AB Cap Fund, Inc.

Portfolio of Investments

Small Cap Growth Portfolio

October 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.8%
Health Care – 29.8%
Biotechnology – 15.8%
ADC Therapeutics SA(a)		430,899	$	12,362,492
Allakos, Inc.(a) (b)		270,572		25,739,514
Allogene Therapeutics, Inc.(a) (b)		587,443		19,926,067
Annexon, Inc.(a)		516,679		10,752,090
Arena Pharmaceuticals, Inc.(a) (b)		229,234		19,649,938
Ascendis Pharma A/S (Sponsored ADR)(a)		130,020		21,238,767
Biohaven Pharmaceutical Holding Co., Ltd.(a) (b)		403,036		31,219,169
Bioxcel Therapeutics, Inc.(a) (b)		326,544		14,919,795
Blueprint Medicines Corp.(a) (b)		375,110		38,366,251
Coherus Biosciences, Inc.(a) (b)		1,316,176		21,940,654
Deciphera Pharmaceuticals, Inc.(a)		440,963		25,606,721
Insmed, Inc.(a) (b)		1,025,245		33,771,570
Iovance Biotherapeutics, Inc.(a) (b)		424,938		15,161,788
iTeos Therapeutics, Inc.(a)		570,456		12,989,283
Legend Biotech Corp. ADR(a) (b)		306,992		7,941,883
Madrigal Pharmaceuticals, Inc.(a) (b)		153,735		19,562,779
PTC Therapeutics, Inc.(a) (b)		513,120		26,779,733
Relay Therapeutics, Inc.(a)		375,904		13,885,894
Turning Point Therapeutics, Inc. - Class I(a) (b)		276,351		25,476,799
Twist Bioscience Corp.(a) (b)		579,020		44,376,093
Ultragenyx Pharmaceutical, Inc.(a) (b)		387,359		38,929,579
Vir Biotechnology, Inc.(a) (b)		694,337		21,829,955
Y-mAbs Therapeutics, Inc.(a) (b)		514,843		22,004,390
Zentalis Pharmaceuticals, Inc.(a) (b)		423,308		16,758,764
				541,189,968
Health Care Equipment & Supplies – 5.4%
Eargo, Inc.(a)		309,034		10,708,028
iRhythm Technologies, Inc.(a) (b)		251,493		53,178,195
Outset Medical, Inc.(a) (b)		381,222		17,715,386
Penumbra, Inc.(a) (b)		116,093		30,303,756
Praxis Precision Medicines, Inc.(a) (b)		405,491		14,192,185
Selectquote, Inc.(a)		1,268,505		21,843,656
Silk Road Medical, Inc.(a) (b)		626,594		37,971,596
				185,912,802
Health Care Providers & Services – 3.3%
Allovir, Inc.(a)		562,505		14,867,007
Guardant Health, Inc.(a)		339,770		36,239,868
HealthEquity, Inc.(a) (b)		97,060		4,997,620
LHC Group, Inc.(a) (b)		264,540		57,286,137
				113,390,632
Health Care Technology – 1.3%
American Well Corp. - Class A(a) (b)		633,825		16,359,023
Health Catalyst, Inc.(a) (b)		860,224		29,660,524
				46,019,547

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Company	Shares		U.S. $ Value
Life Sciences Tools & Services – 2.9%
10X Genomics, Inc.(a)		221,639	$	30,342,379
ICON PLC(a)		177,324		31,971,517
Repligen Corp.(a) (b)		221,580		36,908,581
				99,222,477
Pharmaceuticals – 1.1%
Axsome Therapeutics, Inc.(a) (b)		269,370		17,861,925
Revance Therapeutics, Inc.(a) (b)		764,700		19,790,436
				37,652,361
				1,023,387,787
Information Technology – 24.9%
Electronic Equipment, Instruments & Components – 4.8%
Allegro MicroSystems, Inc.(a)		1,175,421		21,510,204
II-VI, Inc.(a) (b)		1,173,670		53,366,775
Littelfuse, Inc.		219,900		43,527,006
Novanta, Inc.(a) (b)		429,170		46,659,363
				165,063,348
IT Services – 1.6%
BigCommerce Holdings, Inc.(a) (b)		252,559		18,537,831
Shift4 Payments, Inc. - Class A(a)		679,066		34,571,250
				53,109,081
Semiconductors & Semiconductor Equipment – 8.4%
Cree, Inc.(a) (b)		512,220		32,577,192
Inphi Corp.(a) (b)		227,690		31,821,954
Lattice Semiconductor Corp.(a) (b)		1,687,769		58,903,138
MACOM Technology Solutions Holdings, Inc.(a) (b)		1,213,800		44,303,700
MKS Instruments, Inc.(b)		364,470		39,504,903
Semtech Corp.(a) (b)		528,440		29,006,072
Silicon Laboratories, Inc.(a)		504,512		51,692,300
				287,809,259
Software – 10.1%
Anaplan, Inc.(a) (b)		606,564		33,573,317
Aspen Technology, Inc.(a) (b)		69,082		7,585,894
Avalara, Inc.(a)		97,634		14,552,348
Blackline, Inc.(a) (b)		564,960		55,185,293
Duck Creek Technologies, Inc.(a) (b)		499,725		21,673,073
Everbridge, Inc.(a) (b)		194,300		20,341,267
Five9, Inc.(a)		266,273		40,398,940
Manhattan Associates, Inc.(a) (b)		475,650		40,668,075
Ping Identity Holding Corp.(a) (b)		1,162,854		32,199,427
Q2 Holdings, Inc.(a) (b)		165,767		15,124,581
Rapid7, Inc.(a) (b)		416,840		25,814,901

