AB Cap Fund, Inc.

AB Small Cap Value Portfolio

Portfolio of Investments

February 28, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.2%
Financials – 24.9%
Banks – 17.0%
1st Source Corp.		140,616	$	6,790,347
Associated Banc-Corp		338,570		8,257,722
Bank of Marin Bancorp		116,482		4,114,144
Berkshire Hills Bancorp, Inc.		349,340		10,864,474
Carter Bankshares, Inc.(a)		258,437		4,305,560
HarborOne Bancorp, Inc.		515,025		7,617,220
Heritage Financial Corp./WA		292,682		7,674,122
Independent Bank Group, Inc.		102,930		7,941,050
Pacific Premier Bancorp, Inc.		168,404		6,518,919
Premier Financial Corp.		165,410		5,073,125
Sandy Spring Bancorp, Inc.		139,591		6,573,340
Synovus Financial Corp.		179,895		9,471,472
Texas Capital Bancshares, Inc.(a)		163,995		10,922,067
TriCo Bancshares		158,683		6,886,842
Umpqua Holdings Corp.		336,344		7,180,944
Webster Financial Corp.		157,143		9,461,580
				119,652,928
Capital Markets – 2.5%
Moelis & Co.		192,926		9,300,962
Stifel Financial Corp.		113,070		8,310,645
				17,611,607
Insurance – 2.7%
Hanover Insurance Group, Inc. (The)		63,290		8,829,588
Selective Insurance Group, Inc.		127,062		10,570,288
				19,399,876
Thrifts & Mortgage Finance – 2.7%
BankUnited, Inc.		213,723		9,446,556
WSFS Financial Corp.		186,243		9,466,732
				18,913,288
				175,577,699
Industrials – 19.6%
Airlines – 0.8%
SkyWest, Inc.(a)		206,391		5,801,651
Building Products – 0.8%
Masonite International Corp.(a)		58,493		5,517,645
Commercial Services & Supplies – 1.5%
MillerKnoll, Inc.		269,980		10,496,822
Construction & Engineering – 2.9%
Arcosa, Inc.		37,999		2,001,407
Dycom Industries, Inc.(a)		107,690		9,375,492
Great Lakes Dredge & Dock Corp.(a)		515,430		7,272,717
Infrastructure and Energy Alternatives, Inc.(a)		174,756		1,901,345
				20,550,961
Electrical Equipment – 0.6%
Regal Rexnord Corp.		27,510		4,411,229

1

Company	Shares		U.S. $ Value
Machinery – 5.5%
Blue Bird Corp.(a)		369,370	$	7,871,275
Manitowoc Co., Inc. (The)(a)		402,800		6,658,284
REV Group, Inc.		590,400		7,982,208
Shyft Group, Inc. (The)		226,186		9,140,176
Terex Corp.		183,630		7,580,246
				39,232,189
Professional Services – 1.1%
Korn Ferry		114,710		7,600,685
Road & Rail – 1.6%
ArcBest Corp.		119,140		11,041,895
Trading Companies & Distributors – 4.8%
Applied Industrial Technologies, Inc.		74,800		7,562,280
GATX Corp.		67,090		7,153,807
H&E Equipment Services, Inc.		184,804		7,717,415
Herc Holdings, Inc.		70,560		11,227,507
				33,661,009
				138,314,086
Consumer Discretionary – 16.0%
Auto Components – 2.5%
Dana, Inc.		317,576		5,913,265
Goodyear Tire & Rubber Co. (The)(a)		746,390		11,561,581
				17,474,846
Diversified Consumer Services – 1.2%
Houghton Mifflin Harcourt Co.(a)		396,005		8,296,305
Hotels, Restaurants & Leisure – 5.9%
Dine Brands Global, Inc.		114,560		9,604,710
Hilton Grand Vacations, Inc.(a)		187,940		9,746,568
Papa John’s International, Inc.		69,121		7,383,505
Ruth’s Hospitality Group, Inc.		393,629		9,765,936
Scientific Games Corp./DE - Class A(a)		85,880		5,403,570
				41,904,289
Household Durables – 2.7%
KB Home		218,860		8,450,184
Taylor Morrison Home Corp. - Class A(a)		347,538		10,252,371
				18,702,555
Specialty Retail – 2.6%
Citi Trends, Inc.(a)		89,210		3,328,425
Genesco, Inc.(a)		114,300		7,332,345
Sally Beauty Holdings, Inc.(a)		441,760		7,633,613
				18,294,383
Textiles, Apparel & Luxury Goods – 1.1%
Kontoor Brands, Inc.(b)		162,690		8,059,663
				112,732,041

