AB Cap Fund, Inc.

AB International Strategic Core Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 91.0%
Financials – 16.0%
Banks – 6.7%
Bank Leumi Le-Israel BM		899,450	$	4,959,535
DBS Group Holdings Ltd.		318,000		4,149,312
Hang Seng Bank Ltd.		185,500		3,160,414
KBC Group NV		83,350		3,782,022
Oversea-Chinese Banking Corp., Ltd.		495,272		3,000,818
Royal Bank of Canada		62,149		3,849,590
				22,901,691
Capital Markets – 4.0%
Euronext NV(a)		40,231		2,962,339
Partners Group Holding AG		8,533		5,842,254
Singapore Exchange Ltd.		720,400		4,639,702
				13,444,295
Insurance – 5.3%
Admiral Group PLC		186,390		5,133,205
Allianz SE (REG)		15,780		2,687,295
Sampo Oyj - Class A		129,140		3,725,539
Swiss Re AG		29,990		2,309,197
Zurich Insurance Group AG		11,340		3,983,817
				17,839,053
				54,185,039
Industrials – 13.2%
Aerospace & Defense – 1.5%
Airbus SE		22,300		1,437,946
BAE Systems PLC		312,760		2,009,490
MTU Aero Engines AG		11,690		1,690,338
				5,137,774
Air Freight & Logistics – 2.2%
Kuehne & Nagel International AG		20,830		2,837,475
SG Holdings Co., Ltd.		195,500		4,656,512
				7,493,987
Commercial Services & Supplies – 1.2%
Secom Co., Ltd.		48,900		4,044,433
Professional Services – 8.3%
Experian PLC		149,770		4,162,308
Intertek Group PLC		33,480		1,956,071
Intertrust NV(a)		105,301		1,325,488
Meitec Corp.		77,800		3,085,290
RELX PLC		442,415		9,442,214
Wolters Kluwer NV		111,614		7,900,498
				27,871,869
				44,548,063
Information Technology – 13.1%
IT Services – 3.3%
Amadeus IT Group SA - Class A		93,194		4,386,536
Capgemini SE		40,130		3,353,358
Otsuka Corp.		77,900		3,320,918
				11,060,812

Company	Shares		U.S. $ Value
Software – 9.0%
Avast PLC(a)		656,887	$	3,175,850
Check Point Software Technologies Ltd.(b)		47,723		4,798,071
Constellation Software, Inc./Canada		8,173		7,428,004
Nice Ltd.(b)		30,798		4,453,257
Oracle Corp. Japan		81,600		7,117,393
SAP SE		33,199		3,706,601
				30,679,176
Technology Hardware, Storage & Peripherals – 0.8%
Samsung Electronics Co., Ltd.		69,430		2,699,544
				44,439,532
Consumer Staples – 11.5%
Food & Staples Retailing – 1.7%
Koninklijke Ahold Delhaize NV		255,550		5,953,438
Food Products – 4.6%
Danone SA		29,720		1,902,028
Morinaga & Co., Ltd./Japan		62,600		2,562,631
Nestle SA (REG)		66,860		6,844,311
Salmar ASA		124,770		4,127,883
				15,436,853
Personal Products – 0.8%
Unilever PLC		52,300		2,637,499
Tobacco – 4.4%
British American Tobacco PLC		105,731		3,601,754
Philip Morris International, Inc.		82,540		6,022,118
Swedish Match AB		92,470		5,235,620
				14,859,492
				38,887,282
Health Care – 10.8%
Health Care Providers & Services – 1.1%
Galenica AG(a)		52,744		3,598,864
Pharmaceuticals – 9.7%
Astellas Pharma, Inc.		401,200		6,181,432
GlaxoSmithKline PLC		272,930		5,121,303
Novo Nordisk A/S - Class B		98,040		5,854,566
Roche Holding AG		39,787		12,801,150
Sanofi		32,730		2,833,597
				32,792,048
				36,390,912
Consumer Discretionary – 7.6%
Hotels, Restaurants & Leisure – 3.4%
Aristocrat Leisure Ltd.		330,464		4,282,034
Compass Group PLC		276,520		4,308,212
Sushiro Global Holdings Ltd.		209,600		3,072,712
				11,662,958

