Ab Variable Products Series Fund NPORT-P AB International Value Portfolio (Sep 2021 report)

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

Portfolio of Investments

September 30, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.3%
Financials – 19.9%
Banks – 14.0%
Bank Leumi Le-Israel BM		476,430	$	4,036,809
Bank of Ireland Group PLC(a)		1,440,481		8,543,192
Bank Polska Kasa Opieki SA		147,280		3,807,197
BNP Paribas SA		81,440		5,210,586
Erste Group Bank AG		182,760		8,024,840
KBC Group NV		83,170		7,502,304
Mediobanca Banca di Credito Finanziario SpA(a) (b)		463,840		5,580,465
Nordea Bank Abp(b)		471,480		6,075,620
				48,781,013
Capital Markets – 1.1%
Credit Suisse Group AG		387,007		3,822,182
Diversified Financial Services – 1.1%
ORIX Corp.(b)		197,500		3,695,524
Insurance – 3.7%
NN Group NV		110,900		5,809,190
Suncorp Group Ltd.(b)		816,130		7,257,018
				13,066,208
				69,364,927
Consumer Discretionary – 19.4%
Auto Components – 3.4%
Faurecia SE		139,366		6,556,832
Pirelli & C SpA(b) (c)		919,280		5,378,036
				11,934,868
Automobiles – 3.7%
Stellantis NV		398,798		7,600,404
Suzuki Motor Corp.		117,200		5,236,382
				12,836,786
Diversified Consumer Services – 1.5%
Benesse Holdings, Inc.		237,400		5,368,308
Hotels, Restaurants & Leisure – 3.9%
Entain PLC(a)		204,120		5,829,995
Galaxy Entertainment Group Ltd.(a)		547,000		2,806,674
Restaurant Brands International, Inc.		80,340		4,922,141
				13,558,810
Household Durables – 2.8%
Persimmon PLC		122,010		4,363,681
Sony Group Corp.		49,600		5,506,525
				9,870,206
Specialty Retail – 1.4%
Kingfisher PLC		1,060,690		4,787,821
Textiles, Apparel & Luxury Goods – 2.7%
HUGO BOSS AG		94,390		5,653,983
Pandora A/S		29,650		3,599,501
				9,253,484
				67,610,283

1

Company	Shares		U.S. $ Value
Industrials – 11.0%
Aerospace & Defense – 3.2%
Airbus SE(a)		57,520	$	7,625,763
Saab AB - Class B		124,200		3,516,050
				11,141,813
Electrical Equipment – 2.7%
Fuji Electric Co., Ltd.		130,400		5,933,955
Prysmian SpA		102,350		3,574,932
				9,508,887
Industrial Conglomerates – 2.0%
Melrose Industries PLC		2,930,120		6,802,875
Machinery – 1.2%
Alstom SA		114,980		4,361,505
Professional Services – 0.8%
UT Group Co., Ltd.		99,300		2,965,064
Road & Rail – 1.1%
Sankyu, Inc.		81,400		3,743,688
				38,523,832
Health Care – 10.8%
Health Care Equipment & Supplies – 2.5%
ConvaTec Group PLC(c)		1,560,619		4,542,001
Smith & Nephew PLC		247,680		4,266,991
				8,808,992
Pharmaceuticals – 8.3%
GlaxoSmithKline PLC		357,420		6,745,648
Nippon Shinyaku Co., Ltd.		38,100		3,166,990
Roche Holding AG		38,500		14,051,335
Sanofi		49,760		4,790,097
				28,754,070
				37,563,062
Consumer Staples – 8.6%
Beverages – 0.9%
Carlsberg AS - Class B		20,400		3,328,120
Food & Staples Retailing – 1.2%
Koninklijke Ahold Delhaize NV		125,650		4,183,910
Food Products – 3.3%
Morinaga & Co., Ltd./Japan		72,100		2,659,129
Nichirei Corp.		142,400		3,731,599
Salmar ASA		75,900		5,036,384
				11,427,112
Tobacco – 3.2%
British American Tobacco PLC		163,350		5,709,820
Swedish Match AB		620,500		5,433,557
				11,143,377
				30,082,519