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Company	Shares		U.S. $ Value
Smartsheet, Inc. - Class A(a) (b)		491,302	$	24,491,405
Vertex, Inc.(a) (b)		656,663		15,917,511
				347,526,032
				853,507,720
Industrials – 16.1%
Aerospace & Defense – 2.1%
Axon Enterprise, Inc.(a) (b)		412,790		40,824,931
Mercury Systems, Inc.(a) (b)		446,364		30,745,552
				71,570,483
Building Products – 2.9%
AZEK Co., Inc. (The)(a)		939,750		31,425,240
Simpson Manufacturing Co., Inc.(b)		506,970		44,978,379
Trex Co., Inc.(a) (b)		352,354		24,502,697
				100,906,316
Commercial Services & Supplies – 1.6%
Tetra Tech, Inc.(b)		532,538		53,738,410
Electrical Equipment – 1.3%
Array Technologies, Inc.(a)		826,398		30,452,766
Plug Power, Inc.(a) (b)		1,152,660		16,137,240
				46,590,006
Machinery – 4.6%
Chart Industries, Inc.(a) (b)		518,563		43,792,645
ITT, Inc.		671,190		40,613,707
John Bean Technologies Corp.		449,640		37,756,271
Middleby Corp. (The)(a)		262,280		26,107,351
Nordson Corp.		53,080		10,267,265
				158,537,239
Road & Rail – 2.1%
Knight-Swift Transportation Holdings, Inc.		408,564		15,521,346
Saia, Inc.(a) (b)		384,946		56,841,127
				72,362,473
Trading Companies & Distributors – 1.5%
SiteOne Landscape Supply, Inc.(a) (b)		421,995		50,424,182
				554,129,109
Consumer Discretionary – 14.7%
Auto Components – 1.5%
Fox Factory Holding Corp.(a) (b)		606,643		51,006,543
Automobiles – 0.3%
Fisker, Inc.(c)		1,023,850		10,381,839
Diversified Consumer Services – 1.7%
Chegg, Inc.(a) (b)		495,110		36,360,878
Strategic Education, Inc.		286,660		23,809,980
				60,170,858

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Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure – 3.2%
Planet Fitness, Inc.(a)		498,993	$	29,575,315
Texas Roadhouse, Inc. - Class A(b)		643,750		45,081,812
Wingstop, Inc.(b)		311,314		36,215,158
				110,872,285
Household Durables – 2.1%
Installed Building Products, Inc.(a)		287,599		26,039,213
Lovesac Co. (The)(a) (b)		844,325		21,732,926
Meritage Homes Corp.(a)		278,070		24,217,116
				71,989,255
Internet & Direct Marketing Retail – 0.7%
RealReal, Inc. (The)(a) (b)		1,862,955		23,454,604
Multiline Retail – 0.9%
Ollie’s Bargain Outlet Holdings, Inc.(a) (b)		362,830		31,598,865
Specialty Retail – 4.3%
Five Below, Inc.(a) (b)		186,202		24,828,175
Floor & Decor Holdings, Inc. - Class A(a) (b)		471,722		34,435,706
Lithia Motors, Inc. - Class A(b)		177,239		40,688,757
Sleep Number Corp.(a) (b)		727,666		46,104,918
				146,057,556
				505,531,805
Financials – 7.0%
Banks – 0.2%
First Financial Bankshares, Inc.		266,280		7,937,807
Capital Markets – 3.3%
Hamilton Lane, Inc. - Class A(b)		488,630		34,057,511
Houlihan Lokey, Inc.(b)		641,047		40,193,647
Stifel Financial Corp.		669,177		39,120,087
				113,371,245
Insurance – 3.5%
Inari Medical, Inc.(a) (b)		407,211		26,957,368
Palomar Holdings, Inc.(a)		347,223		30,961,875
Trean Insurance Group, Inc.(a)		1,101,145		11,947,423
Trupanion, Inc.(a)		689,539		49,329,620
				119,196,286
				240,505,338
Consumer Staples – 3.4%
Food & Staples Retailing – 1.2%
Grocery Outlet Holding Corp.(a) (b)		914,234		40,244,581

