AB Variable Products Series Fund, Inc.

AB Growth Portfolio

Portfolio of Investments

March 31, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 97.2%
Information Technology - 21.9%
Communications Equipment - 2.7%
Arista Networks, Inc. (a)		6,450	$	2,028,267
Electronic Equipment, Instruments & Components - 2.3%
Cognex Corp.		13,260		674,404
IPG Photonics Corp. (a)		3,760		570,693
Novanta, Inc. (a)		6,510		551,592
				1,796,689
IT Services - 7.5%
Euronet Worldwide, Inc. (a)		1,890		269,495
PayPal Holdings, Inc. (a)		20,900		2,170,256
Visa, Inc.-Class A		20,830		3,253,438
				5,693,189
Semiconductors & Semiconductor Equipment - 4.2%
ASML Holding NV ADR		3,990		750,319
Semtech Corp. (a)		8,940		455,135
Xilinx, Inc.		15,626		1,981,221
				3,186,675
Software - 5.2%
Adobe, Inc. (a)		4,810		1,281,817
Aspen Technology, Inc. (a)		2,570		267,948
Elastic NV (a)(b)		134		10,703
Fair Isaac Corp. (a)		3,190		866,500
HubSpot, Inc. (a)		2,930		486,995
Paycom Software, Inc. (a)		3,040		574,955
Trade Desk, Inc. (The)-Class A (a)		2,230		441,428
				3,930,346
				16,635,166
Consumer Discretionary - 19.5%
Diversified Consumer Services - 3.5%
Bright Horizons Family Solutions, Inc. (a)		12,480		1,586,333
Grand Canyon Education, Inc. (a)		9,440		1,080,974
				2,667,307
Hotels, Restaurants & Leisure - 1.2%
Planet Fitness, Inc. (a)		13,260		911,227
Internet & Direct Marketing Retail - 3.1%
Booking Holdings, Inc. (a)		1,357		2,367,843
Multiline Retail - 0.9%
Dollar Tree, Inc. (a)		6,380		670,155
Specialty Retail - 7.7%
Home Depot, Inc. (The)		14,139		2,713,133
National Vision Holdings, Inc. (a)		20,645		648,872
TJX Cos., Inc. (The)		21,920		1,166,363

Company	Shares		U.S. $ Value
Ulta Salon Cosmetics & Fragrance, Inc. (a)		3,892	$	1,357,257
				5,885,625
Textiles, Apparel & Luxury Goods - 3.1%
NIKE, Inc.-Class B		27,512		2,316,786
				14,818,943
Health Care - 18.8%
Biotechnology - 4.5%
Biogen, Inc. (a)		4,434		1,048,109
Regeneron Pharmaceuticals, Inc. (a)		2,990		1,227,754
Vertex Pharmaceuticals, Inc. (a)		6,270		1,153,366
				3,429,229
Health Care Equipment & Supplies - 6.9%
Edwards Lifesciences Corp. (a)		9,950		1,903,734
Intuitive Surgical, Inc. (a)		3,912		2,232,109
Stryker Corp.		5,620		1,110,062
				5,245,905
Health Care Providers & Services - 4.4%
Centene Corp. (a)		20,570		1,092,267
UnitedHealth Group, Inc.		9,128		2,256,989
				3,349,256
Life Sciences Tools & Services - 0.9%
Illumina, Inc. (a)		2,000		621,380
Pharmaceuticals - 2.1%
Zoetis, Inc.		15,880		1,598,640
				14,244,410
Communication Services - 14.5%
Entertainment - 3.1%
Electronic Arts, Inc. (a)		16,350		1,661,650
Take-Two Interactive Software, Inc. (a)		7,470		704,944
				2,366,594
Interactive Media & Services - 11.4%
Alphabet, Inc.-Class C (a)		5,555		6,517,737
Facebook, Inc.-Class A (a)		12,847		2,141,467
				8,659,204
				11,025,798
Industrials - 10.2%
Building Products - 4.1%
Allegion PLC		12,380		1,122,990
AO Smith Corp.		16,440		876,581
Lennox International, Inc.		1,610		425,684
Trex Co., Inc. (a)		11,030		678,565
				3,103,820

Company	Shares		U.S. $ Value
Commercial Services & Supplies - 1.6%
Copart, Inc. (a)		20,030	$	1,213,618
Electrical Equipment - 0.8%
Rockwell Automation, Inc.		3,510		615,865
Industrial Conglomerates - 1.2%
Roper Technologies, Inc.		2,680		916,479
Machinery - 0.9%
IDEX Corp.		4,420		670,691
Road & Rail - 1.0%
Saia, Inc. (a)		12,500		763,750
Trading Companies & Distributors - 0.6%
Fastenal Co.		7,530		484,254
				7,768,477
Consumer Staples - 9.2%
Beverages - 5.5%
Constellation Brands, Inc.-Class A		9,990		1,751,547
Monster Beverage Corp. (a)		44,508		2,429,246
				4,180,793
Food & Staples Retailing - 3.7%
Costco Wholesale Corp.		11,485		2,780,978
				6,961,771
Materials - 2.5%
Chemicals - 2.5%
Sherwin-Williams Co. (The)		4,370		1,882,203
Financials - 0.6%
Capital Markets - 0.6%
MarketAxess Holdings, Inc.		1,860		457,709
Total Common Stocks (cost $48,607,619)				73,794,477
SHORT-TERM INVESTMENTS - 3.7%
Investment Companies - 3.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.38% (c)(d)(e) (cost $2,796,062)		2,796,062		2,796,062
Total Investments Before Security Lending Collateral for Securities Loaned - 100.9% (cost $51,403,681)				76,590,539
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.0%
Investment Companies - 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.38% (c)(d)(e) (cost $11,223)		11,223		11,223

	U.S. $ Value
Total Investments - 100.9% (cost $51,414,904) (f)	$	76,601,762
Other assets less liabilities - (0.9)%		(651,666	)
Net Assets - 100.0%	$	75,950,096

(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, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $25,648,789 and gross unrealized depreciation of investments was $(461,931), resulting in net unrealized appreciation of $25,186,858.

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 Growth Portfolio

March 31, 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 March 31, 2019:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks (a)

$

73,794,477

$

– 0

–

$

– 0

–

$

73,794,477

Short-Term Investments

2,796,062

– 0

–

– 0

–

2,796,062

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

11,223

– 0

–

– 0

–

11,223

Total Investments in Securities

76,601,762

– 0

–

– 0

–

76,601,762

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

76,601,762

$

– 0

–

$

– 0

–

$

76,601,762

(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 three months ended March 31, 2019 is as follows:

Fund	Market Value 12/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/19 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,493	$	4,431	$	3,128	$	2,796	$	9
Government Money Market Portfolio*		10		44		43		11		– 0	–
Total	$	1,503	$	4,475	$	3,171	$	2,807	$	9

* Investments of cash collateral for securities lending transactions