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AB Cap Fund, Inc.

AB FlexFee Large Cap Growth Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

 

Company

    Shares        U.S. $ Value  

COMMON STOCKS - 91.0%

 

Health Care - 24.4%

 

Biotechnology - 5.5%

 

Biogen, Inc. (a)

      3,932        $ 915,448  

Regeneron Pharmaceuticals, Inc. (a)

      18,180          5,043,132  

Vertex Pharmaceuticals, Inc. (a)

      44,878          7,603,231  
       

 

 

  
          13,561,811  
       

 

 

  

Health Care Equipment & Supplies - 8.6%

 

ABIOMED, Inc. (a)

      5,249          933,745  

Align Technology, Inc. (a)

      5,251          950,011  

Edwards Lifesciences Corp. (a)

      28,753          6,323,072  

Intuitive Surgical, Inc. (a)

      15,610          8,428,307  

Stryker Corp.

      19,800          4,282,740  
       

 

 

  
          20,917,875  
       

 

 

  

Health Care Providers & Services - 4.6%

 

UnitedHealth Group, Inc.

      52,291          11,363,880  
       

 

 

  

Health Care Technology - 0.2%

 

Veeva Systems, Inc.-Class A (a)

      3,024          461,735  
       

 

 

  

Life Sciences Tools & Services - 1.5%

 

Illumina, Inc. (a)

      8,066          2,453,838  

Mettler-Toledo International, Inc. (a)

      1,754          1,235,518  
       

 

 

  
          3,689,356  
       

 

 

  

Pharmaceuticals - 4.0%

 

Zoetis, Inc.

      78,277          9,752,531  
       

 

 

  
          59,747,188  
       

 

 

  

Information Technology - 22.2%

 

Communications Equipment - 1.5%

 

Arista Networks, Inc. (a)

      14,973          3,577,349  
       

 

 

  

Electronic Equipment, Instruments & Components - 1.1%

 

Amphenol Corp.-Class A

      9,459          912,794  

Cognex Corp.

      17,078          839,042  

IPG Photonics Corp. (a)

      7,465          1,012,254  
       

 

 

  
          2,764,090  
       

 

 

  

IT Services - 7.5%

 

PayPal Holdings, Inc. (a)

      61,417          6,362,187  

Visa, Inc.-Class A

      69,837          12,012,662  
       

 

 

  
          18,374,849  
       

 

 

  

Semiconductors & Semiconductor Equipment - 2.1%

 

ASML Holding NV (ADR)

      3,810          946,480  

Texas Instruments, Inc.

      9,345          1,207,748  

Xilinx, Inc.

      31,841          3,053,552  
       

 

 

  
          5,207,780  
       

 

 

  

Software - 8.9%

 

Adobe, Inc. (a)

      12,372          3,417,765  

Company

    Shares        U.S. $ Value  

ANSYS, Inc. (a)

      569        $ 125,954  

Microsoft Corp.

      116,212          16,156,954  

Paycom Software, Inc. (a)

      4,512          945,219  

Tyler Technologies, Inc. (a)

      3,821          1,003,013  
       

 

 

  
          21,648,905  
       

 

 

  

Technology Hardware, Storage & Peripherals - 1.1%

 

Apple, Inc.

      12,221          2,737,137  
       

 

 

  
          54,310,110  
       

 

 

  

Communication Services - 14.9%

 

Entertainment - 2.1%

 

Electronic Arts, Inc. (a)

      53,053          5,189,644  
       

 

 

  

Interactive Media & Services - 12.8%

 

Alphabet, Inc.-Class C (a)

      15,132          18,445,908  

Facebook, Inc.-Class A (a)

      71,775          12,781,692  
       

 

 

  
          31,227,600  
       

 

 

  
          36,417,244  
       

 

 

  

Consumer Discretionary - 13.6%

 

Hotels, Restaurants & Leisure - 0.6%

 

Domino’s Pizza, Inc.

