AB Cap Fund, Inc.

AB Global Core Equity Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.2%
Information Technology – 17.7%
Electronic Equipment, Instruments & Components – 0.7%
IPG Photonics Corp.(a)		64,198	$	7,079,755
IT Services – 6.1%
Automatic Data Processing, Inc.		72,300		9,881,964
Cognizant Technology Solutions Corp. - Class A		600,145		27,888,738
Visa, Inc. - Class A		126,971		20,457,568
				58,228,270
Semiconductors & Semiconductor Equipment – 2.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,337,000		12,036,097
Xilinx, Inc.		86,854		6,769,401
				18,805,498
Software – 6.7%
Microsoft Corp.		179,980		28,384,646
SAP SE		66,531		7,428,051
Trend Micro, Inc./Japan		391,000		19,308,455
VMware, Inc. - Class A(a)		70,227		8,504,490
				63,625,642
Technology Hardware, Storage & Peripherals – 2.2%
Samsung Electronics Co., Ltd.		531,844		20,678,902
				168,418,067
Financials – 17.5%
Banks – 5.6%
Citigroup, Inc.		208,692		8,790,107
DBS Group Holdings Ltd.		1,122,400		14,645,244
Jyske Bank A/S(a)		522,942		12,919,681
Wells Fargo & Co.		586,136		16,822,103
				53,177,135
Capital Markets – 7.5%
BlackRock, Inc. - Class A		21,061		9,266,208
CME Group, Inc. - Class A		45,203		7,816,051
Goldman Sachs Group, Inc. (The)		36,805		5,689,685
Julius Baer Group Ltd.(a)		639,650		21,426,655
Moody’s Corp.		34,648		7,328,052
S&P Global, Inc.		25,450		6,236,523
Singapore Exchange Ltd.		2,150,200		13,848,262
				71,611,436
Diversified Financial Services – 3.7%
Berkshire Hathaway, Inc. - Class B(a)		161,880		29,596,520
Pargesa Holding SA		94,325		6,227,654
				35,824,174
Insurance – 0.7%
PICC Property & Casualty Co., Ltd. - Class H		6,582,000		6,302,794
				166,915,539

Company	Shares		U.S. $ Value
Communication Services – 12.9%
Diversified Telecommunication Services – 1.8%
Comcast Corp. - Class A		511,275	$	17,577,634
Entertainment – 1.9%
Nintendo Co., Ltd.		47,600		18,499,912
Interactive Media & Services – 4.3%
Alphabet, Inc. - Class C(a)		34,813		40,480,905
Wireless Telecommunication Services – 4.9%
China Mobile Ltd.		1,833,000		13,737,018
KDDI Corp.		174,500		5,154,484
SoftBank Group Corp.		789,000		27,932,485
				46,823,987
				123,382,438
Consumer Discretionary – 12.7%
Diversified Consumer Services – 3.2%
Service Corp. International/US(b)		780,849		30,539,004
Hotels, Restaurants & Leisure – 4.5%
Accor SA		420,612		11,300,184
Compass Group PLC		578,967		9,020,370
Las Vegas Sands Corp.		388,070		16,481,333
Starbucks Corp.		85,444		5,617,088
				42,418,975
Internet & Direct Marketing Retail – 3.6%
Naspers Ltd. - Class N		163,326		23,210,980
Prosus NV(a)		164,161		11,433,507
				34,644,487
Textiles, Apparel & Luxury Goods – 1.4%
adidas AG		27,789		6,169,919
Samsonite International SA(c)		7,375,800		6,906,186
				13,076,105
				120,678,571
Health Care – 12.5%
Health Care Equipment & Supplies – 2.7%
Koninklijke Philips NV		637,462		26,172,517
Health Care Providers & Services – 5.6%
Anthem, Inc.		178,162		40,449,901
Henry Schein, Inc.(a) (b)		249,122		12,585,643
				53,035,544
Pharmaceuticals – 4.2%
Johnson & Johnson		122,520		16,066,047
Roche Holding AG		40,004		12,870,968
Sanofi		124,144		10,747,756
				39,684,771
				118,892,832

