Ab Variable Products Series Fund NPORT-P AB Small Cap Growth Portfolio (Mar 2022 report)

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.8%
Information Technology – 26.4%
Electronic Equipment, Instruments & Components – 3.9%
Allegro MicroSystems, Inc.(a)		23,041	$	654,364
Littelfuse, Inc.		3,160		788,136
Novanta, Inc.(a)		7,520		1,070,021
				2,512,521
IT Services – 4.1%
BigCommerce Holdings, Inc.(a)		20,739		454,391
DigitalOcean Holdings, Inc.(a)		11,100		642,135
Shift4 Payments, Inc. - Class A(a)		11,503		712,381
Switch, Inc. - Class A		27,750		855,255
				2,664,162
Semiconductors & Semiconductor Equipment – 9.2%
Ambarella, Inc.(a)		5,620		589,650
Lattice Semiconductor Corp.(a)		20,009		1,219,549
MACOM Technology Solutions Holdings, Inc.(a)		15,668		938,043
Onto Innovation, Inc.(a)		6,690		581,294
Semtech Corp.(a)		9,740		675,372
Silicon Laboratories, Inc.(a)		5,554		834,211
Synaptics, Inc.(a)		5,725		1,142,137
				5,980,256
Software – 9.2%
Anaplan, Inc.(a)		9,249		601,648
Blackline, Inc.(a)		9,390		687,536
Braze, Inc.(a)		8,038		333,336
Enfusion, Inc.(a)		19,681		250,342
Manhattan Associates, Inc.(a)		7,048		977,628
Monday.com Ltd.(a)		2,640		417,305
Rapid7, Inc.(a)		10,162		1,130,421
Smartsheet, Inc. - Class A(a)		10,898		596,992
Varonis Systems, Inc.(a)		21,585		1,026,151
				6,021,359
				17,178,298
Health Care – 22.1%
Biotechnology – 9.7%
ADC Therapeutics SA(a)		13,420		197,140
Annexon, Inc.(a)		18,545		50,628
Arrowhead Pharmaceuticals, Inc.(a)		11,770		541,302
Ascendis Pharma A/S (Sponsored ADR)(a)		2,868		336,589
Biohaven Pharmaceutical Holding Co., Ltd.(a)		2,586		306,622
Blueprint Medicines Corp.(a)		6,717		429,082
Coherus Biosciences, Inc.(a)		25,241		325,861
Erasca, Inc.(a) (b)		14,766		126,988
Insmed, Inc.(a)		18,676		438,886
Instil Bio, Inc.(a) (b)		19,619		210,904

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Company	Shares		U.S. $ Value
Intellia Therapeutics, Inc.(a)		7,770	$	564,646
iTeos Therapeutics, Inc.(a)		8,689		279,612
Legend Biotech Corp. (ADR)(a)		8,692		315,867
Praxis Precision Medicines, Inc.(a)		16,210		165,504
Recursion Pharmaceuticals, Inc.(a)		24,790		177,496
Relay Therapeutics, Inc.(a)		13,445		402,409
Turning Point Therapeutics, Inc. - Class I(a)		8,137		218,479
Ultragenyx Pharmaceutical, Inc.(a)		4,783		347,342
Vir Biotechnology, Inc.(a)		13,432		345,471
Y-mAbs Therapeutics, Inc.(a)		22,005		261,419
Zentalis Pharmaceuticals, Inc.(a)		7,066		326,025
				6,368,272
Health Care Equipment & Supplies – 7.4%
AtriCure, Inc.(a)		16,380		1,075,675
Figs, Inc.(a)		26,276		565,459
iRhythm Technologies, Inc.(a)		4,810		757,431
Outset Medical, Inc.(a)		24,791		1,125,511
Sight Sciences, Inc.(a)		14,151		163,586
Silk Road Medical, Inc.(a)		15,942		658,245
Treace Medical Concepts, Inc.(a)		24,996		472,674
				4,818,581
Health Care Providers & Services – 2.5%
Certara, Inc.(a)		23,848		512,255
Inari Medical, Inc.(a)		12,323		1,116,957
LianBio (ADR)(a)		5,374		19,937
				1,649,149
Health Care Technology – 1.2%
Health Catalyst, Inc.(a)		29,192		762,787
Life Sciences Tools & Services – 1.3%
Repligen Corp.(a)		4,410		829,477
				14,428,266
Industrials – 16.7%
Aerospace & Defense – 1.2%
Axon Enterprise, Inc.(a)		5,540		763,024
Building Products – 2.2%
AZEK Co., Inc. (The)(a)		23,199		576,263
Simpson Manufacturing Co., Inc.		7,920		863,597
				1,439,860
Commercial Services & Supplies – 2.0%
Tetra Tech, Inc.		7,850		1,294,779
Construction & Engineering – 1.1%
Hayward Holdings, Inc.(a)		41,748		693,852

