AB Cap Fund, Inc.

AB FlexFee Emerging Markets Growth Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.0%
Information Technology – 24.7%
Electronic Equipment, Instruments & Components – 2.8%
Hangzhou Hikvision Digital Technology Co., Ltd. - Class A		26,400	$	149,188
Sinbon Electronics Co., Ltd.		6,000		37,353
				186,541
IT Services – 2.7%
GDS Holdings Ltd. (ADR)(a) (b)		1,260		103,106
My EG Services Bhd		201,500		63,949
Network International Holdings PLC(b) (c)		4,290		15,089
				182,144
Semiconductors & Semiconductor Equipment – 14.1%
ASPEED Technology, Inc.		250		9,892
Broadcom, Inc.		380		138,441
MediaTek, Inc.		8,000		169,512
Micron Technology, Inc.(b)		560		26,298
SK Hynix, Inc.		530		37,992
Taiwan Semiconductor Manufacturing Co., Ltd.		37,900		570,170
				952,305
Software – 0.6%
Douzone Bizon Co., Ltd.		410		36,536
Technology Hardware, Storage & Peripherals – 4.5%
Samsung Electronics Co., Ltd.		4,730		234,817
Samsung Electronics Co., Ltd. (Preference Shares)		1,670		71,878
				306,695
				1,664,221
Consumer Discretionary – 22.4%
Diversified Consumer Services – 5.7%
Fu Shou Yuan International Group Ltd.		96,000		93,769
New Oriental Education & Technology Group, Inc. (Sponsored ADR)(b)		1,303		194,798
TAL Education Group (ADR)(b)		1,280		97,331
				385,898
Hotels, Restaurants & Leisure – 1.7%
OPAP SA		11,910		112,941
Internet & Direct Marketing Retail – 15.0%
Alibaba Group Holding Ltd.(b)		17,940		658,597
JD.com, Inc. - Class A(b)		6,230		239,888
Naspers Ltd. - Class N		655		115,689
				1,014,174
				1,513,013
Financials – 18.6%
Banks – 5.9%
Bandhan Bank Ltd.(b) (c)		4,237		15,884

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Company	Shares		U.S. $ Value
Bank Central Asia Tbk PT		15,500	$	28,294
Bank for Foreign Trade of Vietnam JSC		28,130		103,014
Capitec Bank Holdings Ltd.		1,320		81,300
Sberbank of Russia PJSC (Sponsored ADR)		14,469		168,853
				397,345
Capital Markets – 0.9%
B3 SA - Brasil Bolsa Balcao		3,900		38,202
New Frontier Health Corp.(b)		3,150		24,035
				62,237
Consumer Finance – 3.1%
Manappuram Finance Ltd.		40,858		87,474
Muangthai Capital PCL(b)		27,200		42,275
Muthoot Finance Ltd.		5,387		82,850
				212,599
Insurance – 6.6%
AIA Group Ltd.		20,000		198,802
IRB Brasil Resseguros S/A		4,700		6,268
Ping An Insurance Group Co. of China Ltd. - Class H		23,000		238,760
				443,830
Thrifts & Mortgage Finance – 2.1%
Housing Development Finance Corp., Ltd.		6,005		141,758
				1,257,769
Communication Services – 13.3%
Entertainment – 5.1%
HUYA, Inc. (ADR)(b)		3,570		85,502
NCSoft Corp.		187		128,868
NetEase, Inc.		7,350		131,965
				346,335
Interactive Media & Services – 7.3%
Tencent Holdings Ltd.		7,300		493,067
Wireless Telecommunication Services – 0.9%
Safaricom PLC		220,850		60,783
				900,185
Industrials – 7.0%
Commercial Services & Supplies – 4.5%
A-Living Services Co., Ltd. - Class H(c)		29,000		148,370
Sunny Friend Environmental Technology Co., Ltd.		19,000		151,237
				299,607
Electrical Equipment – 0.5%
Voltronic Power Technology Corp.		1,050		35,667
Professional Services – 0.5%
L&T Technology Services Ltd.(c)		1,580		34,556
Road & Rail – 1.5%
Globaltrans Investment PLC (Sponsored GDR)(c)		16,286		99,344
				469,174

