AB Cap Fund, Inc.

AB All Market Income Portfolio

Portfolio of Investments

August 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES – 39.1%
Funds and Investment Trusts – 39.1%(a)
AB High Income Fund, Inc. - Class Z(b)		4,440,347	$	33,968,651
Vanguard Global ex-U.S. Real Estate ETF		18,797		934,211
Vanguard Real Estate ETF(c)		10,885		889,849
Total Investment Companies (cost $38,348,056)				35,792,711
COMMON STOCKS – 32.0%
Information Technology – 7.8%
Communications Equipment – 0.1%
Cisco Systems, Inc.		1,793		75,701
Juniper Networks, Inc.		139		3,475
Motorola Solutions, Inc.		59		9,130
				88,306
IT Services – 1.1%
Amadeus IT Group SA - Class A		167		9,382
Automatic Data Processing, Inc.		181		25,175
Booz Allen Hamilton Holding Corp.		227		19,990
Capgemini SE		99		13,733
Computershare Ltd.		205		2,007
Fidelity National Information Services, Inc.(d)		110		16,593
International Business Machines Corp.		1,981		244,277
Mastercard, Inc. - Class A		49		17,551
MongoDB, Inc.(e)		550		128,590
Paychex, Inc.		295		22,559
PayPal Holdings, Inc.(e)		1,550		316,417
Shopify, Inc. - Class A(e)		150		160,221
Visa, Inc. - Class A		63		13,355
Western Union Co. (The) - Class W		174		4,105
				993,955
Semiconductors & Semiconductor Equipment – 2.0%
ASM Pacific Technology Ltd.		129		1,388
ASML Holding NV		613		229,082
Intel Corp.(d)		4,767		242,879
KLA Corp.		1,039		213,140
Maxim Integrated Products, Inc.		113		7,734
NVIDIA Corp.		746		399,095
QUALCOMM, Inc.		2,532		301,561
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		150		11,887
Teradyne, Inc.		2,130		180,986
Texas Instruments, Inc.		1,687		239,807
Tokyo Electron Ltd.		64		16,417
				1,843,976
Software – 2.8%
Activision Blizzard, Inc.		31		2,589
Adobe, Inc.(e)		659		338,324
Cadence Design Systems, Inc.(e)		1,090		120,892
Check Point Software Technologies Ltd.(e)		188		23,737
Citrix Systems, Inc.		189		27,443
Constellation Software, Inc./Canada		20		23,153
Fortinet, Inc.(e)		720		95,043

1

Company	Shares		U.S. $ Value
Microsoft Corp.		4,925	$	1,110,735
Nice Ltd.(e)		91		20,895
NortonLifeLock, Inc.		8,845		208,034
Nuance Communications, Inc.(e)		327		9,797
Oracle Corp.(d)		4,977		284,784
Oracle Corp. Japan		200		23,439
SAP SE		260		42,990
ServiceNow, Inc.(e)		506		243,902
				2,575,757
Technology Hardware, Storage & Peripherals – 1.8%
Apple, Inc.(d)		11,320		1,460,733
Brother Industries Ltd.		94		1,555
Canon, Inc.(c)		423		7,255
HP, Inc.		606		11,847
Logitech International SA		116		8,592
NetApp, Inc.		93		4,407
Seagate Technology PLC		2,789		133,844
Seiko Epson Corp.		118		1,407
				1,629,640
				7,131,634
Health Care – 5.3%
Biotechnology – 1.6%
AbbVie, Inc.		3,529		337,972
Alnylam Pharmaceuticals, Inc.(e)		1,290		171,106
Amgen, Inc.		1,279		323,996
Genmab A/S(e)		380		143,403
Gilead Sciences, Inc.		1,301		86,842
Sarepta Therapeutics, Inc.(e)		1,250		183,025
Vertex Pharmaceuticals, Inc.(e)		700		195,384
				1,441,728
Health Care Equipment & Supplies – 0.4%
Coloplast A/S - Class B		1,050		178,102
DexCom, Inc.(e)		50		21,271
Insulet Corp.(e)		590		128,767
				328,140
Health Care Providers & Services – 0.7%
AmerisourceBergen Corp. - Class A		1,830		177,565
Anthem, Inc.		63		17,736
Cardinal Health, Inc.		123		6,244
CVS Health Corp.		551		34,228
Galenica AG(f)		110		7,899
Molina Healthcare, Inc.(e)		890		164,623
Sonic Healthcare Ltd.		190		4,481
UnitedHealth Group, Inc.(d)		688		215,034
				627,810
Health Care Technology – 0.2%
Veeva Systems, Inc. - Class A(e)		770		217,348

2

Company	Shares		U.S. $ Value
Life Sciences Tools & Services – 0.2%
Bio-Rad Laboratories, Inc. - Class A(e)		350	$	178,006
Pharmaceuticals – 2.2%
Astellas Pharma, Inc.		600		9,413
AstraZeneca PLC		2,300		255,300
Bristol-Myers Squibb Co.		5,295		329,349
Eli Lilly & Co.		1,558		231,192
GlaxoSmithKline PLC		3,002		58,639
Johnson & Johnson		217		33,290
Merck & Co., Inc.(d)		1,401		119,463
Novartis AG		940		81,016
Novo Nordisk A/S - Class B		3,392		224,256
Pfizer, Inc.		2,340		88,429
Roche Holding AG		1,276		446,369
Sanofi		477		48,315
Takeda Pharmaceutical Co., Ltd.		3,400		126,776
				2,051,807
				4,844,839
Financials – 3.8%
Banks – 0.4%
Bank Leumi Le-Israel BM		2,930		14,991
BOC Hong Kong Holdings Ltd.		1,564		4,436
Canadian Imperial Bank of Commerce		188		14,926
Citizens Financial Group, Inc.		180		4,657
DBS Group Holdings Ltd.		1,258		19,279
East West Bancorp, Inc.		61		2,244
Fifth Third Bancorp		299		6,177
Hang Seng Bank Ltd.		323		5,077
Huntington Bancshares, Inc./OH		431		4,056
JPMorgan Chase & Co.		32		3,206
KeyCorp		410		5,051
M&T Bank Corp.		55		5,679
Natwest Group PLC		127,760		190,205
Oversea-Chinese Banking Corp., Ltd.		1,398		8,898
People’s United Financial, Inc.		187		1,978
Regions Financial Corp.		404		4,670
Royal Bank of Canada		167		12,718
Seven Bank Ltd.		366		919
Swedbank AB - Class A		1,700		28,889
Truist Financial Corp.		567		22,005
Zions Bancorp NA		69		2,219
				362,280
Capital Markets – 1.2%
3i Group PLC		411		5,050
Ameriprise Financial, Inc.		272		42,650
ASX Ltd.		81		5,216
Bank of New York Mellon Corp. (The)		338		12,499
CME Group, Inc. - Class A		78		13,718
FactSet Research Systems, Inc.		540		189,216
Franklin Resources, Inc.		8,846		186,296
IGM Financial, Inc.(c)		962		23,476
Magellan Financial Group Ltd.		54		2,356
Moody’s Corp.		723		213,025
Morgan Stanley		1,600		83,616
Natixis SA(e)		73,430		202,397

