AB Cap Fund, Inc.

AB Select US Long/Short Portfolio

Portfolio of Investments

September 30, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 67.7%
Information Technology – 14.8%
Communications Equipment – 0.6%
Cisco Systems, Inc./Delaware		77,321	$	4,208,582
F5 Networks, Inc.(a)		27,170		5,400,853
				9,609,435
IT Services – 2.2%
International Business Machines Corp.		25,417		3,531,184
PayPal Holdings, Inc.(a)		27,948		7,272,349
Stripe, Inc.(b) (c)		24,598		974,942
Visa, Inc. - Class A		90,966		20,262,676
				32,041,151
Semiconductors & Semiconductor Equipment – 3.7%
Advanced Micro Devices, Inc.(a)		121,123		12,463,557
Broadcom, Inc.		19,808		9,605,493
Intel Corp.		92,837		4,946,355
NVIDIA Corp.		37,728		7,815,732
NXP Semiconductors NV		51,871		10,159,973
QUALCOMM, Inc.		74,867		9,656,346
				54,647,456
Software – 4.9%
Adobe, Inc.(a)		9,004		5,183,783
Clearwater Analytics Holdings, Inc.(a)		17,401		445,640
Microsoft Corp.		180,049		50,759,414
Oracle Corp.		101,464		8,840,558
salesforce.com, Inc.(a)		24,955		6,768,295
				71,997,690
Technology Hardware, Storage & Peripherals – 3.4%
Apple, Inc.		359,459		50,863,449
				219,159,181
Financials – 10.5%
Banks – 4.5%
Fifth Third Bancorp		430,650		18,276,786
JPMorgan Chase & Co.		117,345		19,208,203
PNC Financial Services Group, Inc. (The)		88,417		17,297,902
Wells Fargo & Co.		246,557		11,442,710
				66,225,601
Capital Markets – 3.2%
Apollo Global Management, Inc.(d)		17,119		1,054,359
Charles Schwab Corp. (The)		144,565		10,530,115
Goldman Sachs Group, Inc. (The)		80,536		30,445,024
Jefferies Financial Group, Inc.		139,583		5,182,717
				47,212,215
Diversified Financial Services – 2.6%
Berkshire Hathaway, Inc. - Class B(a)		142,378		38,860,652

1

Company	Shares		U.S. $ Value
Insurance – 0.2%
Arch Capital Group Ltd.(a)		66,935	$	2,555,578
				154,854,046
Industrials – 8.7%
Aerospace & Defense – 1.9%
Howmet Aerospace, Inc.		132,407		4,131,098
Northrop Grumman Corp.		17,274		6,221,231
Raytheon Technologies Corp.		211,423		18,173,921
				28,526,250
Commercial Services & Supplies – 0.4%
Republic Services, Inc. - Class A		51,590		6,193,895
Industrial Conglomerates – 1.9%
Honeywell International, Inc.		128,349		27,245,926
Professional Services – 1.1%
Jacobs Engineering Group, Inc.		75,253		9,973,280
KBR, Inc.		135,914		5,355,012
				15,328,292
Road & Rail – 3.4%
Canadian National Railway Co.		55,033		6,364,566
Norfolk Southern Corp.		109,982		26,313,194
Union Pacific Corp.		92,168		18,065,850
				50,743,610
				128,037,973
Communication Services – 8.6%
Diversified Telecommunication Services – 1.7%
AT&T, Inc.		246,215		6,650,267
Comcast Corp. - Class A		327,224		18,301,638
				24,951,905
Entertainment – 2.4%
Activision Blizzard, Inc.		56,692		4,387,394
Epic Games, Inc.(b) (c)		16,766		14,830,617
Netflix, Inc.(a)		12,455		7,601,785
Walt Disney Co. (The)(a)		54,885		9,284,895
				36,104,691
Interactive Media & Services – 4.2%
Alphabet, Inc. - Class A(a)		13,478		36,033,703
Facebook, Inc. - Class A(a)		74,841		25,400,287
				61,433,990
Media – 0.3%
Discovery, Inc. - Class C(a)		66,497		1,613,882
ViacomCBS, Inc. - Class B		65,403		2,584,073
				4,197,955
				126,688,541

