AB Cap Fund, Inc.

AB Global Core Equity Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.6%
Information Technology – 20.6%
Electronic Equipment, Instruments & Components – 0.8%
IPG Photonics Corp.(a)		67,278	$	11,435,242
IT Services – 6.9%
Automatic Data Processing, Inc.		178,785		24,938,719
Cognizant Technology Solutions Corp. - Class A		728,869		50,598,086
Visa, Inc. - Class A		141,369		28,269,559
				103,806,364
Semiconductors & Semiconductor Equipment – 1.1%
Xilinx, Inc.		166,421		17,347,725
Software – 9.1%
Microsoft Corp.		288,529		60,686,305
SAP SE		192,429		29,964,697
Trend Micro, Inc./Japan		517,200		31,517,496
VMware, Inc. - Class A(a) (b)		107,293		15,414,785
				137,583,283
Technology Hardware, Storage & Peripherals – 2.7%
Samsung Electronics Co., Ltd.		822,635		40,839,025
				311,011,639
Health Care – 16.6%
Health Care Equipment & Supplies – 5.4%
Koninklijke Philips NV(a)		904,191		42,695,124
Medtronic PLC		371,536		38,610,021
				81,305,145
Health Care Providers & Services – 6.1%
Anthem, Inc.		271,388		72,892,103
Henry Schein, Inc.(a)		322,839		18,976,476
				91,868,579
Pharmaceuticals – 5.1%
Johnson & Johnson		157,581		23,460,659
Roche Holding AG		62,772		21,501,956
Sanofi		321,210		32,189,046
				77,151,661
				250,325,385
Financials – 14.9%
Banks – 3.6%
DBS Group Holdings Ltd.		961,700		14,138,292
Jyske Bank A/S(a)		626,253		17,597,307
Wells Fargo & Co.		983,137		23,113,551
				54,849,150
Capital Markets – 6.7%
BlackRock, Inc. - Class A		15,031		8,470,720
CME Group, Inc. - Class A		85,548		14,313,036
Goldman Sachs Group, Inc. (The)		44,245		8,891,918
Julius Baer Group Ltd.		976,375		41,468,984

1

Company	Shares		U.S. $ Value
Moody’s Corp.		29,124	$	8,441,591
Singapore Exchange Ltd.		2,863,900		19,316,055
				100,902,304
Diversified Financial Services – 4.0%
Berkshire Hathaway, Inc. - Class B(a)		216,459		46,092,779
Groupe Bruxelles Lambert SA		154,769		13,952,724
				60,045,503
Insurance – 0.6%
PICC Property & Casualty Co., Ltd. - Class H		13,108,000		9,207,819
				225,004,776
Communication Services – 14.2%
Diversified Telecommunication Services – 1.9%
Comcast Corp. - Class A		613,474		28,379,307
Entertainment – 1.2%
Nintendo Co., Ltd.		33,300		18,870,819
Interactive Media & Services – 8.1%
Alphabet, Inc. - Class C(a)		49,762		73,130,235
Facebook, Inc. - Class A(a)		184,986		48,447,834
				121,578,069
Wireless Telecommunication Services – 3.0%
SoftBank Group Corp.		732,500		45,323,133
				214,151,328
Industrials – 11.3%
Building Products – 3.1%
Otis Worldwide Corp.		745,393		46,527,431
Commercial Services & Supplies – 3.3%
Secom Co., Ltd.		545,700		49,940,019
Industrial Conglomerates – 2.2%
3M Co.		207,962		33,311,353
Machinery – 1.9%
Dover Corp.		187,677		20,332,926
Volvo AB - Class B(a)		478,990		9,201,332
				29,534,258
Professional Services – 0.8%
RELX PLC		526,367		11,718,106
				171,031,167
Consumer Discretionary – 10.4%
Diversified Consumer Services – 2.5%
Service Corp. International/US		893,875		37,703,647
Hotels, Restaurants & Leisure – 1.7%
Compass Group PLC		1,038,057		15,593,456
Starbucks Corp.		108,244		9,300,325
				24,893,781

2

Company	Shares		U.S. $ Value
Internet & Direct Marketing Retail – 5.6%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		66,046	$	19,416,203
Naspers Ltd. - Class N		254,063		44,873,600
Prosus NV(a)		225,321		20,797,740
				85,087,543
Textiles, Apparel & Luxury Goods – 0.6%
adidas AG(a)		29,776		9,615,928
				157,300,899
Consumer Staples – 4.5%
Beverages – 2.8%
Asahi Group Holdings Ltd.		632,235		22,035,050
Coca-Cola Co. (The)		401,734		19,833,607
				41,868,657
Food Products – 1.7%
Danone SA(b)		397,548		25,751,193
				67,619,850
Materials – 4.1%
Chemicals – 3.5%
International Flavors & Fragrances, Inc.(b)		431,958		52,893,257
Paper & Forest Products – 0.6%
Mondi PLC		430,618		9,105,253
				61,998,510
Energy – 1.8%
Oil, Gas & Consumable Fuels – 1.8%
LUKOIL PJSC (Sponsored ADR)		208,000		11,941,280
Marathon Petroleum Corp.		513,109		15,054,618
				26,995,898
Real Estate – 1.2%
Real Estate Management & Development – 1.2%
CBRE Group, Inc. - Class A(a)		385,227		18,094,112
Total Common Stocks (cost $1,315,705,443)				1,503,533,564
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e) (cost $12,831,076)		12,831,076		12,831,076

