AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 93.3%
Financials – 19.1%
Banks – 6.2%
Citigroup, Inc.		264,970	$	11,422,857
JPMorgan Chase & Co.		262,470		25,267,987
Wells Fargo & Co.		745,590		17,528,821
				54,219,665
Capital Markets – 3.0%
Goldman Sachs Group, Inc. (The)		26,260		5,277,472
LPL Financial Holdings, Inc.		139,191		10,671,774
Northern Trust Corp.		137,830		10,746,605
				26,695,851
Consumer Finance – 0.4%
Capital One Financial Corp.		47,686		3,426,716
Diversified Financial Services – 4.3%
Berkshire Hathaway, Inc. - Class B(a) (b)		178,612		38,033,639
Insurance – 5.2%
Aflac, Inc.		140,730		5,115,536
Allstate Corp. (The)		227,450		21,412,143
Fidelity National Financial, Inc.		391,050		12,243,775
Reinsurance Group of America, Inc. - Class A		69,407		6,606,852
				45,378,306
				167,754,177
Health Care – 17.3%
Biotechnology – 5.7%
Alexion Pharmaceuticals, Inc.(b)		162,890		18,639,503
Amgen, Inc.		123,410		31,365,885
				50,005,388
Health Care Providers & Services – 4.8%
Anthem, Inc.		72,020		19,343,852
Cigna Corp.		96,671		16,377,034
Quest Diagnostics, Inc.		53,530		6,128,650
				41,849,536
Pharmaceuticals – 6.8%
Pfizer, Inc.		886,006		32,516,420
Roche Holding AG (Sponsored ADR)		642,480		27,504,569
				60,020,989
				151,875,913
Information Technology – 14.0%
Communications Equipment – 4.5%
Ciena Corp.(b)		83,350		3,308,162
Cisco Systems, Inc.		298,020		11,739,008
F5 Networks, Inc.(b)		165,600		20,330,712
Lumentum Holdings, Inc.(b)		50,587		3,800,601
				39,178,483

1

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components – 2.6%
Dolby Laboratories, Inc. - Class A		188,609	$	12,501,004
Keysight Technologies, Inc.(b)		73,710		7,281,074
Littelfuse, Inc.		19,373		3,435,608
				23,217,686
IT Services – 5.7%
Akamai Technologies, Inc.(b)		69,150		7,643,841
Cognizant Technology Solutions Corp. - Class A		117,600		8,163,792
Leidos Holdings, Inc.		200,265		17,853,625
MAXIMUS, Inc.		241,094		16,493,240
				50,154,498
Semiconductors & Semiconductor Equipment – 1.2%
Lam Research Corp.		17,290		5,735,957
MKS Instruments, Inc.		40,690		4,444,569
				10,180,526
				122,731,193
Industrials – 12.7%
Aerospace & Defense – 3.7%
Curtiss-Wright Corp.		65,830		6,139,306
Hexcel Corp.(a)		164,384		5,515,083
Raytheon Technologies Corp.		364,613		20,979,832
				32,634,221
Airlines – 0.4%
Southwest Airlines Co.		90,110		3,379,125
Construction & Engineering – 1.8%
EMCOR Group, Inc.		115,090		7,792,744
Valmont Industries, Inc.		66,060		8,203,331
				15,996,075
Electrical Equipment – 2.4%
Emerson Electric Co.(a)		253,980		16,653,468
Hubbell, Inc.		31,170		4,265,303
				20,918,771
Machinery – 1.7%
Altra Industrial Motion Corp.		176,996		6,543,542
Crane Co.		91,729		4,598,375
Middleby Corp. (The)(b)		43,820		3,931,092
				15,073,009
Professional Services – 1.2%
Robert Half International, Inc.		197,890		10,476,296
Road & Rail – 1.2%
Kansas City Southern		58,690		10,612,913
Trading Companies & Distributors – 0.3%
MSC Industrial Direct Co., Inc. - Class A		35,921		2,273,081
				111,363,491

