AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.2%
Industrials – 23.0%
Aerospace & Defense – 1.2%
Spirit AeroSystems Holdings, Inc. - Class A		238,500	$	8,235,405
Building Products – 1.2%
Masonite International Corp.(a)		85,789		7,787,068
Construction & Engineering – 4.0%
Arcosa, Inc.		126,897		8,008,470
Dycom Industries, Inc.(a)		110,843		10,380,447
Fluor Corp.(a)		274,320		8,479,231
				26,868,148
Electrical Equipment – 4.2%
Regal Rexnord Corp.		71,880		10,115,673
Sensata Technologies Holding PLC		166,520		8,329,330
Vertiv Holdings Co.		657,830		9,413,547
				27,858,550
Ground Transportation – 3.0%
Knight-Swift Transportation Holdings, Inc.		195,219		11,045,491
XPO, Inc.(a)		274,000		8,740,600
				19,786,091
Machinery – 3.7%
Crane Holdings Co.		84,325		9,570,887
Oshkosh Corp.		70,799		5,889,061
Timken Co. (The)		111,080		9,077,458
				24,537,406
Marine Transportation – 1.1%
Star Bulk Carriers Corp.		344,300		7,271,616
Passenger Airlines – 1.3%
Alaska Air Group, Inc.(a)		199,250		8,360,530
Professional Services – 1.9%
Korn Ferry		97,740		5,057,067
Robert Half International, Inc.		92,745		7,472,465
				12,529,532
Trading Companies & Distributors – 1.4%
Herc Holdings, Inc.		79,490		9,053,911
				152,288,257
Financials – 21.2%
Banks – 10.7%
BankUnited, Inc.		152,861		3,451,601
Comerica, Inc.		153,078		6,646,647
First BanCorp./Puerto Rico		707,164		8,075,813
First Citizens BancShares, Inc./NC - Class A		13,400		13,039,540
First Hawaiian, Inc.		405,890		8,373,511
Synovus Financial Corp.		194,492		5,996,188
Texas Capital Bancshares, Inc.(a)		141,452		6,925,490
Webster Financial Corp.		122,492		4,828,635
Wintrust Financial Corp.		108,110		7,886,624

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Company	Shares		U.S. $ Value
Zions Bancorp NA(b)		205,418	$	6,148,161
				71,372,210
Capital Markets – 3.4%
Cboe Global Markets, Inc.		58,550		7,859,752
Moelis & Co. - Class A		150,587		5,788,564
Stifel Financial Corp.		149,587		8,839,096
				22,487,412
Insurance – 7.1%
American Financial Group, Inc./OH		49,880		6,060,420
Everest Re Group Ltd.		31,117		11,140,508
Hanover Insurance Group, Inc. (The)		60,410		7,762,685
Kemper Corp.		128,780		7,039,115
Reinsurance Group of America, Inc.		58,517		7,768,717
Selective Insurance Group, Inc.		74,185		7,072,056
				46,843,501
				140,703,123
Consumer Discretionary – 16.4%
Automobile Components – 1.5%
Dana, Inc.		300,675		4,525,159
Goodyear Tire & Rubber Co. (The)(a)		499,630		5,505,922
				10,031,081
Diversified Consumer Services – 1.0%
ADT, Inc.		941,843		6,809,525
Hotels, Restaurants & Leisure – 3.4%
Dine Brands Global, Inc.		99,760		6,747,766
Hilton Grand Vacations, Inc.(a) (b)		219,250		9,741,278
Papa John’s International, Inc.		78,072		5,849,935
				22,338,979
Household Durables – 3.9%
KB Home		197,480		7,934,746
PulteGroup, Inc.		186,960		10,896,029
Taylor Morrison Home Corp.(a)		178,469		6,828,224
				25,658,999
Specialty Retail – 3.0%
Bath & Body Works, Inc.		185,280		6,777,542
Sally Beauty Holdings, Inc.(a)		442,040		6,886,983
Williams-Sonoma, Inc.		54,089		6,580,468
				20,244,993
Textiles, Apparel & Luxury Goods – 3.6%
Carter’s, Inc.(b)		70,990		5,105,601
Ralph Lauren Corp.		79,500		9,275,265
Tapestry, Inc.		219,760		9,473,854
				23,854,720
				108,938,297

