UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-01716

AB CAP FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: March 31, 2017

Date of reporting period: December 31, 2016

ITEM 1. SCHEDULE OF INVESTMENTS.

AB Emerging Markets Multi-Asset Portfolio

Portfolio of Investments

December 31, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 47.3%
Information Technology - 12.3%
Electronic Equipment, Instruments & Components - 3.2%
Hon Hai Precision Industry Co., Ltd.		156,415	$	406,850
Kingboard Chemical Holdings Ltd.		227,500		687,068
Largan Precision Co., Ltd.		1,000		116,561
Zhen Ding Technology Holding Ltd.		20,000		39,307
				1,249,786
Internet Software & Services - 1.0%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		1,050		92,201
NAVER Corp.		40		25,615
NetEase, Inc. (ADR)		630		135,664
Tencent Holdings Ltd.		5,500		133,359
				386,839
Semiconductors & Semiconductor Equipment - 4.2%
Hua Hong Semiconductor Ltd. (b)		179,000		199,189
Novatek Microelectronics Corp.		146,000		479,843
Realtek Semiconductor Corp.		39,000		123,172
SCREEN Holdings Co., Ltd.		6,300		389,394
Silicon Motion Technology Corp. (ADR)		1,160		49,277
Taiwan Semiconductor Manufacturing Co., Ltd.		42,000		235,253
Vanguard International Semiconductor Corp.		27,000		46,785
Win Semiconductors Corp.		36,828		103,301
				1,626,214
Technology Hardware, Storage & Peripherals - 3.9%
Lite-On Technology Corp.		87,068		130,937
Quanta Computer, Inc.		105,000		195,656
Samsung Electronics Co., Ltd.		245		364,637
Samsung Electronics Co., Ltd. (Preference Shares)		160		189,446
Transcend Information, Inc.		161,000		425,616
Wistron Corp.		249,170		192,024
				1,498,316
				4,761,155
Financials - 8.2%
Banks - 6.7%
Agricultural Bank of China Ltd.-Class H		161,000		65,707
Banco Macro SA (ADR)		300		19,305
Bangkok Bank PCL (NVDR)		20,400		90,575
Bank of China Ltd.-Class H		323,000		142,419
China Construction Bank Corp.-Class H		330,000		252,724
Credicorp Ltd.		740		116,816
Erste Group Bank AG (a)		4,750		138,877
Industrial & Commercial Bank of China Ltd.-Class H		236,000		140,711
Itausa - Investimentos Itau SA (Preference Shares)		141,099		358,058
Kasikornbank PCL (NVDR)		9,200		45,438
KB Financial Group, Inc. (a)		9,860		348,448
OTP Bank PLC		10,030		286,400
Sberbank of Russia PJSC (Sponsored ADR)		37,986		439,878

Company	Shares		U.S. $ Value
Shinhan Financial Group Co., Ltd. (a)		4,070	$	152,630
				2,597,986
Capital Markets - 0.6%
BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros		32,300		163,420
China Everbright Ltd.		50,000		94,699
				258,119
Consumer Finance - 0.4%
Samsung Card Co., Ltd.		4,660		153,217
Diversified Financial Services - 0.4%
Fubon Financial Holding Co., Ltd.		92,000		145,024
Insurance - 0.1%
Dongbu Insurance Co., Ltd.		620		32,098
				3,186,444
Energy - 8.1%
Oil, Gas & Consumable Fuels - 8.1%
China Petroleum & Chemical Corp.-Class H		486,000		342,274
Cosan SA Industria e Comercio		15,700		183,638
LUKOIL PJSC (London) (Sponsored ADR)		16,500		925,980
MOL Hungarian Oil & Gas PLC		6,670		467,705
Petroleo Brasileiro SA (a)		29,800		154,463
Petronet LNG Ltd.		28,370		152,976
PTT PCL (NVDR)		10,900		112,857
Tatneft PJSC (Sponsored ADR)		12,140		499,554
YPF SA (Sponsored ADR)		17,470		288,255
				3,127,702
Utilities - 5.6%
Electric Utilities - 3.2%
Centrais Eletricas Brasileiras SA (Preference Shares) (a)		75,900		602,770
Cia de Transmissao de Energia Eletrica Paulista (Preference Shares)		9,100		181,133
Equatorial Energia SA		11,500		191,867
Korea Electric Power Corp. (a)		1,520		55,447
Transmissora Alianca de Energia Eletrica SA		34,500		219,680
				1,250,897
Independent Power and Renewable Electricity Producers - 1.1%
Huadian Power International Corp., Ltd.-Class H		774,000		349,295
Huaneng Power International, Inc.-Class H		112,000		73,929
				423,224
Water Utilities - 1.3%
Cia de Saneamento Basico do Estado de Sao Paulo		12,200		107,679
Cia de Saneamento de Minas Gerais-COPASA		35,600		398,756
				506,435
				2,180,556

