AB Cap Fund, Inc.

AB FlexFee Emerging Markets Growth Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.3%
Financials - 28.3%
Banks - 17.7%
Bank Central Asia Tbk PT		63,000	$	134,692
Bank for Foreign Trade of Vietnam JSC		24,850		88,019
Bank Mandiri Persero Tbk PT		185,000		90,993
Bank of the Philippine Islands		30,030		53,896
Capitec Bank Holdings Ltd.		150		12,751
HDFC Bank Ltd.		9,510		164,810
IndusInd Bank Ltd.		5,450		107,032
Itau Unibanco Holding SA (Preference Shares)		9,500		80,094
Sberbank of Russia PJSC (Sponsored ADR)		10,390		146,941
TCS Group Holding PLC (GDR) (a)		4,096		71,680
				950,908
Capital Markets - 2.3%
B3 SA - Brasil Bolsa Balcao		11,500		120,759
Consumer Finance - 2.9%
Manappuram Finance Ltd.		26,630		52,913
Muangthai Capital PCL		27,200		50,691
Muthoot Finance Ltd.		5,480		52,687
				156,291
Insurance - 3.6%
Ping An Insurance Group Co. of China Ltd.-Class H		17,000		195,393
Thrifts & Mortgage Finance - 1.8%
Housing Development Finance Corp., Ltd.		3,440		96,018
				1,519,369
Consumer Discretionary - 18.8%
Diversified Consumer Services - 4.3%
Four Seasons Education Cayman, Inc. (ADR) (b)		1,102		2,006
Fu Shou Yuan International Group Ltd.		80,000		70,690
New Oriental Education & Technology Group, Inc. (Sponsored ADR) (b)		1,398		154,842
				227,538
Hotels, Restaurants & Leisure - 3.0%
Huazhu Group Ltd. (ADR)		810		26,746
OPAP SA		12,040		123,855
Premium Leisure Corp.		845,000		11,404
				162,005
Internet & Direct Marketing Retail - 11.5%
Alibaba Group Holding Ltd. (Sponsored ADR) (b)		2,054		343,491
Baozun, Inc. (Sponsored ADR) (b)(c)		1,580		67,466
Naspers Ltd.-Class N		834		126,275
Prosus NV (b)		1,074		78,840
				616,072
				1,005,615

Company	Shares		U.S. $ Value
Information Technology - 15.3%
Electronic Equipment, Instruments & Components - 2.7%
Elite Material Co., Ltd.		7,000	$	28,327
Hangzhou Hikvision Digital Technology Co., Ltd.-Class A		5,800		26,295
Samsung SDI Co., Ltd.		490		91,223
				145,845
IT Services - 2.3%
HCL Technologies Ltd.		4,230		64,394
My EG Services Bhd		60,500		20,238
TravelSky Technology Ltd.-Class H		19,000		39,455
				124,087
Semiconductors & Semiconductor Equipment - 4.3%
Micron Technology, Inc. (b)		1,120		47,992
Silergy Corp.		1,000		24,800
SK Hynix, Inc.		1,470		100,960
Taiwan Semiconductor Manufacturing Co., Ltd.		6,000		53,289
				227,041
Technology Hardware, Storage & Peripherals - 6.0%
Samsung Electronics Co., Ltd.		2,930		119,966
Samsung Electronics Co., Ltd. (Preference Shares)		6,110		201,686
				321,652
				818,625
Consumer Staples - 10.0%
Beverages - 7.9%
Budweiser Brewing Co. APAC Ltd. (a)(b)		10,400		37,286
Fomento Economico Mexicano SAB de CV		13,900		127,378
Kweichow Moutai Co., Ltd.-Class A		780		125,726
Wuliangye Yibin Co., Ltd.-Class A		7,370		134,114
				424,504
Food & Staples Retailing - 1.3%
CP ALL PCL		26,500		70,398
Personal Products - 0.2%
TCI Co., Ltd.		1,148		11,548
Tobacco - 0.6%
VST Industries Ltd.		590		31,344
				537,794
Communication Services - 8.1%
Interactive Media & Services - 6.7%
58.com, Inc. (ADR) (b)		825		40,681
Momo, Inc. (Sponsored ADR)		2,360		73,113
Tencent Holdings Ltd.		1,600		66,924
Yandex NV-Class A (b)		5,000		175,050
				355,768

Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 1.4%
Safaricom PLC		290,440	$	76,910
				432,678
Industrials - 6.7%
Commercial Services & Supplies - 1.8%
Sunny Friend Environmental Technology Co., Ltd.		11,000		96,291
Construction & Engineering - 1.5%
Larsen & Toubro Ltd.		3,784		79,027
Road & Rail - 2.1%
Globaltrans Investment PLC (Sponsored GDR) (a)		3,166		27,228
Localiza Rent a Car SA		7,800		85,341
				112,569
Transportation Infrastructure - 1.3%
Adani Ports & Special Economic Zone Ltd.		11,927		69,914
				357,801
Health Care - 4.9%
Health Care Equipment & Supplies - 0.2%
Yestar Healthcare Holdings Co., Ltd. (b)		57,500		10,931
Health Care Providers & Services - 4.7%
Jinxin Fertility Group Ltd. (a)(b)		67,200		97,171
NMC Health PLC		4,630		154,314
				251,485
				262,416
Energy - 2.7%
Oil, Gas & Consumable Fuels - 2.7%
CNOOC Ltd.		27,000		41,340
Petroleo Brasileiro SA (Preference Shares)		15,400		102,112
				143,452
Utilities - 2.4%
Electric Utilities - 2.4%
Equatorial Energia SA		5,400		130,342
Real Estate - 1.5%
Real Estate Management & Development - 1.5%
Vincom Retail JSC		56,140		80,149
Materials - 0.6%
Chemicals - 0.6%
UPL Ltd.		3,870		32,851
Total Common Stocks (cost $5,045,612)				5,321,092
EQUITY LINKED NOTES - 1.8%
Industrials - 0.8%
Machinery - 0.8%
Han’s Laser Technology Industry Group Co., UBS AG, expiring 3/06/20 (b)		8,700		43,327

