Ab Variable Products Series Fund NPORT-P AB Small/Mid Cap Value Portfolio (Sep 2021 report)

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

September 30, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.2%
Financials – 20.7%
Banks – 11.5%
Comerica, Inc.		143,810	$	11,576,705
First Citizens BancShares, Inc./NC - Class A(a)		15,170		12,790,889
First Hawaiian, Inc.		309,070		9,071,204
Synovus Financial Corp.		260,082		11,414,999
Texas Capital Bancshares, Inc.(b)		159,902		9,597,318
Umpqua Holdings Corp.		347,880		7,044,570
Webster Financial Corp.		183,372		9,986,439
Wintrust Financial Corp.		136,930		11,005,064
Zions Bancorp NA		150,028		9,285,233
				91,772,421
Capital Markets – 2.4%
Moelis & Co.		120,483		7,454,283
Stifel Financial Corp.		165,827		11,269,603
				18,723,886
Consumer Finance – 0.7%
OneMain Holdings, Inc.		96,606		5,345,210
Diversified Financial Services – 0.8%
Voya Financial, Inc.(a)		103,038		6,325,503
Insurance – 4.2%
American Financial Group, Inc./OH		75,560		9,507,715
Everest Re Group Ltd.		32,763		8,216,305
Hanover Insurance Group, Inc. (The)		66,500		8,619,730
Selective Insurance Group, Inc.		90,175		6,810,918
				33,154,668
Thrifts & Mortgage Finance – 1.1%
BankUnited, Inc.		218,066		9,119,520
				164,441,208
Industrials – 20.0%
Aerospace & Defense – 1.4%
Spirit AeroSystems Holdings, Inc. - Class A		248,210		10,968,400
Airlines – 1.2%
SkyWest, Inc.(b)		200,234		9,879,546
Building Products – 1.1%
Masonite International Corp.(b)		79,949		8,484,987
Commercial Services & Supplies – 1.9%
ADT, Inc.(a)		852,260		6,894,783
Herman Miller, Inc.		228,980		8,623,387
				15,518,170
Construction & Engineering – 1.6%
AECOM(b)		189,880		11,990,922
Dycom Industries, Inc.(b)		4,923		350,715
				12,341,637

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Company	Shares		U.S. $ Value
Electrical Equipment – 2.5%
Regal Beloit Corp.		89,405	$	13,441,148
Vertiv Holdings Co.		255,070		6,144,636
				19,585,784
Machinery – 3.3%
Crane Co.		86,924		8,241,264
Oshkosh Corp.		112,300		11,496,151
Timken Co. (The)		105,100		6,875,642
				26,613,057
Professional Services – 2.8%
Korn Ferry		141,890		10,267,160
Robert Half International, Inc.		121,685		12,208,656
				22,475,816
Road & Rail – 1.4%
Knight-Swift Transportation Holdings, Inc.		222,151		11,363,024
Trading Companies & Distributors – 2.8%
Applied Industrial Technologies, Inc.		9,638		868,673
GATX Corp.		52,410		4,693,840
Herc Holdings, Inc.(b)		81,270		13,284,394
MRC Global, Inc.(b)		417,651		3,065,558
				21,912,465
				159,142,886
Consumer Discretionary – 17.9%
Auto Components – 3.1%
Dana, Inc.		255,978		5,692,951
Goodyear Tire & Rubber Co. (The)(b)		707,480		12,522,396
Lear Corp.		38,081		5,958,915
				24,174,262
Diversified Consumer Services – 0.6%
Houghton Mifflin Harcourt Co.(b)		373,931		5,021,894
Hotels, Restaurants & Leisure – 4.4%
Dine Brands Global, Inc.(b)		109,410		8,885,186
Hilton Grand Vacations, Inc.(b)		114,990		5,470,074
Papa John’s International, Inc.		81,472		10,346,129
Scientific Games Corp./DE - Class A(b)		122,920		10,210,965
				34,912,354
Household Durables – 3.1%
KB Home		219,620		8,547,610
PulteGroup, Inc.		239,820		11,012,534
Taylor Morrison Home Corp. - Class A(b)		207,389		5,346,489
				24,906,633
Leisure Products – 0.9%
Brunswick Corp./DE		70,686		6,734,255
Specialty Retail – 1.9%
Sally Beauty Holdings, Inc.(b)		429,380		7,235,053
Williams-Sonoma, Inc.(a)		44,964		7,973,466
				15,208,519

