AB Cap Fund, Inc.

AB FlexFee International Strategic Core Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 94.2%
Information Technology – 16.5%
IT Services – 3.2%
Amadeus IT Group SA - Class A		957	$	53,148
Capgemini SE		838		107,512
Otsuka Corp.		1,500		76,652
				237,312
Semiconductors & Semiconductor Equipment – 0.6%
Taiwan Semiconductor Manufacturing Co., Ltd.		3,000		45,132
Software – 11.0%
Avast PLC(a)		13,809		93,751
Check Point Software Technologies Ltd.(b)		1,010		121,543
Constellation Software, Inc./Canada		168		186,683
Nice Ltd.(b)		641		145,331
Oracle Corp. Japan		1,600		172,763
SAP SE		609		94,832
				814,903
Technology Hardware, Storage & Peripherals – 1.7%
Logitech International SA		740		57,322
Samsung Electronics Co., Ltd.		1,380		68,509
				125,831
				1,223,178
Financials – 14.8%
Banks – 5.8%
Bank Leumi Le-Israel BM		13,822		60,850
DBS Group Holdings Ltd.		6,100		89,678
Hang Seng Bank Ltd.		2,300		34,074
KBC Group NV		1,227		61,529
Oversea-Chinese Banking Corp., Ltd.		10,012		62,262
Royal Bank of Canada		1,210		84,956
Westpac Banking Corp.		2,770		33,681
				427,030
Capital Markets – 4.0%
Euronext NV(a)		372		46,599
Partners Group Holding AG		170		156,367
Singapore Exchange Ltd.		13,900		93,751
				296,717
Insurance – 5.0%
Admiral Group PLC		3,840		129,505
Allianz SE (REG)		152		29,173
Sampo Oyj - Class A		2,540		100,591
Swiss Re AG		543		40,279
Zurich Insurance Group AG		198		69,046
				368,594
				1,092,341

1

Company	Shares		U.S. $ Value
Industrials – 14.6%
Aerospace & Defense – 0.7%
BAE Systems PLC		8,716	$	54,131
Air Freight & Logistics – 3.1%
Kuehne & Nagel International AG		377		73,203
SG Holdings Co., Ltd.		3,000		156,101
				229,304
Commercial Services & Supplies – 1.3%
Secom Co., Ltd.		1,000		91,516
Electrical Equipment – 0.5%
Schneider Electric SE (Paris)		310		38,533
Professional Services – 9.0%
Experian PLC		2,539		95,401
Intertek Group PLC		630		51,406
Intertrust NV(a)		3,041		51,765
Meitec Corp.		1,500		76,499
RELX PLC		8,936		198,898
Wolters Kluwer NV		2,231		190,310
				664,279
				1,077,763
Consumer Staples – 12.7%
Food & Staples Retailing – 2.1%
Koninklijke Ahold Delhaize NV		5,177		153,021
Food Products – 5.3%
Calbee, Inc.		1,200		39,525
Morinaga & Co., Ltd./Japan		1,200		47,351
Nestle SA (REG)		1,500		178,518
Salmar ASA(b)		2,261		128,139
				393,533
Personal Products – 1.0%
Unilever PLC		1,228		75,710
Tobacco – 4.3%
British American Tobacco PLC		2,060		73,895
Philip Morris International, Inc.		1,264		94,787
Swedish Match AB		1,785		145,954
				314,636
				936,900
Health Care – 9.8%
Health Care Equipment & Supplies – 0.4%
ConvaTec Group PLC(a)		13,240		30,501
Health Care Providers & Services – 0.4%
Galenica AG(a)		470		32,682
Pharmaceuticals – 9.0%
Astellas Pharma, Inc.		5,700		84,968
GlaxoSmithKline PLC		5,290		99,174
Novo Nordisk A/S - Class B		1,999		138,500
Roche Holding AG		733		251,082
Sanofi		649		65,038