3

Company	Shares		U.S. $ Value
Northern Trust Corp.		84	$	6,879
Partners Group Holding AG		28		28,524
S&P Global, Inc.		54		19,787
Schroders PLC		52		2,013
Singapore Exchange Ltd.		1,639		10,365
Standard Life Aberdeen PLC		984		3,079
State Street Corp.		149		10,145
T. Rowe Price Group, Inc.		99		13,782
TD Ameritrade Holding Corp.		114		4,375
				1,078,464
Consumer Finance – 0.0%
Discover Financial Services		130		6,900
Synchrony Financial		233		5,781
				12,681
Diversified Financial Services – 0.2%
M&G PLC		88,069		203,526
Insurance – 1.6%
Admiral Group PLC		350		12,212
Aflac, Inc.		290		10,533
Allianz SE		177		38,407
American Financial Group, Inc./OH		32		2,139
Assicurazioni Generali SpA		464		7,208
Athene Holding Ltd. - Class A(e)		5,380		196,693
Baloise Holding AG		20		3,116
CNP Assurances		14,760		197,891
Dai-ichi Life Holdings, Inc.		456		6,909
Fidelity National Financial, Inc.		117		3,841
Great-West Lifeco, Inc.		117		2,387
Hannover Rueck SE		25		4,263
Hartford Financial Services Group, Inc. (The)		151		6,108
iA Financial Corp., Inc.		4,435		159,638
Insurance Australia Group Ltd.		977		3,423
Japan Post Insurance Co., Ltd.		13,100		209,340
Lincoln National Corp.		82		2,956
Manulife Financial Corp.		822		12,125
Mapfre SA		499		946
Medibank Pvt Ltd.		1,164		2,342
MS&AD Insurance Group Holdings, Inc.		188		5,215
NN Group NV		123		4,624
Power Corp. of Canada		239		4,771
Principal Financial Group, Inc.		4,386		184,695
Progressive Corp. (The)		352		33,454
Prudential Financial, Inc.		3,177		215,306
Reinsurance Group of America, Inc. - Class A		29		2,659
RenaissanceRe Holdings Ltd.		78		14,332
Sampo Oyj - Class A		432		17,402
Sompo Holdings, Inc.		142		5,333
Swiss Life Holding AG		14		5,660
T&D Holdings, Inc.		227		2,376
Tokio Marine Holdings, Inc.		270		12,461
Travelers Cos., Inc. (The)		107		12,416
Tryg A/S		51		1,565
WR Berkley Corp.		62		3,847
Zurich Insurance Group AG		84		31,059
				1,439,652

4

Company	Shares		U.S. $ Value
Mortgage Real Estate Investment Trusts (REITs) – 0.4%
AGNC Investment Corp.		13,593	$	191,797
Annaly Capital Management, Inc.		25,100		184,485
				376,282
				3,472,885
Consumer Discretionary – 3.1%
Auto Components – 0.2%
Aisin Seiki Co., Ltd.		68		2,332
Bridgestone Corp.		226		7,155
Denso Corp.		183		7,699
Faurecia SE(e)		32		1,401
JTEKT Corp.		24,620		188,433
Magna International, Inc. - Class A (Canada)		122		5,941
NGK Spark Plug Co., Ltd.		66		1,128
Sumitomo Electric Industries Ltd.		318		3,733
Sumitomo Rubber Industries Ltd.		101		971
Yokohama Rubber Co., Ltd. (The)		61		958
				219,751
Automobiles – 0.3%
Fiat Chrysler Automobiles NV		17,350		192,297
Isuzu Motors Ltd.		233		2,302
Subaru Corp.		260		5,403
Toyota Motor Corp.		896		59,176
Yamaha Motor Co., Ltd.		118		1,853
				261,031
Distributors – 0.0%
Genuine Parts Co.		61		5,761
Hotels, Restaurants & Leisure – 0.0%
Aristocrat Leisure Ltd.		1,043		21,728
Crown Resorts Ltd.		157		1,041
McDonald’s Corp.		58		12,384
SJM Holdings Ltd.		838		1,150
Sodexo SA		37		2,641
				38,944
Household Durables – 0.3%
Barratt Developments PLC		430		3,003
Iida Group Holdings Co., Ltd.		62		1,210
Nikon Corp.(c)		9,927		77,745
Panasonic Corp.		933		8,598
Persimmon PLC		4,860		168,876
Sekisui Chemical Co., Ltd.		153		2,448
Sekisui House Ltd.		262		5,176
Taylor Wimpey PLC		1,540		2,490
Whirlpool Corp.		27		4,798
				274,344
Internet & Direct Marketing Retail – 1.3%
Amazon.com, Inc.(d) (e)		260		897,250
eBay, Inc.		3,730		204,329
Zalando SE(e) (f)		456		39,949
				1,141,528

5

Company	Shares		U.S. $ Value
Leisure Products – 0.0%
Hasbro, Inc.		55	$	4,342
Media – 0.0%
Interpublic Group of Cos., Inc. (The)		164		2,912
Multiline Retail – 0.1%
Canadian Tire Corp., Ltd. - Class A		24		2,511
Dollar General Corp.		139		28,061
Wesfarmers Ltd.		479		16,737
				47,309
Specialty Retail – 0.6%
AutoZone, Inc.(e)		23		27,515
Best Buy Co., Inc.		750		83,183
Home Depot, Inc. (The)(d)		836		238,293
Industria de Diseno Textil SA		461		12,962
TJX Cos., Inc. (The)		145		7,945
Tractor Supply Co.		1,300		193,479
USS Co., Ltd.		92		1,553
				564,930
Textiles, Apparel & Luxury Goods – 0.3%
Burberry Group PLC		171		3,265
Cie Financiere Richemont SA		220		14,647
Deckers Outdoor Corp.(e)		62		12,640
Pandora A/S		2,843		207,528
Ralph Lauren Corp.		20		1,377
VF Corp.		141		9,271
				248,728
				2,809,580
Communication Services – 2.4%
Diversified Telecommunication Services – 0.9%
AT&T, Inc.		3,033		90,414
BCE, Inc.		65		2,794
BT Group PLC		3,761		5,237
CenturyLink, Inc.		18,882		202,981
Comcast Corp. - Class A		368		16,490
Elisa Oyj		60		3,531
HKT Trust & HKT Ltd. - Class SS		10,601		15,148
Nippon Telegraph & Telephone Corp.		1,244		28,308
PCCW Ltd.		33,000		20,681
Proximus SADP		64		1,264
Shaw Communications, Inc. - Class B		198		3,702
Singapore Telecommunications Ltd.		3,452		5,827
Spark New Zealand Ltd.		59,383		192,788
Swisscom AG		11		6,091
TELUS Corp.		177		3,260
Verizon Communications, Inc.		4,627		274,242
Washington H Soul Pattinson & Co., Ltd.		62		956
				873,714
Entertainment – 0.6%
Electronic Arts, Inc.(e)		1,569		218,829

6

Company	Shares		U.S. $ Value
Netflix, Inc.(e)		586	$	310,322
				529,151
Interactive Media & Services – 0.8%
Alphabet, Inc. - Class A(d) (e)		35		57,034
Alphabet, Inc. - Class C(d) (e)		63		102,953
Auto Trader Group PLC		3,071		22,958
Facebook, Inc. - Class A(d) (e)		2,046		599,887
				782,832
Media – 0.0%
Omnicom Group, Inc.		91		4,922
Publicis Groupe SA		91		3,183
				8,105
Wireless Telecommunication Services – 0.1%
KDDI Corp.		697		20,260
NTT DOCOMO, Inc.		493		13,747
Rogers Communications, Inc. - Class B		149		6,198
Softbank Corp.		809		10,631
				50,836
				2,244,638
Consumer Staples – 2.4%
Beverages – 0.2%
Coca-Cola Amatil Ltd.		214		1,433
Coca-Cola Co. (The)		1,723		85,340
Coca-Cola European Partners PLC		86		3,540
PepsiCo, Inc.		707		99,022
Treasury Wine Estates Ltd.		304		2,071
				191,406
Food & Staples Retailing – 0.2%
Coles Group Ltd.		1,000		13,033
ICA Gruppen AB		42		2,061
Koninklijke Ahold Delhaize NV		1,506		45,309
METRO AG		91		902
Sysco Corp.		204		12,269
Walgreens Boots Alliance, Inc.		318		12,090
Walmart, Inc.		284		39,434
				125,098
Food Products – 0.2%
Archer-Daniels-Midland Co.		235		10,519
Campbell Soup Co.		76		3,998
General Mills, Inc.		255		16,307
Ingredion, Inc.		28		2,252
JM Smucker Co. (The)		48		5,769
Kellogg Co.		108		7,658
Morinaga & Co., Ltd./Japan		200		7,330
Mowi ASA		185		3,619
Nestle SA		1,040		125,265
Orkla ASA		317		3,225
Salmar ASA		422		22,831