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Company	Shares		U.S. $ Value
Textiles, Apparel & Luxury Goods – 3.9%
Carter’s, Inc.		81,430	$	7,918,253
Kontoor Brands, Inc.(a)		132,980		6,642,351
Ralph Lauren Corp.		83,980		9,325,139
Tapestry, Inc.		195,830		7,249,627
				31,135,370
				142,093,287
Real Estate – 10.5%
Equity Real Estate Investment Trusts (REITs) – 10.5%
American Campus Communities, Inc.		159,565		7,730,924
Broadstone Net Lease, Inc.		277,500		6,884,775
Camden Property Trust		78,453		11,569,464
Cousins Properties, Inc.		233,020		8,689,316
CubeSmart		222,582		10,784,098
MGM Growth Properties LLC - Class A		233,586		8,946,344
Physicians Realty Trust		618,331		10,894,992
RLJ Lodging Trust		492,871		7,324,063
STAG Industrial, Inc.		267,428		10,496,549
				83,320,525
Information Technology – 8.3%
Communications Equipment – 1.1%
Lumentum Holdings, Inc.(a) (b)		104,830		8,757,498
Electronic Equipment, Instruments & Components – 2.3%
Avnet, Inc.		249,370		9,219,209
Belden, Inc.		161,434		9,405,145
				18,624,354
IT Services – 0.7%
Genpact Ltd.		115,271		5,476,525
Semiconductors & Semiconductor Equipment – 2.7%
Kulicke & Soffa Industries, Inc.		89,178		5,197,294
MaxLinear, Inc. - Class A(b)		116,475		5,736,393
ON Semiconductor Corp.(b)		220,540		10,094,116
				21,027,803
Software – 1.5%
CommVault Systems, Inc.(b)		96,326		7,254,311
NCR Corp.(b)		118,080		4,576,781
				11,831,092
				65,717,272
Materials – 7.3%
Chemicals – 3.0%
GCP Applied Technologies, Inc.(b)		265,346		5,816,384
Innospec, Inc.		59,680		5,026,250
Orion Engineered Carbons SA(b)		320,825		5,848,640
Trinseo SA		123,656		6,674,951
				23,366,225

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Company	Shares		U.S. $ Value
Containers & Packaging – 1.3%
Sealed Air Corp.		193,147	$	10,582,524
Metals & Mining – 3.0%
Carpenter Technology Corp.		258,142		8,451,569
Commercial Metals Co.		171,070		5,210,792
Reliance Steel & Aluminum Co.		72,186		10,280,730
				23,943,091
				57,891,840
Health Care – 4.9%
Health Care Equipment & Supplies – 1.2%
Integra LifeSciences Holdings Corp.(b)		134,360		9,200,973
Health Care Providers & Services – 2.7%
Acadia Healthcare Co., Inc.(b)		140,140		8,938,129
MEDNAX, Inc.(b)		435,570		12,383,255
				21,321,384
Health Care Technology – 1.0%
Change Healthcare, Inc.(b)		394,030		8,250,988
				38,773,345
Energy – 3.2%
Energy Equipment & Services – 0.6%
Cactus, Inc. - Class A		24,261		915,125
Dril-Quip, Inc.(b)		139,364		3,509,186
				4,424,311
Oil, Gas & Consumable Fuels – 2.6%
Cimarex Energy Co.		142,829		12,454,689
HollyFrontier Corp.		259,395		8,593,756
				21,048,445
				25,472,756
Consumer Staples – 2.9%
Food Products – 2.9%
Hain Celestial Group, Inc. (The)(a) (b)		276,504		11,828,841
Nomad Foods Ltd.(b)		403,256		11,113,736
				22,942,577
Utilities – 2.5%
Electric Utilities – 1.5%
IDACORP, Inc.		116,474		12,041,082
Gas Utilities – 1.0%
Southwest Gas Holdings, Inc.		117,910		7,885,821
				19,926,903

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Company	Shares		U.S. $ Value
Communication Services – 1.0%
Media – 1.0%
Criteo SA (Sponsored ADR)(b)		210,911	$	7,729,888
Total Common Stocks (cost $595,526,890)				787,452,487
SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $6,597,553)		6,597,553		6,597,553
Total Investments – 100.0% (cost $602,124,443)(f)				794,050,040
Other assets less liabilities – 0.0%				31,184
Net Assets – 100.0%			$	794,081,224

(a) Represents entire or partial securities out on loan.

(b) Non-income producing security.

(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, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $202,212,237 and gross unrealized depreciation of investments was $(10,286,640), resulting in net unrealized appreciation of $191,925,597.

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, 2021 (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, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	787,452,487	$	—	$	—	$	787,452,487
Short-Term Investments		6,597,553		—		—		6,597,553
Total Investments in Securities		794,050,040		—		—		794,050,040
Other Financial Instruments(b)		—		—		—		—
Total	$	794,050,040	$	—	$	—	$	794,050,040

^(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, 2021 is as follows:

Fund	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	10,258	$	162,078	$	165,738	$	6,598	$	1

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