AB Cap Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

April 30, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 96.7%
Health Care – 25.8%
Biotechnology – 14.2%
ADC Therapeutics SA(a) (b)		902,065	$	22,136,675
Allakos, Inc.(a) (b)		286,712		31,286,013
Allogene Therapeutics, Inc.(a) (b)		866,745		26,799,755
Annexon, Inc.(a) (b)		881,289		17,564,090
Arena Pharmaceuticals, Inc.(b)		130,894		8,983,255
Ascendis Pharma A/S (Sponsored ADR)(b)		159,370		23,103,869
Beyondspring, Inc.(a) (b)		1,751,237		18,895,847
Biohaven Pharmaceutical Holding Co., Ltd.(b)		478,696		35,950,070
Bioxcel Therapeutics, Inc.(a) (b)		529,444		17,985,213
Blueprint Medicines Corp.(a) (b)		444,360		42,800,755
Coherus Biosciences, Inc.(a) (b)		1,391,562		20,595,118
Deciphera Pharmaceuticals, Inc.(b)		419,211		19,438,814
Insmed, Inc.(a) (b)		1,012,355		34,146,734
Instil Bio, Inc.(b)		560,118		11,499,223
Intellia Therapeutics, Inc.(a) (b)		515,380		39,565,723
Iovance Biotherapeutics, Inc.(a) (b)		725,518		22,810,286
iTeos Therapeutics, Inc.(b)		756,900		17,794,719
Legend Biotech Corp. ADR(a) (b)		719,475		21,656,197
Praxis Precision Medicines, Inc.(a) (b)		642,880		19,710,701
PTC Therapeutics, Inc.(a) (b)		268,340		11,058,291
Recursion Pharmaceuticals, Inc. - Class A(a) (b)		772,659		25,806,811
Relay Therapeutics, Inc.(a) (b)		624,610		19,806,383
Sage Therapeutics, Inc.(b)		201,710		15,886,680
Turning Point Therapeutics, Inc. - Class I(b)		373,911		28,503,235
Twist Bioscience Corp.(a) (b)		484,020		64,950,644
Ultragenyx Pharmaceutical, Inc.(b)		388,949		43,422,266
Vir Biotechnology, Inc.(a) (b)		633,847		30,259,856
Y-mAbs Therapeutics, Inc.(a) (b)		733,463		22,055,232
Zentalis Pharmaceuticals, Inc.(a) (b)		535,128		31,743,793
				746,216,248
Health Care Equipment & Supplies – 5.5%
AtriCure, Inc.(b)		799,202		61,594,498
Eargo, Inc.(a) (b)		813,247		46,550,258
Outset Medical, Inc.(a) (b)		726,142		43,510,429
Selectquote, Inc.(a) (b)		1,968,065		61,265,864
Silk Road Medical, Inc.(a) (b)		713,259		43,608,655
Treace Medical Concepts, Inc.(b)		1,032,587		32,381,928
				288,911,632
Health Care Providers & Services – 2.7%
Allovir, Inc.(a) (b)		750,245		17,728,289
Certara, Inc.(a) (b)		1,344,378		42,764,664
LHC Group, Inc.(a) (b)		396,185		82,513,450
				143,006,403

