AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 98.4%
Health Care - 24.8%
Biotechnology - 11.9%
Aimmune Therapeutics, Inc. (a)(b)		16,123	$	337,616
Allakos, Inc. (a)(b)		5,398		424,445
Allogene Therapeutics, Inc. (a)(b)		12,461		339,625
Arena Pharmaceuticals, Inc. (b)		8,160		373,483
Ascendis Pharma A/S (Sponsored ADR) (b)		4,111		395,971
BeiGene Ltd. (Sponsored ADR) (b)		3,087		378,034
Biohaven Pharmaceutical Holding Co., Ltd. (b)		13,338		556,461
Blueprint Medicines Corp. (b)		8,612		632,724
Deciphera Pharmaceuticals, Inc. (b)		10,240		347,546
Gossamer Bio, Inc. (a)(b)		13,795		231,618
Invitae Corp. (a)(b)		33,528		646,084
Iovance Biotherapeutics, Inc. (a)(b)		25,140		457,548
Madrigal Pharmaceuticals, Inc. (a)(b)		2,460		212,101
Mirum Pharmaceuticals, Inc. (b)		15,765		158,596
Neurocrine Biosciences, Inc. (b)		6,170		555,979
NextCure, Inc. (b)		9,762		301,158
Ra Pharmaceuticals, Inc. (b)		13,810		326,606
Rubius Therapeutics, Inc. (a)(b)		21,980		172,543
Sage Therapeutics, Inc. (a)(b)		1,896		265,990
Sarepta Therapeutics, Inc. (a)(b)		1,870		140,848
Stemline Therapeutics, Inc. (b)		29,385		305,898
Turning Point Therapeutics, Inc.-Class I (a)(b)		7,531		283,166
Ultragenyx Pharmaceutical, Inc. (a)(b)		10,723		458,730
Y-mAbs Therapeutics, Inc. (b)		12,885		335,783
				8,638,553
Health Care Equipment & Supplies - 5.6%
Insulet Corp. (b)		5,670		935,153
iRhythm Technologies, Inc. (a)(b)		13,508		1,001,078
Penumbra, Inc. (a)(b)		6,063		815,413
Silk Road Medical, Inc. (b)		17,549		570,869
Tactile Systems Technology, Inc. (a)(b)		17,199		727,861
				4,050,374
Health Care Providers & Services - 2.4%
Guardant Health, Inc. (b)		8,192		522,895
LHC Group, Inc. (b)		10,610		1,204,872
				1,727,767
Health Care Technology - 2.2%
Health Catalyst, Inc. (a)(b)		8,112		256,664
Teladoc Health, Inc. (a)(b)		20,320		1,376,070
				1,632,734
Life Sciences Tools & Services - 1.5%
10X Genomics, Inc. (b)		2,330		117,432
ICON PLC (b)		6,767		997,050
				1,114,482

Company	Shares		U.S. $ Value
Pharmaceuticals - 1.2%
Aerie Pharmaceuticals, Inc. (a)(b)		8,875	$	170,577
Axsome Therapeutics, Inc. (a)(b)		13,070		264,537
Fulcrum Therapeutics, Inc. (b)		9,434		62,642
GW Pharmaceuticals PLC (Sponsored ADR) (a)(b)		1,478		170,014
Revance Therapeutics, Inc. (b)		15,705		204,165
				871,935
				18,035,845
Information Technology - 22.4%
Communications Equipment - 1.3%
Ciena Corp. (b)		23,475		920,924
Electronic Equipment, Instruments & Components - 3.4%
Littelfuse, Inc.		4,760		843,996
Novanta, Inc. (b)		13,270		1,084,424
OSI Systems, Inc. (b)		5,060		513,894
				2,442,314
IT Services - 0.2%
International Money Express, Inc. (b)		13,271		182,343
Semiconductors & Semiconductor Equipment - 5.9%
Cree, Inc. (b)		8,661		424,389
Lattice Semiconductor Corp. (b)		54,560		997,630
Monolithic Power Systems, Inc.		6,911		1,075,559
Silicon Laboratories, Inc. (b)		12,484		1,390,093
Universal Display Corp.		2,291		384,659
				4,272,330
Software - 11.6%
Altair Engineering, Inc.-Class A (a)(b)		11,232		388,852
Anaplan, Inc. (b)		15,319		719,993
Aspen Technology, Inc. (b)		8,353		1,028,087
Avalara, Inc. (b)		12,220		822,284
Dynatrace, Inc. (b)		34,898		651,546
Everbridge, Inc. (a)(b)		12,320		760,267
Five9, Inc. (b)		14,862		798,684
HubSpot, Inc. (b)		6,310		956,659
Rapid7, Inc.(b)		20,950		950,920
RingCentral, Inc.-Class A (b)		4,400		552,904
Smartsheet, Inc.-Class A (b)		16,238		585,055
Trade Desk, Inc. (The)-Class A (a)(b)		1,338		250,942
				8,466,193
				16,284,104

