AB Cap Fund, Inc.

AB Concentrated International Growth Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 96.9%
Industrials – 22.4%
Electrical Equipment – 4.9%
Nidec Corp.		169,700	$	20,691,147
Machinery – 10.9%
Alstom SA(a)		293,983		14,648,292
FANUC Corp.		54,400		13,078,143
KION Group AG		186,069		18,384,663
				46,111,098
Professional Services – 3.5%
Recruit Holdings Co., Ltd.		301,700		14,815,340
Trading Companies & Distributors – 3.1%
Ashtead Group PLC		218,732		13,057,336
				94,674,921
Information Technology – 21.7%
Electronic Equipment, Instruments & Components – 6.6%
Keyence Corp.		22,700		10,345,663
Murata Manufacturing Co., Ltd.		217,000		17,467,497
				27,813,160
IT Services – 5.9%
Capgemini SE		99,081		16,846,435
Worldline SA/France(a) (b)		98,780		8,269,552
				25,115,987
Semiconductors & Semiconductor Equipment – 4.1%
ASML Holding NV		28,060		17,216,753
Software – 5.1%
SAP SE		81,163		9,955,178
TeamViewer AG(a) (b)		268,274		11,473,080
				21,428,258
				91,574,158
Consumer Discretionary – 15.5%
Hotels, Restaurants & Leisure – 3.0%
Yum China Holdings, Inc.		217,331		12,868,168
Internet & Direct Marketing Retail – 5.1%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		37,839		8,579,237
Prosus NV(a)		115,113		12,809,623
				21,388,860
Specialty Retail – 2.4%
Fast Retailing Co., Ltd.(c)		12,600		10,072,157
Textiles, Apparel & Luxury Goods – 5.0%
adidas AG(a)		31,635		9,882,478
LVMH Moet Hennessy Louis Vuitton SE		17,172		11,470,055
				21,352,533
				65,681,718

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Company	Shares		U.S. $ Value
Financials – 12.8%
Banks – 2.5%
HDFC Bank Ltd. (ADR)(a)		138,018	$	10,722,618
Capital Markets – 6.9%
Partners Group Holding AG		12,429		15,883,341
St. James’s Place PLC		742,842		13,041,551
				28,924,892
Insurance – 3.4%
AIA Group Ltd.		1,183,600		14,483,436
				54,130,946
Health Care – 9.1%
Biotechnology – 3.3%
Genmab A/S(a)		42,101		13,846,753
Life Sciences Tools & Services – 5.8%
Eurofins Scientific SE(a)		134,629		12,867,877
Lonza Group AG		21,250		11,885,115
				24,752,992
				38,599,745
Consumer Staples – 8.6%
Beverages – 2.2%
Treasury Wine Estates Ltd.		1,157,647		9,124,603
Food Products – 4.3%
Kerry Group PLC - Class A		76,594		9,565,746
Nestle SA		78,182		8,715,447
				18,281,193
Personal Products – 2.1%
Kose Corp.(c)		63,100		8,943,138
				36,348,934
Materials – 3.7%
Chemicals – 3.7%
Sika AG		53,973		15,433,813
Communication Services – 3.1%
Diversified Telecommunication Services – 3.1%
Cellnex Telecom SA(b) (c)		225,942		13,025,151
Total Common Stocks (cost $354,727,115)				409,469,386

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Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 2.4%
Investment Companies – 2.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f) (cost $10,002,259)		10,002,259	$	10,002,259
Total Investments – 99.3% (cost $364,729,374)(g)				419,471,645
Other assets less liabilities – 0.7%				3,156,747
Net Assets – 100.0%			$	422,628,392

