AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 95.3%
Financials – 21.5%
Banks – 6.0%
Bank OZK(a)		196,694	$	6,726,935
JPMorgan Chase & Co.		197,093		25,683,189
Wells Fargo & Co.		455,307		17,019,375
				49,429,499
Capital Markets – 3.0%
Goldman Sachs Group, Inc. (The)		19,889		6,505,891
Houlihan Lokey, Inc.		107,834		9,434,396
Nasdaq, Inc.		102,493		5,603,292
Raymond James Financial, Inc.		33,510		3,125,478
				24,669,057
Financial Services – 9.2%
Berkshire Hathaway, Inc. - Class B(b)		111,612		34,462,437
Mastercard, Inc. - Class A		75,438		27,414,924
PayPal Holdings, Inc.(b)		183,345		13,923,219
				75,800,580
Insurance – 3.3%
American International Group, Inc.		128,187		6,455,498
Axis Capital Holdings Ltd.		254,462		13,873,268
MetLife, Inc.		111,166		6,440,958
				26,769,724
				176,668,860
Health Care – 18.6%
Biotechnology – 8.4%
Amgen, Inc.		92,520		22,366,710
Gilead Sciences, Inc.		341,900		28,367,443
Regeneron Pharmaceuticals, Inc.(b)		22,115		18,171,232
				68,905,385
Health Care Providers & Services – 7.1%
Cigna Group (The)		54,314		13,878,857
Elevance Health, Inc.		72,151		33,175,751
Quest Diagnostics, Inc.		84,537		11,960,295
				59,014,903
Pharmaceuticals – 3.1%
Roche Holding AG (Sponsored ADR)		706,085		25,320,208
				153,240,496
Industrials – 18.4%
Aerospace & Defense – 5.0%
Curtiss-Wright Corp.		34,930		6,156,762
Raytheon Technologies Corp.		223,957		21,932,109
Textron, Inc.		183,380		12,952,129
				41,041,000
Air Freight & Logistics – 0.7%
Expeditors International of Washington, Inc.		52,602		5,792,532

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Company	Shares		U.S. $ Value
Building Products – 0.8%
Builders FirstSource, Inc.(b)		78,449	$	6,964,702
Construction & Engineering – 0.9%
EMCOR Group, Inc.		43,703		7,105,671
Electrical Equipment – 3.3%
Acuity Brands, Inc.		27,108		4,953,445
Emerson Electric Co.		90,451		7,881,900
nVent Electric PLC		325,759		13,988,091
				26,823,436
Ground Transportation – 1.2%
Knight-Swift Transportation Holdings, Inc.		174,029		9,846,561
Machinery – 3.1%
Middleby Corp. (The)(b)		33,653		4,933,866
PACCAR, Inc.		203,312		14,882,439
Westinghouse Air Brake Technologies Corp.		56,729		5,733,033
				25,549,338
Professional Services – 2.8%
Leidos Holdings, Inc.		33,889		3,119,821
Maximus, Inc.		136,372		10,732,477
Robert Half International, Inc.		114,319		9,210,682
				23,062,980
Trading Companies & Distributors – 0.6%
MSC Industrial Direct Co., Inc. - Class A		60,804		5,107,536
				151,293,756
Information Technology – 7.8%
Communications Equipment – 2.9%
Cisco Systems, Inc.		461,386		24,118,953
Electronic Equipment, Instruments & Components – 1.6%
IPG Photonics Corp.(b)		53,814		6,635,804
Keysight Technologies, Inc.(b)		39,698		6,410,433
				13,046,237
IT Services – 1.6%
Accenture PLC - Class A		46,332		13,242,149
Semiconductors & Semiconductor Equipment – 1.7%
NXP Semiconductors NV		37,917		7,070,573
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		74,642		6,943,199
				14,013,772
				64,421,111
Consumer Staples – 7.6%
Consumer Staples Distribution & Retail – 2.6%
Kroger Co. (The)		65,979		3,257,383
Target Corp.		112,154		18,576,067
				21,833,450

