AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.0%
Information Technology – 27.8%
Electronic Equipment, Instruments & Components – 4.4%
Allegro MicroSystems, Inc.(a)		29,631	$	947,007
Littelfuse, Inc.		3,990		1,090,347
Novanta, Inc.(a)		8,520		1,316,340
Shoals Technologies Group, Inc.(a)		19,556		545,221
				3,898,915
IT Services – 3.5%
BigCommerce Holdings, Inc.(a) (b)		14,339		726,127
Digitalocean Holdings, Inc.(a)		9,220		715,749
Shift4 Payments, Inc. - Class A(a)		12,153		942,100
Switch, Inc. - Class A		29,540		750,021
				3,133,997
Semiconductors & Semiconductor Equipment – 8.8%
Ambarella, Inc.(a)		8,680		1,351,823
Lattice Semiconductor Corp.(a)		23,986		1,550,695
MACOM Technology Solutions Holdings, Inc.(a)		19,680		1,276,641
Semtech Corp.(a)		17,510		1,365,255
Silicon Laboratories, Inc.(a)		5,154		722,385
Synaptics, Inc.(a)		8,415		1,512,428
				7,779,227
Software – 11.1%
Amplitude, Inc.(a)		7,414		402,877
Anaplan, Inc.(a)		8,009		487,668
Blackline, Inc.(a)		11,800		1,393,108
Duck Creek Technologies, Inc.(a)		23,615		1,044,728
Everbridge, Inc.(a)		7,510		1,134,310
Manhattan Associates, Inc.(a)		8,058		1,233,116
Rapid7, Inc.(a)		10,942		1,236,665
Riskified Ltd.(a)		21,605		492,810
Smartsheet, Inc. - Class A(a)		13,638		938,567
Varonis Systems, Inc.(a)		22,925		1,394,986
				9,758,835
				24,570,974
Health Care – 23.5%
Biotechnology – 13.4%
ADC Therapeutics SA(a)		14,013		380,593
Allakos, Inc.(a)		5,998		635,008
Allogene Therapeutics, Inc.(a)		16,551		425,361
Annexon, Inc.(a)		16,015		298,039
Ascendis Pharma A/S (Sponsored ADR)(a)		2,887		460,159
Beyondspring, Inc.(a)		18,722		295,059
Biohaven Pharmaceutical Holding Co., Ltd.(a)		5,536		769,006
Bioxcel Therapeutics, Inc.(a)(b)		9,540		289,539
Blueprint Medicines Corp.(a)		7,357		756,373

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Company	Shares		U.S. $ Value
Coherus Biosciences, Inc.(a)		24,771	$	398,070
Erasca, Inc.(a)		13,386		284,051
Insmed, Inc.(a)		19,326		532,238
Instil Bio, Inc.(a)		20,669		369,458
Intellia Therapeutics, Inc.(a)		6,650		892,097
iTeos Therapeutics, Inc.(a)		13,229		357,183
Legend Biotech Corp. (ADR)(a)		10,582		535,026
Praxis Precision Medicines, Inc.(a)		15,940		294,731
Recursion Pharmaceuticals, Inc.(a)		15,660		360,337
Relay Therapeutics, Inc.(a)		12,125		382,301
Turning Point Therapeutics, Inc. - Class I(a)		5,707		379,116
Twist Bioscience Corp.(a)		7,900		845,063
Ultragenyx Pharmaceutical, Inc.(a)		4,903		442,202
Vir Biotechnology, Inc.(a)		11,352		494,039
Y-mAbs Therapeutics, Inc.(a)		13,035		372,019
Zentalis Pharmaceuticals, Inc.(a)		8,866		590,830
				11,837,898
Health Care Equipment & Supplies – 4.9%
AtriCure, Inc.(a)		14,780		1,027,949
Figs, Inc.(a) (b)		18,516		687,684
Outset Medical, Inc.(a) (b)		21,611		1,068,448
Sight Sciences, Inc.(a)		12,166		276,168
Silk Road Medical, Inc.(a)		14,732		810,702
Treace Medical Concepts, Inc.(a)		17,996		484,093
				4,355,044
Health Care Providers & Services – 2.0%
Certara, Inc.(a)		22,798		754,614
LHC Group, Inc.(a)		6,420		1,007,362
				1,761,976
Health Care Technology – 1.1%
Health Catalyst, Inc.(a)		19,982		999,300
Life Sciences Tools & Services – 1.5%
Repligen Corp.(a)		4,480		1,294,675
Pharmaceuticals – 0.6%
Revance Therapeutics, Inc.(a)		17,525		488,246
				20,737,139
Industrials – 15.6%
Aerospace & Defense – 1.1%
Axon Enterprise, Inc.(a)		5,520		966,111
Building Products – 2.3%
AZEK Co., Inc. (The)(a)		23,239		848,921
Simpson Manufacturing Co., Inc.		11,450		1,224,806
				2,073,727

