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AB Cap Fund, Inc.

AB All China Equity Portfolio

Portfolio of Investments

February 29, 2020 (unaudited)

Company

Shares

 

U.S. $ Value

COMMON STOCKS – 96.5%

 

 

 

Consumer Discretionary – 18.5%

 

 

 

Auto Components – 0.8%

 

 

 

Huayu Automotive Systems Co., Ltd. - Class A

205,500

$

842,240

Automobiles – 2.7%

 

 

 

Geely Automobile Holdings Ltd.

630,000

 

1,150,848

Guangzhou Automobile Group Co., Ltd. - Class H

1,392,000

 

1,579,417

 

 

 

2,730,265

Household Durables – 2.7%

 

 

 

Haier Smart Home Co., Ltd. - Class A

468,900

 

1,160,774

Midea Group Co., Ltd. - Class A

92,700

 

719,018

TCL Electronics Holdings Ltd.

1,476,000

 

833,137

 

 

 

2,712,929

Internet & Direct Marketing Retail – 9.3%

 

 

 

Alibaba Group Holding Ltd. (Sponsored ADR)(a)

45,705

 

9,506,640

Textiles, Apparel & Luxury Goods – 3.0%

 

 

 

Li Ning Co., Ltd.

669,000

 

1,802,170

Stella International Holdings Ltd.

606,000

 

775,142

Tongkun Group Co., Ltd. - Class A

231,649

 

464,926

 

 

 

3,042,238

 

 

 

18,834,312

Financials – 17.8%

 

 

 

Banks – 8.7%

 

 

 

China Construction Bank Corp. - Class H

5,146,000

 

4,231,203

Industrial Bank Co., Ltd. - Class A (Nth SSE-

 

 

 

SEHK)

683,200

 

1,713,907

Ping An Bank Co., Ltd. - Class A

750,173

 

1,586,135

Shanghai Pudong Development Bank Co., Ltd. -

 

 

 

Class A

850,100

 

1,337,874

 

 

 

8,869,119

Capital Markets – 3.0%

 

 

 

CITIC Securities Co., Ltd. - Class A (Nth SSE-

 

 

 

SEHK)

577,510

 

1,972,672

Haitong Securities Co., Ltd. - Class H

926,000

 

1,020,827

 

 

 

2,993,499

Insurance – 6.1%

 

 

 

Ping An Insurance Group Co. of China Ltd. - Class

 

 

 

A (Nth SSE-SEHK)

543,693

 

6,193,577

 

 

 

18,056,195

Industrials – 15.2%

 

 

 

Building Products – 0.8%

 

 

 

Zhuzhou Kibing Group Co., Ltd. - Class A

1,073,800

 

872,103

Commercial Services & Supplies – 0.6%

 

 

 

A-Living Services Co., Ltd. - Class H(b)

144,750

 

664,340

Electrical Equipment – 4.8%

 

 

 

Luxshare Precision Industry Co., Ltd. - Class A

693,630

 

4,843,185

 

Company

Shares

 

U.S. $ Value

Machinery – 5.1%

 

 

 

Sany Heavy Industry Co., Ltd. - Class A (Nth SSE-

 

 

 

SEHK)

641,621

$

1,625,509

Weichai Power Co., Ltd. - Class A (Nth SZ-SEHK)

760,196

 

1,591,962

Zoomlion Heavy Industry Science and Technology

 

 

 

Co., Ltd. - Class A

2,110,545

 

1,923,281

 

 

 

5,140,752

Trading Companies & Distributors – 1.3%

 

 

 

BOC Aviation Ltd.(b)

147,900

 

1,293,057

Transportation Infrastructure – 2.6%

 

 

 

Guangdong Provincial Expressway Development

 

 

 

Co., Ltd. - Class A

868,573

 

942,522

Shenzhen Expressway Co., Ltd. - Class H

1,418,000

 

1,726,622

 

 

 

2,669,144

 

 

 

15,482,581

Communication Services – 11.5%

 

 

 

Entertainment – 2.3%

 

 

 

G-bits Network Technology Xiamen Co., Ltd. -

 

 

 

Class A

13,600

 

824,070

NetEase, Inc. (ADR)

4,670

 

1,488,376

 

 

 

2,312,446

Interactive Media & Services – 8.4%

 

 

 

Tencent Holdings Ltd.

