Ab Variable Products Series Fund NPORT-P AB Small/Mid Cap Value Portfolio (Sep 2020 report)

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.8%
Financials – 20.6%
Banks – 8.3%
Associated Banc-Corp.		297,888	$	3,759,347
Comerica, Inc.		148,090		5,664,443
First Citizens BancShares, Inc./NC - Class A		14,678		4,679,053
Sterling Bancorp/DE		446,770		4,700,020
Synovus Financial Corp.		323,802		6,854,888
Texas Capital Bancshares, Inc.(a)		138,872		4,323,085
Umpqua Holdings Corp.		445,030		4,726,219
Webster Financial Corp.		181,932		4,804,824
Zions Bancorp NA		138,618		4,050,418
				43,562,297
Capital Markets – 2.4%
Moelis & Co.		209,353		7,356,665
Stifel Financial Corp.		105,638		5,341,057
				12,697,722
Consumer Finance – 0.8%
OneMain Holdings, Inc.		144,556		4,517,375
Diversified Financial Services – 1.0%
Voya Financial, Inc.(b)		111,748		5,356,082
Insurance – 5.9%
American Financial Group, Inc./OH		73,290		4,908,964
Everest Re Group Ltd.		37,153		7,339,204
First American Financial Corp.		81,189		4,133,332
Hanover Insurance Group, Inc. (The)		61,410		5,722,184
Reinsurance Group of America, Inc. - Class A		58,947		5,611,165
Selective Insurance Group, Inc.		64,595		3,325,996
				31,040,845
Thrifts & Mortgage Finance – 2.2%
BankUnited, Inc.		261,926		5,738,798
Essent Group Ltd.		154,082		5,702,575
				11,441,373
				108,615,694
Industrials – 20.1%
Aerospace & Defense – 0.7%
AAR Corp.		186,997		3,515,544
Air Freight & Logistics – 1.4%
XPO Logistics, Inc.(a)		86,210		7,298,538
Airlines – 1.8%
Alaska Air Group, Inc.		111,402		4,080,655
SkyWest, Inc.		181,824		5,429,265
				9,509,920
Building Products – 1.2%
Masonite International Corp.(a)		67,139		6,606,477
Construction & Engineering – 3.1%
AECOM(a)		210,810		8,820,291
Quanta Services, Inc.		141,662		7,488,253
				16,308,544

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Company	Shares		U.S. $ Value
Electrical Equipment – 3.0%
EnerSys		97,422	$	6,538,964
Regal Beloit Corp.		101,895		9,564,884
				16,103,848
Machinery – 3.8%
Kennametal, Inc.		232,280		6,722,183
Middleby Corp. (The)(a)		58,567		5,254,046
Oshkosh Corp.		106,460		7,824,810
				19,801,039
Professional Services – 1.2%
Robert Half International, Inc.		117,065		6,197,421
Road & Rail – 1.3%
Knight-Swift Transportation Holdings, Inc.		174,301		7,094,051
Trading Companies & Distributors – 2.6%
GATX Corp.(b)		81,318		5,184,022
MRC Global, Inc.(a)		703,188		3,009,645
United Rentals, Inc.(a) (b)		30,480		5,318,760
				13,512,427
				105,947,809
Consumer Discretionary – 18.3%
Auto Components – 3.3%
Cooper Tire & Rubber Co.		135,680		4,301,056
Dana, Inc.		599,128		7,381,257
Lear Corp.		54,311		5,922,615
				17,604,928
Diversified Consumer Services – 1.0%
Hillenbrand, Inc.		159,994		4,537,430
Houghton Mifflin Harcourt Co.(a) (b)		436,915		755,863
				5,293,293
Hotels, Restaurants & Leisure – 1.3%
Hilton Grand Vacations, Inc.(a)		48,238		1,012,033
Papa John’s International, Inc.		69,372		5,707,928
				6,719,961
Household Durables – 3.7%
KB Home		164,170		6,302,486
PulteGroup, Inc.		191,780		8,877,496
Taylor Morrison Home Corp. - Class A(a)		188,709		4,640,355
				19,820,337
Leisure Products – 2.5%
Brunswick Corp./DE		112,656		6,636,565
Callaway Golf Co.(b)		332,352		6,361,217
				12,997,782

