Ab Variable Products Series Fund NPORT-P AB Global Risk Allocation-Moderate Portfolio (Mar 2020 report)

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES –44.0%
Funds and Investment Trusts –44.0%(a)
iShares Core MSCI EAFEETF			76,670	$	3,825,066
iShares Core S&P 500ETF			43,375		11,208,100
iShares MSCI EAFEETF(b)			75,980		4,061,891
SPDR S&P 500 ETF Trust(b)			18,981		4,892,353
Vanguard S&P 500ETF			49,183		11,647,518
Total Investment Companies (cost$34,760,472)					35,634,928
	Principal Amount (000)
INFLATION-LINKED SECURITIES –18.6%
Japan –13.7%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027		JPY	1,192,468		11,083,161
United States –4.9%
U.S. Treasury Inflation Index 0.375%, 07/15/2025(TIPS)(c)		$	3,931		4,003,831
Total Inflation-Linked Securities (cost$15,274,427)					15,086,992
	Notional Amount
OPTIONS PURCHASED - PUTS –0.2%
Options on Indices –0.2%
FTSE 100 Index Expiration: Apr 2020; Contracts: 80; Exercise Price: GBP 5,050.00; Counterparty: Citibank, NA(d)		GBP	404,000		5,027
S&P 500 Index Expiration: Apr 2020; Contracts: 310; Exercise Price: EUR 2,475.00; Counterparty: Citibank, NA(d)		EUR	767,250		9,826
Nikkei 225 Index Expiration: Apr 2020; Contracts: 7,000; Exercise Price: JPY 17,000.00; Counterparty: Goldman Sachs International(d)		JPY	119,000,000		15,514
S&P 500 Index Expiration: Apr 2020; Contracts: 21,700; Exercise Price: USD 233.00; Counterparty: UBS AG(d)		USD	5,056,100		95,854
					126,221
Swaptions –0.0%
IRS Swaption Expiration: Apr 2020; Contracts: 7,161,000; Exercise Rate: 2.00%; Counterparty: JPMorgan Chase Bank, NA(d)		USD	7,161,000		0
Total Options Purchased - Puts (premiums paid$437,782)					126,221

Company	Shares			U.S. $ Value
SHORT-TERM INVESTMENTS –33.7%
Investment Companies –22.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(a) (e) (f) (cost$18,187,613)			18,187,613	$	18,187,613
	Principal Amount (000)
Governments - Treasuries –6.2%
Japan –6.2%
Japan Treasury Discount Bill Series 881 Zero Coupon, 04/13/2020 (cost$4,968,481)		JPY	540,100		5,023,249
U.S. Treasury Bills –5.1%
U.S. TreasuryBill Zero Coupon,05/14/2020(c)		$	1,500		1,499,830
Zero Coupon,04/23/2020			2,634		2,633,943
Total U.S. Treasury Bills (cost$4,128,796)					4,133,773
Total Short-Term Investments (cost$27,284,890)					27,344,635
Total Investments Before Security Lending Collateral for Securities Loaned – 96.5% (cost$77,757,571)					78,192,776
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED –6.3%
Investment Companies –6.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(a) (e) (f) (cost$5,067,927)			5,067,927		5,067,927
Total Investments – 102.8% (cost$82,825,498)(g)					83,260,703
Other assets less liabilities –(2.8)%					(2,195,407	)
Net Assets –100.0%				$	81,065,296