2

Company	Shares		U.S. $ Value
Health Care – 7.8%
Biotechnology – 0.1%
Vertex Pharmaceuticals, Inc.(a)		7,394	$	1,341,198
Health Care Equipment & Supplies – 1.7%
Abbott Laboratories		107,611		12,712,087
Danaher Corp.		28,359		8,633,614
Zimmer Biomet Holdings, Inc.		21,216		3,105,174
				24,450,875
Health Care Providers & Services – 2.1%
Humana, Inc.		13,527		5,264,032
Quest Diagnostics, Inc.		31,472		4,573,196
UnitedHealth Group, Inc.		53,631		20,955,777
				30,793,005
Life Sciences Tools & Services – 1.1%
IQVIA Holdings, Inc.(a)		46,503		11,139,329
Thermo Fisher Scientific, Inc.		10,197		5,825,852
				16,965,181
Pharmaceuticals – 2.8%
Eli Lilly & Co.		32,916		7,605,242
Johnson & Johnson		114,242		18,450,083
Merck & Co., Inc.		93,706		7,038,257
Pfizer, Inc.		210,369		9,047,971
				42,141,553
				115,691,812
Consumer Discretionary – 6.9%
Hotels, Restaurants & Leisure – 1.1%
Booking Holdings, Inc.(a)		2,019		4,792,844
McDonald’s Corp.		45,192		10,896,243
				15,689,087
Internet & Direct Marketing Retail – 2.2%
Amazon.com, Inc.(a)		8,761		28,780,235
eBay, Inc.		58,131		4,049,987
				32,830,222
Multiline Retail – 0.7%
Dollar General Corp.		21,107		4,477,639
Target Corp.		27,902		6,383,141
				10,860,780
Specialty Retail – 2.4%
Home Depot, Inc. (The)		48,259		15,841,499
Lowe’s Cos., Inc.		56,025		11,365,232
Ross Stores, Inc.		69,087		7,520,120
				34,726,851
Textiles, Apparel & Luxury Goods – 0.5%
NIKE, Inc. - Class B		44,801		6,506,449

3

Company	Shares		U.S. $ Value
PLBY Group, Inc.(a)		44,388	$	1,046,225
				7,552,674
				101,659,614
Consumer Staples – 6.2%
Beverages – 1.1%
PepsiCo, Inc.		108,348		16,296,623
Food & Staples Retailing – 2.4%
Albertsons Cos., Inc.(d)		232,474		7,236,916
Costco Wholesale Corp.		8,495		3,817,228
Kroger Co. (The)		185,896		7,515,775
Walmart, Inc.		124,217		17,313,366
				35,883,285
Food Products – 0.4%
General Mills, Inc.		105,274		6,297,491
Household Products – 1.6%
Procter & Gamble Co. (The)		169,249		23,661,010
Personal Products – 0.5%
Estee Lauder Cos., Inc. (The) - Class A		13,596		4,077,848
Honest Co., Inc. (The)(a)		43,898		455,661
Olaplex Holdings, Inc.		75,976		1,861,412
				6,394,921
Tobacco – 0.2%
Philip Morris International, Inc.		27,776		2,632,887
				91,166,217
Energy – 3.1%
Energy Equipment & Services – 0.3%
Schlumberger NV		140,076		4,151,852
Oil, Gas & Consumable Fuels – 2.8%
Chevron Corp.		91,898		9,323,052
EOG Resources, Inc.		153,319		12,306,915
Exxon Mobil Corp.		180,801		10,634,715
Pioneer Natural Resources Co.		55,017		9,160,881
				41,425,563
				45,577,415
Utilities – 0.5%
Electric Utilities – 0.5%
NextEra Energy, Inc.		91,014		7,146,419
Diversified – 0.4%
Special Purpose Acquisition Company – 0.4%
HealthCor Catalio Acquisition Corp.(a)		601,605		5,955,889
Real Estate – 0.2%
Equity Real Estate Investment Trusts (REITs) – 0.2%
SBA Communications Corp.		11,631		3,844,859

4

Company	Shares			U.S. $ Value
Materials – 0.0%
Containers & Packaging – 0.0%
Berry Global Group, Inc.(a)		5,716		$	347,990
Total Common Stocks (cost $940,606,188)					1,000,129,956
WARRANTS – 0.0%
Financials – 0.0%
Diversified Financial Services – 0.0%
Pershing Square Tontine Holdings Ltd., expiring 07/24/2021(a) (cost $52,400)		9,228			11,904
SHORT-TERM INVESTMENTS – 32.1%
Investment Companies – 31.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(e) (f) (g) (cost $467,383,581)		467,383,581			467,383,581
	Principal Amount (000)
U.S. Treasury Bills – 0.5%
U.S. Treasury Bill Zero Coupon, 11/12/2021 (cost $6,999,588)	U.S.$	7,000			6,999,592
Total Short-Term Investments (cost $474,383,169)					474,383,173
Total Investments Before Securities Lending Collateral – 99.9% (cost $1,415,041,757)					1,474,525,033
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.01%(e) (f) (g) (cost $7,537,380)		7,537,380			7,537,380
Total Investments Before Securities Sold Short – 100.4% (cost $1,422,579,137)(h)					1,482,062,413
SECURITIES SOLD SHORT – (0.1)%
COMMON STOCKS – (0.1)%
Real Estate – (0.1)%
Equity Real Estate Investment Trusts (REITs) – (0.1)%
Acadia Realty Trust		(10,167	)		(207,508	)
Agree Realty Corp.		(1,921	)		(127,228	)
Chatham Lodging Trust(a)		(15,712	)		(192,472	)
Regency Centers Corp.		(3,405	)		(229,259	)
					(756,467	)

