AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.5%
Information Technology - 20.5%
Electronic Equipment, Instruments & Components - 3.5%
Horiba Ltd.(a)		15,400	$	896,002
Keyence Corp.		1,400		871,438
				1,767,440
IT Services - 5.8%
GMO Payment Gateway, Inc.(a)		11,700		785,343
Pagseguro Digital Ltd.(a) (b)		19,240		891,004
Visa, Inc. - Class A		3,238		556,968
Wirecard AG		4,450		712,176
				2,945,491
Semiconductors & Semiconductor Equipment - 7.2%
ASML Holding NV		3,451		855,894
Infineon Technologies AG		54,902		986,411
STMicroelectronics NV		36,850		713,113
Taiwan Semiconductor Manufacturing Co., Ltd.		126,000		1,119,073
				3,674,491
Software - 4.0%
AVEVA Group PLC		10,430		473,935
Dassault Systemes SE		7,720		1,099,762
SAP SE		3,840		451,866
				2,025,563
				10,412,985
Industrials - 15.2%
Building Products - 2.4%
Kingspan Group PLC		24,885		1,215,129
Commercial Services & Supplies - 1.3%
China Everbright International Ltd.		895,148		688,542
Electrical Equipment - 4.5%
Schneider Electric SE		14,878		1,300,963
Vestas Wind Systems A/S		12,890		999,979
				2,300,942
Industrial Conglomerates - 1.0%
Siemens AG		4,654		498,188
Machinery - 3.7%
SMC Corp./Japan		2,500		1,074,570
Xylem, Inc./NY		9,873		786,088
				1,860,658
Professional Services - 2.3%
Recruit Holdings Co., Ltd.		37,700		1,151,867
				7,715,326
Financials - 14.4%
Banks - 3.2%
HDFC Bank Ltd.		66,134		1,146,116

Company	Shares		U.S. $ Value
Svenska Handelsbanken AB - Class A		51,850	$	485,061
				1,631,177
Capital Markets - 5.6%
London Stock Exchange Group PLC		16,800		1,508,635
Partners Group Holding AG		1,754		1,346,995
				2,855,630
Insurance - 3.5%
AIA Group Ltd.		112,200		1,058,163
Prudential PLC		40,767		738,747
				1,796,910
Thrifts & Mortgage Finance - 2.1%
Housing Development Finance Corp., Ltd.		37,644		1,050,729
				7,334,446
Health Care - 14.4%
Biotechnology - 0.8%
Abcam PLC		29,630		417,543
Health Care Equipment & Supplies - 2.4%
Koninklijke Philips NV		26,680		1,232,858
Health Care Providers & Services - 2.4%
Apollo Hospitals Enterprise Ltd.		60,975		1,202,920
Life Sciences Tools & Services - 7.7%
Bio-Rad Laboratories, Inc. - Class A(b)		1,731		575,973
Gerresheimer AG		13,350		957,191
ICON PLC(b)		4,190		617,355
QIAGEN NV(b)		22,800		746,670
Tecan Group AG		4,250		1,015,843
				3,913,032
Pharmaceuticals - 1.1%
Roche Holding AG		1,820		529,919
				7,296,272
Consumer Staples - 13.1%
Food Products - 7.4%
Danone SA		10,860		956,567
Kerry Group PLC - Class A		9,730		1,137,940
Mowi ASA		21,590		498,668
Nestle SA		10,837		1,175,321
				3,768,496
Household Products - 4.0%
Essity AB - Class B		16,640		485,528
Reckitt Benckiser Group PLC		6,460		504,393
Unicharm Corp.		32,400		1,029,802
				2,019,723
Personal Products - 1.7%
Unilever PLC		14,710		884,100
				6,672,319

