AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

March 31, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 88.0%
Financials - 19.2%
Banks - 5.2%
Citigroup, Inc.		296,650	$	18,457,563
JPMorgan Chase & Co.		324,090		32,807,631
				51,265,194
Capital Markets - 2.1%
Goldman Sachs Group, Inc. (The)		70,730		13,579,452
Northern Trust Corp.		79,419		7,180,272
				20,759,724
Consumer Finance - 2.2%
Capital One Financial Corp.		260,580		21,286,780
Diversified Financial Services - 3.3%
Berkshire Hathaway, Inc.-Class B (a)		164,322		33,010,647
Insurance - 6.4%
Aflac, Inc.		128,150		6,407,500
Allstate Corp. (The)		230,260		21,685,887
Fidelity National Financial, Inc.		354,930		12,972,692
Reinsurance Group of America, Inc.-Class A		151,880		21,563,922
				62,630,001
				188,952,346
Health Care - 14.4%
Biotechnology - 3.1%
Biogen, Inc. (a)		61,665		14,576,373
Celgene Corp. (a)		89,250		8,419,845
Gilead Sciences, Inc.		122,360		7,954,623
				30,950,841
Health Care Providers & Services - 4.7%
Anthem, Inc.		54,830		15,735,113
Cigna Corp. (a)		191,220		30,752,001
				46,487,114
Pharmaceuticals - 6.6%
Bristol-Myers Squibb Co.		110,450		5,269,570
Elanco Animal Health, Inc. (a)		38,749		1,242,680
Eli Lilly & Co.		54,572		7,081,263
Pfizer, Inc.		575,550		24,443,608
Roche Holding AG (Sponsored ADR) (b)		775,920		26,683,889
				64,721,010
				142,158,965
Industrials - 13.5%
Aerospace & Defense - 3.4%
Raytheon Co.		183,020		33,324,282
Airlines - 1.7%
Delta Air Lines, Inc.		154,280		7,968,562

Company	Shares		U.S. $ Value
Southwest Airlines Co.		163,250	$	8,474,308
				16,442,870
Construction & Engineering - 0.7%
EMCOR Group, Inc.		94,560		6,910,445
Electrical Equipment - 1.2%
Acuity Brands, Inc.		51,510		6,181,715
Hubbell, Inc.		47,700		5,627,646
				11,809,361
Machinery - 4.2%
Altra Industrial Motion Corp.		333,430		10,353,001
Crane Co.		155,190		13,132,178
PACCAR, Inc.		86,820		5,915,915
Parker-Hannifin Corp.		33,330		5,720,095
WABCO Holdings, Inc. (a)		48,163		6,349,328
				41,470,517
Professional Services - 0.4%
Robert Half International, Inc.		56,940		3,710,210
Road & Rail - 1.9%
Kansas City Southern		34,220		3,968,835
Knight-Swift Transportation Holdings, Inc.		168,460		5,505,273
Norfolk Southern Corp.		21,480		4,014,397
Saia, Inc. (a)		96,098		5,871,588
				19,360,093
				133,027,778
Communication Services - 9.6%
Diversified Telecommunication Services - 4.3%
Verizon Communications, Inc.		721,740		42,676,486
Entertainment - 2.0%
Activision Blizzard, Inc.		90,350		4,113,636
Walt Disney Co. (The)		138,150		15,338,794
				19,452,430
Media – 3.3%
Comcast Corp.-Class A		635,400		25,403,292
Discovery, Inc.-Class A (a)(b)		252,744		6,829,143
				32,232,435
				94,361,351
Information Technology - 8.5%
Communications Equipment - 3.0%
Cisco Systems, Inc.		414,370		22,371,836
F5 Networks, Inc. (a)		47,460		7,447,898
				29,819,734
Electronic Equipment, Instruments & Components - 2.0%
Dolby Laboratories, Inc.-Class A		106,075		6,679,543
FLIR Systems, Inc.		121,600		5,785,728

