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

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES – 52.5%
Funds and Investment Trusts – 52.5%(a)
iShares Core MSCI EAFE ETF			76,670	$	4,621,668
iShares Core S&P 500 ETF			43,375		14,576,602
iShares MSCI EAFE ETF			75,980		4,836,127
SPDR S&P 500 ETF Trust			18,981		6,356,547
Vanguard S&P 500 ETF			49,183		15,131,150
Total Investment Companies (cost $35,406,427)					45,522,094
	Principal Amount (000)
INFLATION-LINKED SECURITIES – 13.5%
Japan – 8.5%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027		JPY	781,448		7,391,020
United States – 5.0%
U.S. Treasury Inflation Index 0.375%, 07/15/2025 (TIPS)(b)		$	3,948		4,282,787
Total Inflation-Linked Securities (cost $11,364,709)					11,673,807
	Notional Amount
OPTIONS PURCHASED - PUTS – 0.2%
Options on Funds and Investment Trusts – 0.1%
SPDR S&P 500 ETF Trust Expiration: Oct 2020; Contracts: 34; Exercise Price: USD 3,270.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	11,118,000		129,030
Options on Equity Indices – 0.1%
FTSE 100 Index Expiration: Oct 2020; Contracts: 10; Exercise Price: GBP 5,900.00; Counterparty: Morgan Stanley & Co., Inc.(c)		GBP	590,000		16,162
Euro STOXX 50 Index Expiration: Oct 2020; Contracts: 52; Exercise Price: EUR 3,225.00; Counterparty: Morgan Stanley & Co., Inc.(c)		EUR	1,677,000		44,415
Nikkei 225 Index Expiration: Oct 2020; Contracts: 6,000; Exercise Price: JPY 22,625.00; Counterparty: Goldman Sachs International(c)		JPY	135,750,000		5,378
					65,955
Total Options Purchased - Puts (premiums paid $243,514)					194,985

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Company	Shares			U.S. $ Value
SHORT-TERM INVESTMENTS – 20.5%
Investment Companies – 17.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(a)(d)(e) (cost $15,062,028)			15,062,028	$	15,062,028
		Principal Amount (000)
U.S. Treasury Bills – 3.1%
U.S. Treasury Bill Zero Coupon, 10/22/2020 (cost $2,633,800)		$	2,634		2,633,869
Total Short-Term Investments (cost $17,695,828)					17,695,897
Total Investments – 86.7% (cost $64,710,478)(f)					75,086,783
Other assets less liabilities – 13.3%					11,564,852
Net Assets – 100.0%				$	86,651,635

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		5		December 2020		$	570,050		$	(188	)
10 Yr Mini Japan Government Bond Futures		69		December 2020			9,951,728			11,392
Euro STOXX 50 Index Futures		57		December 2020			2,134,539			(84,985	)
Euro-BOBL Futures		8		December 2020			1,267,840			1,388
Euro-BTP Futures		12		December 2020			2,076,362			21,076
Euro-Bund Futures		4		December 2020			818,464			2,105
Euro-OAT Futures		14		December 2020			2,766,630			14,740
FTSE 100 Index Futures		14		December 2020			1,055,261			(16,952	)
Long Gilt Futures		20		December 2020			3,512,589			(1,574	)
MSCI Singapore IX ETS Futures		1		October 2020			20,710			52
Nikkei 225 (CME) Futures		8		December 2020			932,200			8,351
S&P 500 E-Mini Futures		10		December 2020			1,676,000			23,267
S&P Mid 400 E Mini Futures		5		December 2020			927,950			(8,936	)
S&P TSX 60 Index Futures		8		December 2020			1,155,345			(16,225	)
TOPIX Index Futures		6		December 2020			924,762			14,864
U.S. T-Note 10 Yr (CBT) Futures		29		December 2020			4,046,406			1,504
U.S. T-Note 5 Yr (CBT) Futures		19		December 2020			2,394,594			743
U.S. Ultra Bond (CBT) Futures		5		December 2020			1,109,062			(6,632	)
Sold Contracts
10 Yr Mini Japan Government Bond Futures		6		December 2020			865,368			(1,394	)
Hang Seng Index Futures		1		October 2020			151,161			(17	)
OMXS30 Index Future		4		October 2020			81,790			(497	)
S&P 500 E-Mini Futures		42		December 2020			7,039,200			(62,300	)
SPI 200 Futures		2		December 2020			207,785			1,823
									$	(98,395	)

