AB Variable Products Series Fund, Inc.

AB Value Portfolio

Portfolio of Investments

March 31, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 99.6%
Financials - 21.6%
Banks - 11.3%
Bank of America Corp.		81,429	$	2,246,626
Comerica, Inc.		7,893		578,715
Wells Fargo & Co.		53,516		2,585,893
Zions Bancorp NA		19,762		897,392
				6,308,626
Consumer Finance - 4.6%
Capital One Financial Corp.		7,867		642,655
OneMain Holdings, Inc.		12,222		388,049
Synchrony Financial		47,021		1,499,970
				2,530,674
Insurance - 5.7%
Everest Re Group Ltd.		5,097		1,100,748
Fidelity National Financial, Inc.		31,590		1,154,614
Reinsurance Group of America, Inc.-Class A		6,260		888,795
				3,144,157
				11,983,457
Health Care - 13.5%
Biotechnology - 1.9%
Gilead Sciences, Inc.		16,263		1,057,258
Health Care Providers & Services - 2.1%
Cigna Corp. (a)		7,291		1,172,539
Pharmaceuticals - 9.5%
Novo Nordisk A/S (Sponsored ADR)		27,524		1,439,780
Pfizer, Inc.		46,638		1,980,716
Roche Holding AG (Sponsored ADR)		38,020		1,307,508
Teva Pharmaceutical Industries Ltd. (Sponsored ADR) (a)		33,952		532,367
				5,260,371
				7,490,168
Information Technology - 12.2%
Communications Equipment - 4.9%
Finisar Corp. (a)		17,468		404,734
Juniper Networks, Inc.		45,514		1,204,756
Nokia Oyj (Sponsored ADR)-Class A		198,141		1,133,366
				2,742,856
Software - 5.6%
Oracle Corp.		57,372		3,081,450
Technology Hardware, Storage & Peripherals - 1.7%
NCR Corp. (a)		12,664		345,600
Xerox Corp.		18,664		596,875
				942,475
				6,766,781

Company	Shares		U.S. $ Value
Energy - 10.4%
Energy Equipment & Services - 1.7%
Dril-Quip, Inc. (a)		6,985	$	320,262
RPC, Inc.		54,044		616,642
				936,904
Oil, Gas & Consumable Fuels - 8.7%
Cimarex Energy Co.		5,947		415,695
Devon Energy Corp.		21,579		681,033
EOG Resources, Inc.		19,356		1,842,304
Hess Corp.		13,663		822,923
Marathon Petroleum Corp.		18,074		1,081,729
				4,843,684
				5,780,588
Communication Services - 9.0%
Media - 6.8%
Charter Communications, Inc.-Class A (a)		3,070		1,065,014
Comcast Corp.-Class A		63,530		2,539,929
Fox Corp.-Class A (a)		4,695		172,353
				3,777,296
Wireless Telecommunication Services - 2.2%
T-Mobile US, Inc. (a)		17,548		1,212,567
				4,989,863
Consumer Staples - 7.6%
Beverages - 2.6%
PepsiCo, Inc.		11,994		1,469,864
Food & Staples Retailing - 1.5%
US Foods Holding Corp. (a)		24,002		837,910
Tobacco - 3.5%
British American Tobacco PLC (Sponsored ADR)		11,945		498,345
Philip Morris International, Inc.		16,299		1,440,669
				1,939,014
				4,246,788
Consumer Discretionary - 6.8%
Auto Components - 2.5%
Lear Corp.		3,264		442,957
Magna International, Inc.-Class A		19,759		962,066
				1,405,023
Specialty Retail - 2.5%
Gap, Inc. (The)		27,515		720,343
Michaels Cos., Inc. (The) (a)		34,366		392,460
Signet Jewelers Ltd.		10,040		272,686
				1,385,489

Company	Shares		U.S. $ Value
Textiles, Apparel & Luxury Goods - 1.8%
Capri Holdings Ltd. (a)		9,466	$	433,070
Skechers U.S.A., Inc.-Class A (a)		16,402		551,271
				984,341
				3,774,853
Utilities - 6.0%
Electric Utilities - 4.3%
American Electric Power Co., Inc.		18,867		1,580,111
NextEra Energy, Inc.		4,226		816,971
				2,397,082
Multi-Utilities - 1.7%
NiSource, Inc.		32,673		936,408
				3,333,490
Industrials - 4.9%
Aerospace & Defense - 3.1%
Raytheon Co.		9,381		1,708,093
Airlines - 1.8%
Alaska Air Group, Inc.		9,210		516,865
JetBlue Airways Corp. (a)		31,748		519,397
				1,036,262
				2,744,355
Real Estate - 4.4%
Equity Real Estate Investment Trusts (REITs) - 4.4%
CubeSmart		14,360		460,094
Mid-America Apartment Communities, Inc.		10,782		1,178,796
Sun Communities, Inc.		6,763		801,551
				2,440,441
Materials - 3.2%
Chemicals - 2.4%
Mosaic Co. (The)		30,489		832,654
Westlake Chemical Corp.		7,474		507,186
				1,339,840
Metals & Mining - 0.8%
Alcoa Corp. (a)		16,421		462,416
				1,802,256
Total Common Stocks (cost $50,958,208)				55,353,040

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.6%
Investment Companies - 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 2.38% (b)(c)(d) (cost $361,182)		361,182	$	361,182
Total Investments - 100.2% (cost $51,319,390) (e)				55,714,222
Other assets less liabilities - (0.2)%				(120,315	)
Net Assets - 100.0%			$	55,593,907

(a) Non-income producing security.

(b) Affiliated investments.

(c) The rate shown represents the 7-day yield as of period end.

(d) 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.

(e) 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 $8,589,496 and gross unrealized depreciation of investments was $(4,194,664), resulting in net unrealized appreciation of $4,394,832.

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 Value 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)

$

55,353,040

$

– 0

–

$

– 0

–

$

55,353,040

Short-Term Investments

361,182

– 0

–

– 0

–

361,182

Total Investments in Securities

55,714,222

– 0

–

– 0

–

55,714,222

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

55,714,222

$

– 0

–

$

– 0

–

$

55,714,222

(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	$	2	$	3,755	$	3,396	$	361	$	1
Government Money Market Portfolio*		46		6,312		6,358		0		2
Total	$	48	$	10,067	$	9,754	$	361	$	3

* Investments of cash collateral for securities lending transactions.