5

Company	Shares			U.S. $ Value
Consumer Discretionary – 0.0%
Hotels, Restaurants & Leisure – 0.0%
DraftKings, Inc.(a)		(9,987	)	$	(480,974	)
Health Care – 0.0%
Health Care Equipment & Supplies – 0.0%
Stryker Corp.		(535	)		(141,091	)
Health Care Providers & Services – 0.0%
Laboratory Corp. of America Holdings(a)		(657	)		(184,906	)
					(325,997	)
Financials – 0.0%
Banks – 0.0%
HSBC Holdings PLC		(15,163	)		(79,506	)
Insurance – 0.0%
Lemonade, Inc.(a)		(1,994	)		(133,618	)
					(213,124	)
Communication Services – 0.0%
Entertainment – 0.0%
AMC Entertainment Holdings, Inc. - Class A(a)		(4,135	)		(157,378	)
Industrials – 0.0%
Machinery – 0.0%
Snap-on, Inc.		(535	)		(111,788	)
Total Securities Sold Short (proceeds $1,813,584)					(2,045,728	)
Total Investments, Net of Securities Sold Short – 100.2% (cost $1,420,765,553)(h)					1,480,016,685
Other assets less liabilities – (0.2)%					(3,296,470	)
Net Assets – 100.0%				$	1,476,720,215

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Sold Contracts
S&P 500 E-Mini Futures		171		December 2021		$	36,745,763		$	1,757,184

(a) Non-income producing security.

(b) Fair valued by the Adviser.

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

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

(e) Affiliated investments.

(f) 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.

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

6

(h) As of September 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $77,443,309 and gross unrealized depreciation of investments was $(16,434,993), resulting in net unrealized appreciation of $61,008,316.

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:

REIT – Real Estate Investment Trust

7

AB Cap Fund, Inc.

AB Select US Long/Short Portfolio

September 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.

8

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2021:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	218,184,239		$	—		$	974,942	$	219,159,181
Financials		154,854,046			—			—		154,854,046
Industrials		128,037,973			—			—		128,037,973
Communication Services		111,857,924			—			14,830,617		126,688,541
Health Care		115,691,812			—			—		115,691,812
Consumer Discretionary		101,659,614			—			—		101,659,614
Consumer Staples		91,166,217			—			—		91,166,217
Energy		45,577,415			—			—		45,577,415
Utilities		7,146,419			—			—		7,146,419
Diversified		5,955,889			—			—		5,955,889
Real Estate		3,844,859			—			—		3,844,859
Materials		347,990			—			—		347,990
Warrants		11,904			—			—		11,904
Short-Term Investments:
Investment Companies		467,383,581			—			—		467,383,581
U.S. Treasury Bills		—			6,999,592			—		6,999,592
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		7,537,380			—			—		7,537,380
Liabilities:
Common Stocks:
Real Estate		(756,467	)		—			—		(756,467	)
Consumer Discretionary		(480,974	)		—			—		(480,974	)
Health Care		(325,997	)		—			—		(325,997	)
Financials		(133,618	)		(79,506	)		—		(213,124	)
Communication Services		(157,378	)		—			—		(157,378	)
Industrials		(111,788	)		—			—		(111,788	)
Total Investments in Securities		1,457,291,040			6,920,086			15,805,559		1,480,016,685
Other Financial Instruments(a):
Assets:
Futures		1,757,184			—			—		1,757,184
Liabilities		—			—			—		—
Total	$	1,459,048,224		$	6,920,086		$	15,805,559	$	1,481,773,869

^(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.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks			Total
Balance as of 06/30/2021	$	15,817,612		$	15,817,612
Accrued discounts/(premiums)		—			—
Realized gain (loss)		—			—
Change in unrealized appreciation/depreciation		(12,053	)		(12,053	)
Purchases		—			—
Sales/Paydowns		—			—
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 09/30/2021	$	15,805,559		$	15,805,559
Net change in unrealized appreciation/depreciation from investments held as of 09/30/2021	$	(12,053	)	$	(12,053	)

9

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at September 30, 2021.

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at		Valuation	Unobservable
	09/30/2021		Technique	Input	Input
Common Stocks	$	974,942	Market Approach	EBITDA* Projection	$2,602mm - $3,934mm
				EBITDA* Multiples	22.8X – 37.0X
	$	14,830,617	Market Approach	EBITDA* Projection	$1,025mm - $1,736mm
				EBITDA* Multiples	12.5X – 24.5X
	$	15,805,559

* Earnings before Interest, Taxes, Depreciation and Amortization.

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in discount rates, cumulative loss and delinquency rate in isolation would be expected to result in a significantly lower (higher) fair value measurement. A significant increase (decrease) in collateral value and EBITDA projections/multiples in isolation would be expected to result in a significant higher (lower) fair value measurement.

A summary of the Fund’s transactions in AB mutual funds for the three months ended September 30, 2021 is as follows:

	Market Value		Purchases		Sales		Market Value		Dividend
	06/30/2021		at Cost		Proceeds		09/30/2021		Income
Fund	(000)		(000)		(000)		(000)		(000)
Government Money Market Portfolio	$	408,365	$	123,851	$	64,830	$	467,384	$	11
Government Money Market Portfolio*		5,144		17,850		15,457		7,537		0	**
Total	$	413,509	$	141,701	$	80,287	$	474,921	$	11

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

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