AB Cap Fund, Inc.

AB Concentrated International Growth Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 94.7%
Consumer Staples - 17.6%
Beverages - 5.6%
Budweiser Brewing Co. APAC Ltd. (a)(b)		398,700	$	1,429,434
Treasury Wine Estates Ltd. (c)		207,238		2,601,222
				4,030,656
Food Products - 5.9%
Calbee, Inc.		52,600		1,640,757
Nestle SA		24,446		2,651,278
				4,292,035
Household Products - 3.0%
Reckitt Benckiser Group PLC		27,360		2,136,252
Personal Products - 3.1%
Kose Corp. (c)		13,200		2,241,215
				12,700,158
Information Technology - 17.4%
Electronic Equipment, Instruments & Components - 6.7%
Keyence Corp.		3,300		2,054,103
Murata Manufacturing Co., Ltd.		57,600		2,791,730
				4,845,833
IT Services - 4.0%
Capgemini SE		24,336		2,865,592
Semiconductors & Semiconductor Equipment - 3.5%
ASML Holding NV		10,263		2,545,362
Software - 3.2%
Temenos AG (b)		13,741		2,300,930
				12,557,717
Industrials - 15.3%
Building Products - 2.1%
Assa Abloy AB-Class B		67,679		1,504,582
Electrical Equipment - 3.0%
Nidec Corp. (c)		15,800		2,139,659
Machinery - 2.1%
KION Group AG		28,536		1,500,680
Professional Services - 5.9%
Recruit Holdings Co., Ltd. (c)		71,600		2,187,630
RELX PLC		87,709		2,085,447
				4,273,077
Trading Companies & Distributors - 2.2%
Ashtead Group PLC		58,055		1,614,480
				11,032,478
Consumer Discretionary - 12.0%
Diversified Consumer Services - 2.0%
TAL Education Group (ADR) (b)		42,769		1,464,411

Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure - 2.3%
Compass Group PLC		64,167	$	1,651,190
Internet & Direct Marketing Retail - 2.6%
Alibaba Group Holding Ltd. (Sponsored ADR) (b)		11,361		1,899,900
Multiline Retail - 2.4%
B&M European Value Retail SA		366,164		1,707,309
Textiles, Apparel & Luxury Goods - 2.7%
LVMH Moet Hennessy Louis Vuitton SE		4,826		1,914,762
				8,637,572
Health Care - 11.6%
Biotechnology - 3.0%
Genmab A/S (b)		10,567		2,147,041
Health Care Providers & Services - 2.6%
NMC Health PLC (c)		55,316		1,843,634
Life Sciences Tools & Services - 6.0%
Eurofins Scientific SE (c)		4,598		2,138,246
Lonza Group AG (b)		6,571		2,223,697
				4,361,943
				8,352,618
Financials - 10.1%
Banks - 3.5%
HDFC Bank Ltd. (ADR)		43,710		2,493,656
Capital Markets - 3.5%
Partners Group Holding AG		3,312		2,543,471
Insurance - 3.1%
Prudential PLC		124,928		2,263,848
				7,300,975
Communication Services - 7.2%
Diversified Telecommunication Services - 4.8%
Cellnex Telecom SA (a)(b)		83,435		3,446,161
Interactive Media & Services - 2.4%
Tencent Holdings Ltd.		42,700		1,786,051
				5,232,212
Materials - 3.5%
Chemicals - 3.5%
Sika AG		17,079		2,498,858
Total Common Stocks (cost $61,320,402)				68,312,588
SHORT-TERM INVESTMENTS - 6.3%
Investment Companies - 6.3%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (d)(e)(f) (cost $4,518,041)		4,518,041		4,518,041

	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 101.0% (cost $65,838,443)			$	72,830,629
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.9%
Investment Companies - 2.9%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (d)(e)(f) (cost $2,096,550)		2,096,550		2,096,550
Total Investments - 103.9% (cost $67,934,993) (g)				74,927,179
Other assets less liabilities - (3.9)%				(2,842,400	)
Net Assets - 100.0%			$	72,084,779

