AB Cap Fund, Inc.

AB Select US Equity Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.7%
Financials - 20.2%
Banks - 12.5%
Bank of America Corp.		121,837	$	3,553,985
Citigroup, Inc.		93,457		6,456,010
JPMorgan Chase & Co.		75,359		8,869,001
PNC Financial Services Group, Inc. (The)		34,795		4,876,867
US Bancorp		26,019		1,439,891
Wells Fargo & Co.		37,872		1,910,264
				27,106,018
Capital Markets - 1.4%
Goldman Sachs Group, Inc. (The)		14,603		3,026,179
Diversified Financial Services - 5.9%
Berkshire Hathaway, Inc.-Class B (a)		62,053		12,908,265
Insurance - 0.4%
Progressive Corp. (The)		11,559		892,933
				43,933,395
Information Technology - 18.3%
Communications Equipment - 2.2%
Cisco Systems, Inc.		96,741		4,779,973
IT Services - 2.2%
PayPal Holdings, Inc. (a)		11,068		1,146,534
Visa, Inc.-Class A		21,184		3,643,860
				4,790,394
Semiconductors & Semiconductor Equipment - 3.8%
Broadcom, Inc.		10,862		2,998,672
Intel Corp.		36,964		1,904,755
QUALCOMM, Inc.		14,187		1,082,185
Texas Instruments, Inc.		17,246		2,228,873
				8,214,485
Software - 6.2%
Adobe, Inc. (a)		7,338		2,027,123
Microsoft Corp.		75,178		10,451,997
VMware, Inc.-Class A		7,371		1,106,092
				13,585,212
Technology Hardware, Storage & Peripherals - 3.9%
Apple, Inc.		37,556		8,411,417
				39,781,481
Communication Services - 13.3%
Diversified Telecommunication Services - 3.8%
AT&T, Inc.		115,298		4,362,877
Comcast Corp.-Class A		85,528		3,855,602
				8,218,479
Entertainment - 4.1%
Activision Blizzard, Inc.		29,838		1,579,027
Nintendo Co., Ltd.		3,031		1,129,037
Vivendi SA		99,283		2,716,656
Walt Disney Co. (The)		26,588		3,464,948
				8,889,668

Company	Shares		U.S. $ Value
Interactive Media & Services - 5.4%
Alphabet, Inc.-Class C (a)		6,121	$	7,461,499
Facebook, Inc.-Class A (a)		24,930		4,439,534
				11,901,033
				29,009,180
Industrials - 11.2%
Aerospace & Defense - 5.3%
Boeing Co. (The)		4,492		1,709,071
Northrop Grumman Corp.		7,231		2,710,106
United Technologies Corp.		51,957		7,093,170
				11,512,347
Airlines - 0.8%
Delta Air Lines, Inc.		29,795		1,716,192
Construction & Engineering - 1.2%
Jacobs Engineering Group, Inc.		30,003		2,745,275
Industrial Conglomerates - 2.7%
Honeywell International, Inc.		34,694		5,870,225
Road & Rail - 1.2%
Norfolk Southern Corp.		14,367		2,581,175
				24,425,214
Health Care - 11.2%
Health Care Equipment & Supplies - 3.9%
Abbott Laboratories		39,078		3,269,656
Boston Scientific Corp. (a)		77,095		3,136,996
Zimmer Biomet Holdings, Inc.		15,501		2,127,822
				8,534,474
Health Care Providers & Services - 2.4%
Cigna Corp. (a)		9,711		1,474,032
Humana, Inc.		6,510		1,664,412
UnitedHealth Group, Inc.		9,065		1,970,006
				5,108,450
Pharmaceuticals - 4.9%
Eli Lilly & Co.		23,796		2,661,107
Johnson & Johnson		29,020		3,754,608
Merck & Co., Inc.		29,357		2,471,272
Zoetis, Inc.		14,641		1,824,122
				10,711,109
				24,354,033
Consumer Discretionary - 7.8%
Hotels, Restaurants & Leisure - 0.8%
Starbucks Corp.		19,716		1,743,289

