AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 90.4%
Financials - 22.7%
Banks - 9.8%
Citigroup, Inc.		389,600	$	26,913,568
JPMorgan Chase & Co.		322,280		37,929,133
Wells Fargo & Co.		734,090		37,027,500
				101,870,201
Capital Markets - 1.4%
Goldman Sachs Group, Inc. (The)		28,080		5,819,019
TD Ameritrade Holding Corp.		181,190		8,461,573
				14,280,592
Consumer Finance - 2.4%
Capital One Financial Corp. (a)		280,236		25,495,871
Diversified Financial Services - 3.2%
Berkshire Hathaway, Inc.-Class B (b)		157,812		32,828,052
Insurance - 5.9%
Aflac, Inc. (a)		135,700		7,099,824
Allstate Corp. (The)		197,260		21,438,217
Fidelity National Financial, Inc.		357,930		15,895,671
Reinsurance Group of America, Inc.-Class A		104,617		16,726,166
				61,159,878
				235,634,594
Health Care - 15.9%
Biotechnology - 5.6%
Alexion Pharmaceuticals, Inc. (b)		145,620		14,262,023
Amgen, Inc. (a)		58,490		11,318,400
Biogen, Inc. (b)		40,615		9,455,984
Celgene Corp. (b)		68,780		6,829,854
Gilead Sciences, Inc.		249,623		15,821,106
				57,687,367
Health Care Providers & Services - 3.7%
Anthem, Inc.		59,910		14,384,391
Cigna Corp. (b)		95,511		14,497,615
Quest Diagnostics, Inc.		87,650		9,381,179
				38,263,185
Pharmaceuticals - 6.6%
Pfizer, Inc.		892,896		32,081,753
Roche Holding AG (Sponsored ADR)		1,002,040		36,524,358
				68,606,111
				164,556,663
Industrials - 11.8%
Aerospace & Defense - 4.2%
Curtiss-Wright Corp.		55,860		7,226,608
Hexcel Corp.		85,570		7,027,864
Raytheon Co.		150,701		29,566,029
				43,820,501

Company	Shares		U.S. $ Value
Airlines - 2.1%
Alaska Air Group, Inc.		77,070	$	5,002,614
Delta Air Lines, Inc.		170,330		9,811,008
Southwest Airlines Co. (a)		136,910		7,394,509
				22,208,131
Construction & Engineering - 0.8%
EMCOR Group, Inc.		100,790		8,680,035
Electrical Equipment - 0.4%
Hubbell, Inc.		29,880		3,926,232
Machinery - 2.3%
Altra Industrial Motion Corp. (a)		283,014		7,838,073
Crane Co.		153,580		12,383,155
Parker-Hannifin Corp.		22,250		4,018,572
				24,239,800
Professional Services - 0.4%
Robert Half International, Inc. (a)		66,650		3,709,739
Road & Rail - 1.6%
Kansas City Southern		61,200		8,140,212
Norfolk Southern Corp. (a)		22,890		4,112,417
Saia, Inc. (b)		42,598		3,991,433
				16,244,062
				122,828,500
Communication Services - 8.7%
Diversified Telecommunication Services - 7.3%
Comcast Corp.-Class A		659,600		29,734,768
Verizon Communications, Inc.		768,110		46,363,120
				76,097,888
Media - 1.4%
Discovery, Inc.-Class A (a)(b)		542,124		14,436,762
				90,534,650
Information Technology - 8.7%
Communications Equipment - 3.1%
Cisco Systems, Inc.		309,150		15,275,102
F5 Networks, Inc. (b)		122,300		17,173,366
				32,448,468
Electronic Equipment, Instruments & Components - 3.2%
Dolby Laboratories, Inc.-Class A		302,725		19,568,144
FLIR Systems, Inc. (a)		76,240		4,009,462
Keysight Technologies, Inc. (a)(b)		40,290		3,918,202
Littelfuse, Inc.		32,294		5,726,049
				33,221,857
IT Services - 2.4%
Akamai Technologies, Inc. (b)		77,520		7,083,778
Leidos Holdings, Inc.		97,342		8,359,731

