AB Cap Fund, Inc.
AB Select US Equity Portfolio
Portfolio of Investments
March 31, 2021 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 97.8% | ||||||||
Information Technology – 23.4% | ||||||||
Communications Equipment – 0.9% | ||||||||
F5 Networks, Inc.(a) | 9,272 | $ | 1,934,325 | |||||
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IT Services – 3.1% | ||||||||
Digitalocean Holdings, Inc.(a) | 5,922 | 249,494 | ||||||
PayPal Holdings, Inc.(a) | 6,717 | 1,631,156 | ||||||
Visa, Inc. - Class A | 20,843 | 4,413,088 | ||||||
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6,293,738 | ||||||||
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Semiconductors & Semiconductor Equipment – 6.3% | ||||||||
Advanced Micro Devices, Inc.(a) | 16,714 | 1,312,049 | ||||||
Broadcom, Inc. | 5,238 | 2,428,651 | ||||||
Intel Corp. | 31,447 | 2,012,608 | ||||||
NVIDIA Corp. | 3,638 | 1,942,437 | ||||||
NXP Semiconductors NV | 8,560 | 1,723,471 | ||||||
Texas Instruments, Inc. | 18,593 | 3,513,891 | ||||||
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12,933,107 | ||||||||
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Software – 8.1% | ||||||||
Adobe, Inc.(a) | 5,945 | 2,826,075 | ||||||
Microsoft Corp. | 46,418 | 10,943,972 | ||||||
Oracle Corp. | 39,168 | 2,748,418 | ||||||
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16,518,465 | ||||||||
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Technology Hardware, Storage & Peripherals – 5.0% | ||||||||
Apple, Inc. | 84,635 | 10,338,165 | ||||||
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48,017,800 | ||||||||
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Financials – 14.8% | ||||||||
Banks – 6.2% | ||||||||
Bank of America Corp. | 64,227 | 2,484,943 | ||||||
Fifth Third Bancorp | 90,706 | 3,396,940 | ||||||
JPMorgan Chase & Co. | 24,927 | 3,794,637 | ||||||
PNC Financial Services Group, Inc. (The) | 17,625 | 3,091,601 | ||||||
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12,768,121 | ||||||||
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Capital Markets – 5.1% | ||||||||
Apollo Global Management, Inc. | 34,178 | 1,606,708 | ||||||
BlackRock, Inc. - Class A | 2,154 | �� | 1,624,030 | |||||
Charles Schwab Corp. (The) | 33,000 | 2,150,940 | ||||||
Goldman Sachs Group, Inc. (The) | 15,339 | 5,015,853 | ||||||
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10,397,531 | ||||||||
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Diversified Financial Services – 3.5% | ||||||||
Berkshire Hathaway, Inc. - Class B(a) | 27,856 | 7,116,372 | ||||||
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Insurance – 0.0% | ||||||||
Oscar Health, Inc.(a) (b) | 3,756 | 100,961 | ||||||
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30,382,985 | ||||||||
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Health Care – 13.0% | ||||||||
Biotechnology – 0.3% | ||||||||
Vertex Pharmaceuticals, Inc.(a) | 3,183 | 683,995 | ||||||
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1
Company | Shares | U.S. $ Value | ||||||
Health Care Equipment & Supplies – 4.0% | ||||||||
Abbott Laboratories | 32,219 | $ | 3,861,125 | |||||
Danaher Corp. | 10,649 | 2,396,877 | ||||||
Zimmer Biomet Holdings, Inc. | 11,717 | 1,875,657 | ||||||
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8,133,659 | ||||||||
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Health Care Providers & Services – 4.0% | ||||||||
Humana, Inc. | 4,480 | 1,878,240 | ||||||
Quest Diagnostics, Inc. | 11,069 | 1,420,595 | ||||||
UnitedHealth Group, Inc. | 13,296 | 4,947,043 | ||||||
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8,245,878 | ||||||||
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Life Sciences Tools & Services – 1.3% | ||||||||
IQVIA Holdings, Inc.(a) | 13,422 | 2,592,325 | ||||||
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Pharmaceuticals – 3.4% | ||||||||
Eli Lilly & Co. | 6,537 | 1,221,242 | ||||||
Johnson & Johnson | 22,701 | 3,730,910 | ||||||
Merck & Co., Inc. | 26,052 | 2,008,349 | ||||||
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6,960,501 | ||||||||
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26,616,358 | ||||||||
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Industrials – 12.6% | ||||||||
Aerospace & Defense – 2.1% | ||||||||
Howmet Aerospace, Inc.(a) | 39,716 | 1,276,075 | ||||||
Raytheon Technologies Corp. | 38,777 | 2,996,299 | ||||||
