AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.1%
Industrials – 18.1%
Aerospace & Defense – 6.1%
Airbus SE		38,253	$	6,735,802
BAE Systems PLC		235,137		4,747,998
Melrose Industries PLC		815,945		5,036,676
				16,520,476
Air Freight & Logistics – 0.9%
SG Holdings Co., Ltd.		236,200		2,355,599
Construction & Engineering – 2.9%
Shimizu Corp.		361,800		3,220,199
Vinci SA		35,721		4,502,993
				7,723,192
Ground Transportation – 1.1%
Keisei Electric Railway Co., Ltd.		333,100		3,009,558
Machinery – 5.8%
Amada Co., Ltd.		226,300		2,204,070
CNH Industrial NV(a)		299,948		3,683,361
Kawasaki Heavy Industries Ltd.		42,400		2,559,266
Techtronic Industries Co., Ltd. - Class H		268,000		3,211,786
Toyota Industries Corp.		46,800		4,002,673
				15,661,156
Passenger Airlines – 1.3%
Ryanair Holdings PLC (Sponsored ADR)(a)		84,502		3,580,350
				48,850,331
Financials – 16.3%
Banks – 10.9%
ABN AMRO Bank NV		240,084		5,058,899
Banco Bilbao Vizcaya Argentaria SA(a)		334,180		4,560,745
Danske Bank A/S		129,163		4,227,685
Erste Group Bank AG		47,708		3,300,013
NatWest Group PLC		844,511		4,986,316
Resona Holdings, Inc.		836,900		7,307,647
				29,441,305
Insurance – 5.4%
ASR Nederland NV		73,914		4,249,138
AXA SA		145,741		6,226,891
Prudential PLC		374,622		4,042,551
				14,518,580
				43,959,885
Health Care – 13.4%
Health Care Equipment & Supplies – 1.4%
Siemens Healthineers AG		68,793		3,711,405
Health Care Providers & Services – 1.9%
Fresenius SE & Co. KGaA		123,328		5,265,320

1

Company	Shares		U.S. $ Value
Life Sciences Tools & Services – 1.5%
ICON PLC(b)		22,477	$	3,933,250
Pharmaceuticals – 8.6%
GSK PLC		177,992		3,401,460
Haleon PLC		1,199,299		6,056,701
Merck KGaA		25,304		3,482,080
Roche Holding AG		30,673		10,095,331
				23,035,572
				35,945,547
Energy – 8.6%
Energy Equipment & Services – 5.2%
Shell PLC		264,203		9,668,396
Vallourec SACA		219,433		4,131,418
				13,799,814
Oil, Gas & Consumable Fuels – 3.4%
Cameco Corp.		129,214		5,319,230
Repsol SA		293,158		3,892,412
				9,211,642
				23,011,456
Consumer Discretionary – 8.5%
Automobiles – 1.2%
Honda Motor Co., Ltd.		370,800		3,355,582
Household Durables – 3.8%
Persimmon PLC		128,008		1,979,901
Sony Group Corp.		323,100		8,175,396
				10,155,297
Specialty Retail – 2.5%
Industria de Diseno Textil SA		95,666		4,763,388
JD Sports Fashion PLC		2,160,269		1,910,185
				6,673,573
Textiles, Apparel & Luxury Goods – 1.0%
Burberry Group PLC(b)		260,195		2,620,904
				22,805,356
Materials – 7.8%
Chemicals – 3.5%
Arkema SA		42,145		3,227,089
Kuraray Co., Ltd.		213,900		2,635,776
Tosoh Corp.		258,200		3,552,969
				9,415,834
Construction Materials – 1.9%
CRH PLC		56,713		4,989,043

2

Company	Shares		U.S. $ Value
Metals & Mining – 2.4%
Endeavour Mining PLC		118,346	$	2,790,454
Lundin Mining Corp.(a)		455,863		3,693,661
				6,484,115
				20,888,992
Consumer Staples – 6.7%
Beverages – 1.9%
Coca-Cola Europacific Partners PLC		57,488		5,003,181
Consumer Staples Distribution & Retail – 2.5%
Koninklijke Ahold Delhaize NV		182,670		6,823,643
Food Products – 2.3%
Nestle SA (REG)		62,202		6,285,922
				18,112,746
Information Technology – 6.2%
Semiconductors & Semiconductor Equipment – 4.4%
NXP Semiconductors NV		14,458		2,747,888
Taiwan Semiconductor Manufacturing Co., Ltd.		156,000		4,393,425
Tokyo Electron Ltd.		35,300		4,840,778
				11,982,091
Technology Hardware, Storage & Peripherals – 1.8%
Samsung Electronics Co., Ltd.		121,926		4,833,813
				16,815,904
Communication Services – 5.7%
Diversified Telecommunication Services – 5.7%
Deutsche Telekom AG (REG)		202,227		7,466,214
Koninklijke KPN NV		965,189		4,088,207
Telstra Group Ltd.		1,481,878		3,914,803
				15,469,224
Utilities – 3.3%
Electric Utilities – 3.3%
EDP SA		1,248,142		4,200,004
Enel SpA		572,139		4,638,047
				8,838,051
Real Estate – 2.5%
Diversified REITs – 0.9%
Merlin Properties Socimi SA(b)		236,190		2,519,346
Real Estate Management & Development – 1.6%
Mitsui Fudosan Co., Ltd.		475,700		4,259,929
				6,779,275
Total Common Stocks (cost $221,093,824)				261,476,767