Company	Shares		U.S. $ Value
Consumer Discretionary - 3.4%
Automobiles - 1.1%
Dongfeng Motor Group Co., Ltd.-Class H		266,000	$	258,408
Kia Motors Corp.		5,370		174,292
				432,700
Diversified Consumer Services - 0.6%
New Oriental Education & Technology Group, Inc. (Sponsored ADR) (a)		2,520		106,092
TAL Education Group (ADR) (a)		1,820		127,673
				233,765
Hotels, Restaurants & Leisure - 0.2%
Gourmet Master Co., Ltd.		9,450		71,775
Media - 0.1%
Sun TV Network Ltd.		7,480		54,047
Multiline Retail - 0.3%
Lojas Renner SA		16,200		115,057
Textiles, Apparel & Luxury Goods - 1.1%
Luthai Textile Co., Ltd.-Class B		169,786		203,673
Pou Chen Corp.		27,000		33,552
Yue Yuen Industrial Holdings Ltd.		47,500		172,174
				409,399
				1,316,743
Materials - 3.2%
Chemicals - 1.6%
Formosa Chemicals & Fibre Corp.		32,000		95,301
Hyosung Corp. (a)		2,710		325,771
PTT Global Chemical PCL (NVDR)		81,000		142,028
Sinopec Shanghai Petrochemical Co., Ltd.-Class H		88,000		47,499
				610,599
Construction Materials - 0.3%
China National Materials Co., Ltd.-Class H		429,000		99,585
Metals & Mining - 0.7%
Gerdau SA (Preference Shares)		31,200		102,857
Gerdau SA (Sponsored ADR)		2,760		8,666
Novolipetsk Steel PJSC (GDR) (b)		6,640		122,637
Severstal PJSC (GDR) (b)		3,220		48,534
				282,694
Paper & Forest Products - 0.6%
Lee & Man Paper Manufacturing Ltd.		192,000		148,049
Sappi Ltd. (a)		12,220		79,718
				227,767
				1,220,645
Industrials - 2.1%
Airlines - 0.7%
Air Arabia PJSC		777,400		281,417

Company	Shares		U.S. $ Value
Construction & Engineering - 0.3%
Hyundai Engineering & Construction Co., Ltd. (a)		3,030	$	107,187
Industrial Conglomerates - 0.8%
Far Eastern New Century Corp.		130,000		97,355
Jardine Strategic Holdings Ltd.		6,100		201,835
				299,190
Transportation Infrastructure - 0.3%
Jiangsu Expressway Co., Ltd.-Class H		104,000		131,121
				818,915
Telecommunication Services - 1.6%
Diversified Telecommunication Services - 1.3%
China Communications Services Corp. Ltd.-Class H		202,000		128,345
China Telecom Corp., Ltd.-Class H		182,000		83,485
China Unicom Hong Kong Ltd.		40,000		46,294
Chunghwa Telecom Co., Ltd.		34,000		106,763
KT Corp. (Sponsored ADR) (a) (c)		11,340		159,781
				524,668
Wireless Telecommunication Services - 0.3%
China Mobile Ltd.		10,500		110,703
				635,371
Consumer Staples - 1.6%
Beverages - 0.3%
Thai Beverage PCL		185,900		108,918
Food & Staples Retailing - 0.1%
X5 Retail Group NV (GDR) (a) (b)		1,540		49,973
Food Products - 1.2%
Mead Johnson Nutrition Co.-Class A		680		48,117
Uni-President Enterprises Corp.		81,000		133,558
WH Group Ltd. (b)		335,000		270,042
				451,717
Tobacco - 0.0%
KT&G Corp.		220		18,403
				629,011
Health Care - 0.7%
Health Care Equipment & Supplies - 0.4%
St Shine Optical Co., Ltd.		7,200		137,444
Health Care Providers & Services - 0.3%
Odontoprev SA		12,100		46,780
Qualicorp SA		3,900		23,027
Sinopharm Group Co., Ltd.-Class H		15,600		63,934
				133,741
				271,185