167,750

 

8,505,715

Wireless Telecommunication Services – 0.8%

 

 

 

China Mobile Ltd.

107,500

 

855,551

 

 

 

11,673,712

Information Technology – 7.1%

 

 

 

Electronic Equipment, Instruments & Components – 7.1%

 

 

BOE Technology Group Co., Ltd. - Class A

1,715,100

 

1,226,604

Lens Technology Co., Ltd. - Class A

496,100

 

1,422,427

Shengyi Technology Co., Ltd. - Class A

579,542

 

2,607,318

Shennan Circuits Co., Ltd. - Class A

62,320

 

1,912,086

 

 

 

7,168,435

Real Estate – 6.9%

 

 

 

Real Estate Management & Development – 6.9%

 

 

 

China Resources Land Ltd.

270,000

 

1,282,068

CIFI Holdings Group Co., Ltd.

1,827,083

 

1,436,474

Midea Real Estate Holding Ltd.(b)

462,400

 

1,340,034

Poly Developments and Holdings Group Co., Ltd. -

 

 

 

Class A (Nth SSE-SEHK)

541,700

 

1,280,161

Times China Holdings Ltd.

898,000

 

1,709,929

 

 

 

7,048,666

Consumer Staples – 6.9%

 

 

 

Beverages – 3.8%

 

 

 

Kweichow Moutai Co., Ltd. - Class A (Nth SSE-

 

 

 

SEHK)

7,063

 

1,079,827

Tsingtao Brewery Co., Ltd. - Class A (Nth SSE-

 

 

 

SEHK)

113,534

 

702,244

 

Company

Shares

 

U.S. $ Value

Wuliangye Yibin Co., Ltd. - Class A (Nth SZ-

 

 

 

SEHK)

119,536

$

2,094,191

 

 

 

3,876,262

Food Products – 3.1%

 

 

 

Fujian Sunner Development Co., Ltd. - Class A

292,362

 

919,409

Wens Foodstuffs Group Co., Ltd. - Class A

168,800

 

796,442

WH Group Ltd.(b)

1,322,500

 

1,387,847

 

 

 

3,103,698

 

 

 

6,979,960

Utilities – 5.1%

 

 

 

Gas Utilities – 3.1%

 

 

 

China Resources Gas Group Ltd.

312,000

 

1,572,462

ENN Energy Holdings Ltd.

144,000

 

1,624,378

 

 

 

3,196,840

Independent Power and Renewable Electricity Producers – 2.0%

 

 

China Resources Power Holdings Co., Ltd.

342,000

 

410,938

China Yangtze Power Co., Ltd. - Class A

399,782

 

981,357

Huaneng Lancang River Hydropower, Inc. - Class

 

 

 

A

1,134,600

 

604,786

 

 

 

1,997,081

 

 

 

5,193,921

Health Care – 3.9%

 

 

 

Health Care Providers & Services – 1.2%

 

 

 

Shanghai Pharmaceuticals Holding Co., Ltd. -

 

 

 

Class H

676,500

 

1,249,536

Pharmaceuticals – 2.7%

 

 

 

CSPC Pharmaceutical Group Ltd.

312,000

 

727,290

Jiangsu Hengrui Medicine Co., Ltd. - Class A (Nth

 

 

 

SSE-SEHK)

162,448

 

1,983,396

 

 

 

2,710,686

 

 

 

3,960,222

Materials – 2.9%

 

 

 

Chemicals – 0.4%

 

 

 

Hengli Petrochemical Co., Ltd. - Class A

197,400

 

425,575

Construction Materials – 2.5%

 

 

 

Anhui Conch Cement Co., Ltd. - Class A

173,350

 

1,383,369

China Resources Cement Holdings Ltd.

