Ab Variable Products Series Fund NPORT-P AB Growth and Income Portfolio (Mar 2021 report)

AB Variable Products Series Fund, Inc.

AB Growth and Income Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 96.4%
Industrials – 20.1%
Aerospace & Defense – 1.7%
Curtiss-Wright Corp.		73,920	$	8,766,912
Hexcel Corp.(a)		107,904		6,042,624
Raytheon Technologies Corp.		54,563		4,216,083
				19,025,619
Construction & Engineering – 2.1%
EMCOR Group, Inc.		127,060		14,251,050
Valmont Industries, Inc.		34,962		8,309,418
				22,560,468
Electrical Equipment – 4.4%
Acuity Brands, Inc.		38,165		6,297,225
Emerson Electric Co.		313,075		28,245,627
Hubbell, Inc.		76,153		14,232,234
				48,775,086
Industrial Conglomerates – 0.8%
3M Co.		43,840		8,447,091
Machinery – 3.4%
Altra Industrial Motion Corp.		157,742		8,726,287
Crane Co.		59,099		5,549,987
Flowserve Corp.		158,070		6,134,697
Middleby Corp. (The)(a)		28,900		4,790,175
Westinghouse Air Brake Technologies Corp.		148,475		11,753,281
				36,954,427
Professional Services – 3.9%
Leidos Holdings, Inc.		244,625		23,552,495
Robert Half International, Inc.		242,470		18,929,633
				42,482,128
Road & Rail – 2.6%
Kansas City Southern		43,530		11,488,438
Knight-Swift Transportation Holdings, Inc.		360,568		17,339,715
				28,828,153
Trading Companies & Distributors – 1.2%
MSC Industrial Direct Co., Inc. - Class A		149,158		13,452,560
				220,525,532
Financials – 17.6%
Banks – 7.5%
Citigroup, Inc.		278,210		20,239,778
JPMorgan Chase & Co.		166,180		25,297,581
Wells Fargo & Co.		948,101		37,042,306
				82,579,665
Capital Markets – 2.1%
Goldman Sachs Group, Inc. (The)		26,600		8,698,200
Northern Trust Corp.		140,450		14,762,699
				23,460,899

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Company	Shares		U.S. $ Value
Consumer Finance – 0.5%
Capital One Financial Corp.		48,346	$	6,151,062
Diversified Financial Services – 3.8%
Berkshire Hathaway, Inc. - Class B(a)		162,512		41,516,941
Insurance – 3.7%
Aflac, Inc.		142,500		7,293,150
Allstate Corp. (The)		230,300		26,461,470
Fidelity National Financial, Inc.		163,800		6,660,108
				40,414,728
				194,123,295
Consumer Discretionary – 15.5%
Auto Components – 2.2%
BorgWarner, Inc.		255,970		11,866,769
Gentex Corp.		357,280		12,744,178
				24,610,947
Distributors – 2.6%
LKQ Corp.(a)		681,600		28,852,128
Household Durables – 3.0%
DR Horton, Inc.		291,860		26,010,563
Garmin Ltd.		54,280		7,156,818
				33,167,381
Internet & Direct Marketing Retail – 1.5%
eBay, Inc.		266,200		16,302,088
Multiline Retail – 3.3%
Dollar General Corp.		78,930		15,992,797
Target Corp.		101,690		20,141,738
				36,134,535
Specialty Retail – 2.0%
AutoZone, Inc.(a)		10,480		14,717,064
Murphy USA, Inc.		48,920		7,071,875
				21,788,939
Textiles, Apparel & Luxury Goods – 0.9%
Deckers Outdoor Corp.(a)		28,950		9,565,659
				170,421,677
Health Care – 12.2%
Biotechnology – 4.8%
Alexion Pharmaceuticals, Inc.(a)		150,900		23,074,119
Amgen, Inc.		116,500		28,986,365
				52,060,484
Health Care Providers & Services – 3.9%
Anthem, Inc.		55,620		19,964,799
Cigna Corp.		96,171		23,248,377
				43,213,176