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Company	Shares		U.S. $ Value
Health Care Technology – 1.4%
American Well Corp. - Class A(a) (b)		210,531	$	3,240,072
Health Catalyst, Inc.(a) (b)		1,172,994		67,916,353
				71,156,425
Life Sciences Tools & Services – 1.1%
ICON PLC(a) (b)		24,324		5,277,092
Repligen Corp.(b)		256,510		54,305,732
				59,582,824
Pharmaceuticals – 0.9%
Instil Bio, Inc.(b)		669,116		13,736,951
Revance Therapeutics, Inc.(a) (b)		1,052,980		30,662,778
				44,399,729
				1,353,273,261
Information Technology – 25.1%
Electronic Equipment, Instruments & Components – 5.4%
Allegro MicroSystems, Inc.(b)		2,202,611		54,360,439
II-VI, Inc.(a) (b)		880,190		59,095,957
Littelfuse, Inc.		241,340		64,013,022
Novanta, Inc.(a) (b)		502,420		66,173,738
Shoals Technologies Group, Inc.(b)		1,295,415		41,543,959
				285,187,115
IT Services – 2.4%
BigCommerce Holdings, Inc.(a) (b)		366,519		21,969,149
Digitalocean Holdings, Inc.(a) (b)		739,553		32,222,324
Shift4 Payments, Inc. - Class A(a) (b)		755,366		74,698,144
				128,889,617
Semiconductors & Semiconductor Equipment – 8.3%
Ambarella, Inc.(b)		403,140		39,302,119
Lattice Semiconductor Corp.(a) (b)		1,601,219		80,557,328
MACOM Technology Solutions Holdings, Inc.(a) (b)		1,145,850		64,866,568
MKS Instruments, Inc.		318,500		57,046,535
Semtech Corp.(b)		1,032,240		69,923,937
Silicon Laboratories, Inc.(b)		400,882		56,504,318
Synaptics, Inc.(a) (b)		488,890		68,381,044
				436,581,849
Software – 8.5%
8x8, Inc.(b)		1,693,320		55,693,295
Anaplan, Inc.(b)		457,690		27,301,208
Blackline, Inc.(a) (b)		399,930		46,415,876
Duck Creek Technologies, Inc.(a) (b)		899,815		37,414,308
Everbridge, Inc.(a) (b)		339,110		45,003,288
Manhattan Associates, Inc.(b)		500,090		68,632,351
Rapid7, Inc.(a) (b)		619,580		50,340,875
Smartsheet, Inc. - Class A(a) (b)		813,152		48,219,914
Varonis Systems, Inc.(b)		1,227,625		65,002,744
				444,023,859

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Company	Shares		U.S. $ Value
Technology Hardware, Storage & Peripherals – 0.5%
ACV Auctions, Inc.(b)		729,304	$	24,789,043
				1,319,471,483
Consumer Discretionary – 16.2%
Auto Components – 1.4%
Fox Factory Holding Corp.(a) (b)		489,423		74,994,286
Hotels, Restaurants & Leisure – 4.6%
Hilton Grand Vacations, Inc.(b)		739,240		32,940,535
Planet Fitness, Inc.(b)		543,743		45,668,975
Rush Street Interactive, Inc.(b)		585,462		7,839,336
Texas Roadhouse, Inc. - Class A		877,250		93,883,295
Wingstop, Inc.		367,564		58,225,813
				238,557,954
Household Durables – 3.3%
Installed Building Products, Inc.(a)		493,429		66,440,215
Lovesac Co. (The)(a) (b)		736,028		53,928,771
Skyline Champion Corp.(a) (b)		1,140,130		50,655,976
				171,024,962
Internet & Direct Marketing Retail – 0.9%
RealReal, Inc. (The)(a) (b)		1,972,075		48,848,298
Multiline Retail – 1.1%
Driven Brands Holdings, Inc.(b)		2,092,961		59,691,248
Specialty Retail – 4.9%
Five Below, Inc.(b)		258,062		51,940,139
Floor & Decor Holdings, Inc. - Class A(b)		611,360		67,812,051
Lithia Motors, Inc. - Class A(a)		201,309		77,379,153
Sleep Number Corp.(b)		555,566		62,162,280
				259,293,623
				852,410,371
Industrials – 15.9%
Aerospace & Defense – 0.9%
Axon Enterprise, Inc.(b)		308,799		46,817,016
Building Products – 2.7%
AZEK Co., Inc. (The)(b)		1,310,170		63,255,007
Simpson Manufacturing Co., Inc.		677,284		76,329,907
				139,584,914
Commercial Services & Supplies – 1.4%
Tetra Tech, Inc.		577,498		73,706,070
Construction & Engineering – 0.9%
Hayward Holdings, Inc.(a) (b)		2,314,628		46,246,268