7

Company	Shares		U.S. $ Value
WH Group Ltd.(f)		4,048	$	3,489
				212,262
Household Products – 0.2%
Kimberly-Clark Corp.		144		22,717
Procter & Gamble Co. (The)		1,301		179,968
				202,685
Personal Products – 0.8%
Pola Orbis Holdings, Inc.		11,451		207,530
Unilever NV		4,331		251,660
Unilever PLC		4,034		238,497
				697,687
Tobacco – 0.8%
Altria Group, Inc.		1,696		74,183
British American Tobacco PLC		1,305		43,985
Imperial Brands PLC		10,967		182,981
Japan Tobacco, Inc.		507		9,479
Philip Morris International, Inc.		3,999		319,080
Swedish Match AB		1,565		118,862
				748,570
				2,177,708
Materials – 2.3%
Chemicals – 0.9%
Asahi Kasei Corp.		530		4,440
Chr Hansen Holding A/S		1,320		151,506
Clariant AG		9,370		195,655
Daicel Corp.		132		956
Dow, Inc.		313		14,123
Eastman Chemical Co.		57		4,167
EMS-Chemie Holding AG		4		3,615
Johnson Matthey PLC		81		2,555
JSR Corp.		86		1,836
Kuraray Co., Ltd.		135		1,379
LyondellBasell Industries NV - Class A		2,910		190,547
Mitsubishi Chemical Holdings Corp.		32,541		190,029
Mitsubishi Gas Chemical Co., Inc.		66		1,179
Mitsui Chemicals, Inc.		77		1,806
Nitto Denko Corp.		67		4,068
Nutrien Ltd.		241		8,926
Solvay SA		31		2,671
Sumitomo Chemical Co., Ltd.		630		2,043
Tosoh Corp.		109		1,613
				783,114
Construction Materials – 0.0%
CRH PLC		332		12,382
Containers & Packaging – 0.0%
AMCOR PLC(e)		678		7,499
Packaging Corp. of America		40		4,049
				11,548

8

Company	Shares		U.S. $ Value
Gold – 0.2%
Yamana Gold, Inc.		27,810	$	172,274
Metals & Mining – 0.8%
Anglo American PLC		519		12,754
BHP Group Ltd.		8,234		227,356
BHP Group PLC		9,230		210,096
Boliden AB		115		3,436
Evraz PLC		46,178		197,563
Rio Tinto Ltd.		156		11,226
Rio Tinto PLC		474		29,478
				691,909
Paper & Forest Products – 0.0%
UPM-Kymmene Oyj		225		6,829
Paper Products – 0.0%
International Paper Co.		727		26,368
Steel – 0.4%
Fortescue Metals Group Ltd.		16,582		211,941
Nucor Corp.		127		5,773
Steel Dynamics, Inc.		6,580		194,242
				411,956
				2,116,380
Industrials – 2.2%
Aerospace & Defense – 0.4%
General Dynamics Corp.		104		15,532
L3Harris Technologies, Inc.		132		23,858
Lockheed Martin Corp.		108		42,148
Raytheon Technologies Corp.		640		39,040
TransDigm Group, Inc.		440		219,855
				340,433
Air Freight & Logistics – 0.1%
CH Robinson Worldwide, Inc.		119		11,698
SG Holdings Co., Ltd.		200		9,204
United Parcel Service, Inc. - Class B		296		48,431
				69,333
Airlines – 0.0%
Japan Airlines Co., Ltd.		48		952
Qantas Airways Ltd.		386		1,121
				2,073
Building Products – 0.5%
AGC, Inc./Japan		81		2,292
Carrier Global Corp.		7,080		211,338
Johnson Controls International PLC		323		13,156
LIXIL Group Corp.		12,900		236,862
Masco Corp.		144		8,395
				472,043
Construction & Engineering – 0.1%
ACS Actividades de Construccion y Servicios SA		4,954		121,225
HOCHTIEF AG		10		887
Obayashi Corp.		274		2,678

9

Company	Shares		U.S. $ Value
Taisei Corp.		80	$	2,761
				127,551
Electrical Equipment – 0.3%
Eaton Corp. PLC		174		17,765
Emerson Electric Co.		258		17,923
Prysmian SpA		5,610		156,781
Schneider Electric SE		233		28,816
				221,285
Industrial Conglomerates – 0.1%
3M Co.		243		39,614
CK Hutchison Holdings Ltd.		1,141		7,462
Jardine Matheson Holdings Ltd.		92		3,863
Siemens AG		323		44,757
Smiths Group PLC		167		3,100
				98,796
Industrial Warehouse Distribution – 0.1%
Mapletree Logistics Trust		48,900		74,299
Machinery – 0.5%
Amada Co. Ltd.		140		1,244
Cummins, Inc.		1,051		217,820
Komatsu Ltd.		370		8,056
Kone Oyj - Class B		143		12,265
Mitsubishi Heavy Industries Ltd.		7,500		186,198
NGK Insulators Ltd.		110		1,563
NSK Ltd.		151		1,157
PACCAR, Inc.		146		12,533
Snap-on, Inc.		22		3,262
Sumitomo Heavy Industries Ltd.		46		1,047
				445,145
Professional Services – 0.1%
Adecco Group AG		65		3,403
Experian PLC		406		15,169
Intertrust NV		456		8,184
RELX PLC		1,415		31,817
SGS SA		3		7,774
Verisk Analytics, Inc. - Class A		73		13,627
Wolters Kluwer NV(c)		275		22,559
				102,533
Road & Rail – 0.0%
Aurizon Holdings Ltd.		825		2,638
Nippon Express Co., Ltd.		31		1,831
				4,469
Trading Companies & Distributors – 0.0%
ITOCHU Corp.		569		14,602
Transportation Infrastructure – 0.0%
Sydney Airport		559		2,349
				1,974,911

10

Company	Shares		U.S. $ Value
Real Estate – 1.3%
Diversified Real Estate Activities – 0.0%
New World Development Co., Ltd.		648	$	3,360
Equity Real Estate Investment Trusts (REITs) – 1.2%
American Tower Corp.		720		179,388
Iron Mountain, Inc.(c)		4,912		147,802
Japan Retail Fund Investment Corp.(c)		122		183,611
Nippon Building Fund, Inc.		3		18,065
Orix JREIT, Inc.(c)		87		129,250
Scentre Group(c)		62,080		103,334
SmartCentres Real Estate Investment Trust		3,870		60,942
VICI Properties, Inc.		7,270		162,412
Vornado Realty Trust		5,085		182,196
				1,167,000
Real Estate Management & Development – 0.1%
Aroundtown SA		487		2,668
CK Asset Holdings Ltd.		1,093		5,932
Daito Trust Construction Co., Ltd.		27		2,393
Daiwa House Industry Co., Ltd.		239		6,391
Hang Lung Properties Ltd.		855		2,409
Henderson Land Development Co., Ltd.		614		2,414
Hongkong Land Holdings Ltd.		493		1,886
Kerry Properties Ltd.		357		927
Sino Land Co., Ltd.		1,324		1,541
Sun Hung Kai Properties Ltd.		551		7,393
Swire Properties Ltd.		494		1,337
Swiss Prime Site AG		32		2,885
Vonovia SE		187		13,383
Wharf Real Estate Investment Co., Ltd.		706		2,934
				54,493
				1,224,853
Utilities – 1.0%
Electric Utilities – 0.8%
Alliant Energy Corp.		103		5,577
American Electric Power Co., Inc.		492		38,785
CK Infrastructure Holdings Ltd.		280		1,480
CLP Holdings Ltd.		694		6,814
Duke Energy Corp.		309		24,825
Edison International		153		8,029
EDP - Energias de Portugal SA(c)		3,845		19,547
Endesa SA		134		3,720
Enel SpA		22,523		203,950
Eversource Energy		139		11,914
Fortis, Inc./Canada		196		7,839
Fortum Oyj		2,517		53,275
Iberdrola SA		2,499		31,529
Mercury NZ Ltd.		288		1,005
NextEra Energy, Inc.		59		16,471
OGE Energy Corp.		84		2,676
Pinnacle West Capital Corp.		47		3,447
Power Assets Holdings Ltd.		586		3,354
PPL Corp.		324		8,952
Red Electrica Corp. SA		9,553		182,826
SSE PLC		435		7,332
Terna Rete Elettrica Nazionale SpA		10,655		77,087