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	1,853		GBP	1,349		04/09/2021		$	6,679
Bank of America, NA		USD	3,656		GBP	2,636		04/09/2021			(22,384	)
Bank of America, NA		JPY	114,618		USD	1,051		05/20/2021			15,596
Bank of America, NA		HKD	5,660		USD	730		05/21/2021			1,604
Bank of America, NA		EUR	10,827		USD	12,898		05/27/2021			187,743
Barclays Bank PLC		GBP	861		USD	1,191		04/09/2021			3,539
Barclays Bank PLC		USD	1,043		GBP	760		04/09/2021			5,193
Barclays Bank PLC		USD	1,248		GBP	896		04/09/2021			(12,893	)
Barclays Bank PLC		USD	14,272		JPY	1,513,328		05/20/2021			(598,894	)
Barclays Bank PLC		USD	1,040		EUR	880		05/27/2021			(7,115	)
Barclays Bank PLC		USD	18,651		AUD	24,499		06/04/2021			(37,664	)
BNP Paribas SA		USD	1,634		CNY	10,661		04/22/2021			(11,638	)
BNP Paribas SA		JPY	113,357		USD	1,040		05/20/2021			15,408
Citibank, NA		USD	10,598		GBP	7,547		04/09/2021			(193,273	)
Citibank, NA		DKK	13,698		USD	2,245		04/15/2021			84,921
Citibank, NA		USD	1,173		CHF	1,042		05/06/2021			(69,932	)
Goldman Sachs Bank USA		USD	1,116		GBP	818		04/09/2021			11,625
Goldman Sachs Bank USA		USD	1,291		GBP	931		04/09/2021			(7,826	)
Goldman Sachs Bank USA		DKK	5,962		USD	977		04/15/2021			36,644
Goldman Sachs Bank USA		CNY	23,282		USD	3,596		04/22/2021			52,715
Goldman Sachs Bank USA		USD	6,206		CNY	40,216		04/22/2021			(86,128	)
Goldman Sachs Bank USA		JPY	143,937		USD	1,322		05/20/2021			21,630
Goldman Sachs Bank USA		USD	2,721		JPY	296,494		05/20/2021			(42,216	)
Goldman Sachs Bank USA		USD	1,174		EUR	985		05/27/2021			(18,057	)
Goldman Sachs Bank USA		USD	1,267		AUD	1,660		06/04/2021			(5,983	)
HSBC Bank USA		USD	3,850		GBP	2,740		04/09/2021			(73,009	)
HSBC Bank USA		USD	989		DKK	6,117		04/15/2021			(24,745	)
HSBC Bank USA		CNY	9,133		USD	1,405		04/22/2021			15,460
HSBC Bank USA		USD	837		CNY	5,435		04/22/2021			(9,424	)
HSBC Bank USA		CHF	7,859		USD	8,856		05/06/2021			534,143
HSBC Bank USA		USD	1,966		JPY	213,869		05/20/2021			(33,645	)
Natwest Markets PLC		USD	9,120		GBP	6,667		04/09/2021			71,684
Natwest Markets PLC		CNY	123,174		USD	18,959		04/22/2021			214,132
Natwest Markets PLC		CHF	739		USD	793		05/06/2021			10,293
Natwest Markets PLC		USD	2,677		JPY	290,638		05/20/2021			(50,967	)
Natwest Markets PLC		USD	670		HKD	5,199		05/21/2021			(1,520	)
Societe Generale		CNY	7,036		USD	1,080		04/22/2021			9,251
State Street Bank & Trust Co.		GBP	1,867		USD	2,593		04/09/2021			19,509
State Street Bank & Trust Co.		GBP	1,013		USD	1,392		04/09/2021			(4,675	)
State Street Bank & Trust Co.		USD	3,029		GBP	2,178		04/09/2021			(26,054	)
State Street Bank & Trust Co.		USD	1,118		DKK	6,847		04/15/2021			(38,430	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		CNY	9,556		USD	1,464		04/22/2021		$	9,435
State Street Bank & Trust Co.		CHF	742		USD	810		05/06/2021			23,920
State Street Bank & Trust Co.		USD	1,132		CHF	1,051		05/06/2021			(19,211	)
State Street Bank & Trust Co.		JPY	585,920		USD	5,479		05/20/2021			185,351
State Street Bank & Trust Co.		USD	2,204		JPY	240,430		05/20/2021			(31,405	)
State Street Bank & Trust Co.		HKD	59,276		USD	7,644		05/21/2021			18,019
State Street Bank & Trust Co.		USD	4,236		HKD	32,857		05/21/2021			(8,942	)
State Street Bank & Trust Co.		EUR	1,412		USD	1,686		05/27/2021			28,489
State Street Bank & Trust Co.		EUR	1,076		USD	1,262		05/27/2021			(1,025	)
State Street Bank & Trust Co.		USD	345		EUR	289		05/27/2021			(5,558	)
UBS AG		USD	999		CNY	6,496		04/22/2021			(10,631	)
UBS AG		CHF	1,870		USD	2,012		05/06/2021			31,398
UBS AG		HKD	83,075		USD	10,716		05/21/2021			28,562
										$	189,699

(a) Non-income producing security.

(b) 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 March 31, 2021, the aggregate market value of these securities amounted to $32,767,783 or 7.8% of net assets.

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

(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 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 $62,829,505 and gross unrealized depreciation of investments was $(7,897,535), resulting in net unrealized appreciation of $54,931,970.

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

GBP – Great British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

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COUNTRY BREAKDOWN¹

March 31, 2021 (unaudited)

22.7%	Japan
12.4%	Switzerland
12.2%	France
11.8%	Germany
8.2%	China
6.2%	United Kingdom
4.1%	Netherlands
3.4%	Hong Kong
3.3%	Denmark
3.1%	Spain
3.1%	Luxembourg
2.6%	India
2.3%	Ireland
2.2%	Australia
2.4%	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 and may vary over time.

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AB Cap Fund, Inc.

AB Concentrated International Growth 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, 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 March 31, 2021:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Industrials	$	—	$	94,674,921		$	—	$	94,674,921
Information Technology		—		91,574,158			—		91,574,158
Consumer Discretionary		21,447,405		44,234,313			—		65,681,718
Financials		10,722,618		43,408,328			—		54,130,946
Health Care		—		38,599,745			—		38,599,745
Consumer Staples		—		36,348,934			—		36,348,934
Materials		—		15,433,813			—		15,433,813
Communication Services		—		13,025,151			—		13,025,151
Short-Term Investments		10,002,259		—			—		10,002,259
Total Investments in Securities		42,172,282		377,299,363	(a)		—		419,471,645
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		1,642,943			—		1,642,943
Liabilities:
Forward Currency Exchange Contracts		—		(1,453,244	)		—		(1,453,244	)
Total	$	42,172,282	$	377,489,062		$	—	$	419,661,344

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^(a)  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.

^(b)  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 March 31, 2021 is as follows:

Fund	Market Value 06/30/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	6,171	$	162,996	$	159,165	$	10,002	$	4
Government Money Market Portfolio*		5,623		1,144		6,767		0		0	**
Total	$	11,794	$	164,140	$	165,932	$	10,002	$	4

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

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