AB Cap Fund, Inc.

AB All Market Income Portfolio

Portfolio of Investments

February 28, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 42.9%
Information Technology – 10.9%
Communications Equipment – 0.2%
Juniper Networks, Inc.		4,989	$	168,578
Electronic Equipment, Instruments & Components – 0.1%
Arrow Electronics, Inc.(a)		438		53,384
IPG Photonics Corp.(a)		323		42,103
				95,487
IT Services – 2.5%
Accenture PLC - Class A		640		202,253
Akamai Technologies, Inc.(a)		1,482		160,441
Automatic Data Processing, Inc.		333		68,079
Capgemini SE		580		121,411
Cognizant Technology Solutions Corp. - Class A		2,992		257,701
EPAM Systems, Inc.(a)		349		72,505
Fidelity National Information Services, Inc.		958		91,230
Gartner, Inc.(a)		260		72,909
Genpact Ltd.		901		37,698
International Business Machines Corp.		1,557		190,748
Mastercard, Inc. - Class A		189		68,195
Nomura Research Institute Ltd.		1,100		38,613
Paychex, Inc.		1,389		165,374
PayPal Holdings, Inc.(a)		1,948		218,040
Visa, Inc. - Class A		1,950		421,434
				2,186,631
Semiconductors & Semiconductor Equipment – 1.7%
Advanced Micro Devices, Inc.(a)		447		55,133
Analog Devices, Inc.		383		61,391
Applied Materials, Inc.		2,782		373,344
ASM International NV(b)		15		4,844
Broadcom, Inc.		274		160,958
Enphase Energy, Inc.(a)		30		5,001
Infineon Technologies AG		1,428		48,318
KLA Corp.		548		190,978
Micron Technology, Inc.		2,207		196,114
NVIDIA Corp.		201		49,014
QUALCOMM, Inc.		1,339		230,295
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		600		64,206
Texas Instruments, Inc.		324		55,077
				1,494,673
Software – 4.2%
Adobe, Inc.(a)		161		75,296
Bentley Systems, Inc.		145		5,567
Cadence Design Systems, Inc.(a)		187		28,317
Citrix Systems, Inc.		533		54,632
Constellation Software, Inc./Canada		83		139,883
Crowdstrike Holdings, Inc. - Class A(a)		108		21,083
DocuSign, Inc.(a)		30		3,553
Fortinet, Inc.(a)		584		201,200
Intuit, Inc.		34		16,129

1

Company	Shares		U.S. $ Value
Microsoft Corp.(c)		5,957	$	1,779,892
NortonLifeLock, Inc.		8,916		258,386
Oracle Corp.		4,657		353,792
Oracle Corp./Japan		900		64,283
SAP SE		1,097		123,746
ServiceNow, Inc.(a)		380		220,370
SS&C Technologies Holdings, Inc.		253		18,967
Synopsys, Inc.(a)		296		92,467
Trade Desk, Inc. (The) - Class A(a)		1,079		92,060
VMware, Inc. - Class A		809		94,912
				3,644,535
Technology Hardware, Storage & Peripherals – 2.2%
Apple, Inc.(c)		7,296		1,204,716
HP, Inc.		4,887		167,917
NetApp, Inc.		1,909		149,627
Samsung Electronics Co., Ltd.		5,446		328,140
				1,850,400
				9,440,304
Financials – 7.6%
Banks – 2.8%
ABN AMRO Bank NV (GDR)		4,573		60,854
Australia & New Zealand Banking Group Ltd.		3,533		66,886
Bank Leumi Le-Israel BM		13,890		150,469
Bank of Nova Scotia (The)		227		16,450
Citigroup, Inc.		1,512		89,556
Concordia Financial Group Ltd.		24,300		98,859
Credit Agricole SA		11,092		141,294
DBS Group Holdings Ltd.		4,200		105,589
ING Groep NV		12,195		142,419
JPMorgan Chase & Co.		744		105,499
KBC Group NV		523		37,681
Mitsubishi UFJ Financial Group, Inc.		28,600		175,575
National Bank of Canada		2,174		174,315
Nordea Bank Abp		20,011		221,392
Oversea-Chinese Banking Corp. Ltd.		8,700		75,389
Regions Financial Corp.		2,380		57,572
Royal Bank of Canada		1,473		162,942
Skandinaviska Enskilda Banken AB - Class A		10,637		122,542
Societe Generale SA		2,821		79,771
Toronto-Dominion Bank (The)		3,929		317,048
US Bancorp		854		48,285
				2,450,387
Capital Markets – 2.3%
Ameriprise Financial, Inc.		146		43,769
BlackRock, Inc. - Class A		190		141,339
Carlyle Group, Inc. (The)		3,293		154,343
CME Group, Inc. - Class A		453		107,148
Credit Suisse Group AG		24,021		201,226
Daiwa Securities Group, Inc.		10,000		59,125
EQT AB(b)		211		7,062
Goldman Sachs Group, Inc. (The)		960		327,639
Houlihan Lokey, Inc.		963		99,054
IGM Financial, Inc.(b)		3,789		134,610

2

Company	Shares		U.S. $ Value
London Stock Exchange Group PLC		1,242	$	108,497
Moody’s Corp.		417		134,287
Morgan Stanley		1,573		142,734
Partners Group Holding AG		71		95,977
S&P Global, Inc.		349		131,119
Singapore Exchange Ltd.		7,600		52,727
T Rowe Price Group, Inc.		258		37,297
				1,977,953
Consumer Finance – 0.3%
Ally Financial, Inc.		3,464		172,853
American Express Co.		555		107,970
				280,823
Diversified Financial Services – 0.4%
Apollo Global Management, Inc.		146		9,528
Groupe Bruxelles Lambert SA		553		57,421
Kinnevik AB(a)		2,159		54,969
M&G PLC		65,841		181,252
				303,170
Insurance – 1.5%
Admiral Group PLC		1,044		41,588
Aviva PLC		7,072		39,627
CNP Assurances		2,966		72,291
Japan Post Holdings Co., Ltd.		20,300		167,794
Japan Post Insurance Co., Ltd.		9,200		157,125
Legal & General Group PLC		18,803		69,523
Marsh & McLennan Cos., Inc.		556		86,408
Medibank Pvt Ltd.		4,874		11,242
MetLife, Inc.		217		14,658
NN Group NV		2,927		140,481
Phoenix Group Holdings PLC		16,656		138,050
Progressive Corp. (The)		955		101,163
Prudential Financial, Inc.		1,550		173,073
Sampo Oyj - Class A		849		40,060
				1,253,083
Mortgage Real Estate Investment Trusts (REITs) – 0.3%
AGNC Investment Corp.		11,061		142,798
Annaly Capital Management, Inc.		21,526		149,821
				292,619
				6,558,035
Health Care – 5.3%
Biotechnology – 0.4%
AbbVie, Inc.		2,387		352,727
Moderna, Inc.(a)		125		19,200
				371,927
Health Care Equipment & Supplies – 0.7%
Align Technology, Inc.(a)		149		76,207
Getinge AB - Class B		1,198		46,500
IDEXX Laboratories, Inc.(a)		297		158,108
Koninklijke Philips NV		4,235		144,662
Medtronic PLC		1,914		200,951
				626,428

