AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 93.4%
Information Technology – 25.8%
Communications Equipment – 1.0%
Lumentum Holdings, Inc.(a)		21,210	$	1,593,507
Electronic Equipment, Instruments & Components – 3.9%
Flex Ltd.(a)		296,710		3,305,350
Keyence Corp.		6,100		2,851,622
				6,156,972
IT Services – 6.4%
Adyen NV(a) (b)		1,890		3,486,073
Pagseguro Digital Ltd.(a) (c)		42,053		1,585,819
Square, Inc. - Class A(a)		15,491		2,518,062
Visa, Inc. - Class A		13,050		2,609,608
				10,199,562
Semiconductors & Semiconductor Equipment – 6.2%
Cree, Inc.(a)		30,870		1,967,654
Infineon Technologies AG		136,480		3,846,795
NVIDIA Corp.		3,188		1,725,409
NXP Semiconductors NV		18,460		2,303,993
				9,843,851
Software – 6.4%
Dassault Systemes SE		15,980		2,981,582
Microsoft Corp.		14,440		3,037,165
Proofpoint, Inc.(a)		19,364		2,043,870
Zendesk, Inc.(a)		21,600		2,223,072
				10,285,689
Technology Hardware, Storage & Peripherals – 1.9%
Apple, Inc.		26,220		3,036,538
				41,116,119
Health Care – 22.8%
Biotechnology – 1.2%
Abcam PLC		120,250		1,899,213
Health Care Equipment & Supplies – 7.7%
Danaher Corp.		14,430		3,107,212
Koninklijke Philips NV(a)		85,520		4,038,178
STERIS PLC		11,610		2,045,566
West Pharmaceutical Services, Inc.		11,510		3,164,099
				12,355,055
Health Care Providers & Services – 4.2%
Apollo Hospitals Enterprise Ltd.		116,251		3,390,927
Laboratory Corp. of America Holdings(a)		17,421		3,279,852
				6,670,779
Life Sciences Tools & Services – 9.7%
Bio-Rad Laboratories, Inc. - Class A(a)		6,790		3,499,973
Bruker Corp.		40,330		1,603,118
Gerresheimer AG		36,019		4,030,898

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Company	Shares		U.S. $ Value
ICON PLC(a)		14,264	$	2,725,708
Tecan Group AG		7,140		3,550,831
				15,410,528
				36,335,575
Industrials – 17.2%
Building Products – 4.2%
Kingspan Group PLC(a)		46,610		4,241,801
Trex Co., Inc.(a)		33,360		2,388,576
				6,630,377
Commercial Services & Supplies – 3.3%
Tetra Tech, Inc.		4,859		464,035
TOMRA Systems ASA(a)		41,832		1,812,168
Waste Management, Inc.		26,980		3,053,327
				5,329,530
Electrical Equipment – 6.1%
Rockwell Automation, Inc.		12,700		2,802,636
Schneider Electric SE		22,920		2,848,931
Vestas Wind Systems A/S		25,430		4,109,652
				9,761,219
Machinery – 2.1%
Xylem, Inc./NY		40,070		3,370,688
Professional Services – 1.5%
Recruit Holdings Co., Ltd.		61,000		2,422,636
				27,514,450
Financials – 7.0%
Banks – 2.0%
Erste Group Bank AG(a)		64,790		1,356,728
HDFC Bank Ltd.(a)		121,010		1,775,415
				3,132,143
Capital Markets – 3.6%
MSCI, Inc. - Class A		8,940		3,189,613
Partners Group Holding AG		2,840		2,612,244
				5,801,857
Insurance – 1.4%
AIA Group Ltd.		223,200		2,218,629
				11,152,629
Consumer Discretionary – 6.8%
Auto Components – 1.6%
Aptiv PLC		27,970		2,564,290
Household Durables – 1.1%
TopBuild Corp.(a)		10,050		1,715,435
Internet & Direct Marketing Retail – 1.9%
Alibaba Group Holding Ltd.(a)		82,340		3,022,792

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Company	Shares		U.S. $ Value
Textiles, Apparel & Luxury Goods – 2.2%
NIKE, Inc. - Class B		28,180	$	3,537,717
				10,840,234
Materials – 6.2%
Chemicals – 6.2%
Chr Hansen Holding A/S		38,150		4,234,878
Ecolab, Inc.		11,870		2,372,101
Koninklijke DSM NV		19,720		3,246,532
				9,853,511
Consumer Staples – 4.3%
Food Products – 1.7%
Kerry Group PLC - Class A		21,250		2,721,817
Household Products – 2.6%
Procter & Gamble Co. (The)		19,860		2,760,341
Unicharm Corp.		31,600		1,413,256
				4,173,597
				6,895,414
Communication Services – 1.7%
Interactive Media & Services – 1.7%
Tencent Holdings Ltd.		39,900		2,694,980
Utilities – 1.6%
Water Utilities – 1.6%
American Water Works Co., Inc.		18,129		2,626,529
Total Common Stocks (cost $95,348,266)				149,029,441
SHORT-TERM INVESTMENTS – 7.2%
Investment Companies – 7.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(d) (e) (f) (cost $11,542,797)		11,542,797		11,542,797
Total Investments – 100.6% (cost $106,891,063)(g)				160,572,238
Other assets less liabilities – (0.6)%				(931,830	)
Net Assets – 100.0%			$	159,640,408

