AB Cap Fund, Inc.
AB Small Cap Value Portfolio
Portfolio of Investments
August 31, 2020 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS 97.2% |
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Financials 24.8% |
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Banks 15.8% |
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1st Source Corp. |
76,196 | $ | 2,624,952 | |||||
Associated Banc-Corp. |
208,007 | 2,795,614 | ||||||
Bank of Marin Bancorp |
77,292 | 2,460,204 | ||||||
Carter Bank & Trust |
258,437 | 1,832,318 | ||||||
First Horizon National Corp. |
332,720 | 3,177,476 | ||||||
Harborone Northeast Bancorp(a) |
376,215 | 3,254,260 | ||||||
Heritage Financial Corp./WA |
154,482 | 3,080,371 | ||||||
Independent Bank Group, Inc. |
78,750 | 3,661,875 | ||||||
Pacific Premier Bancorp, Inc. |
132,914 | 3,002,527 | ||||||
Sandy Spring Bancorp, Inc. |
105,161 | 2,515,451 | ||||||
Sterling Bancorp/DE |
219,900 | 2,566,233 | ||||||
Synovus Financial Corp. |
166,045 | 3,631,404 | ||||||
Texas Capital Bancshares, Inc.(a) |
92,265 | 2,988,463 | ||||||
TriCo Bancshares |
119,263 | 3,302,393 | ||||||
Umpqua Holdings Corp. |
246,224 | 2,777,407 | ||||||
Webster Financial Corp. |
128,643 | 3,537,683 | ||||||
Zions Bancorp NA |
73,423 | 2,361,284 | ||||||
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49,569,915 | ||||||||
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Capital Markets 1.4% |
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Moelis & Co. |
119,448 | 3,811,586 | ||||||
Stifel Financial Corp. |
9,030 | 457,911 | ||||||
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4,269,497 | ||||||||
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Insurance 3.7% |
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First American Financial Corp. |
54,239 | 2,851,344 | ||||||
Hanover Insurance Group, Inc. (The) |
36,580 | 3,749,084 | ||||||
Selective Insurance Group, Inc. |
65,192 | 3,899,134 | ||||||
State Auto Financial Corp. |
71,952 | 1,110,220 | ||||||
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11,609,782 | ||||||||
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Thrifts & Mortgage Finance 3.9% |
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BankUnited, Inc. |
225,823 | 5,279,742 | ||||||
Essent Group Ltd. |
89,848 | 3,207,573 | ||||||
WSFS Financial Corp. |
133,883 | 3,922,772 | ||||||
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12,410,087 | ||||||||
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77,859,281 | ||||||||
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Consumer Discretionary 20.5% |
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Auto Components 2.5% |
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Cooper Tire & Rubber Co. |
75,554 | 2,611,902 | ||||||
Dana, Inc. |
367,826 | 5,131,172 | ||||||
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7,743,074 | ||||||||
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Diversified Consumer Services 2.1% |
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Hillenbrand, Inc. |
85,560 | 2,713,107 | ||||||
Houghton Mifflin Harcourt Co.(a) |
576,545 | 1,302,992 | ||||||
Regis Corp.(a) (b) |
331,862 | 2,452,460 | ||||||
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6,468,559 | ||||||||
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Hotels, Restaurants & Leisure 4.4% |
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El Pollo Loco Holdings, Inc.(a) (b) |
281,779 | 5,035,391 |
1
Company | Shares | U.S. $ Value | ||||||
Papa Johns International, Inc. |
53,781 | $ | 5,286,135 | |||||
Ruths Hospitality Group, Inc. |
354,289 | 3,640,319 | ||||||
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13,961,845 | ||||||||
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Household Durables 2.9% |
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KB Home |
149,590 | 5,349,339 | ||||||
Taylor Morrison Home Corp. - Class A(a) |
160,378 | 3,773,694 | ||||||
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9,123,033 | ||||||||
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Leisure Products 2.8% |
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Callaway Golf Co. |
264,568 | 5,518,889 | ||||||
Malibu Boats, Inc.(a) |
63,577 | 3,296,467 | ||||||
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8,815,356 | ||||||||
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Specialty Retail 2.9% |
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Citi Trends, Inc. |
151,351 | 2,925,615 | ||||||
Foot Locker, Inc. |
88,510 | 2,684,508 | ||||||
Williams-Sonoma, Inc. |
40,590 | 3,562,178 | ||||||
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9,172,301 | ||||||||
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Textiles, Apparel & Luxury Goods 2.9% |
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Crocs, Inc.(a) |
75,646 | 3,019,032 | ||||||
Oxford Industries, Inc. |
77,275 | 3,827,431 | ||||||
Skechers U.S.A., Inc. - Class A(a) |
80,207 | 2,394,179 | ||||||
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9,240,642 | ||||||||
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64,524,810 | ||||||||
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Industrials 16.7% |
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Aerospace & Defense 0.9% |
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AAR Corp. |
138,714 | 2,799,248 | ||||||
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Airlines 1.4% |
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SkyWest, Inc. |
127,246 | 4,281,828 | ||||||
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Building Products 1.2% |
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Masonite International Corp.(a) |
42,983 | 3,923,918 | ||||||
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Commercial Services & Supplies 0.7% |
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Knoll, Inc. |
