AB Cap Fund, Inc.

AB Global Core Equity Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.3%
Information Technology – 21.5%
Electronic Equipment, Instruments & Components – 0.7%
IPG Photonics Corp.(a)		69,990	$	14,763,691
IT Services – 6.1%
Automatic Data Processing, Inc.		193,474		36,464,045
Cognizant Technology Solutions Corp. - Class A		786,639		61,452,239
Visa, Inc. - Class A		167,989		35,568,311
				133,484,595
Semiconductors & Semiconductor Equipment – 1.5%
Applied Materials, Inc.		243,029		32,468,674
Software – 9.8%
Microsoft Corp.		429,155		101,181,874
SAP SE		493,115		60,483,854
Trend Micro, Inc./Japan		383,400		19,245,955
VMware, Inc. - Class A(a) (b)		215,061		32,355,928
				213,267,611
Technology Hardware, Storage & Peripherals – 3.4%
Samsung Electronics Co., Ltd.		1,010,200		73,082,538
				467,067,109
Financials – 17.8%
Banks – 4.3%
ABN AMRO Bank NV (GDR)(a) (c)		1,229,110		14,921,335
Jyske Bank A/S(a)		624,952		29,822,322
Wells Fargo & Co.		1,232,884		48,168,778
				92,912,435
Capital Markets – 9.9%
BlackRock, Inc. - Class A		39,965		30,132,011
CME Group, Inc. - Class A		95,128		19,427,992
Goldman Sachs Group, Inc. (The)		94,574		30,925,698
Julius Baer Group Ltd.		984,475		62,911,373
London Stock Exchange Group PLC		125,756		12,022,227
Moody’s Corp.		146,362		43,705,157
Singapore Exchange Ltd.		2,077,600		15,408,992
				214,533,450
Consumer Finance – 2.1%
American Express Co.		331,260		46,853,414
Diversified Financial Services – 0.8%
Groupe Bruxelles Lambert SA		168,019		17,380,900
Insurance – 0.7%
PICC Property & Casualty Co., Ltd. - Class H		18,188,000		15,825,336
				387,505,535
Health Care – 15.9%
Health Care Equipment & Supplies – 5.2%
Koninklijke Philips NV(a)		1,059,901		60,441,264
Medtronic PLC		435,242		51,415,138
				111,856,402

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Company	Shares		U.S. $ Value
Health Care Providers & Services – 5.8%
Anthem, Inc.		282,917	$	101,553,057
Henry Schein, Inc.(a)		355,859		24,639,677
				126,192,734
Life Sciences Tools & Services – 0.9%
Thermo Fisher Scientific, Inc.		42,867		19,563,642
Pharmaceuticals – 4.0%
Roche Holding AG		124,082		40,195,545
Sanofi		476,789		47,146,876
				87,342,421
				344,955,199
Consumer Discretionary – 14.5%
Diversified Consumer Services – 2.0%
Service Corp. International/US		868,054		44,314,157
Hotels, Restaurants & Leisure – 2.7%
Compass Group PLC(a)		1,277,117		25,802,592
Galaxy Entertainment Group Ltd.(a)		2,333,000		21,091,106
Starbucks Corp.		99,219		10,841,660
				57,735,358
Internet & Direct Marketing Retail – 8.7%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		168,117		38,117,167
Amazon.com, Inc.(a)		17,301		53,530,678
Naspers Ltd. - Class N		293,774		70,361,936
Prosus NV(a)		234,390		26,082,627
				188,092,408
Textiles, Apparel & Luxury Goods – 1.1%
adidas AG(a)		34,986		10,929,309
EssilorLuxottica SA		79,060		12,879,427
				23,808,736
				313,950,659
Industrials – 10.9%
Building Products – 2.8%
Otis Worldwide Corp.		884,815		60,565,587
Commercial Services & Supplies – 1.8%
Secom Co., Ltd.		462,900		39,023,255
Electrical Equipment – 0.6%
Vertiv Holdings Co.		579,526		11,590,520
Industrial Conglomerates – 1.9%
3M Co.		214,119		41,256,449
Machinery – 2.8%
Dover Corp.		242,678		33,278,434
Volvo AB - Class B(a) (b)		1,115,795		28,257,537
				61,535,971