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Company	Shares		U.S. $ Value
Pharmaceuticals – 3.5%
Pfizer, Inc.		359,466	$	13,023,453
Roche Holding AG (Sponsored ADR)		631,640		25,619,319
				38,642,772
				133,916,432
Information Technology – 11.7%
Communications Equipment – 4.6%
Ciena Corp.(a)		71,340		3,903,725
Cisco Systems, Inc./Delaware		388,000		20,063,480
F5 Networks, Inc.(a)		84,580		17,645,080
Lumentum Holdings, Inc.(a)		98,958		9,039,813
				50,652,098
Electronic Equipment, Instruments & Components – 0.9%
Keysight Technologies, Inc.(a)		47,050		6,746,970
Littelfuse, Inc.		14,041		3,713,002
				10,459,972
IT Services – 4.7%
Cognizant Technology Solutions Corp. - Class A		199,020		15,547,443
FleetCor Technologies, Inc.(a)		54,652		14,681,167
MAXIMUS, Inc.		238,534		21,239,067
				51,467,677
Semiconductors & Semiconductor Equipment – 1.5%
Lam Research Corp.		12,010		7,148,832
MKS Instruments, Inc.		49,450		9,169,019
				16,317,851
				128,897,598
Communication Services – 6.3%
Diversified Telecommunication Services – 6.3%
Comcast Corp. - Class A		745,800		40,355,238
Verizon Communications, Inc.		490,360		28,514,434
				68,869,672
Consumer Staples – 5.2%
Food & Staples Retailing – 1.9%
Walmart, Inc.		150,017		20,376,809
Tobacco – 3.3%
Philip Morris International, Inc.		413,180		36,665,593
				57,042,402
Energy – 3.0%
Energy Equipment & Services – 0.6%
Cactus, Inc. - Class A		126,647		3,877,931
Helmerich & Payne, Inc.		125,989		3,396,664
				7,274,595
Oil, Gas & Consumable Fuels – 2.4%
Chevron Corp.		54,090		5,668,091
ConocoPhillips		95,940		5,081,942

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Company	Shares		U.S. $ Value
EOG Resources, Inc.		129,960	$	9,425,999
Phillips 66		72,510		5,912,465
				26,088,497
				33,363,092
Real Estate – 2.5%
Equity Real Estate Investment Trusts (REITs) – 0.4%
Mid-America Apartment Communities, Inc.		34,820		5,026,615
Real Estate Management & Development – 2.1%
CBRE Group, Inc. - Class A(a)		285,870		22,615,176
				27,641,791
Materials – 2.3%
Containers & Packaging – 0.4%
Avery Dennison Corp.		22,910		4,207,422
Metals & Mining – 1.9%
BHP Group Ltd. (Sponsored ADR)(b)		138,570		9,615,372
Steel Dynamics, Inc.		226,470		11,495,617
				21,110,989
				25,318,411
Total Common Stocks (cost $777,376,928)				1,060,119,902
SHORT-TERM INVESTMENTS – 4.3%
Investment Companies – 4.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $47,126,423)		47,126,423		47,126,423
Total Investments Before Security Lending Collateral for Securities Loaned – 100.7% (cost $824,503,351)				1,107,246,325
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.9%
Investment Companies – 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.01%(c) (d) (e) (cost $9,774,360)		9,774,360		9,774,360
Total Investments – 101.6% (cost $834,277,711)(f)				1,117,020,685
Other assets less liabilities – (1.6)%				(18,038,468	)
Net Assets – 100.0%			$	1,098,982,217

(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.

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(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 $288,967,656 and gross unrealized depreciation of investments was $(6,224,682), resulting in net unrealized appreciation of $282,742,974.

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

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AB Variable Products Series Fund, Inc.

AB Growth and Income 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)	$	1,060,119,902	$	—	$	—	$	1,060,119,902
Short-Term Investments		47,126,423		—		—		47,126,423
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		9,774,360		—		—		9,774,360
Total Investments in Securities		1,117,020,685		—		—		1,117,020,685
Other Financial Instruments(b)		—		—		—		—
Total	$	1,117,020,685	$	—	$	—	$	1,117,020,685

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

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^(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, 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	$	38,262	$	95,436	$	86,572	$	47,126	$	2
Government Money Market Portfolio*		13,101		26,204		29,531		9,774		0	**
Total	$	51,363	$	121,640	$	116,103	$	56,900	$	2

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

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