Ab Variable Products Series Fund NPORT-P AB International Growth Portfolio (Sep 2020 report)

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 94.0%
Information Technology – 20.1%
Electronic Equipment, Instruments & Components – 5.3%
Flex Ltd.(a)		63,060	$	702,489
Halma PLC		41,290		1,247,447
Keyence Corp.		2,000		934,958
				2,884,894
IT Services – 4.0%
Adyen NV(a)(b)		647		1,193,380
GMO Payment Gateway, Inc.(c)		5,100		546,325
Pagseguro Digital Ltd.(a)(c)		10,563		398,331
				2,138,036
Semiconductors & Semiconductor Equipment – 7.7%
ASML Holding NV		2,666		984,748
Infineon Technologies AG		38,655		1,089,521
NXP Semiconductors NV		8,080		1,008,465
STMicroelectronics NV		35,577		1,091,147
				4,173,881
Software – 3.1%
Dassault Systemes SE		5,753		1,073,406
SAP SE		3,927		611,505
				1,684,911
				10,881,722
Health Care – 16.4%
Biotechnology – 1.0%
Abcam PLC		35,341		558,171
Health Care Equipment & Supplies – 5.2%
Alcon, Inc.(a)		8,320		471,708
Koninklijke Philips NV(a)		32,224		1,521,589
STERIS PLC		4,790		843,950
				2,837,247
Health Care Providers & Services – 2.1%
Apollo Hospitals Enterprise Ltd.		39,668		1,157,077
Life Sciences Tools & Services – 7.3%
Gerresheimer AG		12,652		1,415,889
ICON PLC(a)		4,787		914,748
Tecan Group AG		3,248		1,615,280
				3,945,917
Pharmaceuticals – 0.8%
Roche Holding AG		1,210		414,474
				8,912,886
Industrials – 15.9%
Building Products – 2.6%
Kingspan Group PLC(a)(c)		15,361		1,397,947

1

Company	Shares		U.S. $ Value
Commercial Services & Supplies – 2.0%
TOMRA Systems ASA(a)		24,931	$	1,080,015
Construction & Engineering – 1.0%
WSP Global, Inc.		8,400		551,610
Electrical Equipment – 5.1%
Schneider Electric SE		11,124		1,382,701
Vestas Wind Systems A/S		8,712		1,407,915
				2,790,616
Machinery – 3.0%
SMC Corp./Japan		1,900		1,059,889
Xylem, Inc./NY		6,418		539,882
				1,599,771
Professional Services – 2.2%
Recruit Holdings Co., Ltd.		29,800		1,183,517
				8,603,476
Financials – 11.5%
Banks – 3.9%
Erste Group Bank AG(a)		25,820		540,681
HDFC Bank Ltd.(a)		49,479		725,938
Svenska Handelsbanken AB - Class A(a)		98,944		827,841
				2,094,460
Capital Markets – 5.2%
London Stock Exchange Group PLC		12,753		1,462,984
Partners Group Holding AG		1,489		1,369,588
				2,832,572
Insurance – 2.4%
AIA Group Ltd.		86,200		856,836
Prudential PLC		31,770		455,846
				1,312,682
				6,239,714
Consumer Staples – 9.0%
Food Products – 4.7%
Danone SA		10,189		659,992
Kerry Group PLC - Class A		7,209		923,369
Nestle SA		8,001		952,215
				2,535,576
Household Products – 3.1%
Essity AB - Class B(a)(c)		24,960		842,681
Unicharm Corp.		19,000		849,742
				1,692,423
Personal Products – 1.2%
Unilever PLC		10,932		673,992
				4,901,991

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Company	Shares			U.S. $ Value
Materials – 6.8%
Chemicals – 4.7%
Chr Hansen Holding A/S		13,224		$	1,467,943
Koninklijke DSM NV		6,521			1,073,562
					2,541,505
Containers & Packaging – 2.1%
Huhtamaki Oyj		23,657			1,165,886
					3,707,391
Consumer Discretionary – 6.6%
Auto Components – 1.3%
Aptiv PLC		7,848			719,505
Internet & Direct Marketing Retail – 2.1%
Alibaba Group Holding Ltd.(a)		31,504			1,156,547
Textiles, Apparel & Luxury Goods – 3.2%
Puma SE(a)		9,151			822,630
Shenzhou International Group Holdings Ltd.		52,900			900,827
					1,723,457
					3,599,509
Communication Services – 3.8%
Diversified Telecommunication Services – 1.8%
Cellnex Telecom SA(b)		15,515			941,801
Interactive Media & Services – 2.0%
Tencent Holdings Ltd.		16,300			1,100,957
					2,042,758
Energy – 2.3%
Oil, Gas & Consumable Fuels – 2.3%
Neste Oyj		23,607			1,243,137
Utilities – 1.6%
Electric Utilities – 1.6%
Orsted A/S(b)		6,140			846,463
Total Common Stocks (cost $33,706,223)					50,979,047
SHORT-TERM INVESTMENTS – 5.6%
Investment Companies – 5.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(d)(e)(f) (cost $3,033,928)		3,033,928			3,033,928
Total Investments Before Security Lending Collateral for Securities Loaned – 99.6% (cost $36,740,151)					54,012,975
			��

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Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 4.2%
Investment Companies – 4.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.05%(d)(e)(f) (cost $2,290,933)		2,290,933	$	2,290,933
Total Investments – 103.8% (cost $39,031,084)(g)				56,303,908
Other assets less liabilities – (3.8)%				(2,043,619	)
Net Assets – 100.0%			$	54,260,289

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	730		JPY	76,878		10/08/2020		$	(840	)
Bank of America, NA		USD	1,789		KRW	2,122,365		11/10/2020			31,366
Barclays Bank PLC		USD	124		INR	9,152		10/15/2020			436
Barclays Bank PLC		TWD	2,801		USD	96		11/18/2020			(1,267	)
BNP Paribas SA		BRL	2,167		USD	391		10/02/2020			5,428
BNP Paribas SA		USD	384		BRL	2,167		10/02/2020			1,697
BNP Paribas SA		EUR	626		USD	731		10/15/2020			(2,680	)
BNP Paribas SA		CNY	808		USD	118		10/21/2020			(657	)
BNP Paribas SA		USD	391		BRL	2,167		11/04/2020			(5,446	)
BNP Paribas SA		KRW	104,266		USD	90		11/10/2020			316
Citibank, NA		JPY	55,698		USD	525		10/08/2020			(3,385	)
Citibank, NA		INR	19,167		USD	249		10/15/2020			(11,452	)
Citibank, NA		NOK	4,889		USD	546		10/16/2020			22,040
Citibank, NA		USD	94		CNY	659		10/21/2020			3,064
Citibank, NA		USD	729		CNY	5,140		11/13/2020			26,805
Credit Suisse International		USD	105		CNY	740		11/13/2020			3,905
Deutsche Bank AG		USD	2,073		AUD	2,902		10/29/2020			5,627
Goldman Sachs Bank USA		USD	485		RUB	37,370		11/19/2020			(6,452	)
JPMorgan Chase Bank, NA		BRL	534		USD	95		10/02/2020			(418	)
JPMorgan Chase Bank, NA		USD	99		BRL	534		10/02/2020			(4,291	)
JPMorgan Chase Bank, NA		USD	3,149		CAD	4,170		10/09/2020			(17,245	)
JPMorgan Chase Bank, NA		USD	121		KRW	141,852		11/10/2020			762
Morgan Stanley & Co., Inc.		USD	100		CNY	700		11/13/2020			3,360
Morgan Stanley & Co., Inc.		USD	1,972		TWD	57,360		11/18/2020			21,151
Natwest Markets PLC		BRL	1,633		USD	290		10/02/2020			(1,279	)
Natwest Markets PLC		USD	292		BRL	1,633		10/02/2020			(789	)
Natwest Markets PLC		EUR	8,091		USD	9,557		10/15/2020			68,038
Natwest Markets PLC		INR	31,702		USD	424		10/15/2020			(6,377	)
Natwest Markets PLC		USD	157		INR	11,914		10/15/2020			4,448
Natwest Markets PLC		CNY	1,043		USD	150		10/21/2020			(3,897	)
Societe Generale		SEK	4,712		USD	525		10/16/2020			(1,406	)
Standard Chartered Bank		USD	2,555		JPY	272,713		10/08/2020			31,309
Standard Chartered Bank		INR	27,156		USD	368		10/15/2020			(704	)
Standard Chartered Bank		USD	59		INR	4,442		10/15/2020			1,361
Standard Chartered Bank		USD	316		INR	23,227		10/15/2020			(174	)
Standard Chartered Bank		USD	2,656		CNY	18,528		10/21/2020			74,541
State Street Bank & Trust Co.		JPY	49,071		USD	467		10/08/2020			1,919
State Street Bank & Trust Co.		JPY	69,007		USD	650		10/08/2020			(4,350	)
State Street Bank & Trust Co.		USD	1,117		JPY	118,447		10/08/2020			6,159
State Street Bank & Trust Co.		USD	536		JPY	56,367		10/08/2020			(1,257	)
State Street Bank & Trust Co.		USD	238		MXN	5,349		10/08/2020			3,986
State Street Bank & Trust Co.		CAD	349		USD	266		10/09/2020			3,936

