AB Cap Fund, Inc.

AB Multi-Manager Select Retirement Allocation Fund

Portfolio of Investments

April 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES – 99.7%
Funds and Investment Trusts – 99.7%(a)
AB All Market Real Return Portfolio - Class Z(b)		39,118	$	271,089
AB Bond Inflation Strategy Portfolio - Class Z(b)		59,793		634,402
AB Global Bond Fund, Inc. - Class Z(b)		136,550		1,149,749
AB Global Real Estate Investment Fund II - Class I(b)		16,557		147,686
AB High Income Fund, Inc. - Class Z(b)		33,576		228,990
AB Relative Value Fund - Class Z(b)		19,574		93,171
AB Trust – AB Discovery Value Fund - Class Z(b)		6,224		88,317
AB Unconstrained Bond Fund, Inc. - Class Z(b)		63,250		454,766
AQR International Defensive Style Fund - Class R6		22,822		269,302
Baird Short Term Bond Fund		74,682		733,376
BlackRock Total Return Bond Fund - Class K		60,598		733,234
Boston Partners Long/Short Research Fund - Class INS		13,765		181,979
DFA Commodity Strategy Portfolio		34,206		146,746
iShares Core S&P 500 ETF		1,713		498,757
MFS Institutional International Equity Fund		3,912		92,367
PIMCO Real Return Fund		38,707		449,780
Schwab US Dividend Equity ETF(c)		14,190		718,723
T. Rowe Price International Funds - International Discovery Fund - Class I		1,553		95,832
Vanguard FTSE Developed Markets ETF		2,516		89,771
Vanguard Short-Term Bond ETF(c)		14,950		1,236,066
Vanguard Total Bond Market ETF		8,889		777,876
Total Investment Companies (cost $9,097,271)				9,091,979
SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.35%(a) (b) (d) (cost $16,461)		16,461		16,461
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% (cost $9,113,732)				9,108,440
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 12.4%
Investment Companies – 12.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.35%(a) (b) (d) (cost $1,130,843)		1,130,843		1,130,843

	U.S. $ Value
Total Investments – 112.3% (cost $10,244,575)(e)	$	10,239,283
Other assets less liabilities – (12.3)%		(1,121,142	)
Net Assets – 100.0%	$	9,118,141

(a) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(b) Affiliated investments.

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

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

(e) As of April 30, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $181,035 and gross unrealized depreciation of investments was $(186,327), resulting in net unrealized depreciation of $(5,292).

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

AB Cap Fund, Inc.

AB Multi-Manager Select Retirement Allocation Fund

April 30, 2020 (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 April 30, 2020:

Investments in Underlying Portfolios:	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	9,091,979	$	—	$	—	$	9,091,979
Short-Term Investments		16,461		—		—		16,461
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,130,843		—		—		1,130,843
Total	$	10,239,283	$	—	$	—	$	10,239,283

A summary of the Fund’s transactions in AB mutual funds for the nine months ended April 30, 2020 is as follows:

															Distributions
Affiliated Issuer	Market Value 07/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 04/30/2020 (000)		Dividend Income (000)			Realized Gains (000)
AB All Market Real Return Portfolio	$	326	$	100	$	114	$	(21	)	$	(20	)	$	271	$	6		$	0
AB Bond Inflation Strategy Portfolio		769		120		248		4			(11	)		634		12			0
AB Discovery Value Fund		0		190		72		(35	)		5			88		4			0
AB Global Bond Fund, Inc.		1,543		1,610		1,973		27			(57	)		1,150		33			0
AB Global Real Estate Investment Fund II		214		143		176		(36	)		3			148		15			0
AB High Income Fund, Inc.		225		91		58		(5	)		(24	)		229		10			0
AB Relative Value Fund		221		35		155		2			(10	)		93		9			0
AB Unconstrained Bond Fund, Inc.		437		224		164		(18	)		(24	)		455		24			0
Government Money Market Portfolio		13		2,657		2,654		0			0			16		0	*		0
Government Money Market Portfolio**		0		17,755		16,624		0			0			1,131		2			0
Total	$	3,748	$	22,925	$	22,238	$	(82	)	$	(138	)	$	4,215	$	115		$	0

* Amount less than $500.

** Investments of cash collateral for securities lending transactions