AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

September 30, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 95.4%
Financials – 16.6%
Banks – 13.8%
ABN AMRO Bank NV(a)		387,510	$	3,472,230
Banco Bilbao Vizcaya Argentaria SA		763,120		3,423,238
Bank Leumi Le-Israel BM		353,150		3,016,172
Bank of Ireland Group PLC		655,641		4,205,271
BNP Paribas SA		83,740		3,537,113
Erste Group Bank AG		202,050		4,429,373
KBC Group NV		90,860		4,311,669
Natwest Group PLC		1,865,070		4,645,366
				31,040,432
Diversified Financial Services – 1.1%
ORIX Corp.		166,800		2,336,710
Insurance – 1.7%
Suncorp Group Ltd.(b)		601,800		3,883,386
				37,260,528
Consumer Discretionary – 14.5%
Auto Components – 0.9%
Faurecia SE(c)		172,234		1,864,401
Automobiles – 3.6%
Stellantis NV		419,008		4,955,541
Suzuki Motor Corp.		100,700		3,134,803
				8,090,344
Hotels, Restaurants & Leisure – 2.4%
Entain PLC		260,060		3,109,396
Galaxy Entertainment Group Ltd.(b)		384,000		2,257,110
				5,366,506
Household Durables – 2.5%
Persimmon PLC		129,540		1,771,624
Sony Group Corp.		59,200		3,813,334
				5,584,958
Specialty Retail – 1.2%
Kingfisher PLC		1,122,240		2,731,776
Textiles, Apparel & Luxury Goods – 3.9%
Burberry Group PLC		204,640		4,087,782
HUGO BOSS AG		66,310		3,087,448
Pandora A/S		35,230		1,647,575
				8,822,805
				32,460,790
Industrials – 13.0%
Aerospace & Defense – 3.5%
Airbus SE		50,010		4,310,880
Saab AB - Class B		112,480		3,504,522
				7,815,402

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Company	Shares		U.S. $ Value
Electrical Equipment – 2.5%
Fuji Electric Co., Ltd.		84,400	$	3,093,332
Prysmian SpA		90,000		2,577,948
				5,671,280
Industrial Conglomerates – 1.6%
Melrose Industries PLC		3,179,250		3,554,932
Machinery – 3.7%
Alstom SA		104,106		1,683,993
Amada Co., Ltd.(b)		493,300		3,351,921
Kawasaki Heavy Industries Ltd.(b)		210,100		3,186,816
				8,222,730
Professional Services – 1.7%
Dip Corp.		76,200		1,935,715
UT Group Co., Ltd.		120,100		1,972,048
				3,907,763
				29,172,107
Consumer Staples – 12.2%
Food & Staples Retailing – 2.2%
Koninklijke Ahold Delhaize NV		195,170		4,971,259
Food Products – 5.9%
Morinaga & Co., Ltd./Japan		63,900		1,748,577
Nestle SA (REG)		69,610		7,528,830
Nomad Foods Ltd.(c)		124,750		1,771,450
Salmar ASA		66,920		2,255,625
				13,304,482
Tobacco – 4.1%
British American Tobacco PLC		145,260		5,208,665
Swedish Match AB		398,830		3,945,118
				9,153,783
				27,429,524
Health Care – 9.3%
Health Care Equipment & Supplies – 1.0%
ConvaTec Group PLC(a)		1,048,529		2,382,857
Pharmaceuticals – 8.3%
Nippon Shinyaku Co., Ltd.		41,100		2,096,992
Roche Holding AG (Genusschein)		32,660		10,631,894
Sanofi		77,340		5,889,168
				18,618,054
				21,000,911
Materials – 7.5%
Chemicals – 2.7%
Tosoh Corp.		356,900		3,977,781
Zeon Corp.(b)		232,700		2,056,569
				6,034,350