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Company	Shares		U.S. $ Value
Food Products – 0.4%
Kraft Heinz Co. (The)		83,952	$	3,246,424
Tobacco – 4.6%
Philip Morris International, Inc.		386,570		37,593,933
				62,673,807
Energy – 6.9%
Energy Equipment & Services – 0.9%
Helmerich & Payne, Inc.		199,496		7,131,982
Oil, Gas & Consumable Fuels – 6.0%
Chevron Corp.		98,784		16,117,597
ConocoPhillips		82,393		8,174,210
EOG Resources, Inc.		102,950		11,801,159
Phillips 66		134,756		13,661,563
				49,754,529
				56,886,511
Consumer Discretionary – 6.7%
Automobile Components – 1.1%
BorgWarner, Inc.		187,149		9,190,887
Distributors – 1.1%
LKQ Corp.		160,594		9,115,316
Hotels, Restaurants & Leisure – 1.7%
Booking Holdings, Inc.(b)		2,740		7,267,604
Choice Hotels International, Inc.		59,032		6,917,960
				14,185,564
Household Durables – 0.4%
DR Horton, Inc.		30,794		3,008,266
Specialty Retail – 2.4%
Lowe’s Cos., Inc.		63,784		12,754,886
Ulta Beauty, Inc.(b)		12,255		6,687,186
				19,442,072
				54,942,105
Communication Services – 3.8%
Diversified Telecommunication Services – 1.7%
Comcast Corp. - Class A		371,442		14,081,366
Interactive Media & Services – 2.1%
Alphabet, Inc. - Class C(b)		162,511		16,901,144
				30,982,510
Real Estate – 2.2%
Specialized REITs – 2.2%
Weyerhaeuser Co.		612,417		18,452,124
Materials – 1.2%
Chemicals – 0.7%
Mosaic Co. (The)		115,801		5,312,950
Metals & Mining – 0.5%
BHP Group Ltd. (Sponsored ADR)(a)		67,599		4,286,452
				9,599,402

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Company	Shares		U.S. $ Value
Utilities – 0.6%
Electric Utilities – 0.6%
IDACORP, Inc.		47,143	$	5,107,001
Total Common Stocks (cost $672,515,910)				784,267,683
SHORT-TERM INVESTMENTS – 5.9%
Investment Companies – 5.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e) (cost $48,837,354)		48,837,354		48,837,354
Total Investments Before Security Lending Collateral for Securities Loaned – 101.2% (cost $721,353,264)				833,105,037
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e) (cost $4,262,859)		4,262,859		4,262,859
Total Investments – 101.7% (cost $725,616,123)(f)				837,367,896
Other assets less liabilities – (1.7)%				(13,926,437	)
Net Assets – 100.0%			$	823,441,459

(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, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $120,387,944 and gross unrealized depreciation of investments was $(8,636,171), resulting in net unrealized appreciation of $111,751,773.

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 Growth and Income Portfolio    

March 31, 2023 (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, 2023:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Financials	$	176,668,860	$	—	$	—	$	176,668,860
Health Care		127,920,288		25,320,208		—		153,240,496
Industrials		151,293,756		—		—		151,293,756
Information Technology		64,421,111		—		—		64,421,111
Consumer Staples		62,673,807		—		—		62,673,807
Energy		56,886,511		—		—		56,886,511
Consumer Discretionary		54,942,105		—		—		54,942,105
Communication Services		30,982,510		—		—		30,982,510
Real Estate		18,452,124		—		—		18,452,124
Materials		9,599,402		—		—		9,599,402
Utilities		5,107,001		—		—		5,107,001
Short-Term Investments		48,837,354		—		—		48,837,354

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Investments in Securities:	Level 1		Level 2		Level 3		Total
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund	$	4,262,859	$	—	$	—	$	4,262,859
Total Investments in Securities		812,047,688		25,320,208		—		837,367,896
Other Financial Instruments(a)		—		—		—		—
Total	$	812,047,688	$	25,320,208	$	—	$	837,367,896

^(a)  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 Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2023 is as follows:

Portfolio	Market Value 12/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	45,583	$	85,853	$	82,599	$	48,837	$	472
Government Money Market Portfolio*		0		12,742		8,479		4,263		14
Total	$	45,583	$	98,595	$	91,078	$	53,100	$	486

* Investments of cash collateral for securities lending transactions.

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