Company	Shares		U.S. $ Value
Real Estate - 0.5%
Real Estate Management & Development - 0.5%
Aldar Properties PJSC		169,790	$	121,253
Kaisa Group Holdings Ltd. (a) (d) (e)		223,000		5,032
Wharf Holdings Ltd. (The)		9,000		59,616
Wheelock & Co., Ltd.		4,000		22,449
				208,350
Total Common Stocks (cost $17,510,322)				18,356,077
	Principal Amount (000)
FIXED INCOME SECURITIES - 41.7%
Sovereign Bonds - 20.1%
Argentine Republic Government International Bond
7.50%, 4/22/26 (b)	U.S.$	150		157,500
Series NY
2.50%, 12/31/38 (f)		194		119,601
Brazilian Government International Bond
4.25%, 1/07/25		200		186,500
Chile Government International Bond
2.25%, 10/30/22		162		156,379
Costa Rica Government International Bond
7.00%, 4/04/44 (b)		200		182,774
Croatia Government International Bond
6.00%, 1/26/24 (b)		200		216,750
Dominican Republic International Bond
5.875%, 4/18/24 (b)		225		225,576
7.45%, 4/30/44 (b)		154		154,385
Ecuador Government International Bond
9.65%, 12/13/26 (b)		200		203,500
Gabon Government International Bond
6.375%, 12/12/24 (b)		200		185,784
Ghana Government International Bond
9.25%, 9/15/22 (b)		220		234,850
Hungary Government International Bond
5.75%, 11/22/23		146		161,878
Indonesia Government International Bond
3.375%, 4/15/23 (b)		644		628,208
Iraq International Bond
5.80%, 1/15/28 (b)		250		207,488
Ivory Coast Government International Bond
6.375%, 3/03/28 (b)		235		228,951
Jamaica Government International Bond
8.00%, 3/15/39		108		119,380
Kazakhstan Government International Bond
4.875%, 10/14/44 (b)		200		190,000
Lebanon Government International Bond
8.25%, 4/12/21 (b)		78		82,586
Series E
6.10%, 10/04/22 (b)		40		38,699

Company	Principal Amount (000)		U.S. $ Value
Series G
6.00%, 5/20/19 (b)	U.S.$	209	$	208,561
Mexico Government International Bond
4.00%, 10/02/23		72		72,173
4.125%, 1/21/26		286		283,712
4.75%, 3/08/44		98		89,111
5.55%, 1/21/45		188		192,230
Panama Government International Bond
4.00%, 9/22/24		200		203,500
Peruvian Government International Bond
4.125%, 8/25/27		78		81,023
Republic of Angola Via Northern Lights III BV
7.00%, 8/16/19 (b)		172		173,809
Republic of Cameroon International Bond
9.50%, 11/19/25 (b)		200		215,012
Republic of Poland Government International Bond
4.00%, 1/22/24		61		62,388
5.00%, 3/23/22		87		94,773
Republic of South Africa Government International Bond
4.875%, 4/14/26		200		199,000
Russian Foreign Bond - Eurobond
4.875%, 9/16/23 (b)		200		210,684
5.00%, 4/29/20 (b)		100		106,115
5.625%, 4/04/42 (b)		200		215,074
Senegal Government International Bond
6.25%, 7/30/24 (b)		200		199,216
Sri Lanka Government International Bond
6.00%, 1/14/19 (b)		281		288,898
Tanzania Government International Bond
7.25% (LIBOR 6 Month + 6.00%), 3/09/20 (b) (g)		156		162,556
Turkey Government International Bond
3.25%, 3/23/23		230		203,838
4.875%, 10/09/26-4/16/43		400		345,289
7.00%, 6/05/20		95		102,004
7.375%, 2/05/25		193		211,576
Uruguay Government International Bond
5.10%, 6/18/50		43		38,700
Venezuela Government International Bond
7.00%, 3/31/38 (b)		107		44,940
7.75%, 10/13/19 (b)		207		114,885
Total Sovereign Bonds (cost $7,936,986)				7,799,856
Treasury Bonds - 6.6%
Colombian TES
Series B
7.00%, 5/04/22	COP	264,400		89,340
10.00%, 7/24/24		454,000		178,523
Hungary Government Bond
Series 25/B
5.50%, 6/24/25	HUF	36,000		146,589

