AB Cap Fund, Inc.

Small Cap Growth Portfolio

Portfolio of Investments

April 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 94.3%
Health Care – 29.6%
Biotechnology – 12.8%
Allakos, Inc.(a) (b)		171,182	$	11,256,928
Allogene Therapeutics, Inc.(a) (b)		463,483		13,394,659
Arena Pharmaceuticals, Inc.(a) (b)		311,780		15,267,867
Ascendis Pharma A/S (Sponsored ADR)(b)		115,680		15,701,246
BeiGene Ltd. (Sponsored ADR)(a) (b)		66,249		10,124,835
Biohaven Pharmaceutical Holding Co., Ltd.(b)		371,776		17,510,649
Bioxcel Therapeutics, Inc.(b)		102,747		3,801,639
Blueprint Medicines Corp.(b)		271,539		15,974,639
Coherus Biosciences, Inc.(a) (b)		895,940		14,872,604
Deciphera Pharmaceuticals, Inc.(b)		265,403		15,388,066
Gossamer Bio, Inc.(a) (b)		441,086		5,742,940
Insmed, Inc.(b)		335,686		7,720,778
Iovance Biotherapeutics, Inc.(a) (b)		630,960		20,285,364
Madrigal Pharmaceuticals, Inc.(a) (b)		117,895		9,865,454
Neurocrine Biosciences, Inc.(b)		154,770		15,189,128
NextCure, Inc.(b)		304,171		9,861,224
PTC Therapeutics, Inc.(b)		406,860		20,717,311
Trillium Therapeutics, Inc.(b)		856,244		3,784,598
Turning Point Therapeutics, Inc. - Class I(a) (b)		274,785		14,154,175
Ultragenyx Pharmaceutical, Inc.(a) (b)		361,609		21,852,032
Vir Biotechnology, Inc.(b)		279,651		8,532,152
Y-mAbs Therapeutics, Inc.(a) (b)		449,043		15,078,864
Zentalis Pharmaceuticals, Inc.(b)		221,759		7,783,741
				293,860,893
Health Care Equipment & Supplies – 5.8%
Insulet Corp.(b)		115,785		23,124,580
iRhythm Technologies, Inc.(a) (b)		330,133		34,875,250
Penumbra, Inc.(a) (b)		124,543		22,083,965
Silk Road Medical, Inc.(a) (b)		706,424		29,585,037
Tactile Systems Technology, Inc.(a) (b)		430,277		22,210,899
				131,879,731
Health Care Providers & Services – 3.5%
Guardant Health, Inc.(b)		341,579		26,287,920
HealthEquity, Inc.(a) (b)		463,910		26,104,216
LHC Group, Inc.(a) (b)		217,430		28,263,725
				80,655,861
Health Care Technology – 2.6%
Health Catalyst, Inc.(a) (b)		611,994		16,321,880
Teladoc Health, Inc.(a) (b)		257,586		42,396,080
				58,717,960
Life Sciences Tools & Services – 3.4%
10X Genomics, Inc.(a) (b)		351,549		28,078,219

