AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 96.0%
Information Technology – 35.4%
Communications Equipment – 3.7%
Arista Networks, Inc.(a)		96,484	$	16,195,804
Motorola Solutions, Inc.		27,398		7,839,390
				24,035,194
Electronic Equipment, Instruments & Components – 1.6%
Amphenol Corp. - Class A		70,203		5,736,989
Cognex Corp.		49,296		2,442,617
Zebra Technologies Corp. - Class A(a)		7,773		2,471,814
				10,651,420
IT Services – 1.7%
EPAM Systems, Inc.(a)		36,872		11,024,728
Semiconductors & Semiconductor Equipment – 6.6%
ASML Holding NV (REG)		9,096		6,191,738
Entegris, Inc.		42,894		3,517,737
NVIDIA Corp.		68,035		18,898,082
QUALCOMM, Inc.		114,097		14,556,495
				43,164,052
Software – 21.8%
Adobe, Inc.(a)		27,500		10,597,675
Autodesk, Inc.(a)		27,249		5,672,152
Cadence Design Systems, Inc.(a)		27,430		5,762,769
Fortinet, Inc.(a)		282,877		18,800,005
Manhattan Associates, Inc.(a)		21,380		3,310,693
Microsoft Corp.		216,987		62,557,352
Paycom Software, Inc.(a)		13,840		4,207,498
PTC, Inc.(a)		32,250		4,135,418
Roper Technologies, Inc.		28,415		12,522,206
ServiceNow, Inc.(a)		8,525		3,961,738
Synopsys, Inc.(a)		15,060		5,816,925
Tyler Technologies, Inc.(a)		16,768		5,946,604
				143,291,035
				232,166,429
Health Care – 25.0%
Biotechnology – 3.7%
Genmab A/S (Sponsored ADR)(a)		64,661		2,441,599
Vertex Pharmaceuticals, Inc.(a)		68,911		21,711,789
				24,153,388
Health Care Equipment & Supplies – 7.6%
Align Technology, Inc.(a)		7,943		2,654,074
Edwards Lifesciences Corp.(a)		174,315		14,421,080
IDEXX Laboratories, Inc.(a)		31,690		15,847,535
Intuitive Surgical, Inc.(a)		65,350		16,694,965
				49,617,654

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Company	Shares		U.S. $ Value
Health Care Providers & Services – 5.1%
Abiomed, Inc.(b) (c)		11,373	$	0
UnitedHealth Group, Inc.		71,433		33,758,522
				33,758,522
Health Care Technology – 2.0%
Veeva Systems, Inc. - Class A(a)		69,561		12,784,616
Life Sciences Tools & Services – 2.0%
Illumina, Inc.(a)		10,304		2,396,195
Mettler-Toledo International, Inc.(a)		4,426		6,772,710
Waters Corp.(a)		12,902		3,994,846
				13,163,751
Pharmaceuticals – 4.6%
Eli Lilly & Co.		26,400		9,066,288
Zoetis, Inc.		128,650		21,412,506
				30,478,794
				163,956,725
Consumer Discretionary – 11.1%
Automobiles – 0.5%
Ferrari NV(d)		12,556		3,401,922
Broadline Retail – 4.2%
Amazon.com, Inc.(a)		225,847		23,327,737
Etsy, Inc.(a)		38,749		4,313,926
				27,641,663
Hotels, Restaurants & Leisure – 1.1%
Chipotle Mexican Grill, Inc.(a)		4,306		7,355,897
Specialty Retail – 3.2%
Home Depot, Inc. (The)		47,180		13,923,761
Tractor Supply Co.		30,617		7,196,220
				21,119,981
Textiles, Apparel & Luxury Goods – 2.1%
NIKE, Inc. - Class B		110,898		13,600,531
				73,119,994
Financials – 7.6%
Capital Markets – 1.7%
MSCI, Inc.		19,541		10,936,902
Financial Services – 5.9%
PayPal Holdings, Inc.(a)		59,343		4,506,508
Visa, Inc. - Class A		152,155		34,304,866
				38,811,374
				49,748,276
Consumer Staples – 7.3%
Beverages – 3.2%
Monster Beverage Corp.(a)		388,708		20,994,119

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Company	Shares		U.S. $ Value
Consumer Staples Distribution & Retail – 4.1%
Costco Wholesale Corp.		40,639	$	20,192,300
Dollar General Corp.		32,925		6,929,396
				27,121,696
				48,115,815
Communication Services – 4.5%
Interactive Media & Services – 4.5%
Alphabet, Inc. - Class C(a)		288,194		29,972,176
Industrials – 4.3%
Building Products – 0.4%
Trex Co., Inc.(a)		46,042		2,240,864
Commercial Services & Supplies – 2.1%
Copart, Inc.(a)		181,801		13,673,253
Electrical Equipment – 0.9%
AMETEK, Inc.		42,099		6,118,248
Machinery – 0.9%
IDEX Corp.		26,378		6,094,109
				28,126,474
Materials – 0.8%
Chemicals – 0.8%
Sherwin-Williams Co. (The)		23,281		5,232,870
Total Common Stocks (cost $376,713,051)				630,438,759
SHORT-TERM INVESTMENTS – 4.3%
Investment Companies – 4.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(e) (f) (g) (cost $28,221,894)		28,221,894		28,221,894
Total Investments – 100.3% (cost $404,934,945)(h)				658,660,653
Other assets less liabilities – (0.3)%				(2,238,593	)
Net Assets – 100.0%			$	656,422,060

(a) Non-income producing security.

(b) Fair valued by the Adviser.

(c) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

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

(e) Affiliated investments.

(f) The rate shown represents the 7-day yield as of period end.

(g) 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.

(h) 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 $263,434,132 and gross unrealized depreciation of investments was $(9,708,424), resulting in net unrealized appreciation of $253,725,708.

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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

REG – Registered Shares

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AB Variable Products Series Fund, Inc.

AB Large Cap Growth 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:
Information Technology	$	232,166,429	$	—	$	—		$	232,166,429
Health Care		163,956,725		—		0	(a)		163,956,725
Consumer Discretionary		73,119,994		—		—			73,119,994
Financials		49,748,276		—		—			49,748,276
Consumer Staples		48,115,815		—		—			48,115,815
Communication Services		29,972,176		—		—			29,972,176
Industrials		28,126,474		—		—			28,126,474
Materials		5,232,870		—		—			5,232,870
Short-Term Investments		28,221,894		—		—			28,221,894
Total Investments in Securities		658,660,653		—		0	(a)		658,660,653
Other Financial Instruments(b)		—		—		—			—
Total	$	658,660,653	$	—	$	0	(a)	$	658,660,653

^(a)  The Fund held securities with zero market value at period end.

^(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	$	27,717	$	25,009	$	24,504	$	28,222	$	296

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