Company	Shares				U.S. $ Value
Real Estate - 0.5%
Real Estate Management & Development - 0.5%
Vincom Retail JSC, Deutsche Bank AG, expiring 11/12/27 (b)			20,220		$	28,847
Consumer Discretionary - 0.4%
Specialty Retail - 0.4%
Mobile World Investment Corp., Macquarie Bank Ltd., expiring 4/05/21 (b)			3,666			19,925
Information Technology - 0.1%
Electronic Equipment, Instruments & Components - 0.1%
FPT Corp., Macquarie Bank Ltd., expiring 3/31/20 (b)			1,120			2,786
Total Equity Linked Notes (cost $103,917)						94,885
	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.0%
Time Deposits - 0.0%
BBH Grand Cayman
(1.62)%, 10/01/19		CHF	0	*		12
(0.67)%, 10/01/19		EUR	0	*		39
0.38%, 10/01/19		GBP	0	*		298
0.79%, 10/01/19		SGD	0	*		41
2.20%, 10/02/19		HKD	4			560
5.40%, 10/01/19		ZAR	8			541
Total Time Deposits (cost $1,491)						1,491
	Shares
Investment Companies - 0.0%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (d)(e)(f) (cost $189)			189			189
Total Short-Term Investments (cost $1,680)						1,680
Total Investments Before Security Lending Collateral for Securities Loaned - 101.1% (cost $5,151,209)						5,417,657
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.3%
Investment Companies - 1.3%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (d)(e)(f) (cost $68,000)			68,000			68,000

	U.S. $ Value
Total Investments - 102.4% (cost $5,219,209) (g)	$	5,485,657
Other assets less liabilities - (2.4)%		(128,901	)
Net Assets - 100.0%	$	5,356,756

* Principal amount less than 500.

(a) 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 September 30, 2019, the aggregate market value of these securities amounted to $233,365 or 4.4% of net assets.

(b) Non-income producing security.

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

(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, or call AB at (800) 227-4618.

(e) Affiliated investments.

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

(g) 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 $447,692 and gross unrealized depreciation of investments was $(181,244), resulting in net unrealized appreciation of $266,448.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Currency Abbreviations:
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
SGD	-	Singapore Dollar
ZAR	-	South African Rand
Glossary:
ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
JSC	-	Joint Stock Company
PJSC	-	Public Joint Stock Company

COUNTRY BREAKDOWN¹

September 30, 2019 (unaudited)

30.6%	China
13.9%	India
9.6%	Brazil
9.5%	South Korea
7.7%	Russia
4.2%	Indonesia
4.1%	Vietnam
3.5%	Taiwan
2.8%	United Arab Emirates
2.6%	South Africa
2.3%	Mexico
2.3%	Greece
2.2%	Thailand
4.7%	Other
0.0%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2019. The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.4% or less in the following countries: Kenya, Malaysia, Philippines, Switzerland and United States.

AB Cap Fund, Inc.

AB FlexFee Emerging Markets 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:

Financials

$

432,225

$

1,087,144

$

– 0

–

$

1,519,369

Consumer Discretionary

673,391

332,224

– 0

–

1,005,615

Information Technology

47,992

770,633

– 0

–

818,625

Consumer Staples

196,008

341,786

– 0

–

537,794

Communication Services

365,754

66,924

– 0

–

432,678

Industrials

112,569

245,232

– 0

–

357,801

Health Care

10,931

251,485

– 0

–

262,416

Energy

102,112

41,340

– 0

–

143,452

Utilities

130,342

– 0

–

– 0

–

130,342

Real Estate

– 0

–

80,149

– 0

–

80,149

Materials

– 0

–

32,851

– 0

–

32,851

Equity Linked Notes:

Industrials

– 0

–

43,327

– 0

–

43,327

Real Estate

– 0

–

28,847

– 0

–

28,847

Consumer Discretionary

– 0

–

19,925

– 0

–

19,925

Information Technology

– 0

–

2,786

– 0

–

2,786

Short-Term Investments:

Time Deposits

– 0

–

1,491

– 0

–

1,491

Investment Companies

189

– 0

–

– 0

–

189

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

68,000

– 0

–

– 0

–

68,000

Total Investments in Securities

2,139,513

3,346,144

+

– 0

–

5,485,657

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

2,139,513

$

3,346,144

$

– 0

–

$

5,485,657

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

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the 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	$	– 0	–	$	2,176	$	2,176	$	– 0	–**	$	1
Government Money Market Portfolio*		31			424		387		68			1
Total								$	68		$	2

* Investment of cash collateral for securities lending transactions.

** Amount is less than $500.