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Company	Shares		U.S. $ Value
Information Technology – 10.8%
Communications Equipment – 1.0%
Lumentum Holdings, Inc.(a)		118,280	$	6,388,303
Electronic Equipment, Instruments & Components – 2.4%
Avnet, Inc.		201,460		9,105,992
Belden, Inc.		78,414		6,803,983
				15,909,975
IT Services – 1.2%
Genpact Ltd.		180,181		8,327,966
Semiconductors & Semiconductor Equipment – 3.5%
FormFactor, Inc.(a)		180,799		5,758,448
Kulicke & Soffa Industries, Inc.		156,702		8,256,628
Synaptics, Inc.(a)		80,207		8,915,008
				22,930,084
Software – 2.7%
ACI Worldwide, Inc.(a)		249,840		6,740,683
CommVault Systems, Inc.(a)		103,326		5,862,717
Gen Digital, Inc.		303,080		5,200,853
				17,804,253
				71,360,581
Health Care – 6.4%
Health Care Equipment & Supplies – 3.5%
Envista Holdings Corp.(a)		288,770		11,804,918
Integra LifeSciences Holdings Corp.(a)		195,330		11,213,895
				23,018,813
Health Care Providers & Services – 2.3%
Acadia Healthcare Co., Inc.(a)		104,770		7,569,632
Pediatrix Medical Group, Inc.(a)		508,447		7,580,945
				15,150,577
Life Sciences Tools & Services – 0.6%
Syneos Health, Inc.(a)		124,170		4,422,936
				42,592,326
Real Estate – 5.9%
Diversified REITs – 0.9%
Broadstone Net Lease, Inc. - Class A		356,621		6,066,123
Health Care REITs – 1.2%
Physicians Realty Trust		522,491		7,800,791
Industrial REITs – 1.4%
STAG Industrial, Inc.		274,898		9,297,050
Residential REITs – 1.1%
Camden Property Trust		68,043		7,133,628
Specialized REITs – 1.3%
CubeSmart		195,432		9,032,867
				39,330,459

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Company	Shares		U.S. $ Value
Energy – 4.7%
Energy Equipment & Services – 1.0%
ChampionX Corp.		235,110	$	6,378,534
Helmerich & Payne, Inc.		3,960		141,570
				6,520,104
Oil, Gas & Consumable Fuels – 3.7%
Cameco Corp.		347,760		9,100,879
HF Sinclair Corp.		127,785		6,182,238
Magnolia Oil & Gas Corp. - Class A		411,422		9,001,914
				24,285,031
				30,805,135
Materials – 4.2%
Chemicals – 1.4%
Huntsman Corp.		310,320		8,490,355
Innospec, Inc.		11,816		1,213,149
				9,703,504
Containers & Packaging – 1.6%
Berry Global Group, Inc.		179,150		10,551,935
Metals & Mining – 1.2%
ATI, Inc.(a)		196,211		7,742,486
				27,997,925
Consumer Staples – 2.8%
Food Products – 2.8%
Hain Celestial Group, Inc. (The)(a)		463,014		7,940,690
Nomad Foods Ltd.(a)		569,702		10,676,216
				18,616,906
Utilities – 2.5%
Electric Utilities – 1.7%
IDACORP, Inc.		103,074		11,166,006
Gas Utilities – 0.8%
Southwest Gas Holdings, Inc.		81,970		5,119,027
				16,285,033
Communication Services – 1.3%
Media – 1.3%
Criteo SA (Sponsored ADR)(a)		278,869		8,785,768
Total Common Stocks (cost $621,952,179)				657,703,810
SHORT-TERM INVESTMENTS – 1.1%
Investment Companies – 1.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e) (cost $7,140,854)		7,140,854		7,140,854

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	U.S. $ Value
Total Investments – 100.3% (cost $629,093,033)(f)	$	664,844,664
Other assets less liabilities – (0.3)%		(1,777,513	)
Net Assets – 100.0%	$	663,067,151

(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 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 $87,235,150 and gross unrealized depreciation of investments was $(51,483,519), resulting in net unrealized appreciation of $35,751,631.

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    

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(a)	$	657,703,810	$	—	$	—	$	657,703,810
Short-Term Investments		7,140,854		—		—		7,140,854
Total Investments in Securities		664,844,664		—		—		664,844,664
Other Financial Instruments(b)		—		—		—		—
Total	$	664,844,664	$	—	$	—	$	664,844,664

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

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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	$	4,206	$	36,312	$	33,377	$	7,141	$	52
Government Money Market Portfolio*		207		9,526		9,733		0		3
Total	$	4,413	$	45,838	$	43,110	$	7,141	$	55

* Investments of cash collateral for securities lending transactions.

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