      5,943          1,453,598  
       

 

 

  

Internet & Direct Marketing Retail - 3.0%

 

Booking Holdings, Inc. (a)

      3,738          7,336,236  
       

 

 

  

Specialty Retail - 7.6%

 

Burlington Stores, Inc. (a)

      14,602          2,917,772  

Home Depot, Inc. (The)

      36,881          8,557,130  

TJX Cos., Inc. (The)

      61,054          3,403,150  

Ulta Salon Cosmetics & Fragrance, Inc. (a)

      14,531          3,642,195  
       

 

 

  
          18,520,247  
       

 

 

  

Textiles, Apparel & Luxury Goods - 2.4%

 

NIKE, Inc.-Class B

      63,191          5,934,899  
       

 

 

  
          33,244,980  
       

 

 

  

Consumer Staples - 6.8%

 

Beverages - 4.1%

 

Constellation Brands, Inc.-Class A

      6,989          1,448,680  

Monster Beverage Corp. (a)

      146,282          8,493,133  
       

 

 

  
          9,941,813  
       

 

 

  

Food & Staples Retailing - 2.7%

 

Costco Wholesale Corp.

      23,460          6,759,060  
       

 

 

  
          16,700,873  
       

 

 

  

Industrials - 6.1%

 

Building Products - 2.1%

 

Allegion PLC

      36,781          3,812,351  

AO Smith Corp.

      29,644          1,414,315  
       

 

 

  
          5,226,666  
       

 

 

  

Company

    Shares        U.S. $ Value  

Commercial Services & Supplies - 1.6%

 

Copart, Inc. (a)

      47,187        $ 3,790,532  
       

 

 

  

Electrical Equipment - 0.7%

 

AMETEK, Inc.

      19,337          1,775,523  
       

 

 

  

Industrial Conglomerates - 1.2%

 

Roper Technologies, Inc.

      8,062          2,874,909  
       

 

 

  

Machinery - 0.5%

 

IDEX Corp.

      7,254          1,188,786  
       

 

 

  
          14,856,416  
       

 

 

  

Materials - 2.5%

 

Chemicals - 2.5%

 

Sherwin-Williams Co. (The)

      11,223          6,171,191  
       

 

 

  

Financials - 0.5%

 

Capital Markets - 0.5%

 

S&P Global, Inc.

      4,801          1,176,149  
       

 

 

  

Total Common Stocks
(cost $195,613,650)

           222,624,151  
       

 

 

  

SHORT-TERM INVESTMENTS - 9.1%

 

Investment Companies - 9.1%

 

AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB,
1.89% (b)(c)(d)
(cost $22,175,995)

      22,175,995          22,175,995  
       

 

 

  

Total Investments - 100.1%
(cost $217,789,645) (e)

 

        244,800,146  

Other assets less liabilities - (0.1)%

           (253,870 ) 
       

 

 

  

Net Assets - 100.0%

         $ 244,546,276  
       

 

 

  

 

(a)

Non-income producing security.

(b)

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.

(c)

Affiliated investments.

(d)

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

(e)

As of September 30, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $30,041,497 and gross unrealized depreciation of investments was $(3,030,996), resulting in net unrealized appreciation of $27,010,501.

 

Glossary:
ADR    -    American Depositary Receipt

AB Cap Fund, Inc.

AB FlexFee Large Cap Growth Portfolio

September 30, 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, 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 September 30, 2019:

 

Investments in Securities

    Level 1     Level 2     Level 3     Total  

Assets:

         

Common Stocks^

   $ 222,624,151     $  – 0  –    $ – 0  –    $ 222,624,151  

Short-Term Investments:

         

Investment Companies

      22,175,995       – 0  –      – 0  –      22,175,995  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      244,800,146       – 0  –      – 0  –      244,800,146  

Other Financial Instruments*

      – 0  –      – 0  –      – 0  –      – 0  – 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $     244,800,146     $              – 0  –    $             – 0  –    $     244,800,146  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

^

See Portfolio of Investments for sector classifications.

*

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 September 30, 2019 is as follows:

 

     Market Value      Purchases      Sales      Market Value      Dividend  
     12/31/18      at Cost      Proceeds      9/30/19      Income  

Fund

    (000)      (000)      (000)      (000)      (000)  

Government Money Market Portfolio

    $ 7,717      $ 94,066      $ 79,607      $ 22,176      $ 359