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Company	Shares		U.S. $ Value
Commercial Services & Supplies – 1.9%
Tetra Tech, Inc.		10,980	$	1,639,753
Construction & Engineering – 1.1%
Hayward Holdings, Inc.(a)		41,918		932,256
Machinery – 6.1%
Chart Industries, Inc.(a)		7,278		1,390,898
Hydrofarm Holdings Group, Inc.(a)		21,243		804,047
ITT, Inc.		11,064		949,734
John Bean Technologies Corp.		9,078		1,275,913
Middleby Corp. (The)(a)		5,760		982,138
				5,402,730
Professional Services – 0.2%
Insperity, Inc.		1,263		139,865
Road & Rail – 1.6%
Saia, Inc.(a)		5,940		1,413,898
Trading Companies & Distributors – 1.3%
SiteOne Landscape Supply, Inc.(a)		5,858		1,168,495
				13,736,835
Consumer Discretionary – 15.5%
Auto Components – 1.4%
Fox Factory Holding Corp.(a)		8,911		1,287,996
Hotels, Restaurants & Leisure – 5.0%
Hilton Grand Vacations, Inc.(a)		25,330		1,204,948
Planet Fitness, Inc.(a)		9,224		724,545
Texas Roadhouse, Inc. - Class A		13,060		1,192,770
Wingstop, Inc.		7,816		1,281,277
				4,403,540
Household Durables – 2.2%
Lovesac Co. (The)(a)		11,971		791,163
Skyline Champion Corp.(a)		19,140		1,149,549
				1,940,712
Internet & Direct Marketing Retail – 0.1%
RealReal, Inc. (The)(a)		7,765		102,342
Multiline Retail – 1.3%
Driven Brands Holdings, Inc.(a)		39,102		1,129,657
Specialty Retail – 5.5%
Five Below, Inc.(a)		4,812		850,810
Floor & Decor Holdings, Inc. - Class A(a)		8,980		1,084,694
Lithia Motors, Inc. - Class A		3,148		998,042
National Vision Holdings, Inc.(a)		17,880		1,015,048
Sleep Number Corp.(a)		9,709		907,597
				4,856,191
				13,720,438

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Company	Shares		U.S. $ Value
Financials – 9.6%
Banks – 2.5%
First Financial Bankshares, Inc.		28,700	$	1,318,765
Live Oak Bancshares, Inc.		14,400		916,272
				2,235,037
Capital Markets – 3.4%
Houlihan Lokey, Inc.		12,850		1,183,485
StepStone Group, Inc.		13,900		592,696
Stifel Financial Corp.		17,315		1,176,728
				2,952,909
Consumer Finance – 0.5%
Fisker, Inc.(a)		26,580		389,397
Insurance – 3.2%
Inari Medical, Inc.(a)		12,043		976,687
Ryan Specialty Group Holdings, Inc.(a)		27,148		919,503
Trupanion, Inc.(a)		12,299		955,263
				2,851,453
				8,428,796
Consumer Staples – 2.2%
Food & Staples Retailing – 0.8%
Chefs’ Warehouse, Inc. (The)(a)		23,462		764,157
Food Products – 1.4%
Freshpet, Inc.(a)		5,881		839,160
Vital Farms, Inc.(a)		20,969		368,425
				1,207,585
				1,971,742
Materials – 2.2%
Chemicals – 1.1%
Element Solutions, Inc.		44,970		974,950
Containers & Packaging – 1.1%
Ranpak Holdings Corp.(a)		34,643		929,125
				1,904,075
Energy – 1.6%
Energy Equipment & Services – 0.5%
ChampionX Corp.(a)		20,380		455,697
Oil, Gas & Consumable Fuels – 1.1%
Matador Resources Co.		26,300		1,000,452
				1,456,149
Total Common Stocks (cost $61,353,399)				86,526,148

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Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 2.3%
Investment Companies – 2.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $2,014,319)		2,014,319	$	2,014,319
Total Investments Before Security Lending Collateral for Securities Loaned – 100.3% (cost $63,367,718)				88,540,467
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $356,080)		356,080		356,080
Total Investments – 100.7% (cost $63,723,798)(f)				88,896,547
Other assets less liabilities – (0.7)%				(649,350	)
Net Assets – 100.0%			$	88,247,197

(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 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 $26,216,158 and gross unrealized depreciation of investments was $(1,043,409), resulting in net unrealized appreciation of $25,172,749.

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

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AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

September 30, 2021 (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 September 30, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	86,526,148	$	—	$	—	$	86,526,148
Short-Term Investments		2,014,319		—		—		2,014,319
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		356,080		—		—		356,080
Total Investments in Securities		88,896,547		—		—		88,896,547
Other Financial Instruments(b)		—		—		—		—
Total	$	88,896,547	$	—	$	—	$	88,896,547

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

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

Fund	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,072	$	29,076	$	29,134	$	2,014	$	0	**
Government Money Market Portfolio*		1,351		12,598		13,593		356		0	**
Total	$	3,423	$	41,674	$	42,727	$	2,370	$	0	**

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

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