AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 95.1%
Industrials – 17.0%
Aerospace & Defense – 5.6%
Airbus SE		41,380	$	5,527,021
Saab AB - Class B		79,170		4,809,659
Safran SA		36,410		5,390,013
				15,726,693
Electrical Equipment – 2.5%
Fuji Electric Co., Ltd.		90,400		3,569,924
Prysmian SpA		80,930		3,398,308
				6,968,232
Industrial Conglomerates – 3.1%
Hitachi Ltd.		71,400		3,924,193
Melrose Industries PLC		2,422,150		4,988,544
				8,912,737
Machinery – 4.2%
Alstom SA		95,546		2,601,363
Amada Co., Ltd.(a)		548,000		5,136,647
Kawasaki Heavy Industries Ltd.		194,200		4,251,355
				11,989,365
Professional Services – 1.6%
Dip Corp.(a)		71,700		1,921,913
UT Group Co., Ltd.(b)		135,000		2,523,587
				4,445,500
				48,042,527
Consumer Discretionary – 13.6%
Automobile Components – 1.0%
Faurecia SE (Paris)(b)		122,774		2,668,312
Automobiles – 3.5%
Stellantis NV (Paris)		323,078		5,871,188
Suzuki Motor Corp.		107,800		3,925,797
				9,796,985
Hotels, Restaurants & Leisure – 1.3%
Entain PLC		236,540		3,673,491
Household Durables – 2.8%
Persimmon PLC		196,190		3,046,381
Sony Group Corp.		54,700		4,982,261
				8,028,642
Specialty Retail – 0.9%
Kingfisher PLC		813,730		2,630,385

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Company	Shares		U.S. $ Value
Textiles, Apparel & Luxury Goods – 4.1%
Burberry Group PLC		132,080	$	4,229,176
Kering SA		6,690		4,364,740
Pandora A/S		32,120		3,083,140
				11,677,056
				38,474,871
Financials – 13.1%
Banks – 9.4%
ABN AMRO Bank NV(c)		197,600		3,133,432
Bank Leumi Le-Israel BM		328,500		2,485,031
Bank of Ireland Group PLC		337,111		3,410,989
Erste Group Bank AG		117,950		3,907,606
KBC Group NV		62,620		4,302,668
NatWest Group PLC		1,726,820		5,634,656
Resona Holdings, Inc.		775,500		3,741,120
				26,615,502
Financial Services – 0.9%
ORIX Corp.		154,000		2,539,154
Insurance – 2.8%
SCOR SE		144,480		3,285,077
Suncorp Group Ltd.		558,020		4,533,982
				7,819,059
				36,973,715
Consumer Staples – 11.3%
Consumer Staples Distribution & Retail – 3.7%
Carrefour SA		218,750		4,422,597
Koninklijke Ahold Delhaize NV		176,530		6,031,167
				10,453,764
Food Products – 5.6%
Nestle SA (REG)		85,160		10,383,601
Nomad Foods Ltd.(b)		147,970		2,772,958
Salmar ASA		63,560		2,768,659
				15,925,218
Tobacco – 2.0%
British American Tobacco PLC		157,560		5,523,166
				31,902,148
Health Care – 9.4%
Health Care Equipment & Supplies – 1.0%
ConvaTec Group PLC(c)		978,089		2,763,897
Health Care Providers & Services – 1.5%
Fresenius SE & Co. KGaA		158,980		4,292,974
Pharmaceuticals – 6.9%
Nippon Shinyaku Co., Ltd.		52,900		2,334,221
Roche Holding AG (Genusschein)		32,760		9,360,923
Sanofi		71,620		7,769,246
				19,464,390
				26,521,261