3

Company	Shares		U.S. $ Value
Health Care Providers & Services – 1.2%
AmerisourceBergen Corp. - Class A		80	$	11,403
Anthem, Inc.		1,110		501,553
Humana, Inc.		479		208,039
Molina Healthcare, Inc.(a)		484		148,525
UnitedHealth Group, Inc.		357		169,886
				1,039,406
Life Sciences Tools & Services – 0.6%
Bio-Rad Laboratories, Inc. - Class A(a)		168		105,161
Mettler-Toledo International, Inc.(a)		119		167,640
Sartorius Stedim Biotech		91		34,896
Thermo Fisher Scientific, Inc.		393		213,792
				521,489
Pharmaceuticals – 2.4%
AstraZeneca PLC (Sponsored ADR)		1,580		96,190
Eli Lilly & Co.		755		188,712
Johnson & Johnson		243		39,991
Merck & Co., Inc.		3,584		274,463
Novo Nordisk A/S - Class B		3,864		399,860
Pfizer, Inc.		4,978		233,667
Roche Holding AG		1,083		410,168
Sanofi		2,153		225,058
Sumitomo Dainippon Pharma Co., Ltd.(b)		800		8,780
Takeda Pharmaceutical Co., Ltd.		5,200		158,550
				2,035,439
				4,594,689
Consumer Discretionary – 3.8%
Auto Components – 0.0%
Aisin Corp.		300		10,927
Automobiles – 0.5%
Tesla, Inc.(a)		453		394,305
Distributors – 0.0%
LKQ Corp.		521		24,461
Diversified Consumer Services – 0.1%
Service Corp. International/US		1,641		99,855
Hotels, Restaurants & Leisure – 0.5%
Compass Group PLC		4,430		100,132
Darden Restaurants, Inc.		452		65,639
Domino’s Pizza Enterprises Ltd.(b)		237		13,685
Domino’s Pizza, Inc.		46		19,882
Galaxy Entertainment Group Ltd.(a)		27,700		154,489
Starbucks Corp.		733		67,282
Vail Resorts, Inc.		102		26,576
				447,685

4

Company	Shares		U.S. $ Value
Household Durables – 0.5%
Electrolux AB(b)		1,958	$	35,058
Persimmon PLC		4,841		155,800
PulteGroup, Inc.		110		5,463
Sony Group Corp.		400		40,869
Whirlpool Corp.		810		163,029
				400,219
Internet & Direct Marketing Retail – 1.2%
Alibaba Group Holding Ltd.(a)		1,200		15,797
Alibaba Group Holding Ltd. (ADR)(a)		1,028		108,135
Amazon.com, Inc.(a) (c)		214		657,250
Etsy, Inc.(a)		239		37,019
Prosus NV(a) (b)		3,016		187,238
ZOZO, Inc.		1,200		34,170
				1,039,609
Media – 0.2%
Vivendi SE		12,742		160,852
Multiline Retail – 0.2%
Target Corp.		804		160,615
Specialty Retail – 0.4%
AutoZone, Inc.(a)		111		206,836
Home Depot, Inc. (The)		377		119,068
O’Reilly Automotive, Inc.(a)		94		61,029
				386,933
Textiles, Apparel & Luxury Goods – 0.2%
adidas AG		210		49,652
Deckers Outdoor Corp.(a)		147		42,430
Kering SA		77		53,410
Pandora A/S		289		29,593
				175,085
				3,300,546
Communication Services – 3.6%
Diversified Telecommunication Services – 0.9%
BCE, Inc.		924		48,529
Comcast Corp. - Class A		5,690		266,065
Nippon Telegraph & Telephone Corp.		3,800		109,215
Orange SA		3,362		40,652
Spark New Zealand Ltd.		46,121		141,605
Telefonica SA		38,345		183,133
				789,199
Entertainment – 0.4%
Electronic Arts, Inc.		1,658		215,689
Netflix, Inc.(a)		185		72,986
Ubisoft Entertainment SA(a)		695		37,264
				325,939

5

Company	Shares		U.S. $ Value
Interactive Media & Services – 1.7%
Alphabet, Inc. - Class A(a) (c)		45	$	121,551
Alphabet, Inc. - Class C(a) (c)		288		776,972
Auto Trader Group PLC		8,897		78,686
Kakaku.com, Inc.		1,800		39,602
Meta Platforms, Inc. - Class A(a) (c)		2,039		430,290
				1,447,101
Media – 0.4%
Interpublic Group of Cos., Inc. (The)		4,627		170,274
Omnicom Group, Inc.		2,206		185,061
				355,335
Wireless Telecommunication Services – 0.2%
SoftBank Corp.		10,600		133,925
SoftBank Group Corp.(b)		1,700		76,289
				210,214
				3,127,788
Industrials – 3.0%
Aerospace & Defense – 0.2%
Huntington Ingalls Industries, Inc.		865		176,806
Air Freight & Logistics – 0.1%
CH Robinson Worldwide, Inc.		193		18,659
Kuehne & Nagel International AG		280		76,360
				95,019
Building Products – 0.5%
Assa Abloy AB - Class B		2,970		77,956
Lixil Corp.		1,000		22,287
Otis Worldwide Corp.		3,969		310,892
Owens Corning		338		31,498
				442,633
Construction & Engineering – 0.0%
Kajima Corp.		3,100		41,721
Electrical Equipment – 0.3%
Generac Holdings, Inc.(a)		88		27,762
Regal Rexnord Corp.		295		47,303
Rockwell Automation, Inc.		364		97,035
Schneider Electric SE		325		50,354
Vertiv Holdings Co.		3,156		41,091
				263,545
Machinery – 1.0%
Cummins, Inc.		445		90,833
Dover Corp.		964		151,213
Mitsubishi Heavy Industries Ltd.		6,200		182,854
Parker-Hannifin Corp.		529		156,790
Snap-on, Inc.		790		166,042
Volvo AB - Class B		4,693		90,265
				837,997
Marine – 0.1%
SITC International Holdings Co., Ltd.		11,000		45,355