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Company	Shares		U.S. $ Value
Construction Materials – 1.4%
CRH PLC(b)		99,310	$	3,193,000
Metals & Mining – 3.4%
Anglo American PLC		92,970		2,791,501
ArcelorMittal SA		124,430		2,475,947
Endeavour Mining PLC		129,353		2,346,515
				7,613,963
				16,841,313
Communication Services – 6.8%
Diversified Telecommunication Services – 3.2%
Deutsche Telekom AG (REG)		197,490		3,361,609
Nippon Telegraph & Telephone Corp.		138,700		3,741,060
				7,102,669
Entertainment – 2.5%
GungHo Online Entertainment, Inc.		136,400		2,095,320
Konami Group Corp.(b)		77,400		3,583,783
				5,679,103
Media – 1.1%
Criteo SA (Sponsored ADR)(c)		94,713		2,560,092
				15,341,864
Energy – 6.0%
Energy Equipment & Services – 2.9%
Shell PLC		256,620		6,400,904
Oil, Gas & Consumable Fuels – 3.1%
Cameco Corp.(b)		81,930		2,174,361
Repsol SA(c)		420,925		4,836,534
				7,010,895
				13,411,799
Information Technology – 3.8%
Electronic Equipment, Instruments & Components – 0.8%
Horiba Ltd.		48,400		1,877,238
Semiconductors & Semiconductor Equipment – 2.0%
NXP Semiconductors NV		15,840		2,336,558
SK Hynix, Inc.		36,350		2,079,227
				4,415,785
Technology Hardware, Storage & Peripherals – 1.0%
Samsung Electronics Co., Ltd.		63,090		2,316,617
				8,609,640
Utilities – 3.4%
Electric Utilities – 3.4%
EDP - Energias de Portugal SA		1,014,594		4,403,351
Enel SpA		778,150		3,191,367
				7,594,718

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Company	Shares		U.S. $ Value
Real Estate – 2.3%
Real Estate Management & Development – 2.3%
Aroundtown SA		634,520	$	1,389,410
Daito Trust Construction Co., Ltd.		39,900		3,732,335
				5,121,745
Total Common Stocks (cost $262,948,241)				214,244,939
SHORT-TERM INVESTMENTS – 3.9%
Investment Companies – 3.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(d) (e) (f) (cost $8,706,460)		8,706,460		8,706,460
Total Investments Before Security Lending Collateral for Securities Loaned – 99.3% (cost $271,654,701)				222,951,399
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.6%
Investment Companies – 2.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(d) (e) (f) (cost $5,945,555)		5,945,555		5,945,555
Total Investments – 101.9% (cost $277,600,256)(g)				228,896,954
Other assets less liabilities – (1.9)%				(4,363,614	)
Net Assets – 100.0%			$	224,533,340

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		AUD	952		USD	613		10/20/2022	$	4,049
Bank of America, NA		USD	493		KRW	690,508		10/27/2022		(12,906	)
Bank of America, NA		USD	1,036		GBP	934		11/17/2022		8,202
Bank of America, NA		USD	1,646		MXN	33,905		11/18/2022		23,611
Bank of America, NA		USD	2,087		SEK	22,613		12/01/2022		(43,160	)
Bank of America, NA		USD	877		JPY	124,207		12/02/2022		(14,076	)
Bank of America, NA		CHF	2,538		USD	2,613		12/07/2022		24,468
Bank of America, NA		EUR	16,681		USD	16,114		12/08/2022		(310,102)
Barclays Bank PLC		USD	3,462		SGD	4,849		12/07/2022		(83,703	)
BNP Paribas SA		NOK	10,546		USD	1,024		12/01/2022		54,411
BNP Paribas SA		USD	901		EUR	921		12/08/2022		6,179
Citibank, NA		ILS	6,931		USD	2,022		10/19/2022		76,532
Citibank, NA		CAD	4,084		USD	3,155		10/27/2022		198,644
Citibank, NA		KRW	6,803,994		USD	5,186		10/27/2022		459,551
Citibank, NA		EUR	1,394		USD	1,368		12/08/2022		(4,174	)
Credit Suisse International		USD	706		AUD	1,016		10/20/2022		(56,142	)
Goldman Sachs Bank USA		USD	1,312		CNH	8,856		10/20/2022		(71,288	)
Goldman Sachs Bank USA		JPY	96,881		USD	675		12/02/2022		1,339
Goldman Sachs Bank USA		CHF	1,256		USD	1,282		12/07/2022		1,720

