AB Cap Fund, Inc.

AB Concentrated International Growth Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 92.7%
Information Technology – 18.8%
Electronic Equipment, Instruments & Components – 7.8%
Keyence Corp.		16,600	$	7,760,153
Murata Manufacturing Co., Ltd.		132,100		8,590,087
				16,350,240
IT Services – 3.2%
Capgemini SE		51,371		6,590,660
Semiconductors & Semiconductor Equipment – 3.2%
ASML Holding NV		17,783		6,568,558
Software – 4.6%
SAP SE		23,210		3,614,217
TeamViewer AG(a) (b)		81,287		4,009,061
Temenos AG		14,514		1,950,746
				9,574,024
				39,083,482
Industrials – 16.5%
Electrical Equipment – 4.6%
Nidec Corp.		103,100		9,668,499
Machinery – 7.0%
Alstom SA(b)		121,382		6,063,391
KION Group AG		98,483		8,409,380
				14,472,771
Professional Services – 2.7%
Recruit Holdings Co., Ltd.		143,800		5,711,067
Trading Companies & Distributors – 2.2%
Ashtead Group PLC		127,878		4,605,063
				34,457,400
Consumer Staples – 15.5%
Beverages – 3.6%
Budweiser Brewing Co. APAC Ltd.(a)		1,078,700		3,155,024
Treasury Wine Estates Ltd.		676,812		4,348,690
				7,503,714
Food Products – 7.9%
Calbee, Inc.		116,100		3,824,096
Kerry Group PLC - Class A		38,031		4,871,221
Nestle SA		65,500		7,795,284
				16,490,601
Household Products – 2.1%
Reckitt Benckiser Group PLC		45,991		4,484,363
Personal Products – 1.9%
Kose Corp.(c)		31,700		3,881,270
				32,359,948

1

Company	Shares		U.S. $ Value
Consumer Discretionary – 12.7%
Hotels, Restaurants & Leisure – 3.8%
Compass Group PLC		265,924	$	3,994,648
Yum China Holdings, Inc.		76,154		4,032,354
				8,027,002
Internet & Direct Marketing Retail – 3.6%
Alibaba Group Holding Ltd. (Sponsored ADR)(b)		25,389		7,463,858
Multiline Retail – 3.4%
B&M European Value Retail SA		1,098,543		7,003,423
Textiles, Apparel & Luxury Goods – 1.9%
LVMH Moet Hennessy Louis Vuitton SE		8,454		3,955,630
				26,449,913
Health Care – 11.1%
Biotechnology – 4.3%
Genmab A/S(b)		24,607		8,930,016
Health Care Providers & Services – 0.0%
NMC Health PLC(b) (d) (e)		110,100		0
Life Sciences Tools & Services – 6.8%
Eurofins Scientific SE(b)		7,867		6,231,973
Lonza Group AG		12,927		7,977,706
				14,209,679
				23,139,695
Financials – 7.7%
Capital Markets – 5.7%
Partners Group Holding AG		7,274		6,690,655
St. James’s Place PLC		434,295		5,224,738
				11,915,393
Insurance – 2.0%
AIA Group Ltd.		417,600		4,150,983
				16,066,376
Communication Services – 6.7%
Diversified Telecommunication Services – 3.8%
Cellnex Telecom SA(a)		131,852		8,003,760
Interactive Media & Services – 2.9%
Tencent Holdings Ltd.		88,900		6,004,606
				14,008,366
Materials – 3.7%
Chemicals – 3.7%
Sika AG		31,555		7,748,383
Total Common Stocks (cost $159,673,607)				193,313,563

2

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 5.6%
Investment Companies – 5.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(f) (g) (h) (cost $11,787,379)		11,787,379	$	11,787,379
Total Investments – 98.3% (cost $171,460,986)(i)				205,100,942
Other assets less liabilities – 1.7%				3,513,987
Net Assets – 100.0%			$	208,614,929