6

Company	Shares		U.S. $ Value
Professional Services – 0.6%
Booz Allen Hamilton Holding Corp.		1,431	$	115,468
RELX PLC		4,755		145,215
Robert Half International, Inc.		1,522		183,081
Wolters Kluwer NV		1,041		106,067
				549,831
Road & Rail – 0.2%
Aurizon Holdings Ltd.		18,438		47,034
Knight-Swift Transportation Holdings, Inc.		1,371		74,692
NIPPON EXPRESS HOLDINGS, Inc.		300		18,186
				139,912
				2,592,819
Energy – 2.2%
Oil, Gas & Consumable Fuels – 2.2%
Canadian Natural Resources Ltd.(b)		1,626		90,838
Devon Energy Corp.		1,878		111,835
Enbridge, Inc.(b)		2,363		102,089
Eni SpA		11,623		180,792
EOG Resources, Inc.		1,329		152,729
Equinor ASA		4,755		149,476
Inpex Corp.		12,300		126,782
Keyera Corp.(b)		2,985		69,921
Marathon Petroleum Corp.		2,455		191,171
Neste Oyj		1,097		42,777
ONEOK, Inc.		2,783		181,730
Shell PLC		15,035		396,485
Suncor Energy, Inc.		2,669		81,618
Valero Energy Corp.		652		54,448
				1,932,691
Consumer Staples – 2.0%
Beverages – 0.6%
Asahi Group Holdings Ltd.		5,000		201,697
Coca-Cola Co. (The)		5,068		315,432
				517,129
Food & Staples Retailing – 0.5%
Koninklijke Ahold Delhaize NV		4,570		140,583
Kroger Co. (The)		2,856		133,661
Walmart, Inc.		1,029		139,080
				413,324
Food Products – 0.3%
Bunge Ltd.		1,552		162,261
Nestle SA		473		61,630
				223,891
Household Products – 0.1%
Procter & Gamble Co. (The)		829		129,233
Tobacco – 0.5%
Altria Group, Inc.		800		41,032
Imperial Brands PLC		8,350		182,584
Philip Morris International, Inc.		617		62,360
Swedish Match AB		15,953		115,974
				401,950
				1,685,527

7

Company	Shares		U.S. $ Value
Real Estate – 1.7%
Equity Real Estate Investment Trusts (REITs) – 1.3%
Duke Realty Corp.		826	$	43,778
Extra Space Storage, Inc.		876		164,819
Iron Mountain, Inc.		3,893		191,458
Nippon Building Fund, Inc.		5		28,652
Public Storage		374		132,777
Simon Property Group, Inc.		1,210		166,448
Stockland		54,976		166,351
VICI Properties, Inc.		385		10,765
Vornado Realty Trust		982		42,501
Weyerhaeuser Co.		3,701		143,895
				1,091,444
Real Estate Management & Development – 0.4%
CBRE Group, Inc. - Class A(a)		1,585		153,507
Nomura Real Estate Holdings, Inc.		6,800		169,310
Vonovia SE		744		39,494
				362,311
				1,453,755
Materials – 1.7%
Chemicals – 0.6%
Celanese Corp. - Class A		76		10,585
Clariant AG(a) (b)		657		11,861
Linde PLC(a)		415		121,695
Mitsubishi Chemical Holdings Corp.		7,700		54,699
Mosaic Co. (The)		3,527		184,921
Sumitomo Chemical Co., Ltd.		32,500		155,162
				538,923
Containers & Packaging – 0.3%
Packaging Corp. of America		1,193		175,598
Sealed Air Corp.		652		43,769
				219,367
Metals & Mining – 0.8%
Anglo American PLC		918		46,599
BHP Group Ltd.(b)		5,609		191,526
Fortescue Metals Group Ltd.		11,678		155,578
Rio Tinto Ltd.		1,507		129,959
Steel Dynamics, Inc.		1,820		128,456
Teck Resources Ltd. - Class B		759		27,330
				679,448
				1,437,738

8

Company	Shares		U.S. $ Value
Utilities – 1.1%
Electric Utilities – 0.4%
American Electric Power Co., Inc.		719	$	65,177
Endesa SA		4,040		88,805
Enel SpA		8,098		59,674
Iberdrola SA		7,903		89,664
NRG Energy, Inc.		385		14,569
				317,889
Gas Utilities – 0.3%
AltaGas Ltd.		6,329		139,413
Snam SpA(b)		3,512		19,514
UGI Corp.		3,633		139,652
				298,579
Independent Power and Renewable Electricity Producers – 0.1%
Uniper SE		2,277		72,844
Multi-Utilities – 0.3%
Ameren Corp.		1,338		115,001
E.ON SE		7,277		98,978
Sempra Energy		354		51,054
				265,033
				954,345
Total Common Stocks (cost $37,263,216)				37,078,237
INVESTMENT COMPANIES – 41.8%
Funds and Investment Trusts – 41.8%(d)
AB High Income Fund, Inc. - Class Z(e)		4,587,980		34,822,765
Vanguard Global ex-U.S. Real Estate ETF		12,707		657,333
Vanguard Real Estate ETF(b)		6,448		661,178
Total Investment Companies (cost $36,854,534)				36,141,276
PREFERRED STOCKS – 5.6%
Real Estate – 5.6%
Diversified REITs – 1.4%
Armada Hoffler Properties, Inc. Series A 6.75%		7,725		198,919
DigitalBridge Group, Inc. Series H 7.125%		1,751		43,250
DigitalBridge Group, Inc. Series I 7.15%		12,358		304,872
DigitalBridge Group, Inc. Series J 7.125%		6,098		151,169
Gladstone Commercial Corp. Series E 6.625%		2,270		56,977
Gladstone Commercial Corp. Series G 6.00%		3,125		78,000
Global Net Lease, Inc. Series A 7.25%		3,467		85,912

9

Company	Shares		U.S. $ Value
Global Net Lease, Inc. Series B 6.875%		4,450	$	110,220
Vornado Realty Trust Series L 5.40%(b)		6,516		155,993
				1,185,312
Equity Real Estate Investment Trusts (REITs) – 0.1%
Hudson Pacific Properties, Inc. Series C 4.75%		3,713		77,973
Health Care REITs – 0.1%
Global Medical REIT, Inc. Series A 7.50%		2,320		59,130
Healthcare Trust, Inc. Series B 7.125%		233		5,820
				64,950
Hotel & Resort REITs – 0.9%
Chatham Lodging Trust Series A 6.625%		3,680		87,842
DiamondRock Hospitality Co. 8.25%(b)		6,875		179,019
Hersha Hospitality Trust Series C 6.875%		3,635		85,059
Hersha Hospitality Trust Series D 6.50%		2,481		54,036
Hersha Hospitality Trust Series E 6.50%		1,757		38,210
Pebblebrook Hotel Trust Series E 6.375%		4,919		116,826
Pebblebrook Hotel Trust Series F 6.30%		3,181		74,785
Summit Hotel Properties, Inc. Series E 6.25%		1,075		26,445
Summit Hotel Properties, Inc. Series F 5.875%		6,950		164,993
				827,215
Industrial REITs – 0.2%
Plymouth Industrial REIT, Inc. Series A 7.50%		1,100		28,309
Rexford Industrial Realty, Inc. Series B 5.875%		4,168		105,742
Rexford Industrial Realty, Inc. Series C 5.625%		3,072		77,752
				211,803

