AB Cap Fund, Inc.

AB Multi-Manager Select 2025 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)		374,101	$	2,592,518
AB Bond Inflation Strategy Portfolio - Class Z(b)		733,154		7,778,762
AB Discovery Growth Fund, Inc. - Class Z(b) (c)		227,340		2,525,752
AB Global Bond Fund, Inc. - Class Z(b)		1,470,607		12,382,508
AB Global Real Estate Investment Fund II - Class I(b)		378,624		3,377,328
AB High Income Fund, Inc. - Class Z(b)		1,828,744		12,472,036
AB Relative Value Fund - Class Z(b)		800,334		3,809,591
AB Trust – AB Discovery Value Fund - Class Z(b)		176,362		2,502,583
AB Unconstrained Bond Fund, Inc. - Class Z(b)		352,300		2,533,036
AQR International Defensive Style Fund - Class R6		440,457		5,197,395
AQR Style Premia Alternative Fund - Class R6		351,595		2,485,776
BlackRock Total Return Bond Fund - Class K		429,320		5,194,777
Boston Partners Long/Short Research Fund - Class INS		480,859		6,356,959
DFA Commodity Strategy Portfolio		803,215		3,445,793
iShares Core S&P 500 ETF		76,957		22,406,800
MFS Institutional International Equity Fund		110,732		2,614,371
PIMCO Real Return Fund		435,272		5,057,855
Schwab US Dividend Equity ETF		201,069		10,184,145
T. Rowe Price Emerging Markets Stock Fund - Class I		66,232		2,567,824
T. Rowe Price International Funds - International Discovery Fund - Class I		22,084		1,362,777
Vanguard FTSE Developed Markets ETF		178,249		6,359,924
Vanguard Total Bond Market ETF		59,268		5,186,543
Total Investment Companies (cost $136,018,112)				128,395,053
SHORT-TERM INVESTMENTS – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.35%(a) (b) (d) (cost $35,086)		35,086		35,086
Total Investments – 99.7% (cost $136,053,198)(e)				128,430,139
Other assets less liabilities – 0.3%				441,900
Net Assets – 100.0%			$	128,872,039

(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) 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 $911,343 and gross unrealized depreciation of investments was $(8,534,402), resulting in net unrealized depreciation of $(7,623,059).

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

AB Cap Fund, Inc.

AB Multi-Manager Select 2025 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	$	128,395,053	$	—	$	—	$	128,395,053
Short-Term Investments		35,086		—		—		35,086
Total	$	128,430,139	$	—	$	—	$	128,430,139

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	$	4,623	$	698	$	1,810	$	(653	)	$	(265	)	$	2,593	$	101		$	0
AB Bond Inflation Strategy Portfolio		6,188		4,516		2,800		(31	)		(94	)		7,779		116			0
AB Discovery Growth Fund, Inc.		3,053		1,223		1,414		(271	)		(65	)		2,526		202			0
AB Discovery Value Fund		3,114		1,117		819		(634	)		(275	)		2,503		138			0
AB Global Bond Fund, Inc.		15,917		24,093		27,028		103			(702	)		12,383		391			0
AB Global Real Estate Investment Fund II		4,559		2,572		2,801		(538	)		(415	)		3,377		364			0
AB High Income Fund, Inc.		10,880		6,505		2,920		(194	)		(1,799	)		12,472		615			0
AB Relative Value Fund		6,115		1,212		2,444		(659	)		(414	)		3,810		289			0
AB Unconstrained Bond Fund, Inc.		1,524		1,575		409		(47	)		(110	)		2,533		80			0
Government Money Market Portfolio		203		45,266		45,434		0			0			35		8			0
Government Money Market Portfolio**		0		13,370		13,370		0			0			0		0	*		0
Total	$	56,176	$	102,147	$	101,249	$	(2,924	)	$	(4,139	)	$	50,011	$	2,304		$	0

* Amount less than $500.

** Investments of cash collateral for securities lending transactions