Company	Shares		U.S. $ Value
Internet & Direct Marketing Retail – 0.9%
Moneysupermarket.com Group PLC		830,710	$	3,086,975
Leisure Products – 1.3%
Bandai Namco Holdings, Inc.		90,600		4,394,394
Specialty Retail – 0.7%
Hikari Tsushin, Inc.		13,700		2,292,462
Textiles, Apparel & Luxury Goods – 1.3%
adidas AG		19,420		4,311,772
				25,748,561
Communication Services – 7.5%
Diversified Telecommunication Services – 3.5%
HKT Trust & HKT Ltd. - Class SS		3,135,000		4,263,750
Nippon Telegraph & Telephone Corp.		256,100		6,125,046
TELUS Corp.		105,700		1,671,161
				12,059,957
Entertainment – 0.4%
Daiichikosho Co., Ltd.		48,600		1,300,640
Interactive Media & Services – 2.3%
Auto Trader Group PLC		893,040		4,825,804
Kakaku.com, Inc.		157,400		2,878,759
				7,704,563
Media – 1.3%
Cogeco Communications, Inc.		38,348		2,601,495
Informa PLC		318,590		1,735,267
				4,336,762
				25,401,922
Real Estate – 5.3%
Equity Real Estate Investment Trusts (REITs) – 4.0%
Merlin Properties Socimi SA		377,060		2,845,537
Nippon Building Fund, Inc.		827		5,563,191
Nippon Prologis REIT, Inc.		2,058		5,178,114
				13,586,842
Real Estate Management & Development – 1.3%
Vonovia SE		89,340		4,444,086
				18,030,928
Utilities – 4.7%
Electric Utilities – 3.3%
EDP - Energias de Portugal SA		1,339,740		5,390,291
Enel SpA		851,780		5,875,448
				11,265,739
Gas Utilities – 1.4%
Tokyo Gas Co., Ltd.		195,600		4,608,974
				15,874,713

Company	Shares		U.S. $ Value
Energy – 1.3%
Oil, Gas & Consumable Fuels – 1.3%
Royal Dutch Shell PLC - Class B		267,701	$	4,490,433
Total Common Stocks (cost $343,166,451)				307,997,385
SHORT-TERM INVESTMENTS – 8.0%
Investment Companies – 8.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(c) (d) (e) (cost $26,969,440)		26,969,440		26,969,440
Total Investments – 99.0% (cost $370,135,891)(f)				334,966,825
Other assets less liabilities – 1.0%				3,453,284
Net Assets – 100.0%			$	338,420,109

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
MSCI EAFE Futures		164		June 2020		$	12,786,260		$	1,147,898

