AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

September 30, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.7%
Financials – 22.9%
Banks – 14.0%
Comerica, Inc.		151,690	$	10,785,159
First BanCorp./Puerto Rico		675,820		9,245,218
First Citizens BancShares, Inc./NC - Class A		16,120		12,854,572
First Hawaiian, Inc.		388,610		9,571,464
Synovus Financial Corp.		217,342		8,152,498
Texas Capital Bancshares, Inc.(a)		147,122		8,684,612
Webster Financial Corp.		168,372		7,610,414
Wintrust Financial Corp.		110,410		9,003,936
Zions Bancorp NA		204,028		10,376,864
				86,284,737
Capital Markets – 2.4%
Moelis & Co. - Class A		173,295		5,859,104
Stifel Financial Corp.		170,767		8,864,515
				14,723,619
Insurance – 5.2%
American Financial Group, Inc./OH		63,670		7,826,953
Hanover Insurance Group, Inc. (The)		62,830		8,051,036
Kemper Corp.		136,580		5,635,291
Reinsurance Group of America, Inc.		23,964		3,014,911
Selective Insurance Group, Inc.		92,235		7,507,929
				32,036,120
Thrifts & Mortgage Finance – 1.3%
BankUnited, Inc.		224,036		7,655,310
				140,699,786
Industrials – 22.4%
Aerospace & Defense – 0.9%
Spirit AeroSystems Holdings, Inc. - Class A		260,020		5,699,638
Airlines – 0.9%
Alaska Air Group, Inc.(a)		147,340		5,768,361
Building Products – 1.0%
Masonite International Corp.(a)		89,759		6,398,919
Commercial Services & Supplies – 0.1%
MillerKnoll, Inc.		55,266		862,150
Construction & Engineering – 5.6%
AECOM		147,290		10,070,217
Arcosa, Inc.		161,917		9,258,414
Dycom Industries, Inc.(a)		63,820		6,096,725
Fluor Corp.(a)		110,485		2,749,972
WillScot Mobile Mini Holdings Corp.(a)		151,470		6,108,785
				34,284,113
Electrical Equipment – 3.9%
Regal Rexnord Corp.		62,545		8,778,817
Sensata Technologies Holding PLC		160,740		5,992,387
Vertiv Holdings Co.		915,850		8,902,062
				23,673,266

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Company	Shares		U.S. $ Value
Machinery – 2.0%
Oshkosh Corp.		76,290	$	5,362,424
Timken Co. (The)		119,470		7,053,509
				12,415,933
Marine – 2.1%
Kirby Corp.(a)		120,046		7,295,195
Star Bulk Carriers Corp.(b)		322,910		5,644,467
				12,939,662
Professional Services – 1.5%
Korn Ferry		75,230		3,532,049
Robert Half International, Inc.		70,015		5,356,147
				8,888,196
Road & Rail – 3.1%
Knight-Swift Transportation Holdings, Inc.		197,581		9,667,638
XPO Logistics, Inc.(a)		205,600		9,153,312
				18,820,950
Trading Companies & Distributors – 1.3%
Herc Holdings, Inc.		74,390		7,727,633
				137,478,821
Consumer Discretionary – 14.8%
Auto Components – 1.7%
Dana, Inc.		371,968		4,251,594
Goodyear Tire & Rubber Co. (The)(a)		637,200		6,429,348
				10,680,942
Diversified Consumer Services – 1.2%
ADT, Inc.		970,160		7,266,499
Hotels, Restaurants & Leisure – 3.4%
Dine Brands Global, Inc.(b)		104,590		6,647,740
Hilton Grand Vacations, Inc.(a)		160,250		5,270,623
Light & Wonder, Inc.(a)		60,109		2,577,474
Papa John’s International, Inc.(b)		89,812		6,287,738
				20,783,575
Household Durables – 2.9%
KB Home		197,480		5,118,682
PulteGroup, Inc.		222,900		8,358,750
Taylor Morrison Home Corp.(a)		178,739		4,168,193
				17,645,625
Specialty Retail – 2.1%
Sally Beauty Holdings, Inc.(a)		471,900		5,945,940
Williams-Sonoma, Inc.(b)		56,774		6,690,816
				12,636,756