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Company	Shares		U.S. $ Value
Energy – 4.1%
Oil, Gas & Consumable Fuels – 4.1%
Petroleo Brasileiro SA (ADR)		20,616	$	146,786
Reliance Industries Ltd.		4,322		130,881
				277,667
Health Care – 2.8%
Health Care Equipment & Supplies – 1.0%
Top Glove Corp. Bhd		28,700		57,544
Yestar Healthcare Holdings Co., Ltd.(b)		57,500		9,571
				67,115
Health Care Providers & Services – 1.2%
Jinxin Fertility Group Ltd.(c)		49,200		62,431
Universal Vision Biotechnology Co., Ltd.		2,000		18,296
				80,727
Pharmaceuticals – 0.6%
Genomma Lab Internacional SAB de CV - Class B(b)		43,840		42,627
				190,469
Real Estate – 2.4%
Equity Real Estate Investment Trusts (REITs) – 1.5%
Embassy Office Parks REIT		20,800		102,013
Real Estate Management & Development – 0.9%
Vincom Retail JSC(b)		48,410		58,278
				160,291
Utilities – 1.6%
Electric Utilities – 1.6%
Equatorial Energia SA		29,200		110,126
Consumer Staples – 1.1%
Food & Staples Retailing – 0.5%
Dino Polska SA(b) (c)		540		31,766
Household Products – 0.2%
C&S Paper Co., Ltd.		5,500		17,443
Tobacco – 0.4%
VST Industries Ltd.		590		26,212
				75,421
Total Common Stocks (cost $5,687,389)				6,618,336
EQUITY LINKED NOTES – 1.4%
Information Technology – 1.1%
Electronic Equipment, Instruments & Components – 1.1%
FPT Corp., Macquarie Bank Ltd., expiring 03/31/2021(b)		35,190		75,900

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Company		Shares			U.S. $ Value
Consumer Discretionary – 0.3%
Specialty Retail – 0.3%
Mobile World Investment Corp., Macquarie Bank Ltd., expiring 03/31/2021(b)			3,666		$	16,494
Total Equity Linked Notes (cost $101,031)						92,394
SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(d) (e) (f) (cost $26,814)			26,814			26,814
	Principal Amount (000)
Time Deposits – 0.0%
BBH, Grand Cayman
(1.49)%, 10/01/2020	CHF		0	*		13
(0.69)%, 10/01/2020	EUR		1			800
0.01%, 10/01/2020	SGD		0	*		42
0.01%, 10/05/2020	HKD		5			674
0.01%, 10/01/2020	GBP		1			800
5.20%, 10/01/2020	ZAR		12			688
Total Time Deposits (cost $3,017)						3,017
Total Short-Term Investments (cost $29,831)						29,831
Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% (cost $5,818,251)						6,740,561
		Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.4%
Investment Companies – 1.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(d) (e) (f) (cost $98,400)			98,400			98,400
Total Investments – 101.2% (cost $5,916,651)(g)						6,838,961
Other assets less liabilities – (1.2)%						(84,020	)
Net Assets – 100.0%					$	6,754,941

* Principal amount less than 500.

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

(b) Non-income producing security.

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(c)   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 $407,440 or 6.0% of net assets.

(d)  Affiliated investments.

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

(f) 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.

(g)  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 $1,172,951 and gross unrealized depreciation of investments was $(250,641), resulting in net unrealized appreciation of $922,310.

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

September 30, 2020 (unaudited)

40.4%	China
14.7%	Taiwan
9.2%	India
7.6%	South Korea
4.5%	Brazil
4.0%	Russia
3.8%	Vietnam
3.3%	Hong Kong
2.9%	South Africa
2.4%	United States
1.8%	Malaysia
1.7%	Greece
0.9%	Kenya
2.4%	Other
0.4%	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 (excluding security lending collateral) and may vary over time. “Other” country weightings represent 0.6% or less in the following: Indonesia, Mexico, Poland, Thailand and United Arab Emirates.

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AB Cap Fund, Inc.

AB FlexFee Emerging Markets 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, 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	$	267,845	$	1,396,376		$	-0-	$	1,664,221
Consumer Discretionary		292,129		1,220,884			-0-		1,513,013
Financials		237,358		1,020,411			-0-		1,257,769
Communication Services		85,502		814,683			-0-		900,185
Industrials		99,344		369,830			-0-		469,174
Energy		146,786		130,881			-0-		277,667
Health Care		52,198		138,271			-0-		190,469
Real Estate		-0-		160,291			-0-		160,291
Utilities		110,126		-0-			-0-		110,126
Consumer Staples		-0-		75,421			-0-		75,421
Fixed Income Securities:
Equity Linked Notes		-0-		92,394			-0-		92,394
Short-Term Investments:
Investment Companies		26,814		-0-			-0-		26,814
Time Deposits		-0-		3,017			-0-		3,017
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		98,400		-0-			-0-		98,400
Total Investments in Securities		1,416,502		5,422,459	†		-0-		6,838,961
Other Financial Instruments*		-0-		-0-			-0-		-0-
Total	$	1,416,502	$	5,422,459		$	-0-	$	6,838,961

† 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.

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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	$	27	$	2,877	$	2,877	$	27	$	0	**
Government Money Market Portfolio*		80		1,403		1,385		98		0	**
Total							$	125	$	0	**

* Investment of cash collateral for securities lending transactions.

** Amount is less than $500.

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