AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.0%
Health Care – 30.0%
Biotechnology – 15.9%
ADC Therapeutics SA(a)		10,516	$	346,923
Allakos, Inc.(a) (b)		8,288		675,058
Allogene Therapeutics, Inc.(a)		16,851		635,451
Annexon, Inc.(a)		14,755		446,044
Arena Pharmaceuticals, Inc.(a)		7,693		575,359
Ascendis Pharma A/S (Sponsored ADR)(a)		3,961		611,262
Biohaven Pharmaceutical Holding Co., Ltd.(a)		12,746		828,617
Bioxcel Therapeutics, Inc.(a) (b)		9,732		421,980
Blueprint Medicines Corp.(a)		11,577		1,073,188
Coherus Biosciences, Inc.(a) (b)		37,070		679,864
Deciphera Pharmaceuticals, Inc.(a)		13,450		689,985
Gossamer Bio, Inc.(a) (b)		18,971		235,430
Insmed, Inc.(a)		32,566		1,046,671
Iovance Biotherapeutics, Inc.(a) (b)		15,684		516,317
iTeos Therapeutics, Inc.(a)		13,315		328,481
Legend Biotech Corp. (ADR)(a)		11,888		366,983
Madrigal Pharmaceuticals, Inc.(a) (b)		4,829		573,347
PTC Therapeutics, Inc.(a)		15,480		723,690
Relay Therapeutics, Inc.(a)		10,088		429,648
Turning Point Therapeutics, Inc. - Class I(a)		9,367		818,301
Twist Bioscience Corp.(a)		19,010		1,444,190
Ultragenyx Pharmaceutical, Inc.(a) (b)		12,133		997,211
Vir Biotechnology, Inc.(a) (b)		18,222		625,561
Y-mAbs Therapeutics, Inc.(a)		14,725		565,293
Zentalis Pharmaceuticals, Inc.(a)		12,486		408,167
				16,063,021
Health Care Equipment & Supplies – 5.0%
iRhythm Technologies, Inc.(a)		7,568		1,802,016
Outset Medical, Inc.(a)		7,571		378,550
Penumbra, Inc.(a)		3,533		686,745
Selectquote, Inc.(a)		38,605		781,751
Silk Road Medical, Inc.(a) (b)		19,943		1,340,369
				4,989,431
Health Care Providers & Services – 3.7%
Allovir, Inc.(a)		16,000		440,000
Guardant Health, Inc.(a)		9,453		1,056,657
HealthEquity, Inc.(a)		11,130		571,748
LHC Group, Inc.(a)		8,020		1,704,731
				3,773,136
Health Care Technology – 1.3%
American Well Corp. - Class A(a)		11,211		332,294
Health Catalyst, Inc.(a) (b)		26,192		958,627
				1,290,921

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Company	Shares		U.S. $ Value
Life Sciences Tools & Services – 3.0%
10X Genomics, Inc.(a)		8,073	$	1,006,541
ICON PLC(a)		5,352		1,022,714
Repligen Corp.(a)		7,000		1,032,780
				3,062,035
Pharmaceuticals – 1.1%
Axsome Therapeutics, Inc.(a) (b)		7,880		561,450
Revance Therapeutics, Inc.(a)		21,155		531,837
				1,093,287
				30,271,831
Information Technology – 24.6%
Communications Equipment – 0.5%
Ciena Corp.(a)		13,415		532,441
Electronic Equipment, Instruments & Components – 3.9%
II-VI, Inc.(a) (b)		35,000		1,419,600
Littelfuse, Inc.		6,470		1,147,390
Novanta, Inc.(a)		13,090		1,378,900
				3,945,890
IT Services – 2.2%
BigCommerce Holdings, Inc.(a) (b)		5,509		458,900
Fastly, Inc. - Class A(a)		7,969		746,536
Shift4 Payments, Inc. - Class A(a)		20,672		999,698
				2,205,134
Semiconductors & Semiconductor Equipment – 8.3%
Cree, Inc.(a) (b)		15,591		993,770
Inphi Corp.(a)		8,320		933,920
Lattice Semiconductor Corp.(a)		55,776		1,615,273
MACOM Technology Solutions Holdings, Inc.(a) (b)		39,180		1,332,512
MKS Instruments, Inc.		10,920		1,192,792
Semtech Corp.(a)		15,300		810,288
Silicon Laboratories, Inc.(a)		15,384		1,505,324
				8,383,879
Software – 9.7%
Anaplan, Inc.(a)		14,959		936,134
Aspen Technology, Inc.(a)		1,369		173,302
Avalara, Inc.(a)		3,809		485,038
Blackline, Inc.(a)		18,000		1,613,340
Duck Creek Technologies, Inc.(a)		16,435		746,642
Everbridge, Inc.(a) (b)		8,400		1,056,132
Five9, Inc.(a) (b)		9,822		1,273,717
Manhattan Associates, Inc.(a)		13,190		1,259,513
Ping Identity Holding Corp.(a)		35,392		1,104,584
Smartsheet, Inc. - Class A(a)		14,168		700,183

