AB Cap Fund, Inc.

AB Multi-Manager Select 2020 Fund

Portfolio of Investments

April 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES – 99.8%
Funds and Investment Trusts – 99.8%(a)
AB All Market Real Return Portfolio - Class Z(b)		492,735	$	3,414,657
AB Bond Inflation Strategy Portfolio - Class Z(b)		636,566		6,753,961
AB Discovery Growth Fund, Inc. - Class Z(b) (c)		79,573		884,060
AB Global Bond Fund, Inc. - Class Z(b)		1,171,338		9,862,666
AB Global Real Estate Investment Fund II - Class I(b)		161,544		1,440,972
AB High Income Fund, Inc. - Class Z(b)		823,308		5,614,960
AB Relative Value Fund - Class Z(b)		526,484		2,506,062
AB Trust – AB Discovery Value Fund - Class Z(b)		121,258		1,720,657
AB Unconstrained Bond Fund, Inc. - Class Z(b)		353,843		2,544,133
AQR International Defensive Style Fund - Class R6		283,678		3,347,395
AQR Style Premia Alternative Fund - Class R6		233,833		1,653,202
BlackRock Total Return Bond Fund - Class K		347,100		4,199,910
Boston Partners Long/Short Research Fund - Class INS		189,037		2,499,073
DFA Commodity Strategy Portfolio		528,546		2,267,461
iShares Core S&P 500 ETF		39,000		11,355,240
MFS Institutional International Equity Fund		73,340		1,731,561
PIMCO Real Return Fund		504,751		5,865,204
Schwab US Dividend Equity ETF(d)		133,774		6,775,653
T. Rowe Price Emerging Markets Stock Fund - Class I		43,578		1,689,506
T. Rowe Price International Funds - International Discovery Fund - Class I		14,688		906,375
Vanguard FTSE Developed Markets ETF(d)		70,372		2,510,873
Vanguard Total Bond Market ETF		58,496		5,118,985
Total Investment Companies (cost $88,845,920)				84,662,566
Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% (cost $88,845,920)				84,662,566
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 5.9%
Investment Companies – 5.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.35%(a) (b) (e) (cost $4,983,029)		4,983,029		4,983,029
Total Investments – 105.7% (cost $93,828,949)(f)				89,645,595
Other assets less liabilities – (5.7)%				(4,839,607	)
Net Assets – 100.0%			$	84,805,988

(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 $919,973 and gross unrealized depreciation of investments was $(5,103,327), resulting in net unrealized depreciation of $(4,183,354).

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

AB Cap Fund, Inc.

AB Multi-Manager Select 2020 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	$	84,662,566	$	—	$	—	$	84,662,566
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		4,983,029		—		—		4,983,029
Total	$	89,645,595	$	—	$	—	$	89,645,595

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	$	4,062	$	956	$	906	$	(163	)	$	(534	)	$	3,415	$	91	$	0
AB Bond Inflation Strategy Portfolio		7,173		2,558		2,828		(4	)		(145	)		6,754		128		0
AB Discovery Growth Fund, Inc.		1,037		454		483		(94	)		(30	)		884		63		0
AB Discovery Value Fund		2,043		876		637		(413	)		(148	)		1,721		89		0
AB Global Bond Fund, Inc.		11,550		15,515		16,831		151			(522	)		9,863		290		0
AB Global Real Estate Investment Fund II		1,992		1,266		1,416		(284	)		(117	)		1,441		161		0
AB High Income Fund, Inc.		5,154		2,142		891		(9	)		(781	)		5,615		264		0
AB Relative Value Fund		3,011		673		739		(108	)		(331	)		2,506		142		0
AB Unconstrained Bond Fund, Inc.		2,045		1,778		1,033		(130	)		(116	)		2,544		153		0
Government Money Market Portfolio		2,006		25,086		27,091		0			(1	)		0		5		0
Government Money Market Portfolio*		0		46,326		41,343		0			0			4,983		3		0
Total	$	40,073	$	97,630	$	94,198	$	(1,054	)	$	(2,725	)	$	39,726	$	1,389	$	0

* Investments of cash collateral for securities lending transactions