Company	Shares		U.S. $ Value
MAXIMUS, Inc.		118,110	$	9,125,178
				24,568,687
				90,239,012
Energy - 7.2%
Energy Equipment & Services - 0.4%
Dril-Quip, Inc. (b)		88,280		4,429,890
Oil, Gas & Consumable Fuels - 6.8%
Chevron Corp.		103,200		12,239,520
ConocoPhillips		299,790		17,082,034
Exxon Mobil Corp.		182,830		12,909,627
Phillips 66		274,760		28,135,424
				70,366,605
				74,796,495
Consumer Discretionary - 6.1%
Auto Components - 1.2%
BorgWarner, Inc.		101,190		3,711,649
Gentex Corp.		332,650		9,159,518
				12,871,167
Household Durables - 1.8%
DR Horton, Inc.		204,600		10,784,466
Garmin Ltd.		87,590		7,417,997
				18,202,463
Internet & Direct Marketing Retail - 1.5%
Expedia Group, Inc.		118,020		15,863,068
Specialty Retail - 1.6%
Advance Auto Parts, Inc.		52,560		8,693,424
Murphy USA, Inc. (b)		94,510		8,061,703
				16,755,127
				63,691,825
Real Estate - 4.9%
Equity Real Estate Investment Trusts (REITs) - 2.4%
Mid-America Apartment Communities, Inc.		63,840		8,299,838
Regency Centers Corp.		243,920		16,950,001
				25,249,839
Real Estate Management & Development - 2.5%
CBRE Group, Inc.-Class A (b)		484,790		25,698,718
				50,948,557
Consumer Staples - 3.7%
Food & Staples Retailing - 3.7%
Walmart, Inc.		321,507		38,156,451
Materials - 0.7%
Chemicals - 0.4%
LyondellBasell Industries NV-Class A (a)		44,560		3,986,783

Company	Shares		U.S. $ Value
Metals & Mining - 0.3%
BHP Group Ltd. (Sponsored ADR) (a)		69,760	$	3,444,749
				7,431,532
Total Common Stocks (cost $822,571,761)				938,818,279
SHORT-TERM INVESTMENTS - 10.7%
Investment Companies - 10.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio-Class AB, 1.89% (c)(d)(e) (cost $110,586,435)		110,586,435		110,586,435
Total Investments Before Security Lending Collateral for Securities Loaned - 101.1% (cost $933,158,196)				1,049,404,714
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%
Investment Companies - 0.1%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (c)(d)(e) (cost $1,275,000)		1,275,000		1,275,000
Total Investments - 101.2% (cost $934,433,196) (f)				1,050,679,714
Other assets less liabilities - (1.2)%				(12,039,222	)
Net Assets - 100.0%			$	1,038,640,492

(a) Represents entire or partial securities out on loan.

(b) Non-income producing security.

(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 $131,164,671 and gross unrealized depreciation of investments was $(14,918,153), resulting in net unrealized appreciation of $116,246,518.

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

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)

$

938,818,279

$

– 0

–

$

– 0

–

$

938,818,279

Short-Term Investments

110,586,435

– 0

–

– 0

–

110,586,435

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

1,275,000

– 0

–

– 0

–

1,275,000

Total Investments in Securities

1,050,679,714

– 0

–

– 0

–

1,050,679,714

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

1,050,679,714

$

– 0

–

$

– 0

–

$

1,050,679,714

(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	$	64,547		$	326,320	$	280,281	$	110,586	$	188
Government Money Market Portfolio*		– 0	–		162,298		161,023		1,275		9
Total	$	64,547		$	488,618	$	441,304	$	111,861	$	197

* Investments of cash collateral for securities lending transactions.