2

Company	Shares		U.S. $ Value
Information Technology – 6.2%
Electronic Equipment, Instruments & Components – 1.0%
Horiba Ltd.		49,300	$	3,439,441
Semiconductors & Semiconductor Equipment – 4.0%
NXP Semiconductors NV		16,720		3,274,946
SCREEN Holdings Co., Ltd.		73,500		6,295,898
SK Hynix, Inc.		50,370		4,311,990
				13,882,834
Technology Hardware, Storage & Peripherals – 1.2%
Samsung Electronics Co., Ltd.		69,570		4,312,965
				21,635,240
Materials – 6.1%
Chemicals – 3.5%
Evonik Industries AG		43,450		1,362,470
Tosoh Corp.		402,000		7,284,934
Zeon Corp.		257,400		3,623,445
				12,270,849
Construction Materials – 1.5%
CRH PLC		109,440		5,165,004
Metals & Mining – 1.1%
Agnico Eagle Mines Ltd.		42,550		2,207,453
Northern Star Resources Ltd.(b)		252,460		1,546,228
				3,753,681
				21,189,534
Communication Services – 6.0%
Diversified Telecommunication Services – 3.0%
Deutsche Telekom AG		262,880		5,271,846
Orange SA		457,230		4,944,880
				10,216,726
Entertainment – 1.9%
GungHo Online Entertainment, Inc.		137,800		2,526,679
Konami Holdings Corp.(b)		65,800		4,124,292
				6,650,971
Interactive Media & Services – 1.1%
Dip Corp.		102,300		3,903,410
				20,771,107
Energy – 4.0%
Oil, Gas & Consumable Fuels – 4.0%
ENEOS Holdings, Inc.		873,000		3,546,435
Repsol SA		327,265		4,271,969
Royal Dutch Shell PLC (Euronext Amsterdam) - Class A		274,230		6,127,851
				13,946,255

3

Company	Shares		U.S. $ Value
Utilities – 3.4%
Electric Utilities – 3.4%
EDP - Energias de Portugal SA(b)		1,320,444	$	6,936,447
Enel SpA		629,750		4,833,468
				11,769,915
Real Estate – 2.9%
Real Estate Management & Development – 2.9%
Aroundtown SA		662,210		4,561,901
Daito Trust Construction Co., Ltd.(b)		47,300		5,548,656
				10,110,557
Total Common Stocks (cost $299,910,150)				342,567,231
SHORT-TERM INVESTMENTS – 1.5%
Investment Companies – 1.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f) (cost $5,194,939)		5,194,939		5,194,939
Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% (cost $305,105,089)				347,762,170
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.0%
Investment Companies – 1.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f) (cost $3,502,329)		3,502,329		3,502,329
Total Investments – 100.8% (cost $308,607,418)(g)				351,264,499
Other assets less liabilities – (0.8)%				(2,625,502	)
Net Assets – 100.0%			$	348,638,997

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		CHF	3,241		USD	3,544		10/28/2021	$	64,371
Bank of America, NA		USD	999		KRW	1,167,071		10/28/2021		(14,118	)
Bank of America, NA		GBP	1,068		USD	1,456		11/10/2021		17,376
Bank of America, NA		USD	2,744		GBP	1,988		11/10/2021		(64,861	)
Bank of America, NA		USD	1,546		JPY	169,073		11/17/2021		(26,435	)
Bank of America, NA		ILS	6,429		USD	2,005		12/09/2021		9,980
Barclays Bank PLC		USD	3,559		SGD	4,849		11/10/2021		11,579
Barclays Bank PLC		JPY	157,495		USD	1,432		11/17/2021		16,017
BNP Paribas SA		USD	782		NZD	1,124		10/15/2021		(5,977	)

