AB Variable Products Series Fund, Inc.

AB International Growth Portfolio

Portfolio of Investments

March 31, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 100.0%
Information Technology – 22.7%
Electronic Equipment, Instruments & Components – 5.0%
Flex Ltd.(a)		40,910	$	342,621
Halma PLC		40,000		939,442
Keyence Corp.		2,500		803,781
				2,085,844
IT Services – 4.7%
Adyen NV(a) (b)		1,000		849,894
GMO Payment Gateway, Inc.		10,300		721,880
Pagseguro Digital Ltd.(a) (c)		22,073		426,671
				1,998,445
Semiconductors & Semiconductor Equipment – 8.0%
ASML Holding NV		3,206		845,148
Infineon Technologies AG		53,575		773,395
NXP Semiconductors NV		9,550		791,982
STMicroelectronics NV		44,347		953,309
				3,363,834
Software – 5.0%
AVEVA Group PLC		12,607		543,170
Dassault Systemes SE		7,203		1,051,573
SAP SE		4,677		522,177
				2,116,920
				9,565,043
Health Care – 15.5%
Biotechnology – 1.2%
Abcam PLC		35,311		501,318
Health Care Equipment & Supplies – 3.3%
Koninklijke Philips NV		33,547		1,377,351
Health Care Providers & Services – 1.9%
Apollo Hospitals Enterprise Ltd.		54,363		815,353
Life Sciences Tools & Services – 8.0%
Bio-Rad Laboratories, Inc. - Class A(a)		1,637		573,867
Gerresheimer AG		17,443		1,099,927
ICON PLC(a)		3,957		538,152
Tecan Group AG		3,908		1,170,463
				3,382,409
Pharmaceuticals – 1.1%
Roche Holding AG		1,420		456,873
				6,533,304
Financials – 15.3%
Banks – 5.8%
Erste Group Bank AG		29,710		543,922
HDFC Bank Ltd.		80,699		915,442
Svenska Handelsbanken AB - Class A SHS		121,754		1,004,118
				2,463,482

Company	Shares		U.S. $ Value
Capital Markets – 6.0%
London Stock Exchange Group PLC		15,703	$	1,404,725
Partners Group Holding AG		1,609		1,101,627
				2,506,352
Insurance – 3.5%
AIA Group Ltd.		110,200		986,800
Prudential PLC		39,400		493,676
				1,480,476
				6,450,310
Industrials – 13.4%
Building Products – 2.4%
Kingspan Group PLC		19,131		1,031,629
Electrical Equipment – 5.0%
Schneider Electric SE		13,654		1,154,075
Vestas Wind Systems A/S		11,462		932,613
				2,086,688
Machinery – 3.7%
SMC Corp./Japan		2,300		964,261
Xylem, Inc./NY		9,348		608,835
				1,573,096
Professional Services – 2.3%
Recruit Holdings Co., Ltd.		37,400		966,089
				5,657,502
Consumer Staples – 12.6%
Food Products – 6.9%
Danone SA		12,859		822,953
Kerry Group PLC - Class A		9,089		1,054,551
Nestle SA		10,231		1,047,325
				2,924,829
Household Products – 4.0%
Essity AB - Class B		28,560		874,895
Unicharm Corp.		21,600		808,571
				1,683,466
Personal Products – 1.7%
Unilever PLC		13,832		697,550
				5,305,845
Consumer Discretionary – 8.2%
Auto Components – 1.6%
Aptiv PLC		13,813		680,152
Internet & Direct Marketing Retail – 2.3%
Alibaba Group Holding Ltd.(a)		39,304		952,376
Textiles, Apparel & Luxury Goods – 4.3%
NIKE, Inc. - Class B		8,010		662,748
Puma SE		7,441		437,196
Shenzhou International Group Holdings Ltd.		67,200		704,932
				1,804,876
				3,437,404

Company	Shares		U.S. $ Value
Materials – 5.1%
Chemicals – 5.1%
Chr Hansen Holding A/S		17,016	$	1,255,657
Koninklijke DSM NV		8,071		907,897
				2,163,554
Communication Services – 3.8%
Diversified Telecommunication Services – 1.6%
Cellnex Telecom SA(b)		15,340		695,860
Interactive Media & Services – 2.2%
Tencent Holdings Ltd.		18,800		929,239
				1,625,099
Energy – 2.3%
Oil, Gas & Consumable Fuels – 2.3%
Neste Oyj		28,757		956,099
Utilities – 1.1%
Water Utilities – 1.1%
Beijing Enterprises Water Group Ltd.(a)		1,154,000		447,392
Total Common Stocks (cost $39,073,297)				42,141,552
SHORT-TERM INVESTMENTS – 1.4%
Investment Companies – 1.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.53%(d) (e) (f) (cost $580,044)		580,044		580,044
Total Investments – 101.4% (cost $39,653,341)(g)				42,721,596
Other assets less liabilities – (1.4)%				(578,431	)
Net Assets – 100.0%			$	42,143,165