10

Company	Shares		U.S. $ Value
Office REITs – 0.3%
City Office REIT, Inc. Series A 6.625%		4,841	$	117,491
SL Green Realty Corp. Series I 6.50%		1,718		42,967
Vornado Realty Trust Series M 5.25%(b)		4,821		111,028
				271,486
Real Estate Development – 0.5%
Agree Realty Corp. Series A 4.25%		461		9,322
Necessity Retail REIT, Inc. (The) Series C 7.375%		8,325		209,790
Pebblebrook Hotel Trust Series G 6.375%		5,497		137,150
Sunstone Hotel Investors, Inc. Series H 6.125%		2,925		71,838
				428,100
Real Estate Operating Companies – 0.1%
Brookfield Property Partners LP Series A 5.75%		335		7,236
Brookfield Property Partners LP Series A2 6.375%		2,779		63,472
				70,708
Real Estate Services – 0.2%
CTO Realty Growth, Inc. Series A 6.375%		2,243		57,421
Sunstone Hotel Investors, Inc. Series I 5.70%		3,700		87,579
				145,000
Residential REITs – 0.6%
American Homes 4 Rent Series G 5.875%		393		9,872
American Homes 4 Rent Series H 6.25%		801		21,010

11

Company	Shares		U.S. $ Value
Bluerock Residential Growth REIT, Inc. Series D 7.125%		2,741	$	69,348
Centerspace Series C 6.625%		3,614		91,254
UMH Properties, Inc. Series C 6.75%		6,216		156,146
UMH Properties, Inc. Series D 6.375%		5,800		145,290
				492,920
Retail REITs – 0.9%
Cedar Realty Trust, Inc. Series C 6.50%		2,808		62,675
Necessity Retail REIT, Inc. (The) Series A 7.50%		1,075		27,412
Saul Centers, Inc. Series D 6.125%		7,607		190,175
Saul Centers, Inc. Series E 6.00%		695		17,542
SITE Centers Corp. Series A 6.375%(b)		5,081		125,755
Spirit Realty Capital, Inc. Series A 6.00%		5,738		142,761
Urstadt Biddle Properties, Inc. Series H 6.25%		2,000		50,200
Urstadt Biddle Properties, Inc. Series K 5.875%(b)		6,638		165,817
				782,337
Specialized REITs – 0.3%
Digital Realty Trust, Inc. Series K 5.85%(b)		2,840		73,669
National Storage Affiliates Trust Series A 6.00%		8,819		221,445
Public Storage Series K 4.75%		91		2,177
				297,291
Total Preferred Stocks (cost $4,882,419)				4,855,095

12

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - SOVEREIGNS – 2.3%
Argentina – 0.1%
Argentine Republic Government International Bond 0.50%, 07/09/2030	U.S.$	109	$	34,634
1.00%, 07/09/2029		16		5,387
1.125%, 07/09/2035		113		33,578
				73,599
Bahrain – 0.2%
Bahrain Government International Bond 7.00%, 10/12/2028(f)		200		211,500
Dominican Republic – 0.2%
Dominican Republic International Bond 6.40%, 06/05/2049(f)		200		184,475
Ecuador – 0.2%
Ecuador Government International Bond Zero Coupon, 07/31/2030(f)		12		6,944
0.50%, 07/31/2040(f)		45		28,242
1.00%, 07/31/2035(f)		99		69,856
5.00%, 07/31/2030(f)		38		33,247
				138,289
Egypt – 0.2%
Egypt Government International Bond 8.70%, 03/01/2049(f)		200		156,500
El Salvador – 0.1%
El Salvador Government International Bond 6.375%, 01/18/2027(f)		182		99,395
Gabon – 0.2%
Gabon Government International Bond 6.625%, 02/06/2031(f)		200		181,850
Ghana – 0.2%
Ghana Government International Bond 8.95%, 03/26/2051(f)		200		130,000
Guatemala – 0.2%
Guatemala Government Bond 4.90%, 06/01/2030(f)		200		200,850
Ivory Coast – 0.2%
Ivory Coast Government International Bond 5.375%, 07/23/2024(f)		200		202,662
Kenya – 0.2%
Republic of Kenya Government International Bond 6.875%, 06/24/2024(f)		200		207,000

13

	Principal Amount (000)			U.S. $ Value
Lebanon – 0.0%
Lebanon Government International Bond 6.60%, 11/27/2026(a) (f) (g)		U.S.$	107	$	12,573
Senegal – 0.2%
Senegal Government International Bond 6.75%, 03/13/2048(f)			200		168,600
Ukraine – 0.1%
Ukraine Government International Bond 7.75%, 09/01/2027(f)			150		48,000
Total Emerging Markets - Sovereigns (cost $2,549,966)					2,015,293
	Notional Amount
OPTIONS PURCHASED - PUTS – 1.3%
Options on Equity Indices – 1.3%
Euro STOXX 50 Index Expiration: Aug 2022; Contracts: 1,290; Exercise Price: EUR 3,225.00; Counterparty: Citibank, NA(a)		EUR	4,160,250		151,094
FTSE 100 Index Expiration: Aug 2022; Contracts: 270; Exercise Price: GBP 6,200.00; Counterparty: Bank of America, NA(a)		GBP	1,674,000		50,072
Nikkei 225 Index Expiration: Aug 2022; Contracts: 17,000; Exercise Price: JPY 22,500.00; Counterparty: UBS AG(a)		JPY	382,500,000		84,885
S&P 500 Index Expiration: Aug 2022; Contracts: 9,300; Exercise Price: USD 3,625.00; Counterparty: UBS AG(a)		USD	33,712,500		860,470
Total Options Purchased - Puts (premiums paid $961,538)					1,146,521
	Principal Amount (000)
GOVERNMENTS - TREASURIES – 0.5%
Colombia – 0.1%
Colombian TES Series B 6.25%, 11/26/2025		COP	492,700		114,467
Indonesia – 0.2%
Indonesia Treasury Bond Series FR70 8.375%, 03/15/2024		IDR	1,105,000		82,950
Series FR71 9.00%, 03/15/2029		IDR	1,438,000		114,854
					197,804