173,162 | 2,228,595 | ||||||
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Construction & Engineering 1.4% |
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Primoris Services Corp. |
228,643 | 4,357,936 | ||||||
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Electrical Equipment 3.2% |
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EnerSys |
57,771 | 4,158,357 | ||||||
Regal Beloit Corp. |
59,340 | 5,866,352 | ||||||
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10,024,709 | ||||||||
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Machinery 5.1% |
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Blue Bird Corp.(a) |
212,600 | 2,419,388 | ||||||
Kennametal, Inc. |
169,995 | 4,933,255 | ||||||
REV Group, Inc. |
136,531 | 1,058,115 | ||||||
Shey Group , Inc. (The) |
220,750 | 4,408,377 | ||||||
Terex Corp. |
163,110 | 3,192,063 | ||||||
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16,011,198 | ||||||||
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2
Company | Shares | U.S. $ Value | ||||||
Trading Companies & Distributors 2.8% |
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GATX Corp. |
62,670 | $ | 4,191,370 | |||||
Herc Holdings, Inc.(a) |
52,884 | 2,165,600 | ||||||
MRC Global, Inc.(a) |
422,796 | 2,405,709 | ||||||
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8,762,679 | ||||||||
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52,390,111 | ||||||||
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Information Technology 8.8% |
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Communications Equipment 1.6% |
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Casa Systems, Inc.(a) |
478,161 | 2,175,632 | ||||||
Extreme Networks, Inc.(a) |
121,907 | 532,734 | ||||||
NetScout Systems, Inc.(a) |
94,402 | 2,184,462 | ||||||
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4,892,828 | ||||||||
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Electronic Equipment, Instruments & Components 2.1% |
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Belden, Inc. |
106,942 | 3,601,806 | ||||||
TTM Technologies, Inc.(a) |
54,908 | 629,246 | ||||||
Vishay Intertechnology, Inc. |
154,820 | 2,475,572 | ||||||
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6,706,624 | ||||||||
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IT Services 1.2% |
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CSG Systems International, Inc. |
39,644 | 1,687,645 | ||||||
Unisys Corp.(a) |
187,977 | 2,191,812 | ||||||
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3,879,457 | ||||||||
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Semiconductors & Semiconductor Equipment 1.5% |
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Kulicke & Soffa Industries, Inc. |
95,290 | 2,285,054 | ||||||
MagnaChip Semiconductor Corp.(a) (b) |
203,048 | 2,436,576 | ||||||
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4,721,630 | ||||||||
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Software 1.7% |
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A10 Networks, Inc.(a) |
228,490 | 1,953,590 | ||||||
CommVault Systems, Inc.(a) |
77,202 | 3,337,442 | ||||||
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5,291,032 | ||||||||
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Technology Hardware, Storage & Peripherals 0.7% |
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NCR Corp.(a) |
103,427 | 2,114,048 | ||||||
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27,605,619 | ||||||||
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Real Estate 8.0% |
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Equity Real Estate Investment Trusts (REITs) 8.0% |
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Armada Hoffler Properties, Inc. |
184,828 | 1,866,763 | ||||||
City Office REIT, Inc. |
228,865 | 1,840,075 | ||||||
Cousins Properties, Inc. |
107,123 | 3,197,622 | ||||||
Independence Realty Trust, Inc. |
340,699 | 3,989,585 | ||||||
National Storage Affiliates Trust |
88,490 | 3,036,092 | ||||||
Physicians Realty Trust |
214,236 | 3,888,383 | ||||||
RLJ Lodging Trust |
258,590 | 2,441,090 | ||||||
STAG Industrial, Inc. |
149,005 | 4,812,861 | ||||||
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25,072,471 | ||||||||
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3
Company | Shares | U.S. $ Value | ||||||
Materials 4.7% |
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Chemicals 2.5% |
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GCP Applied Technologies, Inc.(a) |
63,160 | $ | 1,645,950 | |||||
Orion Engineered Carbons SA |
327,454 | 3,978,566 | ||||||
Trinseo SA |
91,284 | 2,273,884 | ||||||
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7,898,400 | ||||||||
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Containers & Packaging 1.0% |
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Graphic Packaging Holding Co. |
233,161 | 3,259,591 | ||||||
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Metals & Mining 1.2% |
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Carpenter Technology Corp. |
114,995 | 2,418,345 | ||||||
Schnitzer Steel Industries, Inc. - Class A |
66,354 | 1,309,828 | ||||||
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3,728,173 | ||||||||
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14,886,164 | ||||||||
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Consumer Staples 3.9% |
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Beverages 1.2% |
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Primo Water Corp. |
272,571 | 3,728,771 | ||||||
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Food Products 2.7% |
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Hain Celestial Group, Inc. (The)(a) (b) |
129,224 | 4,237,255 | ||||||
Nomad Foods Ltd.(a) |
180,559 | 4,452,585 | ||||||
