AB Variable Products Series Fund, Inc.

AB Sustainable Global Thematic Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.9%
Information Technology – 31.2%
Communications Equipment – 2.5%
Calix, Inc.(a)		45,157	$	2,419,964
Lumentum Holdings, Inc.(a)		28,401		1,533,938
				3,953,902
Electronic Equipment, Instruments & Components – 6.3%
Flex Ltd.(a)		205,046		4,718,109
Keyence Corp.		5,000		2,450,542
Keysight Technologies, Inc.(a)		16,980		2,741,930
				9,910,581
IT Services – 2.3%
Accenture PLC - Class A		12,471		3,564,336
Semiconductors & Semiconductor Equipment – 11.9%
Advanced Micro Devices, Inc.(a)		19,577		1,918,742
ASML Holding NV		4,482		3,054,250
Infineon Technologies AG		92,078		3,781,199
MediaTek, Inc.		73,000		1,892,606
NXP Semiconductors NV		12,743		2,376,251
ON Semiconductor Corp.(a)		32,531		2,677,952
Taiwan Semiconductor Manufacturing Co., Ltd.		179,000		3,136,904
				18,837,904
Software – 8.2%
Adobe, Inc.(a)		8,259		3,182,771
Dassault Systemes SE		17,276		712,653
Intuit, Inc.		6,429		2,866,241
Microsoft Corp.		14,511		4,183,521
Palo Alto Networks, Inc.(a)		9,893		1,976,028
				12,921,214
				49,187,937
Health Care – 18.4%
Biotechnology – 1.0%
Abcam PLC (Sponsored ADR)(a)		119,978		1,614,904
Health Care Equipment & Supplies – 5.3%
Alcon, Inc.		30,718		2,180,593
Becton Dickinson and Co.		13,155		3,256,389
STERIS PLC		15,714		3,005,774
				8,442,756
Health Care Providers & Services – 1.5%
Apollo Hospitals Enterprise Ltd.		43,835		2,302,800
Life Sciences Tools & Services – 9.1%
Bio-Rad Laboratories, Inc. - Class A(a)		5,189		2,485,635
Bruker Corp.		27,536		2,170,938
Danaher Corp.		14,834		3,738,761
ICON PLC(a)		13,680		2,921,911

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Company	Shares		U.S. $ Value
West Pharmaceutical Services, Inc.		8,606	$	2,981,721
				14,298,966
Pharmaceuticals – 1.5%
Johnson & Johnson		14,850		2,301,750
				28,961,176
Financials – 16.5%
Banks – 0.3%
Erste Group Bank AG		15,620		517,480
Capital Markets – 10.0%
Deutsche Boerse AG		20,897		4,068,856
London Stock Exchange Group PLC		42,402		4,118,492
MSCI, Inc.		7,740		4,332,001
Partners Group Holding AG		3,393		3,195,264
				15,714,613
Financial Services – 2.7%
Visa, Inc. - Class A		18,970		4,276,976
Insurance – 3.5%
Aflac, Inc.		45,716		2,949,596
AIA Group Ltd.		242,600		2,544,233
				5,493,829
				26,002,898
Industrials – 15.5%
Aerospace & Defense – 1.6%
Hexcel Corp.		38,373		2,618,957
Commercial Services & Supplies – 6.2%
Tetra Tech, Inc.		21,268		3,124,482
TOMRA Systems ASA		131,326		2,217,099
Waste Management, Inc.		26,959		4,398,900
				9,740,481
Machinery – 6.0%
Deere & Co.		11,158		4,606,915
SMC Corp.		5,700		3,021,663
Xylem, Inc./NY		17,034		1,783,460
				9,412,038
Professional Services – 1.7%
Experian PLC		81,144		2,671,885
				24,443,361
Consumer Staples – 7.1%
Household Products – 1.8%
Procter & Gamble Co. (The)		18,779		2,792,250
Personal Care Products – 5.3%
Dabur India Ltd.		384,254		2,561,277
Haleon PLC		692,789		2,752,057

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Company	Shares		U.S. $ Value
Unilever PLC (London)		60,355	$	3,127,535
				8,440,869
				11,233,119
Consumer Discretionary – 3.9%
Automobile Components – 1.7%
Aptiv PLC(a)		23,277		2,611,447
Automobiles – 1.1%
BYD Co., Ltd. - Class H		61,000		1,794,385
Household Durables – 1.1%
TopBuild Corp.(a)		7,904		1,645,138
				6,050,970
Materials – 2.8%
Chemicals – 2.8%
Chr Hansen Holding A/S		31,866		2,424,059
Koninklijke DSM NV		17,018		2,013,983
				4,438,042
Utilities – 2.5%
Electric Utilities – 1.3%
Orsted AS(b)		24,431		2,083,181
Water Utilities – 1.2%
American Water Works Co., Inc.		12,862		1,884,155
				3,967,336
Total Common Stocks (cost $124,878,914)				154,284,839
SHORT-TERM INVESTMENTS – 1.5%
Investment Companies – 1.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e) (cost $2,400,254)		2,400,254		2,400,254
Total Investments – 99.4% (cost $127,279,168)(f)				156,685,093
Other assets less liabilities – 0.6%				897,905
Net Assets – 100.0%			$	157,582,998