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4,272,374 | ||||||||
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Industrial Conglomerates – 4.1% | ||||||||
Honeywell International, Inc. | 38,145 | 8,280,135 | ||||||
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Professional Services – 1.4% | ||||||||
Jacobs Engineering Group, Inc. | 22,797 | 2,946,968 | ||||||
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Road & Rail – 5.0% | ||||||||
Norfolk Southern Corp. | 24,941 | 6,697,158 | ||||||
Union Pacific Corp. | 15,976 | 3,521,270 | ||||||
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10,218,428 | ||||||||
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25,717,905 | ||||||||
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Communication Services – 11.7% | ||||||||
Diversified Telecommunication Services – 1.1% | ||||||||
Comcast Corp. - Class A | 41,680 | 2,255,305 | ||||||
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Entertainment – 3.1% | ||||||||
Activision Blizzard, Inc. | 25,287 | 2,351,691 | ||||||
Netflix, Inc.(a) | 2,194 | 1,144,522 | ||||||
Walt Disney Co. (The)(a) | 15,350 | 2,832,382 | ||||||
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6,328,595 | ||||||||
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Interactive Media & Services – 6.6% | ||||||||
Alphabet, Inc. - Class C(a) | 3,499 | 7,238,136 | ||||||
Facebook, Inc. - Class A(a) | 21,388 | 6,299,408 | ||||||
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13,537,544 | ||||||||
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2
Company | Shares | U.S. $ Value | ||||||
Wireless Telecommunication Services – 0.9% | ||||||||
T-Mobile US, Inc.(a) | 14,749 | $ | 1,847,902 | |||||
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23,969,346 | ||||||||
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Consumer Discretionary – 10.7% | ||||||||
Hotels, Restaurants & Leisure – 1.4% | ||||||||
McDonald’s Corp. | 13,292 | 2,979,269 | ||||||
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Internet & Direct Marketing Retail – 4.0% | ||||||||
Amazon.com, Inc.(a) | 2,044 | 6,324,299 | ||||||
Booking Holdings, Inc.(a) | 827 | 1,926,778 | ||||||
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8,251,077 | ||||||||
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Multiline Retail – 1.3% | ||||||||
Target Corp. | 13,077 | 2,590,161 | ||||||
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Specialty Retail – 4.0% | ||||||||
Home Depot, Inc. (The) | 12,190 | 3,720,998 | ||||||
Lowe’s Cos., Inc. | 14,606 | 2,777,769 | ||||||
Ross Stores, Inc. | 14,068 | 1,686,894 | ||||||
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8,185,661 | ||||||||
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22,006,168 | ||||||||
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Consumer Staples – 6.1% | ||||||||
Food & Staples Retailing – 1.8% | ||||||||
Costco Wholesale Corp. | 4,852 | 1,710,233 | ||||||
Walmart, Inc. | 14,087 | 1,913,437 | ||||||
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3,623,670 | ||||||||
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Household Products – 3.7% | ||||||||
Procter & Gamble Co. (The) | 56,178 | 7,608,186 | ||||||
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Personal Products – 0.6% | ||||||||
Estee Lauder Cos., Inc. (The) - Class A | 4,622 | 1,344,309 | ||||||
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12,576,165 | ||||||||
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Energy – 4.5% | ||||||||
Oil, Gas & Consumable Fuels – 4.5% | ||||||||
Chevron Corp. | 27,424 | 2,873,761 | ||||||
EOG Resources, Inc. | 25,118 | 1,821,809 | ||||||
Exxon Mobil Corp. | 46,574 | 2,600,226 | ||||||
Pioneer Natural Resources Co. | 11,915 | 1,892,341 | ||||||
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9,188,137 | ||||||||
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Utilities – 1.0% | ||||||||
Electric Utilities – 1.0% | ||||||||
NextEra Energy, Inc. | 25,863 | 1,955,501 | ||||||
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Total Common Stocks | 200,430,365 | |||||||
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PREFERRED STOCKS – 0.1% | ||||||||
Consumer Discretionary – 0.1% | ||||||||
Household Durables – 0.1% | ||||||||
Honest Co., Inc. (The) Series D(a) (c) (d) | 4,005 | 142,898 | ||||||
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3
Company | Shares | U.S. $ Value | ||||||
SHORT-TERM INVESTMENTS – 2.4% | ||||||||