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8,689,840 | ||||||||
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12,418,611 | ||||||||
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Energy 3.2% |
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Energy Equipment & Services 3.2% |
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Cactus, Inc. - Class A |
161,310 | 3,563,338 | ||||||
Dril-Quip, Inc.(a) |
106,510 | 3,528,676 | ||||||
Helix Energy Solutions Group, Inc.(a) |
792,746 | 2,838,031 | ||||||
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9,930,045 | ||||||||
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Utilities 3.1% |
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Electric Utilities 1.1% |
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PNM Resources, Inc. |
78,387 | 3,423,944 | ||||||
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Gas Utilities 1.1% |
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Southwest Gas Holdings, Inc. |
54,900 | 3,451,563 | ||||||
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Multi-Utilities 0.9% |
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Black Hills Corp. |
52,961 | 2,970,053 | ||||||
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9,845,560 | ||||||||
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Health Care 2.4% |
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Health Care Providers & Services 1.3% |
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Molina Healthcare, Inc.(a) |
21,387 | 3,955,954 | ||||||
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Life Sciences Tools & Services 1.1% |
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ICON PLC(a) |
19,015 | 3,544,586 | ||||||
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7,500,540 | ||||||||
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Communication Services 1.1% |
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Media 1.1% |
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Criteo SA (Sponsored ADR)(a) |
264,507 | 3,443,881 | ||||||
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4
Company | Shares | U.S. $ Value | ||||||
Total Common Stocks |
$ | 305,477,093 | ||||||
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SHORT-TERM INVESTMENTS 2.5% |
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Investment Companies 2.5% |
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AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.08%(c) (d) (e) |
7,720,915 | 7,720,915 | ||||||
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Total Investments Before Security Lending Collateral for Securities Loaned 99.7%
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313,198,008 | ||||||
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INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED 0.0% |
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Investment Companies 0.0% |
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AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.08%(c) (d) (e) |
75,480 | 75,480 | ||||||
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Total Investments 99.7% |
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313,273,488 | ||||||
Other assets less liabilities 0.3% |
908,037 | |||||||
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Net Assets 100.0% |
$ | 314,181,525 | ||||||
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(a) | Non-income producing security. |
(b) | Represents entire or partial securities out on loan. |
(c) | Affiliated investments. |
(d) | The rate shown represents the 7-day yield as of period end. |
(e) | To obtain a copy of the funds shareholder report, please go to the Securities and Exchange Commissions website at www.sec.gov, or call AB at (800) 227-4618. |
(f) | As of August 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $29,299,946 and gross unrealized depreciation of investments was $(61,971,108), resulting in net unrealized depreciation of $(32,671,162). |
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 & Poors. 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
REIT Real Estate Investment Trust
5
AB Cap Fund, Inc.
AB Small Cap Value Portfolio
August 31, 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 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 |
| 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) |
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 Funds investments by the above fair value hierarchy levels as of August 31, 2020:
Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
| |||||||||||||||
Common Stocks(a) | $ | 305,477,093 | $ | | $ | | $ | 305,477,093 | ||||||||
Short-Term Investments | 7,720,915 | | | 7,720,915 | ||||||||||||
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 75,480 | | | 75,480 | ||||||||||||
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Total Investments in Securities | 313,273,488 | | | 313,273,488 | ||||||||||||
Other Financial Instruments(b) | | | | | ||||||||||||
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Total | $ | 313,273,488 | $ | | $ | | $ | 313,273,488 | ||||||||
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(a) | See Portfolio of Investments for sector classifications. |
6
(b) | 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 Funds transactions in AB mutual funds for the nine months ended August 31, 2020 is as follows:
Fund | Market Value 11/30/2019 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 08/31/2020 (000) |
Dividend Income (000) |
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Government Money Market Portfolio | $ | 15,454 | $ | 63,072 | $ | 70,805 | $ | 7,721 | $ | 37 | ||||||||||
Government Money Market Portfolio* | 464 | 1,587 | 1,976 | 75 | 2 | |||||||||||||||
Total | $ | 15,918 | $ | 64,659 | $ | 72,780 | $ | 7,796 | $ | 39 |
* | Investments of cash collateral for securities lending transactions |
7