AB Multi-Manager Select 2015 Fund
Portfolio of Investments
October 31, 2019 (unaudited)
| Company |
Shares | U.S. $ Value | ||||||
| INVESTMENT COMPANIES - 99.8% |
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| Funds and Investment Trusts - 99.8% (a) |
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| AB All Market Real Return Portfolio-Class Z (b) |
217,415 | $ | 1,865,425 | |||||
| AB Bond Inflation Strategy Portfolio-Class Z (b) |
389,259 | 4,204,000 | ||||||
| AB Discovery Growth Fund, Inc.-Class Z (b) |
41,862 | 470,943 | ||||||
| AB Discovery Value Fund-Class Z (b) |
24,412 | 474,318 | ||||||
| AB Global Bond Fund, Inc.-Class Z (b) |
692,351 | 5,974,991 | ||||||
| AB Global Real Estate Investment Fund II-Class I (b) |
76,995 | 953,194 | ||||||
| AB High Income Fund, Inc.-Class Z (b) |
224,210 | 1,838,521 | ||||||
| AB Relative Value Fund-Class Z (b) |
162,418 | 937,151 | ||||||
| AB Unconstrained Bond Fund, Inc.-Class Z (b) |
176,589 | 1,379,157 | ||||||
| AQR International Defensive Style Fund-Class R6 |
139,475 | 1,877,327 | ||||||
| AQR Style Premia Alternative Fund-Class R6 |
106,168 | 909,864 | ||||||
| Baird Short Term Bond Fund |
47,846 | 468,415 | ||||||
| BlackRock Total Return Bond Fund-Class K |
235,294 | 2,814,122 | ||||||
| Boston Partners Long/Short Research Fund-Class INS |
60,332 | 943,600 | ||||||
| DFA Commodity Strategy Portfolio |
256,510 | 1,400,545 | ||||||
| iShares Core S&P 500 ETF |
19,232 | 5,865,183 | ||||||
| MFS Institutional International Equity Fund |
35,400 | 966,056 | ||||||
| PIMCO Real Return Fund |
250,672 | 2,802,513 | ||||||
| Schwab US Dividend Equity ETF |
67,300 | 3,736,496 | ||||||
| T. Rowe Price Emerging Markets Stock Fund-Class I |
21,712 | 954,029 | ||||||
| T. Rowe Price International Funds-International Discovery Fund-Class I |
7,356 | 479,378 | ||||||
| Vanguard FTSE Developed Markets ETF |
11,067 | 469,241 | ||||||
| Vanguard FTSE Emerging Markets ETF |
11,136 | 466,042 | ||||||
| Vanguard Short-Term Bond ETF |
26,015 | 2,106,435 | ||||||
| Vanguard Total Bond Market ETF |
27,792 | 2,348,702 | ||||||
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| Total Investment Companies |
46,705,648 | |||||||
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| SHORT-TERM INVESTMENTS - 0.2% |
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| Investment Companies - 0.2% |
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| AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, |
101,764 | 101,764 | ||||||
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| Total Investments - 100.0% |
46,807,412 | |||||||
| Other assets less liabilities - 0.0% |
(1,209 | ) | ||||||
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| Net Assets - 100.0% |
$ | 46,806,203 | ||||||
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| (a) | 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. |
| (b) | Affiliated investments. |
| (c) | The rate shown represents the 7-day yield as of period end. |
| (d) | As of October 31, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,617,265 and gross unrealized depreciation of investments was $(602,405), resulting in net unrealized appreciation of $1,014,860. |
Glossary:
| ETF | - | Exchange Traded Fund | ||
| FTSE | - | Financial Times Stock Exchange |
AB Cap Fund, Inc.
AB Multi-Manager Select 2015 Fund
October 31, 2019 (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, by pricing vendors, 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 October 31, 2019:
| Investments in Underlying Portfolios: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: |
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| Investment Companies |
$ | 46,705,648 | $ | – 0 | – | $ | – 0 | – | $ | 46,705,648 | ||||||
| Short-Term Investments |
101,764 | – 0 | – | – 0 | – | 101,764 | ||||||||||
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| Total |
$ | 46,807,412 | $ | – 0 | – | $ | – 0 | – | $ | 46,807,412 | ||||||
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A summary of the Fund’s transactions in AB mutual funds for the three months ended October 31, 2019 is as follows:
| Distributions | ||||||||||||||||||||||||||||||||
| Affiliated Issuer |
Market Value 7/31/19 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Realized Gain (Loss) (000) |
Change in Unrealized Appr./(Depr.) (000) |
Market Value 10/31/19 (000) |
Dividend Income (000) |
Realized Gains (000) |
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| AB All Market Real Return Portfolio |
$ | 1,856 | $ | 36 | $ | 54 | $ | (1 | ) | $ | 28 | $ | 1,865 | $ | – 0 | – | $ | – 0 | – | |||||||||||||
| AB Bond Inflation Strategy Portfolio |
4,235 | 232 | 257 | 3 | (9 | ) | 4,204 | 36 | – 0 | – | ||||||||||||||||||||||
| AB Discovery Growth Fund, Inc. |
458 | 48 | – 0 | – | – 0 | – | (35 | ) | 471 | – 0 | – | – 0 | – | |||||||||||||||||||
| AB Discovery Value Fund |
481 | – 0 | – | 6 | (1 | ) | – 0 | – | 474 | – 0 | – | – 0 | – | |||||||||||||||||||
| AB Global Bond Fund, Inc. |
6,238 | 917 | 1,220 | 58 | (18 | ) | 5,975 | 33 | – 0 | – | ||||||||||||||||||||||
| AB Global Real Estate Investment Fund II |
932 | 4 | 52 | 4 | 65 | 953 | 4 | – 0 | – | |||||||||||||||||||||||
| AB High Income Fund, Inc. |
1,896 | 30 | 74 | (1 | ) | (12 | ) | 1,839 | 31 | – 0 | – | |||||||||||||||||||||
| AB Relative Value Fund |
932 | 10 | 33 | (1 | ) | 29 | 937 | – 0 | – | – 0 | – | |||||||||||||||||||||
| AB Unconstrained Bond Fund, Inc. |
939 | 487 | 30 | (3 | ) | (14 | ) | 1,379 | 10 | – 0 | – | |||||||||||||||||||||
| Government Money Market Portfolio |
95 | 3,516 | 3,509 | – 0 | – | – 0 | – | 102 | 1 | – 0 | – | |||||||||||||||||||||
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| Total |
$ | 18,062 | $ | 5,280 | $ | 5,235 | $ | 58 | $ | 34 | $ | 18,199 | $ | 115 | $ | – 0 | – | |||||||||||||||
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