AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 96.6%
Financials – 19.9%
Banks – 8.7%
Citigroup, Inc.		311,990	$	13,141,019
JPMorgan Chase & Co.		262,470		23,630,174
Wells Fargo & Co.		1,044,990		29,991,213
				66,762,406
Capital Markets – 1.5%
Goldman Sachs Group, Inc. (The)		26,380		4,078,084
LPL Financial Holdings, Inc.		139,191		7,576,166
				11,654,250
Consumer Finance – 0.8%
Capital One Financial Corp.		125,106		6,307,845
Diversified Financial Services – 3.8%
Berkshire Hathaway, Inc. - Class B(a)		159,272		29,119,700
Insurance – 5.1%
Aflac, Inc.		86,500		2,961,760
Allstate Corp. (The)		194,330		17,825,891
Fidelity National Financial, Inc.		357,930		8,905,298
Reinsurance Group of America, Inc. - Class A		107,437		9,039,749
				38,732,698
				152,576,899
Health Care – 18.5%
Biotechnology – 3.8%
Alexion Pharmaceuticals, Inc.(a)		143,990		12,928,862
Amgen, Inc.		79,920		16,202,182
				29,131,044
Health Care Providers & Services – 4.6%
Anthem, Inc.		43,760		9,935,270
Cigna Corp.(a)		61,021		10,811,701
Quest Diagnostics, Inc.		183,700		14,751,110
				35,498,081
Pharmaceuticals – 10.1%
Pfizer, Inc.		1,219,876		39,816,753
Roche Holding AG (Sponsored ADR)		929,720		37,718,740
				77,535,493
				142,164,618
Information Technology – 12.8%
Communications Equipment – 3.4%
Cisco Systems, Inc.		261,160		10,266,200
F5 Networks, Inc.(a)		149,770		15,969,975
				26,236,175
Electronic Equipment, Instruments & Components – 3.3%
Dolby Laboratories, Inc. - Class A		208,588		11,307,555
Keysight Technologies, Inc.(a)		81,370		6,809,042
Littelfuse, Inc.		51,924		6,927,700
				25,044,297

Company	Shares		U.S. $ Value
IT Services – 4.9%
Akamai Technologies, Inc.(a)		107,240	$	9,811,387
Cognizant Technology Solutions Corp. - Class A		143,610		6,673,557
Leidos Holdings, Inc.		150,382		13,782,510
MAXIMUS, Inc.		128,744		7,492,901
				37,760,355
Semiconductors & Semiconductor Equipment – 0.7%
Lam Research Corp.(b)		21,300		5,112,000
Software – 0.5%
VMware, Inc. - Class A(a) (b)		29,509		3,573,540
				97,726,367
Industrials – 12.2%
Aerospace & Defense – 4.8%
Curtiss-Wright Corp.		59,250		5,475,292
Hexcel Corp.		93,104		3,462,538
Raytheon Co.		214,221		28,095,084
				37,032,914
Airlines – 0.8%
Delta Air Lines, Inc.		71,130		2,029,339
Southwest Airlines Co.		108,190		3,852,646
				5,881,985
Construction & Engineering – 1.7%
EMCOR Group, Inc.		100,790		6,180,443
Valmont Industries, Inc.		66,060		7,001,039
				13,181,482
Electrical Equipment – 1.3%
Emerson Electric Co.		146,770		6,993,590
Hubbell, Inc.(b)		26,870		3,083,064
				10,076,654
Machinery – 2.0%
Altra Industrial Motion Corp.		199,800		3,494,502
Crane Co.		138,000		6,786,840
Middleby Corp. (The)(a)		95,650		5,440,572
				15,721,914
Professional Services – 0.9%
Robert Half International, Inc.		174,640		6,592,660
Road & Rail – 0.7%
Kansas City Southern		41,370		5,261,437
				93,749,046
Consumer Discretionary – 9.8%
Auto Components – 1.6%
BorgWarner, Inc.(b)		181,940		4,433,878
Gentex Corp.		342,440		7,588,470
				12,022,348

Company	Shares		U.S. $ Value
Distributors – 1.5%
LKQ Corp.(a)		554,720	$	11,377,307
Household Durables – 2.9%
DR Horton, Inc.		350,890		11,930,260
Garmin Ltd.		144,240		10,812,231
				22,742,491
Multiline Retail – 1.6%
Target Corp.		133,210		12,384,534
Specialty Retail – 2.2%
Advance Auto Parts, Inc.		90,690		8,463,191
Murphy USA, Inc.(a)		98,510		8,310,303
				16,773,494
				75,300,174
Communication Services – 8.9%
Diversified Telecommunication Services – 8.2%
Comcast Corp. - Class A		713,470		24,529,098
Verizon Communications, Inc.		715,770		38,458,322
				62,987,420
Media – 0.7%
Discovery, Inc. - Class A(a) (b)		275,584		5,357,353
				68,344,773
Consumer Staples – 5.9%
Food & Staples Retailing – 3.1%
Walmart, Inc.		206,727		23,488,322
Tobacco – 2.8%
Philip Morris International, Inc.		297,500		21,705,600
				45,193,922
Real Estate – 3.7%
Equity Real Estate Investment Trusts (REITs) – 1.5%
Mid-America Apartment Communities, Inc.		69,410		7,151,312
Regency Centers Corp.		110,850		4,259,966
				11,411,278
Real Estate Management & Development – 2.2%
CBRE Group, Inc. - Class A(a)		439,000		16,554,690
				27,965,968
Energy – 3.6%
Oil, Gas & Consumable Fuels – 3.6%
Chevron Corp.(b)		85,690		6,209,097
ConocoPhillips		174,610		5,377,988
EOG Resources, Inc.(b)		139,490		5,010,481
Phillips 66		203,330		10,908,654
				27,506,220

Company	Shares		U.S. $ Value
Materials – 1.3%
Chemicals – 0.6%
LyondellBasell Industries NV - Class A		96,180	$	4,773,414
Metals & Mining – 0.7%
BHP Group Ltd. (Sponsored ADR)(b)		143,270		5,256,576
				10,029,990
Total Common Stocks (cost $843,902,901)				740,557,977
SHORT-TERM INVESTMENTS – 3.1%
Investment Companies – 3.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(c) (d) (e) (cost $23,590,670)		23,590,670		23,590,670
Total Investments Before Security Lending Collateral for Securities Loaned – 99.7% (cost $867,493,571)				764,148,647
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(c) (d) (e) (cost $5,058,961)		5,058,961		5,058,961
Total Investments – 100.3% (cost $872,552,532)(f)				769,207,608
Other assets less liabilities – (0.3)%				(2,610,899	)
Net Assets – 100.0%			$	766,596,709

(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, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $44,375,607 and gross unrealized depreciation of investments was $(147,720,531), resulting in net unrealized depreciation of $(103,344,924).

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, 2020 (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, 2020:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	740,557,977	$	—	$	—	$	740,557,977
Short-Term Investments		23,590,670		—		—		23,590,670
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		5,058,961		—		—		5,058,961
Total Investments in Securities		769,207,608		—		—		769,207,608
Other Financial Instruments(b)		—		—		—		—
Total	$	769,207,608	$	—	$	—	$	769,207,608

^(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, 2020 is as follows:

Fund	Market Value 12/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	128,696	$	74,393	$	179,498	$	23,591	$	355
Government Money Market Portfolio*		3,697		99,287		97,925		5,059		21
Total	$	132,393	$	173,680	$	277,423	$	28,650	$	376

* Investments of cash collateral for securities lending transactions.