14

	Principal Amount (000)			U.S. $ Value
Mexico – 0.2%
Mexican Bonos Series M 20 10.00%, 12/05/2024		MXN	2,777	$	142,877
Total Governments - Treasuries (cost $491,330)					455,148
EMERGING MARKETS - TREASURIES – 0.3%
Brazil – 0.1%
Brazil Notas do Tesouro Nacional Series NTNF 10.00%, 01/01/2023-01/01/2025		BRL	658		124,486
South Africa – 0.2%
Republic of South Africa Government Bond Series 2032 8.25%, 03/31/2032		ZAR	2,848		166,448
Total Emerging Markets - Treasuries (cost $307,747)					290,934
QUASI-SOVEREIGNS – 0.2%
Quasi-Sovereign Bonds – 0.2%
Mexico – 0.2%
Petroleos Mexicanos 5.95%, 01/28/2031		U.S.$	43		39,988
7.69%, 01/23/2050			97		86,815
Total Quasi-Sovereigns (cost $135,762)					126,803
SHORT-TERM INVESTMENTS – 8.9%
U.S. Treasury Bills – 7.7%
United States – 7.7%
U.S. Treasury Bill Zero Coupon, 10/03/2022 (cost $6,659,898)			6,660		6,659,925
	Shares
Investment Companies – 1.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (h) (cost $990,529)			990,529		990,529
Total Investments Before Security Lending Collateral for Securities Loaned – 103.8% (cost $91,096,939)					89,759,761

15

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3%
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (h) (cost $281,213)		281,213	$	281,213
Total Investments – 104.1% (cost $91,378,152)(i)				90,040,974
Other assets less liabilities – (4.1)%				(3,518,903	)
Net Assets – 100.0%			$	86,522,071

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		8		March 2022		$	1,047,623		$	2,020
Euro STOXX 50 Index Futures		11		March 2022			484,346			(3,850	)
Euro-Bund Futures		12		March 2022			2,247,523			9,573
FTSE KLCI Futures		19		March 2022			360,676			5,993
FTSE/JSE Top 40 Futures		4		March 2022			180,223			2,686
Long Gilt Futures		4		June 2022			660,447			1,726
OMXS 30 Index Futures		25		March 2022			563,032			(33,811	)
S&P 500 E-Mini Futures		4		March 2022			873,600			13,267
SET 50 Futures		103		March 2022			635,621			15,594
SGX Nifty 50 Futures		6		March 2022			201,360			(5,971	)
SPI 200 Futures		4		March 2022			510,080			11,731
TOPIX Index Futures		2		March 2022			328,970			1,815
U.S. T-Note 10 Yr (CBT) Futures		32		June 2022			4,078,000			18,253
WIG 20 Index Futures		12		March 2022			114,397			(12,241	)
Sold Contracts
Euro STOXX 50 Index Futures		25		March 2022			1,100,787			7,687
FTSE 100 Index Futures		6		March 2022			598,403			97
FTSE China A50 Futures		26		March 2022			383,162			9,655
FTSE KLCI Futures		6		March 2022			370,800			8,553
Hang Seng Index Futures		3		March 2022			434,898			18,233
Mexican BOLSA Index Futures		4		March 2022			104,519			(3,828	)
MSCI Emerging Markets Futures		16		March 2022			940,400			346
MSCI Singapore IX ETS Futures		26		March 2022			635,568			25,618
S&P 500 E-Mini Futures		29		March 2022			6,333,600			(1,160	)
S&P TSX 60 Index Futures		2		March 2022			402,493			3,292
SPI 200 Futures		2		March 2022			255,040			(222	)
TOPIX Index Futures		3		March 2022			493,454			(1,455	)
									$	93,601

16

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		CLP	566,580		USD	680		03/25/2022		$	(27,372	)
Bank of America, NA		USD	236		CLP	193,982		03/25/2022			6,403
Bank of America, NA		INR	8,543		USD	113		04/07/2022			692
Bank of America, NA		INR	4,782		USD	63		04/07/2022			(325	)
Bank of America, NA		PHP	8,468		USD	164		04/28/2022			(758	)
Bank of America, NA		USD	244		TWD	6,769		04/28/2022			(1,945	)
Barclays Bank PLC		USD	1,063		RUB	79,467		03/02/2022			(327,494	)
Barclays Bank PLC		BRL	3,860		USD	762		03/03/2022			13,126
Barclays Bank PLC		BRL	3,208		USD	604		03/03/2022			(18,564	)
Barclays Bank PLC		USD	1,375		BRL	7,068		03/03/2022			(3,283	)
Barclays Bank PLC		SEK	11,453		USD	1,225		03/24/2022			15,616
Barclays Bank PLC		PEN	1,709		USD	444		03/25/2022			(6,826	)
Barclays Bank PLC		USD	675		CLP	552,274		03/25/2022			14,458
Barclays Bank PLC		USD	895		PEN	3,452		03/25/2022			14,949
Barclays Bank PLC		USD	110		PEN	413		03/25/2022			(974	)
Barclays Bank PLC		USD	756		BRL	3,860		04/04/2022			(12,884	)
Barclays Bank PLC		INR	1,594		USD	21		04/07/2022			(122	)
Barclays Bank PLC		USD	114		INR	8,543		04/07/2022			(830	)
Barclays Bank PLC		CAD	1,309		USD	1,027		04/22/2022			(6,323	)
Barclays Bank PLC		IDR	2,020,238		USD	140		04/28/2022			400
Barclays Bank PLC		IDR	1,093,207		USD	75		04/28/2022			(349	)
Barclays Bank PLC		KRW	369,934		USD	311		04/28/2022			3,139
Barclays Bank PLC		KRW	825,477		USD	681		04/28/2022			(5,231	)
Barclays Bank PLC		PHP	89,797		USD	1,729		04/28/2022			(16,772	)
Barclays Bank PLC		USD	436		AUD	604		04/28/2022			3,408
Barclays Bank PLC		USD	105		IDR	1,515,572		04/28/2022			338
Barclays Bank PLC		USD	96		JPY	10,973		04/28/2022			37
Barclays Bank PLC		USD	699		KRW	831,305		04/28/2022			(7,943	)
Barclays Bank PLC		USD	535		PHP	27,701		04/28/2022			3,491
Barclays Bank PLC		EUR	641		USD	728		05/12/2022			7,156
Barclays Bank PLC		USD	63		CNH	397		05/18/2022			(35	)
Barclays Bank PLC		MYR	5,173		USD	1,232		06/16/2022			1,480
Barclays Bank PLC		MYR	8,602		USD	2,031		06/16/2022			(14,189	)
Barclays Bank PLC		USD	2,543		MYR	10,686		06/16/2022			(1,344	)
BNP Paribas SA		USD	1,642		EUR	1,451		05/12/2022			(10,201	)
Citibank, NA		COP	2,801,737		USD	701		03/25/2022			(9,075	)
Citibank, NA		USD	386		CLP	318,071		03/25/2022			11,104
Credit Suisse International		USD	1,025		NZD	1,531		03/18/2022			10,952
Credit Suisse International		SEK	2,863		USD	305		03/24/2022			2,392
Credit Suisse International		USD	708		AUD	985		04/28/2022			8,473
Credit Suisse International		USD	639		JPY	73,436		04/28/2022			613
Credit Suisse International		CNH	463		USD	73		05/18/2022			(185	)
Deutsche Bank AG		RUB	9,939		USD	120		03/02/2022			27,722
Deutsche Bank AG		USD	34		RUB	2,802		03/02/2022			(8,059	)
Deutsche Bank AG		BRL	7,092		USD	1,380		03/03/2022			3,295
Deutsche Bank AG		USD	1,295		BRL	7,092		03/03/2022			82,004
Deutsche Bank AG		RUB	2,802		USD	33		03/24/2022			7,654
Deutsche Bank AG		USD	2,279		SEK	21,417		03/24/2022			(16,769	)
Deutsche Bank AG		CLP	800,462		USD	990		03/25/2022			(9,246	)
Deutsche Bank AG		COP	396,562		USD	100		03/25/2022			(351	)
Deutsche Bank AG		PEN	604		USD	156		03/25/2022			(3,100	)
Deutsche Bank AG		USD	164		CLP	134,044		03/25/2022			3,068
Deutsche Bank AG		USD	86		COP	336,665		03/25/2022			(613	)
Deutsche Bank AG		INR	16,677		USD	221		04/07/2022			888
Deutsche Bank AG		CHF	1,330		USD	1,440		04/13/2022			(12,569	)
Deutsche Bank AG		USD	579		CHF	532		04/13/2022			2,525
Deutsche Bank AG		USD	1,849		CAD	2,357		04/22/2022			10,743
Deutsche Bank AG		IDR	3,510,401		USD	243		04/28/2022			55
Deutsche Bank AG		USD	863		IDR	12,464,320		04/28/2022			1,163
Deutsche Bank AG		CNH	1,940		USD	303		05/18/2022			(2,018	)
Goldman Sachs International		RUB	118,291		USD	1,571		03/02/2022			476,087
Goldman Sachs International		USD	610		RUB	45,961		03/02/2022			(184,324	)

