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

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.6%
Information Technology – 23.4%
Electronic Equipment, Instruments & Components – 3.6%
Allegro MicroSystems, Inc.(a)		23,201	$	506,942
Littelfuse, Inc.		2,327		462,352
Novanta, Inc.(a)		6,442		745,017
				1,714,311
IT Services – 4.4%
BigCommerce Holdings, Inc.(a)		38,930		576,164
DigitalOcean Holdings, Inc.(a)		14,190		513,252
Flywire Corp.(a)		21,614		496,257
Shift4 Payments, Inc. - Class A(a)		11,652		519,796
				2,105,469
Semiconductors & Semiconductor Equipment – 5.4%
Lattice Semiconductor Corp.(a)		11,530		567,391
MACOM Technology Solutions Holdings, Inc.(a)		14,288		739,976
Onto Innovation, Inc.(a)		6,684		428,110
Silicon Laboratories, Inc.(a)		5,048		623,125
Synaptics, Inc.(a)		2,245		222,278
				2,580,880
Software – 10.0%
Blackline, Inc.(a)		9,590		574,441
Braze, Inc. - Class A(a)		14,218		495,213
Elastic NV(a)		7,610		545,941
Enfusion, Inc. - Class A(a)		18,771		231,634
Five9, Inc.(a)		7,580		568,348
Manhattan Associates, Inc.(a)		6,021		800,974
Monday.com Ltd.(a)		4,276		484,642
Rapid7, Inc.(a)		3,922		168,254
Smartsheet, Inc. - Class A(a)		15,206		522,478
Varonis Systems, Inc.(a)		15,155		401,911
				4,793,836
				11,194,496
Health Care – 21.6%
Biotechnology – 9.6%
ADC Therapeutics SA(a)		13,130		63,287
Arrowhead Pharmaceuticals, Inc.(a)		10,459		345,670
Ascendis Pharma A/S (ADR)(a)		2,815		290,677
Blueprint Medicines Corp.(a)		6,280		413,789
Coherus Biosciences, Inc.(a)		26,658		256,183
Erasca, Inc.(a) (b)		18,070		140,946
Insmed, Inc.(a)		16,539		356,250
Intellia Therapeutics, Inc.(a)		6,102		341,468
IVERIC bio, Inc.(a)		16,990		304,801
Karuna Therapeutics, Inc.(a)		2,330		524,087

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Company	Shares		U.S. $ Value
Legend Biotech Corp. (ADR)(a)		6,304	$	257,203
Recursion Pharmaceuticals, Inc. - Class A(a) (b)		22,597		240,432
Relay Therapeutics, Inc.(a)		9,843		220,188
Ultragenyx Pharmaceutical, Inc.(a)		4,978		206,139
Vir Biotechnology, Inc.(a)		9,559		184,297
Y-mAbs Therapeutics, Inc.(a)		15,754		227,173
Zentalis Pharmaceuticals, Inc.(a)		9,867		213,719
				4,586,309
Health Care Equipment & Supplies – 7.0%
AtriCure, Inc.(a)		17,114		669,157
iRhythm Technologies, Inc.(a)		5,524		692,047
Lantheus Holdings, Inc.(a)		11,480		807,388
Silk Road Medical, Inc.(a)		14,286		642,870
Treace Medical Concepts, Inc.(a)		25,352		559,519
				3,370,981
Health Care Providers & Services – 3.0%
Inari Medical, Inc.(a)		9,202		668,433
R1 RCM, Inc.(a)		40,162		744,202
				1,412,635
Life Sciences Tools & Services – 1.0%
Repligen Corp.(a)		2,595		485,551
Pharmaceuticals – 1.0%
Intra-Cellular Therapies, Inc.(a)		9,860		458,786
				10,314,262
Industrials – 16.6%
Aerospace & Defense – 4.0%
Axon Enterprise, Inc.(a)		6,313		730,730
Curtiss-Wright Corp.		4,650		647,094
Hexcel Corp.		10,200		527,544
				1,905,368
Building Products – 1.0%
Armstrong World Industries, Inc.		6,070		480,926
Commercial Services & Supplies – 1.4%
Tetra Tech, Inc.		5,222		671,184
Machinery – 3.9%
ITT, Inc.		9,035		590,347
John Bean Technologies Corp.		7,640		657,040
Middleby Corp. (The)(a)		4,785		613,293
				1,860,680
Professional Services – 2.0%
FTI Consulting, Inc.(a)		790		130,911
Insperity, Inc.		8,241		841,323
				972,234