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FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		JPY	104,224		USD	989		10/08/2020		$	843
Bank of America, NA		USD	790		CAD	1,046		10/09/2020			(4,465	)
Citibank, NA		EUR	1,209		USD	1,430		10/15/2020			12,008
HSBC Bank USA		CAD	1,330		USD	1,008		10/09/2020			9,516
HSBC Bank USA		AUD	459		USD	329		10/29/2020			714
HSBC Bank USA		GBP	324		USD	420		11/19/2020			1,815
HSBC Bank USA		USD	51		GBP	40		11/19/2020			668
Morgan Stanley Capital Services, Inc.		AUD	848		USD	618		10/29/2020			10,877
Morgan Stanley Capital Services, Inc.		AUD	1,048		USD	750		10/29/2020			(410	)
Morgan Stanley Capital Services, Inc.		USD	178		AUD	248		10/29/2020			120
Morgan Stanley Capital Services, Inc.		USD	1,507		GBP	1,160		11/19/2020			(9,299	)
Natwest Markets PLC		CAD	1,166		USD	888		10/09/2020			12,575
Natwest Markets PLC		USD	877		CAD	1,156		10/09/2020			(8,419	)
Natwest Markets PLC		EUR	758		USD	892		10/15/2020			3,534
Natwest Markets PLC		USD	190		EUR	162		10/15/2020			130
Standard Chartered Bank		USD	852		CAD	1,131		10/09/2020			(2,379	)
State Street Bank & Trust Co.		JPY	2,039,597		USD	19,332		10/08/2020			(8,304	)
State Street Bank & Trust Co.		CAD	2,177		USD	1,650		10/09/2020			15,247
State Street Bank & Trust Co.		USD	882		CAD	1,166		10/09/2020			(6,225	)
State Street Bank & Trust Co.		EUR	2,707		USD	3,199		10/15/2020			24,510
State Street Bank & Trust Co.		USD	1,760		EUR	1,483		10/15/2020			(21,199	)
State Street Bank & Trust Co.		NOK	1,380		USD	152		10/16/2020			3,909
State Street Bank & Trust Co.		SEK	7,006		USD	799		10/16/2020			16,906
State Street Bank & Trust Co.		USD	88		NOK	832		10/16/2020			757
State Street Bank & Trust Co.		USD	444		SEK	3,843		10/16/2020			(15,225	)
State Street Bank & Trust Co.		NZD	145		USD	96		10/27/2020			451
State Street Bank & Trust Co.		AUD	1,190		USD	858		10/29/2020			5,294
State Street Bank & Trust Co.		USD	1,671		AUD	2,280		10/29/2020			(37,391	)
State Street Bank & Trust Co.		CHF	913		USD	1,008		11/19/2020			15,645
State Street Bank & Trust Co.		GBP	2,320		USD	3,004		11/19/2020			9,602
State Street Bank & Trust Co.		USD	440		GBP	341		11/19/2020			362
										$	32,167

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PUT OPTIONS WRITTEN

Description	Counterparty	Contracts		Exercise Price			Expiration Month	Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index(g)	Morgan Stanley & Co., Inc.		52		EUR	3,075.00	October 2020		EUR	1,599	$	11,728	$	(14,724	)
FTSE 100 Index(g)	Morgan Stanley & Co., Inc.		10		GBP	5,600.00	October 2020		GBP	560		3,814		(4,387	)
Nikkei 225 Index(h)	Goldman Sachs International		6,000		JPY	21,750.00	October 2020		JPY	130,500		6,108		(1,365	)
SPDR S&P 500 ETF Trust(i)	Morgan Stanley & Co., Inc.		34		USD	3,090.00	October 2020		USD	10,506		73,031		(35,190	)
											$	94,681	$	(55,666	)

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

(c) Non-income producing security.

(d) Affiliated investments.

(e) The rate shown represents the 7-day yield as of period end.

(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 $10,771,483 and gross unrealized depreciation of investments was $(422,391), resulting in net unrealized appreciation of $10,349,092.

(g) One contract relates to 10 shares

(h) One contract relates to 1 share.

(i) One contract relates to 100 shares

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

USD – United States Dollar

Glossary:

BOBL – Bundesobligationen

BTP – Buoni del Tesoro Poliennali

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

CPI – Consumer Price Index

EAFE – Europe, Australia, and Far East

ETF – Exchange Traded Fund

ETS – Emission Trading Scheme

FTSE – Financial Times Stock Exchange

MSCI – Morgan Stanley Capital International

OAT – Obligations Assimilables du Trésor

SPDR – Standard & Poor’s Depository Receipt

SPI – Share Price Index

TIPS – Treasury Inflation Protected Security

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

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COUNTRY BREAKDOWN¹

September 30, 2020 (unaudited)

66.5	%	United States
9.8	%	Japan
0.1	%	Germany
23.6	%	Short-Term
100.0	%	Total Investments

¹  All data are as of September 30, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

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AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate 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)

The fair value of debt instruments, such as bonds, and over-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, including non-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.

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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 September 30, 2020:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Investment Companies	$	45,522,094		$	—		$	—	$	45,522,094
Inflation-Linked Securities		—			11,673,807			—		11,673,807
Options Purchased - Puts		—			194,985			—		194,985
Short-Term Investments:
Investment Companies		15,062,028			—			—		15,062,028
U.S. Treasury Bills		—			2,633,869			—		2,633,869
Total Investments in Securities		60,584,122			14,502,661			—		75,086,783
Other Financial Instruments(a):
Assets:
Futures		76,215			25,090			—		101,305
Forward Currency Exchange Contracts		—			145,483			—		145,483
Liabilities:
Futures		(97,249	)		(102,451	)		—		(199,700	)
Forward Currency Exchange Contracts		—			(113,316	)		—		(113,316	)
Put Options Written		—			(55,666	)		—		(55,666	)
Total	$	60,563,088		$	14,401,801		$	—	$	74,964,889

^(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.

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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	$	15,287	$	20,516	$	20,741	$	15,062	$	66
Government Money Market Portfolio*		1,040		32,462		33,502		0		7
Total	$	16,327	$	52,978	$	54,243	$	15,062	$	73

* Investments of cash collateral for securities lending transactions.

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