17

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs International		BRL	811		USD	158		03/03/2022		$	377
Goldman Sachs International		USD	149		BRL	811		03/03/2022			8,318
Goldman Sachs International		USD	108		CLP	88,566		03/25/2022			2,048
Goldman Sachs International		USD	1,225		COP	4,881,606		03/25/2022			11,949
Goldman Sachs International		USD	364		PEN	1,353		03/25/2022			(6,864	)
Goldman Sachs International		IDR	1,253,837		USD	87		04/28/2022			441
Goldman Sachs International		KRW	369,934		USD	311		04/28/2022			3,119
Goldman Sachs International		USD	2,478		PHP	128,886		04/28/2022			27,711
Goldman Sachs International		MYR	2,645		USD	616		06/16/2022			(12,785	)
Goldman Sachs International		USD	2,469		MYR	10,478		06/16/2022			22,644
Goldman Sachs International		USD	232		MYR	972		06/16/2022			(1,007	)
HSBC Bank USA		BRL	836		USD	156		03/03/2022			(5,852	)
HSBC Bank USA		USD	163		BRL	836		03/03/2022			(388	)
HSBC Bank USA		USD	826		GBP	611		03/17/2022			(6,206	)
HSBC Bank USA		NZD	2,910		USD	1,925		03/18/2022			(44,009	)
HSBC Bank USA		COP	2,801,737		USD	702		03/25/2022			(8,469	)
HSBC Bank USA		PEN	4,190		USD	1,082		03/25/2022			(22,323	)
HSBC Bank USA		USD	124		PEN	469		03/25/2022			126
HSBC Bank USA		AUD	2,858		USD	2,035		04/28/2022			(42,754	)
HSBC Bank USA		JPY	105,453		USD	914		04/28/2022			(4,655	)
HSBC Bank USA		TWD	6,769		USD	244		04/28/2022			2,385
HSBC Bank USA		USD	451		KRW	543,333		04/28/2022			317
Morgan Stanley Capital Services, Inc.		ZAR	15,951		USD	1,040		04/21/2022			8,753
Morgan Stanley Capital Services, Inc.		MYR	2,346		USD	553		06/16/2022			(5,223	)
Standard Chartered Bank		IDR	12,886,685		USD	892		04/28/2022			(725	)
State Street Bank & Trust Co.		THB	85,863		USD	2,553		03/10/2022			(75,185	)
State Street Bank & Trust Co.		USD	1,993		THB	66,370		03/10/2022			38,258
State Street Bank & Trust Co.		USD	200		THB	6,467		03/10/2022			(2,576	)
State Street Bank & Trust Co.		USD	143		NOK	1,284		03/16/2022			2,919
State Street Bank & Trust Co.		GBP	339		USD	461		03/17/2022			6,568
State Street Bank & Trust Co.		MXN	13,173		USD	635		03/24/2022			(6,059	)
State Street Bank & Trust Co.		USD	334		MXN	6,919		03/24/2022			2,713
State Street Bank & Trust Co.		USD	80		MXN	1,632		03/24/2022			(191	)
State Street Bank & Trust Co.		USD	105		NOK	936		03/24/2022			1,023
State Street Bank & Trust Co.		USD	184		NOK	1,618		03/24/2022			(223	)
State Street Bank & Trust Co.		USD	587		ZAR	9,165		04/21/2022			5,205
State Street Bank & Trust Co.		ZAR	1,681		USD	110		04/21/2022			1,184
State Street Bank & Trust Co.		CZK	5,030		USD	224		05/06/2022			939
State Street Bank & Trust Co.		HUF	25,550		USD	77		05/06/2022			422
State Street Bank & Trust Co.		PLN	1,023		USD	253		05/06/2022			10,012
State Street Bank & Trust Co.		USD	418		CZK	9,095		05/06/2022			(15,956	)
State Street Bank & Trust Co.		USD	262		HUF	85,722		05/06/2022			(5,543	)
State Street Bank & Trust Co.		USD	165		PLN	656		05/06/2022			(9,190	)
										$	(95,394	)