Company	Principal Amount (000)		U.S. $ Value
Indonesia Treasury Bond
Series FR56
8.375%, 9/15/26	IDR	783,000	$	59,688
Series FR70
8.375%, 3/15/24		4,414,000		335,002
Peru Government Bond
6.35%, 8/12/28		170		49,877
6.95%, 8/12/31	PEN	386		117,230
Peruvian Government International Bond
6.35%, 8/12/28 (b)	U.S.$	550		161,365
Republic of Poland Government Bond
Series 0725
3.25%, 7/25/25	PLN	996		233,571
Republic of South Africa Government Bond
Series R186
10.50%, 12/21/26	ZAR	4,843		388,832
Russian Federal Bond - OFZ
Series 6212
7.05%, 1/19/28	RUB	25,968		386,993
Series 6215
7.00%, 8/16/23		11,139		170,421
Thailand Government Bond
3.625%, 6/16/23	THB	7,899		235,249
Total Treasury Bonds (cost $2,411,995)				2,552,680
Quasi-Sovereign Bonds - 4.7%
Empresa Nacional del Petroleo
3.75%, 8/05/26 (b)	U.S.$	200		186,968
Eskom Holdings SOC Ltd.
7.125%, 2/11/25 (b)		200		201,500
Magyar Export-Import Bank Zrt
4.00%, 1/30/20 (b)		200		205,101
Petroleos de Venezuela SA
6.00%, 5/16/24-11/15/26 (b)		940		362,424
9.75%, 5/17/35 (b)		55		26,744
Petroleos Mexicanos
4.25%, 1/15/25		48		44,131
4.607% (LIBOR 3 Month + 3.65%), 3/11/22 (b) (g)		405		417,656
5.50%, 6/27/44		62		51,596
5.625%, 1/23/46		44		36,520
6.75%, 9/21/47 (b)		120		113,376
Trade & Development Bank of Mongolia LLC
9.375%, 5/19/20 (b)		200		191,174
Total Quasi-Sovereign Bonds (cost $1,828,681)				1,837,190
Emerging Markets - Treasuries - 3.8%
Argentine Bonos del Tesoro
18.20%, 10/03/21	ARS	1,326		84,645
21.20%, 9/19/18		1,230		78,415

Company	Principal Amount (000)		U.S. $ Value
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/21-1/01/27	BRL	3,317	$	950,023
Dominican Republic International Bond
16.00%, 7/10/20 (h)	DOP	7,100		179,181
Sri Lanka Government Bonds
Series A
10.75%, 3/01/21	LKR	6,000		38,371
11.50%, 8/01/26		6,000		37,386
Turkey Government Bond
8.00%, 3/12/25	TRY	405		95,885
Total Emerging Markets - Treasuries (cost $1,345,326)				1,463,906
Sovereign Agencies - 2.8%
Banco do Brasil SA/Cayman
9.00%, 6/18/24 (b) (i)	U.S.$	200		188,000
Ecopetrol SA
5.875%, 9/18/23		200		211,700
OCP SA
5.625%, 4/25/24 (b)		200		206,799
Perusahaan Penerbit SBSN Indonesia III
4.35%, 9/10/24 (b)		200		200,760
Petrobras Global Finance BV
6.85%, 6/05/15		23		18,630
8.75%, 5/23/26		52		56,095
Trinidad Generation UnLtd 5.25%, 11/04/27 (b)		200		194,456
Total Sovereign Agencies (cost $1,106,713)				1,076,440
Corporate Bonds - 1.8%
Marfrig Holdings Europe BV
8.00%, 6/08/23 (b)		200		207,020
Minerva Luxembourg SA
6.50%, 9/20/26 (b)		200		192,750
Odebrecht Finance Ltd.
7.125%, 6/26/42 (b)		200		116,500
Petrobras Global Finance BV
7.875%, 3/15/19		11		11,790
Samarco Mineracao SA
4.125%, 11/01/22 (b)		225		121,500
Tonon Luxembourg SA
7.25% (7.25% Cash or 9.25% PIK), 1/24/20 (a) (b) (e) (j) (k)		285		31,346
Virgolino de Oliveira Finance SA
11.75%, 2/09/22 (a) (h) (j)		202		15,110
Total Corporate Bonds (cost $986,632)				696,016