Company	Shares		U.S. $ Value
Consumer Discretionary - 7.6%
Auto Components - 2.0%
Aptiv PLC		11,558	$	1,010,400
Household Durables - 0.8%
Husqvarna AB - Class B		57,450		436,900
Internet & Direct Marketing Retail - 1.7%
Alibaba Group Holding Ltd. (Sponsored ADR)(b)		5,190		867,924
Textiles, Apparel & Luxury Goods - 3.1%
Puma SE		8,230		636,802
Shenzhou International Group Holdings Ltd.		71,000		926,216
				1,563,018
				3,878,242
Communication Services - 3.3%
Diversified Telecommunication Services - 1.9%
Deutsche Telekom AG		56,237		943,263
Interactive Media & Services - 1.4%
Tencent Holdings Ltd.		17,200		719,440
				1,662,703
Materials - 3.1%
Chemicals - 3.1%
Chr Hansen Holding A/S		10,496		889,155
Koninklijke DSM NV		5,440		654,877
				1,544,032
Utilities - 2.9%
Multi-Utilities - 1.7%
Suez		55,186		867,336
Water Utilities - 1.2%
Beijing Enterprises Water Group Ltd.(b)		1,220,000		624,240
				1,491,576
Energy - 2.0%
Oil, Gas & Consumable Fuels - 2.0%
Neste Oyj(a)		30,910		1,022,646
Total Common Stocks (cost $39,916,344)				49,030,547
SHORT-TERM INVESTMENTS - 2.5%
Investment Companies - 2.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.89%(c) (d) (e) (cost $1,287,100)		1,287,100		1,287,100

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned - 99.0% (cost $41,203,444)			$	50,317,647
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 2.4%
Investment Companies - 2.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio- Class AB, 1.89%(c) (d) (e) (cost $1,190,483)		1,190,483		1,190,483
Total Investments - 101.4% (cost $42,393,927)(f)				51,508,130
Other assets less liabilities - (1.4)%				(697,250	)
Net Assets - 100.0%			$	50,810,880

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	USD	112	INR	7,821		10/24/19	$	(1,847	)
Bank of America, NA	USD	1,476	KRW	1,784,423		10/30/19		13,493
Bank of America, NA	USD	517	RUB	33,356		11/14/19		(5,381	)
Bank of America, NA	EUR	6,979	USD	7,878		11/15/19		246,575
Barclays Bank PLC	CNY	530	USD	75		10/17/19		547
Barclays Bank PLC	USD	131	CNY	940		10/17/19		1,108
Barclays Bank PLC	INR	12,762	USD	179		10/24/19		(930	)
Barclays Bank PLC	USD	103	INR	7,406		10/24/19		1,033
Citibank, NA	BRL	472	USD	113		10/02/19		(258	)
Citibank, NA	USD	113	BRL	472		10/02/19		239
Citibank, NA	INR	136,190	USD	1,962		10/24/19		40,354
Citibank, NA	USD	164	INR	11,835		10/24/19		2,799
Deutsche Bank AG	BRL	1,000	USD	239		10/02/19		(1,328	)
Deutsche Bank AG	USD	240	BRL	1,000		10/02/19		546
Deutsche Bank AG	USD	239	BRL	1,000		11/04/19		1,239
Goldman Sachs Bank USA	USD	80	CNY	551		10/17/19		(2,513	)
Goldman Sachs Bank USA	BRL	1,000	USD	242		11/04/19		1,587
JPMorgan Chase Bank, NA	BRL	528	USD	127		10/02/19		(288	)
JPMorgan Chase Bank, NA	USD	128	BRL	528		10/02/19		(836	)
JPMorgan Chase Bank, NA	INR	8,434	USD	121		10/24/19		2,298
JPMorgan Chase Bank, NA	USD	1,917	JPY	200,249		11/15/19		(59,205	)
Morgan Stanley & Co., Inc.	INR	10,852	USD	150		10/24/19		(2,806	)
Morgan Stanley & Co., Inc.	USD	3,410	CAD	4,504		11/15/19		(7,556	)
Morgan Stanley & Co., Inc.	USD	640	ZAR	9,968		11/15/19		14,313
Morgan Stanley & Co., Inc.	USD	361	TWD	11,226		11/27/19		2,170
Natwest Markets PLC	USD	77	CNY	545		10/17/19		(211	)
Natwest Markets PLC	USD	2,394	AUD	3,538		11/15/19		(2,879	)
Natwest Markets PLC	USD	658	JPY	69,490		11/15/19		(13,431	)
Standard Chartered Bank	CNY	1,506	USD	219		10/17/19		6,823
Standard Chartered Bank	INR	30,991	USD	431		10/24/19		(6,372	)
State Street Bank & Trust Co.	CAD	173	USD	130		11/15/19		(421	)
State Street Bank & Trust Co.	CHF	909	USD	936		11/15/19		21,625
State Street Bank & Trust Co.	EUR	1,122	USD	1,255		11/15/19		27,988
State Street Bank & Trust Co.	GBP	185	USD	226		11/15/19		(2,191	)
State Street Bank & Trust Co.	HKD	920	USD	118		11/15/19		502

