AB Cap Fund, Inc.

AB FlexFee International Strategic Core Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 89.1%
Financials – 15.5%
Banks – 6.6%
Bank Leumi Le-Israel BM		14,102	$	77,758
DBS Group Holdings Ltd.		4,900		63,936
Hang Seng Bank Ltd.		2,900		49,408
KBC Group NV		1,283		58,216
Oversea-Chinese Banking Corp., Ltd.		7,628		46,218
Royal Bank of Canada		950		58,844
				354,380
Capital Markets – 3.7%
Euronext NV(a)		562		41,382
Partners Group Holding AG		131		89,691
Singapore Exchange Ltd.		11,000		70,845
				201,918
Insurance – 5.2%
Admiral Group PLC		2,970		81,794
Allianz SE (REG)		227		38,658
Sampo Oyj - Class A		2,050		59,140
Swiss Re AG		473		36,420
Zurich Insurance Group AG		178		62,533
				278,545
				834,843
Information Technology – 13.1%
IT Services – 3.2%
Amadeus IT Group SA - Class A		1,467		69,050
Capgemini SE		622		51,976
Otsuka Corp.		1,200		51,157
				172,183
Software – 9.1%
Avast PLC(a)		11,200		54,149
Check Point Software Technologies Ltd.(b)		760		76,410
Constellation Software, Inc./Canada		130		118,150
Nice Ltd.(b)		489		70,707
Oracle Corp. Japan		1,300		113,390
SAP SE		531		59,285
				492,091
Technology Hardware, Storage & Peripherals – 0.8%
Samsung Electronics Co., Ltd.		740		28,772
Samsung Electronics Co., Ltd. (GDR)(a)		15		14,837
				43,609
				707,883
Industrials – 13.1%
Aerospace & Defense – 1.5%
Airbus SE		321		20,699
BAE Systems PLC		4,846		31,136
MTU Aero Engines AG		175		25,304
				77,139

Company	Shares		U.S. $ Value
Air Freight & Logistics – 2.1%
Kuehne & Nagel International AG		327	$	44,544
SG Holdings Co., Ltd.		2,900		69,074
				113,618
Commercial Services & Supplies – 1.2%
Secom Co., Ltd.		800		66,166
Professional Services – 8.3%
Experian PLC		2,353		65,393
Intertek Group PLC		510		29,797
Intertrust NV(a)		2,603		32,765
Meitec Corp.		1,200		47,588
RELX PLC		6,999		149,376
Wolters Kluwer NV		1,741		123,235
				448,154
				705,077
Consumer Staples – 11.3%
Food & Staples Retailing – 1.7%
Koninklijke Ahold Delhaize NV		4,048		94,305
Food Products – 4.6%
Danone SA		467		29,887
Morinaga & Co., Ltd./Japan		1,100		45,030
Nestle SA (REG)		1,060		108,510
Salmar ASA		1,901		62,893
				246,320
Personal Products – 0.7%
Unilever PLC		798		40,243
Tobacco – 4.3%
British American Tobacco PLC		1,614		54,981
Philip Morris International, Inc.		1,271		92,732
Swedish Match AB		1,470		83,231
				230,944
				611,812
Health Care – 10.3%
Health Care Providers & Services – 0.8%
Galenica AG(a)		620		42,304
Pharmaceuticals – 9.5%
Astellas Pharma, Inc.		6,200		95,526
GlaxoSmithKline PLC		4,330		81,249
Novo Nordisk A/S - Class B		1,539		91,903
Roche Holding AG		626		201,411
Sanofi		519		44,932
				515,021
				557,325
Consumer Discretionary – 7.4%
Hotels, Restaurants & Leisure – 3.4%
Aristocrat Leisure Ltd.		5,096		66,032
Compass Group PLC		4,345		67,695
Sushiro Global Holdings Ltd.		3,200		46,912
				180,639