2

Company	Shares		U.S. $ Value
Consumer Discretionary – 10.8%
Auto Components – 1.6%
BorgWarner, Inc.(a)		160,550	$	6,219,707
Gentex Corp.		301,770		7,770,578
				13,990,285
Distributors – 1.9%
LKQ Corp.(b)		603,350		16,730,895
Household Durables – 3.5%
DR Horton, Inc.		298,780		22,596,731
Garmin Ltd.		90,560		8,590,522
				31,187,253
Multiline Retail – 2.4%
Dollar General Corp.		17,350		3,636,907
Target Corp.		108,150		17,024,973
				20,661,880
Specialty Retail – 1.4%
Murphy USA, Inc.(b)		98,510		12,635,878
				95,206,191
Communication Services – 8.3%
Diversified Telecommunication Services – 7.6%
Comcast Corp. - Class A		728,820		33,715,213
Verizon Communications, Inc.		548,830		32,649,897
				66,365,110
Media – 0.7%
Discovery, Inc. - Class A(a) (b)		301,599		6,565,810
				72,930,920
Consumer Staples – 5.1%
Food & Staples Retailing – 3.0%
Walmart, Inc.		189,437		26,504,130
Tobacco – 2.1%
Philip Morris International, Inc.		249,530		18,712,255
				45,216,385
Energy – 2.5%
Energy Equipment & Services – 0.4%
Helmerich & Payne, Inc.		224,464		3,288,398
Oil, Gas & Consumable Fuels – 2.1%
Chevron Corp.		75,140		5,410,080
ConocoPhillips		133,510		4,384,468
EOG Resources, Inc.		127,290		4,574,803
Phillips 66		89,120		4,619,981
				18,989,332
				22,277,730

3

Company	Shares		U.S. $ Value
Real Estate – 2.3%
Equity Real Estate Investment Trusts (REITs) – 0.6%
Mid-America Apartment Communities, Inc.		44,390	$	5,147,021
Real Estate Management & Development – 1.7%
CBRE Group, Inc. - Class A(b)		324,030		15,219,689
				20,366,710
Materials – 1.2%
Containers & Packaging – 0.4%
Avery Dennison Corp.		30,400		3,886,336
Metals & Mining – 0.8%
BHP Group Ltd. (Sponsored ADR)(a)		130,390		6,742,467
				10,628,803
Total Common Stocks (cost $756,205,526)				820,351,513
SHORT-TERM INVESTMENTS – 7.2%
Investment Companies – 7.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(c) (d) (e) (cost $63,109,521)		63,109,521		63,109,521
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3%
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.05%(c) (d) (e) (cost $2,406,675)		2,406,675		2,406,675
Total Investments – 100.8% (cost $821,721,722)(f)				885,867,709
Other assets less liabilities – (0.8)%				(6,769,146	)
Net Assets – 100.0%			$	879,098,563

(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, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $119,714,928 and gross unrealized depreciation of investments was $(55,568,941), resulting in net unrealized appreciation of $64,145,987.

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

REIT – Real Estate Investment Trust

4

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

September 30, 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 September 30, 2020:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	820,351,513	$	—	$	—	$	820,351,513
Short-Term Investments		63,109,521		—		—		63,109,521
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,406,675		—		—		2,406,675
Total Investments in Securities		885,867,709		—		—		885,867,709
Other Financial Instruments(b)		—		—		—		—
Total	$	885,867,709	$	—	$	—	$	885,867,709

^(a) See Portfolio of Investments for sector classifications.

5

^(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, 2020 is as follows:

Fund	Market Value 12/31/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	128,696	$	230,735	$	296,321	$	63,110	$	413
Government Money Market Portfolio*		3,697		60,756		62,046		2,407		1
Total	$	132,393	$	291,491	$	358,367	$	65,517	$	414

* Investments of cash collateral for securities lending transactions.

6