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Company	Shares		U.S. $ Value
Textiles, Apparel & Luxury Goods – 3.5%
Carter’s, Inc.(b)		101,330	$	6,640,155
Ralph Lauren Corp.(b)		95,790		8,135,444
Tapestry, Inc.		246,790		7,016,240
				21,791,839
				90,805,236
Information Technology – 8.7%
Communications Equipment – 1.2%
Lumentum Holdings, Inc.(a)		108,330		7,428,188
Electronic Equipment, Instruments & Components – 2.0%
Avnet, Inc.		174,990		6,320,639
Belden, Inc.		101,644		6,100,673
				12,421,312
IT Services – 1.0%
Genpact Ltd.		135,671		5,938,320
Semiconductors & Semiconductor Equipment – 1.3%
Kulicke & Soffa Industries, Inc.(b)		82,368		3,173,639
ON Semiconductor Corp.(a)		82,960		5,170,897
				8,344,536
Software – 3.2%
ACI Worldwide, Inc.(a)		348,930		7,292,637
CommVault Systems, Inc.(a)		124,166		6,585,765
NortonLifeLock, Inc.		276,040		5,559,445
				19,437,847
				53,570,203
Health Care – 7.9%
Health Care Equipment & Supplies – 2.4%
Envista Holdings Corp.(a)		246,430		8,085,368
Integra LifeSciences Holdings Corp.(a)		161,890		6,857,661
				14,943,029
Health Care Providers & Services – 2.7%
Acadia Healthcare Co., Inc.(a)		124,450		9,729,501
Pediatrix Medical Group, Inc.(a)		401,570		6,629,920
				16,359,421
Health Care Technology – 1.8%
Change Healthcare, Inc.(a)		394,200		10,836,558
Life Sciences Tools & Services – 1.0%
Syneos Health, Inc.(a)		133,920		6,314,328
				48,453,336
Real Estate – 6.6%
Equity Real Estate Investment Trusts (REITs) – 6.6%
Broadstone Net Lease, Inc. - Class A(b)		324,280		5,036,068
Camden Property Trust		71,003		8,481,308
Cousins Properties, Inc.		210,150		4,907,003
CubeSmart		215,162		8,619,390
Physicians Realty Trust		601,111		9,040,710
STAG Industrial, Inc.		152,808		4,344,331
				40,428,810

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Company	Shares		U.S. $ Value
Materials – 5.9%
Chemicals – 2.0%
Huntsman Corp.		305,310	$	7,492,307
Innospec, Inc.		55,330		4,740,121
				12,232,428
Containers & Packaging – 1.6%
Berry Global Group, Inc.(a)		209,500		9,748,035
Metals & Mining – 2.3%
ATI, Inc.(a)		302,891		8,059,930
Reliance Steel & Aluminum Co.		36,286		6,328,641
				14,388,571
				36,369,034
Energy – 4.7%
Energy Equipment & Services – 1.0%
Helmerich & Payne, Inc.		163,640		6,049,771
Oil, Gas & Consumable Fuels – 3.7%
Cameco Corp.		281,210		7,454,877
HF Sinclair Corp.		146,865		7,907,211
Magnolia Oil & Gas Corp. - Class A		365,442		7,239,406
				22,601,494
				28,651,265
Utilities – 2.7%
Electric Utilities – 1.7%
IDACORP, Inc.		106,204		10,515,258
Gas Utilities – 1.0%
Southwest Gas Holdings, Inc.(a)		86,870		6,059,183
				16,574,441
Consumer Staples – 1.9%
Food Products – 1.9%
Hain Celestial Group, Inc. (The)(a)		333,934		5,636,806
Nomad Foods Ltd.(a)		446,116		6,334,847
				11,971,653
Communication Services – 1.2%
Media – 1.2%
Criteo SA (Sponsored ADR)(a)		278,869		7,537,829
Total Common Stocks (cost $634,656,288)				612,540,414

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Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(c) (d) (e) (cost $2,721,616)		2,721,616	$	2,721,616
Total Investments Before Security Lending Collateral for Securities Loaned – 100.1% (cost $637,377,904)				615,262,030
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(c) (d) (e) (cost $274,059)		274,059		274,059
Total Investments – 100.1% (cost $637,651,963)(f)				615,536,089
Other assets less liabilities – (0.1)%				(885,906	)
Net Assets – 100.0%			$	614,650,183

(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, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $73,696,725 and gross unrealized depreciation of investments was $(95,812,599), resulting in net unrealized depreciation of $(22,115,874).

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

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AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

September 30, 2022 (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, 2022:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	612,540,414	$	—	$	—	$	612,540,414
Short-Term Investments		2,721,616		—		—		2,721,616
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		274,059		—		—		274,059
Total Investments in Securities		615,536,089		—		—		615,536,089
Other Financial Instruments(b)		—		—		—		—
Total	$	615,536,089	$	—	$	—	$	615,536,089

^(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, 2022 is as follows:

Portfolio	Market Value 12/31/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,852	$	132,577	$	131,707	$	2,722	$	22
Government Money Market Portfolio*		20		16,964		16,710		274		5
Total	$	1,872	$	149,541	$	148,417	$	2,996	$	27

* Investments of cash collateral for securities lending transactions.

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