11

Company	Shares		U.S. $ Value
Xcel Energy, Inc.		221	$	15,354
				735,788
Gas Utilities – 0.0%
Snam SpA		861		4,409
Tokyo Gas Co., Ltd.		400		8,907
				13,316
Independent Power and Renewable Electricity Producers – 0.1%
Uniper SE		1,470		48,179
Multi-Utilities – 0.1%
Ameren Corp.		331		26,185
CMS Energy Corp.		120		7,259
Consolidated Edison, Inc.		141		10,059
DTE Energy Co.		81		9,612
National Grid PLC		1,483		16,610
Public Service Enterprise Group, Inc.		213		11,127
Sempra Energy		123		15,209
WEC Energy Group, Inc.		133		12,513
				108,574
				905,857
Diversified Financials – 0.2%
Multi-Sector Holdings – 0.2%
Kinnevik AB(e)		5,540		4,451
Kinnevik AB - Class B		5,240		203,247
				207,698
Energy – 0.2%
Oil & Gas Storage & Transportation – 0.0%
TC Energy Corp.		397		18,564
Oil, Gas & Consumable Fuels – 0.2%
Enagas SA		105		2,571
Exxon Mobil Corp.		1,789		71,453
Galp Energia SGPS SA		211		2,266
Inpex Corp.		432		2,740
Inter Pipeline Ltd.		178		1,879
Keyera Corp.		92		1,680
Lundin Energy AB		78		1,909
Marathon Petroleum Corp.		274		9,716
Pembina Pipeline Corp.		231		5,720
Phillips 66		185		10,817
Royal Dutch Shell PLC - Class B		859		12,085
TOTAL SE		1,045		41,457
Valero Energy Corp.		173		9,098
				173,391
				191,955
Insurance – 0.0%
Life & Health Insurance – 0.0%
Sun Life Financial, Inc.		248		10,351
Total Common Stocks (cost $25,676,555)				29,313,289

12

Company	Shares		U.S. $ Value
PREFERRED STOCKS – 6.7%
Real Estate – 6.7%
Diversified REITs – 1.6%
Armada Hoffler Properties, Inc. Series A 6.75% (c)		10,625	$	257,337
Colony Capital, Inc. Series I 7.15%		9,600		206,784
Gladstone Commercial Corp. Series D 7.00%		7,711		192,312
Gladstone Commercial Corp. Series E 6.625%		2,150		54,546
Global Net Lease, Inc. Series A 7.25%		7,900		204,610
Global Net Lease, Inc. Series B 6.875%		4,450		111,568
PS Business Parks, Inc. Series W 5.20%		2,709		70,299
PS Business Parks, Inc. Series Y 5.20%		3,548		94,554
PS Business Parks, Inc. Series Z 4.875%		2,700		72,252
VEREIT, Inc. Series F 6.70%		507		12,751
Vornado Realty Trust Series K 5.70% (c)		4,000		101,280
Vornado Realty Trust Series L 5.40% (c)		3,811		96,228
				1,474,521
Health Care REITs – 0.3%
DiamondRock Hospitality Co. 8.25%		9,900		245,520
Industrial REITs – 0.7%
Monmouth Real Estate Investment Corp. Series C 6.125%		11,600		289,768
Rexford Industrial Realty, Inc. Series A 5.875%		3,400		87,822
Rexford Industrial Realty, Inc. Series B 5.875%		4,725		125,685
Rexford Industrial Realty, Inc. Series C 5.625%		3,975		107,007
				610,282

13

Company	Shares		U.S. $ Value
Office REITs – 0.2%
City Office REIT, Inc. Series A 6.625%		7,025	$	177,170
SL Green Realty Corp. Series I 6.50%		875		22,925
				200,095
Real Estate Operating Companies – 0.3%
Brookfield Property Partners LP Series A 5.75%		3,000		59,460
Brookfield Property Partners LP Series A2 6.375%		12,000		265,200
				324,660
Residential REITs – 0.8%
American Homes 4 Rent Series D 6.50%		9,100		236,145
American Homes 4 Rent Series E 6.35% (c)		5,875		153,631
Bluerock Residential Growth REIT, Inc. Series A 8.25%		975		24,239
Investors Real Estate Trust Series C 6.625%		1,200		30,840
UMH Properties, Inc. Series C 6.75% (c)		7,000		176,260
UMH Properties, Inc. Series D 6.375%		5,800		143,550
				764,665
Retail REITs – 1.5%
Brookfield Property REIT, Inc. Series A 6.375%		7,000		131,320
Kimco Realty Corp. Series L 5.125% (c)		7,550		199,018
National Retail Properties, Inc. Series F 5.20% (c)		5,000		129,050
Saul Centers, Inc. Series D 6.125%		8,150		199,675
Saul Centers, Inc. Series E 6.00%		1,500		34,920

14

Company	Shares		U.S. $ Value
SITE Centers Corp. Series A 6.375%		6,775	$	168,697
Spirit Realty Capital, Inc. Series A 6.00%		5,375		139,374
Taubman Centers, Inc. Series J 6.50%		7,450		159,355
Taubman Centers, Inc. Series K 6.25%		2,800		60,340
Urstadt Biddle Properties, Inc. Series K 5.875% (c)		6,500		155,282
				1,377,031
Specialized REITs – 1.3%
Digital Realty Trust, Inc. Series I 6.35% (c)		1,800		45,558
Digital Realty Trust, Inc. Series J 5.25%		7,000		187,810
Digital Realty Trust, Inc. Series L 5.20%		9,200		253,000
EPR Properties Series G 5.75%		10,225		189,469
National Storage Affiliates Trust Series A 6.00% (c)		6,363		173,201
Public Storage Series D 4.95%		1,048		26,934
Public Storage Series E 4.90%		25		645
Public Storage Series M 4.125%		6,250		165,750
Public Storage Series W 5.20%		25		633
QTS Realty Trust, Inc. Series A 7.125% (c)		4,125		113,932
				1,156,932
Total Preferred Stocks (cost $6,159,700)				6,153,706

