AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.3%
Financials - 22.2%
Banks - 9.8%
Associated Banc-Corp.		341,470	$	6,914,767
Comerica, Inc.		107,020		7,062,250
Sterling Bancorp./DE		373,430		7,491,006
Synovus Financial Corp.		224,402		8,024,616
Texas Capital Bancshares, Inc. (a)		117,007		6,394,433
Umpqua Holdings Corp.		467,803		7,700,037
Webster Financial Corp.		140,633		6,591,469
Zions Bancorp NA (b)		209,268		9,316,611
				59,495,189
Consumer Finance - 0.8%
OneMain Holdings, Inc.		126,626		4,644,642
Insurance - 9.2%
American Financial Group, Inc./OH		74,420		8,026,197
Everest Re Group Ltd.		33,496		8,912,951
First American Financial Corp.		93,079		5,492,592
Hanover Insurance Group, Inc. (The)		37,760		5,117,990
Kemper Corp.		84,131		6,558,011
Old Republic International Corp.		261,658		6,167,279
Reinsurance Group of America, Inc.-Class A		66,673		10,659,679
Selective Insurance Group, Inc.		65,115		4,895,997
				55,830,696
Thrifts & Mortgage Finance - 2.4%
BankUnited, Inc.		244,338		8,214,644
Essent Group Ltd.		140,962		6,719,658
				14,934,302
				134,904,829
Real Estate - 14.2%
Equity Real Estate Investment Trusts (REITs) - 14.2%
American Campus Communities, Inc.		170,675		8,206,054
Americold Realty Trust		178,715		6,624,965
Camden Property Trust		79,288		8,801,761
Cousins Properties, Inc.		192,335		7,229,873
CubeSmart		280,094		9,775,281
Easterly Government Properties, Inc.		252,353		5,375,119
Empire State Realty Trust, Inc.-Class A		496,792		7,089,222
MGM Growth Properties LLC-Class A		257,090		7,725,554
Park Hotels & Resorts, Inc.		248,175		6,196,930
STAG Industrial, Inc. (b)		285,434		8,414,594
Sun Communities, Inc.		73,510		10,912,559
				86,351,912
Information Technology - 13.6%
Communications Equipment - 0.9%
NetScout Systems, Inc. (a)		236,809		5,460,816
Electronic Equipment, Instruments & Components - 2.6%
Avnet, Inc.		150,990		6,716,790
Belden, Inc.		66,752		3,560,552
TTM Technologies, Inc. (a)		457,343		5,577,298
				15,854,640

Company	Shares		U.S. $ Value
IT Services - 2.2%
Amdocs Ltd.		121,218	$	8,013,722
Genpact Ltd.		144,983		5,618,091
				13,631,813
Semiconductors & Semiconductor Equipment - 3.2%
Cypress Semiconductor Corp.		287,855		6,718,535
Kulicke & Soffa Industries, Inc.		290,735		6,826,458
MaxLinear, Inc.-Class A (a)		273,197		6,114,149
				19,659,142
Software - 3.2%
CommVault Systems, Inc. (a)		129,685		5,798,216
Nuance Communications, Inc. (a)		492,674		8,035,513
Verint Systems, Inc. (a)		127,845		5,469,209
				19,302,938
Technology Hardware, Storage & Peripherals - 1.5%
NCR Corp. (a)		283,400		8,944,104
				82,853,453
Industrials - 13.2%
Aerospace & Defense - 1.1%
AAR Corp.		158,964		6,550,906
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings, Inc. (a)		65,940		1,663,666
Hub Group, Inc.-Class A (a)		58,323		2,712,020
				4,375,686
Airlines - 3.7%
Alaska Air Group, Inc.		143,354		9,305,108
Hawaiian Holdings, Inc. (b)		220,076		5,779,196
SkyWest, Inc.		124,964		7,172,933
				22,257,237
Building Products - 1.1%
Masonite International Corp. (a)		119,608		6,937,264
Commercial Services & Supplies - 0.2%
Steelcase, Inc.-Class A		82,785		1,523,244
Construction & Engineering - 1.7%
Quanta Services, Inc.		190,671		7,207,364
Tutor Perini Corp. (a)(b)		242,178		3,470,411
				10,677,775
Electrical Equipment - 1.7%
EnerSys		99,917		6,588,527
Regal Beloit Corp.		49,411		3,599,591
				10,188,118

Company	Shares		U.S. $ Value
Machinery - 1.6%
Kennametal, Inc.		169,453	$	5,208,985
Terex Corp.		169,600		4,404,512
				9,613,497
Road & Rail - 0.8%
Knight-Swift Transportation Holdings, Inc.		130,320		4,730,616
Trading Companies & Distributors - 0.6%
MRC Global, Inc. (a)		281,798		3,418,210
				80,272,553
Consumer Discretionary - 12.8%
Auto Components - 2.6%
Cooper-Standard Holdings, Inc. (a)		105,281		4,303,887
Dana, Inc.		344,143		4,969,425
Lear Corp.		54,071		6,374,971
				15,648,283
Diversified Consumer Services - 1.3%
Houghton Mifflin Harcourt Co. (a)		489,525		2,609,168
Sotheby’s (a)(b)		91,598		5,219,254
				7,828,422
Hotels, Restaurants & Leisure - 2.0%
Bloomin’ Brands, Inc. (b)		294,368		5,572,386
Papa John’s International, Inc. (b)		122,413		6,408,321
				11,980,707
Household Durables - 2.6%
Lennar Corp.-Class A		130,133		7,267,928
Taylor Morrison Home Corp.-Class A (a)		334,459		8,675,867
				15,943,795
Leisure Products - 1.9%
Brunswick Corp./DE		120,396		6,275,039
Callaway Golf Co.		256,821		4,984,896
				11,259,935
Specialty Retail - 0.9%
Michaels Cos., Inc. (The) (a)(b)		333,160		3,261,636
Signet Jewelers Ltd. (b)		149,280		2,501,933
				5,763,569
Textiles, Apparel & Luxury Goods - 1.5%
Capri Holdings Ltd. (a)		122,812		4,072,446
Skechers U.S.A., Inc.-Class A (a)		131,155		4,898,639
				8,971,085
				77,395,796