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Company	Shares		U.S. $ Value
Food Products – 2.2%
Freshpet, Inc.(a)		486,748	$	55,732,646
Vital Farms, Inc.(a) (b)		587,148		20,291,835
				76,024,481
				116,269,062
Real Estate – 1.3%
Equity Real Estate Investment Trusts (REITs) – 1.3%
QTS Realty Trust, Inc. - Class A(b)		713,906		43,912,358
Materials – 0.6%
Containers & Packaging – 0.6%
Ranpak Holdings Corp.(a) (b)		2,345,897		20,010,501
Total Common Stocks (cost $2,562,015,582)				3,357,253,680
INVESTMENT COMPANIES – 1.2%
Funds and Investment Trusts – 1.2%
iShares Russell 2000 Growth ETF(b) (d) (cost $33,922,137)		183,530		40,958,390
PREFERRED STOCKS – 0.0%
Consumer Discretionary – 0.0%
Household Durables – 0.0%
Honest Co., Inc. (The) - Series D 0.00% (a) (c) (e)		29,639		991,721
Honest Co., Inc. (The) - Series E 0.00% (a) (c) (e)		7,460		174,489
Total Preferred Stocks (cost $1,502,385)				1,166,210
SHORT-TERM INVESTMENTS – 1.3%
Investment Companies – 1.3%
AB Fixed Income Shares, Inc. - AB Government Money Market Portfolio - Class AB, 0.03%(d) (f) (g) (cost $43,355,671)		43,355,671		43,355,671
Total Investments Before Security Lending Collateral for Securities Loaned – 100.3% (cost $2,640,795,775)				3,442,733,951
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 3.2%
Investment Companies – 3.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.03%(d) (f) (g) (cost $110,964,983)		110,964,983		110,964,983

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Company	U.S. $ Value
Total Investments – 103.5% (cost $2,751,760,758)(h)	$	3,553,698,934
Other assets less liabilities – (3.5)%		(121,177,062	)
Net Assets – 100.0%	$	3,432,521,872

(a) Non-income producing security.

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

(c) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(e) Fair valued by the Adviser.

(f) Affiliated investments.

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

(h) As of October 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $874,240,684 and gross unrealized depreciation of investments was $(72,302,508), resulting in net unrealized appreciation of $801,938,176.

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.

Glossary:

ADR – American Depositary Receipt

ETF – Exchange Traded Fund

REIT – Real Estate Investment Trust

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AB Cap Fund, Inc.

Small Cap Growth Portfolio    

October 31, 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 Portfolio. 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 October 31, 2020:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Health Care	$	1,023,387,787	$	—	$	—	$	1,023,387,787
Information Technology		853,507,720		—		—		853,507,720
Industrials		554,129,109		—		—		554,129,109
Consumer Discretionary		495,149,966		—		10,381,839		505,531,805
Financials		240,505,338		—		—		240,505,338
Consumer Staples		116,269,062		—		—		116,269,062
Real Estate		43,912,358		—		—		43,912,358
Materials		20,010,501		—		—		20,010,501
Investment Companies		40,958,390		—		—		40,958,390
Preferred Stocks		—		—		1,166,210		1,166,210
Short-Term Investments		43,355,671		—		—		43,355,671
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		110,964,983		—		—		110,964,983
Total Investments in Securities		3,542,150,885		—		11,548,049		3,553,698,934
Other Financial Instruments(a)		—		—		—		—
Total	$	3,542,150,885	$	—	$	11,548,049	$	3,553,698,934

^(a)  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.

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A summary of the Fund’s transactions in AB mutual funds for the three months ended October 31, 2020 is as follows:

Fund	Market Value 07/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 10/31/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	26,273	$	316,531	$	299,448	$	43,356	$	11
Government Money Market Portfolio*		107,788		256,011		252,834		110,965		18
Total	$	134,061	$	572,542	$	552,282	$	154,321	$	29

* Investments of cash collateral for securities lending transactions

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