AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.9%
Consumer Discretionary – 22.7%
Auto Components – 3.3%
Dana, Inc.		288,038	$	7,007,965
Goodyear Tire & Rubber Co. (The)(a)		554,390		9,740,632
Lear Corp.		49,931		9,049,994
				25,798,591
Diversified Consumer Services – 1.4%
Hillenbrand, Inc.		167,325		7,983,076
Houghton Mifflin Harcourt Co.(a)		436,915		3,329,292
				11,312,368
Hotels, Restaurants & Leisure – 3.0%
Dine Brands Global, Inc.(a)		74,676		6,723,080
Hilton Grand Vacations, Inc.(a)		247,010		9,260,405
Papa John’s International, Inc.		81,472		7,221,678
				23,205,163
Household Durables – 3.7%
KB Home		199,190		9,268,311
PulteGroup, Inc.		247,400		12,973,656
Taylor Morrison Home Corp. - Class A(a)		207,389		6,389,655
				28,631,622
Leisure Products – 0.9%
Brunswick Corp./DE		70,976		6,768,981
Specialty Retail – 4.7%
Foot Locker, Inc.(b)		198,445		11,162,531
Gap, Inc. (The)(a)		296,608		8,832,986
Sally Beauty Holdings, Inc.(a)		408,780		8,228,742
Williams-Sonoma, Inc.		47,394		8,493,005
				36,717,264
Textiles, Apparel & Luxury Goods – 5.7%
Carter’s, Inc.(a)		27,246		2,422,987
Kontoor Brands, Inc.(b)		208,920		10,138,887
Ralph Lauren Corp.(a)		82,650		10,179,174
Skechers U.S.A., Inc. - Class A(a)		70,815		2,953,694
Steven Madden Ltd.		190,057		7,081,524
Tapestry, Inc.(a)		290,330		11,964,499
				44,740,765
				177,174,754
Financials – 21.6%
Banks – 12.0%
Comerica, Inc.		168,850		12,113,299
First Citizens BancShares, Inc./NC - Class A		15,540		12,987,866
Sterling Bancorp/DE		420,630		9,682,903
Synovus Financial Corp.		268,342		12,276,646
Texas Capital Bancshares, Inc.(a)		144,812		10,270,067
Umpqua Holdings Corp.		367,900		6,456,645

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Company	Shares		U.S. $ Value
Webster Financial Corp.		190,432	$	10,494,708
Wintrust Financial Corp.		142,460		10,798,468
Zions Bancorp NA		157,698		8,667,082
				93,747,684
Capital Markets – 2.6%
Moelis & Co.		174,078		9,553,401
Stifel Financial Corp.		171,877		11,010,440
				20,563,841
Consumer Finance – 0.7%
OneMain Holdings, Inc.		103,616		5,566,251
Diversified Financial Services – 1.0%
Voya Financial, Inc.		120,748		7,684,403
Insurance – 3.9%
American Financial Group, Inc./OH		79,220		9,039,002
Everest Re Group Ltd.		34,383		8,520,451
Hanover Insurance Group, Inc. (The)		55,650		7,204,449
Selective Insurance Group, Inc.		76,725		5,565,632
				30,329,534
Thrifts & Mortgage Finance – 1.4%
BankUnited, Inc.		242,416		10,654,183
				168,545,896
Industrials – 21.5%
Aerospace & Defense – 0.8%
AAR Corp.(a)		154,127		6,419,389
Air Freight & Logistics – 1.3%
XPO Logistics, Inc.(a)		80,100		9,876,330
Airlines – 2.2%
Alaska Air Group, Inc.(a)		114,092		7,896,307
SkyWest, Inc.(a)		173,084		9,429,617
				17,325,924
Building Products – 1.2%
Masonite International Corp.(a)		83,679		9,643,168
Commercial Services & Supplies – 1.5%
ADT, Inc.		254,520		2,148,149
Herman Miller, Inc.		237,600		9,777,240
				11,925,389
Construction & Engineering – 1.5%
AECOM(a)		185,640		11,901,380
Electrical Equipment – 1.5%
Regal Beloit Corp.		81,065		11,566,354
Machinery – 4.9%
Crane Co.		86,924		8,163,033
Kennametal, Inc.(b)		232,300		9,285,031
Oshkosh Corp.		111,850		13,272,121