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		CAD	936		USD	710		04/17/2020		$	45,056
Bank of America, NA		HKD	31,065		USD	3,997		04/17/2020			(9,214	)
Bank of America, NA		ILS	2,460		USD	714		04/17/2020			18,693
Bank of America, NA		JPY	331,522		USD	3,076		04/17/2020			(9,018	)
Bank of America, NA		NOK	22,750		USD	2,557		04/17/2020			368,481
Bank of America, NA		USD	1,060		CAD	1,418		04/17/2020			(52,373	)
Bank of America, NA		USD	19,737		JPY	2,162,962		04/17/2020			393,374
Bank of America, NA		CAD	1,504		USD	1,121		07/17/2020			51,388
Bank of America, NA		ILS	8,250		USD	2,274		07/17/2020			(67,828	)
Barclays Bank PLC		CAD	24,673		USD	18,915		04/17/2020			1,379,592
Barclays Bank PLC		CHF	1,674		USD	1,735		04/17/2020			(5,230	)
Barclays Bank PLC		EUR	1,262		USD	1,412		04/17/2020			19,048
Barclays Bank PLC		JPY	199,491		USD	1,821		04/17/2020			(36,036	)
Barclays Bank PLC		SGD	11,918		USD	8,834		04/17/2020			446,483
Barclays Bank PLC		USD	1,424		AUD	2,168		04/17/2020			(90,832	)
Barclays Bank PLC		USD	679		CAD	941		04/17/2020			(10,498	)
Barclays Bank PLC		USD	1,563		EUR	1,418		04/17/2020			1,782
Barclays Bank PLC		USD	17,859		EUR	15,938		04/17/2020			(271,531	)
Barclays Bank PLC		USD	1,787		ILS	6,312		04/17/2020			(3,596	)
Barclays Bank PLC		USD	891		JPY	95,594		04/17/2020			(1,127	)
Barclays Bank PLC		USD	689		SEK	6,491		04/17/2020			(32,815	)
Barclays Bank PLC		KRW	888,738		USD	748		05/14/2020			17,600
Barclays Bank PLC		USD	1,064		KRW	1,314,936		05/14/2020			16,625
Barclays Bank PLC		USD	1,912		AUD	3,189		07/17/2020			49,720
Barclays Bank PLC		USD	1,509		AUD	2,448		07/17/2020			(2,523	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		AUD	4,427		USD	2,995		04/17/2020		$	271,450
Brown Brothers Harriman & Co.		CAD	4,526		USD	3,427		04/17/2020			210,243
Brown Brothers Harriman & Co.		CHF	2,741		USD	2,831		04/17/2020			(18,529	)
Brown Brothers Harriman & Co.		EUR	3,058		USD	3,423		04/17/2020			47,950
Brown Brothers Harriman & Co.		EUR	4,302		USD	4,701		04/17/2020			(46,323	)
Brown Brothers Harriman & Co.		GBP	838		USD	1,093		04/17/2020			52,302
Brown Brothers Harriman & Co.		ILS	2,571		USD	753		04/17/2020			26,672
Brown Brothers Harriman & Co.		JPY	786,387		USD	7,405		04/17/2020			86,663
Brown Brothers Harriman & Co.		JPY	276,576		USD	2,556		04/17/2020			(17,765	)
Brown Brothers Harriman & Co.		NOK	16,561		USD	1,810		04/17/2020			217,362
Brown Brothers Harriman & Co.		SEK	35,354		USD	3,713		04/17/2020			137,914
Brown Brothers Harriman & Co.		SGD	936		USD	695		04/17/2020			36,159
Brown Brothers Harriman & Co.		USD	1,797		AUD	2,718		04/17/2020			(125,142	)
Brown Brothers Harriman & Co.		USD	708		CHF	684		04/17/2020			2,950
Brown Brothers Harriman & Co.		USD	1,308		EUR	1,196		04/17/2020			11,609
Brown Brothers Harriman & Co.		USD	2,233		EUR	1,999		04/17/2020			(27,147	)
Brown Brothers Harriman & Co.		USD	4,000		HKD	31,065		04/17/2020			6,965
Brown Brothers Harriman & Co.		USD	892		ILS	3,199		04/17/2020			11,848
Brown Brothers Harriman & Co.		USD	1,563		ILS	5,378		04/17/2020			(43,536	)
Brown Brothers Harriman & Co.		USD	4,210		JPY	460,586		04/17/2020			76,969
Brown Brothers Harriman & Co.		USD	1,252		NOK	12,021		04/17/2020			(95,973	)
Brown Brothers Harriman & Co.		USD	1,608		SGD	2,234		04/17/2020			(36,208	)
Brown Brothers Harriman & Co.		GBP	2,450		USD	3,040		07/17/2020			(7,850	)
Brown Brothers Harriman & Co.		USD	2,511		EUR	2,284		07/17/2020			18,009
Brown Brothers Harriman & Co.		USD	5,403		JPY	585,302		07/17/2020			64,075
Deutsche Bank AG		ILS	44,725		USD	12,944		04/17/2020			309,654
Deutsche Bank AG		NOK	25,164		USD	2,731		04/17/2020			310,389
Deutsche Bank AG		USD	896		NOK	8,289		04/17/2020			(98,970	)
Goldman Sachs Bank USA		USD	877		AUD	1,276		04/17/2020			(91,996	)
Goldman Sachs Bank USA		USD	2,357		CAD	3,392		04/17/2020			53,470
Goldman Sachs Bank USA		USD	2,679		CAD	3,648		04/17/2020			(85,864	)
Goldman Sachs Bank USA		USD	1,795		ILS	6,178		04/17/2020			(49,567	)
Goldman Sachs Bank USA		CAD	1,213		USD	880		07/17/2020			17,142
Goldman Sachs Bank USA		USD	717		EUR	633		07/17/2020			(16,409	)
Goldman Sachs Bank USA		USD	1,211		JPY	133,167		07/17/2020			32,737
JPMorgan Chase Bank, NA		EUR	2,663		USD	2,924		04/17/2020			(14,858	)
JPMorgan Chase Bank, NA		ILS	3,492		USD	1,012		04/17/2020			25,703
JPMorgan Chase Bank, NA		JPY	96,163		USD	881		04/17/2020			(13,455	)
JPMorgan Chase Bank, NA		USD	2,143		CAD	2,959		04/17/2020			(40,222	)
JPMorgan Chase Bank, NA		USD	1,072		EUR	956		04/17/2020			(17,043	)
JPMorgan Chase Bank, NA		USD	1,272		JPY	139,083		04/17/2020			22,741
JPMorgan Chase Bank, NA		USD	1,777		NOK	17,008		04/17/2020			(141,142	)
JPMorgan Chase Bank, NA		USD	7,899		SEK	74,640		04/17/2020			(351,479	)
JPMorgan Chase Bank, NA		KRW	2,608,493		USD	2,185		05/14/2020			42,576