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
PurchasedContracts
10 Yr Mini Japan Government BondFutures		57		June 2020		$	8,092,118		$	(100,476	)
Canadian 10 Yr BondFutures		11		June 2020			1,150,103			(14,714	)
Euro-BOBLFutures		4		June 2020			596,492			(4,637	)
Euro-BTPFutures		12		June 2020			1,871,532			(67,025	)
Euro-BundFutures		4		June 2020			761,045			(26,915	)
Euro-OATFutures		14		June 2020			2,581,821			(60,619	)
FTSE 100 IndexFutures		2		June 2020			139,997			6,096
Long GiltFutures		20		June 2020			3,383,233			43,950
MSCI Singapore IX ETSFutures		5		April 2020			98,990			(1,227	)
S&P/TSX 60 IndexFutures		6		June 2020			694,266			(13,776	)
TOPIX IndexFutures		6		June 2020			782,888			17,704
U.S.T-Note 5 Yr (CBT)Futures		33		June 2020			4,136,859			125,747
U.S.T-Note 10 Yr (CBT)Futures		23		June 2020			3,189,814			(15,844	)
U.S. Ultra Bond (CBT)Futures		11		June 2020			2,440,625			41,765
SoldContracts
10 Yr Mini Japan Government BondFutures		24		June 2020			3,407,208			45,879
Euro STOXX 50 IndexFutures		20		June 2020			605,933			(35,403	)
Nikkei 225 (CME)Futures		1		June 2020			94,325			1,272
S&P 500E-MiniFutures		62		June 2020			7,966,070			(186,883	)
SPI 200Futures		1		June 2020			78,564			(4,461	)
									$	(249,567	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America,NA		EUR	854		USD	949		04/08/2020		$	6,485
Citibank,NA		JPY	2,394,869		USD	22,024		04/09/2020			(253,439	)
Citibank,NA		GBP	1,205		USD	1,550		05/15/2020			52,284
Morgan Stanley Capital Services,Inc.		EUR	1,679		USD	1,826		04/08/2020			(25,992	)
Morgan Stanley Capital Services,Inc.		USD	4,636		JPY	507,518		04/09/2020			85,050
State Street Bank & TrustCo.		SEK	2,708		USD	287		05/14/2020			12,528
State Street Bank & TrustCo.		EUR	1,329		USD	1,488		04/08/2020			21,022
State Street Bank & TrustCo.		AUD	797		USD	470		06/11/2020			(20,565	)
State Street Bank & TrustCo.		CHF	457		USD	485		05/29/2020			8,399
State Street Bank & TrustCo.		NZD	151		USD	90		06/04/2020			(205	)
State Street Bank & TrustCo.		USD	140		GBP	115		05/15/2020			3,052
State Street Bank & TrustCo.		USD	2,644		EUR	2,352		04/08/2020			(49,224	)
State Street Bank & TrustCo.		USD	77		SEK	789		05/14/2020			2,521
State Street Bank & TrustCo.		USD	392		JPY	43,360		04/09/2020			10,997
UBSAG		JPY	236,290		USD	2,248		04/09/2020			50,290
UBSAG		EUR	981		USD	1,108		04/08/2020			25,506
										$	(71,291	)

CALL OPTIONS WRITTEN

Description

Counterparty

Contracts

Exercise Price

Expiration Month

Notional (000)

Premiums Received

U.S. $ Value

Nikkei 225 Index(h)

Goldman Sachs International

145,250,000

JPY

20,750.00

April 2020

JPY

7

$

10,607

$

(4,965

)

PUT OPTIONS WRITTEN

Description	Counterparty	Contracts		Exercise Price			Expiration Month		Notional (000)				Premiums Received		U.S. $ Value
Euro STOXX 50 Index(h)	Citibank,NA		697,500		EUR	2,250.00		April 2020		EUR	0	*	$	24,088	$	(3,507	)
FTSE 100 Index(h)	Citibank,NA		368,000		GBP	4,600.00		April 2020		GBP	0	*		10,641		(1,575	)
Nikkei 225 Index(h)	Goldman SachsInternational		94,500,000		JPY	13,500.00		April 2020		JPY	7			10,736		(1,612	)
S&P 500 Index(h)	UBSAG		4,535,300		USD	209.00		April 2020		USD	22			130,200		(39,592	)
													$	175,665	$	(46,286	)

INTEREST RATE SWAPTIONS WRITTEN

Description

Index

Counter- Party

Strike Rate

Expiration Date

Notional Amount (000)

Premiums Received

Market Value

Put

OTC - 1 Year Interest Rate Swap(h)