Company	Shares		U.S. $ Value
Industrials – 9.6%
Air Freight & Logistics – 0.0%
CH Robinson Worldwide, Inc.		6,668	$	441,422
Commercial Services & Supplies – 3.8%
Secom Co., Ltd.		437,500		36,184,858
Industrial Conglomerates – 2.9%
3M Co.		203,625		27,796,849
Machinery – 1.3%
Dover Corp.		146,923		12,332,717
Professional Services – 0.9%
RELX PLC		410,587		8,778,245
Transportation Infrastructure – 0.7%
Flughafen Zurich AG		57,975		6,485,818
				92,019,909
Consumer Staples – 6.9%
Beverages – 2.7%
Asahi Group Holdings Ltd.		352,200		11,426,495
Coca-Cola Co. (The)		317,845		14,064,641
				25,491,136
Food Products – 1.3%
Danone SA		196,530		12,577,574
Household Products – 1.7%
Procter & Gamble Co. (The)		99,746		10,972,060
Reckitt Benckiser Group PLC		69,538		5,297,098
				16,269,158
Personal Products – 1.2%
L’Oreal SA		43,390		11,229,805
				65,567,673
Materials – 4.7%
Chemicals – 4.2%
BASF SE		100,583		4,701,448
International Flavors & Fragrances, Inc.(b)		346,792		35,400,527
				40,101,975
Paper & Forest Products – 0.5%
Mondi PLC		301,568		5,089,147
				45,191,122
Energy – 3.3%
Oil, Gas & Consumable Fuels – 3.3%
LUKOIL PJSC (Sponsored ADR)		164,720		9,744,835
Marathon Petroleum Corp.		645,909		15,256,371
Royal Dutch Shell PLC - Class B		370,054		6,207,308
				31,208,514
Real Estate – 1.4%
Real Estate Management & Development – 1.4%
CBRE Group, Inc. - Class A(a)		343,395		12,949,426
Total Common Stocks (cost $1,016,121,706)				945,224,091

Company			Shares			U.S. $ Value
SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(d) (e) (f) (cost $929,580)				929,580		$	929,580
	Principal Amount (000)
Time Deposits – 0.1%
BBH, Grand Cayman (1.86)%, 04/01/2020		CHF		90			93,920
(0.58)%, 04/01/2020		DKK		638			94,271
0.02%, 04/01/2020		AUD		0	*		1
0.04%, 04/01/2020		CAD		0	*		1
4.00%, 04/01/2020		ZAR		160			8,946
Citibank, London (0.65)%, 04/01/2020		EUR		745			821,886
0.03%, 04/01/2020		GBP		77			95,056
Hong Kong & Shanghai Bank, Hong Kong 0.63%, 04/01/2020		HKD		733			94,525
Hong Kong & Shanghai Bank, Singapore 0.01%, 04/01/2020		SGD		135			95,224
Sumitomo, Tokyo (0.27)%, 04/01/2020		JPY		11,644			108,288
Total Time Deposits (cost $1,412,118)							1,412,118
Total Short-Term Investments (cost $2,341,698)							2,341,698
Total Investments Before Security Lending Collateral for Securities Loaned – 99.4% (cost $1,018,463,404)							947,565,789
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 4.0%
Investment Companies – 4.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(d) (e) (f) (cost $37,661,249)				37,661,249			37,661,249
Total Investments – 103.4% (cost $1,056,124,653)(g)							985,227,038
Other assets less liabilities – (3.4)%							(31,959,415	)
Net Assets – 100.0%						$	953,267,623

* Principal amount less than 500.

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the market value of this security amounted to $6,906,186 or 0.7% of net assets.

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

(e) Affiliated investments.

(f) 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.

(g) As of March 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $71,144,566 and gross unrealized depreciation of investments was $(142,042,181), resulting in net unrealized depreciation of $(70,897,615).

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:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

SGD – Singapore Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

PJSC – Public Joint Stock Company

COUNTRY BREAKDOWN¹

March 31, 2020 (unaudited)

54.5%	United States
12.5%	Japan
5.0%	Switzerland
4.8%	France
3.6%	United Kingdom
3.3%	China
3.0%	Singapore
2.8%	Netherlands
2.5%	South Africa
2.2%	South Korea
1.9%	Germany
1.4%	Denmark
1.3%	Taiwan
1.0%	Russia
0.2%	Short-Term
100.0%	Total Investments

1 All data are as of March 31, 2020. The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

AB Cap Fund, Inc.

AB Global Core Equity Portfolio

March 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)

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 March 31, 2020:

Investments in Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	108,966,562	$	59,451,505		$	-0-	$	168,418,067
Financials		91,545,249		75,370,290			-0-		166,915,539
Communication Services		58,058,539		65,323,899			-0-		123,382,438
Consumer Discretionary		64,070,932		56,607,639			-0-		120,678,571
Health Care		69,101,591		49,791,241			-0-		118,892,832
Industrials		40,570,988		51,448,921			-0-		92,019,909
Consumer Staples		25,036,701		40,530,972			-0-		65,567,673
Materials		35,400,527		9,790,595			-0-		45,191,122
Energy		25,001,206		6,207,308			-0-		31,208,514
Real Estate		12,949,426		-0-			-0-		12,949,426
Short-Term Investments:
Investment Companies		929,580		-0-			-0-		929,580
Time Deposits		-0-		1,412,118			-0-		1,412,118
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		37,661,249		-0-			-0-		37,661,249
Total Investments in Securities		569,292,550		415,934,488	†		-0-		985,227,038
Other Financial Instruments*		-0-		-0-			-0-		-0-
Total	$	569,292,550	$	415,934,488		$	-0-	$	985,227,038

† 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 March 31, 2020 is as follows:

Fund	Market Value 6/30/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	6,186	$	130,774	$	136,030	$	930	$	40
Government Money Market Portfolio*		4,250		236,965		203,554		37,661		72
Total							$	38,591	$	112

* Investment of cash collateral for securities lending transactions.