AB Cap Fund, Inc.

AB FlexFee Core Opportunities Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 95.6%
Health Care – 21.2%
Biotechnology – 6.0%
Alexion Pharmaceuticals, Inc.(a)		175	$	15,713
Regeneron Pharmaceuticals, Inc.(a)		37		18,067
Vertex Pharmaceuticals, Inc.(a)		106		25,223
				59,003
Health Care Equipment & Supplies – 1.0%
Align Technology, Inc.(a)		55		9,567
Health Care Providers & Services – 5.8%
Quest Diagnostics, Inc.		202		16,221
UnitedHealth Group, Inc.		160		39,901
				56,122
Life Sciences Tools & Services – 0.8%
Illumina, Inc.(a)		28		7,647
Pharmaceuticals – 7.6%
Pfizer, Inc.		1,165		38,026
Roche Holding AG (Sponsored ADR)		892		36,188
				74,214
				206,553
Information Technology – 19.0%
Communications Equipment – 1.3%
F5 Networks, Inc.(a)		120		12,795
Electronic Equipment, Instruments & Components – 2.1%
Dolby Laboratories, Inc. - Class A		224		12,143
Keysight Technologies, Inc.(a)		101		8,452
				20,595
IT Services – 6.6%
Akamai Technologies, Inc.(a)		139		12,717
Cognizant Technology Solutions Corp. - Class A		182		8,457
Euronet Worldwide, Inc.(a)		100		8,572
Leidos Holdings, Inc.		194		17,780
MAXIMUS, Inc.		128		7,450
Visa, Inc. - Class A		55		8,862
				63,838
Semiconductors & Semiconductor Equipment – 1.7%
MKS Instruments, Inc.		46		3,746
Xilinx, Inc.		169		13,172
				16,918
Software – 7.3%
Microsoft Corp.		372		58,668
Slack Technologies, Inc. - Class A(a)		305		8,186
VMware, Inc. - Class A(a)		35		4,239
				71,093
				185,239

Company	Shares		U.S. $ Value
Communication Services – 15.8%
Diversified Telecommunication Services – 6.8%
Comcast Corp. - Class A		759	$	26,095
Verizon Communications, Inc.		740		39,760
				65,855
Entertainment – 1.0%
Electronic Arts, Inc.(a)		93		9,316
Interactive Media & Services – 8.0%
Alphabet, Inc. - Class C(a)		35		40,698
Facebook, Inc. - Class A(a)		225		37,530
				78,228
				153,399
Consumer Discretionary – 12.2%
Auto Components – 0.8%
Gentex Corp.		362		8,022
Distributors – 1.4%
LKQ Corp.(a)		672		13,783
Household Durables – 3.5%
DR Horton, Inc.		362		12,308
Garmin Ltd.		186		13,943
NVR, Inc.(a)		3		7,707
				33,958
Internet & Direct Marketing Retail – 3.7%
Amazon.com, Inc.(a)		15		29,246
Etsy, Inc.(a)		163		6,265
				35,511
Specialty Retail – 2.8%
Advance Auto Parts, Inc.		95		8,865
Home Depot, Inc. (The)		45		8,402
Murphy USA, Inc.(a)		118		9,955
				27,222
				118,496
Financials – 10.2%
Banks – 4.3%
JPMorgan Chase & Co.		217		19,536
Wells Fargo & Co.		770		22,099
				41,635
Diversified Financial Services – 2.7%
Berkshire Hathaway, Inc. - Class B(a)		146		26,693

Company	Shares		U.S. $ Value
Insurance – 3.2%
Allstate Corp. (The)		163	$	14,952
Fidelity National Financial, Inc.		299		7,439
Reinsurance Group of America, Inc. - Class A		104		8,751
				31,142
				99,470
Industrials – 7.5%
Aerospace & Defense – 3.4%
Hexcel Corp.		64		2,380
Raytheon Co.		233		30,558
				32,938
Airlines – 0.5%
Southwest Airlines Co.		125		4,451
Building Products – 0.7%
Allegion PLC		73		6,718
Electrical Equipment – 0.8%
Emerson Electric Co.		156		7,433
Machinery – 1.6%
Altra Industrial Motion Corp.		228		3,988
Crane Co.		118		5,803
Middleby Corp. (The)(a)		105		5,972
				15,763
Road & Rail – 0.5%
Kansas City Southern		42		5,342
				72,645
Consumer Staples – 5.3%
Beverages – 1.6%
Monster Beverage Corp.(a)		282		15,865
Food & Staples Retailing – 3.1%
Walmart, Inc.		265		30,109
Tobacco – 0.6%
Philip Morris International, Inc.		84		6,129
				52,103
Real Estate – 2.6%
Equity Real Estate Investment Trusts (REITs) – 0.7%
Regency Centers Corp.		165		6,341
Real Estate Management & Development – 1.9%
CBRE Group, Inc. - Class A(a)		494		18,629
				24,970
Energy – 1.8%
Oil, Gas & Consumable Fuels – 1.8%
ConocoPhillips		178		5,482
Phillips 66		218		11,696
				17,178
Total Common Stocks (cost $966,819)				930,053

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 4.9%
Investment Companies – 4.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(b) (c) (d) (cost $47,832)		47,832	$	47,832
Total Investments – 100.5% (cost $1,014,651)(e)				977,885
Other assets less liabilities – (0.5)%				(4,495	)
Net Assets – 100.0%			$	973,390

(a) Non-income producing security.

(b) 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.

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

(d) Affiliated investments.

(e) 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 $84,727 and gross unrealized depreciation of investments was $(121,493), resulting in net unrealized depreciation of $(36,766).

Glossary:

ADR – American Depositary Receipt

AB Cap Fund, Inc.

AB FlexFee Core Opportunities 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^	$	930,053	$	-0-	$	-0-	$	930,053
Short-Term Investments:
Investment Companies		47,832		-0-		-0-		47,832
Total Investments in Securities		977,885		-0-		-0-		977,885
Other Financial Instruments*		-0-		-0-		-0-		-0-
Total	$	977,885	$	-0-	$	-0-	$	977,885

^ See Portfolio of Investments for sector classifications.

* 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	$	135	$	102	$	189	$	48	$	0	**
Government Money Market Portfolio*		-0-		11		11		-0-		0	**
Total							$	48	$	0	**

* Investment of cash collateral for securities lending transactions.

** Amount is less than $500.