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	233		CNY	1,651		10/17/19	$	(795	)
Bank of America, NA		USD	186		INR	13,411		10/24/19		3,270
Bank of America, NA		USD	269		INR	18,754		10/24/19		(4,429	)
Bank of America, NA		USD	2,253		AUD	3,278		12/16/19		(35,330	)
Barclays Bank PLC		CNY	4,571		USD	659		10/17/19		15,135
Barclays Bank PLC		USD	457		CNY	3,236		10/17/19		(1,473	)
Barclays Bank PLC		INR	12,843		USD	180		10/24/19		(936	)
Barclays Bank PLC		CHF	4,644		USD	4,727		12/16/19		43,637
Barclays Bank PLC		GBP	630		USD	765		12/16/19		(12,252	)
Barclays Bank PLC		USD	899		GBP	728		12/16/19		(1,386	)
Barclays Bank PLC		USD	664		JPY	69,646		12/16/19		(16,594	)
Citibank, NA		INR	126,076		USD	1,817		10/24/19		37,357
Citibank, NA		EUR	1,248		USD	1,372		12/16/19		3,975
Citibank, NA		USD	1,089		EUR	986		12/16/19		(8,590	)
HSBC Bank USA		CNY	14,953		USD	2,175		10/17/19		70,035
Natwest Markets PLC		USD	370		INR	26,335		10/24/19		1,260
Natwest Markets PLC		USD	2,473		JPY	263,632		12/16/19		(21,810	)
State Street Bank & Trust Co.		CHF	376		USD	386		12/16/19		6,601
State Street Bank & Trust Co.		EUR	2,118		USD	2,341		12/16/19		19,184
State Street Bank & Trust Co.		GBP	1,029		USD	1,275		12/16/19		5,529
State Street Bank & Trust Co.		GBP	593		USD	726		12/16/19		(5,500	)
State Street Bank & Trust Co.		JPY	76,132		USD	708		12/16/19		534
State Street Bank & Trust Co.		USD	351		AUD	515		12/16/19		(2,580	)
State Street Bank & Trust Co.		USD	475		CHF	468		12/16/19		(3,051	)
State Street Bank & Trust Co.		USD	3,324		EUR	2,987		12/16/19		(49,474	)
State Street Bank & Trust Co.		USD	288		GBP	231		12/16/19		(2,897	)
State Street Bank & Trust Co.		USD	2,390		JPY	252,951		12/16/19		(38,616	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
UBS AG		USD	3,793		EUR	3,410		12/16/19	$	(54,822	)
									$	(54,018	)

(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, 2019, the aggregate market value of these securities amounted to $4,875,595 or 6.8% of net assets.

(b) Non-income producing security.

(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 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 $8,495,174 and gross unrealized depreciation of investments was $(1,557,006), resulting in net unrealized appreciation of $6,938,168.

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
EUR	-	Euro
GBP	-	Great British Pound
INR	-	Indian Rupee
JPY	-	Japanese Yen
USD	-	United States Dollar

Glossary:

ADR - American Depositary Receipt

COUNTRY BREAKDOWN ¹

September 30, 2019 (unaudited)

17.9%	Japan
16.8%	Switzerland
15.7%	United Kingdom
9.5%	France
9.0%	China
4.7%	Spain
3.6%	Australia
3.5%	Netherlands
3.4%	India
3.0%	Denmark
2.5%	United Arab Emirates
2.1%	Sweden
2.1%	Germany
6.2%	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 (excluding security lending collateral) and may vary over time.

AB Cap Fund, Inc.

AB Concentrated International Growth 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, 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 September 30, 2019:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Consumer Staples

$

1,429,434

$

11,270,724

$

– 0

–

$

12,700,158

Information Technology

– 0

–

12,557,717

– 0

–

12,557,717

Industrials

– 0

–

11,032,478

– 0

–

11,032,478

Consumer Discretionary

3,364,311

5,273,261

– 0

–

8,637,572

Health Care

– 0

–

8,352,618

– 0

–

8,352,618

Financials

2,493,656

4,807,319

– 0

–

7,300,975

Communication Services

– 0

–

5,232,212

– 0

–

5,232,212

Materials

– 0

–

2,498,858

– 0

–

2,498,858

Short-Term Investments

4,518,041

– 0

–

– 0

–

4,518,041

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

2,096,550

– 0

–

– 0

–

2,096,550

Total Investments in Securities

13,901,992

61,025,187

(a)

– 0

–

74,927,179

Other Financial Instruments (b):

Assets:

Forward Currency Exchange Contracts

– 0

–

206,517

– 0

–

206,517

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(260,535

)

– 0

–

(260,535

)

Total

$

13,901,992

$

60,971,169

$

– 0

–

$

74,873,161

(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 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	$	4,863	$	7,549	$	7,894	$	4,518	$	20
Government Money Market Portfolio*		1,857		14,983		14,743		2,097		15
Total	$	6,720	$	22,532	$	22,637	$	6,615	$	35

* Investments of cash collateral for securities lending transactions