 | — | 52,781 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 424,041 | $ | 178,789 | $ | 245,252 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 18,000 | 06/15/2033 | 1 Day SOFR | 4.004% | Annual | $ | (284,266 | ) | $ | — | $ | (284,266 | ) | |||||||||||
| USD | 7,900 | 08/15/2033 | 1 Day SOFR | 4.110% | Annual | (81,529 | ) | — | (81,529 | ) | ||||||||||||||
| USD | 6,200 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 318,205 | 12,162 | 306,043 | ||||||||||||||||
| USD | 11,000 | 08/15/2034 | 3.545% | 1 Day SOFR | Annual | 574,907 | 26,018 | 548,889 | ||||||||||||||||
| USD | 3,670 | 08/15/2034 | 3.272% | 1 Day SOFR | Annual | 259,594 | 77,244 | 182,350 | ||||||||||||||||
| USD | 7,800 | 09/25/2035 | 3.587% | 1 Day SOFR | Annual | 461,166 | 24,125 | 437,041 | ||||||||||||||||
| USD | 11,700 | 10/25/2035 | 3.521% | 1 Day SOFR | Annual | 757,617 | — | 757,617 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 2,005,694 | $ | 139,549 | $ | 1,866,145 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (a) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at August 31, 2026. |
| (b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At August 31, 2026, the aggregate market value of these securities amounted to $103,767,958 or 8.6% of net assets. |
| (c) | IO - Interest Only. |
| (d) | When-Issued or delayed delivery security. |
| (e) | Non-income producing security. |
| (f) | Defaulted matured security. |
| (g) | Defaulted. |
| (h) | 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. |
| (i) | As of August 31, 2026 the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $7,394,063 and gross unrealized depreciation of investments was $29,199,423, resulting in net unrealized depreciation of $21,805,360. |
19
As of August 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 3.8% and 0.0%, respectively.
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
FHLMC – Federal Home Loan Mortgage Corporation
MUNIPSA – SIFMA Municipal Swap Index.
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
XLCA – XL Capital Assurance Inc.
20
AB Active ETF, Inc.
AB California Intermediate Municipal ETF
August 31, 2026 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
| • | Level 1 - quoted prices in active markets for identical investments |
| • | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which 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. In addition, non-agency rated investments are classified as Level 3.
Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.
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.
21
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of August 31, 2026:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
| Assets: | ||||||||||||||||||||
| Long-Term Municipal Bonds | $ | -0- | $ | 1,091,854,837 | $ | -0- | $ | 1,091,854,837 | ||||||||||||
| Short-Term Municipal Notes | -0- | 141,162,668 | -0- | 141,162,668 | ||||||||||||||||
| Asset-Backed Securities | -0- | 205,373 | -0- | 205,373 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Investments in Securities | -0- | 1,233,222,878 | -0- | 1,233,222,878 | ||||||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||||||
| Assets: | ||||||||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | -0- | 424,041 | -0- | 424,041 | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | -0- | 2,371,489 | -0- | 2,371,489 | ||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Centrally Cleared Credit Default Swaps | -0- | (663,562 | ) | -0- | (663,562 | ) | ||||||||||||||
| Centrally Cleared Interest Rate Swaps | -0- | (365,795 | ) | -0- | (365,795 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total | $ | -0- | $ | 1,234,989,051 | $ | -0- | $ | 1,234,989,051 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) | Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. |
22