Company	Shares		U.S. $ Value
ICON PLC(b)		139,294	$	22,352,508
Repligen Corp.(b)		228,410		26,529,821
				76,960,548
Pharmaceuticals – 1.5%
Aerie Pharmaceuticals, Inc.(a) (b)		301,888		4,600,773
Axsome Therapeutics, Inc.(b)		184,300		17,514,029
Revance Therapeutics, Inc.(a) (b)		620,088		11,477,829
				33,592,631
				675,667,624
Information Technology – 20.7%
Communications Equipment – 1.2%
Ciena Corp.(b)		607,574		28,100,297
Electronic Equipment, Instruments & Components – 3.4%
Littelfuse, Inc.		158,140		22,968,254
Novanta, Inc.(b)		360,580		31,330,796
OSI Systems, Inc.(a) (b)		310,930		22,505,113
				76,804,163
Semiconductors & Semiconductor Equipment – 6.4%
Cree, Inc.(a) (b)		226,423		9,765,624
Inphi Corp.(a) (b)		287,530		27,758,146
Lattice Semiconductor Corp.(b)		1,616,504		36,387,505
MKS Instruments, Inc.		190,050		19,048,712
Monolithic Power Systems, Inc.		132,034		26,394,917
Silicon Laboratories, Inc.(b)		286,972		27,899,418
				147,254,322
Software – 9.7%
Anaplan, Inc.(b)		584,314		23,875,070
Aspen Technology, Inc.(b)		180,382		18,444,060
Avalara, Inc.(b)		272,486		24,352,074
Blackline, Inc.(a) (b)		337,600		20,505,824
Everbridge, Inc.(a) (b)		221,520		24,672,898
Five9, Inc.(a) (b)		423,373		39,233,976
HubSpot, Inc.(a) (b)		130,256		21,965,069
Manhattan Associates, Inc.(a) (b)		97,880		6,943,607
Rapid7, Inc.(b)		333,197		15,177,123
Smartsheet, Inc. - Class A(a) (b)		509,242		26,847,238
				222,016,939
				474,175,721
Industrials – 18.4%
Aerospace & Defense – 3.3%
Axon Enterprise, Inc.(b)		481,010		34,974,237
Mercury Systems, Inc.(a) (b)		452,184		40,316,725
				75,290,962

Company	Shares		U.S. $ Value
Building Products – 2.4%
Armstrong World Industries, Inc.		274,732	$	21,176,343
Trex Co., Inc.(a) (b)		360,261		34,304,052
				55,480,395
Commercial Services & Supplies – 1.4%
Tetra Tech, Inc.		424,138		31,929,109
Industrial Conglomerates – 0.8%
Carlisle Cos., Inc.		148,262		17,933,771
Machinery – 5.9%
Chart Industries, Inc.(a) (b)		622,703		22,242,951
Ingersoll Rand, Inc.(a) (b)		718,285		20,887,728
ITT, Inc.		384,680		20,280,330
John Bean Technologies Corp.(a)		300,950		23,094,903
Nordson Corp.		173,390		27,900,185
RBC Bearings, Inc.(a) (b)		158,458		20,073,459
				134,479,556
Road & Rail – 2.4%
Knight-Swift Transportation Holdings, Inc.(a)		725,264		26,965,316
Saia, Inc.(a) (b)		313,866		29,038,882
				56,004,198
Trading Companies & Distributors – 2.2%
H&E Equipment Services, Inc.		707,773		11,508,389
SiteOne Landscape Supply, Inc.(a) (b)		347,335		30,784,301
United Rentals, Inc.(a) (b)		62,320		8,008,120
				50,300,810
				421,418,801
Consumer Discretionary – 14.8%
Distributors – 1.3%
Pool Corp.		136,268		28,842,485
Diversified Consumer Services – 4.3%
Bright Horizons Family Solutions, Inc.(b)		206,655		24,064,975
Chegg, Inc.(a) (b)		878,430		37,552,882
Strategic Education, Inc.		235,850		37,570,905
				99,188,762
Hotels, Restaurants & Leisure – 3.6%
OneSpaWorld Holdings Ltd.(a)		580,240		3,777,362
Planet Fitness, Inc.(b)		505,993		30,526,558
Texas Roadhouse, Inc. - Class A(a)		302,580		14,248,492
Wingstop, Inc.(a)		290,994		34,124,866
				82,677,278
Household Durables – 0.4%
Lovesac Co. (The)(a) (b)		217,665		2,596,744
Skyline Champion Corp.(b)		338,582		6,673,451
				9,270,195