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	JPY	186,251	USD	1,744		11/15/19	$	16,418
State Street Bank & Trust Co.	NOK	2,618	USD	301		11/15/19		12,812
State Street Bank & Trust Co.	SEK	5,526	USD	582		11/15/19		19,182
State Street Bank & Trust Co.	USD	77	CAD	102		11/15/19		472
State Street Bank & Trust Co.	USD	130	CAD	171		11/15/19		(439	)
State Street Bank & Trust Co.	USD	104	CHF	102		11/15/19		(1,124	)
State Street Bank & Trust Co.	USD	805	EUR	720		11/15/19		(18,078	)
State Street Bank & Trust Co.	USD	1,000	GBP	807		11/15/19		(6,040	)
State Street Bank & Trust Co.	USD	118	HKD	920		11/15/19		(404	)
State Street Bank & Trust Co.	USD	1,468	JPY	156,588		11/15/19		(15,251	)
State Street Bank & Trust Co.	USD	267	MXN	5,349		11/15/19		1,750
State Street Bank & Trust Co.	USD	293	NOK	2,618		11/15/19		(5,130	)
State Street Bank & Trust Co.	USD	66	NZD	102		11/15/19		(2,081	)
State Street Bank & Trust Co.	USD	132	ZAR	1,945		11/15/19		(4,115	)
State Street Bank & Trust Co.	ZAR	3,244	USD	211		11/15/19		(2,016	)
							$	272,742

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

(b) Non-income producing security.

(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 September 30, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $11,032,239 and gross unrealized depreciation of investments was $(1,645,295), resulting in net unrealized appreciation of $9,386,944.

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
HKD	-	Hong Kong Dollar
INR	-	Indian Rupee
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
ZAR	-	South African Rand
Glossary:
ADR	-	American Depositary Receipt

COUNTRY BREAKDOWN¹

September 30, 2019 (unaudited)

11.5%	Japan
10.3%	Germany
9.8%	France
9.0%	United Kingdom
8.1%	Switzerland
7.6%	China
7.3%	United States
6.8%	India
5.9%	Ireland
5.4%	Netherlands
3.8%	Denmark
2.8%	Sweden
2.2%	Taiwan
6.9%	Other
2.6%	Short-Term
100.0%	Total Investments

1 All data are as of September 30, 2019. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.1% or less in the following countries: Brazil, Finland, Hong Kong and Norway.

AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

September 30, 2019 (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 September 30, 2019:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Information Technology

$

1,447,972

$

8,965,013

$

– 0

–

$

10,412,985

Industrials

2,001,217

5,714,109

– 0

–

7,715,326

Financials

– 0

–

7,334,446

– 0

–

7,334,446

Health Care

1,193,328

6,102,944

– 0

–

7,296,272

Consumer Staples

1,137,940

5,534,379

– 0

–

6,672,319

Consumer Discretionary

1,878,324

1,999,918

– 0

–

3,878,242

Communication Services

– 0

–

1,662,703

– 0

–

1,662,703

Materials

– 0

–

1,544,032

– 0

–

1,544,032

Utilities

– 0

–

1,491,576

– 0

–

1,491,576

Energy

– 0

–

1,022,646

– 0

–

1,022,646

Short-Term Investments

1,287,100

– 0

–

– 0

–

1,287,100

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

1,190,483

– 0

–

– 0

–

1,190,483

Total Investments in Securities

10,136,364

41,371,766

(a)

– 0

–

51,508,130

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

– 0

–

435,873

– 0

–

435,873

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(163,131

)

– 0

–

(163,131

)

Total

$

10,136,364

$

41,644,508

$

– 0

–

$

51,780,872

(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, 2019 is as follows:

	Market Value		Purchases		Sales		Market Value		Dividend
	12/31/18		at Cost		Proceeds		9/30/19		Income
Fund	(000)		(000)		(000)		(000)		(000)
Government Money Market Portfolio	$	2,555	$	10,590	$	11,858	$	1,287	$	35
Government Money Market Portfolio*		1,517		16,765		17,092		1,190		2
Total	$	4,072	$	27,355	$	28,950	$	2,477	$	37

* Investments of cash collateral for securities lending transactions.