AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.0%
Information Technology – 32.9%
Communications Equipment – 1.2%
Arista Networks, Inc.(a)		18,017	$	5,439,152
Motorola Solutions, Inc.		16,679		3,136,486
				8,575,638
Electronic Equipment, Instruments & Components – 2.3%
Amphenol Corp.—Class A		79,192		5,224,296
Cognex Corp.		47,742		3,962,109
IPG Photonics Corp.(a)		35,036		7,390,494
				16,576,899
IT Services – 7.7%
EPAM Systems, Inc.(a)		13,829		5,485,826
PayPal Holdings, Inc.(a)		73,502		17,849,225
Visa, Inc. - Class A(b)		158,856		33,634,581
				56,969,632
Semiconductors & Semiconductor Equipment – 8.9%
ASML Holding NV ADR		20,770		12,822,567
NVIDIA Corp.		23,549		12,573,518
QUALCOMM, Inc.		162,002		21,479,845
Texas Instruments, Inc.		25,530		4,824,915
Xilinx, Inc.		108,340		13,423,326
				65,124,171
Software – 12.8%
Adobe, Inc.(a)		42,601		20,251,237
Fortinet, Inc.(a)		60,061		11,076,450
Microsoft Corp.		245,302		57,834,853
Paycom Software, Inc.(a)		2,136		790,448
Tyler Technologies, Inc.(a)		10,312		4,377,753
				94,330,741
				241,577,081
Health Care – 23.0%
Biotechnology – 1.7%
Regeneron Pharmaceuticals, Inc.(a)		25,924		12,265,681
Health Care Management Services – 5.0%
UnitedHealth Group, Inc.		100,069		37,232,673
Health Care Technology – 0.7%
Veeva Systems, Inc.—Class A(a)		18,907		4,939,265
Medical & Dental Instruments & Supplies – 4.0%
ABIOMED, Inc.(a)		10,523		3,353,996
Align Technology, Inc.(a)		23,416		12,680,466
Edwards Lifesciences Corp.(a)		161,248		13,486,783
				29,521,245
Medical Equipment – 4.5%
IDEXX Laboratories, Inc.(a)		19,298		9,442,704

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Company	Shares		U.S. $ Value
Illumina, Inc.(a)		11,770	$	4,520,386
Intuitive Surgical, Inc.(a)		26,203		19,362,445
				33,325,535
Pharmaceuticals – 6.6%
Vertex Pharmaceuticals, Inc.(a)		94,505		20,308,179
Zoetis, Inc.		177,481		27,949,708
				48,257,887
Scientific Instruments: Gauges & Meters – 0.5%
Mettler-Toledo International, Inc.(a)		3,075		3,553,747
				169,096,033
Communication Services – 15.6%
Computer Services, Software & Systems – 13.2%
Alphabet, Inc. - Class C(a)		27,800		57,507,914
Facebook, Inc. - Class A(a)		134,926		39,739,755
				97,247,669
Electronic Entertainment – 2.4%
Electronic Arts, Inc.		81,192		10,990,961
Take-Two Interactive Software, Inc.(a)		37,299		6,590,733
				17,581,694
				114,829,363
Consumer Discretionary – 13.8%
Diversified Retail – 6.3%
Amazon.com, Inc.(a)		13,420		41,522,554
Etsy, Inc.(a)		21,648		4,365,752
				45,888,306
Education Services – 0.4%
Chegg, Inc.(a)		37,764		3,234,864
Hotels Restaurants & Leisure – 0.9%
Domino’s Pizza, Inc.(b)		16,800		6,178,872
Specialty Retail – 3.5%
Burlington Stores, Inc.(a)		10,760		3,215,088
Home Depot, Inc. (The)		74,640		22,783,860
				25,998,948
Textiles, Apparel & Shoes – 2.7%
NIKE, Inc. - Class B		149,346		19,846,590
				101,147,580
Consumer Staples – 5.7%
Beverage: Soft Drinks – 3.3%
Monster Beverage Corp.(a)		265,198		24,156,886
Diversified Retail – 2.4%
Costco Wholesale Corp.		49,666		17,506,272

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Company	Shares		U.S. $ Value
			$	41,663,158
Industrials – 4.9%
Back Office Support, HR & Consulting – 1.2%
Copart, Inc.(a)		80,168		8,707,047
Building Materials – 0.3%
Trex Co., Inc.(a)		25,765		2,358,528
Scientific Instruments: Control & Filter – 2.9%
Allegion PLC		51,144		6,424,709
IDEX Corp.		18,535		3,879,746
Roper Technologies, Inc.		26,005		10,488,857
				20,793,312
Scientific Instruments: Electrical – 0.5%
AMETEK, Inc.		29,580		3,778,253
				35,637,140
Materials – 1.6%
Chemicals – 1.6%
Sherwin-Williams Co. (The)		16,189		11,947,644
Financials – 0.5%
Financial Data & Systems – 0.2%
S&P Global, Inc.		5,470		1,930,199
Securities Brokerage & Services – 0.3%
MarketAxess Holdings, Inc.		4,071		2,027,032
				3,957,231
Total Common Stocks (cost $378,549,873)				719,855,230
SHORT-TERM INVESTMENTS – 2.3%
Investment Companies – 2.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $16,837,904)		16,837,904		16,837,904
Total Investments – 100.3% (cost $395,387,777)(f)				736,693,134
Other assets less liabilities – (0.3)%				(1,920,477	)
Net Assets – 100.0%			$	734,772,657

(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, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $341,835,626 and gross unrealized depreciation of investments was $(530,269), resulting in net unrealized appreciation of $341,305,357.

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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

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AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio    

March 31, 2021 (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, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	719,855,230	$	—	$	—	$	719,855,230
Short-Term Investments		16,837,904		—		—		16,837,904
Total Investments in Securities		736,693,134	$	—	$	—	$	736,693,134
Other Financial Instruments(b)		—		—		—		—
Total	$	736,693,134	$	—	$	—	$	736,693,134

^(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.

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A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2021 is as follows:

Fund	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	37,157	$	23,990	$	44,309	$	16,838	$	1

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