Investment Companies – 2.3% | ||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(e) (f) (g) | 4,759,778 | $ | 4,759,778 | |||||
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Principal Amount (000) | ||||||||||||
Time Deposits – 0.1% | ||||||||||||
BBH Grand Cayman | JPY | 1,525 | 13,777 | |||||||||
(0.06)%, 04/01/2021 | HKD | 153 | 19,661 | |||||||||
0.00, 04/01/2021 | CAD | 5 | 4,145 | |||||||||
Citibank, London | EUR | 35 | 41,434 | |||||||||
0.00, 04/01/2021 | GBP | 41 | 56,766 | |||||||||
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Total Time Deposits | 135,783 | |||||||||||
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Total Short-Term Investments | 4,895,561 | |||||||||||
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Total Investments Before Security Lending Collateral for Securities Loaned – 100.3% | 205,468,824 | |||||||||||
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INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0% | ||||||||||||
Investment Companies – 0.0% | ||||||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(e) (f) (g) | 97,226 | 97,226 | ||||||||||
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Total Investments – 100.3% | 205,566,050 | |||||||||||
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Other assets less liabilities – (0.3)% | (632,003 | ) | ||||||||||
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Net Assets – 100.0% | $ | 204,934,047 | ||||||||||
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(a) | Non-income producing security. |
(b) | Represents entire or partial securities out on loan. |
(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. |
(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, or call AB at (800) 227-4618. |
(h) | As of March 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $75,545,591 and gross unrealized depreciation of investments was $(207,337), resulting in net unrealized appreciation of $75,338,254. |
4
Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. |
Currency Abbreviations:
CAD – Canadian Dollar
EUR – Euro
GBP – Great British Pound
HKD – Hong Kong Dollar
JPY – Japanese Yen
5
AB Cap Fund, Inc.
AB Select US Equity Portfolio
March 31, 2021 (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) |
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 table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of March 31, 2021:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Information Technology | $ | 48,017,800 | $ | -0- | $ | -0- | $ | 48,017,800 | ||||||||
Financials | 30,382,985 | -0- | -0- | 30,382,985 | ||||||||||||
Health Care | 26,616,358 | -0- | -0- | 26,616,358 | ||||||||||||
Industrials | 25,717,905 | -0- | -0- | 25,717,905 | ||||||||||||
Communication Services | 23,969,346 | -0- | -0- | 23,969,346 | ||||||||||||
Consumer Discretionary | 22,006,168 | -0- | -0- | 22,006,168 | ||||||||||||
Consumer Staples | 12,576,165 | -0- | -0- | 12,576,165 | ||||||||||||
Energy | 9,188,137 | -0- | -0- | 9,188,137 | ||||||||||||
Utilities | 1,955,501 | -0- | -0- | 1,955,501 | ||||||||||||
Preferred Stocks | -0- | -0- | 142,898 | 142,898 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 4,759,778 | -0- | -0- | 4,759,778 | ||||||||||||
Time Deposits | -0- | 135,783 | -0- | 135,783 | ||||||||||||
Investments of Cash Collateral for Securities Loaned in | ||||||||||||||||
Affiliated Money Market Fund | 97,226 | -0- | -0- | 97,226 | ||||||||||||
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Total Investments in Securities | 205,287,369 | 135,783 | 142,898 | 205,566,050 | ||||||||||||
Other Financial Instruments* | -0- | -0- | -0- | -0- | ||||||||||||
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Total | $ | 205,287,369 | $ | 135,783 | $ | 142,898 | $ | 205,566,050 | ||||||||
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* | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value. |
6
A summary of the Fund’s transactions in AB mutual funds for the nine months ended March 31, 2021 is as follows:
Fund | Market Value 6/30/20 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 3/31/21 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 4,604 | $ | 44,370 | $ | 44,214 | $ | 4,760 | $ | 2 | ||||||||||
Government Money Market Portfolio* | -0- | 640 | 543 | 97 | 0 | ** | ||||||||||||||
Total | $ | 4,857 | $ | 2 |
* | Investment of cash collateral for securities lending transactions. |
** | Amount is less than $500. |
7