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	1,869		KRW	2,217,144		11/10/2020		$	32,914
Bank of America, NA		CHF	1,413		USD	1,562		12/11/2020			24,624
Bank of America, NA		USD	2,705		AUD	3,701		12/11/2020			(53,692	)
Bank of America, NA		USD	4,033		CAD	5,298		12/11/2020			(53,027	)
Bank of America, NA		USD	1,481		JPY	155,911		12/11/2020			(1,570	)
Bank of America, NA		USD	1,301		SEK	11,370		12/11/2020			(30,524	)
Barclays Bank PLC		CNY	1,676		USD	243		12/11/2020			(2,782	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		BRL	3,029		USD	537		10/02/2020		$	(2,371	)
BNP Paribas SA		USD	547		BRL	3,029		10/02/2020			(7,587	)
BNP Paribas SA		BRL	3,029		USD	547		11/04/2020			7,612
BNP Paribas SA		EUR	3,232		USD	3,781		12/11/2020			(14,142	)
Citibank, NA		INR	168,909		USD	2,194		10/15/2020			(100,919	)
Citibank, NA		EUR	1,518		USD	1,796		12/11/2020			13,137
Citibank, NA		USD	2,640		CNY	18,182		12/11/2020			29,862
Goldman Sachs Bank USA		BRL	2,654		USD	483		10/02/2020			10,889
Goldman Sachs Bank USA		USD	471		BRL	2,654		10/02/2020			2,078
Goldman Sachs Bank USA		USD	335		RUB	25,789		11/19/2020			(4,453	)
Goldman Sachs Bank USA		USD	2,041		JPY	216,252		12/11/2020			10,981
JPMorgan Chase Bank, NA		BRL	814		USD	144		10/02/2020			(637	)
JPMorgan Chase Bank, NA		USD	151		BRL	814		10/02/2020			(5,966	)
JPMorgan Chase Bank, NA		EUR	759		USD	892		12/11/2020			554
Morgan Stanley & Co., Inc.		BRL	1,161		USD	206		10/02/2020			(909	)
Morgan Stanley & Co., Inc.		USD	221		BRL	1,161		10/02/2020			(13,783	)
Morgan Stanley & Co., Inc.		USD	229		KRW	271,076		11/10/2020			3,314
Morgan Stanley & Co., Inc.		USD	2,164		TWD	62,954		11/18/2020			23,214
Morgan Stanley & Co., Inc.		GBP	884		USD	1,132		12/11/2020			(9,127	)
Natwest Markets PLC		BRL	2,350		USD	420		10/02/2020			1,136
Natwest Markets PLC		USD	417		BRL	2,350		10/02/2020			1,840
Natwest Markets PLC		INR	53,507		USD	718		10/15/2020			(8,520	)
Natwest Markets PLC		USD	305		INR	23,103		10/15/2020			8,625
Natwest Markets PLC		EUR	19,732		USD	23,459		12/11/2020			288,943
Standard Chartered Bank		INR	25,183		USD	334		10/15/2020			(7,954	)
Standard Chartered Bank		USD	578		INR	42,533		10/15/2020			(319	)
Standard Chartered Bank		USD	278		CNY	1,910		12/11/2020			1,955
Standard Chartered Bank		USD	3,576		GBP	2,757		12/11/2020			(17,147	)
State Street Bank & Trust Co.		CHF	593		USD	652		12/11/2020			6,938
State Street Bank & Trust Co.		CHF	216		USD	235		12/11/2020			(487	)
State Street Bank & Trust Co.		EUR	806		USD	951		12/11/2020			4,769
State Street Bank & Trust Co.		USD	679		CHF	629		12/11/2020			5,107
State Street Bank & Trust Co.		USD	1,013		EUR	867		12/11/2020			4,714
State Street Bank & Trust Co.		USD	621		JPY	65,990		12/11/2020			4,777
State Street Bank & Trust Co.		USD	262		MXN	5,632		12/11/2020			(9,195	)
State Street Bank & Trust Co.		USD	471		ZAR	7,927		12/11/2020			(1,455	)
UBS AG		INR	47,349		USD	641		10/15/2020			(1,694	)
UBS AG		HKD	5,106		USD	658		12/11/2020			(236	)
										$	139,487

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2020, the market value of this security amounted to $3,486,073 or 2.2% 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 $56,332,601 and gross unrealized depreciation of investments was $(2,511,939), resulting in net unrealized appreciation of $53,820,662.

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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

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)

47.0%	United States
8.6%	Netherlands
5.8%	Ireland
4.8%	Denmark
4.0%	Germany
4.7%	Japan
4.1%	Switzerland
4.0%	France
3.6%	China
3.5%	India
1.7%	Hong Kong
1.6%	United Kingdom
1.3%	Norway
0.7%	Other
4.6%	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. “Other” country weightings represent 1.0% or less in the following: Austria and Brazil.

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AB Variable Products Series Fund, Inc.

AB Global Thematic 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.

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	$	27,950,047	$	13,166,072		$	—	$	41,116,119
Health Care		25,355,639		10,979,936			—		36,335,575
Industrials		12,079,262		15,435,188			—		27,514,450
Financials		3,189,613		7,963,016			—		11,152,629
Consumer Discretionary		7,817,442		3,022,792			—		10,840,234
Materials		2,372,101		7,481,410			—		9,853,511
Consumer Staples		2,760,341		4,135,073			—		6,895,414
Communication Services		—		2,694,980			—		2,694,980
Utilities		2,626,529		—			—		2,626,529
Short-Term Investments		11,542,797		—			—		11,542,797
Total Investments in Securities		95,693,771		64,878,467	(a)		—		160,572,238
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		487,983			—		487,983
Liabilities:
Forward Currency Exchange Contracts		—		(348,496	)		—		(348,496	)
Total	$	95,693,771	$	65,017,954		$	—	$	160,711,725

^(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.

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^(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	$	5,816	$	35,701	$	29,974	$	11,543	$	32

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