3 Month LIBOR

JPMorgan Chase Bank, NA

2.25

%

04/06/2020

$

7,161

$

9,094

$

0

VARIANCE SWAPS

Swap Counterparty & Referenced Obligation	Volatility Strike Price		Payment Frequency		Notional Amount (000)			Market Value		Upfront Premiums (Paid) Received		Unrealized Appreciation/ (Depreciation)
BuyContracts
Barclays Bank PLC
JPY/USD05/27/2020*		5.88		Maturity		USD	278	$	302,980	$	—	$	302,980
SaleContracts
JPMorgan Chase Bank,NA
JPY/USD05/07/2020*		16.90		Maturity		USD	200		10,015		—		10,015
								$	312,995	$	0	$	312,995

* Terminationdate

** Principal amount less than500.

(a) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800)227-4618.

(b) Represents entire or partial securities out onloan.

(c) Position, or a portion thereof, has been segregated to collateralize margin requirements for open exchange-tradedderivatives.

(d) Non-income producingsecurity.

(e) Affiliatedinvestments.

(f) The rate shown represents the7-day yield as of periodend.

(g) 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 $3,734,689 and gross unrealized depreciation of investments was $(3,163,232), resulting in net unrealized appreciation of$571,457.

(h) One contract relates to 1share.

CurrencyAbbreviations:

AUD – AustralianDollar

CAD – CanadianDollar

CHF – SwissFranc

EUR –Euro

GBP – Great BritishPound

JPY – JapaneseYen

NZD – New ZealandDollar

SEK – SwedishKrona

USD – United StatesDollar

Glossary:

BOBL –Bundesobligationen

BTP – Buoni del TesoroPoliennali

CBT – Chicago Board ofTrade

CME – Chicago MercantileExchange

CPI – Consumer PriceIndex

EAFE – Europe, Australia, and FarEast

ETF – Exchange TradedFund

ETS – Emission TradingScheme

FTSE – Financial Times StockExchange

IRS – Interest RateSwaption

LIBOR – London Interbank OfferedRates

MSCI – Morgan Stanley CapitalInternational

OAT – Obligations Assimilables duTrésor

SPDR – Standard & Poor’s DepositoryReceipt

SPI – Share PriceIndex

TIPS – Treasury Inflation Protected Security

TOPIX – Tokyo PriceIndex

TSX – Toronto StockExchange

COUNTRY BREAKDOWN¹

March 31, 2020 (unaudited)

50.8	%	United States
14.2	%	Japan
35.0	%	Short-Term
100.0	%	Total Investments

1 All data are as of March 31, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate 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)

The fair value of debt instruments, such as bonds, andover-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition,non-agency rated investments are classified as Level 3.

Other fixed income investments, includingnon-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

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:
Investment Companies	$	35,634,928		$	—		$	—	$	35,634,928
Inflation-Linked Securities		—			15,086,992			—		15,086,992
Options Purchased - Puts		—			126,221			—		126,221
Short-Term Investments:
Investment Companies		18,187,613			—			—		18,187,613
Governments - Treasuries		—			5,023,249			—		5,023,249
U.S. Treasury Bills		—			4,133,773			—		4,133,773
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		5,067,927			—			—		5,067,927
Total Investments in Securities		58,890,468			24,370,235			—		83,260,703
Other Financial Instruments(a):
Assets:
Futures		257,341			25,072			—		282,413
Forward Currency Exchange Contracts		—			278,134			—		278,134
Variance Swaps		—			312,995			—		312,995
Liabilities:
Futures		(490,889	)		(41,091	)		—		(531,980	)
Forward Currency Exchange Contracts		—			(349,425	)		—		(349,425	)
Call Options Written		—			(4,965	)		—		(4,965	)
Put Options Written		—			(46,286	)		—		(46,286	)
Interest Rate Swaptions Written		—			—			—		—
Total	$	58,656,920		$	24,544,669		$	—	$	83,201,589

^(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 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	$	15,287	$	14,854	$	11,953	$	18,188	$	51
Government Money Market Portfolio*		1,040		50,789		46,761		5,068		4
Total	$	16,327	$	65,643	$	58,714	$	23,256	$	55

* Investments of cash collateral for securities lending transactions.