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Company	Shares		U.S. $ Value
Vertex, Inc.(a)		21,024	$	483,552
				9,832,137
				24,899,481
Industrials – 16.1%
Aerospace & Defense – 2.2%
Axon Enterprise, Inc.(a)		12,590		1,141,913
Mercury Systems, Inc.(a)		13,590		1,052,681
				2,194,594
Building Products – 3.6%
Armstrong World Industries, Inc.		6,631		456,279
AZEK Co., Inc. (The)(a)		28,609		995,879
Simpson Manufacturing Co., Inc.		14,110		1,370,928
Trex Co., Inc.(a)		10,730		768,268
				3,591,354
Commercial Services & Supplies – 1.5%
Tetra Tech, Inc.		16,215		1,548,533
Machinery – 4.0%
Chart Industries, Inc.(a)		16,548		1,162,828
ITT, Inc.		19,060		1,125,493
John Bean Technologies Corp.		13,710		1,259,812
Nordson Corp.		2,845		545,728
				4,093,861
Road & Rail – 2.5%
Knight-Swift Transportation Holdings, Inc.		25,427		1,034,879
Saia, Inc.(a)		11,710		1,477,099
				2,511,978
Trading Companies & Distributors – 2.3%
SiteOne Landscape Supply, Inc.(a)		12,868		1,569,253
United Rentals, Inc.(a) (b)		4,450		776,525
				2,345,778
				16,286,098
Consumer Discretionary – 14.5%
Auto Components – 1.3%
Fox Factory Holding Corp.(a)		18,071		1,343,217
Diversified Consumer Services – 1.9%
Chegg, Inc.(a)		15,470		1,105,177
Strategic Education, Inc.		8,740		799,448
				1,904,625
Hotels, Restaurants & Leisure – 3.3%
Planet Fitness, Inc.(a)		15,214		937,487
Texas Roadhouse, Inc. - Class A		21,150		1,285,708
Wingstop, Inc.		8,406		1,148,680
				3,371,875

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Company	Shares		U.S. $ Value
Household Durables – 2.3%
Installed Building Products, Inc.(a)		6,920	$	704,110
Lovesac Co. (The)(a) (b)		23,863		661,244
Meritage Homes Corp.(a)		8,240		909,613
				2,274,967
Internet & Direct Marketing Retail – 0.8%
RealReal, Inc. (The)(a) (b)		56,715		820,666
Multiline Retail – 0.9%
Ollie’s Bargain Outlet Holdings, Inc.(a)		10,830		946,001
Specialty Retail – 4.0%
Five Below, Inc.(a)		5,672		720,344
Floor & Decor Holdings, Inc. - Class A(a)		14,280		1,068,144
Lithia Motors, Inc. - Class A		4,350		991,539
Sleep Number Corp.(a)		24,659		1,206,072
				3,986,099
				14,647,450
Financials – 7.3%
Capital Markets – 3.1%
Hamilton Lane, Inc. - Class A		14,897		962,197
Houlihan Lokey, Inc.		19,680		1,162,104
Stifel Financial Corp.		20,377		1,030,261
				3,154,562
Insurance – 4.2%
Inari Medical, Inc.(a)		10,490		724,020
Palomar Holdings, Inc.(a)		11,786		1,228,573
Trean Insurance Group, Inc.(a)		31,280		477,020
Trupanion, Inc.(a) (b)		22,929		1,809,098
				4,238,711
				7,393,273
Consumer Staples – 3.5%
Food & Staples Retailing – 1.1%
Grocery Outlet Holding Corp.(a)		28,413		1,117,199
Food Products – 2.4%
Freshpet, Inc.(a)		14,991		1,673,745
Vital Farms, Inc.(a)		17,409		705,587
				2,379,332
				3,496,531
Real Estate – 1.3%
Equity Real Estate Investment Trusts (REITs) – 1.3%
QTS Realty Trust, Inc. - Class A		21,064		1,327,453
Materials – 0.7%
Containers & Packaging – 0.7%
Ranpak Holdings Corp.(a)		72,461		689,829

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Company	Shares		U.S. $ Value
Total Common Stocks (cost $75,930,874)			$	99,011,946
SHORT-TERM INVESTMENTS – 2.0%
Investment Companies – 2.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e) (cost $1,978,764)		1,978,764		1,978,764
Total Investments Before Security Lending Collateral for Securities Loaned – 100.0% (cost $77,909,638)				100,990,710
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.9%
Investment Companies – 2.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e) (cost $2,929,799)		2,929,799		2,929,799
Total Investments – 102.9% (cost $80,839,437)(f)				103,920,509
Other assets less liabilities – (2.9)%				(2,948,595	)
Net Assets – 100.0%			$	100,971,914

(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 $24,722,367 and gross unrealized depreciation of investments was $(1,641,295), resulting in net unrealized appreciation of $23,081,072.

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 Cap Growth 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)	$	99,011,946	$	—	$	—	$	99,011,946
Short-Term Investments		1,978,764		—		—		1,978,764
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,929,799		—		—		2,929,799
Total Investments in Securities		103,920,509		—		—		103,920,509
Other Financial Instruments(b)		—		—		—		—
Total	$	103,920,509	$	—	$	—	$	103,920,509

^(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, 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	$	1,604	$	36,714	$	36,339	$	1,979	$	8
Government Money Market Portfolio*		3,070		22,238		22,378		2,930		0	**
Total	$	4,674	$	58,952	$	58,717	$	4,909	$	8

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

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