Company	Shares		U.S. $ Value
Internet & Direct Marketing Retail – 0.7%
RealReal, Inc. (The)(a) (b)		1,338,055	$	15,708,766
Multiline Retail – 0.9%
Ollie’s Bargain Outlet Holdings, Inc.(a) (b)		311,910		21,181,808
Specialty Retail – 3.6%
Dynatrace, Inc.(b)		807,303		24,097,995
Five Below, Inc.(a) (b)		244,912		22,081,266
Floor & Decor Holdings, Inc. - Class A(a) (b)		327,090		13,868,616
Sleep Number Corp.(a) (b)		734,896		21,973,390
				82,021,267
				338,890,561
Financials – 6.7%
Capital Markets – 3.5%
Assetmark Financial Holdings, Inc.(a) (b)		607,728		14,579,395
Hamilton Lane, Inc. - Class A(a)		418,100		27,113,785
Houlihan Lokey, Inc.(a)		454,387		26,981,500
Stifel Financial Corp.		244,187		10,812,600
				79,487,280
Insurance – 3.2%
eHealth, Inc.(b)		201,837		21,536,008
Palomar Holdings, Inc.(a) (b)		394,126		23,056,371
Trupanion, Inc.(a) (b)		970,381		29,024,096
				73,616,475
				153,103,755
Consumer Staples – 2.9%
Food & Staples Retailing – 1.2%
Grocery Outlet Holding Corp.(a) (b)		831,614		27,667,798
Food Products – 1.7%
Freshpet, Inc.(b)		512,058		38,614,294
				66,282,092
Materials – 1.2%
Chemicals – 0.4%
Ingevity Corp.(b)		155,070		8,051,235
Containers & Packaging – 0.8%
Ranpak Holdings Corp.(a) (b)		2,345,897		18,485,668
				26,536,903
Total Common Stocks (cost $1,772,503,313)				2,156,075,457
INVESTMENT COMPANIES – 1.6%
Funds and Investment Trusts – 1.6%
iShares Russell 2000 Growth ETF(a) (c) (cost $35,997,743)		205,610		37,490,928

Company	Shares		U.S. $ Value
PREFERRED STOCKS – 0.1%
Consumer Discretionary – 0.1%
Household Durables – 0.1%
Honest Co., Inc. (The) - Series D 0.00%(b) (d) (e) (f)		29,639	$	850,754
Honest Co., Inc. (The) - Series E 0.00%(b) (d) (e) (f)		7,460		136,897
Total Preferred Stocks (cost $1,502,384)				987,651
SHORT-TERM INVESTMENTS – 4.6%
Investment Companies – 4.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.35%(c) (g) (h) (cost $105,341,942)		105,341,942		105,341,942
Total Investments Before Security Lending Collateral for Securities Loaned – 100.6% (cost $1,915,345,382)				2,299,895,978
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 3.6%
Investment Companies – 3.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.35%(c) (g) (h) (cost $81,730,611)		81,730,611		81,730,611
Total Investments – 104.2% (cost $1,997,075,993)(i)				2,381,626,589
Other assets less liabilities – (4.2)%				(95,231,892	)
Net Assets – 100.0%			$	2,286,394,697

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

(b) Non-income producing security.

(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) Illiquid security.

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

(g) Affiliated investments.

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

(i) As of April 30, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $485,429,928 and gross unrealized depreciation of investments was $(100,879,332), resulting in net unrealized appreciation of $384,550,596.

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

AB Cap Fund, Inc.

Small Cap Growth Portfolio

April 30, 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 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, 2020:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	2,156,075,457	$	—	$	—	$	2,156,075,457
Investment Companies		37,490,928		—		—		37,490,928
Preferred Stocks		—		—		987,651		987,651
Short-Term Investments		105,341,942		—		—		105,341,942
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		81,730,611		—		—		81,730,611
Total Investments in Securities		2,380,638,938		—		987,651		2,381,626,589
Other Financial Instruments(b)		—		—		—		—
Total	$	2,380,638,938	$	—	$	987,651	$	2,381,626,589

^(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 April 30, 2020 is as follows:

Fund	Market Value 07/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 04/30/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	63,100	$	528,060	$	485,818	$	105,342	$	601
Government Money Market Portfolio*		103,925		187,605		209,799		81,731		209
Total	$	167,025	$	715,665	$	695,617	$	187,073	$	810

* Investments of cash collateral for securities lending transactions