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Company	Shares		U.S. $ Value
Materials – 9.2%
Chemicals – 3.8%
Arkema SA		40,450	$	3,993,903
Tosoh Corp.		329,000		4,470,942
Zeon Corp.		219,200		2,323,815
				10,788,660
Construction Materials – 2.2%
CRH PLC		123,160		6,222,077
Metals & Mining – 3.2%
Anglo American PLC		83,760		2,785,982
ArcelorMittal SA		113,050		3,424,995
Endeavour Mining PLC		119,793		2,957,303
				9,168,280
				26,179,017
Communication Services – 6.2%
Diversified Telecommunication Services – 2.9%
Deutsche Telekom AG (REG)		179,900		4,359,390
Nippon Telegraph & Telephone Corp.		128,100		3,827,976
				8,187,366
Entertainment – 2.2%
GungHo Online Entertainment, Inc.		128,000		2,344,923
Konami Group Corp.(a)		87,200		4,002,272
				6,347,195
Media – 1.1%
Criteo SA (Sponsored ADR)(b)		94,713		2,983,933
				17,518,494
Energy – 5.4%
Energy Equipment & Services – 2.4%
Shell PLC		237,490		6,804,341
Oil, Gas & Consumable Fuels – 3.0%
Cameco Corp.		124,600		3,262,741
Repsol SA		331,595		5,099,222
				8,361,963
				15,166,304
Information Technology – 5.0%
Semiconductors & Semiconductor Equipment – 3.6%
NXP Semiconductors NV		14,310		2,668,457
SK Hynix, Inc.		47,150		3,226,707
Tokyo Electron Ltd.		34,200		4,178,078
				10,073,242
Technology Hardware, Storage & Peripherals – 1.4%
Samsung Electronics Co., Ltd.		82,390		4,074,264
				14,147,506

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Company	Shares		U.S. $ Value
Utilities – 3.6%
Electric Utilities – 3.6%
EDP - Energias de Portugal SA		1,056,204	$	5,755,164
Enel SpA		718,800		4,383,923
				10,139,087
Real Estate – 1.3%
Real Estate Management & Development – 1.3%
Daito Trust Construction Co., Ltd.		37,300		3,716,191
Total Common Stocks (cost $246,306,936)				268,781,121
SHORT-TERM INVESTMENTS – 1.1%
Investment Companies – 1.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(d) (e) (f) (cost $3,066,400)		3,066,400		3,066,400
Total Investments – 96.2% (cost $249,373,336)(g)				271,847,521
Other assets less liabilities – 3.8%				10,634,609
Net Assets – 100.0%			$	282,482,130

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		USD	1,433		AUD	2,021		04/13/2023	$	(81,190	)
Bank of America, NA		USD	1,301		CNH	8,856		04/20/2023		(11,194	)
Bank of America, NA		NOK	8,311		USD	774		04/21/2023		(20,129	)
Bank of America, NA		SEK	8,758		USD	845		04/21/2023		705
Bank of America, NA		JPY	615,455		USD	4,667		04/28/2023		15,943
Bank of America, NA		JPY	108,541		USD	818		04/28/2023		(2,541	)
Bank of America, NA		USD	762		JPY	101,808		04/28/2023		7,322
Bank of America, NA		USD	3,529		JPY	461,844		04/28/2023		(38,899)
Bank of America, NA		EUR	1,526		USD	1,670		05/11/2023		11,778
Bank of America, NA		EUR	18,889		USD	20,108		05/11/2023		(419,093	)
Bank of America, NA		USD	3,606		SGD	4,849		05/15/2023		42,121
Bank of America, NA		USD	1,049		GBP	856		05/24/2023		7,841
Barclays Bank PLC		USD	1,171		JPY	154,743		04/28/2023		(1,635	)
Barclays Bank PLC		USD	731		EUR	687		05/11/2023		15,392
Barclays Bank PLC		HKD	12,331		USD	1,585		07/12/2023		7,407
Barclays Bank PLC		USD	1,580		HKD	12,331		07/12/2023		(1,932	)
BNP Paribas SA		USD	5,793		SEK	60,151		04/21/2023		8,428
Citibank, NA		BRL	3,607		USD	697		04/04/2023		(14,922	)
Citibank, NA		USD	710		BRL	3,607		04/04/2023		1,674
Citibank, NA		ILS	4,967		USD	1,466		04/20/2023		83,737
Citibank, NA		KRW	6,150,623		USD	5,000		04/26/2023		285,795
Citibank, NA		JPY	146,891		USD	1,131		04/28/2023		20,855
Citibank, NA		USD	694		BRL	3,607		05/03/2023		14,506
Citibank, NA		USD	2,066		EUR	1,924		05/11/2023		25,313
Citibank, NA		USD	688		MXN	13,035		05/25/2023		28,617
Goldman Sachs Bank USA		SEK	7,340		USD	700		04/21/2023		(7,403	)
Goldman Sachs Bank USA		USD	643		JPY	86,155		04/28/2023		8,068
Morgan Stanley Capital Services, Inc.		BRL	3,607		USD	710		04/04/2023		(1,674	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		USD	698		BRL	3,607		04/04/2023	$	13,263
Morgan Stanley Capital Services, Inc.		AUD	976		USD	648		04/13/2023		(4,908	)
Morgan Stanley Capital Services, Inc.		USD	16,662		AUD	23,819		04/13/2023		(734,735	)
Morgan Stanley Capital Services, Inc.		JPY	268,471		USD	2,036		04/28/2023		6,703
Morgan Stanley Capital Services, Inc.		JPY	395,025		USD	2,954		04/28/2023		(31,263	)
Morgan Stanley Capital Services, Inc.		EUR	946		USD	1,008		05/11/2023		(20,110	)
Morgan Stanley Capital Services, Inc.		USD	6,031		EUR	5,674		05/11/2023		134,835
Morgan Stanley Capital Services, Inc.		CHF	629		USD	696		05/24/2023		4,623
Morgan Stanley Capital Services, Inc.		USD	4,508		CHF	4,188		05/24/2023		93,737
Morgan Stanley Capital Services, Inc.		CAD	3,343		USD	2,450		06/09/2023		(25,767	)
Natwest Markets PLC		EUR	1,282		USD	1,377		05/11/2023		(16,276	)
Standard Chartered Bank		KRW	1,288,288		USD	1,049		04/26/2023		61,738
Standard Chartered Bank		USD	675		KRW	884,521		04/26/2023		3,368
State Street Bank & Trust Co.		AUD	1,035		USD	692		04/13/2023		(265	)
State Street Bank & Trust Co.		USD	30		JPY	3,968		04/28/2023		323
State Street Bank & Trust Co.		EUR	2,884		USD	3,086		05/11/2023		(48,533	)
State Street Bank & Trust Co.		USD	1,218		EUR	1,136		05/11/2023		16,985
State Street Bank & Trust Co.		USD	957		EUR	877		05/11/2023		(3,492	)
UBS AG		KRW	1,162,706		USD	913		04/26/2023		21,704
UBS AG		USD	829		JPY	108,396		04/28/2023		(9,630	)
									$	(552,810)

