AB Cap Fund, Inc.

AB Multi-Manager Select 2035 Fund

Portfolio of Investments

April 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES – 99.4%
Funds and Investment Trusts – 99.4%(a)
AB All Market Real Return Portfolio - Class Z(b)		331,644	$	2,298,295
AB Discovery Growth Fund, Inc. - Class Z(b) (c)		307,850		3,420,208
AB Global Bond Fund, Inc. - Class Z(b)		908,335		7,648,181
AB Global Real Estate Investment Fund II - Class I(b)		341,772		3,048,605
AB High Income Fund, Inc. - Class Z(b)		1,824,160		12,440,770
AB Relative Value Fund - Class Z(b)		963,357		4,585,581
AB Trust – AB Discovery Value Fund - Class Z(b)		238,995		3,391,342
AB Unconstrained Bond Fund, Inc. - Class Z(b)		153,237		1,101,778
AQR International Defensive Style Fund - Class R6		391,599		4,620,870
AQR Style Premia Alternative Fund - Class R6		157,539		1,113,802
BlackRock Total Return Bond Fund - Class K		91,184		1,103,328
Boston Partners Long/Short Research Fund - Class INS		518,319		6,852,172
DFA Commodity Strategy Portfolio		724,938		3,109,983
Franklin Growth Fund - Class R6		21,931		2,341,782
iShares Core S&P 500 ETF		89,599		26,087,645
MFS Institutional International Equity Fund		148,396		3,503,631
Schwab US Dividend Equity ETF		158,801		8,043,271
T. Rowe Price Emerging Markets Stock Fund - Class I		88,447		3,429,074
T. Rowe Price International Funds - International Discovery Fund - Class I		38,308		2,363,987
Vanguard FTSE Developed Markets ETF(d)		319,283		11,392,017
Vanguard FTSE Emerging Markets ETF		31,820		1,150,929
Vanguard Total Bond Market ETF		26,029		2,277,798
Total Investment Companies (cost $122,998,902)				115,325,049
SHORT-TERM INVESTMENTS – 0.1%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.35%(a) (b) (e) (cost $128,008)		128,008		128,008
Total Investments – 99.5% (cost $123,126,910)(f)				115,453,057
Other assets less liabilities – 0.5%				538,786
Net Assets – 100.0%			$	115,991,843

(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) Non-income producing security.

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

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

(f) 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 $1,233,667 and gross unrealized depreciation of investments was $(8,907,520), resulting in net unrealized depreciation of $(7,673,853).

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

AB Cap Fund, Inc.

AB Multi-Manager Select 2035 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	$	115,325,049	$	—	$	—	$	115,325,049
Short-Term Investments		128,008		—		—		128,008
Total	$	115,453,057	$	—	$	—	$	115,453,057

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	$	2,685	$	423	$	340	$	(53	)	$	(417	)	$	2,298	$	60	$	0
AB Discovery Growth Fund, Inc.		3,926		1,289		1,436		(148	)		(211	)		3,420		250		0
AB Discovery Value Fund		3,962		1,482		895		(237	)		(921	)		3,391		179		0
AB Global Bond Fund, Inc.		8,293		20,365		20,648		(130	)		(232	)		7,648		194		0
AB Global Real Estate Investment Fund II		3,937		2,159		2,207		(387	)		(453	)		3,049		322		0
AB High Income Fund, Inc.		9,326		7,418		2,689		(242	)		(1,372	)		12,441		523		0
AB Relative Value Fund		7,861		1,398		3,584		(597	)		(492	)		4,586		318		0
AB Unconstrained Bond Fund, Inc.		0		1,627		424		(14	)		(87	)		1,102		64		0
Government Money Market Portfolio		13		35,750		35,635		0			0			128		9		0
Government Money Market Portfolio**		0		20,012		20,012		0			0			0		1		0
Total	$	40,003	$	91,923	$	87,870	$	(1,808	)	$	(4,185	)	$	38,063	$	1,920	$	0

** Investments of cash collateral for securities lending transactions