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Company	Shares		U.S. $ Value
Machinery – 4.6%
ITT, Inc.		9,624	$	723,821
John Bean Technologies Corp.		7,848		929,753
Kornit Digital Ltd.(a)		7,889		652,341
Middleby Corp. (The)(a)		4,450		729,533
				3,035,448
Professional Services – 1.2%
Insperity, Inc.		7,980		801,352
Road & Rail – 1.6%
Saia, Inc.(a)		4,380		1,067,931
Trading Companies & Distributors – 2.8%
Herc Holdings, Inc.		6,530		1,091,098
SiteOne Landscape Supply, Inc.(a)		4,418		714,346
				1,805,444
				10,901,690
Consumer Discretionary – 15.7%
Auto Components – 1.4%
Fox Factory Holding Corp.(a)		9,451		925,725
Hotels, Restaurants & Leisure – 5.3%
Hilton Grand Vacations, Inc.(a)		23,350		1,214,434
Life Time Group Holdings, Inc.(a)		39,097		568,470
Planet Fitness, Inc.(a)		11,004		929,618
Wingstop, Inc.		6,486		761,132
				3,473,654
Household Durables – 2.2%
Lovesac Co. (The)(a)		11,792		637,476
Skyline Champion Corp.(a)		14,330		786,430
				1,423,906
Multiline Retail – 1.4%
Driven Brands Holdings, Inc.(a)		33,262		874,125
Specialty Retail – 5.4%
Five Below, Inc.(a)		4,082		646,466
Floor & Decor Holdings, Inc. - Class A(a)		7,960		644,760
Lithia Motors, Inc. - Class A		2,688		806,723
National Vision Holdings, Inc.(a)		21,340		929,784
Sleep Number Corp.(a)		9,659		489,808
				3,517,541
				10,214,951
Financials – 9.6%
Banks – 2.3%
First Financial Bankshares, Inc.		20,050		884,606
Live Oak Bancshares, Inc.		11,660		593,377
				1,477,983

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Company	Shares		U.S. $ Value
Capital Markets – 4.1%
Houlihan Lokey, Inc.		9,830	$	863,074
P10, Inc.(a)		23,003		278,796
StepStone Group, Inc.		24,150		798,399
Stifel Financial Corp.		11,065		751,314
				2,691,583
Consumer Finance – 0.6%
Fisker, Inc.(a) (b)		31,290		403,641
Insurance – 2.6%
Ryan Specialty Group Holdings, Inc.(a)		20,478		794,342
Trupanion, Inc.(a)		10,159		905,370
				1,699,712
				6,272,919
Energy – 3.2%
Energy Equipment & Services – 0.7%
ChampionX Corp.(a)		18,330		448,718
Oil, Gas & Consumable Fuels – 2.5%
Magnolia Oil & Gas Corp.		26,053		616,154
Matador Resources Co.		19,480		1,032,050
				1,648,204
				2,096,922
Consumer Staples – 2.1%
Food & Staples Retailing – 1.2%
Chefs’ Warehouse, Inc. (The)(a)		23,292		759,319
Food Products – 0.9%
Freshpet, Inc.(a)		3,471		356,264
Vital Farms, Inc.(a)		18,759		231,861
				588,125
				1,347,444
Materials – 2.0%
Chemicals – 1.1%
Element Solutions, Inc.		32,500		711,750
Containers & Packaging – 0.9%
Ranpak Holdings Corp.(a)		29,021		592,899
				1,304,649
Total Common Stocks (cost $57,288,066)				63,745,139
SHORT-TERM INVESTMENTS – 2.5%
Investment Companies – 2.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.19%(c) (d) (e) (cost $1,647,178)		1,647,178		1,647,178

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Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned – 100.3% (cost $58,935,244)			$	65,392,317
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.19%(c) (d) (e) (cost $552,546)		552,546		552,546
Total Investments – 101.1% (cost $59,487,790)(f)				65,944,863
Other assets less liabilities – (1.1)%				(729,367	)
Net Assets – 100.0%			$	65,215,496

(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, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $12,307,072 and gross unrealized depreciation of investments was $(5,849,999), resulting in net unrealized appreciation of $6,457,073.

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, 2022 (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 Fund’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, 2022:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	63,745,139	$	—	$	—	$	63,745,139
Short-Term Investments		1,647,178		—		—		1,647,178
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		552,546		—		—		552,546
Total Investments in Securities		65,944,863		—		—		65,944,863
Other Financial Instruments(b)		—		—		—		—
Total	$	65,944,863	$	—	$	—	$	65,944,863

^(a) See Portfolio of Investments for sector classifications.

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

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2022 is as follows:

Fund	Market Value 12/31/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	540	$	4,370	$	3,263	$	1,647	$	0	**
Government Money Market Portfolio*		0		3,542		2,989		553		0	**
Total	$	540	$	7,912	$	6,252	$	2,200	$	0	**

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

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