Company	Shares		U.S. $ Value
Internet & Direct Marketing Retail – 0.9%
Moneysupermarket.com Group PLC		13,190	$	49,015
Leisure Products – 1.3%
Bandai Namco Holdings, Inc.		1,400		67,904
Specialty Retail – 0.6%
Hikari Tsushin, Inc.		200		33,467
Textiles, Apparel & Luxury Goods – 1.2%
adidas AG		294		65,276
				396,301
Communication Services – 7.3%
Diversified Telecommunication Services – 3.5%
HKT Trust & HKT Ltd. - Class SS		50,000		68,002
Nippon Telegraph & Telephone Corp.		4,000		95,667
TELUS Corp.		1,582		25,012
				188,681
Entertainment – 0.4%
Daiichikosho Co., Ltd.		800		21,410
Interactive Media & Services – 2.2%
Auto Trader Group PLC		13,840		74,788
Kakaku.com, Inc.		2,400		43,895
				118,683
Media – 1.2%
Cogeco Communications, Inc.		607		41,178
Informa PLC		4,670		25,436
				66,614
				395,388
Real Estate – 5.2%
Equity Real Estate Investment Trusts (REITs) – 3.9%
Merlin Properties Socimi SA		5,581		42,118
Nippon Building Fund, Inc.		13		87,450
Nippon Prologis REIT, Inc.(b)		31		77,999
				207,567
Real Estate Management & Development – 1.3%
Vonovia SE		1,433		71,283
				278,850
Utilities – 4.5%
Electric Utilities – 3.2%
EDP - Energias de Portugal SA		20,602		82,890
Enel SpA		13,360		92,155
				175,045
Gas Utilities – 1.3%
Tokyo Gas Co., Ltd.		2,900		68,334
				243,379

Company	Shares		U.S. $ Value
Energy – 1.4%
Oil, Gas & Consumable Fuels – 1.4%
Royal Dutch Shell PLC - Class B		4,363	$	73,185
Total Common Stocks (cost $5,145,448)				4,804,043
INVESTMENT COMPANIES – 4.0%
Funds and Investment Trusts – 4.0%
iShares MSCI EAFE ETF(c) (cost $203,307)		4,070		217,582
SHORT-TERM INVESTMENTS – 5.3%
Investment Companies – 5.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(c) (d) (e) (cost $282,763)		282,763		282,763
Total Investments – 98.4% (cost $5,631,518)(f)				5,304,388
Other assets less liabilities – 1.6%				88,419
Net Assets – 100.0%			$	5,392,807

FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		AUD	110		USD	66		06/15/2020		$	(1,724	)
Brown Brothers Harriman & Co.		CAD	408		USD	297		06/15/2020			6,415
Brown Brothers Harriman & Co.		CAD	30		USD	21		06/15/2020			(707	)
Brown Brothers Harriman & Co.		CHF	23		USD	24		06/15/2020			225
Brown Brothers Harriman & Co.		CHF	12		USD	12		06/15/2020			(200	)
Brown Brothers Harriman & Co.		EUR	11		USD	12		06/15/2020			101
Brown Brothers Harriman & Co.		EUR	96		USD	105		06/15/2020			(886	)
Brown Brothers Harriman & Co.		GBP	12		USD	15		06/15/2020			560
Brown Brothers Harriman & Co.		GBP	52		USD	64		06/15/2020			(1,003	)
Brown Brothers Harriman & Co.		HKD	514		USD	66		06/15/2020			(149	)
Brown Brothers Harriman & Co.		ILS	613		USD	168		06/15/2020			(5,245	)
Brown Brothers Harriman & Co.		JPY	3,544		USD	33		06/15/2020			161
Brown Brothers Harriman & Co.		JPY	12,733		USD	117		06/15/2020			(1,397	)
Brown Brothers Harriman & Co.		NOK	556		USD	60		06/15/2020			6,761

