AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.8%
Information Technology – 26.9%
Electronic Equipment, Instruments & Components – 4.8%
Allegro MicroSystems, Inc.(a)		14,103	$	450,450
Fabrinet(a)		1,082		180,283
Littelfuse, Inc.		2,366		585,159
Novanta, Inc.(a)		5,273		756,359
Shoals Technologies Group, Inc. - Class A(a)		27,944		509,978
				2,482,229
IT Services – 1.3%
Fastly, Inc. - Class A(a)		35,506		680,650
Semiconductors & Semiconductor Equipment – 7.2%
Lattice Semiconductor Corp.(a)		7,294		626,774
MACOM Technology Solutions Holdings, Inc.(a)		12,145		990,789
Onto Innovation, Inc.(a)		6,933		884,096
Silicon Laboratories, Inc.(a)		3,260		377,801
Universal Display Corp.		5,194		815,406
				3,694,866
Software – 12.1%
Altair Engineering, Inc. - Class A(a)		11,737		734,267
Braze, Inc. - Class A(a)		14,962		699,174
Five9, Inc.(a)		10,714		688,910
Freshworks, Inc. - Class A(a)		41,852		833,692
Instructure Holdings, Inc.(a)		15,124		384,150
Manhattan Associates, Inc.(a)		3,436		679,160
Monday.com Ltd.(a)		4,014		639,109
Smartsheet, Inc. - Class A(a)		11,701		473,422
SPS Commerce, Inc.(a)		6,103		1,041,233
				6,173,117
Technology Hardware, Storage & Peripherals – 1.5%
ACV Auctions, Inc. - Class A(a)		49,427		750,302
				13,781,164
Health Care – 20.1%
Biotechnology – 10.8%
Akero Therapeutics, Inc.(a)		6,100		308,538
Ascendis Pharma A/S (ADR)(a)		2,828		264,814
Blueprint Medicines Corp.(a)		7,065		354,804
Bridgebio Pharma, Inc.(a)		12,690		334,635
Halozyme Therapeutics, Inc.(a)		12,431		474,864
Insmed, Inc.(a)		15,717		396,854
Intellia Therapeutics, Inc.(a)		6,730		212,803
Karuna Therapeutics, Inc.(a)		1,291		218,295
Legend Biotech Corp. (ADR)(a)		4,881		327,857
Madrigal Pharmaceuticals, Inc.(a)		1,681		245,493
MoonLake Immunotherapeutics(a)		3,568		203,376
Natera, Inc.(a)		12,388		548,169

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Company	Shares		U.S. $ Value
Rayzebio, Inc.		9,309	$	206,660
Relay Therapeutics, Inc.(a)		9,094		76,480
Ultragenyx Pharmaceutical, Inc.(a)		5,758		205,273
Vaxcyte, Inc.(a)		9,190		468,506
Viking Therapeutics, Inc.(a)		16,540		183,098
Vir Biotechnology, Inc.(a)		13,135		123,075
Viridian Therapeutics, Inc.(a)		13,693		210,051
Xenon Pharmaceuticals, Inc.(a)		4,910		167,726
				5,531,371
Health Care Equipment & Supplies – 4.7%
AtriCure, Inc.(a)		14,945		654,591
iRhythm Technologies, Inc.(a)		6,388		602,133
Lantheus Holdings, Inc.(a)		10,241		711,545
Treace Medical Concepts, Inc.(a)		35,121		460,436
				2,428,705
Health Care Providers & Services – 2.8%
Guardant Health, Inc.(a)		18,027		534,320
Inari Medical, Inc.(a)		11,154		729,472
PROCEPT BioRobotics Corp.(a)		4,610		151,254
				1,415,046
Life Sciences Tools & Services – 0.9%
Repligen Corp.(a)		2,857		454,292
Pharmaceuticals – 0.9%
Intra-Cellular Therapies, Inc.(a)		8,959		466,674
				10,296,088
Industrials – 16.8%
Aerospace & Defense – 2.9%
Curtiss-Wright Corp.		4,049		792,106
Hexcel Corp.		10,960		713,934
				1,506,040
Building Products – 1.0%
AZEK Co., Inc. (The)(a)		17,093		508,346
Commercial Services & Supplies – 1.3%
Tetra Tech, Inc.		4,301		653,881
Construction & Engineering – 1.8%
Comfort Systems USA, Inc.		5,247		894,141
Electrical Equipment – 1.4%
NEXTracker, Inc. - Class A(a)		17,913		719,386
Ground Transportation – 2.6%
Saia, Inc.(a)		1,504		599,570
XPO, Inc.(a)		10,064		751,378
				1,350,948