3

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 2.1%
Investment Companies – 2.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e) (cost $5,716,448)		5,716,448	$	5,716,448
Total Investments Before Security Lending Collateral for Securities Loaned – 99.2% (cost $226,810,272)				267,193,215
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.0%
Investment Companies – 2.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e) (cost $5,365,453)		5,365,453		5,365,453
Total Investments – 101.2% (cost $232,175,725)(f)				272,558,668
Other assets less liabilities – (1.2)%				(3,343,660	)
Net Assets – 100.0%			$	269,215,008

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		USD	15,973		AUD	25,787		04/09/2025		$	140,978
Bank of America NA		CAD	1,940		USD	1,355		04/11/2025			5,744
Bank of America NA		USD	894		SEK	9,466		04/16/2025			48,802
Bank of America NA		USD	1,300		JPY	194,909		04/24/2025			2,403
Bank of America NA		USD	9,573		CHF	8,474		05/09/2025			48,062
Bank of America NA		USD	3,403		SGD	4,596		05/09/2025			24,238
Bank of America NA		GBP	435		USD	564		05/16/2025			1,915
Bank of America NA		USD	690		GBP	535		05/16/2025			927
Bank of America NA		TWD	146,857		USD	4,499		05/23/2025			66,911
Barclays Capital, Inc.		USD	8,266		SEK	91,530		04/16/2025			847,426
Barclays Capital, Inc.		USD	284		KRW	415,031		04/17/2025			(2,210	)
Barclays Capital, Inc.		USD	494		TRY	18,533		04/17/2025			(14,539	)
Barclays Capital, Inc.		JPY	772,831		USD	5,246		04/24/2025			80,976
Barclays Capital, Inc.		USD	1,142		JPY	168,100		04/24/2025			(18,947	)
Barclays Capital, Inc.		EUR	1,947		USD	2,103		05/09/2025			(6,604	)
BNP Paribas SA		EUR	649		USD	702		05/09/2025			(1,502	)
Citibank NA		KRW	2,362,073		USD	1,627		04/17/2025			22,831
Citibank NA		JPY	118,449		USD	786		04/24/2025			(5,661	)
Citibank NA		USD	2,755		JPY	414,802		04/24/2025			17,342
Citibank NA		USD	1,248		JPY	186,011		04/24/2025			(4,511	)
Goldman Sachs Bank USA		USD	1,295		JPY	193,728		04/24/2025			(159	)
Goldman Sachs Bank USA		EUR	1,376		USD	1,506		05/09/2025			15,605
Goldman Sachs Bank USA		USD	1,799		EUR	1,700		05/09/2025			43,276
Goldman Sachs Bank USA		USD	3,941		EUR	3,627		05/09/2025			(11,034	)
HSBC Bank USA		CAD	1,007		USD	704		04/11/2025			4,074
HSBC Bank USA		EUR	1,028		USD	1,074		05/09/2025			(39,471	)
HSBC Bank USA		USD	735		TWD	24,260		05/23/2025			(2,680	)
JPMorgan Chase Bank		JPY	172,133		USD	1,154		04/24/2025			3,163
JPMorgan Chase Bank		USD	713		JPY	106,073		04/24/2025			(4,345	)
JPMorgan Chase Bank		USD	1,144		EUR	1,087		05/09/2025			33,689
JPMorgan Chase Bank		USD	823		EUR	757		05/09/2025			(2,326	)

