AB Cap Fund, Inc.

AB Concentrated Growth Fund

Portfolio of Investments

March 31, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 95.2%
Health Care - 26.2%
Biotechnology - 4.6%
Celgene Corp. (a)		251,770	$	23,751,982
Health Care Equipment & Supplies - 10.2%
Abbott Laboratories		525,467		42,005,832
West Pharmaceutical Services, Inc.		90,297		9,950,729
				51,956,561
Life Sciences Tools & Services - 6.4%
IQVIA Holdings, Inc. (a)		225,981		32,507,367
Pharmaceuticals - 5.0%
Zoetis, Inc.		253,345		25,504,241
				133,720,151
Information Technology - 23.2%
Electronic Equipment, Instruments & Components - 6.6%
Amphenol Corp.-Class A		356,279		33,646,989
IT Services - 8.1%
Mastercard, Inc.-Class A		175,729		41,375,393
Software - 8.5%
Microsoft Corp.		364,482		42,987,007
				118,009,389
Consumer Discretionary - 16.6%
Auto Components - 4.4%
Aptiv PLC		278,150		22,110,144
Hotels, Restaurants & Leisure - 3.4%
Starbucks Corp.		234,933		17,464,919
Internet & Direct Marketing Retail - 3.9%
Booking Holdings, Inc. (a)		11,458		19,993,179
Specialty Retail - 4.9%
Ulta Salon Cosmetics & Fragrance, Inc. (a)		71,370		24,888,860
				84,457,102
Industrials - 9.9%
Building Products - 4.5%
Allegion PLC		249,968		22,674,597
Commercial Services & Supplies - 0.7%
Stericycle, Inc. (a)		66,048		3,594,332
Professional Services - 4.7%
Verisk Analytics, Inc.-Class A		181,482		24,137,106
				50,406,035
Communication Services - 9.4%
Interactive Media & Services - 9.4%
Alphabet, Inc.-Class C (a)		19,985		23,448,600
Facebook, Inc.-Class A (a)		148,040		24,676,788
				48,125,388

Company	Shares		U.S. $ Value
Materials - 5.2%
Chemicals - 5.2%
Ecolab, Inc.		92,846	$	16,391,033
International Flavors & Fragrances, Inc.		77,346		9,961,391
				26,352,424
Financials - 4.7%
Capital Markets - 4.7%
Charles Schwab Corp. (The)		564,035		24,118,137
Total Common Stocks (cost $355,920,043)				485,188,626
SHORT-TERM INVESTMENTS - 3.2%
Investment Companies - 3.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 2.38% (b)(c)(d) (cost $16,145,361)		16,145,361		16,145,361
Total Investments - 98.4% (cost $372,065,404) (e)				501,333,987
Other assets less liabilities - 1.6%				8,134,889
Net Assets - 100.0%			$	509,468,876

(a) Non-income producing security.

(b) Affiliated investments.

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

(d) 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.

(e) As of March 31, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $129,393,920 and gross unrealized depreciation of investments was $(125,337), resulting in net unrealized appreciation of $129,268,583.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

AB Cap Fund, Inc.

AB Concentrated Growth Fund

March 31, 2019 (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 March 31, 2019:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

485,188,626

$

– 0

–

$

– 0

–

$

485,188,626

Short-Term Investments

16,145,361

– 0

–

– 0

–

16,145,361

Total Investments in Securities

501,333,987

– 0

–

– 0

–

501,333,987

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

501,333,987

$

– 0

–

$

– 0

–

$

501,333,987

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended March 31, 2019 is as follows:

Fund	Market Value 6/30/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/19 (000)		Dividend Income (000)
Government Money Market Portfolio	$	23,239	$	100,570	$	107,664	$	16,145	$	207