AB Cap Fund, Inc.

AB Global Core Equity Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.4%
Financials - 19.7%
Banks - 7.6%
Citigroup, Inc.		176,000	$	12,158,080
DBS Group Holdings Ltd.		1,000,700		18,103,779
Jyske Bank A/S (a)		422,464		13,642,039
Wells Fargo & Co.		446,964		22,544,864
				66,448,762
Capital Markets - 8.1%
BlackRock, Inc.-Class A		15,766		7,025,960
CME Group, Inc.-Class A		67,190		14,199,935
Japan Exchange Group, Inc.		280,100		4,426,266
Julius Baer Group Ltd. (a)		541,389		23,978,615
S&P Global, Inc.		19,760		4,840,805
Singapore Exchange Ltd.		2,655,100		16,289,142
				70,760,723
Diversified Financial Services - 4.0%
Berkshire Hathaway, Inc.-Class B (a)		143,785		29,910,156
Pargesa Holding SA		66,201		5,092,080
				35,002,236
				172,211,721
Information Technology - 17.0%
Electronic Equipment, Instruments & Components - 0.6%
IPG Photonics Corp. (a)		39,733		5,387,795
IT Services - 5.2%
Cognizant Technology Solutions Corp.-Class A		421,848		25,422,670
Visa, Inc.-Class A		117,806		20,263,810
				45,686,480
Semiconductors & Semiconductor Equipment - 3.9%
Intel Corp.		305,022		15,717,783
NXP Semiconductors NV		54,010		5,893,571
Taiwan Semiconductor Manufacturing Co., Ltd.		1,442,000		12,807,173
				34,418,527
Software - 5.1%
Microsoft Corp.		253,365		35,225,336
Trend Micro, Inc./Japan		191,200		9,137,153
				44,362,489
Technology Hardware, Storage & Peripherals - 2.2%
Samsung Electronics Co., Ltd.		463,652		18,983,794
				148,839,085
Communication Services - 13.2%
Diversified Telecommunication Services - 2.1%
Comcast Corp.-Class A		416,529		18,777,127
Entertainment - 1.1%
Nintendo Co., Ltd.		26,000		9,684,906

Company	Shares		U.S. $ Value
Interactive Media & Services - 5.0%
Alphabet, Inc.-Class C (a)		35,620	$	43,420,780
Wireless Telecommunication Services - 5.0%
China Mobile Ltd.		1,223,000		10,131,029
KDDI Corp.		740,100		19,311,241
SoftBank Group Corp.		364,300		14,375,433
				43,817,703
				115,700,516
Consumer Discretionary - 12.6%
Diversified Consumer Services - 4.1%
Service Corp. International/US		757,446		36,213,493
Hotels, Restaurants & Leisure - 4.1%
Choice Hotels International, Inc.		52,119		4,636,506
Compass Group PLC		316,869		8,153,904
Las Vegas Sands Corp.		263,499		15,219,702
Marriott International, Inc./MD-Class A		61,300		7,623,881
				35,633,993
Internet & Direct Marketing Retail - 2.9%
Naspers Ltd.-Class N		111,983		16,955,258
Prosus NV (a)		111,983		8,220,463
				25,175,721
Textiles, Apparel & Luxury Goods - 1.5%
Samsonite International SA (b)		5,992,500		12,695,225
				109,718,432
Health Care - 10.1%
Biotechnology - 1.6%
Gilead Sciences, Inc.		222,083		14,075,621
Health Care Equipment & Supplies - 1.6%
Koninklijke Philips NV		301,017		13,909,715
Health Care Providers & Services - 5.2%
Anthem, Inc.		137,055		32,906,905
Henry Schein, Inc. (a)		197,447		12,537,885
				45,444,790
Pharmaceuticals - 1.7%
Roche Holding AG		49,811		14,503,205
				87,933,331
Industrials - 9.1%
Air Freight & Logistics - 1.0%
CH Robinson Worldwide, Inc.		103,986		8,815,933
Commercial Services & Supplies - 3.8%
Secom Co., Ltd.		347,200		31,770,851
Taiwan Secom Co., Ltd.		517,000		1,466,454
				33,237,305
Industrial Conglomerates - 1.1%
3M Co.		58,850		9,674,940

Company	Shares		U.S. $ Value
Machinery - 1.8%
Dover Corp.		160,712	$	16,000,487
Professional Services - 0.6%
RELX PLC		235,094		5,589,804
Road & Rail - 0.1%
ALD SA (b)(c)		59,212		845,254
Transportation Infrastructure - 0.7%
Flughafen Zurich AG		31,303		5,794,185
				79,957,908
Consumer Staples - 5.4%
Food Products - 1.2%
Danone SA		116,322		10,245,841
Household Products - 3.0%
Procter & Gamble Co. (The)		119,754		14,895,003
Reckitt Benckiser Group PLC		149,852		11,700,357
				26,595,360
Personal Products - 1.2%
L’Oreal SA		36,801		10,292,091
				47,133,292
Energy - 4.9%
Oil, Gas & Consumable Fuels - 4.9%
LUKOIL PJSC (Sponsored ADR)		134,093		11,093,514
Marathon Petroleum Corp.		271,112		16,470,054
Royal Dutch Shell PLC-Class B		529,457		15,648,339
				43,211,907
Materials - 4.9%
Chemicals - 4.3%
BASF SE		302,944		21,181,258
International Flavors & Fragrances, Inc. (c)		136,650		16,765,588
				37,946,846
Paper & Forest Products - 0.6%
Mondi PLC		252,788		4,840,235
				42,787,081
Real Estate - 1.8%
Real Estate Management & Development - 1.8%
CBRE Group, Inc.-Class A (a)		290,975		15,424,585
Utilities - 0.7%
Water Utilities - 0.7%
Guangdong Investment Ltd.		3,240,000		6,341,081
Total Common Stocks (cost $780,187,368)				869,258,939