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services, Inc.		USD	551		ILS	1,964		10/19/2022	$	300
Morgan Stanley Capital Services, Inc.		USD	991		GBP	846		11/17/2022		(46,154	)
Morgan Stanley Capital Services, Inc.		USD	970		NOK	10,546		12/01/2022		(877	)
Morgan Stanley Capital Services, Inc.		USD	915		JPY	130,814		12/02/2022		(5,452	)
Morgan Stanley Capital Services, Inc.		USD	1,399		EUR	1,431		12/08/2022		9,485
Morgan Stanley Capital Services, Inc.		HKD	6,833		USD	872		01/12/2023		149
Natwest Markets PLC		GBP	2,515		USD	2,989		11/17/2022		178,683
Standard Chartered Bank		USD	971		CAD	1,280		10/27/2022		(44,392	)
State Street Bank & Trust Co.		AUD	1,865		USD	1,296		10/20/2022		102,418
State Street Bank & Trust Co.		USD	136		GBP	123		11/17/2022		1,710
State Street Bank & Trust Co.		USD	701		GBP	612		11/17/2022		(16,752	)
State Street Bank & Trust Co.		SEK	15,410		USD	1,378		12/01/2022		(15,109	)
State Street Bank & Trust Co.		JPY	96,027		USD	672		12/02/2022		4,310
State Street Bank & Trust Co.		USD	232		JPY	33,376		12/02/2022		(178	)
State Street Bank & Trust Co.		USD	685		CHF	649		12/07/2022		(23,555	)
UBS AG		USD	16,272		AUD	23,554		10/20/2022		(1,202,835	)
UBS AG		USD	3,285		JPY	467,772		12/02/2022		(33,891	)
UBS AG		USD	7,438		CHF	7,272		12/07/2022		(22,725	)
									$	(851,710	)

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $5,855,087 or 2.6% of net assets.

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

(c) Non-income producing security.

(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, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $14,606,926 and gross unrealized depreciation of investments was $(64161938), resulting in net unrealized depreciation of $(49,555,012).

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

CAD – Canadian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

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HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

COUNTRY BREAKDOWN¹

September 30, 2022 (unaudited)

21.4	%	Japan
17.0	%	United Kingdom
8.9	%	France
8.2	%	Switzerland
3.8	%	Netherlands
3.7	%	Spain
3.5	%	Germany
3.3	%	Sweden
3.3	%	Ireland
3.3	%	United States
2.6	%	Italy
2.0	%	Austria
2.0	%	Portugal
13.1	%	Other
3.9	%	Short-Term Investments
100.0	%	Total Investments

1 All data are as of September 30, 2022. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 2.0% or less in the following: Australia, Belgium, Canada, Denmark, Israel, Luxembourg, Macau, Norway, South Africa and South Korea.

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AB Variable Products Series Fund, Inc.

AB International Value Portfolio

September 30, 2022 (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.

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, 2022:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Financials	$	—	$	37,260,528	$	—	$	37,260,528
Consumer Discretionary		—		32,460,790		—		32,460,790
Industrials		—		29,172,107		—		29,172,107

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Investments in Securities:	Level 1		Level 2			Level 3		Total
Consumer Staples	$	1,771,450	$	25,658,074		$	—	$	27,429,524
Health Care		—		21,000,911			—		21,000,911
Materials		—		16,841,313			—		16,841,313
Communication Services		2,560,092		12,781,772			—		15,341,864
Energy		2,174,361		11,237,438			—		13,411,799
Information Technology		2,336,558		6,273,082			—		8,609,640
Utilities		—		7,594,718			—		7,594,718
Real Estate		—		5,121,745			—		5,121,745
Short-Term Investments		8,706,460		—			—		8,706,460
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		5,945,555		—			—		5,945,555
Total Investments in Securities		23,494,476		205,402,478	(a)		—		228,896,954
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		1,155,761			—		1,155,761
Liabilities:
Forward Currency Exchange Contracts		—		(2,007,471	)		—		(2,007,471	)
Total	$	23,494,476	$	204,550,768		$	—	$	228,045,244

^(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, 2022 is as follows:

Portfolio	Market Value 12/31/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,076	$	58,956	$	52,326	$	8,706	$	36
Government Money Market Portfolio*		3,295		55,236		52,585		5,946		15
Total	$	5,371	$	114,192	$	104,911	$	14,652	$	51

* Investments of cash collateral for securities lending transactions.

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