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Company	Shares		U.S. $ Value
Electrical Equipment – 0.5%
Plug Power, Inc.(a) (b)		909,899	$	25,941,221
Machinery – 6.2%
Chart Industries, Inc.(a) (b)		379,093		60,893,708
Hydrofarm Holdings Group, Inc.(a) (b)		800,841		52,615,254
ITT, Inc.(a)		701,800		66,186,758
John Bean Technologies Corp.(a)		538,600		78,301,668
Middleby Corp. (The)(b)		388,580		70,457,326
				328,454,714
Road & Rail – 1.6%
Saia, Inc.(a) (b)		363,266		85,185,877
Trading Companies & Distributors – 1.7%
SiteOne Landscape Supply, Inc.(a) (b)		496,735		89,104,324
				835,040,404
Financials – 7.7%
Banks – 2.3%
First Financial Bankshares, Inc.(a)		1,555,980		76,367,498
Live Oak Bancshares, Inc.(a)		671,910		42,975,364
				119,342,862
Capital Markets – 2.3%
Houlihan Lokey, Inc.		751,257		49,785,801
Stifel Financial Corp.		1,018,725		70,485,583
				120,271,384
Consumer Finance – 0.3%
Fisker, Inc.(a) (b)		1,143,010		14,996,291
Insurance – 2.8%
Inari Medical, Inc.(a) (b)		642,204		73,397,495
Trean Insurance Group, Inc.(b)		1,030,295		18,019,860
Trupanion, Inc.(b)		706,055		57,261,061
				148,678,416
				403,288,953
Consumer Staples – 2.3%
Food & Staples Retailing – 0.1%
Chefs’ Warehouse, Inc. (The)(b)		268,342		8,648,663
Food Products – 2.2%
Freshpet, Inc.(a) (b)		470,488		86,955,592
Vital Farms, Inc.(a) (b)		1,150,548		27,981,327
				114,936,919
				123,585,582
Materials – 2.0%
Chemicals – 1.2%
Element Solutions, Inc.(a)		2,859,170		62,558,639

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Company	Shares		U.S. $ Value
Containers & Packaging – 0.8%
Ranpak Holdings Corp.(b)		2,179,847	$	41,918,458
				104,477,097
Real Estate – 1.1%
Equity Real Estate Investment Trusts (REITs) – 1.1%
QTS Realty Trust, Inc. - Class A(a)		838,416		55,746,280
Energy – 0.6%
Oil, Gas & Consumable Fuels – 0.6%
Matador Resources Co.(a)		1,161,610		30,561,959
Total Common Stocks (cost $3,600,827,222)				5,077,855,390
INVESTMENT COMPANIES – 1.1%
Funds and Investment Trusts – 1.1%
iShares Russell 2000 Growth ETF(a) (c) (cost $33,922,137)		183,530		56,272,133
PREFERRED STOCKS – 0.0%
Consumer Discretionary – 0.0%
Household Durables – 0.0%
Honest Co., Inc. (The) - Series D 0.00% (b) (d) (e)		59,278		918,809
Honest Co., Inc. (The) - Series E 0.00% (b) (d) (e)		14,920		231,260
Total Preferred Stocks (cost $1,502,384)				1,150,069
SHORT-TERM INVESTMENTS – 2.4%
Investment Companies – 2.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (f) (g) (cost $124,258,472)		124,258,472		124,258,472
Total Investments Before Security Lending Collateral for Securities Loaned – 100.2% (cost $3,760,510,215)				5,259,536,064
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 3.5%
Investment Companies – 3.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.01%(c) (f) (g) (cost $184,463,968)		184,463,968		184,463,968
Total Investments – 103.7% (cost $3,944,974,183)(h)				5,444,000,032
Other assets less liabilities – (3.7)%				(193,928,259	)
Net Assets – 100.0%			$	5,250,071,773

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

(b) Non-income producing security.

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(c) 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.

(d) Fair valued by the Adviser.

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

(f) Affiliated investments.

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

(h) As of April 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,548,688,120 and gross unrealized depreciation of investments was $(49,662,271), resulting in net unrealized appreciation of $1,499,025,849.

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.

AB Small Cap Growth Portfolio

April 30, 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 April 30, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	5,077,855,390	$	—	$	—	$	5,077,855,390
Investment Companies		56,272,133		—		—		56,272,133
Preferred Stocks		—		—		1,150,069		1,150,069
Short-Term Investments		124,258,472		—		—		124,258,472
Investments of Cash Collateral for
Securities Loaned in Affiliated Money
Market Fund		184,463,968		—		—		184,463,968
Total Investments in Securities		5,442,849,963		—		1,150,069		5,444,000,032
Other Financial Instruments(b)		—		—		—		—
Total	$	5,442,849,963	$	—	$	1,150,069	$	5,444,000,032

^(a)  See Portfolio of Investments for sector classifications.

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^(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 April 30, 2021 is as follows:

Fund	Market Value 07/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 04/30/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	26,273	$	1,063,035	$	965,050	$	124,258	$	17
Government Money Market Portfolio*		107,788		371,283		294,607		184,464		4
Total	$	134,061	$	1,434,318	$	1,259,657	$	308,722	$	21

* Investments of cash collateral for securities lending transactions

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