Company	Principal Amount (000)		U.S. $ Value
Inflation-Linked Securities - 1.1%
Brazil Notas do Tesouro Nacional
Series B
6.00%, 8/15/22-8/15/50	BRL	217	$	201,775
Mexican Udibonos
Series S
4.00%, 6/13/19	MXN	4,123		206,858
Total Inflation-Linked Securities (cost $404,557)				408,633
Regional Bonds - 0.8%
Provincia de Buenos Aires/Argentina
5.75%, 6/15/19 (b)	U.S.$	150		156,405
Provincia de Cordoba
7.125%, 6/10/21 (b)		150		154,125
Total Regional Bonds (cost $300,000)				310,530
Total Fixed Income Securities (cost $16,320,890)				16,145,251
	Shares
INVESTMENT COMPANIES - 0.6%
Funds and Investment Trusts - 0.6%
VFMVN30 ETF Fund (a) (cost $216,657)		516,760		230,441
SHORT-TERM INVESTMENTS - 9.6%
Investment Companies - 9.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.37% (l) (m) (cost $3,644,461)		3,644,461		3,644,461
	Principal Amount (000)
Time Deposits - 0.1%
BBH, Grand Cayman
(0.557)%, 1/02/17	EUR	1		1,462
0.00%, 1/02/17	NOK	2		199
0.005%, 1/03/17	HKD	19		2,431
0.01%, 1/03/17	SGD	1		873
0.05%, 1/03/17	CAD	1		577
0.05%, 1/03/17	GBP	1		1,588
0.506%, 1/03/17	AUD	2		1,083
4.88%, 1/03/17	ZAR	27		1,991
Sumitomo, Tokyo (0.28)%, 1/04/17	JPY	4,234		36,230
Total Time Deposits (cost $46,078)				46,434
Treasury Bonds - 0.1%
Nigeria Treasury Bill, Series 364D (cost $43,744)	NGN	15,193		43,900

Company	Shares		U.S. $ Value
Total Short-Term Investments (cost $3,734,283)			$	3,734,795
Total Investments Before Security Lending Collateral for Securities Loaned - 99.2% (cost $37,782,152)				38,466,564
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.4%
Investment Companies - 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.37% (l) (m) (cost $161,654)		161,654		161,654
Total Investments - 99.6% (cost $37,943,806)(n)				38,628,218
Other assets less liabilities - 0.4%				172,704
Net Assets - 100.0%			$	38,800,922

FUTURES

Type	Number of Contracts		Expiration Month		Original Value		Value at December 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Mini MSCI Emerging Markets Index Futures		4		March 2017	$	175,640	$	171,150	$	(4,490	)
U.S. T-Note 5 Yr (CBT) Futures		5		March 2017		590,820		588,320		(2,500	)
Sold Contracts
Mini MSCI Emerging Markets Index Futures		32		March 2017		1,406,240		1,369,202		37,038
									$	30,048