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Company	Shares		U.S. $ Value
Machinery – 3.6%
Esab Corp.		10,517	$	738,504
ITT, Inc.		5,849		572,675
Middleby Corp. (The)(a)		4,175		534,400
				1,845,579
Professional Services – 0.9%
FTI Consulting, Inc.(a)		2,634		469,932
Trading Companies & Distributors – 1.3%
SiteOne Landscape Supply, Inc.(a)		3,912		639,417
				8,587,670
Consumer Discretionary – 15.0%
Automobile Components – 1.3%
Fox Factory Holding Corp.(a)		6,688		662,647
Broadline Retail – 1.6%
Global-e Online Ltd.(a)		11,250		447,075
Savers Value Village, Inc.(a)		19,098		356,560
				803,635
Diversified Consumer Services – 0.6%
European Wax Center, Inc. - Class A(a)		20,496		332,035
Hotels, Restaurants & Leisure – 5.3%
Hilton Grand Vacations, Inc.(a)		19,286		784,940
Life Time Group Holdings, Inc.(a)		33,505		509,611
Texas Roadhouse, Inc.		6,633		637,431
Wingstop, Inc.		4,241		762,702
				2,694,684
Household Durables – 2.2%
Meritage Homes Corp.		4,456		545,370
Skyline Champion Corp.(a)		9,456		602,536
				1,147,906
Specialty Retail – 4.0%
Boot Barn Holdings, Inc.(a)		8,000		649,520
Five Below, Inc.(a)		4,262		685,756
Lithia Motors, Inc.		2,330		688,119
Wayfair, Inc. - Class A(a) (b)		440		26,651
				2,050,046
				7,690,953
Financials – 10.1%
Capital Markets – 4.1%
Houlihan Lokey, Inc.		5,934		635,650
P10, Inc. - Class A		21,171		246,642
StepStone Group, Inc. - Class A		21,331		673,633
Stifel Financial Corp.		8,979		551,670
				2,107,595

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Company	Shares		U.S. $ Value
Financial Services – 2.6%
Flywire Corp.(a)		26,196	$	835,391
Shift4 Payments, Inc. - Class A(a)		8,398		464,997
				1,300,388
Insurance – 3.4%
Kinsale Capital Group, Inc.		1,147		475,007
RLI Corp.		5,506		748,210
Ryan Specialty Holdings, Inc.(a)		11,070		535,788
				1,759,005
				5,166,988
Energy – 5.4%
Energy Equipment & Services – 3.0%
ChampionX Corp.		24,178		861,220
TechnipFMC PLC		31,607		642,887
				1,504,107
Oil, Gas & Consumable Fuels – 2.4%
Permian Resources Corp.		51,678		721,425
Southwestern Energy Co.(a)		79,603		513,439
				1,234,864
				2,738,971
Consumer Staples – 3.3%
Consumer Staples Distribution & Retail – 2.1%
Chefs’ Warehouse, Inc. (The)(a)		19,429		411,506
Grocery Outlet Holding Corp.(a)		23,186		668,916
				1,080,422
Food Products – 1.2%
Freshpet, Inc.(a)		9,466		623,620
				1,704,042
Materials – 1.2%
Chemicals – 1.2%
Element Solutions, Inc.		29,956		587,437
Total Common Stocks (cost $44,651,825)				50,553,313
SHORT-TERM INVESTMENTS – 1.6%
Investment Companies – 1.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.25%(c) (d) (e) (cost $831,547)		831,547		831,547

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	U.S. $ Value
Total Investments – 100.4% (cost $45,483,372)(f)	$	51,384,860
Other assets less liabilities – (0.4)%		(225,157	)
Net Assets – 100.0%	$	51,159,703

(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, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,089,841 and gross unrealized depreciation of investments was $(3,188,353), resulting in net unrealized appreciation of $5,901,488.

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

September 30, 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 September 30, 2023:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	50,553,313	$	—	$	—	$	50,553,313
Short-Term Investments		831,547		—		—		831,547
Total Investments in Securities		51,384,860		—		—		51,384,860
Other Financial Instruments(b)		—		—		—		—
Total	$	51,384,860	$	—	$	—	$	51,384,860

^(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 nine months ended September 30, 2023 is as follows:

Portfolio	Market Value 12/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	707	$	10,249	$	10,124	$	832	$	48

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