AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 95.4%
Health Care – 28.5%
Biotechnology – 11.4%
Allakos, Inc.(a) (b)		5,198	$	231,259
Allogene Therapeutics, Inc.(a) (b)		15,061		292,786
Arena Pharmaceuticals, Inc.(b)		9,430		396,060
Ascendis Pharma A/S (Sponsored ADR)(a) (b)		3,861		434,787
BeiGene Ltd. (Sponsored ADR)(a) (b)		2,177		268,010
Biohaven Pharmaceutical Holding Co., Ltd.(a) (b)		11,776		400,737
Blueprint Medicines Corp.(b)		8,522		498,367
Coherus Biosciences, Inc.(a) (b)		23,300		377,926
Deciphera Pharmaceuticals, Inc.(b)		9,800		403,466
Gossamer Bio, Inc.(a) (b)		13,430		136,315
Iovance Biotherapeutics, Inc.(b)		18,270		546,912
Madrigal Pharmaceuticals, Inc.(a) (b)		3,140		209,626
Neurocrine Biosciences, Inc.(b)		4,910		424,960
NextCure, Inc.(b)		9,371		347,383
PTC Therapeutics, Inc.(b)		12,470		556,287
Trillium Therapeutics, Inc.(b)		38,148		154,118
Turning Point Therapeutics, Inc. - Class I(b)		8,721		389,480
Ultragenyx Pharmaceutical, Inc.(a) (b)		11,223		498,638
Y-mAbs Therapeutics, Inc.(a) (b)		13,895		362,660
				6,929,777
Health Care Equipment & Supplies – 5.6%
Insulet Corp.(b)		3,907		647,312
iRhythm Technologies, Inc.(a) (b)		10,529		856,534
Penumbra, Inc.(a) (b)		3,853		621,604
Silk Road Medical, Inc.(b)		22,120		696,338
Tactile Systems Technology, Inc.(b)		15,339		616,014
				3,437,802
Health Care Providers & Services – 3.9%
Guardant Health, Inc.(b)		10,472		728,852
HealthEquity, Inc.(b)		13,280		671,835
LHC Group, Inc.(a) (b)		7,010		982,802
				2,383,489
Health Care Technology – 3.4%
Health Catalyst, Inc. (b)		17,542		458,723
Teladoc Health, Inc.(a) (b)		10,340		1,602,804
				2,061,527
Life Sciences Tools & Services – 3.2%
10X Genomics, Inc.(b)		10,399		648,066
ICON PLC(b)		4,712		640,832
Repligen Corp.(b)		6,850		661,299
				1,950,197

Company	Shares		U.S. $ Value
Pharmaceuticals – 1.0%
Aerie Pharmaceuticals, Inc.(a) (b)		9,385	$	126,697
Axsome Therapeutics, Inc.(b)		3,830		225,319
Revance Therapeutics, Inc.(b)		16,855		249,454
				601,470
				17,364,262
Information Technology – 21.6%
Communications Equipment – 1.2%
Ciena Corp.(b)		18,345		730,314
Electronic Equipment, Instruments & Components – 3.6%
Littelfuse, Inc.		4,490		599,056
Novanta, Inc.(b)		11,440		913,827
OSI Systems, Inc.(b)		9,580		660,254
				2,173,137
Semiconductors & Semiconductor Equipment – 6.4%
Cree, Inc.(a) (b)		7,521		266,695
Inphi Corp.(b)		11,030		873,245
Lattice Semiconductor Corp.(b)		50,211		894,760
MKS Instruments, Inc.		4,090		333,131
Monolithic Power Systems, Inc.		4,188		701,322
Silicon Laboratories, Inc.(b)		10,184		869,815
				3,938,968
Software – 10.4%
Anaplan, Inc.(a) (b)		18,189		550,399
Aspen Technology, Inc.(b)		7,069		672,050
Avalara, Inc.(b)		9,590		715,414
Blackline, Inc.(b)		8,350		439,293
Everbridge, Inc.(a) (b)		6,720		714,739
Five9, Inc.(b)		15,952		1,219,690
HubSpot, Inc.(b)		4,415		588,034
Rapid7, Inc.(b)		16,354		708,619
Smartsheet, Inc. - Class A(a) (b)		17,258		716,380
				6,324,618
				13,167,037
Industrials – 18.8%
Aerospace & Defense – 3.4%
Axon Enterprise, Inc.(a) (b)		14,360		1,016,257
Mercury Systems, Inc.(b)		14,740		1,051,552
				2,067,809
Building Products – 2.4%
Armstrong World Industries, Inc.		7,351		583,816
Trex Co., Inc.(a) (b)		11,125		891,558
				1,475,374