18

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at February 28, 2022		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 37, 5 Year Index, 12/20/2026*		(5.00	)%		Quarterly		3.65%		USD	6,260	$	(412,100	)	$	(342,705	)	$	(69,395	)
iTraxx Xover Series 36, 5 Year Index, 12/20/2026*		(5.00	)		Quarterly		3.46		EUR	1,460		(122,377	)		(104,743	)		(17,634	)
Sale Contracts
CDX-NAHY Series 37, 5 Year Index, 12/20/2026*		5.00			Quarterly		3.65		USD	3,540		232,560			208,852			23,708
iTraxx Xover Series 36, 5 Year Index, 12/20/2026*		5.00			Quarterly		3.46		EUR	760		63,775			73,541			(9,766	)
											$	(238,142	)	$	(165,055	)	$	(73,087	)

* 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)
JPY	55,860	02/28/2022	0.000%	1 Day TONAR	Semi-Annual	$	10	$	64	$	(54	)
JPY	55,860	02/28/2022	6 Month LIBOR	0.000%	Semi-Annual		198		—		198
JPY	37,290	02/28/2022	0.000%	1 Day TONAR	Semi-Annual		6		43		(37	)
JPY	37,290	02/28/2022	6 Month LIBOR	0.000%	Semi-Annual		132		—		132
CNY	740	02/17/2025	China 7-Day Reverse Repo Rate	2.547%	Quarterly		818		—		818
CNY	2,204	02/20/2025	China 7-Day Reverse Repo Rate	2.598%	Quarterly		2,938		—		2,938

19

			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)
CNY	2,236	02/21/2025	China 7-Day Reverse Repo Rate	2.620%	Quarterly	$	3,207		$	—		$	3,207
USD	1,050	01/10/2027	1 Day SOFR	1.315%	Annual		(9,884	)		—			(9,884	)
EUR	20	11/18/2029	6 Month EURIBOR	0.073%	Semi-Annual/ Annual		(958	)		—			(958	)
EUR	220	01/23/2030	6 Month EURIBOR	0.131%	Semi-Annual/ Annual		(10,144	)		—			(10,144	)
EUR	430	06/11/2030	6 Month EURIBOR	(0.045)%	Semi-Annual/ Annual		(28,519	)		3			(28,522	)
EUR	60	06/19/2030	6 Month EURIBOR	(0.119)%	Semi-Annual/ Annual		(4,452	)		(3	)		(4,449	)
EUR	520	08/05/2030	6 Month EURIBOR	(0.232)%	Semi-Annual/ Annual		(45,831	)		—			(45,831	)
USD	530	10/21/2030	3 Month LIBOR	0.794%	Quarterly/ Semi-Annual		(45,810	)		—			(45,810	)
EUR	600	10/22/2030	6 Month EURIBOR	(0.280)%	Semi-Annual/ Annual		(56,335	)		—			(56,335	)
USD	480	11/12/2030	3 Month LIBOR	0.938%	Quarterly/ Semi-Annual		(36,273	)		—			(36,273	)
EUR	190	11/12/2030	6 Month EURIBOR	(0.169)%	Semi-Annual/ Annual		(15,951	)		—			(15,951	)
USD	490	05/11/2031	3 Month LIBOR	1.560%	Quarterly/ Semi-Annual		(12,430	)		—			(12,430	)
EUR	490	05/11/2031	6 Month EURIBOR	0.115%	Semi-Annual/ Annual		(29,962	)		1			(29,963	)
USD	200	08/18/2031	3 Month LIBOR	1.262%	Quarterly/ Semi-Annual		(11,447	)		—			(11,447	)
GBP	920	08/19/2031	1 Day SONIA	0.539%	Annual		(90,305	)		—			(90,305	)
CAD	230	08/19/2031	3 month CDOR	1.595%	Semi-Annual		(11,763	)		—			(11,763	)
EUR	150	08/19/2031	6 Month EURIBOR	(0.116)%	Semi-Annual/ Annual		(13,831	)		—			(13,831	)
USD	1,080	08/23/2031	3 Month LIBOR	1.255%	Quarterly/ Semi-Annual		(62,681	)		—			(62,681	)
JPY	337,460	08/27/2031	1 Day TONAR	(0.015)%	Annual		(56,968	)		(2,519	)		(54,449	)
JPY	55,860	08/27/2031	(0.006)%	1 Day TONAR	Annual		9,037			—			9,037
JPY	55,860	08/27/2031	1 Day TONAR	(0.006)%	Semi-Annual		(11,806	)		(2	)		(11,804	)
JPY	37,290	08/30/2031	0.000%	1 Day TONAR	Annual		5,836			—			5,836
JPY	37,290	08/30/2031	1 Day TONAR	0.000%	Annual		(7,637	)		(1	)		(7,636	)
JPY	36,680	08/30/2031	0.000%	1 Day TONAR	Annual		7,599			3,524			4,075
CHF	130	09/14/2031	1 Day SARON	(0.085)%	Annual		(7,189	)		439			(7,628	)

20

			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	310	10/06/2031	3 Month STIBOR	0.888%	Quarterly/ Annual	$	(1,380	)	$	—		$	(1,380	)
CHF	90	10/06/2031	1 Day SARON	0.021%	Annual		(4,026	)		—			(4,026	)
GBP	380	10/19/2031	1.052%	1 Day SONIA	Annual		13,971			—			13,971
NOK	30	10/21/2031	1.983%	6 Month NIBOR	Annual/ Semi-Annual		49			—			49
USD	490	11/17/2031	3 Month LIBOR	1.664%	Quarterly/ Semi-Annual		(9,173	)		—			(9,173	)
USD	430	11/17/2031	3 Month LIBOR	1.690%	Quarterly/ Semi-Annual		(7,922	)		—			(7,922	)
JPY	24,300	11/18/2031	1 Day TONAR	0.068%	Annual		(2,624	)		—			(2,624	)
EUR	330	11/18/2031	6 Month EURIBOR	0.174%	Semi-Annual/ Annual		(20,492	)		—			(20,492	)
CHF	60	11/19/2031	1 Day SARON	0.100%	Annual		(2,295	)		—			(2,295	)
JPY	34,440	12/08/2031	1 Day TONAR	0.033%	Annual		(4,861	)		—			(4,861	)
SEK	3,040	12/08/2031	3 Month STIBOR	0.791%	Quarterly/ Annual		(17,400	)		—			(17,400	)
USD	570	12/08/2031	1.495%	3 Month LIBOR	Semi-Annual/ Quarterly		20,233			—			20,233
NZD	370	12/08/2031	3 Month BKBM	2.513%	Quarterly/ Semi-Annual		(9,755	)		—			(9,755	)
AUD	370	01/13/2032	6 Month BBSW	2.114%	Semi-Annual		(7,450	)		—			(7,450	)
EUR	60	01/13/2032	0.397%	6 Month EURIBOR	Annual/ Semi-Annual		2,436			—			2,436
NZD	180	01/14/2032	3 Month BKBM	2.755%	Quarterly/ Semi-Annual		(2,418	)		—			(2,418	)
CAD	60	02/07/2032	3 month CDOR	2.374%	Semi-Annual		91			(2	)		93
AUD	190	02/14/2032	2.482%	6 Month BBSW	Semi-Annual		(453	)		—			(453	)
USD	220	08/21/2045	3 Month LIBOR	2.630%	Quarterly/ Semi-Annual		25,096			—			25,096
USD	70	09/04/2045	3 Month LIBOR	2.708%	Quarterly/ Semi-Annual		9,922			—			9,922
						$	(558,846	)	$	1,547		$	(560,393	)

