AB Cap Fund, Inc.

AB Small Cap Value Portfolio

Portfolio of Investments

February 28, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.6%
Financials – 25.5%
Banks – 16.6%
1st Source Corp.		108,963	$	4,834,688
Associated Banc-Corp.		256,630		5,171,094
Bank of Marin Bancorp		83,902		3,104,374
Carter Bankshares, Inc.(a)		258,437		3,057,310
Harborone Northeast Bancorp, Inc.		474,125		5,665,794
Heritage Financial Corp./WA		222,592		5,762,907
Independent Bank Group, Inc.		85,580		5,964,070
Pacific Premier Bancorp, Inc.		139,314		5,614,354
Sandy Spring Bancorp, Inc.		111,471		4,189,080
Sterling Bancorp/DE		325,220		7,099,553
Synovus Financial Corp.		174,835		7,397,269
Texas Capital Bancshares, Inc.(a)		117,615		8,962,263
TriCo Bancshares		137,893		5,939,052
Umpqua Holdings Corp.		324,704		5,542,697
Webster Financial Corp.		138,883		7,681,619
				85,986,124
Capital Markets – 2.6%
Moelis & Co.		115,628		5,971,030
Stifel Financial Corp.		118,950		7,265,466
				13,236,496
Insurance – 1.9%
Hanover Insurance Group, Inc. (The)		40,380		4,657,833
Selective Insurance Group, Inc.		75,172		5,098,917
				9,756,750
Thrifts & Mortgage Finance – 4.4%
BankUnited, Inc.		209,983		8,439,217
Essent Group Ltd.		60,651		2,500,640
Premier Financial Corp.		126,230		3,870,212
WSFS Financial Corp.		153,813		8,173,623
				22,983,692
				131,963,062
Consumer Discretionary – 20.7%
Auto Components – 2.9%
Cooper Tire & Rubber Co.		53,853		3,082,546
Dana, Inc.(a)		253,256		6,030,025
Goodyear Tire & Rubber Co. (The)(a)		357,400		6,007,894
				15,120,465
Diversified Consumer Services – 2.6%
Hillenbrand, Inc.		117,580		5,462,767
Houghton Mifflin Harcourt Co.(a)		620,675		3,786,118
Regis Corp.(a) (b)		355,182		4,173,388
				13,422,273
Hotels, Restaurants & Leisure – 4.8%
El Pollo Loco Holdings, Inc.(a)		235,608		4,318,695
Hilton Grand Vacations, Inc.(a)		191,450		7,564,189

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Company	Shares		U.S. $ Value
Papa John’s International, Inc.		49,161	$	4,433,831
Ruth’s Hospitality Group, Inc.		373,619		8,520,381
				24,837,096
Household Durables – 2.6%
KB Home		182,510		7,369,754
Taylor Morrison Home Corp. - Class A(a)		226,388		6,227,934
				13,597,688
Leisure Products – 1.0%
Malibu Boats, Inc.(a)		67,067		4,999,174
Specialty Retail – 2.6%
Citi Trends, Inc.		42,044		3,274,807
Foot Locker, Inc.		126,020		6,060,302
Sally Beauty Holdings, Inc.(a)		89,491		1,440,805
Williams-Sonoma, Inc.		22,170		2,910,699
				13,686,613
Textiles, Apparel & Luxury Goods – 4.2%
Kontoor Brands, Inc.(b)		150,000		6,337,500
Oxford Industries, Inc.		89,275		6,806,326
Skechers U.S.A., Inc. - Class A(a)		86,197		3,154,810
Steven Madden Ltd.		142,090		5,255,909
				21,554,545
				107,217,854
Industrials – 20.5%
Aerospace & Defense – 1.1%
AAR Corp.		145,001		5,768,140
Airlines – 1.7%
SkyWest, Inc.		153,119		8,631,318
Building Products – 1.0%
Masonite International Corp.(a)		48,443		5,315,166
Commercial Services & Supplies – 2.1%
Herman Miller, Inc.		181,480		6,960,665
Viad Corp.		88,740		3,712,882
				10,673,547
Electrical Equipment – 1.3%
Regal Beloit Corp.		48,560		6,636,695
Machinery – 8.6%
Blue Bird Corp.(a)		252,870		6,147,270
Crane Co.		55,772		4,677,040
Kennametal, Inc.		191,845		7,167,329
REV Group, Inc.		548,950		6,817,959
Shey Group , Inc. (The)		235,780		7,754,804
Terex Corp.		175,430		7,224,208
Welbilt, Inc.(a)		285,585		4,563,648
				44,352,258

