AB Cap Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

October 31, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 94.1%
Information Technology – 20.5%
Electronic Equipment, Instruments & Components – 3.7%
Allegro MicroSystems, Inc.(a)		1,813,522	$	46,081,594
Littelfuse, Inc.		156,777		34,530,134
Novanta, Inc.(a) (b)		485,529		68,653,801
				149,265,529
IT Services – 4.1%
BigCommerce Holdings, Inc.(a) (b)		3,126,213		46,455,525
DigitalOcean Holdings, Inc.(a)		1,098,700		39,465,304
Flywire Corp.(a)		1,661,319		36,465,952
Shift4 Payments, Inc. - Class A(a) (b)		901,305		41,432,991
				163,819,772
Semiconductors & Semiconductor Equipment – 4.6%
Lattice Semiconductor Corp.(a)		862,505		41,840,118
MACOM Technology Solutions Holdings, Inc.(a)		1,077,385		62,348,270
Onto Innovation, Inc.(a)		534,760		35,743,358
Silicon Laboratories, Inc.(a)		368,261		42,320,554
				182,252,300
Software – 8.1%
Blackline, Inc.(a)		707,269		39,607,064
Braze, Inc. - Class A(a) (b)		1,165,608		34,513,653
Elastic NV(a)		564,990		36,131,110
Enfusion, Inc. - Class A(a)		1,148,962		16,280,792
Five9, Inc.(a)		599,520		36,127,075
Instructure Holdings, Inc.(a)		77,445		1,829,251
Manhattan Associates, Inc.(a)		431,390		52,487,221
Monday.com Ltd.(a)		331,000		35,397,140
Smartsheet, Inc. - Class A(a)		1,187,907		41,481,712
Varonis Systems, Inc.(a)		1,202,384		32,187,820
				326,042,838
				821,380,439
Health Care – 20.0%
Biotechnology – 8.6%
ADC Therapeutics SA(a) (b)		1,016,606		4,513,731
Arrowhead Pharmaceuticals, Inc.(a)		821,460		28,595,023
Ascendis Pharma A/S (ADR)(a)		168,784		19,410,160
Blueprint Medicines Corp.(a) (b)		499,779		25,908,543
Coherus Biosciences, Inc.(a)		2,063,901		17,955,939
Erasca, Inc.(a) (b)		1,399,664		11,435,255
Insmed, Inc.(a) (b)		1,453,631		25,176,889
Intellia Therapeutics, Inc.(a)		508,006		26,812,557
IVERIC bio, Inc.(a)		1,316,860		31,499,291
Karuna Therapeutics, Inc.(a)		190,920		41,876,393
Legend Biotech Corp. (ADR)(a)		441,312		21,986,164

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Company	Shares		U.S. $ Value
Recursion Pharmaceuticals, Inc. - Class A(a) (b)		1,569,548	$	16,558,731
Relay Therapeutics, Inc.(a)		787,428		17,496,650
Ultragenyx Pharmaceutical, Inc.(a)		404,380		16,361,215
Vir Biotechnology, Inc.(a)		832,807		18,305,098
Y-mAbs Therapeutics, Inc.(a)		398,399		1,438,220
Zentalis Pharmaceuticals, Inc.(a) (b)		763,204		19,148,788
				344,478,647
Health Care Equipment & Supplies – 6.8%
AtriCure, Inc.(a)		1,325,080		55,812,370
iRhythm Technologies, Inc.(a)		427,450		54,495,600
Lantheus Holdings, Inc.(a)		959,550		70,997,104
Silk Road Medical, Inc.(a) (b)		1,012,773		44,643,034
Treace Medical Concepts, Inc.(a)		1,969,206		48,206,163
				274,154,271
Health Care Providers & Services – 2.8%
Inari Medical, Inc.(a)		711,542		54,738,926
R1 RCM, Inc.(a)		3,234,289		57,117,544
				111,856,470
Life Sciences Tools & Services – 1.0%
Repligen Corp.(a)		223,645		40,812,976
Pharmaceuticals – 0.8%
Intra-Cellular Therapies, Inc.(a)		721,720		32,960,952
				804,263,316
Industrials – 16.5%
Aerospace & Defense – 3.9%
Axon Enterprise, Inc.(a)		369,791		53,782,403
Curtiss-Wright Corp.		336,150		56,416,054
Hexcel Corp.		861,210		47,969,397
				158,167,854
Building Products – 0.9%
Armstrong World Industries, Inc.		459,987		34,761,218
Commercial Services & Supplies – 1.4%
Tetra Tech, Inc.		404,103		57,091,672
Machinery – 3.6%
ITT, Inc.		698,706		53,374,152
John Bean Technologies Corp.		435,221		39,692,155
Middleby Corp. (The)(a)		375,384		52,501,206
				145,567,513
Professional Services – 2.5%
FTI Consulting, Inc.(a)		230,290		35,840,033
Insperity, Inc.		550,369		64,954,549
				100,794,582