Company			Shares			U.S. $ Value
SHORT-TERM INVESTMENTS - 0.3%
Investment Companies - 0.2%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (d)(e)(f) (cost $1,368,631)				1,368,631		$	1,368,631
	Principal Amount (000)
Time Deposits - 0.1%
BBH Grand Cayman
(1.62)%, 10/01/19		CHF		86			85,984
(0.85)%, 10/01/19		DKK		546			79,738
0.25%, 10/01/19		AUD		0	*		1
0.84%, 10/01/19		CAD		0	*		1
2.20%, 10/02/19		HKD		2,354			300,327
5.40%, 10/01/19		ZAR		1,254			82,794
Citibank, London
(0.67)%, 10/01/19		EUR		78			85,481
0.38%, 10/01/19		GBP		126			155,028
Hong Kong & Shanghai Bank, Singapore
0.79%, 10/01/19		SGD		119			86,305
Sumitomo, Tokyo
(0.26)%, 10/01/19		JPY		9,294			85,958
Total Time Deposits (cost $961,617)							961,617
Total Short-Term Investments (cost $2,330,248)							2,330,248
Total Investments Before Security Lending Collateral for Securities Loaned - 99.7% (cost $782,517,616)							871,589,187
			Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.7%
Investment Companies - 1.7%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (d)(e)(f) (cost $14,913,250)				14,913,250			14,913,250
Total Investments - 101.4% (cost $797,430,866) (g)							886,502,437
Other assets less liabilities - (1.4)%							(12,365,239	)
Net Assets - 100.0%						$	874,137,198

* Principal amount less than 500.

(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 September 30, 2019, the aggregate market value of these securities amounted to $13,540,479 or 1.5% of net assets.

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

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

(e) Affiliated investments.

(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, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $109,929,812 and gross unrealized depreciation of investments was $(20,858,241), resulting in net unrealized appreciation of $89,071,571.

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
SGD	-	Singapore Dollar
ZAR	-	South African Rand

Glossary:

ADR	-	American Depositary Receipt
CME	-	Chicago Mercantile Exchange
PJSC	-	Public Joint Stock Company

COUNTRY BREAKDOWN1 September 30, 2019 (unaudited)
56.1%	United States
10.2%	Japan
5.7%	Switzerland
5.3%	United Kingdom
3.9%	Singapore
2.8%	China
2.4%	France
2.4%	Germany
2.3%	Netherlands
2.2%	South Korea
1.9%	South Africa
1.6%	Taiwan
1.6%	Denmark
1.3%	Russia
0.3%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2019. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time

AB Cap Fund, Inc.

AB Global Core Equity Portfolio

September 30, 2019 (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, 2019:

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	90,679,800		$	81,531,921		$	– 0	–	$	172,211,721
Information Technology		107,910,965			40,928,120			– 0	–		148,839,085
Communication Services		62,197,907			53,502,609			– 0	–		115,700,516
Consumer Discretionary		71,914,045			37,804,387			– 0	–		109,718,432
Health Care		59,520,411			28,412,920			– 0	–		87,933,331
Industrials		35,957,814			44,000,094			– 0	–		79,957,908
Consumer Staples		14,895,003			32,238,289			– 0	–		47,133,292
Energy		27,563,568			15,648,339			– 0	–		43,211,907
Materials		16,765,588			26,021,493			– 0	–		42,787,081
Real Estate		15,424,585			– 0	–		– 0	–		15,424,585
Utilities		– 0	–		6,341,081			– 0	–		6,341,081
Short-Term Investments:
Investment Companies		1,368,631			– 0	–		– 0	–		1,368,631
Time Deposits		– 0	–		961,617			– 0	–		961,617
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		14,913,250			– 0	–		– 0	–		14,913,250
Total Investments in Securities		519,111,567			367,390,870	†		– 0	–		886,502,437
Other Financial Instruments*		– 0	–		– 0	–		– 0	–		– 0	–
Total	$	519,111,567		$	367,390,870		$	– 0	–	$	886,502,437

† 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.

A summary of the Fund’s transactions in AB mutual funds for the three months ended September 30, 2019 is as follows:

Fund	Market Value 6/30/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/19 (000)		Dividend Income (000)
Government Money Market Portfolio	$	6,186	$	33,808	$	38,625	$	1,369	$	16
Government Money Market Portfolio*		4,250		48,627		37,964		14,913		10
Total							$	16,282	$	26

* Investment of cash collateral for securities lending transactions.