AB Cap Fund, Inc.

AB FlexFee Emerging Markets Growth Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 96.3%
Consumer Discretionary – 20.1%
Diversified Consumer Services – 7.4%
Fu Shou Yuan International Group Ltd.		100,000	$	87,404
New Oriental Education & Technology Group, Inc. (Sponsored ADR)(a)		1,523		164,850
TAL Education Group (ADR)(a)		2,040		108,650
				360,904
Hotels, Restaurants & Leisure – 1.7%
OPAP SA		10,850		81,747
Internet & Direct Marketing Retail – 11.0%
Alibaba Group Holding Ltd.(a)		12,040		291,741
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		469		91,211
JD.com, Inc. (ADR)(a)		2,050		83,025
Naspers Ltd. - Class N		530		75,321
				541,298
				983,949
Information Technology – 17.4%
Electronic Equipment, Instruments & Components – 0.5%
Hangzhou Hikvision Digital Technology Co., Ltd. - Class A		6,000		23,292
IT Services – 4.6%
GDS Holdings Ltd. (ADR)(a)		2,910		168,693
My EG Services Bhd		103,800		22,837
Network International Holdings PLC(a) (b)		4,290		20,860
TravelSky Technology Ltd. - Class H		7,000		12,251
				224,641
Semiconductors & Semiconductor Equipment – 8.5%
ASPEED Technology, Inc.		1,000		34,065
Broadcom, Inc.		210		49,791
MediaTek, Inc.		9,000		96,599
Micron Technology, Inc.(a)		2,330		98,000
SK Hynix, Inc.		180		12,169
Taiwan Semiconductor Manufacturing Co., Ltd.		14,000		126,032
				416,656
Software – 1.4%
Douzone Bizon Co., Ltd.		1,020		67,312
Technology Hardware, Storage & Peripherals – 2.4%
Samsung Electronics Co., Ltd. (Preference Shares)		3,670		119,597
				851,498
Consumer Staples – 17.1%
Beverages – 5.5%
Fomento Economico Mexicano SAB de CV		7,200		43,775
Kweichow Moutai Co., Ltd. - Class A (Nth SSE-SEHK)		1,080		167,814
Wuliangye Yibin Co., Ltd. - Class A (Nth SZ-SEHK)		3,570		57,418
				269,007

Company	Shares		U.S. $ Value
Food & Staples Retailing – 5.8%
Dino Polska SA(a) (b)		4,670	$	181,659
Jeronimo Martins SGPS SA		5,720		103,241
				284,900
Household Products – 1.6%
C&S Paper Co., Ltd.		32,710		77,698
Personal Products – 3.8%
Unilever PLC		3,640		183,566
Tobacco – 0.4%
VST Industries Ltd.		590		21,508
				836,679
Communication Services – 16.4%
Entertainment – 5.6%
NCSoft Corp.		278		148,370
NetEase, Inc. (ADR)		400		128,384
				276,754
Interactive Media & Services – 9.7%
Momo, Inc. (Sponsored ADR)		2,360		51,188
Tencent Holdings Ltd.		8,000		395,421
Yandex NV - Class A(a)		790		26,900
				473,509
Wireless Telecommunication Services – 1.1%
Safaricom PLC		220,850		55,937
				806,200
Financials – 11.7%
Banks – 5.3%
Bank Central Asia Tbk PT		38,000		64,027
Bank for Foreign Trade of Vietnam JSC		24,850		64,413
Bank Tabungan Pensiunan Nasional Syariah Tbk PT(a)		19,500		2,539
Capitec Bank Holdings Ltd.		660		32,465
Sberbank of Russia PJSC (Sponsored ADR)		7,904		74,298
TCS Group Holding PLC (GDR)(b)		1,800		20,808
				258,550
Capital Markets – 1.8%
B3 SA - Brasil Bolsa Balcao		9,100		62,872
New Frontier Health Corp.(a)		3,150		25,988
				88,860
Consumer Finance – 1.5%
Manappuram Finance Ltd.		18,231		22,797
Muangthai Capital PCL		27,200		29,009
Muthoot Finance Ltd.		3,092		24,984
				76,790