2

Company	Shares		U.S. $ Value
Santen Pharmaceutical Co., Ltd.		1,200	$	24,535
				663,297
				726,480
Communication Services – 8.0%
Diversified Telecommunication Services – 3.2%
HKT Trust & HKT Ltd. - Class SS		61,000		80,966
Nippon Telegraph & Telephone Corp.		5,200		106,166
TELUS Corp.		2,772		48,776
				235,908
Entertainment – 0.5%
Ubisoft Entertainment SA(b)		420		37,854
Interactive Media & Services – 2.9%
Auto Trader Group PLC(a)		17,910		130,034
Kakaku.com, Inc.		3,100		81,728
				211,762
Media – 1.4%
Cogeco Communications, Inc.		995		81,592
Informa PLC(b)		5,440		26,366
				107,958
				593,482
Consumer Discretionary – 7.8%
Hotels, Restaurants & Leisure – 2.6%
Aristocrat Leisure Ltd.		6,196		135,126
Compass Group PLC		3,805		57,158
				192,284
Internet & Direct Marketing Retail – 0.8%
Moneysupermarket.com Group PLC		16,320		56,255
Leisure Products – 1.8%
Bandai Namco Holdings, Inc.		1,800		131,886
Specialty Retail – 1.5%
Hikari Tsushin, Inc.		300		71,577
Nitori Holdings Co., Ltd.		200		41,490
				113,067
Textiles, Apparel & Luxury Goods – 1.1%
adidas AG(b)		124		40,045
Pandora A/S		560		40,397
				80,442
				573,934
Utilities – 4.7%
Electric Utilities – 3.6%
EDP - Energias de Portugal SA		25,652		126,129
Enel SpA		16,080		139,509
				265,638

3

Company	Shares		U.S. $ Value
Gas Utilities – 1.1%
Tokyo Gas Co., Ltd.		3,700	$	84,436
				350,074
Real Estate – 4.3%
Equity Real Estate Investment Trusts (REITs) – 3.2%
Merlin Properties Socimi SA		7,069		58,963
Nippon Building Fund, Inc.		15		84,900
Nippon Prologis REIT, Inc.		28		94,423
				238,286
Real Estate Management & Development – 1.1%
Vonovia SE		1,133		77,671
				315,957
Energy – 0.8%
Oil, Gas & Consumable Fuels – 0.8%
Royal Dutch Shell PLC - Class B		4,963		60,187
Materials – 0.2%
Chemicals – 0.2%
Akzo Nobel NV		178		17,991
Total Common Stocks (cost $5,794,618)				6,968,287
SHORT-TERM INVESTMENTS – 4.3%
Investment Companies – 4.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e) (cost $318,988)		318,988		318,988
Total Investments – 98.5% (cost $6,113,606)(f)				7,287,275
Other assets less liabilities – 1.5%				113,283
Net Assets – 100.0%			$	7,400,558

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		USD	29		TWD	841		11/18/2020		$	156
Brown Brothers Harriman & Co.		JPY	23,921		USD	229		10/08/2020			2,185
Brown Brothers Harriman & Co.		JPY	2,243		USD	21		10/08/2020			(123	)
Brown Brothers Harriman & Co.		USD	543		JPY	57,677		10/08/2020			3,954
Brown Brothers Harriman & Co.		USD	721		JPY	76,021		10/08/2020			(143	)
Brown Brothers Harriman & Co.		CAD	777		USD	589		10/09/2020			5,177
Brown Brothers Harriman & Co.		USD	182		CAD	242		10/09/2020			(155	)