4

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		EUR	21,593		USD	25,699		11/08/2021	$	670,757
BNP Paribas SA		HKD	9,610		USD	1,233		11/10/2021		(1,436	)
BNP Paribas SA		PLN	14,606		USD	3,787		12/07/2021		115,828
Citibank, NA		USD	15,941		CHF	14,381		10/28/2021		(501,485	)
Citibank, NA		EUR	2,564		USD	3,011		11/08/2021		39,349
Citibank, NA		USD	1,233		EUR	1,040		11/08/2021		(27,201	)
Citibank, NA		USD	14,919		AUD	20,715		11/09/2021		59,361
Citibank, NA		JPY	331,589		USD	3,002		11/17/2021		21,341
Citibank, NA		USD	6,810		JPY	745,399		11/17/2021		(110,502	)
Citibank, NA		USD	1,525		RUB	112,289		12/15/2021		(367	)
Credit Suisse International		USD	1,903		NOK	16,506		10/13/2021		(14,530	)
Credit Suisse International		USD	1,077		SEK	9,261		10/13/2021		(19,206	)
Goldman Sachs Bank USA		USD	946		GBP	689		11/10/2021		(17,941	)
Goldman Sachs Bank USA		USD	1,228		JPY	136,914		11/17/2021		2,815
Goldman Sachs Bank USA		USD	2,328		JPY	257,999		11/17/2021		(9,339	)
JPMorgan Chase Bank, NA		USD	1,113		EUR	941		11/08/2021		(22,556	)
JPMorgan Chase Bank, NA		JPY	212,539		USD	1,934		11/17/2021		24,225
Morgan Stanley Capital Services, Inc.		NOK	28,092		USD	3,211		10/13/2021		(2,374	)
Morgan Stanley Capital Services, Inc.		KRW	9,322,097		USD	8,175		10/28/2021		306,355
Morgan Stanley Capital Services, Inc.		USD	1,624		JPY	177,254		11/17/2021		(30,947	)
Morgan Stanley Capital Services, Inc.		CAD	9,158		USD	7,156		11/19/2021		(73,949	)
Natwest Markets PLC		CHF	1,045		USD	1,133		10/28/2021		11,036
Natwest Markets PLC		EUR	794		USD	933		11/08/2021		12,465
Natwest Markets PLC		USD	4,194		EUR	3,534		11/08/2021		(97,640	)
Societe Generale		SEK	9,261		USD	1,076		10/13/2021		18,139
State Street Bank & Trust Co.		USD	1,686		CHF	1,546		10/28/2021		(26,286	)
State Street Bank & Trust Co.		GBP	50		USD	67		11/10/2021		730
State Street Bank & Trust Co.		USD	360		CAD	455		11/19/2021		(484	)
State Street Bank & Trust Co.		USD	2,146		CNY	13,900		12/09/2021		(1,886	)
UBS AG		USD	1,654		MXN	33,905		10/28/2021		(17,468	)
UBS AG		USD	1,436		EUR	1,212		11/08/2021		(31,377	)
UBS AG		USD	1,354		GBP	991		11/10/2021		(18,973	)
									$	264,386

(a) Non-income producing security.

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

(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 September 30, 2021, the aggregate market value of these securities amounted to $9,920,037 or 2.8% 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 September 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $57,764,397 and gross unrealized depreciation of investments was $(14,842,930), resulting in net unrealized appreciation of $42,921,467.

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.

5

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

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

NZD – New Zealand Dollar

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

USD – United States Dollar

COUNTRY BREAKDOWN¹

September 30, 2021 (unaudited)

23.7	%	Japan
14.1	%	United Kingdom
9.6	%	France
5.6	%	Italy
5.1	%	Switzerland
4.9	%	Germany
3.9	%	Ireland
3.8	%	Netherlands
2.6	%	Sweden
2.5	%	Australia
2.5	%	South Korea
2.3	%	Austria
2.2	%	United States
15.7	%	Other
1.5	%	Short-Term
100.0	%	Total Investments

1 All data are as of September 30, 2021. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 2.2% or less in the following: Belgium, Canada, Denmark, Finland, Israel, Macau, Norway, Poland, Portugal and Spain.

6

AB Variable Products Series Fund, Inc.

AB International Value Portfolio

September 30, 2021 (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, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Financials	$	—	$	69,364,927	$	—	$	69,364,927
Consumer Discretionary		4,922,141		62,688,142		—		67,610,283
Industrials		—		38,523,832		—		38,523,832

7

Investments in Securities:	Level 1		Level 2			Level 3		Total
Health Care	$	4,542,001	$	33,021,061		$	—	$	37,563,062
Consumer Staples		5,433,557		24,648,962			—		30,082,519
Information Technology		3,274,946		18,360,294			—		21,635,240
Materials		2,207,453		18,982,081			—		21,189,534
Communication Services		—		20,771,107			—		20,771,107
Energy		—		13,946,255			—		13,946,255
Utilities		6,936,447		4,833,468			—		11,769,915
Real Estate		—		10,110,557			—		10,110,557
Short-Term Investments		5,194,939		—			—		5,194,939
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		3,502,329		—			—		3,502,329
Total Investments in Securities		36,013,813		315,250,686	(a)		—		351,264,499
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		1,401,724			—		1,401,724
Liabilities:
Forward Currency Exchange Contracts		—		(1,137,338	)		—		(1,137,338	)
Total	$	36,013,813	$	315,515,072		$	—	$	351,528,885

^(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, 2021 is as follows:

Portfolio	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	318	$	73,420	$	68,543	$	5,195	$	0	**
Government Money Market Portfolio*		5,169		42,909		44,576		3,502		0	**
Total	$	5,487	$	116,329	$	113,119	$	8,697	$	0	**

* Investments of cash collateral for securities lending transactions.

** Amount less than $500.

8