15

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - SOVEREIGNS – 2.9%
Argentina – 0.2%
Argentine Republic Government International Bond 5.625%, 01/26/2022(e) (g)	U.S.$	6	$	2,820
6.625%, 07/06/2028(e) (g)		150		65,766
7.50%, 04/22/2026(e) (g)		150		68,390
				136,976
Bahrain – 0.3%
Bahrain Government International Bond 7.00%, 10/12/2028 (f)		200		227,687
Dominican Republic – 0.2%
Dominican Republic International Bond 6.40%, 06/05/2049 (f)		200		202,750
Ecuador – 0.1%
Ecuador Government International Bond Zero Coupon, 07/31/2030(f)		12		6,200
0.50%, 07/31/2030-07/31/2040(f)		182		119,712
				125,912
Egypt – 0.2%
Egypt Government International Bond 8.70%, 03/01/2049 (f)		200		205,125
El Salvador – 0.2%
El Salvador Government International Bond 6.375%, 01/18/2027 (f)		182		169,146
Gabon – 0.2%
Gabon Government International Bond 6.625%, 02/06/2031 (f)		200		192,438
Ghana – 0.2%
Ghana Government International Bond 8.95%, 03/26/2051 (f)		200		185,688
Guatemala – 0.3%
Guatemala Government Bond 4.90%, 06/01/2030 (f)		200		225,062
Honduras – 0.2%
Honduras Government International Bond 6.25%, 01/19/2027 (f)		150		165,328
Ivory Coast – 0.2%
Ivory Coast Government International Bond 5.375%, 07/23/2024 (f)		200		201,563
Kenya – 0.2%
Kenya Government International Bond 6.875%, 06/24/2024 (f)		200		205,500

16

	Principal Amount (000)			U.S. $ Value
Lebanon – 0.0%
Lebanon Government International Bond Series G 6.60%, 11/27/2026 (e) (f) (g)		U.S.$	107	$	16,585
Senegal – 0.2%
Senegal Government International Bond 6.75%, 03/13/2048 (f)			200		198,750
Ukraine – 0.2%
Ukraine Government International Bond 7.75%, 09/01/2027 (f)			150		157,875
Total Emerging Markets - Sovereigns (cost $2,757,983)					2,616,385
GOVERNMENTS - TREASURIES – 0.7%
Colombia – 0.2%
Colombian TES Series B 6.25%, 11/26/2025		COP	492,700		143,027
Indonesia – 0.2%
Indonesia Treasury Bond Series FR70 8.375%, 03/15/2024		IDR	1,105,000		83,202
Series FR71 9.00%, 03/15/2029			1,438,000		111,831
					195,033
Mexico – 0.2%
Mexican Bonos Series M 20 10.00%, 12/05/2024		MXN	2,777		151,139
Russia – 0.1%
Russian Federal Bond - OFZ Series 6215 7.00%, 08/16/2023		RUB	9,626		137,958
Total Governments - Treasuries (cost $656,403)					627,157
EMERGING MARKETS - TREASURIES – 0.3%
Brazil – 0.1%
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2023-01/01/2025		BRL	658		137,039
South Africa – 0.2%
Republic of South Africa Government Bond Series 2032 8.25%, 03/31/2032		ZAR	2,848		146,132
Total Emerging Markets - Treasuries (cost $312,805)					283,171

17

	Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS – 0.2%
Quasi-Sovereign Bonds – 0.2%
Mexico – 0.2%
Petroleos Mexicanos 5.95%, 01/28/2031(f)	U.S.$	43	$	38,685
7.69%, 01/23/2050(f)		97		86,497
Total Quasi-Sovereigns (cost $135,704)				125,182
Total Investments Before Security Lending Collateral for Securities Loaned – 81.9% (cost $74,047,206)				74,911,601
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.08%(a) (b) (h) (cost $484,557)		484,557		484,557
Total Investments – 82.4% (cost $74,531,763)(i)				75,396,158
Other assets less liabilities – 17.6%				16,126,422
Net Assets – 100.0%			$	91,522,580

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		10		September 2020		$	1,087,654		$	3,503
10 Yr Mini Japan Government Bond Futures		42		September 2020			6,008,441			(18,917	)
Canadian 10 Yr Bond Futures		5		December 2020			578,602			(1,656	)
FTSE 100 Index Futures		7		September 2020			557,832			(7,728	)
Hang Seng Index Futures		6		September 2020			970,620			(15,510	)
Long Gilt Futures		8		December 2020			1,443,797			(12,842	)
MSCI Emerging Markets Futures		12		September 2020			660,240			23,392
MSCI Singapore IX ETS Futures		41		September 2020			877,377			(8,073	)
S&P 500 E-Mini Futures		11		September 2020			1,924,395			174,993
TOPIX Index Futures		3		September 2020			457,726			12,538
Sold Contracts
Euro STOXX 50 Index Futures		34		September 2020			1,324,738			24,348
FTSE 100 Index Futures		6		September 2020			478,142			10,672
Mini S&P TSX 60 Futures		1		September 2020			37,912			(3,399	)
MSCI EAFE Futures		4		September 2020			380,020			(25,238	)
OMXS 30 Index Futures		50		September 2020			1,020,255			3,529
S&P 500 E-Mini Futures		6		September 2020			1,049,670			(133,803	)
S&P TSX 60 Index Futures		1		September 2020			151,646			1,156
SPI 200 Futures		9		September 2020			1,000,671			(11,569	)

18

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
TOPIX Index Futures		3		September 2020		$	457,725		$	(10,783	)
									$	4,613

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		RUB	17,718		USD	247		09/14/2020		$	8,727
Barclays Bank PLC		IDR	1,841,214		USD	124		10/15/2020			(2,102	)
Barclays Bank PLC		USD	611		EUR	515		09/16/2020			3,287
Barclays Bank PLC		USD	462		CNY	3,231		11/18/2020			6,865
Barclays Bank PLC		USD	58		RUB	4,318		09/14/2020			(199	)
Barclays Bank PLC		USD	318		THB	10,049		10/27/2020			4,515
Citibank, NA		COP	577,653		USD	153		09/17/2020			(1,271	)
Citibank, NA		USD	92		COP	336,883		09/17/2020			(2,265	)
Deutsche Bank AG		PEN	886		USD	252		09/17/2020			1,834
Deutsche Bank AG		PEN	739		USD	207		09/17/2020			(1,718	)
Deutsche Bank AG		USD	519		CAD	686		09/16/2020			6,494
Goldman Sachs International		PHP	31,001		USD	630		11/10/2020			(7,597	)
Goldman Sachs International		CZK	16,034		USD	720		10/22/2020			(9,087	)
Goldman Sachs International		BRL	2,721		USD	524		09/02/2020			27,480
Goldman Sachs International		CHF	1,131		USD	1,248		09/16/2020			(3,907	)
Goldman Sachs International		AUD	1,007		USD	725		09/16/2020			(17,765	)
Goldman Sachs International		USD	497		BRL	2,721		09/02/2020			(654	)
Goldman Sachs International		USD	873		RUB	62,474		09/14/2020			(31,363	)
Goldman Sachs International		USD	510		MXN	11,554		10/08/2020			15,655
Goldman Sachs International		USD	740		INR	56,199		10/15/2020			22,779
Goldman Sachs International		USD	114		CLP	87,740		09/17/2020			(1,431	)
HSBC Bank USA		BRL	2,721		USD	497		09/02/2020			654
HSBC Bank USA		BRL	2,721		USD	489		10/02/2020			(7,048	)
HSBC Bank USA		USD	490		BRL	2,721		09/02/2020			7,017
JPMorgan Chase Bank, NA		COP	336,883		USD	92		09/17/2020			1,561
JPMorgan Chase Bank, NA		INR	18,101		USD	240		10/15/2020			(5,419	)
JPMorgan Chase Bank, NA		NOK	5,156		USD	582		09/16/2020			(8,522	)
JPMorgan Chase Bank, NA		USD	824		CAD	1,090		09/16/2020			11,256
JPMorgan Chase Bank, NA		USD	696		SEK	6,053		09/16/2020			3,553
JPMorgan Chase Bank, NA		USD	44		CLP	33,091		09/17/2020			(1,200	)
JPMorgan Chase Bank, NA		USD	804		IDR	11,908,344		10/15/2020			9,114
Morgan Stanley Capital Services, Inc.		PEN	1,018		USD	289		09/17/2020			1,193
Natwest Markets PLC		CLP	752,327		USD	969		09/17/2020			953
State Street Bank & Trust Co.		HUF	109,344		USD	372		10/22/2020			4,699
State Street Bank & Trust Co.		SEK	3,060		USD	348		09/16/2020			(5,478	)
State Street Bank & Trust Co.		JPY	2,329		USD	22		09/15/2020			(128	)
State Street Bank & Trust Co.		NOK	1,332		USD	153		09/16/2020			658
State Street Bank & Trust Co.		SEK	1,113		USD	129		09/16/2020			343
State Street Bank & Trust Co.		PLN	1,086		USD	292		10/22/2020			(3,240	)