862,000

 

1,107,528

 

 

 

2,490,897

 

 

 

2,916,472

Energy – 0.7%

 

 

 

Energy Equipment & Services – 0.7%

 

 

 

China Oilfield Services Ltd. - Class H

524,000

 

684,845

Total Common Stocks

 

 

 

(cost $82,004,107)

 

 

97,999,321

 

Company

Shares

 

U.S. $ Value

SHORT-TERM INVESTMENTS – 3.3%

 

 

 

Investment Companies – 3.3%

 

 

 

AB Fixed Income Shares, Inc. - Government Money

 

 

 

Market Portfolio - Class AB, 1.52%(c) (d) (e)

 

 

 

(cost $3,328,095)

3,328,095

$

3,328,095

Total Investments – 99.8%

 

 

 

(cost $85,332,202)(f)

 

 

101,327,416

Other assets less liabilities – 0.2%

 

 

193,716

Net Assets – 100.0%

 

$

101,521,132

(a)Non-income producing security.

(b)Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2020, the aggregate market value of these securities amounted to $4,685,278 or 4.6% of net assets.

(c)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.

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

(e)Affiliated investments.

(f)As of February 29, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $17,679,542 and gross unrealized depreciation of investments was $(1,684,328), resulting in net unrealized appreciation of $15,995,214.

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.

Glossary:

ADR – American Depositary Receipt

COUNTRY BREAKDOWN1

 

February 29, 2020 (unaudited)

 

94.6

%

China

2.1

%

Hong Kong

3.3

%

Short-Term

100.0

%

Total Investments

1All data are as of February 29, 2020. The Fund's country breakdown is expressed as a percentage of total investments and may vary over time.

 

AB All China Equity Portfolio

February 29, 2020 (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 February 29, 2020:

Investments in Securities

 

 

Level 1

 

 

Level 2

 

Level 3

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary . . . . . . . . . . . . . . . . . . . .

$

9,506,640

$

9,327,672

$

-0-

$

18,834,312

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

-0-

 

 

18,056,195

 

 

-0-

 

 

18,056,195

Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

-0-

 

 

15,482,581

 

 

-0-

 

 

15,482,581

Communication Services . . . . . . . . . . . . . . . . . . . .

 

1,488,376

 

 

10,185,336

 

 

-0-

 

 

11,673,712

Information Technology . . . . . . . . . . . . . . . . . . . .

 

-0-

 

 

7,168,435

 

 

-0-

 

 

7,168,435

Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

-0-

 

 

7,048,666

 

 

-0-

 

 

7,048,666

Consumer Staples. . . . . . . . . . . . . . . . . . . . . . . . .

 

-0-

 

 

6,979,960

 

 

-0-

 

 

6,979,960

Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

-0-

 

 

5,193,921

 

 

-0-

 

 

5,193,921

Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

-0-

 

 

3,960,222

 

 

-0-

 

 

3,960,222

Materials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

-0-

 

 

2,916,472

 

 

-0-

 

 

2,916,472

Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

-0-

 

 

684,845

 

 

-0-

 

 

684,845

Short-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Investment Companies . . . . . . . . . . . . . . . . . . . . .

 

3,328,095

 

 

-0-

 

 

-0-

 

 

3,328,095

Total Investments in Securities . . . . . . . . . . . . . . . . . . .

 

14,323,111

 

 

87,004,305+

 

 

-0-

 

 

101,327,416

Other Financial Instruments*. . . . . . . . . . . . . . . . . . .

 

-0-

 

 

-0-

 

 

-0-

 

 

-0-

Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$

14,323,111

 

$

87,004,305

 

$

-0-

 

$

101,327,416

+A significant portion of the Fund's foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

*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.

 

A summary of the Fund's transactions in AB mutual funds for the three months ended February 29, 2020 is as follows:

 

 

Market Value

 

Purchases

 

Sales

 

Market Value

 

Dividend

 

 

11/30/19

 

at Cost

 

Proceeds

2/29/20

 

Income

Fund

 

(000)

 

(000)

 

(000)

 

(000)

 

(000)

Government Money Market Portfolio".

$ 647

$ 12,017

$ 9,336

$

3,328

$

10

Government Money Market Portfolio*".

253

77

330

 

 

-0-

 

 

1

Total".

 

 

 

 

 

 

$

3,328

 

$

11

*Investments of cash collateral for securities lending transactions.