21

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
Bank of America, NA
MLABWGC1		OBFR Plus 0.22	%		Maturity	USD		8,598		03/31/2022	$	0
Morgan Stanley Capital Services LLC
RTS Futures		0.00	%		Monthly			22		03/17/2022		(15,174	)
Swiss Market Index Futures		0.00	%		Monthly	CHF		353		03/18/2022		(12,570	)
Pay Total Return on Reference Obligation
Bank of America, NA
MSCI Daily TR Gross World USD Index		OBFR Plus 0.31	%		Maturity	USD		8,610		02/28/2023		0
Morgan Stanley Capital Services LLC
IBOVESPA Futures		0.00	%		Monthly	BRL		1,143		04/13/2022		4,846
KOSPI 200 Futures		0.00	%		Monthly	KRW		180,600		03/10/2022		1,961
KOSPI 200 Futures		0.00	%		Monthly			90,300		03/10/2022		1,363
											$	(19,574	)

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

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

(d) 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.

(e) Affiliated investments.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2022, the aggregate market value of these securities amounted to $1,941,694 or 2.2% of net assets.

(g) Defaulted.

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

(i) As of February 28, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $3,190,159 and gross unrealized depreciation of investments was $(5,182,184), resulting in net unrealized depreciation of $(1,992,025).

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

CNY – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

THB – Thailand Baht

22

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

BBSW – Bank Bill Swap Reference Rate (Australia)

BKBM – Bank Bill Benchmark (New Zealand)

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

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

CME – Chicago Mercantile Exchange

ETF – Exchange Traded Fund

ETS – Emission Trading Scheme

EURIBOR – Euro Interbank Offered Rate

FTSE – Financial Times Stock Exchange

GDR – Global Depositary Receipt

JSE – Johannesburg Stock Exchange

KLCI – Kuala Lumpur Composite Index

KOSPI – Korea Composite Stock Price Index

LIBOR – London Interbank Offered Rate

MSCI – Morgan Stanley Capital International

NIBOR – Norwegian Interbank Offered Rate

OBFR – Overnight Bank Funding Rate

REIT – Real Estate Investment Trust

RTS – Russian Trading System

SARON – Swiss Average Rate Overnight

SET – Stock Exchange of Thailand

SGX – Singapore Exchange

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

SPI – Share Price Index

STIBOR – Stockholm Interbank Offered Rate

TONAR – Tokyo Overnight Average Rate

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

WIG – Warszawski Indeks Gieldowy

23

AB Cap Fund, Inc.

AB All Market Income Portfolio    

February 28, 2022 (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.

24

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 February 28, 2022:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	8,710,949		$	729,355		$	—	$	9,440,304
Financials		3,383,278			3,174,757			—		6,558,035
Health Care		3,166,215			1,428,474			—		4,594,689
Consumer Discretionary		2,258,874			1,041,672			—		3,300,546
Communication Services		2,287,417			840,371			—		3,127,788
Industrials		1,689,165			903,654			—		2,592,819
Energy		1,036,379			896,312			—		1,932,691
Consumer Staples		983,059			702,468			—		1,685,527
Real Estate		1,049,948			403,807			—		1,453,755
Materials		692,354			745,384			—		1,437,738
Utilities		524,866			429,479			—		954,345
Investment Companies		36,141,276			—			—		36,141,276
Preferred Stocks		4,855,095			—			—		4,855,095
Emerging Markets - Sovereigns		—			2,015,293			—		2,015,293
Options Purchased - Puts		—			1,146,521			—		1,146,521
Governments - Treasuries		—			455,148			—		455,148
Emerging Markets - Treasuries		—			290,934			—		290,934
Quasi-Sovereigns		—			126,803			—		126,803
Short-Term Investments:
U.S. Treasury Bills		—			6,659,925			—		6,659,925
Investment Companies		990,529			—			—		990,529
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		281,213			—			—		281,213
Total Investments in Securities		68,050,617			21,990,357			—		90,040,974
Other Financial Instruments(a):
Assets:
Futures		156,139			—			—		156,139
Forward Currency Exchange Contracts		—			890,862			—		890,862
Centrally Cleared Credit Default Swaps		—			296,335			—		296,335
Centrally Cleared Interest Rate Swaps		—			101,579			—		101,579
Total Return Swaps		—			8,170			—		8,170
Liabilities:
Futures		(62,538	)		—			—		(62,538	)
Forward Currency Exchange Contracts		—			(986,256	)		—		(986,256	)
Centrally Cleared Credit Default Swaps		—			(534,477	)		—		(534,477	)
Centrally Cleared Interest Rate Swaps		—			(660,425	)		—		(660,425	)
Total Return Swaps		—			(27,744	)		—		(27,744	)
Total	$	68,144,218		$	21,078,401		$	—	$	89,222,619

^(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.

25

A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2022 is as follows:

															Distributions
Fund	Market Value 11/30/2021 (000)		Purchases (000)		Sales (000)		Realized Gain (Loss) (000)			Change in Appr./ (Depr.) (000)			Market Value 02/28/2022 (000)		Dividend Income (000)			Realized Gains (000)
AB High Income Fund, Inc.	$	15,120	$	21,227	$	871	$	(87	)	$	(566	)	$	34,823	$	272		$	0
Government Money Market Portfolio		26,525		7,446		32,980		0			0			991		1			0
Government Money Market Portfolio*		727		1,588		2,034		0			0			281		0	**		0
Total	$	42,372	$	30,261	$	35,885	$	(87	)	$	(566)		$	36,095	$	273		$	0

* Investments of cash collateral for securities lending transactions

** Amount less than $500.

26