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		CHF	9,791		USD	10,823		12/11/2020		$	170,626
Bank of America, NA		JPY	92,280		USD	870		12/11/2020			(5,764	)
Bank of America, NA		USD	7,151		AUD	9,784		12/11/2020			(141,941	)
Bank of America, NA		USD	625		CHF	575		12/11/2020			860
Bank of America, NA		USD	589		CHF	538		12/11/2020			(3,801	)
Bank of America, NA		USD	972		JPY	103,188		12/11/2020			6,848
Bank of America, NA		USD	880		JPY	92,634		12/11/2020			(641	)
Barclays Bank PLC		USD	695		AUD	959		12/11/2020			(7,509	)
Barclays Bank PLC		USD	1,072		EUR	904		12/11/2020			(10,158	)
Barclays Bank PLC		USD	1,140		JPY	119,346		12/11/2020			(7,305	)
Citibank, NA		CNY	72,496		USD	10,526		12/11/2020			(119,067	)
Citibank, NA		EUR	662		USD	775		12/11/2020			(2,297	)
Citibank, NA		USD	814		CNY	5,571		12/11/2020			4,393
Citibank, NA		USD	631		JPY	67,154		12/11/2020			5,979
Citibank, NA		USD	706		JPY	74,371		12/11/2020			(69	)
Goldman Sachs Bank USA		CHF	1,431		USD	1,585		12/11/2020			28,077
Goldman Sachs Bank USA		USD	560		AUD	778		12/11/2020			(3,090	)
Goldman Sachs Bank USA		USD	1,376		CHF	1,266		12/11/2020			1,479
Goldman Sachs Bank USA		USD	615		CHF	563		12/11/2020			(2,252	)
Goldman Sachs Bank USA		USD	1,570		EUR	1,311		12/11/2020			(31,002	)
Goldman Sachs Bank USA		USD	10,769		JPY	1,140,954		12/11/2020			58,884
Natwest Markets PLC		CNY	8,193		USD	1,173		12/11/2020			(30,034	)
Natwest Markets PLC		JPY	77,831		USD	747		12/11/2020			8,013
Natwest Markets PLC		USD	523		AUD	727		12/11/2020			(1,896	)
Natwest Markets PLC		USD	9,898		EUR	8,325		12/11/2020			(121,906	)
State Street Bank & Trust Co.		HKD	6,549		USD	845		12/11/2020			(213	)
State Street Bank & Trust Co.		JPY	38,385		USD	367		12/11/2020			2,973
State Street Bank & Trust Co.		USD	2,148		EUR	1,820		12/11/2020			(11,087	)
State Street Bank & Trust Co.		USD	206		HKD	1,596		12/11/2020			111
State Street Bank & Trust Co.		USD	997		JPY	105,279		12/11/2020			2,187
UBS AG		DKK	13,615		USD	2,137		12/11/2020			(9,736	)
UBS AG		HKD	26,163		USD	3,374		12/11/2020			(1,211	)
UBS AG		USD	2,560		JPY	269,772		12/11/2020			280
										$	(220,269	)

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(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 September 30, 2020, the aggregate market value of these securities amounted to $15,167,845 or 7.3% of net assets.

(b)  Non-income producing security.

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

(d)  Fair valued by the Adviser.

(e)  Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(f) Affiliated investments.

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

(h)  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.

(i)  As of September 30, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $40,687,993 and gross unrealized depreciation of investments was $(7,268,306), resulting in net unrealized appreciation of $33,419,687.

     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

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

DKK – Danish Krone

EUR – Euro

HKD – Hong Kong Dollar

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

COUNTRY BREAKDOWN¹

September 30, 2020 (unaudited)

19.2%	Japan
15.7%	Switzerland
12.3%	United Kingdom
11.1%	France
10.1%	China
7.8%	Germany
4.4%	Denmark
3.9%	Spain
3.2%	Netherlands
2.4%	Ireland
2.1%	Australia
2.0%	United Arab Emirates
5.8%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2020. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time.

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AB Cap Fund, Inc.

AB Concentrated International Growth Portfolio

September 30, 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, by pricing vendors, 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 September 30, 2020:
Investments in Securities:	Level 1		Level 2			Level 3			Total
Assets:
Common Stocks:
Information Technology	$	—	$	39,083,482		$	—		$	39,083,482
Industrials		—		34,457,400			—			34,457,400
Consumer Staples		—		32,359,948			—			32,359,948
Consumer Discretionary		11,496,212		14,953,701			—			26,449,913
Health Care		—		23,139,695			0	(a)		23,139,695
Financials		—		16,066,376			—			16,066,376
Communication Services		—		14,008,366			—			14,008,366
Materials		—		7,748,383			—			7,748,383
Short-Term Investments		11,787,379		—			—			11,787,379
Total Investments in Securities		23,283,591		181,817,351	(b)		0			205,100,942

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Other Financial Instruments(c):
Assets:
Forward Currency Exchange Contracts		—		290,710			—		290,710
Liabilities:
Forward Currency Exchange Contracts		—		(510,979	)		—		(510,979	)
Total	$	23,283,591	$	181,597,082		$	0	$	204,880,673

^(a)  The Portfolio held securities with zero market value at period end.

^(b)  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.

^(c)  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 September 30, 2020 is as follows:

Fund	Market Value 06/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	6,171	$	30,049	$	24,433	$	11,787	$	2
Government Money Market Portfolio*		5,623		7,691		13,314		0		0	**
Total	$	11,794	$	37,740	$	37,747	$	11,787	$	2

*  Investments of cash collateral for securities lending transactions.

** Amount less than $500.

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