Company	Shares		U.S. $ Value
Industrials - 20.1%
Aerospace & Defense - 4.4%
Axon Enterprise, Inc. (a)(b)		18,260	$	1,036,803
Hexcel Corp.		11,464		941,538
Mercury Systems, Inc. (b)		14,880		1,207,810
				3,186,151
Building Products - 2.4%
Armstrong World Industries, Inc.		9,531		921,648
Trex Co., Inc. (b)		8,823		802,275
				1,723,923
Commercial Services & Supplies - 1.7%
Tetra Tech, Inc.		14,565		1,263,659
Industrial Conglomerates - 1.2%
Carlisle Cos., Inc.		6,042		879,353
Machinery - 5.6%
Chart Industries, Inc. (b)		17,138		1,068,726
Gardner Denver Holdings, Inc. (b)		19,369		547,949
IDEX Corp.		4,772		782,035
Nordson Corp.		5,250		767,865
RBC Bearings, Inc. (b)		5,463		906,366
				4,072,941
Road & Rail - 2.5%
Knight-Swift Transportation Holdings, Inc. (a)		20,687		750,938
Saia, Inc. (b)		11,190		1,048,503
				1,799,441
Trading Companies & Distributors - 2.3%
H&E Equipment Services, Inc.		25,856		746,204
SiteOne Landscape Supply, Inc. (a)(b)		12,487		924,288
				1,670,492
				14,595,960
Consumer Discretionary - 17.9%
Distributors - 1.4%
Pool Corp.		5,157		1,040,167
Diversified Consumer Services - 5.5%
Bright Horizons Family Solutions, Inc. (b)		7,465		1,138,413
Chegg, Inc. (b)		35,380		1,059,631
Grand Canyon Education, Inc. (b)		7,314		718,235
Strategic Education, Inc.		7,930		1,077,528
				3,993,807
Hotels, Restaurants & Leisure - 3.6%
OneSpaWorld Holdings Ltd. (a)(b)		49,270		765,163
Planet Fitness, Inc. (b)		16,486		954,045
Wingstop, Inc.		10,166		887,289
				2,606,497

Company	Shares		U.S. $ Value
Household Durables - 2.1%
Lovesac Co. (The) (a)(b)		26,602	$	496,659
Skyline Champion Corp. (b)		33,356		1,003,682
				1,500,341
Internet & Direct Marketing Retail - 2.6%
Etsy, Inc. (b)		14,486		818,459
Realreal, Inc. (the) (a)(b)		47,895		1,070,932
				1,889,391
Specialty Retail - 2.7%
Five Below, Inc. (b)		8,422		1,062,014
Sleep Number Corp. (b)		21,759		899,082
				1,961,096
				12,991,299
Financials - 7.4%
Banks - 1.1%
Western Alliance Bancorp		17,262		795,433
Capital Markets - 4.3%
Assetmark Financial Holdings, Inc. (b)		20,831		542,647
Hamilton Lane, Inc.-Class A		17,536		998,851
Houlihan Lokey, Inc.		18,160		819,016
Stifel Financial Corp.		13,157		754,949
				3,115,463
Insurance - 2.0%
Palomar Holdings, Inc. (b)		14,351		565,716
Trupanion, Inc. (a)(b)		35,999		915,095
				1,480,811
				5,391,707
Consumer Staples - 3.4%
Food & Staples Retailing - 1.7%
Chefs’ Warehouse, Inc. (The) (b)		30,691		1,237,461
Food Products - 1.7%
Freshpet, Inc. (b)		24,471		1,217,922
				2,455,383
Materials - 1.8%
Chemicals - 1.4%
Ingevity Corp. (b)		12,334		1,046,417
Containers & Packaging - 0.4%
Ranpak Holdings Corp. (b)		44,752		271,197
				1,317,614
Energy - 0.6%
Energy Equipment & Services - 0.6%
DMC Global, Inc. (a)		9,140		401,977
Total Common Stocks (cost $60,470,149)				71,473,889

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS - 2.0%
Investment Companies - 2.0%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (c)(d)(e) (cost $1,450,328)		1,450,328	$	1,450,328
Total Investments Before Security Lending Collateral for Securities Loaned - 100.4% (cost $61,920,477)				72,924,217
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 5.6%
Investment Companies - 5.6%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.89% (c)(d)(e) (cost $4,019,052)		4,019,052		4,019,052
Total Investments - 106.0% (cost $65,939,529) (f)				76,943,269
Other assets less liabilities - (6.0)%				(4,322,208	)
Net Assets - 100.0%			$	72,621,061

(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 $14,880,838 and gross unrealized depreciation of investments was $(3,877,098), resulting in net unrealized appreciation of $11,003,740.

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 Small Cap Growth 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)

$

71,473,889

$

– 0

–

$

– 0

–

$

71,473,889

Short-Term Investments

1,450,328

– 0

–

– 0

–

1,450,328

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

4,019,052

– 0

–

– 0

–

4,019,052

Total Investments in Securities

76,943,269

– 0

–

– 0

–

76,943,269

Other Financial Instruments (b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

76,943,269

$

– 0

–

$

– 0

–

$

76,943,269

(a) See Portfolio of Investments for sector classifications.

(a) 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	$	1,148	$	22,669	$	22,367	$	1,450	$	34
Government Money Market Portfolio*		2,447		31,591		30,019		4,019		20
Total	$	3,595	$	54,260	$	52,386	$	5,469	$	54

* Investments of cash collateral for securities lending transactions