19

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		AUD	438		USD	314		09/16/2020		$	(8,863	)
State Street Bank & Trust Co.		AUD	384		USD	284		09/16/2020			568
State Street Bank & Trust Co.		GBP	444		USD	581		09/16/2020			(12,560	)
State Street Bank & Trust Co.		ILS	170		USD	50		09/15/2020			(785	)
State Street Bank & Trust Co.		NOK	125		USD	14		09/15/2020			(345	)
State Street Bank & Trust Co.		EUR	98		USD	116		09/16/2020			(1,133	)
State Street Bank & Trust Co.		GBP	94		USD	119		09/18/2020			(7,030	)
State Street Bank & Trust Co.		GBP	80		USD	107		09/16/2020			115
State Street Bank & Trust Co.		DKK	79		USD	13		09/15/2020			(159	)
State Street Bank & Trust Co.		HKD	63		USD	8		09/15/2020			1
State Street Bank & Trust Co.		CHF	55		USD	61		09/15/2020			(499	)
State Street Bank & Trust Co.		SEK	35		USD	4		09/15/2020			(24	)
State Street Bank & Trust Co.		CAD	32		USD	24		09/15/2020			(420	)
State Street Bank & Trust Co.		EUR	57		USD	67		09/15/2020			(699	)
State Street Bank & Trust Co.		GBP	39		USD	51		09/15/2020			(1,203	)
State Street Bank & Trust Co.		AUD	12		USD	9		09/15/2020			(257	)
State Street Bank & Trust Co.		SGD	7		USD	5		09/15/2020			(45	)
State Street Bank & Trust Co.		USD	7		GBP	5		09/15/2020			63
State Street Bank & Trust Co.		USD	20		EUR	17		09/15/2020			183
State Street Bank & Trust Co.		USD	15		AUD	21		09/15/2020			484
State Street Bank & Trust Co.		USD	8		HKD	63		09/15/2020			0
State Street Bank & Trust Co.		USD	138		CHF	124		09/16/2020			(530	)
State Street Bank & Trust Co.		USD	96		CAD	125		09/16/2020			(37	)
State Street Bank & Trust Co.		USD	638		NZD	976		09/16/2020			19,037
State Street Bank & Trust Co.		USD	173		NZD	256		09/16/2020			(458	)
State Street Bank & Trust Co.		USD	26		JPY	2,726		09/15/2020			222
State Street Bank & Trust Co.		USD	224		ZAR	3,730		09/03/2020			(4,358	)
State Street Bank & Trust Co.		USD	172		NOK	1,618		10/16/2020			13,272
State Street Bank & Trust Co.		USD	358		ZAR	6,237		09/03/2020			10,182
State Street Bank & Trust Co.		USD	118		JPY	12,517		09/16/2020			336
State Street Bank & Trust Co.		USD	470		HUF	138,053		10/22/2020			(7,065	)
										$	26,236

20

CALL OPTIONS WRITTEN

Description	Counterparty	Contracts	Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index(j)	Citibank, NA	200		EUR	3,450.00		September 2020		EUR	690	$	2,470	$	(1,407	)
FTSE 100 Index(j)	Citibank, NA	40		GBP	6,100.00		September 2020		GBP	244		8,065		(2,315	)
Nikkei 225 Index(j)	Goldman Sachs International	3,000		JPY	23,750.00		September 2020		JPY	71,250		2,578		(1,939	)
S&P 500 Index(j)	Goldman Sachs International	1,500		USD	3,615.00		September 2020		USD	5,423		20,956		(20,956	)
											$	34,069	$	(26,617)

PUT OPTIONS WRITTEN

Description	Counterparty	Contracts	Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index(j)	Citibank, NA	200		EUR	3,125.00		September 2020		EUR	625	$	4,809	$	(6,355	)
FTSE 100 Index(j)	Citibank, NA	40		GBP	6,100.00		September 2020		GBP	244		6,727		(9,836	)
Nikkei 225 Index(j)	Goldman Sachs International	3,000		JPY	21,375.00		September 2020		JPY	64,125		736		(852	)
S&P 500 Index(j)	Goldman Sachs International	1,500		USD	3,355.00		September 2020		USD	5,033		32,181		(32,181	)
											$	44,453	$	(49,224)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at August 31, 2020				Notional Amount (000)		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00	%		Quarterly		3.65	%	USD		977	$	66,033	$	5,563	$	60,470
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.65		USD		930		62,888		24,813		38,075
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.65		USD		791		53,456		6,540		46,916
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.65		USD		716		48,425		2,787		45,638
iTraxx Xover Series 33, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.22		EUR		280		28,990		17,722		11,268
iTraxx Xover Series 33, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.22		EUR		240		24,889		14,745		10,144

21

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at August 31, 2020				Notional Amount (000)		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
iTraxx Xover Series 33, 5 Year Index, 06/20/2025*		5.00	%		Quarterly		3.22	%	EUR		190	$	19,672	$	11,405	$	8,267
iTraxx Xover Series 33, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.22		EUR		260		26,909		15,684		11,225
iTraxx Xover Series 33, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.22		EUR		930		96,420		72,927		23,493
												$	427,682	$	172,186	$	255,496

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
USD	1,050	01/10/2022	3 Month LIBOR	1.941%	Quarterly/S emi-Annual	$	26,900		$	—	$	26,900
CNY	740	02/17/2025	China 7-Day Reverse Repo Rate	2.547%	Quarterly/ Quarterly		(732	)		—		(732	)
CNY	2,204	02/20/2025	China 7-Day Reverse Repo Rate	2.598%	Quarterly/ Quarterly		(1,504	)		—		(1,504	)
CNY	2,236	02/21/2025	China 7-Day Reverse Repo Rate	2.620%	Quarterly/ Quarterly		(1,210	)		—		(1,210	)
USD	290	01/16/2028	3 Month LIBOR	2.558%	Quarterly/ Semi-Annual		44,055			—		44,055
USD	350	01/23/2028	3 Month LIBOR	2.690%	Quarterly/ Semi-Annual		56,571			—		56,571
USD	660	03/09/2028	3 Month LIBOR	2.931%	Quarterly/ Semi-Annual		126,801			—		126,801
USD	120	04/25/2028	3 Month LIBOR	3.011%	Quarterly/ Semi-Annual		23,774			—		23,774
EUR	1,010	07/16/2028	6 Month EURIBOR	0.871%	Semi- Annual/ Annual		109,612			—		109,612
USD	590	02/14/2029	3 Month LIBOR	2.707%	Quarterly/ Semi-Annual		104,788			—		104,788
USD	130	05/02/2029	3 Month LIBOR	2.501%	Quarterly/ Semi-Annual		22,087			—		22,087
EUR	200	05/03/2029	6 Month EURIBOR	0.523%	Semi-Annual/ Annual		15,904			—		15,904
USD	350	09/11/2029	3 Month LIBOR	1.509%	Quarterly/ Semi-Annual		29,410			—		29,410
EUR	280	09/12/2029	6 Month EURIBOR	(0.157)%	Semi- Annual/ Annual		1,269			—		1,269
USD	260	10/17/2029	3 Month LIBOR	1.636%	Quarterly/ Semi-Annual		24,705			—		24,705
USD	240	11/18/2029	3 Month LIBOR	1.728%	Quarterly/ Semi-Annual		24,674			—		24,674