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Company	Shares		U.S. $ Value
Road & Rail – 1.6%
Saia, Inc.(a)		4,106	$	780,140
Trading Companies & Distributors – 2.7%
Herc Holdings, Inc.		7,483		777,334
SiteOne Landscape Supply, Inc.(a)		4,813		501,226
				1,278,560
				7,949,092
Consumer Discretionary – 15.0%
Auto Components – 1.4%
Fox Factory Holding Corp.(a)		8,231		650,907
Diversified Consumer Services – 0.8%
European Wax Center, Inc. - Class A		21,306		393,096
Hotels, Restaurants & Leisure – 5.4%
Hilton Grand Vacations, Inc.(a)		22,588		742,919
Life Time Group Holdings, Inc.(a) (b)		37,667		367,253
Planet Fitness, Inc. - Class A(a)		11,263		649,425
Texas Roadhouse, Inc.		9,660		842,932
				2,602,529
Household Durables – 1.9%
Lovesac Co. (The)(a)		11,551		235,409
Skyline Champion Corp.(a)		12,985		686,517
				921,926
Multiline Retail – 1.6%
Driven Brands Holdings, Inc.(a)		26,642		745,443
Specialty Retail – 3.9%
Five Below, Inc.(a)		2,687		369,919
Floor & Decor Holdings, Inc. - Class A(a)		4,692		329,660
Lithia Motors, Inc.		2,525		541,739
National Vision Holdings, Inc.(a)		18,643		608,694
				1,850,012
				7,163,913
Financials – 9.7%
Banks – 1.9%
First Financial Bankshares, Inc.		21,101		882,655
Capital Markets – 4.2%
Houlihan Lokey, Inc.		8,671		653,620
P10, Inc. - Class A		22,451		236,184
StepStone Group, Inc. - Class A		23,176		568,044
Stifel Financial Corp.		10,964		569,141
				2,026,989
Insurance – 3.6%
Palomar Holdings, Inc.(a)		5,790		484,739
Ryan Specialty Holdings, Inc.(a)		18,570		754,313
Trupanion, Inc.(a) (b)		8,379		497,964
				1,737,016
				4,646,660

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Company	Shares		U.S. $ Value
Energy – 7.2%
Energy Equipment & Services – 2.9%
ChampionX Corp.		38,788	$	759,081
Helmerich & Payne, Inc.		16,480		609,266
				1,368,347
Oil, Gas & Consumable Fuels – 4.3%
DTE Midstream LLC(a)		7,940		412,006
Magnolia Oil & Gas Corp. - Class A		36,695		726,928
Matador Resources Co.		18,753		917,397
				2,056,331
				3,424,678
Consumer Staples – 3.1%
Food & Staples Retailing – 2.7%
Chefs’ Warehouse, Inc. (The)(a)		21,901		634,472
Grocery Outlet Holding Corp.(a)		19,670		654,814
				1,289,286
Food Products – 0.4%
Vital Farms, Inc.(a)		18,349		219,638
				1,508,924
Materials – 1.0%
Chemicals – 1.0%
Element Solutions, Inc.		29,021		472,172
Total Common Stocks (cost $50,103,937)				46,674,197
SHORT-TERM INVESTMENTS – 3.4%
Investment Companies – 3.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(c) (d) (e) (cost $1,633,775)		1,633,775		1,633,775
Total Investments Before Security Lending Collateral for Securities Loaned – 101.0% (cost $51,737,712)				48,307,972
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(c) (d) (e) (cost $210,633)		210,633		210,633

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	U.S. $ Value
Total Investments – 101.4% (cost $51,948,345)(f)	$	48,518,605
Other assets less liabilities – (1.4)%		(671,929	)
Net Assets – 100.0%	$	47,846,676

(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, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,797,917 and gross unrealized depreciation of investments was $(8,227,657), resulting in net unrealized depreciation of $(3,429,740).

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, 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 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, 2022:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	46,674,197	$	—	$	—	$	46,674,197
Short-Term Investments		1,633,775		—		—		1,633,775
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		210,633		—		—		210,633
Total Investments in Securities		48,518,605		—		—		48,518,605
Other Financial Instruments(b)		—		—		—		—
Total	$	48,518,605	$	—	$	—	$	48,518,605

^(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 nine months ended September 30, 2022 is as follows:

Portfolio	Market Value 12/31/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	540	$	14,974	$	13,880	$	1,634	$	11
Government Money Market Portfolio*		0		5,774		5,563		211		2
Total	$	540	$	20,748	$	19,443	$	1,845	$	13

* Investments of cash collateral for securities lending transactions.

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