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		KRW	140,253		USD	115		05/14/2020		$	(512	)
Bank of America, NA		USD	1,830		AUD	2,709		05/15/2020			(163,540	)
Bank of America, NA		USD	1,318		CNY	9,253		05/15/2020			(12,938	)
Bank of America, NA		USD	1,188		JPY	131,191		05/15/2020			34,020
Bank of America, NA		RUB	7,224		USD	95		05/20/2020			3,404
Barclays Bank PLC		INR	93,540		USD	1,300		04/23/2020			71,491
Barclays Bank PLC		USD	283		INR	21,890		04/23/2020			4,593
Barclays Bank PLC		USD	484		INR	36,346		04/23/2020			(6,960	)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		KRW	241,298		USD	201		05/14/2020		$	2,526
Barclays Bank PLC		USD	98		KRW	120,122		05/14/2020			434
Barclays Bank PLC		JPY	54,622		USD	500		05/15/2020			(9,114	)
Barclays Bank PLC		USD	259		CNY	1,845		05/15/2020			1,304
Barclays Bank PLC		USD	2,410		JPY	263,092		05/15/2020			41,588
Barclays Bank PLC		TWD	5,339		USD	180		05/21/2020			1,955
Barclays Bank PLC		USD	165		CNY	1,157		05/21/2020			(1,858	)
Barclays Bank PLC		USD	1,856		TWD	55,246		05/21/2020			(15,083	)
BNP Paribas SA		USD	824		CHF	785		05/15/2020			(6,752	)
Citibank, NA		BRL	258		USD	50		04/02/2020			106
Citibank, NA		BRL	1,038		USD	200		04/02/2020			(100	)
Citibank, NA		USD	50		BRL	258		04/02/2020			25
Citibank, NA		USD	237		BRL	1,038		04/02/2020			(36,767	)
Citibank, NA		INR	22,031		USD	286		04/23/2020			(2,837	)
Citibank, NA		KRW	515,604		USD	414		05/14/2020			(9,505	)
Citibank, NA		USD	268		KRW	329,147		05/14/2020			2,581
Citibank, NA		EUR	610		USD	684		05/15/2020			10,366
Citibank, NA		USD	251		CNY	1,760		05/15/2020			(2,977	)
Citibank, NA		USD	777		GBP	597		05/15/2020			(35,080	)
Citibank, NA		USD	553		JPY	58,062		05/15/2020			(11,520	)
Citibank, NA		USD	459		RUB	33,356		05/20/2020			(34,609	)
Citibank, NA		TWD	6,630		USD	222		05/21/2020			847
Credit Suisse International		EUR	493		USD	535		05/15/2020			(9,713	)
Deutsche Bank AG		USD	580		ZAR	8,669		05/15/2020			(97,974	)
Goldman Sachs Bank USA		USD	110		KRW	134,072		05/14/2020			98
Goldman Sachs Bank USA		CHF	1,116		USD	1,151		05/15/2020			(10,388	)
Goldman Sachs Bank USA		USD	291		JPY	31,361		05/15/2020			1,159
JPMorgan Chase Bank, NA		BRL	740		USD	158		04/02/2020			15,508
JPMorgan Chase Bank, NA		USD	142		BRL	740		04/02/2020			71
JPMorgan Chase Bank, NA		INR	10,071		USD	140		04/23/2020			8,113
JPMorgan Chase Bank, NA		SEK	9,937		USD	1,038		05/15/2020			32,142
JPMorgan Chase Bank, NA		USD	3,450		CAD	4,577		05/15/2020			(196,609	)
JPMorgan Chase Bank, NA		CNY	1,157		USD	166		05/21/2020			3,199
Morgan Stanley & Co., Inc.		BRL	667		USD	133		04/02/2020			4,955
Morgan Stanley & Co., Inc.		USD	128		BRL	667		04/02/2020			64
Morgan Stanley & Co., Inc.		USD	133		BRL	667		05/05/2020			(5,006	)
Morgan Stanley & Co., Inc.		KRW	163,282		USD	134		05/14/2020			378
Morgan Stanley & Co., Inc.		USD	1,692		KRW	2,005,756		05/14/2020			(44,933	)
Natwest Markets PLC		CNY	573		USD	81		05/15/2020			(265	)
Natwest Markets PLC		EUR	7,226		USD	7,923		05/15/2020			(60,102	)
Natwest Markets PLC		JPY	83,924		USD	788		05/15/2020			5,913
Standard Chartered Bank		BRL	627		USD	121		04/02/2020			(60	)
Standard Chartered Bank		USD	125		BRL	627		04/02/2020			(4,109	)
Standard Chartered Bank		USD	69		INR	5,245		04/23/2020			38
Standard Chartered Bank		USD	87		INR	6,515		04/23/2020			(1,142	)
Standard Chartered Bank		USD	102		KRW	126,666		05/14/2020			1,713
Standard Chartered Bank		CNY	2,027		USD	289		05/15/2020			2,790
Standard Chartered Bank		TWD	2,274		USD	76		05/21/2020			(93	)
State Street Bank & Trust Co.		AUD	686		USD	438		05/15/2020			16,376
State Street Bank & Trust Co.		AUD	328		USD	194		05/15/2020			(8,035	)
State Street Bank & Trust Co.		CAD	1,560		USD	1,141		05/15/2020			31,865
State Street Bank & Trust Co.		CAD	510		USD	353		05/15/2020			(9,407	)
State Street Bank & Trust Co.		CHF	99		USD	103		05/15/2020			407
State Street Bank & Trust Co.		CNY	612		USD	87		05/15/2020			307
State Street Bank & Trust Co.		CNY	1,373		USD	193		05/15/2020			(605	)
State Street Bank & Trust Co.		EUR	921		USD	1,022		05/15/2020			4,174
State Street Bank & Trust Co.		EUR	1,753		USD	1,917		05/15/2020			(19,132	)
State Street Bank & Trust Co.		GBP	463		USD	594		05/15/2020			18,023

