AB Cap Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

October 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.1%
Information Technology – 27.0%
Electronic Equipment, Instruments & Components – 3.6%
Allegro MicroSystems, Inc.(a)		1,563,331	$	52,152,722
Littelfuse, Inc.		250,840		73,884,922
Novanta, Inc.(a) (b)		544,160		93,900,249
				219,937,893
IT Services – 3.9%
Amplitude, Inc.(a)		592,811		44,039,929
BigCommerce Holdings, Inc.(a) (b)		726,779		33,584,458
DigitaloOean Holdings, Inc.(a) (b)		543,921		53,081,250
Shift4 Payments, Inc. - Class A(a)		805,966		50,880,634
Switch, Inc. - Class A		2,194,840		55,485,555
				237,071,826
Semiconductors & Semiconductor Equipment – 9.0%
Ambarella, Inc.(a) (b)		465,568		86,516,501
Lattice Semiconductor Corp.(a)		1,514,329		105,155,006
MACOM Technology Solutions Holdings, Inc.(a)		1,273,910		88,944,396
Semtech Corp.(a)		1,117,650		95,033,780
Silicon Laboratories, Inc.(a) (b)		373,212		70,447,497
Synaptics, Inc.(a)		517,454		100,681,025
				546,778,205
Software – 10.5%
Anaplan, Inc.(a)		751,630		49,013,792
Blackline, Inc.(a) (b)		753,530		95,600,351
Duck Creek Technologies, Inc.(a)		704,635		22,196,003
Enfusion, Inc.(a)		1,075,623		22,190,102
Everbridge, Inc.(a) (b)		487,020		77,587,156
Manhattan Associates, Inc.(a)		492,894		89,479,977
Rapid7, Inc.(a) (b)		760,000		97,850,000
Riskified Ltd.(a)		1,403,429		27,142,317
Smartsheet, Inc. - Class A(a)		870,692		60,086,455
Varonis Systems, Inc.(a)		1,405,455		90,989,157
				632,135,310
				1,635,923,234
Health Care – 21.0%
Biotechnology – 12.6%
ADC Therapeutics SA(a) (b)		921,531		26,715,184
Allakos, Inc.(a) (b)		374,072		37,624,162
Annexon, Inc.(a) (b)		1,061,859		17,318,920
Ascendis Pharma A/S (Sponsored ADR)(a)		205,827		31,205,431
Beyondspring, Inc.(a) (b)		1,223,597		16,910,111
Biohaven Pharmaceutical Holding Co., Ltd.(a)		353,596		50,323,783
Bioxcel Therapeutics, Inc.(a) (b)		666,734		19,428,629
Blueprint Medicines Corp.(a)		478,490		53,825,340
Coherus Biosciences, Inc.(a) (b)		1,635,112		27,355,424

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Company	Shares		U.S. $ Value
Erasca, Inc.(a)		941,709	$	18,627,004
Insmed, Inc.(a) (b)		1,268,735		38,252,360
Instil Bio, Inc.(a)		802,939		16,355,872
Instil Bio, Inc.(a) (b)		594,238		12,104,628
Intellia Therapeutics, Inc.(a)		445,950		59,302,431
iTeos Therapeutics, Inc.(a)		847,590		22,673,033
Legend Biotech Corp. (ADR)(a) (b)		552,905		29,027,513
Praxis Precision Medicines, Inc.(a) (b)		1,068,228		22,219,142
Recursion Pharmaceuticals, Inc.(a) (b)		1,263,849		24,202,708
Relay Therapeutics, Inc.(a) (b)		920,870		30,618,927
Turning Point Therapeutics, Inc. - Class I(a)		451,001		18,752,622
Twist Bioscience Corp.(a)		504,150		59,893,020
Ultragenyx Pharmaceutical, Inc.(a)		332,719		27,921,778
Vir Biotechnology, Inc.(a) (b)		898,517		33,901,046
Y-mAbs Therapeutics, Inc.(a) (b)		862,863		21,191,915
Zentalis Pharmaceuticals, Inc.(a) (b)		548,048		44,084,981
				759,835,964
Health Care Equipment & Supplies – 4.8%
AtriCure, Inc.(a)		983,120		73,792,987
Figs, Inc.(a)		1,211,453		40,716,935
Outset Medical, Inc.(a) (b)		1,419,612		75,622,731
Sight Sciences, Inc.(a) (b)		776,384		20,939,077
Silk Road Medical, Inc.(a) (b)		940,189		55,198,496
Treace Medical Concepts, Inc.(a)		1,148,697		26,488,953
				292,759,179
Health Care Providers & Services – 1.1%
Certara, Inc.(a) (b)		1,455,468		60,125,383
LHC Group, Inc.(a)		53,115		7,148,748
				67,274,131
Health Care Technology – 1.2%
Health Catalyst, Inc.(a) (b)		1,383,964		72,851,865
Life Sciences Tools & Services – 1.3%
Repligen Corp.(a)		274,970		79,878,785
				1,272,599,924
Industrials – 16.3%
Aerospace & Defense – 1.1%
Axon Enterprise, Inc.(a)		356,689		64,189,752
Building Products – 2.2%
AZEK Co., Inc. (The)(a) (b)		1,577,250		57,869,303
Simpson Manufacturing Co., Inc.(b)		720,660		76,454,819
				134,324,122
Commercial Services & Supplies – 1.9%
Tetra Tech, Inc.		644,498		113,212,519

