AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.7%
Information Technology – 24.3%
Electronic Equipment, Instruments & Components – 5.0%
Allegro MicroSystems, Inc.(a)		9,241	$	443,476
Littelfuse, Inc.		2,573		689,796
Novanta, Inc.(a)		5,726		910,949
Shoals Technologies Group, Inc. - Class A(a)		28,722		654,574
				2,698,795
IT Services – 0.9%
DigitalOcean Holdings, Inc.(a)		11,881		465,379
Semiconductors & Semiconductor Equipment – 6.9%
Lattice Semiconductor Corp.(a)		7,729		738,119
MACOM Technology Solutions Holdings, Inc.(a)		10,509		744,458
Onto Innovation, Inc.(a)		7,084		622,542
Silicon Laboratories, Inc.(a)		4,599		805,239
Universal Display Corp.		5,181		803,728
				3,714,086
Software – 11.5%
Altair Engineering, Inc. - Class A(a)		11,363		819,386
Blackline, Inc.(a)		10,319		692,921
Braze, Inc. - Class A(a)		16,375		566,084
Five9, Inc.(a)		8,527		616,417
Instructure Holdings, Inc.(a)		16,444		425,899
Manhattan Associates, Inc.(a)		5,453		844,397
Monday.com Ltd.(a)		4,165		594,554
Smartsheet, Inc. - Class A(a)		14,909		712,650
SPS Commerce, Inc.(a)		6,330		964,059
				6,236,367
				13,114,627
Health Care – 18.9%
Biotechnology – 8.3%
Ascendis Pharma A/S (ADR)(a)		2,482		266,120
Blueprint Medicines Corp.(a)		8,495		382,190
Coherus Biosciences, Inc.(a)		29,773		203,647
Insmed, Inc.(a)		16,132		275,051
Intellia Therapeutics, Inc.(a)		8,325		310,273
IVERIC bio, Inc.(a)		18,800		457,404
Karuna Therapeutics, Inc.(a)		3,056		555,092
Legend Biotech Corp. (ADR)(a)		6,668		321,531
Natera, Inc.(a)		10,730		595,729
Relay Therapeutics, Inc.(a)		11,001		181,186
Ultragenyx Pharmaceutical, Inc.(a)		5,787		232,059
Vir Biotechnology, Inc.(a)		11,622		270,444
Viridian Therapeutics, Inc.(a)		9,209		234,277
Zentalis Pharmaceuticals, Inc.(a)		10,209		175,595
				4,460,598

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Company	Shares		U.S. $ Value
Health Care Equipment & Supplies – 6.4%
AtriCure, Inc.(a)		14,648	$	607,159
iRhythm Technologies, Inc.(a)		5,259		652,274
Lantheus Holdings, Inc.(a)		12,926		1,067,170
Silk Road Medical, Inc.(a)		11,659		456,217
Treace Medical Concepts, Inc.(a)		26,914		677,964
				3,460,784
Health Care Providers & Services – 1.7%
Guardant Health, Inc.(a)		13,799		323,448
Inari Medical, Inc.(a)		9,563		590,420
				913,868
Life Sciences Tools & Services – 1.0%
Repligen Corp.(a)		3,119		525,115
Pharmaceuticals – 1.5%
Intra-Cellular Therapies, Inc.(a)		9,685		524,443
Revance Therapeutics, Inc.(a)		9,800		315,658
				840,101
				10,200,466
Industrials – 17.4%
Aerospace & Defense – 3.8%
Axon Enterprise, Inc.(a)		2,789		627,107
Curtiss-Wright Corp.		3,887		685,122
Hexcel Corp.		10,977		749,180
				2,061,409
Building Products – 0.7%
Armstrong World Industries, Inc.		5,486		390,823
Commercial Services & Supplies – 1.5%
Tetra Tech, Inc.		5,342		784,793
Construction & Engineering – 1.6%
Comfort Systems USA, Inc.		6,053		883,496
Ground Transportation – 1.9%
Saia, Inc.(a)		3,699		1,006,424
Machinery – 3.4%
Esab Corp.		11,267		665,542
ITT, Inc.		7,106		613,248
Middleby Corp. (The)(a)		3,812		558,877
				1,837,667
Professional Services – 3.0%
FTI Consulting, Inc.(a)		4,367		861,827
Insperity, Inc.		6,454		784,484
				1,646,311