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		GBP	875		USD	1,056		05/15/2020		$	(31,863	)
State Street Bank & Trust Co.		JPY	115,637		USD	1,099		05/15/2020			21,581
State Street Bank & Trust Co.		JPY	162,278		USD	1,488		05/15/2020			(24,175	)
State Street Bank & Trust Co.		NOK	4,577		USD	496		05/15/2020			55,651
State Street Bank & Trust Co.		SEK	1,825		USD	190		05/15/2020			5,473
State Street Bank & Trust Co.		SEK	1,874		USD	185		05/15/2020			(4,186	)
State Street Bank & Trust Co.		USD	188		AUD	290		05/15/2020			(10,015	)
State Street Bank & Trust Co.		USD	288		CAD	412		05/15/2020			5,117
State Street Bank & Trust Co.		USD	512		CAD	697		05/15/2020			(16,657	)
State Street Bank & Trust Co.		USD	98		CHF	96		05/15/2020			1,478
State Street Bank & Trust Co.		USD	353		CHF	334		05/15/2020			(5,444	)
State Street Bank & Trust Co.		USD	532		CNY	3,726		05/15/2020			(5,975	)
State Street Bank & Trust Co.		USD	1,666		EUR	1,531		05/15/2020			25,227
State Street Bank & Trust Co.		USD	1,804		EUR	1,605		05/15/2020			(31,041	)
State Street Bank & Trust Co.		USD	136		GBP	112		05/15/2020			3,610
State Street Bank & Trust Co.		USD	286		GBP	219		05/15/2020			(13,345	)
State Street Bank & Trust Co.		USD	1,975		JPY	215,908		05/15/2020			36,787
State Street Bank & Trust Co.		USD	628		JPY	66,648		05/15/2020			(6,591	)
State Street Bank & Trust Co.		USD	284		MXN	5,349		05/15/2020			(59,491	)
State Street Bank & Trust Co.		USD	384		NOK	4,065		05/15/2020			7,504
State Street Bank & Trust Co.		USD	55		NOK	512		05/15/2020			(6,139	)
State Street Bank & Trust Co.		USD	308		SEK	3,004		05/15/2020			(4,389	)
State Street Bank & Trust Co.		ZAR	2,172		USD	130		05/15/2020			9,094
										$	(542,981	)

(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 March 31, 2020, the aggregate market value of these securities amounted to $1,545,754 or 3.7% 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 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 $7,608,869 and gross unrealized depreciation of investments was $(5,083,595), resulting in net unrealized appreciation of $2,525,274.

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

COUNTRY BREAKDOWN¹

March 31, 2020 (unaudited)

11.2%	Netherlands
10.7%	United Kingdom
10.0%	Japan
9.3%	France
8.8%	Switzerland
7.1%	China
6.7%	United States
6.6%	Germany
6.2%	Ireland
5.1%	Denmark
4.4%	Sweden
4.1%	India
2.3%	Hong Kong
6.1%	Other
1.4%	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. “Other” country weightings represent 2.2% or less in the following: Austria, Brazil, Finland and Spain.

AB Variable Products Series Fund, Inc.

AB International Growth 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)

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, 2020:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	2,411,168	$	7,153,875		$	—	$	9,565,043
Health Care		1,613,337		4,919,967			—		6,533,304
Financials		—		6,450,310			—		6,450,310
Industrials		608,835		5,048,667			—		5,657,502
Consumer Staples		1,054,551		4,251,294			—		5,305,845
Consumer Discretionary		1,342,900		2,094,504			—		3,437,404
Materials		—		2,163,554			—		2,163,554
Communication Services		—		1,625,099			—		1,625,099
Energy		—		956,099			—		956,099
Utilities		—		447,392			—		447,392
Short-Term Investments		580,044		—			—		580,044
Total Investments in Securities		7,610,835		35,110,761	(a)		—		42,721,596
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		494,055			—		494,055
Liabilities:
Forward Currency Exchange Contracts		—		(1,037,036	)		—		(1,037,036	)
Total	$	7,610,835	$	34,567,780		$	—	$	42,178,615

^(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 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	$	1,750	$	3,165	$	4,335	$	580	$	6
Government Money Market Portfolio*		1,787		11,234		13,021		—		2
Total	$	3,537	$	14,399	$	17,356	$	580	$	8

* Investments of cash collateral for securities lending transactions.