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Company	Shares		U.S. $ Value
Road & Rail – 1.5%
Saia, Inc.(a) (b)		305,244	$	60,700,822
Trading Companies & Distributors – 2.7%
Herc Holdings, Inc.		540,340		63,549,388
SiteOne Landscape Supply, Inc.(a)		372,374		43,146,975
				106,696,363
				663,780,024
Consumer Discretionary – 14.7%
Auto Components – 1.3%
Fox Factory Holding Corp.(a)		619,001		54,379,238
Diversified Consumer Services – 0.6%
European Wax Center, Inc. - Class A(b)		1,649,716		23,722,916
Hotels, Restaurants & Leisure – 5.8%
Hilton Grand Vacations, Inc.(a)		1,749,248		68,640,492
Life Time Group Holdings, Inc.(a) (b)		2,915,944		30,588,253
Planet Fitness, Inc. - Class A(a)		871,055		57,036,681
Texas Roadhouse, Inc.		762,970		75,495,881
				231,761,307
Household Durables – 1.9%
Lovesac Co. (The)(a) (b)		893,579		21,749,713
Skyline Champion Corp.(a)		951,706		55,398,806
				77,148,519
Multiline Retail – 1.4%
Driven Brands Holdings, Inc.(a)		1,741,475		55,692,371
Specialty Retail – 3.7%
Five Below, Inc.(a)		207,537		30,373,040
Floor & Decor Holdings, Inc. - Class A(a)		362,779		26,617,095
Lithia Motors, Inc.		184,673		36,592,955
National Vision Holdings, Inc.(a) (b)		1,443,453		53,465,499
				147,048,589
				589,752,940
Energy – 9.1%
Energy Equipment & Services – 3.9%
ChampionX Corp.		2,971,294		85,038,434
Helmerich & Payne, Inc.		1,275,760		63,162,878
TechnipFMC PLC(a)		763,290		8,083,241
				156,284,553
Oil, Gas & Consumable Fuels – 5.2%
DTE Midstream LLC(a)		741,340		44,257,998
Magnolia Oil & Gas Corp. - Class A		3,012,284		77,355,453
Matador Resources Co.		1,334,953		88,707,627
				210,321,078
				366,605,631

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Company	Shares		U.S. $ Value
Financials – 9.0%
Banks – 1.4%
First Financial Bankshares, Inc.		1,531,573	$	58,950,245
Capital Markets – 4.4%
Houlihan Lokey, Inc.		656,176		58,609,640
P10, Inc. - Class A		1,742,996		18,109,729
StepStone Group, Inc. - Class A		1,794,717		52,980,046
Stifel Financial Corp.		756,844		46,825,938
				76,525,353
Insurance – 3.2%
Palomar Holdings, Inc.(a)		489,570		43,552,147
Ryan Specialty Holdings, Inc.(a) (b)		1,246,033		55,884,580
Trupanion, Inc.(a) (b)		557,261		28,124,963
				127,561,690
				363,037,288
Consumer Staples – 3.4%
Food & Staples Retailing – 2.9%
Chefs’ Warehouse, Inc. (The)(a) (b)		1,684,571		61,705,836
Grocery Outlet Holding Corp.(a)		1,554,490		53,738,719
				115,444,555
Food Products – 0.5%
Vital Farms, Inc.(a) (b)		1,421,034		18,814,490
				134,259,045
Materials – 0.9%
Chemicals – 0.9%
Element Solutions, Inc.		2,092,836		35,996,779
Total Common Stocks (cost $3,935,876,355)				3,779,075,462
INVESTMENT COMPANIES – 1.4%
Funds and Investment Trusts – 1.4%
iShares Russell 2000 Growth ETF(b) (c) (cost $53,353,211)		242,939		54,967,378
SHORT-TERM INVESTMENTS – 4.4%
Investment Companies – 4.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.67%(c) (d) (e) (cost $176,934,569)		176,934,569		176,934,569
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% (cost $4,166,164,135)				4,010,977,409

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Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.0%
Investment Companies – 1.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.67%(c) (d) (e) (cost $38,611,368)		38,611,368	$	38,611,368
Total Investments – 100.9% (cost $4,204,775,503)(f)				4,049,588,777
Other assets less liabilities – (0.9)%				(34,983,087	)
Net Assets – 100.0%			$	4,014,605,690

(a) Non-income producing security.

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

(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) Affiliated investments.

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

(f) As of October 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $437,464,398 and gross unrealized depreciation of investments was $(592,651,124), resulting in net unrealized depreciation of $(155,186,726).

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, 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 October 31, 2022:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	3,779,075,462	$	—	$	—	$	3,779,075,462
Investment Companies		54,967,378		—		—		54,967,378
Short-Term Investments		176,934,569		—		—		176,934,569
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		38,611,368		—		—		38,611,368
Total Investments in Securities		4,049,588,777		—		—		4,049,588,777
Other Financial Instruments(b)		—		—		—		—
Total	$	4,049,588,777	$	—	$	—	$	4,049,588,777

^(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, written options and written swaptions which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the three months ended October 31, 2022 is as follows:

Fund	Market Value 07/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 10/31/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	148,375	$	314,748	$	286,188	$	176,935	$	644
Government Money Market Portfolio*		83,269		216,558		261,216		38,611		0
Total	$	231,644	$	531,306	$	547,404	$	215,546	$	644

* Investments of cash collateral for securities lending transactions

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