4

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		AUD	2,189		USD	1,387		04/09/2025		$	18,722
Morgan Stanley Capital Services, Inc.		USD	2,248		ILS	7,989		04/09/2025			(99,329	)
Morgan Stanley Capital Services, Inc.		CAD	10,244		USD	7,045		04/11/2025			(76,576	)
Morgan Stanley Capital Services, Inc.		USD	268		CAD	385		04/11/2025			(356	)
Morgan Stanley Capital Services, Inc.		KRW	4,188,451		USD	2,864		04/17/2025			20,767
Morgan Stanley Capital Services, Inc.		USD	5,509		JPY	822,421		04/24/2025			(12,251	)
Morgan Stanley Capital Services, Inc.		EUR	29,210		USD	30,807		05/09/2025			(841,136	)
Morgan Stanley Capital Services, Inc.		USD	762		CHF	670		05/09/2025			(1,674	)
Morgan Stanley Capital Services, Inc.		USD	2,619		EUR	2,408		05/09/2025			(10,746	)
NatWest Markets PLC		CHF	723		USD	829		05/09/2025			8,277
NatWest Markets PLC		EUR	687		USD	744		05/09/2025			56
NatWest Markets PLC		USD	737		CHF	652		05/09/2025			3,027
State Street Bank & Trust Co.		USD	693		AUD	1,103		04/09/2025			(3,686	)
State Street Bank & Trust Co.		CAD	1,726		USD	1,210		04/11/2025			10,171
State Street Bank & Trust Co.		USD	425		CAD	611		04/11/2025			48
State Street Bank & Trust Co.		USD	994		CAD	1,416		04/11/2025			(9,338	)
State Street Bank & Trust Co.		SEK	7,268		USD	725		04/16/2025			1,357
State Street Bank & Trust Co.		HKD	17,587		USD	2,263		04/24/2025			1,578
State Street Bank & Trust Co.		JPY	120,434		USD	812		04/24/2025			6,657
State Street Bank & Trust Co.		USD	1,137		JPY	171,045		04/24/2025			5,468
State Street Bank & Trust Co.		USD	1,792		JPY	266,567		04/24/2025			(10,728	)
State Street Bank & Trust Co.		CHF	657		USD	744		05/09/2025			(1,909	)
State Street Bank & Trust Co.		EUR	767		USD	808		05/09/2025			(22,929	)
State Street Bank & Trust Co.		USD	440		EUR	418		05/09/2025			12,844
State Street Bank & Trust Co.		USD	887		EUR	815		05/09/2025			(4,593	)
State Street Bank & Trust Co.		GBP	229		USD	297		05/16/2025			978
State Street Bank & Trust Co.		USD	859		GBP	664		05/16/2025			(882	)
UBS		USD	2,113		NOK	24,088		04/16/2025			176,965
UBS		USD	1,435		EUR	1,370		05/09/2025			49,599
										$	514,754

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

(b) Non-income producing security.

(c) The rate shown represents the 7-day yield as of period end.

(d) Affiliated investments.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(f) As of March 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $51,520,556 and gross unrealized depreciation of investments was $(10,622,859), resulting in net unrealized appreciation of $40,897,697.

5

  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

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

COUNTRY BREAKDOWN¹

March 31, 2025 (unaudited)

19.3	%	Japan
14.5	%	United Kingdom
9.3	%	France
9.3	%	United States
7.6	%	Netherlands
7.5	%	Germany
6.1	%	Switzerland
5.9	%	Spain
3.1	%	Italy
2.7	%	Hong Kong
2.0	%	Canada
1.8	%	South Korea
1.6	%	Taiwan
7.2	%	Other
2.1	%	Short-Term Investments
100.0	%	Total Investments

1 The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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 1.6% or less in the following: Australia, Austria, Chile, Denmark and Portugal.

6

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

March 31, 2025 (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 are 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.

7

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2025:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Industrials	$	7,263,711	$	41,586,620		$	—	$	48,850,331
Financials		—		43,959,885			—		43,959,885
Health Care		3,933,250		32,012,297			—		35,945,547
Energy		5,319,230		17,692,226			—		23,011,456
Consumer Discretionary		—		22,805,356			—		22,805,356
Materials		8,682,704		12,206,288			—		20,888,992
Consumer Staples		5,003,181		13,109,565			—		18,112,746
Information Technology		2,747,888		14,068,016			—		16,815,904
Communication Services		—		15,469,224			—		15,469,224
Utilities		8,838,051		—			—		8,838,051
Real Estate		—		6,779,275			—		6,779,275
Short-Term Investments		5,716,448		—			—		5,716,448
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		5,365,453		—			—		5,365,453
Total Investments in Securities		52,869,916		219,688,752	(a)		—		272,558,668
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		1,724,876			—		1,724,876
Liabilities:
Forward Currency Exchange Contracts		—		(1,210,122	)		—		(1,210,122	)
Total	$	52,869,916	$	220,203,506		$	—	$	273,073,422

^(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 include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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, 2025 is as follows:

Fund	Market Value 12/31/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2025 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	2,345	$	18,924	$	15,553	$	5,716	$	32
AB Government Money Market Portfolio*		599		38,919		34,153		5,365		79
Total	$	2,944	$	57,843	$	49,706	$	11,081	$	111

* Investments of cash collateral for securities lending transactions.

8