Company	Shares		U.S. $ Value
Household Durables - 0.6%
Lennar Corp.-Class A		21,318	$	1,190,610
Internet & Direct Marketing Retail - 3.3%
Amazon.com, Inc. (a)		2,926		5,079,273
Booking Holdings, Inc. (a)		1,095		2,149,058
				7,228,331
Specialty Retail - 3.1%
Home Depot, Inc. (The)		18,759		4,352,463
TJX Cos., Inc. (The)		16,959		945,295
Ulta Salon Cosmetics & Fragrance, Inc. (a)		5,613		1,406,898
				6,704,656
				16,866,886
Consumer Staples - 5.7%
Beverages - 1.9%
Coca-Cola Co. (The)		77,591		4,224,054
Food & Staples Retailing - 1.1%
Walmart, Inc.		19,678		2,335,385
Household Products - 2.1%
Procter & Gamble Co. (The)		35,840		4,457,779
Personal Products - 0.6%
Estee Lauder Cos., Inc. (The)-Class A		7,056		1,403,791
				12,421,009
Energy - 4.8%
Oil, Gas & Consumable Fuels - 4.8%
Chevron Corp.		35,385		4,196,661
EOG Resources, Inc.		24,128		1,790,780
Exxon Mobil Corp.		39,484		2,787,965
Valero Energy Corp.		18,866		1,608,138
				10,383,544
Utilities - 3.5%
Electric Utilities - 2.2%
NextEra Energy, Inc.		19,918		4,640,695
Independent Power and Renewable Electricity Producers - 1.3%
NRG Energy, Inc.		72,603		2,875,079
				7,515,774
Materials - 1.0%
Containers & Packaging - 1.0%
Berry Global Group, Inc. (a)		58,327		2,290,501
Real Estate - 0.7%
Equity Real Estate Investment Trusts (REITs) - 0.7%
Equinix, Inc.		2,622		1,512,370
Total Common Stocks (cost $159,374,742)				212,493,387

Company	Shares			U.S. $ Value
PREFERRED STOCKS - 0.1%
Consumer Discretionary - 0.1%
Honest Co., Inc. (The)
Series D
0.00% (a)(b)(c)(d) (cost $183,249)		4,005		$	112,780
SHORT-TERM INVESTMENTS - 2.4%
Investment Companies - 2.4%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (e)(f)(g) (cost $5,348,838)		5,348,838			5,348,838
	Principal Amount (000)
Time Deposits - 0.0%
BBH Grand Cayman
0.38%, 10/01/19	GBP	0	*		5
0.84%, 10/01/19	CAD	5			3,913
Citibank, London
(0.67)%, 10/01/19	EUR	30			32,242
Sumitomo, Tokyo
(0.26)%, 10/01/19	JPY	2,346			21,695
Total Time Deposits (cost $57,855)					57,855
Total Short-Term Investments (cost $5,406,693)					5,406,693
Total Investments - 100.2% (cost $164,964,684) (h)					218,012,860
Other assets less liabilities - (0.2)%					(465,799	)
Net Assets - 100.0%				$	217,547,061

* Principal amount less than 500.

(a) Non-income producing security.

(b) Illiquid security.

(c) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(d) Fair valued by the Adviser.

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

(f) Affiliated investments.

(g) 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.

(h) 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 $54,036,635 and gross unrealized depreciation of investments was $(988,459), resulting in net unrealized appreciation of $53,048,176.

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:

CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen

AB Cap Fund, Inc.

AB Select US 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

$

43,933,395

$

– 0

–

$

– 0

–

$

43,933,395

Information Technology

39,781,481

– 0

–

– 0

–

39,781,481

Communication Services

25,163,487

3,845,693

– 0

–

29,009,180

Industrials

24,425,214

– 0

–

– 0

–

24,425,214

Health Care

24,354,033

– 0

–

– 0

–

24,354,033

Consumer Discretionary

16,866,886

– 0

–

– 0

–

16,866,886

Consumer Staples

12,421,009

– 0

–

– 0

–

12,421,009

Energy

10,383,544

– 0

–

– 0

–

10,383,544

Utilities

7,515,774

– 0

–

– 0

–

7,515,774

Materials

2,290,501

– 0

–

– 0

–

2,290,501

Real Estate

1,512,370

– 0

–

– 0

–

1,512,370

Preferred Stocks

– 0

–

– 0

–

112,780

112,780

Short-Term Investments:

Investment Companies

5,348,838

– 0

–

– 0

–

5,348,838

Time Deposits

– 0

–

57,855

– 0

–

57,855

Total Investments in Securities

213,996,532

3,903,548

112,780

218,012,860

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

213,996,532

$

3,903,548

$

112,780

$

218,012,860

* 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	$	8,288	$	17,987	$	20,926	$	5,349	$	32