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA		SGD	869		USD	596		07/17/2020		$	(16,449	)
JPMorgan Chase Bank, NA		USD	3,776		AUD	5,793		07/17/2020			(211,550	)
JPMorgan Chase Bank, NA		USD	4,644		EUR	4,221		07/17/2020			29,314
Royal Bank of Scotland PLC		AUD	4,552		USD	2,704		04/17/2020			(96,197	)
Royal Bank of Scotland PLC		EUR	1,982		USD	2,274		04/17/2020			86,640
Royal Bank of Scotland PLC		JPY	148,958		USD	1,345		04/17/2020			(40,807	)
Royal Bank of Scotland PLC		SEK	6,763		USD	717		04/17/2020			33,324
Royal Bank of Scotland PLC		SEK	10,590		USD	1,052		04/17/2020			(19,048	)
Royal Bank of Scotland PLC		USD	5,608		AUD	8,100		04/17/2020			(625,069	)
Royal Bank of Scotland PLC		USD	4,589		CHF	4,380		04/17/2020			(34,470	)
Royal Bank of Scotland PLC		USD	1,253		SGD	1,792		04/17/2020			8,380
Royal Bank of Scotland PLC		USD	1,017		AUD	1,620		07/17/2020			(20,183	)
Royal Bank of Scotland PLC		USD	1,405		EUR	1,274		07/17/2020			5,242
Royal Bank of Scotland PLC		USD	836		EUR	736		07/17/2020			(21,551	)
Royal Bank of Scotland PLC		USD	4,160		JPY	449,290		07/17/2020			36,497
UBS AG		AUD	2,551		USD	1,556		04/17/2020			(13,245	)
UBS AG		CHF	649		USD	673		04/17/2020			(1,733	)
UBS AG		USD	706		AUD	1,030		04/17/2020			(72,133	)
UBS AG		USD	1,650		CAD	2,378		04/17/2020			39,641
UBS AG		USD	1,095		EUR	991		04/17/2020			(1,404	)
UBS AG		USD	1,090		GBP	838		04/17/2020			(49,255	)
UBS AG		CAD	2,380		USD	1,687		07/17/2020			(5,743	)
										$	1,979,496

(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 $11,062,541 or 3.3% of net assets.

(b) Non-income producing security.

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

(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) 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 $15,207,222 and gross unrealized depreciation of investments was $(47,248,894), resulting in net unrealized depreciation of $(32,041,672).

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

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

MSCI – Morgan Stanley Capital International

REG – Registered Shares

REIT – Real Estate Investment Trust

COUNTRY BREAKDOWN¹

March 31, 2020 (unaudited)

19.8%	Japan
16.6%	United Kingdom
11.4%	Switzerland
5.4%	Netherlands
5.0%	Germany
4.6%	Canada
4.2%	Israel
3.5%	Singapore
2.9%	France
2.2%	Hong Kong
2.2%	Spain
1.8%	United States
1.8%	Italy
10.5%	Other
8.1%	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 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 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.

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	$	3,849,590	$	50,335,449		$	-0-	$	54,185,039
Industrials		7,900,498		36,647,565			-0-		44,548,063
Information Technology		12,226,075		32,213,457			-0-		44,439,532
Consumer Staples		6,022,118		32,865,164			-0-		38,887,282
Health Care		-0-		36,390,912			-0-		36,390,912
Consumer Discretionary		-0-		25,748,561			-0-		25,748,561
Communication Services		4,272,656		21,129,266			-0-		25,401,922
Real Estate		-0-		18,030,928			-0-		18,030,928
Utilities		-0-		15,874,713			-0-		15,874,713
Energy		-0-		4,490,433			-0-		4,490,433
Short-Term Investments:
Investment Companies		26,969,440		-0-			-0-		26,969,440
Total Investments in Securities		61,240,377		273,726,448	†		-0-		334,966,825
Other Financial Instruments*:
Assets
Futures		1,147,898		-0-			-0-		1,147,898
Forward Currency Exchange Contracts		-0-		5,140,432			-0-		5,140,432
Liabilities
Forward Currency Exchange Contracts		-0-		(3,160,936	)		-0-		(3,160,936	)
Total	$	62,388,275	$	275,705,944		$	-0-	$	338,094,219

† 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	$	4,106	$	116,915	$	94,052	$	26,969	$	102
Government Money Market Portfolio*		-0-		23,931		23,931		-0-		2
Total							$	26,969	$	104

* Investment of cash collateral for securities lending transactions.