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Company	Shares		U.S. $ Value
Professional Services – 0.8%
Korn Ferry		69,042	$	4,249,535
Road & Rail – 0.6%
ArcBest Corp.		49,176		2,900,892
Trading Companies & Distributors – 3.3%
GATX Corp.		62,120		5,928,112
Herc Holdings, Inc.(a)		87,640		7,691,286
MRC Global, Inc.(a)		422,796		3,695,237
				17,314,635
				105,842,186
Materials – 8.1%
Chemicals – 4.1%
AdvanSix, Inc.(a)		158,370		4,402,686
GCP Applied Technologies, Inc.(a)		117,784		2,919,865
Innospec, Inc.		32,430		3,257,594
Orion Engineered Carbons SA		312,194		5,525,834
Trinseo SA		79,404		5,138,233
				21,244,212
Containers & Packaging – 0.8%
Graphic Packaging Holding Co.		245,611		3,897,847
Metals & Mining – 3.2%
Carpenter Technology Corp.		166,025		6,750,576
Commercial Metals Co.		178,460		4,488,269
Schnitzer Steel Industries, Inc. - Class A		155,437		5,368,794
				16,607,639
				41,749,698
Information Technology – 6.3%
Communications Equipment – 1.1%
Casa Systems, Inc.(a)		359,283		2,949,713
NetScout Systems, Inc.(a)		94,643		2,670,826
				5,620,539
Electronic Equipment, Instruments & Components – 0.9%
Belden, Inc.		111,992		4,951,166
IT Services – 0.7%
Unisys Corp.(a)		153,737		3,774,244
Semiconductors & Semiconductor Equipment – 1.7%
Kulicke & Soffa Industries, Inc.		91,010		4,537,758
MagnaChip Semiconductor Corp.(a) (b)		215,998		4,037,003
				8,574,761
Software – 1.4%
A10 Networks, Inc.(a)		251,060		2,344,901
CommVault Systems, Inc.(a)		74,762		4,764,582
				7,109,483

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Company	Shares		U.S. $ Value
Technology Hardware, Storage & Peripherals – 0.5%
NCR Corp.(a)		76,607	$	2,662,859
				32,693,052
Real Estate – 6.1%
Equity Real Estate Investment Trusts (REITs) – 6.1%
Armada Hoffler Properties, Inc.		184,828		2,386,130
City Office REIT, Inc.		213,553		2,169,698
Cousins Properties, Inc.		114,213		3,830,704
Independence Realty Trust, Inc.		372,069		5,223,849
National Storage Affiliates Trust		107,290		4,136,030
Physicians Realty Trust		260,426		4,427,242
RLJ Lodging Trust		274,920		4,316,244
STAG Industrial, Inc.(b)		155,235		4,897,664
				31,387,561
Energy – 4.9%
Energy Equipment & Services – 2.6%
Cactus, Inc. - Class A		189,810		6,049,245
Dril-Quip, Inc.(a)		123,890		4,207,304
Helix Energy Solutions Group, Inc.(a)		598,666		2,933,463
				13,190,012
Oil, Gas & Consumable Fuels – 2.3%
Cimarex Energy Co.		80,890		4,690,811
HollyFrontier Corp.		191,310		7,246,823
				11,937,634
				25,127,646
Communication Services – 2.4%
Entertainment – 1.0%
IMAX Corp.(a)		251,120		5,190,650
Media – 1.4%
Criteo SA (Sponsored ADR)(a)		208,687		7,176,746
				12,367,396
Consumer Staples – 1.8%
Food Products – 1.8%
Hain Celestial Group, Inc. (The)(a) (b)		131,084		5,529,123
Nomad Foods Ltd.(a)		169,559		4,004,984
				9,534,107
Health Care – 1.3%
Health Care Providers & Services – 1.3%
MEDNAX, Inc.(a)		283,343		6,922,069
Utilities – 1.0%
Gas Utilities – 1.0%
Southwest Gas Holdings, Inc.		86,160		5,372,076
Total Common Stocks (cost $391,829,242)				510,176,707

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Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 1.6%
Investment Companies – 1.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $8,385,996)		8,385,996	$	8,385,996
Total Investments Before Security Lending Collateral for Securities Loaned – 100.2% (cost $400,215,238)				518,562,703
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $3,163,433)		3,163,433		3,163,433
Total Investments – 100.8% (cost $403,378,671)(f)				521,726,136
Other assets less liabilities – (0.8)%				(4,180,814	)
Net Assets – 100.0%			$	517,545,322

(a) Non-income producing security.

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

(c) Affiliated investments.

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

(e) 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.

(f) As of February 28, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $126,080,938 and gross unrealized depreciation of investments was $(7,733,473), resulting in net unrealized appreciation of $118,347,465.

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

REIT – Real Estate Investment Trust

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AB Cap Fund, Inc.

AB Small Cap Value Portfolio

February 28, 2021 (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 February 28, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	510,176,707	$	—	$	—	$	510,176,707
Short-Term Investments		8,385,996		—		—		8,385,996
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		3,163,433		—		—		3,163,433
Total Investments in Securities		521,726,136		—		—		521,726,136
Other Financial Instruments(b)		—		—		—		—
Total	$	521,726,136	$	—	$	—	$	521,726,136

^(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.

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A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2021 is as follows:

Fund	Market Value 11/30/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/28/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	7,796	$	29,537	$	28,947	$	8,386	$	0	**
Government Money Market Portfolio*		1,453		8,466		6,756		3,163		0	**
Total	$	9,249	$	38,003	$	35,703	$	11,549	$	0

^*  Investments of cash collateral for securities lending transactions

^**  Amount less than $500

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