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Company	Shares		U.S. $ Value
Trading Companies & Distributors – 1.5%
Herc Holdings, Inc.		1,871	$	213,107
SiteOne Landscape Supply, Inc.(a)		4,314		590,457
				803,564
				9,414,487
Consumer Discretionary – 15.3%
Automobile Components – 1.6%
Fox Factory Holding Corp.(a)		7,289		884,666
Broadline Retail – 1.4%
Driven Brands Holdings, Inc.(a)		24,612		745,990
Diversified Consumer Services – 0.7%
European Wax Center, Inc. - Class A		21,152		401,888
Hotels, Restaurants & Leisure – 7.6%
Hilton Grand Vacations, Inc.(a)		18,882		838,927
Life Time Group Holdings, Inc.(a)		34,526		551,035
Planet Fitness, Inc. - Class A(a)		9,544		741,282
Texas Roadhouse, Inc.		9,451		1,021,275
Wingstop, Inc.		5,051		927,263
				4,079,782
Household Durables – 1.4%
Skyline Champion Corp.(a)		9,906		745,228
Specialty Retail – 2.6%
Five Below, Inc.(a)		3,643		750,349
Floor & Decor Holdings, Inc. - Class A(a) (b)		311		30,546
Lithia Motors, Inc.		2,240		512,803
National Vision Holdings, Inc.(a)		7,247		136,534
				1,430,232
				8,287,786
Financials – 9.7%
Capital Markets – 3.9%
Houlihan Lokey, Inc.		9,452		826,955
P10, Inc. - Class A		22,353		225,989
StepStone Group, Inc. - Class A		20,539		498,482
Stifel Financial Corp.		8,909		526,433
				2,077,859
Financial Services – 2.7%
Flywire Corp.(a)		26,187		768,850
Shift4 Payments, Inc. - Class A(a)		9,364		709,791
				1,478,641
Insurance – 3.1%
RLI Corp.		6,590		875,877
Ryan Specialty Holdings, Inc.(a)		14,791		595,190
Trupanion, Inc.(a)		5,286		226,716
				1,697,783
				5,254,283

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Company	Shares		U.S. $ Value
Energy – 7.2%
Energy Equipment & Services – 3.2%
ChampionX Corp.		27,138	$	736,254
Helmerich & Payne, Inc.		10,448		373,516
TechnipFMC PLC(a)		45,290		618,209
				1,727,979
Oil, Gas & Consumable Fuels – 4.0%
DTE Midstream LLC(a)		8,291		409,327
Matador Resources Co.		16,696		795,564
Permian Resources Corp.		52,180		547,890
Southwestern Energy Co.(a)		77,538		387,690
				2,140,471
				3,868,450
Consumer Staples – 4.0%
Consumer Staples Distribution & Retail – 2.6%
Chefs’ Warehouse, Inc. (The)(a)		19,687		670,342
Grocery Outlet Holding Corp.(a)		24,977		705,850
				1,376,192
Food Products – 1.4%
Freshpet, Inc.(a)		7,010		463,992
Vital Farms, Inc.(a)		20,077		307,178
				771,170
				2,147,362
Materials – 0.9%
Chemicals – 0.9%
Element Solutions, Inc.		24,689		476,745
Total Common Stocks (cost $45,360,555)				52,764,206
SHORT-TERM INVESTMENTS – 2.6%
Investment Companies – 2.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e) (cost $1,417,097)		1,417,097		1,417,097
Total Investments – 100.3% (cost $46,777,652)(f)				54,181,303
Other assets less liabilities – (0.3)%				(150,467	)
Net Assets – 100.0%			$	54,030,836

(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.

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(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 $10,454,292 and gross unrealized depreciation of investments was $(3,050,641), resulting in net unrealized appreciation of $7,403,651.

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    

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)	$	52,764,206	$	—	$	—	$	52,764,206
Short-Term Investments		1,417,097		—		—		1,417,097
Total Investments in Securities		54,181,303		—		—		54,181,303
Other Financial Instruments(b)		—		—		—		—
Total	$	54,181,303	$	—	$	—	$	54,181,303

^(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	$	707	$	3,333	$	2,623	$	1,417	$	15

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