Company	Shares		U.S. $ Value
Keysight Technologies, Inc. (a)		79,320	$	6,916,704
				19,381,975
IT Services - 2.6%
Akamai Technologies, Inc. (a)		94,140		6,750,780
Cognizant Technology Solutions Corp.-Class A		163,480		11,844,126
Euronet Worldwide, Inc. (a)		48,880		6,969,799
				25,564,705
Semiconductors & Semiconductor Equipment - 0.4%
Skyworks Solutions, Inc.		44,030		3,631,594
Technology Hardware, Storage & Peripherals - 0.5%
Apple, Inc.		27,825		5,285,359
				83,683,367
Energy - 7.9%
Energy Equipment & Services - 0.7%
Dril-Quip, Inc. (a)		90,815		4,163,868
National Oilwell Varco, Inc.		115,260		3,070,526
				7,234,394
Oil, Gas & Consumable Fuels - 7.2%
Apache Corp.		113,328		3,927,949
ConocoPhillips		273,600		18,260,064
Exxon Mobil Corp.		171,560		13,862,048
Noble Energy, Inc.		159,873		3,953,659
Phillips 66		325,720		30,998,772
				71,002,492
				78,236,886
Consumer Discretionary - 6.5%
Auto Components - 0.4%
BorgWarner, Inc.		87,170		3,348,200
Household Durables - 2.9%
DR Horton, Inc.		503,910		20,851,796
Garmin Ltd.		92,150		7,957,152
				28,808,948
Internet & Direct Marketing Retail - 1.4%
Expedia Group, Inc.		116,530		13,867,070
Specialty Retail - 1.4%
Murphy USA, Inc. (a)		161,640		13,839,617
Textiles, Apparel & Luxury Goods - 0.4%
Tapestry, Inc.		117,940		3,831,870
				63,695,705
Consumer Staples - 4.4%
Food & Staples Retailing - 3.8%
Walgreens Boots Alliance, Inc.		91,650		5,798,695
Walmart, Inc.		322,137		31,418,022
				37,216,717

Company	Shares		U.S. $ Value
Tobacco - 0.6%
Altria Group, Inc.		102,510	$	5,887,148
				43,103,865
Real Estate - 4.0%
Equity Real Estate Investment Trusts (REITs) - 1.8%
Regency Centers Corp.		262,390		17,708,701
Real Estate Management & Development - 2.2%
CBRE Group, Inc.-Class A (a)		435,890		21,554,761
				39,263,462
Total Common Stocks (cost $771,976,360)				866,483,725
SHORT-TERM INVESTMENTS - 12.0%
Investment Companies - 12.0%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 2.38% (c)(d)(e) (cost $118,056,259)		118,056,259		118,056,259
Total Investments Before Security Lending Collateral for Securities Loaned - 100.0% (cost $890,032,619)				984,539,984
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 1.6%
Investment Companies - 1.6%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 2.38% (c)(d)(e) (cost $16,267,850)		16,267,850		16,267,850
Total Investments - 101.6% (cost $906,300,469) (f)				1,000,807,834
Other assets less liabilities - (1.6)%				(16,195,422	)
Net Assets - 100.0%			$	984,612,412

(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 $116,137,729 and gross unrealized depreciation of investments was $(21,630,364), resulting in net unrealized appreciation of $94,507,365.

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 and Income 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)

$

866,483,725

$

– 0

–

$

– 0

–

$

866,483,725

Short-Term Investments

118,056,259

– 0

–

– 0

–

118,056,259

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

16,267,850

– 0

–

– 0

–

16,267,850

Total Investments in Securities

1,000,807,834

– 0

–

– 0

–

1,000,807,834

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

1,000,807,834

$

– 0

–

$

– 0

–

$

1,000,807,834

(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	$	64,547		$	118,607	$	65,098	$	118,056	$	619
Government Money Market Portfolio*		– 0	–		48,419		32,151		16,268		61
Total	$	64,547		$	167,026	$	97,249	$	134,324	$	680

* Investments of cash collateral for securities lending transactions.