Company	Shares		U.S. $ Value
Insurance – 2.5%
IRB Brasil Resseguros S/A		4,700	$	8,756
Ping An Insurance Group Co. of China Ltd. - Class H		11,500		112,312
				121,068
Thrifts & Mortgage Finance – 0.6%
Housing Development Finance Corp., Ltd.		1,354		29,080
				574,348
Industrials – 6.3%
Commercial Services & Supplies – 5.1%
A-Living Services Co., Ltd. - Class H(b)		21,750		104,309
Sunny Friend Environmental Technology Co., Ltd.		19,000		145,243
				249,552
Professional Services – 0.5%
L&T Technology Services Ltd.(b)		1,580		24,184
Road & Rail – 0.7%
Globaltrans Investment PLC (Sponsored GDR)(b)		3,166		16,780
Localiza Rent a Car SA		3,590		18,171
				34,951
				308,687
Real Estate – 3.3%
Equity Real Estate Investment Trusts (REITs) – 2.3%
Embassy Office Parks REIT(a)		24,200		112,144
Real Estate Management & Development – 1.0%
Vincom Retail JSC		64,280		51,182
				163,326
Health Care – 2.0%
Health Care Equipment & Supplies – 0.2%
Yestar Healthcare Holdings Co., Ltd.(a)		57,500		9,585
Health Care Providers & Services – 1.1%
Jinxin Fertility Group Ltd.(a) (b)		49,200		53,899
Pharmaceuticals – 0.7%
Genomma Lab Internacional SAB de CV - Class B(a)		43,840		35,112
				98,596
Utilities – 2.0%
Electric Utilities – 2.0%
Equatorial Energia SA		29,000		98,228
Total Common Stocks (cost $5,072,086)				4,721,511

Company	Shares				U.S. $ Value
EQUITY LINKED NOTES – 1.3%
Information Technology – 1.1%
Electronic Equipment, Instruments & Components – 1.1%
FPT Corp., Macquarie Bank Ltd., expiring 04/06/2020(a)			30,600		$	53,252
Consumer Discretionary – 0.2%
Specialty Retail – 0.2%
Mobile World Investment Corp., Macquarie Bank Ltd., expiring 04/05/2021(a)			3,666			9,143
Total Equity Linked Notes (cost $101,031)						62,395
SHORT-TERM INVESTMENTS – 3.8%
Investment Companies – 3.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(c) (d) (e) (cost $185,249)			185,249			185,249
	Principal Amount (000)
Time Deposits – 0.0%
BBH, Grand Cayman (1.86)%, 04/01/2020		CHF	0	*		13
(0.65)%, 04/01/2020		EUR	1			590
0.01%, 04/01/2020		SGD	0	*		40
0.03%, 04/01/2020		GBP	1			635
0.63%, 04/01/2020		HKD	4			476
4.00%, 04/01/2020		ZAR	8			465
Total Time Deposits (cost $2,219)						2,219
Total Short-Term Investments (cost $187,468)						187,468
Total Investments – 101.4% (cost $5,360,585)(f)						4,971,374
Other assets less liabilities – (1.4)%						(67,928	)
Net Assets – 100.0%					$	4,903,446

* Principal amount less than 500.

(a) Non-income producing security.

(b) 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 $422,499 or 8.6% of net assets.

(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 $243,191 and gross unrealized depreciation of investments was $(632,402), resulting in net unrealized depreciation of $(389,211).

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

REIT – Real Estate Investment Trust

COUNTRY BREAKDOWN¹

March 31, 2020 (unaudited)

44.0%	China
8.1%	Taiwan
7.0%	South Korea
4.7%	India
3.8%	Brazil
3.7%	United Kingdom
3.6%	Poland
3.6%	Vietnam
3.0%	United States
2.8%	Russia
2.2%	South Africa
2.1%	Portugal
1.6%	Greece
6.0%	Other
3.8%	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 1.6% or less in the following: Hong Kong, Indonesia, Kenya, Malaysia, Mexico, Thailand and United Arab Emirates.

AB Cap Fund, Inc.

AB FlexFee Emerging Markets Growth 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:
Consumer Discretionary	$	447,736	$	536,213		$	-0-	$	983,949
Information Technology		316,484		535,014			-0-		851,498
Consumer Staples		43,775		792,904			-0-		836,679
Communication Services		206,472		599,728			-0-		806,200
Financials		192,722		381,626			-0-		574,348
Industrials		34,951		273,736			-0-		308,687
Real Estate		-0-		163,326			-0-		163,326
Health Care		35,112		63,484			-0-		98,596
Utilities		98,228		-0-			-0-		98,228
Equity Linked Notes:
Information Technology		-0-		53,252			-0-		53,252
Consumer Discretionary		-0-		9,143			-0-		9,143
Short-Term Investments:
Investment Companies		185,249		-0-			-0-		185,249
Time Deposits		-0-		2,219			-0-		2,219
Total Investments in Securities		1,560,729		3,410,645	†		-0-		4,971,374
Other Financial Instruments*		-0-		-0-			-0-		-0-
Total	$	1,560,729	$	3,410,645		$	-0-	$	4,971,374

† 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	$	27	$	992	$	834	$	185	$	0	**
Government Money Market Portfolio*		80		248		328		-0-		0	**
Total							$	185	$	0	**

* Investment of cash collateral for securities lending transactions.

** Amount is less than $500.