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	1,909		USD	594		1/03/17	$	7,337
Bank of America, NA		USD	587		BRL	1,909		1/03/17		792
BNP Paribas SA		USD	8		ARS	143		1/26/17		613
BNP Paribas SA		USD	8		ARS	144		1/31/17		623
BNP Paribas SA		USD	8		ARS	144		2/03/17		650
BNP Paribas SA		USD	33		ARS	582		2/13/17		2,448
BNP Paribas SA		USD	25		ARS	441		2/16/17		1,936
BNP Paribas SA		USD	17		ARS	295		2/17/17		1,364
BNP Paribas SA		USD	50		ARS	896		2/21/17		4,566
BNP Paribas SA		USD	8		ARS	151		2/23/17		851
BNP Paribas SA		USD	16		ARS	290		2/24/17		1,707
BNP Paribas SA		USD	9		ARS	160		2/27/17		1,070
BNP Paribas SA		USD	5		ARS	85		2/28/17		599

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	USD	5	ARS	86		3/01/17	$	664
BNP Paribas SA	USD	5	ARS	97		3/02/17		878
Brown Brothers Harriman & Co.	EUR	448	USD	477		3/16/17		4,045
Brown Brothers Harriman & Co.	GBP	64	USD	81		3/16/17		1,578
Brown Brothers Harriman & Co.	USD	55	TRY	196		3/16/17		(686	)
Citibank, NA	HUF	222,863	USD	754		3/16/17		(5,786	)
JPMorgan Chase Bank, NA	MYR	969	USD	220		1/17/17		3,626
Morgan Stanley Capital Services LLC	USD	583	BRL	1,909		1/03/17		3,512
Morgan Stanley Capital Services LLC	BRL	1,909	USD	586		1/03/17		(792	)
Morgan Stanley Capital Services LLC	BRL	1,909	USD	574		3/02/17		(3,360	)
							$	28,235

CENTRALLY CLEARED INTEREST RATE SWAPS

						Rate Type
Clearing Broker /(Exchange)	Notional Amount (000)			Termination Date		Payments made by the Fund		Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(CME)		MXN	2,339		12/11/18		4 Week TIIE	6.78%	$	(834	)
Morgan Stanley & Co., LLC/(CME)			2,950		12/12/18		4 Week TIIE	6.84%		(883	)
Morgan Stanley & Co., LLC/(CME)			1,970		12/13/18		4 Week TIIE	6.85%		(585	)
Morgan Stanley & Co., LLC/(CME)			710		12/17/18		4 Week TIIE	7.04%		(104	)
Morgan Stanley & Co., LLC/(CME)		$	271		10/11/26		1.61%	3 Month LIBOR		17,626
Morgan Stanley & Co., LLC/(CME)		MXN	591		12/01/26		7.70%	4 Week TIIE		419
Morgan Stanley & Co., LLC/(CME)			750		12/02/26		7.76%	4 Week TIIE		377
Morgan Stanley & Co., LLC/(CME)			500		12/03/26		7.76%	4 Week TIIE		256
Morgan Stanley & Co., LLC/(CME)			180		12/07/26		7.83%	4 Week TIIE		54
									$	16,326

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive	Implied Credit Spread at December 31, 2016	Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts Barclays Bank PLC Russian Federation, 7.500% 3/31/30, 12/20/21*	1.00%	1.79%	$	160	$	(5,856	)	$	(8,201	)	$	2,345
Citibank, NA CDX-EM Series 26, 5 Year Index, 12/20/21*	1.00	2.41		1,410		(88,008	)		(86,154	)		(1,854	)
					$	(93,864	)	$	(94,355	)	$	491

* Termination date

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received		Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Pay Total Return on Reference Obligation
JPMorgan Chase Bank, NA
JPMorgan $ Emerging Markets Bond ETF		4,853		LIBOR Plus 0.75%	$	2,400		2/3/17	$	28,969
JPMorgan $ Emerging Markets Bond ETF		2,224		LIBOR Plus 0.75%		1,100		2/3/17		13,278
									$	42,247

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2016, the aggregate market value of these securities amounted to $9,203,145 or 23.7% of net assets.

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

(d) Fair valued by the Adviser.

(e) Illiquid security.

(f) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at December 31, 2016.

(g) Floating Rate Security. Stated interest/floor rate was in effect at December 31, 2016.