22

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
EUR	180	11/18/2029	6 Month EURIBOR	0.073%	Semi-Annual/ Annual	$	5,235		$	—	$	5,235
USD	190	12/18/2029	3 Month LIBOR	1.836%	Quarterly/ Semi-Annual		21,156			—		21,156
USD	310	01/21/2030	3 Month LIBOR	1.790%	Quarterly/ Semi-Annual		32,900			—		32,900
EUR	220	01/23/2030	6 Month EURIBOR	0.131%	Semi-Annual/ Annual		7,896			—		7,896
EUR	230	02/07/2030	(0.206)%	6 Month EURIBOR	Annual/ Semi-Annual		1,598			—		1,598
USD	150	02/12/2030	3 Month LIBOR	1.495%	Quarterly/ Semi-Annual		11,680			—		11,680
EUR	60	03/24/2030	0.106%	6 Month EURIBOR	Annual/ Semi-Annual		(2,031	)		—		(2,031	)
EUR	400	05/05/2030	(0.127)%	6 Month EURIBOR	Annual/ Semi-Annual		(1,612	)		—		(1,612	)
CHF	380	06/02/2030	6 Month LIBOR	(0.337)%	Semi-Annual/ Annual		(3,968	)		—		(3,968	)
USD	670	06/10/2030	3 Month LIBOR	0.865%	Quarterly/ Semi-Annual		12,319			—		12,319
EUR	430	06/11/2030	6 Month EURIBOR	(0.045)%	Semi-Annual/ Annual		5,510			—		5,510
CAD	680	06/19/2030	1.032%	3 Month CDOR	Semi-Annual/ Semi-Annual		2,758			—		2,758
EUR	60	06/19/2030	6 Month EURIBOR	(0.119)%	Semi-Annual/ Annual		216			—		216
USD	40	06/19/2030	3 Month LIBOR	0.725%	Quarterly/ Semi-Annual		171			—		171
JPY	33,590	06/23/2030	6 Month LIBOR	0.036%	Semi-Annual/ Semi-Annual		(703	)		—		(703	)
SEK	130	06/23/2030	3 Month STIBOR	0.354%	Quarterly/ Annual		(54	)		—		(54	)
CAD	600	06/30/2030	1.002%	3 Month CDOR	Semi-Annual/ Semi-Annual		3,906			—		3,906
SEK	8,080	07/02/2030	3 Month STIBOR	0.287%	Quarterly/ Annual		(9,635	)		—		(9,635	)
GBP	70	07/08/2030	0.367%	6 Month LIBOR	Semi-Annual/ Semi-Annual		836			—		836
JPY	13,650	07/10/2030	6 Month LIBOR	0.022%	Semi-Annual/ Semi-Annual		(475	)		—		(475	)
NOK	4,070	07/10/2030	6 Month NIBOR	0.900%	Semi-Annual/ Annual		(7,272	)		—		(7,272	)
GBP	110	07/30/2030	0.282%	6 Month LIBOR	Semi-Annual/ Semi-Annual		2,548			—		2,548
SEK	340	08/03/2030	3 Month STIBOR	0.275%	Quarterly/ Annual		(481	)		—		(481	)
CHF	170	08/03/2030	6 Month LIBOR	(0.382)%	Semi-Annual/ Annual		(2,810	)		—		(2,810	)
EUR	120	08/03/2030	(0.253)%	6 Month EURIBOR	Annual/ Semi-Annual		1,502			—		1,502
USD	760	08/04/2030	3 Month LIBOR	0536%	Quarterly/ Semi-Annual		(11,742	)		—		(11,742	)
EUR	520	08/05/2030	6 Month EURIBOR	(0.232)%	Semi-Annual/ Annual		(5,279	)		—		(5,279	)
NOK	8,320	08/11/2030	6 Month NIBOR	0.825%	Semi-Annual/ Annual		(22,271	)		—		(22,271	)

23

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
SEK	820	08/11/2030	3 Month STIBOR	0.280%	Quarterly/ Annual	$	(1,128	)	$	—	$	(1,128	)
CHF	770	08/11/2030	6 Month LIBOR	(0.343)%	Semi-Annual/ Annual		(9,757	)		—		(9,757	)
USD	360	08/11/2030	0.534%	3 Month LIBOR	Semi-Annual/ Quarterly		5,706			—		5,706
EUR	70	08/11/2030	(0.238)%	6 Month EURIBOR	Annual/ Semi-Annual		773			—		773
USD	320	08/20/2030	3 Month LIBOR	0.645%	Quarterly/ Semi-Annual		(1,657	)		—		(1,657	)
AUD	840	08/26/2030	6 Month BBSW	0.828%	Semi-Annual/ Semi-Annual		(3,068	)		—		(3,068	)
NZD	910	08/27/2030	0.565%	3 Month BKMB	Semi-Annual/ Quarterly		2,488			—		2,488
EUR	90	08/27/2030	(0.181)%	6 Month EURIBOR	Annual/ Semi-Annual		384			—		384
EUR	490	10/07/2030	(0.175)%	6 Month EURIBOR	Annual/ Semi-Annual		1,624			—		1,624
USD	220	08/21/2045	3 Month LIBOR	2.630%	Quarterly/ Semi-Annual		78,705			—		78,705
USD	70	09/04/2045	3 Month LIBOR	2.708%	Quarterly/ Semi-Annual		27,150			—		27,150
						$	750,222		$	—	$	750,222

INFLATION (CPI) SWAPS

						Rate Type
Swap Counterparty	Notional Amount (000)			Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	8,300		01/05/2023		2.163%		CPI#		Maturity	$	(216,183	)	$	—	$	(216,183	)
Bank of America, NA			610		01/19/2023		2.213%		CPI#		Maturity		(17,919	)		—		(17,919	)
Deutsche Bank AG			1,920		10/01/2020		1.273%		CPI#		Maturity		39,179			—		39,179
JPMorgan Chase Bank, NA			400		11/10/2021		1.896%		CPI#		Maturity		(2,598	)		—		(2,598	)
												$	(197,521	)	$	—	$	(197,521	)

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Obligation

Goldman Sachs International

GSABHY01(1)

0.00

%

Quarterly

USD

803

02/18/2021

$

9,881

JPMorgan Chase Bank, NA

JPQABHY1(2)

0.00

%

Quarterly

USD

936

02/18/2021

10,535

Pay Total Return on Reference Obligation

Morgan Stanley Capital Services LLC

Swiss Marketing Index Future

0.00

%

Monthly

CHF

224

09/23/2020

400

24

Counterparty & Referenced Obligation	Rate Paid/ Received			Payment Frequency		Current Notional (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Swiss Marketing Index Future		1.40	%		Quarterly	$	29,166		09/30/2020	$	0
Swiss Marketing Index Future		1.40	%		Quarterly		445		09/30/2020		0
										$	20,816

** Notional amount less than $500.

(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) Represents entire or partial securities out on loan.

(d) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(e) Non-income producing security.

(f) 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 August 31, 2020, the aggregate market value of these securities amounted to $2,655,928 or 2.9% of net assets.

(g) Defaulted.

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

(i) 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 $5,895,987 and gross unrealized depreciation of investments was $(4,169,049), resulting in net unrealized appreciation of $1,726,938.

(j) One contract relates to 1 share.