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Company	Shares		U.S. $ Value
Construction & Engineering – 1.0%
Hayward Holdings, Inc.(a) (b)		2,726,408	$	63,225,402
Machinery – 5.8%
Chart Industries, Inc.(a) (b)		458,333		81,363,274
Hydrofarm Holdings Group, Inc.(a) (b)		1,356,241		44,715,266
ITT, Inc.		738,870		69,505,501
John Bean Technologies Corp.		579,560		85,629,990
Middleby Corp. (The)(a)		387,360		70,669,958
				351,883,989
Professional Services – 1.0%
Insperity, Inc.(b)		495,100		61,887,500
Road & Rail – 1.9%
Saia, Inc.(a)		362,096		113,205,694
Trading Companies & Distributors – 1.4%
SiteOne Landscape Supply, Inc.(a) (b)		349,465		82,110,296
				984,039,274
Consumer Discretionary – 16.0%
Auto Components – 1.5%
Fox Factory Holding Corp.(a) (b)		579,763		93,312,855
Hotels, Restaurants & Leisure – 5.2%
Hilton Grand Vacations, Inc.(a)		1,611,730		81,037,784
Life Time Group Holdings, Inc.(a)		2,661,363		46,148,035
Planet Fitness, Inc.(a)		526,723		41,900,815
Texas Roadhouse, Inc. - Class A		630,620		56,005,362
Wingstop, Inc.		523,024		90,205,949
				315,297,945
Household Durables – 2.4%
Lovesac Co. (The)(a) (b)		839,298		65,473,637
Skyline Champion Corp.(a)		1,221,830		77,366,275
				142,839,912
Multiline Retail – 1.3%
Driven Brands Holdings, Inc.(a)		2,495,691		81,035,087
Specialty Retail – 5.6%
Five Below, Inc.(a)		302,822		59,746,781
Floor & Decor Holdings, Inc. - Class A(a)		551,700		74,987,064
Lithia Motors, Inc. - Class A		196,219		62,637,029
National Vision Holdings, Inc.(a) (b)		1,365,950		84,197,158
Sleep Number Corp.(a)		613,386		54,186,519
				335,754,551
				968,240,350
Financials – 10.9%
Banks – 3.0%
First Financial Bankshares, Inc.(b)		1,903,540		96,547,549
Live Oak Bancshares, Inc.(b)		953,290		85,014,402
				181,561,951

3

Company	Shares		U.S. $ Value
Capital Markets – 3.9%
Houlihan Lokey, Inc.		773,947	$	86,743,980
P10, Inc.(a)		1,606,279		20,078,487
StepStone Group, Inc.		1,028,950		48,340,071
Stifel Financial Corp.		1,082,295		78,866,837
				234,029,375
Consumer Finance – 0.4%
Fisker, Inc.(a) (b)		1,696,700		27,232,035
Insurance – 3.6%
Inari Medical, Inc.(a)		789,134		71,432,410
Ryan Specialty Group Holdings, Inc.(a) (b)		1,732,863		65,484,893
Trupanion, Inc.(a) (b)		785,289		80,413,593
				217,330,896
				660,154,257
Consumer Staples – 2.2%
Food & Staples Retailing – 0.9%
Chefs’ Warehouse, Inc. (The)(a) (b)		1,515,553		52,847,333
Food Products – 1.3%
Freshpet, Inc.(a)		367,508		57,298,172
Vital Farms, Inc.(a) (b)		1,311,388		21,532,991
				78,831,163
Personal Products – 0.0%
Honest Co., Inc. (The)(a)		77,572		709,784
				132,388,280
Materials – 2.0%
Chemicals – 0.9%
Element Solutions, Inc.		2,252,990		51,165,403
Containers & Packaging – 1.1%
Ranpak Holdings Corp.(a)		1,996,144		68,787,122
				119,952,525
Energy – 1.7%
Energy Equipment & Services – 0.6%
ChampionX Corp.(a)		1,277,960		33,520,891
Oil, Gas & Consumable Fuels – 1.1%
Matador Resources Co.(b)		1,624,380		67,980,303
				101,501,194
Total Common Stocks (cost $4,112,698,979)				5,874,799,038

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Company	Shares		U.S. $ Value
INVESTMENT COMPANIES – 0.9%
Funds and Investment Trusts – 0.9%
iShares Russell 2000 Growth ETF(b) (cost $33,922,137)		183,530	$	56,420,793
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 $96,292,949)		96,292,949		96,292,949
Total Investments Before Security Lending Collateral for Securities Loaned – 99.6% (cost $4,242,914,065)				6,027,512,780
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.7%
Investment Companies – 0.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $40,281,927)		40,281,927		40,281,927
Total Investments – 100.3% (cost $4,283,195,992)(f)				6,067,794,707
Other assets less liabilities – (0.3)%				(17,192,209	)
Net Assets – 100.0%			$	6,050,602,498

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

(f) As of October 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,876,818,788 and gross unrealized depreciation of investments was $(92,220,073), resulting in net unrealized appreciation of $1,784,598,715.

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

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AB Cap Fund, Inc.

AB Small Cap Growth Portfolio

October 31, 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 October 31, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	5,874,799,038	$	—	$	—	$	5,874,799,038
Investment Companies		56,420,793		—		—		56,420,793
Short-Term Investments		96,292,949		—		—		96,292,949
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		40,281,927		—		—		40,281,927
Total Investments in Securities		6,067,794,707		—		—		6,067,794,707
Other Financial Instruments(b)		—		—		—		—
Total	$	6,067,794,707	$	—	$	—	$	6,067,794,707

^(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 October 31, 2021 is as follows:

Fund	Market Value 07/31/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 10/31/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	117,127	$	295,768	$	316,602	$	96,293	$	3
Government Money Market Portfolio*		131,341		247,508		338,567		40,282		2
Total	$	248,468	$	543,276	$	655,169	$	136,575	$	5

* Investments of cash collateral for securities lending transactions

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