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

(b) Non-income producing security.

(c) 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 March 31, 2023, the aggregate market value of these securities amounted to $5,897,329 or 2.1% of net assets.

(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, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $37,024,249 and gross unrealized depreciation of investments was $(15,102,874), resulting in net unrealized appreciation of $21,921,375.

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.

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Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

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

March 31, 2023 (unaudited)

23.4	%	Japan
16.6	%	United Kingdom
15.8	%	France
7.0	%	United States
3.5	%	Ireland
3.4	%	Switzerland
3.4	%	Netherlands
3.2	%	Germany
2.9	%	Italy
2.7	%	South Korea
2.1	%	Portugal
1.9	%	Spain
1.8	%	Sweden
11.2	%	Other
1.1	%	Short-Term Investments
100.0	%	Total Investments

1 The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio 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 1.7% or less in the following: Australia, Austria, Belgium, Canada, Denmark, Israel, Luxembourg, Norway and South Africa.

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AB Variable Products Series Fund, Inc.

AB International Value Portfolio    

March 31, 2023 (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.

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The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2023:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Industrials	$	—	$	48,042,527		$	—	$	48,042,527
Consumer Discretionary		—		38,474,871			—		38,474,871
Financials		—		36,973,715			—		36,973,715
Consumer Staples		2,772,958		29,129,190			—		31,902,148
Health Care		—		26,521,261			—		26,521,261
Materials		—		26,179,017			—		26,179,017
Communication Services		2,983,933		14,534,561			—		17,518,494
Energy		3,262,741		11,903,563			—		15,166,304
Information Technology		2,668,457		11,479,049			—		14,147,506
Utilities		—		10,139,087			—		10,139,087
Real Estate		—		3,716,191			—		3,716,191
Short-Term Investments		3,066,400		—			—		3,066,400
Total Investments in Securities		14,754,489		257,093,032	(a)		—		271,847,521
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		942,781			—		942,781
Liabilities:
Forward Currency Exchange Contracts		—		(1,495,591	)		—		(1,495,591	)
Total	$	14,754,489	$	256,540,222		$	—	$	271,294,711

^(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, written options and written swaptions which are valued at market value.

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2023 is as follows:

Portfolio	Market Value 12/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	4,934	$	18,181	$	20,049	$	3,066	$	21

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