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Company	Shares		U.S. $ Value
Welbilt, Inc.(a)		452,790	$	7,357,837
				38,078,022
Professional Services – 2.5%
Korn Ferry		126,470		7,887,934
Robert Half International, Inc.		149,815		11,696,057
				19,583,991
Road & Rail – 1.5%
Knight-Swift Transportation Holdings, Inc.		243,051		11,688,323
Trading Companies & Distributors – 2.6%
GATX Corp.		71,500		6,630,910
MRC Global, Inc.(a)		653,458		5,900,726
United Rentals, Inc.(a)		24,030		7,913,319
				20,444,955
				168,453,225
Materials – 8.8%
Chemicals – 3.1%
GCP Applied Technologies, Inc.(a)		227,866		5,591,832
Innospec, Inc.		46,300		4,754,547
Orion Engineered Carbons SA(a)		320,825		6,326,669
Trinseo SA		123,656		7,873,177
				24,546,225
Containers & Packaging – 2.0%
Graphic Packaging Holding Co.		440,361		7,996,956
Sealed Air Corp.		164,187		7,523,048
				15,520,004
Metals & Mining – 3.7%
Carpenter Technology Corp.		202,182		8,319,789
Commercial Metals Co.		289,650		8,932,806
Reliance Steel & Aluminum Co.		75,826		11,547,542
				28,800,137
				68,866,366
Real Estate – 7.5%
Equity Real Estate Investment Trusts (REITs) – 7.5%
American Campus Communities, Inc.		151,905		6,557,739
Camden Property Trust		75,493		8,297,436
Cousins Properties, Inc.		195,840		6,922,944
CubeSmart		204,922		7,752,199
MGM Growth Properties LLC - Class A		236,372		7,710,455
Physicians Realty Trust		400,831		7,082,684
RLJ Lodging Trust		458,971		7,104,871
STAG Industrial, Inc.		219,868		7,389,763
				58,818,091
Information Technology – 7.3%
Communications Equipment – 0.1%
NetScout Systems, Inc.(a) (b)		22,094		622,167

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Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components – 2.5%
Avnet, Inc.		198,390	$	8,235,169
Belden, Inc.		142,844		6,337,988
Vishay Intertechnology, Inc.		215,080		5,179,127
				19,752,284
IT Services – 1.3%
Amdocs Ltd.		73,726		5,171,879
Genpact Ltd.		115,271		4,935,904
				10,107,783
Semiconductors & Semiconductor Equipment – 1.4%
Kulicke & Soffa Industries, Inc.		141,588		6,953,387
MaxLinear, Inc. - Class A(a)		125,945		4,292,205
				11,245,592
Software – 1.1%
CommVault Systems, Inc.(a)		135,066		8,711,757
Technology Hardware, Storage & Peripherals – 0.9%
NCR Corp.(a)		183,410		6,960,410
				57,399,993
Energy – 3.1%
Energy Equipment & Services – 0.7%
Dril-Quip, Inc.(a)		164,797		5,476,204
Oil, Gas & Consumable Fuels – 2.4%
Cimarex Energy Co.		140,579		8,348,987
HollyFrontier Corp.		285,695		10,222,167
				18,571,154
				24,047,358
Consumer Staples – 2.2%
Food Products – 2.2%
Hain Celestial Group, Inc. (The)(a) (b)		201,984		8,806,502
Nomad Foods Ltd.(a)		303,486		8,333,726
				17,140,228
Utilities – 1.8%
Electric Utilities – 1.1%
IDACORP, Inc.		85,334		8,530,840
Gas Utilities – 0.7%
Southwest Gas Holdings, Inc.		85,210		5,854,779
				14,385,619
Health Care – 1.3%
Health Care Providers & Services – 1.3%
MEDNAX, Inc.(a)		403,390		10,274,343
Communication Services – 1.1%
Media – 1.1%
Criteo SA (Sponsored ADR)(a)		246,559		8,562,994

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Company	Shares		U.S. $ Value
Total Common Stocks (cost $544,450,414)			$	773,668,867
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 $5,971,964)		5,971,964		5,971,964
Total Investments – 99.7% (cost $550,422,378)(f)				779,640,831
Other assets less liabilities – 0.3%				2,295,120
Net Assets – 100.0%			$	781,935,951

(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, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $232,251,860 and gross unrealized depreciation of investments was $(3,033,407), resulting in net unrealized appreciation of $229,218,453.

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    

March 31, 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 March 31, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	773,668,867	$	—	$	—	$	773,668,867
Short-Term Investments		5,971,964		—		—		5,971,964
Total Investments in Securities		779,640,831		—		—		779,640,831
Other Financial Instruments(b)		—		—		—		—
Total	$	779,640,831	$	—	$	—	$	779,640,831

^(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 three months ended March 31, 2021 is as follows:

Portfolio	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	10,258	$	57,426	$	61,712	$	5,972	$	0	*

* Amount less than $500.

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