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Company	Shares		U.S. $ Value
Professional Services – 1.0%
RELX PLC		863,971	$	21,676,251
				235,648,033
Communication Services – 9.9%
Diversified Telecommunication Services – 1.5%
Comcast Corp. - Class A		613,743		33,209,633
Entertainment – 1.3%
Electronic Arts, Inc.		124,784		16,892,010
Nintendo Co., Ltd.		19,900		11,216,347
				28,108,357
Interactive Media & Services – 7.1%
Alphabet, Inc. - Class C(a)		43,569		90,128,141
Facebook, Inc. - Class A(a)		218,776		64,436,095
				154,564,236
				215,882,226
Consumer Staples – 4.7%
Beverages – 3.5%
Asahi Group Holdings Ltd.		838,435		35,491,598
Coca-Cola Co. (The)		767,255		40,442,011
				75,933,609
Food Products – 1.2%
Danone SA		396,541		27,142,464
				103,076,073
Real Estate – 1.5%
Real Estate Management & Development – 1.5%
CBRE Group, Inc. - Class A(a)		399,821		31,629,839
Materials – 1.2%
Chemicals – 1.2%
Linde PLC		94,901		26,585,566
Energy – 0.9%
Oil, Gas & Consumable Fuels – 0.9%
LUKOIL PJSC (Sponsored ADR)		246,150		19,886,458
Utilities – 0.5%
Electric Utilities – 0.5%
Iberdrola SA(b)		896,746		11,574,240
Total Common Stocks (cost $1,690,141,631)				2,157,760,937
SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f) (cost $1,869,758)		1,869,758		1,869,758

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	Principal Amount (000)				U.S. $ Value
Time Deposits – 0.1%
BBH Grand Cayman
(1.85)%, 04/01/2021		CHF	204		$	215,485
(0.54)%, 04/01/2021		AUD	0	*		1
(0.47)%, 04/06/2021		DKK	1,257			198,154
(0.26)%, 04/01/2021		SEK	1,788			204,747
0.00%, 04/01/2021		CAD	0	*		1
5.40%, 04/01/2021		ZAR	3,203			217,016
Citibank, London
(0.76)%, 04/01/2021		EUR	179			210,417
0.00%, 04/01/2021		GBP	124			170,395
Hong Kong & Shanghai Bank, Hong Kong
(0.06)%, 04/01/2021		HKD	1,654			212,707
0.00%, 04/01/2021		SGD	882			655,562
Sumitomo, Tokyo (0.31)%, 04/01/2021		JPY	23,596			213,103
Total Time Deposits (cost $2,297,588)						2,297,588
Total Short-Term Investments (cost $4,167,346)						4,167,346
Total Investments Before Security Lending Collateral for Securities Loaned – 99.5% (cost $1,694,308,977)						2,161,928,283
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.9%
Investment Companies – 2.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f) (cost $62,259,650)			62,259,650			62,259,650
Total Investments – 102.4% (cost $1,756,568,627)(g)						2,224,187,933
Other assets less liabilities – (2.4)%						(51,773,840	)
Net Assets – 100.0%					$	2,172,414,093

* Principal amount less than 500.

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, the market value of this security amounted to $14,921,335 or 0.7% of net assets.

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

(e) 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.

(f) Affiliated investments.

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(g) As of March 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $474,618,900 and gross unrealized depreciation of investments was $(6,999,594), resulting in net unrealized appreciation of $467,619,306.

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

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

GDR – Global Depositary Receipt

PJSC – Public Joint Stock Company

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COUNTRY BREAKDOWN¹

March 31, 2021 (unaudited)

58.4%	United States
4.9%	Japan
4.8%	Switzerland
4.0%	France
4.0%	United Kingdom
3.7%	China
3.5%	Netherlands
3.4%	South Korea
3.3%	Germany
3.2%	South Africa
1.4%	Denmark
1.3%	Sweden
1.0%	Macau
2.9%	Other
0.2%	Short-Term
100.0%	Total Investments

1 All data are as of March 31, 2021. 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 0.9% or less in the following: Belgium, Russia, Singapore and Spain.

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AB Cap Fund, Inc.

AB Global Core Equity Portfolio

March 31, 2021 (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, 2021:

Investments in Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	314,254,762	$	152,812,347		$	-0-	$	467,067,109
Financials		219,213,050		168,292,485			-0-		387,505,535
Health Care		197,171,514		147,783,685			-0-		344,955,199
Consumer Discretionary		146,803,662		167,146,997			-0-		313,950,659
Industrials		146,690,990		88,957,043			-0-		235,648,033
Communication Services		204,665,879		11,216,347			-0-		215,882,226
Consumer Staples		40,442,011		62,634,062			-0-		103,076,073
Real Estate		31,629,839		-0-			-0-		31,629,839
Materials		26,585,566		-0-			-0-		26,585,566
Energy		19,886,458		-0-			-0-		19,886,458
Utilities		-0-		11,574,240			-0-		11,574,240
Short-Term Investments:
Investment Companies		1,869,758		-0-			-0-		1,869,758
Time Deposits		-0-		2,297,588			-0-		2,297,588
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		62,259,650		-0-			-0-		62,259,650
Total Investments in Securities		1,411,473,139		812,714,794	†		-0-		2,224,187,933
Other Financial Instruments*		-0-		-0-			-0-		-0-
Total	$	1,411,473,139	$	812,714,794		$	-0-	$	2,224,187,933

† 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 March 31, 2021 is as follows:

Fund	Market Value 6/30/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	16,581	$	225,767	$	240,478	$	1,870	$	2
Government Money Market Portfolio*		48,008		276,222		261,970		62,260		20
Total							$	64,130	$	22

* Investment of cash collateral for securities lending transactions.

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