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		CAD	692		USD	517		10/09/2020		$	(2,503	)
State Street Bank & Trust Co.		USD	84		CAD	113		10/09/2020			445
State Street Bank & Trust Co.		USD	256		CAD	338		10/09/2020			(2,125	)
State Street Bank & Trust Co.		EUR	1,112		USD	1,316		10/15/2020			12,019
State Street Bank & Trust Co.		EUR	644		USD	751		10/15/2020			(4,035	)
State Street Bank & Trust Co.		USD	377		EUR	323		10/15/2020			1,735
State Street Bank & Trust Co.		USD	1,294		EUR	1,095		10/15/2020			(9,553	)
State Street Bank & Trust Co.		NOK	2,337		USD	259		10/16/2020			8,194
State Street Bank & Trust Co.		NOK	2,243		USD	238		10/16/2020			(2,282	)
State Street Bank & Trust Co.		USD	197		NOK	1,740		10/16/2020			(10,238	)
State Street Bank & Trust Co.		CNY	1,229		USD	179		10/21/2020			(1,769	)
State Street Bank & Trust Co.		USD	229		CNY	1,577		10/21/2020			3,535
State Street Bank & Trust Co.		AUD	146		USD	106		10/29/2020			1,099
State Street Bank & Trust Co.		USD	91		AUD	127		10/29/2020			(190	)
State Street Bank & Trust Co.		CHF	78		USD	85		11/13/2020			683
State Street Bank & Trust Co.		CHF	220		USD	236		11/13/2020			(2,880	)
State Street Bank & Trust Co.		EUR	113		USD	133		11/13/2020			895
State Street Bank & Trust Co.		EUR	1,245		USD	1,422		11/13/2020			(38,945	)
State Street Bank & Trust Co.		GBP	396		USD	516		11/13/2020			4,878
State Street Bank & Trust Co.		USD	118		AUD	169		11/13/2020			3,194
State Street Bank & Trust Co.		USD	189		CAD	255		11/13/2020			3,004
State Street Bank & Trust Co.		USD	10		CHF	9		11/13/2020			65
State Street Bank & Trust Co.		USD	319		CHF	289		11/13/2020			(4,421	)
State Street Bank & Trust Co.		USD	433		GBP	340		11/13/2020			5,513
State Street Bank & Trust Co.		USD	74		GBP	56		11/13/2020			(1,402	)
State Street Bank & Trust Co.		USD	892		JPY	95,127		11/13/2020			10,050
State Street Bank & Trust Co.		USD	187		JPY	19,606		11/13/2020			(843	)
State Street Bank & Trust Co.		USD	79		ZAR	1,319		11/13/2020			(461	)
State Street Bank & Trust Co.		ZAR	1,319		USD	78		11/13/2020			(34	)
State Street Bank & Trust Co.		CHF	1,206		USD	1,327		11/19/2020			16,210
State Street Bank & Trust Co.		GBP	160		USD	207		11/19/2020			665
State Street Bank & Trust Co.		GBP	240		USD	309		11/19/2020			(1,176	)
State Street Bank & Trust Co.		USD	96		CHF	89		11/19/2020			638
State Street Bank & Trust Co.		USD	511		GBP	400		11/19/2020			5,762

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	479		ZAR	8,042		11/27/2020		$	(2,451	)
State Street Bank & Trust Co.		ZAR	5		USD	0		11/27/2020			0
UBS AG		TWD	2,607		USD	90		11/18/2020			(971	)
UBS AG		USD	83		TWD	2,436		11/18/2020			1,153
										$	240,746

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2020, the aggregate market value of these securities amounted to $2,981,644 or 5.5% of net assets.

(c) Represents entire or partial securities out on loan.

(d) Affiliated investments.

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

(f) 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.

(g) 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 $18,521,267 and gross unrealized depreciation of investments was $(1,007,697), resulting in net unrealized appreciation of $17,513,570.

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.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

EUR – Euro

GBP – Great British Pound

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

RUB – Russian Ruble

SEK – Swedish Krona

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

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COUNTRY BREAKDOWN¹

September 30, 2020 (unaudited)

10.7	%	Netherlands
8.9	%	Switzerland
8.5	%	Japan
8.1	%	United Kingdom
7.8	%	France
7.3	%	Germany
6.9	%	Denmark
6.0	%	Ireland
5.8	%	China
5.2	%	United States
4.5	%	Finland
3.5	%	India
3.1	%	Sweden
8.1	%	Other
5.6	%	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 (excluding security lending collateral) and may vary over time. “Other” country weightings represent 2.0% or less in the following: Austria, Brazil, Canada, Hong Kong, Norway and Spain.

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AB Variable Products Series Fund, Inc.

AB International Growth 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.

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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:
Information Technology	$	2,109,285	$	8,772,437		$	—	$	10,881,722
Health Care		3,732,758		5,180,128			—		8,912,886
Industrials		1,091,492		7,511,984			—		8,603,476
Financials		—		6,239,714			—		6,239,714
Consumer Staples		—		4,901,991			—		4,901,991
Materials		—		3,707,391			—		3,707,391
Consumer Discretionary		719,505		2,880,004			—		3,599,509
Communication Services		—		2,042,758			—		2,042,758
Energy		—		1,243,137			—		1,243,137
Utilities		846,463		—			—		846,463
Short-Term Investments		3,033,928		—			—		3,033,928
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,290,933		—			—		2,290,933
Total Investments in Securities		13,824,364		42,479,544	(a)		—		56,303,908
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		401,391			—		401,391
Liabilities:
Forward Currency Exchange Contracts		—		(160,645	)		—		(160,645	)
Total	$	13,824,364	$	42,720,290		$	—	$	56,544,654

^(a)  A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

^(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	$	1,750	$	12,559	$	11,275	$	3,034	$	8
Government Money Market Portfolio*		1,787		16,790		16,286		2,291		0	**
Total	$	3,537	$	29,349	$	27,561	$	5,325	$	8

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

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