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		EUR	6,818		USD	7,258		05/11/2023	$	(151,275	)
Bank of America, NA		USD	964		EUR	881		05/11/2023		(6,800	)
Bank of America, NA		GBP	6,243		USD	7,652		05/24/2023		(57,184	)
Bank of America, NA		TWD	47,922		USD	1,583		06/15/2023		2,599
Bank of America, NA		USD	1,341		INR	111,202		06/22/2023		7,638
Barclays Bank PLC		USD	483		INR	40,181		06/22/2023		4,303

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Barclays Bank PLC		HKD	9,960		USD	1,280		07/12/2023	$	5,983
BNP Paribas SA		CNH	1,652		USD	241		04/20/2023		712
BNP Paribas SA		NOK	12,357		USD	1,244		04/21/2023		62,548
BNP Paribas SA		USD	1,143		SEK	11,865		04/21/2023		1,663
Citibank, NA		BRL	3,851		USD	744		04/04/2023		(15,931	)
Citibank, NA		USD	758		BRL	3,851		04/04/2023		1,787
Citibank, NA		USD	1,966		KRW	2,418,517		04/26/2023		(112,379	)
Citibank, NA		USD	3,971		JPY	515,795		04/28/2023		(73,232	)
Citibank, NA		USD	741		BRL	3,851		05/03/2023		15,487
Citibank, NA		INR	420,656		USD	5,092		06/22/2023		(8,327	)
Deutsche Bank AG		USD	1,024		INR	85,106		06/22/2023		8,375
Goldman Sachs Bank USA		USD	3,864		CNH	26,321		04/20/2023		(29,994	)
JPMorgan Chase Bank, NA		NOK	6,876		USD	665		04/21/2023		7,345
Morgan Stanley Capital Services, Inc.		BRL	3,851		USD	758		04/04/2023		(1,787	)
Morgan Stanley Capital Services, Inc.		USD	746		BRL	3,851		04/04/2023		14,160
Morgan Stanley Capital Services, Inc.		USD	2,913		AUD	4,165		04/13/2023		(128,476	)
Morgan Stanley Capital Services, Inc.		USD	507		ZAR	9,091		04/20/2023		3,037
Morgan Stanley Capital Services, Inc.		CHF	1,216		USD	1,308		05/24/2023		(27,813	)
Morgan Stanley Capital Services, Inc.		USD	4,370		CAD	5,962		06/09/2023		45,954
Standard Chartered Bank		TWD	22,549		USD	746		06/15/2023		2,259
State Street Bank & Trust Co.		USD	223		NOK	2,400		04/21/2023		6,124
State Street Bank & Trust Co.		JPY	60,774		USD	465		04/28/2023		5,825
State Street Bank & Trust Co.		JPY	42,477		USD	314		04/28/2023		(6,925	)
State Street Bank & Trust Co.		USD	399		JPY	52,665		04/28/2023		(658	)
State Street Bank & Trust Co.		EUR	311		USD	333		05/11/2023		(5,227	)
State Street Bank & Trust Co.		USD	1,675		EUR	1,557		05/11/2023		16,736
State Street Bank & Trust Co.		USD	900		EUR	825		05/11/2023		(3,831	)
State Street Bank & Trust Co.		GBP	414		USD	510		05/24/2023		(849	)
State Street Bank & Trust Co.		USD	389		CHF	355		05/24/2023		1,312
UBS AG		JPY	80,395		USD	615		04/28/2023		7,142
									$	(409,699	)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2023, the market value of this security amounted to $2,083,181 or 1.3% of net assets.

(c) Affiliated investments.

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

(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, or call AB at (800) 227-4618.

(f) 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 $34,909,084 and gross unrealized depreciation of investments was $(5,912,858), resulting in net unrealized appreciation of $28,996,226.

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

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

NOK – Norwegian Krone

SEK – Swedish Krona

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

COUNTRY BREAKDOWN¹

March 31, 2023 (unaudited)

63.5	%	United States
5.7	%	United Kingdom
5.0	%	Germany
3.5	%	Japan
3.4	%	Switzerland
3.2	%	Netherlands
3.2	%	Taiwan
3.1	%	India
2.9	%	Denmark
1.6	%	Hong Kong
1.4	%	Norway
1.2	%	China
0.5	%	France
0.3	%	Austria
1.5	%	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).

AB Variable Products Series Fund, Inc.

AB Sustainable Global Thematic 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.

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:
Information Technology	$	34,159,783	$	15,028,154	$	—	$	49,187,937
Health Care		24,477,783		4,483,393		—		28,961,176
Financials		11,558,573		14,444,325		—		26,002,898

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Investments in Securities:	Level 1		Level 2			Level 3		Total
Industrials	$	16,532,714	$	7,910,647		$	—	$	24,443,361
Consumer Staples		2,792,250		8,440,869			—		11,233,119
Consumer Discretionary		4,256,585		1,794,385			—		6,050,970
Materials		—		4,438,042			—		4,438,042
Utilities		1,884,155		2,083,181			—		3,967,336
Short-Term Investments		2,400,254		—			—		2,400,254
Total Investments in Securities		98,062,097		58,622,996	(a)		—		156,685,093
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		220,989			—		220,989
Liabilities:
Forward Currency Exchange Contracts		—		(630,688	)		—		(630,688	)
Total	$	98,062,097	$	58,213,297		$	—	$	156,275,394

^(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	$	5,497	$	11,014	$	14,111	$	2,400	$	75

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