3

	Principal Amount (000)			U.S. $ Value
Time Deposits – 0.1%
BBH, Grand Cayman (1.49)%, 10/01/2020	CHF	138		$	149,446
(0.55)%, 10/01/2020	DKK	894			140,796
Zero Coupon, 10/01/2020	AUD	0	*		1
0.03%, 10/01/2020	CAD	0	*		1
5.20%, 10/01/2020	ZAR	2,541			151,707
Citibank, London (0.69)%, 10/01/2020	EUR	130			152,376
0.01%, 10/01/2020	GBP	371			479,217
Hong Kong & Shanghai Bank, Hong Kong 0.01%, 10/05/2020	HKD	750			96,742
Hong Kong & Shanghai Bank, Singapore 0.01%, 10/01/2020	SGD	204			149,155
SEB, Stockholm (0.28)%, 10/01/2020	SEK	1,374			153,377
Sumitomo, Tokyo (0.23)%, 10/01/2020	JPY	15,649			148,384
Total Time Deposits (cost $1,621,202)					1,621,202
Total Short-Term Investments (cost $14,452,278)					14,452,278
Total Investments Before Security Lending Collateral for Securities Loaned – 100.5% (cost $1,330,157,721)					1,517,985,842
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 4.2%
Investment Companies – 4.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e) (cost $63,082,256)		63,082,256			63,082,256
Total Investments – 104.7% (cost $1,393,239,977)(f)					1,581,068,098
Other assets less liabilities – (4.7)%					(70,747,794	)
Net Assets – 100.0%				$	1,510,320,304

*   Principal amount less than 500.

(a)  Non-income producing security.

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

(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, or call AB at (800) 227-4618.

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

(e)  Affiliated investments.

(f) 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 $224,702,455 and gross unrealized depreciation of investments was $(36,874,334), resulting in net unrealized appreciation of $187,828,121.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

SEK – Swedish Krona

SGD – Singapore Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

PJSC – Public Joint Stock Company

4

COUNTRY BREAKDOWN¹

September 30, 2020 (unaudited)

57.6%	United States
11.0%	Japan
4.1%	Switzerland
3.8%	France
3.3%	China
3.0%	South Africa
2.8%	Netherlands
2.7%	South Korea
2.6%	Germany
2.4%	United Kingdom
2.2%	Singapore
1.2%	Denmark
0.9%	Belgium
1.4%	Other
1.0%	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 (excluding security lending collateral) and may vary over time. “Other” country weightings represent 0.8% or less in the following: Russia and Sweden.

5

AB Cap Fund, Inc.

AB Global Core Equity 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, 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	$	208,690,421	$	102,321,218		$	-0-	$	311,011,639
Health Care		153,939,259		96,386,126			-0-		250,325,385
Financials		109,323,595		115,681,181			-0-		225,004,776
Communication Services		149,957,376		64,193,952			-0-		214,151,328
Industrials		100,171,710		70,859,457			-0-		171,031,167
Consumer Discretionary		66,420,175		90,880,724			-0-		157,300,899
Consumer Staples		19,833,607		47,786,243			-0-		67,619,850
Materials		52,893,257		9,105,253			-0-		61,998,510
Energy		26,995,898		-0-			-0-		26,995,898
Real Estate		18,094,112		-0-			-0-		18,094,112
Short-Term Investments:
Investment Companies		12,831,076		-0-			-0-		12,831,076
Time Deposits		-0-		1,621,202			-0-		1,621,202
Investments of Cash Collateral for Securities Loaned in
Affiliated Money Market Fund		63,082,256		-0-			-0-		63,082,256
Total Investments in Securities		982,232,742		598,835,356	†		-0-		1,581,068,098
Other Financial Instruments*		-0-		-0-			-0-		-0-
Total	$	982,232,742	$	598,835,356		$	-0-	$	1,581,068,098

† 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.

6

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 6/30/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	16,581	$	93,996	$	97,746	$	12,831	$	2
Government Money Market Portfolio*		48,008		110,045		94,971		63,082		13
Total							$	75,913	$	15

* Investment of cash collateral for securities lending transactions.

7