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Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.	USD	12		EUR	10		10/15/2020		$	83
Brown Brothers Harriman & Co.	USD	765		EUR	649		10/15/2020			(4,146	)
Brown Brothers Harriman & Co.	NOK	1,186		USD	131		10/16/2020			3,678
Brown Brothers Harriman & Co.	SEK	957		USD	108		10/16/2020			1,193
Brown Brothers Harriman & Co.	USD	53		NOK	489		10/16/2020			(141	)
Brown Brothers Harriman & Co.	USD	192		SEK	1,682		10/16/2020			(3,919	)
Brown Brothers Harriman & Co.	SGD	52		USD	38		10/27/2020			57
Brown Brothers Harriman & Co.	SGD	311		USD	227		10/27/2020			(391	)
Brown Brothers Harriman & Co.	USD	105		SGD	143		10/27/2020			(239	)
Brown Brothers Harriman & Co.	AUD	307		USD	222		10/29/2020			1,647
Brown Brothers Harriman & Co.	USD	537		AUD	740		10/29/2020			(6,515	)
Brown Brothers Harriman & Co.	ILS	1,333		USD	391		11/12/2020			1,864
Brown Brothers Harriman & Co.	USD	117		ILS	404		11/12/2020			545
Brown Brothers Harriman & Co.	CHF	465		USD	510		11/19/2020			4,600
Brown Brothers Harriman & Co.	GBP	229		USD	297		11/19/2020			1,685
Brown Brothers Harriman & Co.	GBP	165		USD	211		11/19/2020			(1,733	)
Brown Brothers Harriman & Co.	USD	406		CHF	371		11/19/2020			(2,895	)
Brown Brothers Harriman & Co.	USD	311		GBP	243		11/19/2020			2,428
Citibank, NA	EUR	571		USD	673		10/15/2020			3,118
Citibank, NA	USD	738		EUR	621		10/15/2020			(9,866	)
Goldman Sachs Bank USA	KRW	19,985		USD	17		11/10/2020			3
Goldman Sachs Bank USA	KRW	48,976		USD	41		11/10/2020			(797	)
Goldman Sachs Bank USA	TWD	782		USD	27		11/18/2020			(365	)
JPMorgan Chase Bank, NA	JPY	63,319		USD	606		10/08/2020			5,522
Royal Bank of Scotland PLC	USD	34		KRW	40,121		11/10/2020			76
Standard Chartered Bank	KRW	38,755		USD	33		11/10/2020			(556	)
Standard Chartered Bank	TWD	1,001		USD	34		11/18/2020			(331	)
									$	5,656

(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 $385,332 or 5.2% 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 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 $1,293,637 and gross unrealized depreciation of investments was $(114,312), resulting in net unrealized appreciation of $1,179,325.

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Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

REG – Registered Shares

REIT – Real Estate Investment Trust

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COUNTRY BREAKDOWN¹

September 30, 2020 (unaudited)

20.1%	Japan
16.9%	United Kingdom
11.8%	Switzerland
6.3%	Netherlands
5.5%	Canada
4.5%	Israel
3.4%	France
3.4%	Singapore
3.3%	Germany
2.5%	Denmark
2.3%	Australia
2.0%	Sweden
1.9%	Italy
11.7%	Other
4.4%	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. “Other” country weightings represent 1.8% or less in the following countries: Belgium, Finland, Hong Kong, Norway, Portugal, South Korea, Spain, Taiwan and United States.

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AB Cap Fund, Inc.

AB FlexFee International Strategic Core 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)

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 are 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.

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	$	308,226	$	914,952		$	-0-	$	1,223,178
Financials		84,956		1,007,385			-0-		1,092,341
Industrials		-0-		1,077,763			-0-		1,077,763
Consumer Staples		94,787		842,113			-0-		936,900
Health Care		-0-		726,480			-0-		726,480
Communication Services		130,368		463,114			-0-		593,482
Consumer Discretionary		-0-		573,934			-0-		573,934
Utilities		-0-		350,074			-0-		350,074
Real Estate		-0-		315,957			-0-		315,957
Energy		-0-		60,187			-0-		60,187
Materials		-0-		17,991			-0-		17,991
Short-Term Investments:
Investment Companies		318,988		-0-			-0-		318,988
Total Investments in Securities		937,325		6,349,950	†		-0-		7,287,275
Other Financial Instruments*:
Assets
Forward Currency Exchange Contracts		-0-		37,971			-0-		37,971
Liabilities
Forward Currency Exchange Contracts		-0-		(32,315	)		-0-		(32,315	)
Total	$	937,325	$	6,355,606		$	-0-	$	7,292,931

† 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.

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* 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 September 30, 2020 is as follows:

Fund	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	114	$	6,898	$	6,693	$	319	$	1
Government Money Market Portfolio*		-0-		81		81		-0-		0	**
Total							$	319	$	1

* Investment of cash collateral for securities lending transactions.

** Amount is less than $500.

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