2

Company	Shares		U.S. $ Value
Real Estate – 8.8%
Equity Real Estate Investment Trusts (REITs) – 8.8%
Armada Hoffler Properties, Inc.		207,063	$	3,039,685
Broadstone Net Lease, Inc.		391,240		8,474,258
Cousins Properties, Inc.		172,833		6,676,539
Independence Realty Trust, Inc.		517,029		13,065,323
National Storage Affiliates Trust		93,110		5,425,520
NETSTREIT Corp.		292,440		6,474,621
Physicians Realty Trust		584,346		9,501,466
STAG Industrial, Inc.		251,505		9,798,635
				62,456,047
Information Technology – 7.1%
Communications Equipment – 0.5%
Casa Systems, Inc.(a)		852,573		3,546,704
Electronic Equipment, Instruments & Components – 1.1%
Belden, Inc.		136,132		7,671,038
IT Services – 1.1%
Unisys Corp.(a)		372,287		7,955,773
Semiconductors & Semiconductor Equipment – 2.0%
Kulicke & Soffa Industries, Inc.		108,840		5,685,802
MagnaChip Semiconductor Corp.(a) (b)		461,818		8,405,087
				14,090,889
Software – 2.4%
A10 Networks, Inc.		611,160		8,702,919
CommVault Systems, Inc.(a)		124,712		7,845,632
				16,548,551
				49,812,955
Health Care – 5.4%
Health Care Equipment & Supplies – 1.3%
Integra LifeSciences Holdings Corp.(a)		136,850		9,177,161
Health Care Providers & Services – 2.7%
Acadia Healthcare Co., Inc.(a)		156,510		8,875,682
MEDNAX, Inc.(a)		414,950		9,738,876
				18,614,558
Health Care Technology – 1.4%
Change Healthcare, Inc.(a)		471,380		10,096,960
				37,888,679
Materials – 4.9%
Chemicals – 3.4%
AdvanSix, Inc.		157,450		6,307,447
HB Fuller Co.		122,860		8,399,938
Innospec, Inc.		54,470		5,201,885
Orion Engineered Carbons SA		100,218		1,557,388
Trinseo PLC		45,164		2,346,722
				23,813,380

3

Company	Shares		U.S. $ Value
Metals & Mining – 1.5%
Carpenter Technology Corp.		182,084	$	6,990,205
Schnitzer Steel Industries, Inc. - Class A		79,290		3,857,458
				10,847,663
				34,661,043
Energy – 3.6%
Energy Equipment & Services – 1.9%
Cactus, Inc. - Class A		258,870		13,114,354
Oil, Gas & Consumable Fuels – 1.7%
Coterra Energy, Inc.		214,802		5,011,331
HollyFrontier Corp.		241,960		7,367,682
				12,379,013
				25,493,367
Consumer Staples – 2.8%
Food Products – 2.8%
Hain Celestial Group, Inc. (The)(a)		260,744		9,480,652
Nomad Foods Ltd.(a)		402,569		10,136,687
				19,617,339
Communication Services – 2.8%
Entertainment – 1.5%
IMAX Corp.(a)		520,510		10,764,147
Media – 1.3%
Criteo SA (Sponsored ADR)(a)		264,777		8,806,483
				19,570,630
Utilities – 2.3%
Electric Utilities – 1.4%
IDACORP, Inc.		91,690		9,531,175
Gas Utilities – 0.9%
Southwest Gas Holdings, Inc.		93,220		6,613,027
				16,144,202
Total Common Stocks (cost $592,203,693)				692,268,088
SHORT-TERM INVESTMENTS – 1.8%
Investment Companies – 1.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $12,640,344)		12,640,344		12,640,344
Total Investments Before Security Lending Collateral for Securities Loaned – 100.0% (cost $604,844,037)				704,908,432

4

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $38)		38	$	38
Total Investments – 100.0% (cost $604,844,075)(f)				704,908,470
Other assets less liabilities – 0.0%				143,842
Net Assets – 100.0%			$	705,052,312

(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, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $114,487,537 and gross unrealized depreciation of investments was $(14,423,142), resulting in net unrealized appreciation of $100,064,395.

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

5

AB Cap Fund, Inc.

AB Small Cap Value Portfolio

February 28, 2022 (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, 2022:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	692,268,088	$	—	$	—	$	692,268,088
Short-Term Investments		12,640,344		—		—		12,640,344
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		38		—		—		38
Total Investments in Securities		704,908,470		—		—		704,908,470
Other Financial Instruments(b)		—		—		—		—
Total	$	704,908,470	$	—	$	—	$	704,908,470

^(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.

6

A summary of the Fund’s transactions in AB mutual funds for the three months ended February, 2022 is as follows:

Fund	Market Value 11/30/2021 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/28/2022 (000)			Dividend Income (000)
Government Money Market Portfolio	$	10,744		$	80,838	$	78,942	$	12,640		$	0	**
Government Money Market Portfolio*		0	**		6,948		6,948		0	**		0	**
Total	$	10,744		$	87,786	$	85,890	$	12,640		$	0	**

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

7