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		SEK	217		USD	22		06/15/2020		$	(301	)
Brown Brothers Harriman & Co.		SGD	165		USD	117		06/15/2020			1,252
Brown Brothers Harriman & Co.		SGD	45		USD	31		06/15/2020			(704	)
Brown Brothers Harriman & Co.		USD	46		AUD	76		06/15/2020			614
Brown Brothers Harriman & Co.		USD	191		AUD	295		06/15/2020			(9,820	)
Brown Brothers Harriman & Co.		USD	57		CAD	81		06/15/2020			1,010
Brown Brothers Harriman & Co.		USD	26		CAD	36		06/15/2020			(215	)
Brown Brothers Harriman & Co.		USD	37		CHF	35		06/15/2020			(278	)
Brown Brothers Harriman & Co.		USD	127		EUR	116		06/15/2020			1,492
Brown Brothers Harriman & Co.		USD	316		EUR	282		06/15/2020			(4,610	)
Brown Brothers Harriman & Co.		USD	19		GBP	16		06/15/2020			1,065
Brown Brothers Harriman & Co.		USD	16		GBP	12		06/15/2020			(682	)
Brown Brothers Harriman & Co.		USD	66		HKD	514		06/15/2020			123
Brown Brothers Harriman & Co.		USD	270		JPY	29,346		06/15/2020			4,064
Brown Brothers Harriman & Co.		USD	202		JPY	21,082		06/15/2020			(5,555	)
Brown Brothers Harriman & Co.		USD	10		NOK	107		06/15/2020			136
Brown Brothers Harriman & Co.		USD	10		NOK	98		06/15/2020			(763	)
Brown Brothers Harriman & Co.		USD	65		SEK	632		06/15/2020			(1,495	)
Brown Brothers Harriman & Co.		USD	35		SGD	50		06/15/2020			373
Morgan Stanley Capital Services LLC		KRW	45,371		USD	38		05/14/2020			1,015
Standard Chartered Bank		KRW	14,332		USD	12		05/14/2020			114
Standard Chartered Bank		USD	9		KRW	11,787		05/14/2020			219
Standard Chartered Bank		USD	9		KRW	10,470		05/14/2020			(80	)
										$	(10,114	)

(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 March 31, 2020, the aggregate market value of these securities amounted to $185,437 or 3.4% of net assets.

(b) Non-income producing security.

(c) 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.

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

(e) Affiliated investments.

(f) 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 $307,311 and gross unrealized depreciation of investments was $(644,555), resulting in net unrealized depreciation of $(337,244).

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

USD – United States Dollar

Glossary:

EAFE – Europe, Australia, and Far East

ETF – Exchange Traded Fund

GDR – Global Depositary Receipt

MSCI – Morgan Stanley Capital International

REG – Registered Shares

REIT – Real Estate Investment Trust

COUNTRY BREAKDOWN¹

March 31, 2020 (unaudited)

19.4%	Japan
16.6%	United Kingdom
11.0%	Switzerland
5.9%	United States
5.5%	Netherlands
4.9%	Germany
4.6%	Canada
4.3%	Israel
3.4%	Singapore
2.8%	France
2.2%	Hong Kong
2.1%	Spain
1.7%	Italy
10.3%	Other
5.3%	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 and may vary over time. “Other” country weightings represent 1.7% or less in the following: Australia, Belgium, Denmark, Finland, Norway, Portugal, South Korea and Sweden.

AB Cap Fund, Inc.

AB FlexFee International Strategic Core 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)

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 are 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.

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:
Financials	$	58,844	$	775,999		$	-0-	$	834,843
Information Technology		194,560		513,323			-0-		707,883
Industrials		123,235		581,842			-0-		705,077
Consumer Staples		92,732		519,080			-0-		611,812
Health Care		-0-		557,325			-0-		557,325
Consumer Discretionary		-0-		396,301			-0-		396,301
Communication Services		66,190		329,198			-0-		395,388
Real Estate		-0-		278,850			-0-		278,850
Utilities		-0-		243,379			-0-		243,379
Energy		-0-		73,185			-0-		73,185
Investment Companies		217,582		-0-			-0-		217,582
Short-Term Investments:
Investment Companies		282,763		-0-			-0-		282,763
Total Investments in Securities		1,035,906		4,268,482	†		-0-		5,304,388
Other Financial Instruments*:
Assets
Forward Currency Exchange Contracts		-0-		25,700			-0-		25,700
Liabilities
Forward Currency Exchange Contracts		-0-		(35,814	)		-0-		(35,814	)
Total	$	1,035,906	$	4,258,368		$	-0-	$	5,294,274

† 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 three months ended March 31, 2020 is as follows:

Fund	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	114	$	904	$	735	$	283	$	0	**
Government Money Market Portfolio*		-0-		26		26		-0-		0	**
Total							$	283	$	0	**

* Investment of cash collateral for securities lending transactions.

** Amount is less than $500.