Currency Abbreviation:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNY – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

USD – United States Dollar

ZAR – South African Rand

25

Glossary:

ADR – American Depositary Receipt

BBSW – Bank Bill Swap Reference Rate (Australia)

CDOR – Canadian Dealer Offered Rate

CDX-NAHY – North American High Yield Credit Default Swap Index

CME – Chicago Mercantile Exchange

EAFE – Europe, Australia, and Far East

ETF – Exchange Traded Fund

ETS – Emission Trading Scheme

EURIBOR – Euro Interbank Offered Rate

FTSE – Financial Times Stock Exchange

LIBOR – London Interbank Offered Rate

MSCI – Morgan Stanley Capital International

NIBOR – Norwegian Interbank Offered Rate

OMXS – Stockholm Stock Exchange

REIT – Real Estate Investment Trust

SPI – Share Price Index

STIBOR – Stockholm Interbank Offered Rate

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

(1) The following table represents the (long/(short)) equity basket holdings underlying the total return swap with GSABHY01 as of August 31, 2020.

Security Description	Shares			Current Notional		Percent of Basket’s Value
GSABHYS1		(9,592	)	$	(895,746)		(111.5)%
Russell 2000 RTY Index		19			28,650		3.6%
Russell 2000 RIY Index		15			28,054		3.5%

(2) The following table represents the 50 largest (long/(short)) equity basket holdings underlying the total return swap with JPQABHY1 as of August 31, 2020.

Security Description	Shares			Current Notional		Percent of Basket’s Value
JPMorgan Cash		(3,951	)	$	(1,202,618)		(128.5)%
Netflix Inc.		110			53,645		5.7%
Twitter Inc.		1,447			52,687		5.6%
Avantor Inc.		2,379			52,523		5.6%
Ball Corp.		712			52,422		5.6%
Hannon Armstrong Sustainable		1,495			52,358		5.6%
Microchip Technology Inc.		513			52,145		5.6%
Catalent Inc.		594			51,879		5.5%
VeriSign Inc.		240			50,895		5.4%
Nuance Communications Inc.		1,840			50,314		5.4%
Teleflex Inc.		135			50,312		5.4%
MSCI Inc.		134			50,239		5.4%
Crown Holdings Inc.		698			49,957		5.3%
Yum! Brands Inc.		548			49,867		5.3%
SS&C Technologies Holdings Inc.		866			49,807		5.3%
IQVIA Holdings Inc.		311			49,213		5.3%
Charles River Laboratories International		247			49,125		5.2%
Lamar Advertising Co.		745			48,968		5.2%
T-Mobile US Inc.		456			48,935		5.2%
Silgan Holdings Inc.		1,278			48,874		5.2%
Sensata Technologies Holding		1,276			48,465		5.2%
Univar Solutions Inc.		2,729			48,216		5.2%
PulteGroup Inc.		1,104			48,132		5.1%
Qorvo Inc.		375			48,058		5.1%
United Rentals Inc.		309			48,010		5.1%
NextEra Energy Inc.		171			47,922		5.1%

26

Security Description	Shares			Current Notional			Percent of Basket’s Value
Stericycle Inc.		786		$	47,491			5.1%
NRG Energy Inc.		1,400			47,349			5.1%
TreeHouse Foods Inc.		1,078			47,234			5.0%
Molina Healthcare Inc.		255			47,150			5.0%
Delphi Technologies PLC		3,143			47,110			5.0%
Alcoa Corp.		3,615			46,991			5.0%
CDW Corp.		403			46,902			5.0%
ServiceMaster Global Holdings		1,134			46,354			5.0%
Darling Ingredients Inc.		1,655			46,226			4.9%
Centene Corp.		707			46,111			4.9%
Service Corp International		1,061			46,015			4.9%
Element Solutions Inc.		4,222			45,851			4.9%
Clean Harbors Inc.		763			45,455			4.9%
Carter’s Inc.		577			45,409			4.9%
Newell Brands Inc.		2,747			45,058			4.8%
Valvoline Inc.		2,191			44,966			4.8%
VEON Ltd.		25,746			43,511			4.6%
Hologic Inc.		618			43,138			4.6%
W R Grace & Co.		900			41,537			4.4%
Caesars Entertainment Inc.		(817	)		(25,362	)		(2.7)%
Royal Caribbean Cruises Ltd.		(520	)		(25,349	)		(2.7)%
SeaWorld Entertainment Inc.		(1,655	)		(23,946	)		(2.6)%
Red Rock Resorts Inc.		(2,153	)		(23,592	)		(2.5)%
Norwegian Cruise Line Holdings		(1,710	)		(23,331	)		(2.5)%
Other (Short)		(71,199	)		(787,449	)		(84.1)%

27

AB Cap Fund, Inc.

AB All Market Income 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 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 is 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.

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.

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.

28

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of August 31, 2020:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	35,792,711	$	—	$	—	$	35,792,711
Common Stocks:
Information Technology		6,753,492		378,142		—		7,131,634
Health Care		3,260,870		1,583,969		—		4,844,839
Financials		2,165,913		1,306,972		—		3,472,885
Consumer Discretionary		1,741,992		1,067,588		—		2,809,580
Communication Services		1,894,028		350,610		—		2,244,638
Consumer Staples		894,146		1,283,562		—		2,177,708
Materials		627,968		1,488,412		—		2,116,380
Industrials		955,995		1,018,916		—		1,974,911
Real Estate		732,740		492,113		—		1,224,853
Utilities		235,833		670,024		—		905,857
Diversified Financials		4,451		203,247		—		207,698
Energy		128,927		63,028		—		191,955
Insurance		10,351		—		—		10,351
Preferred Stocks		6,153,706		—		—		6,153,706
Emerging Markets - Sovereigns		—		2,616,385		—		2,616,385
Governments - Treasuries		—		627,157		—		627,157
Emerging Markets - Treasuries		—		283,171		—		283,171
Quasi-Sovereigns		—		125,182		—		125,182
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		484,557		—		—		484,557
Total Investments in Securities		61,837,680		13,558,478		—		75,396,158
Other Financial Instruments(a):
Assets:
Futures		203,044		51,087		—		254,131
Forward Currency Exchange Contracts		—		183,100		—		183,100

29

Centrally Cleared Credit Default Swaps		—			427,682			—		427,682
Centrally Cleared Interest Rate Swaps		—			837,601			—		837,601
Inflation (CPI) Swaps		—			39,179			—		39,179
Total Return Swaps		—			20,816			—		20,816
Liabilities:
Futures		(195,855	)		(53,663	)		—		(249,518	)
Forward Currency Exchange Contracts		—			(156,864	)		—		(156,864	)
Call Options Written		—			(26,617	)		—		(26,617	)
Put Options Written		—			(49,224	)		—		(49,224	)
Centrally Cleared Interest Rate Swaps		—			(87,394	)		—		(87,394	)
Inflation (CPI) Swaps		—			(236,700	)		—		(236,700	)
Total	$	61,844,869		$	14,507,481		$	—	$	76,352,350

^(a)  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 nine months ended August 31, 2020 is as follows:

												Distributions
Fund	Market Value 11/30/2019 (000)		Purchases (000)		Sales (000)		Realized Gain (Loss) (000)		Change in Appr./ (Depr.) (000)			Market Value 08/31/2020 (000)		Dividend Income (000)		Realized Gains (000)
AB High Income Fund, Inc.	$	38,947	$	11,727	$	12,713	$	0	$	(3,992	)	$	33,969	$	1,812	$	0
Government Money Market Portfolio		12,176		71,718		83,894		0		0			0		73		0
Government Money Market Portfolio*		3,632		12,593		15,747		0		7			485		7		0
Total	$	54,755	$	96,038	$	112,354	$	0	$	(3,985)		$	34,454	$	1,892	$	0

* Investments of cash collateral for securities lending transactions

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