Company	Shares		U.S. $ Value
Commercial Services & Supplies – 1.6%
Tetra Tech, Inc.		13,455	$	950,192
Industrial Conglomerates – 0.8%
Carlisle Cos., Inc.		4,002		501,370
Machinery – 6.1%
Chart Industries, Inc.(a) (b)		21,628		626,780
Ingersoll Rand, Inc.(b)		22,009		545,823
ITT, Inc.		12,220		554,299
John Bean Technologies Corp.		9,060		672,886
Nordson Corp.		5,415		731,404
RBC Bearings, Inc.(b)		5,033		567,672
				3,698,864
Road & Rail – 2.4%
Knight-Swift Transportation Holdings, Inc.(a)		20,737		680,174
Saia, Inc.(b)		10,530		774,376
				1,454,550
Trading Companies & Distributors – 2.1%
H&E Equipment Services, Inc.		29,056		426,542
SiteOne Landscape Supply, Inc.(a) (b)		11,038		812,618
United Rentals, Inc.(b)		680		69,972
				1,309,132
				11,457,291
Consumer Discretionary – 13.9%
Distributors – 1.3%
Pool Corp.		3,942		775,667
Diversified Consumer Services – 4.4%
Bright Horizons Family Solutions, Inc.(b)		5,985		610,470
Chegg, Inc.(a) (b)		28,780		1,029,748
Strategic Education, Inc.		7,480		1,045,405
				2,685,623
Hotels, Restaurants & Leisure – 3.1%
OneSpaWorld Holdings Ltd.(a)		46,970		190,698
Planet Fitness, Inc.(b)		15,764		767,707
Wingstop, Inc.		11,236		895,509
				1,853,914
Household Durables – 0.8%
Lovesac Co. (The)(a) (b)		22,072		128,680
Skyline Champion Corp.(b)		23,567		369,530
				498,210
Internet & Direct Marketing Retail – 0.5%
RealReal, Inc. (The)(a) (b)		39,975		280,225
Multiline Retail – 0.7%
Ollie’s Bargain Outlet Holdings, Inc.(a) (b)		9,700		449,498

Company	Shares		U.S. $ Value
Specialty Retail – 3.1%
Dynatrace, Inc.(b)		23,289	$	555,210
Five Below, Inc.(b)		7,772		546,994
Floor & Decor Holdings, Inc. - Class A(a) (b)		10,370		332,773
Sleep Number Corp.(b)		24,439		468,251
				1,903,228
				8,446,365
Financials – 7.8%
Banks – 0.5%
Western Alliance Bancorp		9,742		298,203
Capital Markets – 3.7%
Assetmark Financial Holdings, Inc.(b)		20,431		416,588
Hamilton Lane, Inc. - Class A		13,767		761,453
Houlihan Lokey, Inc.		14,420		751,570
Stifel Financial Corp.		7,747		319,796
				2,249,407
Insurance – 3.6%
eHealth, Inc.(b)		5,040		709,733
Palomar Holdings, Inc.(b)		12,461		724,732
Trupanion, Inc.(a) (b)		30,399		791,286
				2,225,751
				4,773,361
Consumer Staples – 3.4%
Food & Staples Retailing – 1.6%
Grocery Outlet Holding Corp.(a) (b)		27,053		929,000
Food Products – 1.8%
Freshpet, Inc.(b)		17,381		1,110,124
				2,039,124
Materials – 1.4%
Chemicals – 0.6%
Ingevity Corp.(b)		10,864		382,413
Containers & Packaging – 0.8%
Ranpak Holdings Corp.(a) (b)		77,071		482,464
				864,877
Total Common Stocks (cost $55,571,146)				58,112,317
SHORT-TERM INVESTMENTS – 4.5%
Investment Companies – 4.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(c) (d) (e) (cost $2,767,427)		2,767,427		2,767,427

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% (cost $58,338,573)			$	60,879,744
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.1%
Investment Companies – 2.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(c) (d) (e) (cost $1,283,337)		1,283,337		1,283,337
Total Investments – 102.0% (cost $59,621,910)(f)				62,163,081
Other assets less liabilities – (2.0)%				(1,220,319	)
Net Assets – 100.0%			$	60,942,762

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

(b) Non-income producing security.

(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 March 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,630,398 and gross unrealized depreciation of investments was $(7,089,227), resulting in net unrealized appreciation of $2,541,171.

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

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

March 31, 2020 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio 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 Portfolio. Unobservable inputs reflect the Portfolio’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 Portfolio’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 Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2020:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	58,112,317	$	—	$	—	$	58,112,317
Short-Term Investments		2,767,427		—		—		2,767,427
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,283,337		—		—		1,283,337
Total Investments in Securities		62,163,081		—		—		62,163,081
Other Financial Instruments(b)		—		—		—		—
Total	$	62,163,081	$	—	$	—	$	62,163,081

^(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 Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2020 is as follows:

Fund	Market Value 12/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,604	$	6,565	$	5,402	$	2,767	$	6
Government Money Market Portfolio*		3,070		27,200		28,987		1,283		8
Total	$	4,674	$	33,765	$	34,389	$	4,050	$	14

* Investments of cash collateral for securities lending transactions.