Company	Shares		U.S. $ Value
Materials - 5.9%
Chemicals - 2.4%
Orion Engineered Carbons SA		256,029	$	4,278,245
Trinseo SA		119,280		5,123,076
Westlake Chemical Corp.		79,708		5,222,468
				14,623,789
Containers & Packaging - 2.0%
Graphic Packaging Holding Co.		420,131		6,196,932
Sealed Air Corp.		138,209		5,737,056
				11,933,988
Metals & Mining - 1.5%
Alcoa Corp. (a)		202,129		4,056,729
Carpenter Technology Corp.		101,482		5,242,560
				9,299,289
				35,857,066
Consumer Staples - 5.3%
Beverages - 1.1%
Cott Corp.		533,765		6,656,049
Food & Staples Retailing - 1.7%
US Foods Holding Corp. (a)		245,280		10,081,008
Food Products - 2.5%
Hain Celestial Group, Inc. (The) (a)(b)		309,513		6,646,792
Nomad Foods Ltd. (a)		416,856		8,545,548
				15,192,340
				31,929,397
Utilities - 4.4%
Electric Utilities - 2.6%
Alliant Energy Corp.		181,351		9,780,259
PNM Resources, Inc.		117,571		6,123,098
				15,903,357
Gas Utilities - 0.9%
Southwest Gas Holdings, Inc.		59,130		5,383,195
Multi-Utilities - 0.9%
Black Hills Corp.		73,299		5,624,233
				26,910,785
Energy - 3.8%
Energy Equipment & Services - 2.2%
Dril-Quip, Inc. (a)(b)		105,454		5,291,682
Oil States International, Inc. (a)		222,870		2,964,171
Patterson-UTI Energy, Inc. (b)		373,344		3,192,091
RPC, Inc. (b)		372,210		2,088,098
				13,536,042

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels - 1.6%
Cimarex Energy Co. (b)		46,403	$	2,224,560
Oasis Petroleum, Inc. (a)		654,630		2,265,020
QEP Resources, Inc.		685,808		2,537,490
SM Energy Co.		268,070		2,597,598
				9,624,668
				23,160,710
Health Care - 2.5%
Health Care Providers & Services - 1.4%
Molina Healthcare, Inc. (a)		55,682		6,109,429
WellCare Health Plans, Inc. (a)		9,402		2,436,716
				8,546,145
Life Sciences Tools & Services - 1.1%
ICON PLC (a)		45,047		6,637,225
				15,183,370
Communication Services - 1.4%
Media - 1.4%
Criteo SA (Sponsored ADR) (a)		269,609		5,038,992
Sinclair Broadcast Group, Inc.-Class A (b)		77,310		3,304,230
				8,343,222
Total Common Stocks (cost $568,108,912)				603,163,093
SHORT-TERM INVESTMENTS - 0.1%
Investment Companies - 0.1%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio- Class AB, 1.89% (c)(d)(e) (cost $937,443)		937,443		937,443
Total Investments Before Security Lending Collateral for Securities Loaned - 99.4% (cost $569,046,355)				604,100,536
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.2%
Investment Companies - 1.2%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio- Class AB, 1.89% (c)(d)(e) (cost $7,411,400)		7,411,400		7,411,400
Total Investments - 100.6% (cost $576,457,755) (f)				611,511,936
Other assets less liabilities - (0.6)%				(3,829,887	)
Net Assets - 100.0%			$	607,682,049

(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, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $109,619,725 and gross unrealized depreciation of investments was $(74,565,544), resulting in net unrealized appreciation of $35,054,181.

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

AB Variable Products Series Fund, Inc.

AB Small/Mid Cap Value Portfolio

September 30, 2019 (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, 2019:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

603,163,093

$

– 0

–

$

– 0

–

$

603,163,093

Short-Term Investments

937,443

– 0

–

– 0

–

937,443

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

7,411,400

– 0

–

– 0

–

7,411,400

Total Investments in Securities

611,511,936

– 0

–

– 0

–

611,511,936

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

611,511,936

$

– 0

–

$

– 0

–

$

611,511,936

(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.

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended September 30, 2019 is as follows:

Fund	Market Value 12/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/19 (000)		Dividend Income (000)
Government Money Market Portfolio	$	4,557	$	93,268	$	96,888	$	937	$	158
Government Money Market Portfolio*		2,473		139,898		134,960		7,411		34
Total	$	7,030	$	233,166	$	231,848	$	8,348	$	192

* Investments of cash collateral for securities lending transactions.