(h) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.50% of net assets as of December 31, 2016, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Dominican Republic International Bond
16.00%, 7/10/20		9/11/12	$	201,786	$	179,181		0.46	%
Virgolino de Oliveira Finance SA
11.75%, 2/09/22		7/12/13		172,628		15,110		0.04	%

(i) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(j) Defaulted.

(k) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at December 31, 2016.

(l) 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.

(m) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(n) As of December 31, 2016, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,391,568 and gross unrealized depreciation of investments was $(1,707,156), resulting in net unrealized appreciation of $684,412.

Currency Abbreviations:

ARS	-	Argentine Peso
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
COP	-	Colombian Peso
DOP	-	Dominican Peso
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
HUF	-	Hungarian Forint
IDR	-	Indonesian Rupiah
JPY	-	Japanese Yen
LKR	-	Sri Lankan Rupee
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NGN	-	Nigerian Naira
NOK	-	Norwegian Krone
PEN	-	Peruvian Sol
PLN	-	Polish Zloty
RUB	-	Russian Ruble
SGD	-	Singapore Dollar
THB	-	Thailand Baht
TRY	-	Turkish Lira
USD	-	United States Dollar
ZAR	-	South African Rand
Glossary:
ADR	-	American Depositary Receipt
CBT	-	Chicago Board of Trade
CDX-EM	-	Emerging Market Credit Default Swap Index
CME	-	Chicago Mercantile Exchange
ETF	-	Exchange Traded Fund
GDR	-	Global Depositary Receipt
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
NVDR	-	Non Voting Depositary Receipt
PJSC	-	Public Joint Stock Company
TIIE	-	Banco de México Equilibrium Interbank Interest Rate

COUNTRY BREAKDOWN *

December 31, 2016 (unaudited)

13.4%	Brazil
10.7%	China
8.7%	Taiwan
8.2%	Russia
5.5%	South Korea
3.9%	Mexico
3.3%	Hungary
3.2%	Indonesia
2.8%	Argentina
2.5%	Turkey
2.3%	Hong Kong
2.3%	South Africa
1.9%	Thailand
21.6%	Other
9.7%	Short-Term
100.0%	Total Investments

* All data are as of December 31, 2016. The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.5% or less in the following countries: Angola, Austria, Cameroon, Chile, Colombia, Costa Rica, Croatia, Dominican Republic, Ecuador, Gabon, Ghana, India, Iraq, Ivory Coast, Jamaica, Japan, Kazakhstan, Lebanon, Mongolia, Morocco, Panama, Peru, Poland, Senegal, Sri Lanka, Trinidad & Tobago, United Arab Emirates, United Republic of Tanzania, United States, Uruguay, Venezuela and Vietnam.

AB Emerging Markets Multi-Asset Portfolio

December 31, 2016 (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 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)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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.

Other fixed-income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer.

Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of December 31,

2016:

Investments in Securities

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

$

702,758

$

4,058,397

$

– 0

–

$

4,761,155

Financials

575,999

2,610,445

– 0

–

3,186,444

Energy

1,214,235

1,913,467

– 0

–

3,127,702

Utilities

– 0

–

2,180,556

– 0

–

2,180,556

Consumer Discretionary

233,765

1,082,978

– 0

–

1,316,743

Materials

8,666

1,211,979

– 0

–

1,220,645

Industrials

– 0

–

818,915

– 0

–

818,915

Telecommunication Services

159,781

475,590

– 0

–

635,371

Consumer Staples

98,090

530,921

– 0

–

629,011

Health Care

– 0

–

271,185

– 0

–

271,185

Real Estate

– 0

–

203,318

5,032

208,350

Fixed Income Securities:

Sovereign Bonds

– 0

–

7,799,856

– 0

–

7,799,856

Treasury Bonds

– 0

–

2,552,680

– 0

–

2,552,680

Quasi-Sovereign Bonds

– 0

–

1,837,190

– 0

–

1,837,190

Emerging Markets - Treasuries

– 0

–

1,463,906

– 0

–

1,463,906

Sovereign Agencies

– 0

–

1,076,440

– 0

–

1,076,440

Corporate Bonds

– 0

–

664,670

31,346

696,016

Inflation-Linked Securities

– 0

–

408,633

– 0

–

408,633

Regional Bonds

– 0

–

310,530

– 0

–

310,530

Investment Companies

– 0

–

230,441

– 0

–

230,441

Short-Term Investments:

Investment Companies

3,644,461

– 0

–

– 0

–

3,644,461

Time Deposits

– 0

–

46,434

– 0

–

46,434

Treasury Bonds

– 0

–

43,900

– 0

–

43,900

Investments of Cash Collateral for Securities Loaned in

Affiliated Money Market Fund

161,654

– 0

–

– 0

–

161,654

Total Investments in Securities

6,799,409

31,792,431

+

36,378

38,628,218

Other Financial Instruments*:

Assets

Futures

– 0

–

37,038

– 0

–

37,038

Forward Currency Exchange Contracts

– 0

–

38,859

– 0

–

38,859

Centrally Cleared Interest Rate Swaps

– 0

–

18,732

– 0

–

18,732

Credit Default Swaps

– 0

–

2,345

– 0

–

2,345

Total Return Swaps

– 0

–

42,247

– 0

–

42,247

Liabilities

Futures

(2,500

)

(4,490

)

– 0

–

(6,990

)

Forward Currency Exchange Contracts

– 0

–

(10,624

)

– 0

–

(10,624

)

Centrally Cleared Interest Rate Swaps

– 0

–

(2,406

)

– 0

–

(2,406

)

Credit Default Swaps

– 0

–

(1,854

)

– 0

–

(1,854

)

Total^

$

6,796,909

$

31,912,278

$

36,378

$

38,745,565

+ A significant portion of the Fund’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

^ An amount of $904,095 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period. An amount of $407,800 was transferred from Level 2 to Level 1 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools not being used during the reporting period.

The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instrument was transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

Common Stocks

Emerging Markets - Treasuries

Corporate Bonds

Totals

Balance as of 3/31/16

$

22,423

$

187,776

$

39,896

$

250,095

Accrued discounts/ (premiums)

– 0

–

– 0

–

– 0

–

– 0

–

Realized gain (loss)

– 0

–

– 0

–

– 0

–

– 0

–

Change in unrealized appreciation/ depreciation

(17,391

)

– 0

–

(8,550

)

(25,941

)

Purchases

– 0

–

– 0

–

– 0

–

– 0

–

Sales

– 0

–

– 0

–

– 0

–

– 0

–

Transfers into Level 3

– 0

–

– 0

–

– 0

–

– 0

–

Transfers out of Level 3

– 0

–

(187,776

)

– 0

–

(187,776

)

Balance as of 12/31/16

$

5,032

$

– 0

–

$

31,346

$

36,378

+

Net change in unrealized appreciation/depreciation from investments held as of 12/31/16

$

(17,391

)

–0

–

$

(8,550

)

$

(25,941

)

+ There were de minimis transfers under 1% of net assets during the reporting period.

The Adviser established the Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments, and process at vendors, 2) daily comparisons of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

A summary of the Fund’s transactions in shares of the AB Fixed-Income Shares, Inc. - Government Money Market Portfolio for the nine months ended December 31, 2016 is as follows:

Market Value March 31, 2016 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value December 31, 2016 (000)		Dividend Income (000)
$	4,798	$	19,557	$	20,711	$	3,644	$	6

A summary of the Fund’s investments of cash collateral for securities loaned transactions is as follows:    

AB Exchange Reserves

Market Value March 31, 2016 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 14, 2016 (000)		Dividend Income (000)
$	35	$	61	$	96	$	– 0 –	$	– 0 –	*

AB Fixed-Income Shares, Inc. - Government Money Market Portfolio    

Market Value June 27, 2016 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value December 31, 2016 (000)		Dividend Income (000)
$	– 0 –	$	1,737	$	1,575	$	162	$	– 0	– *

* Amount is less than $500.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

The following exhibits are attached to this Form N-Q:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
3 (a) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
3 (a) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Cap Fund, Inc.
By:	/s/     Robert M. Keith
	Robert M. Keith
	President

Date: February 24, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/     Robert M. Keith
	Robert M. Keith
	President

Date: February 24, 2017

By:	/s/     Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer

Date: February 24, 2017