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Company	Shares		U.S. $ Value
Specialty Retail – 3.8%
Foot Locker, Inc.		194,495	$	6,424,170
Gap, Inc. (The)		339,058		5,774,157
Williams-Sonoma, Inc.		86,754		7,846,032
				20,044,359
Textiles, Apparel & Luxury Goods – 2.7%
Crocs, Inc.(a)		104,503		4,465,413
Ralph Lauren Corp.		79,590		5,409,733
Skechers U.S.A., Inc. - Class A(a)		139,215		4,207,077
				14,082,223
				96,562,883
Information Technology – 10.1%
Communications Equipment – 0.6%
NetScout Systems, Inc.(a)		138,629		3,026,271
Electronic Equipment, Instruments & Components – 3.0%
Arrow Electronics, Inc.(a)		63,530		4,997,270
Belden, Inc.		150,694		4,689,597
TTM Technologies, Inc.(a)		87,671		1,000,326
Vishay Intertechnology, Inc.		326,420		5,082,360
				15,769,553
IT Services – 1.7%
Amdocs Ltd.		78,506		4,507,029
Genpact Ltd.		109,981		4,283,760
				8,790,789
Semiconductors & Semiconductor Equipment – 1.5%
Kulicke & Soffa Industries, Inc.		222,248		4,978,355
MaxLinear, Inc. - Class A(a)		132,665		3,083,135
				8,061,490
Software – 1.2%
CommVault Systems, Inc.(a)		155,606		6,348,725
Technology Hardware, Storage & Peripherals – 2.1%
Change Healthcare, Inc.(a)		392,093		5,689,269
NCR Corp.(a)		245,050		5,425,407
				11,114,676
				53,111,504
Real Estate – 9.4%
Equity Real Estate Investment Trusts (REITs) – 9.4%
American Campus Communities, Inc.		158,535		5,536,042
Camden Property Trust		81,693		7,269,043
Cousins Properties, Inc.		178,740		5,110,177
CubeSmart		224,572		7,255,921
MGM Growth Properties LLC - Class A		255,872		7,159,299
Physicians Realty Trust		395,221		7,078,408
RLJ Lodging Trust		397,351		3,441,060
STAG Industrial, Inc.(b)		227,988		6,951,354
				49,801,304

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Company	Shares		U.S. $ Value
Materials – 7.5%
Chemicals – 3.2%
GCP Applied Technologies, Inc.(a)		122,638	$	2,569,266
Orion Engineered Carbons SA		401,215		5,019,200
Trinseo SA		165,886		4,253,317
Westlake Chemical Corp.		75,318		4,761,604
				16,603,387
Containers & Packaging – 2.5%
Graphic Packaging Holding Co.		478,951		6,748,420
Sealed Air Corp.		169,727		6,587,105
				13,335,525
Metals & Mining – 1.8%
Carpenter Technology Corp.		152,892		2,776,519
Reliance Steel & Aluminum Co.		67,366		6,874,026
				9,650,545
				39,589,457
Consumer Staples – 4.6%
Beverages – 1.1%
Primo Water Corp.		397,350		5,642,370
Food & Staples Retailing – 0.8%
US Foods Holding Corp.(a)		196,357		4,363,053
Food Products – 2.7%
Hain Celestial Group, Inc. (The)(a) (b)		218,894		7,508,064
Nomad Foods Ltd.(a)		260,546		6,638,712
				14,146,776
				24,152,199
Utilities – 3.8%
Electric Utilities – 2.1%
Alliant Energy Corp.		129,476		6,687,435
PNM Resources, Inc.(b)		107,739		4,452,853
				11,140,288
Gas Utilities – 1.1%
Southwest Gas Holdings, Inc.		90,430		5,706,133
Multi-Utilities – 0.6%
Black Hills Corp.		55,773		2,983,298
				19,829,719
Energy – 2.0%
Energy Equipment & Services – 0.8%
Dril-Quip, Inc.(a)		170,457		4,220,515

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Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels – 1.2%
Cimarex Energy Co.		40,499	$	985,341
HollyFrontier Corp.		269,525		5,312,338
				6,297,679
				10,518,194
Health Care – 1.8%
Health Care Providers & Services – 0.9%
Molina Healthcare, Inc.(a)		25,488		4,665,323
Life Sciences Tools & Services – 0.9%
ICON PLC(a)		26,678		5,097,899
				9,763,222
Communication Services – 0.6%
Media – 0.6%
Criteo SA (Sponsored ADR)(a)		250,779		3,056,996
Total Common Stocks (cost $515,336,250)				520,948,981
SHORT-TERM INVESTMENTS – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e) (cost $2,872,359)		2,872,359		2,872,359
Total Investments – 99.4% (cost $518,208,609)(f)				523,821,340
Other assets less liabilities – 0.6%				3,412,133
Net Assets – 100.0%			$	527,233,473

(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, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $74,751,303 and gross unrealized depreciation of investments was $(69,138,572), resulting in net unrealized appreciation of $5,612,731.

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

REIT – Real Estate Investment Trust

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AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

September 30, 2020 (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, 2020:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	520,948,981	$	—	$	—	$	520,948,981
Short-Term Investments		2,872,359		—		—		2,872,359
Total Investments in Securities		523,821,340		—		—		523,821,340
Other Financial Instruments(b)		—		—		—		—
Total	$	523,821,340	$	—	$	—	$	523,821,340

^(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, options written and swaptions written 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, 2020 is as follows:

Fund	Market Value 12/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,072	$	101,937	$	104,137	$	2,872	$	40
Government Money Market Portfolio*		1,054		13,654		14,708		0		6
Total	$	6,126	$	115,591	$	118,845	$	2,872	$	46

* Investments of cash collateral for securities lending transactions.

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