AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.7%
Information Technology – 29.8%
Communications Equipment – 6.4%
Calix, Inc.(a)		83,589	$	2,897,195
Lumentum Holdings, Inc.(a)		44,025		4,021,684
Motorola Solutions, Inc.		19,570		3,680,138
Telefonaktiebolaget LM Ericsson - Class B		111,836		1,482,415
				12,081,432
Electronic Equipment, Instruments & Components – 2.5%
Flex Ltd.(a)		259,610		4,753,459
IT Services – 6.2%
Adyen NV(a) (b)		1,315		2,934,296
Network International Holdings PLC(a) (b)		252,233		1,435,898
Square, Inc. - Class A(a)		11,609		2,635,824
Twilio, Inc. - Class A(a)		5,540		1,887,810
Visa, Inc. - Class A(c)		13,000		2,752,490
				11,646,318
Semiconductors & Semiconductor Equipment – 5.0%
Cree, Inc.(a)		18,110		1,958,234
Infineon Technologies AG		91,150		3,878,212
NXP Semiconductors NV		18,210		3,666,401
				9,502,847
Software – 8.0%
Adobe, Inc.(a)		5,990		2,847,466
Dassault Systemes SE		15,910		3,400,584
Microsoft Corp.		14,320		3,376,227
Proofpoint, Inc.(a)		21,881		2,752,411
Zendesk, Inc.(a)		21,300		2,824,806
				15,201,494
Technology Hardware, Storage & Peripherals – 1.7%
Apple, Inc.		26,220		3,202,773
				56,388,323
Industrials – 19.6%
Aerospace & Defense – 1.9%
Hexcel Corp.(a)		65,280		3,655,680
Building Products – 2.1%
Trex Co., Inc.(a)		42,730		3,911,504
Commercial Services & Supplies – 4.8%
Tetra Tech, Inc.		18,700		2,537,964
TOMRA Systems ASA		71,870		3,119,710
Waste Management, Inc.		26,610		3,433,222
				9,090,896
Electrical Equipment – 5.7%
Rockwell Automation, Inc.		14,740		3,912,586
Schneider Electric SE		18,820		2,866,947

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Company	Shares		U.S. $ Value
Vestas Wind Systems A/S		19,310	$	3,983,396
				10,762,929
Machinery – 3.1%
SMC Corp.		3,000		1,747,140
Xylem, Inc./NY		39,410		4,145,144
				5,892,284
Professional Services – 2.0%
Recruit Holdings Co., Ltd.		75,500		3,707,518
				37,020,811
Health Care – 19.1%
Biotechnology – 1.2%
Abcam PLC(a)		116,600		2,235,958
Health Care Equipment & Supplies – 7.9%
Alcon, Inc.(a)		40,990		2,876,489
Danaher Corp.		16,930		3,810,604
Koninklijke Philips NV(a)		85,710		4,887,642
STERIS PLC		17,941		3,417,402
				14,992,137
Health Care Providers & Services – 4.8%
Apollo Hospitals Enterprise Ltd.		89,902		3,567,921
Laboratory Corp. of America Holdings(a)		21,361		5,447,696
				9,015,617
Life Sciences Tools & Services – 5.2%
Bio-Rad Laboratories, Inc. - Class A(a)		6,710		3,832,551
Bruker Corp.		64,210		4,127,419
Gerresheimer AG		19,520		1,938,675
				9,898,645
				36,142,357
Financials – 12.6%
Banks – 6.6%
Erste Group Bank AG(a)		116,000		3,929,882
HDFC Bank Ltd.(a)		182,143		3,730,292
SVB Financial Group(a)		10,000		4,936,600
				12,596,774
Capital Markets – 3.9%
MSCI, Inc. - Class A		8,840		3,706,435
Partners Group Holding AG		2,810		3,590,972
				7,297,407
Consumer Finance – 0.7%
Lufax Holding Ltd. (ADR)(a)		92,620		1,344,843
Insurance – 1.4%
AIA Group Ltd.		219,800		2,689,641
				23,928,665

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Company	Shares		U.S. $ Value
Consumer Discretionary – 7.5%
Auto Components – 2.2%
Aptiv PLC(a)		30,431	$	4,196,435
Household Durables – 2.0%
TopBuild Corp.(a)		18,103		3,791,311
Internet & Direct Marketing Retail – 1.3%
Coupang, Inc.(a)		18,117		894,074
MercadoLibre, Inc.(a)		1,030		1,516,304
				2,410,378
Textiles, Apparel & Luxury Goods – 2.0%
NIKE, Inc. - Class B		27,820		3,697,000
				14,095,124
Materials – 3.5%
Chemicals – 3.5%
Chr Hansen Holding A/S(a)		37,340		3,391,765
Koninklijke DSM NV		19,520		3,300,015
				6,691,780
Utilities – 2.8%
Electric Utilities – 1.7%
NextEra Energy, Inc.		41,690		3,152,181
Water Utilities – 1.1%
American Water Works Co., Inc.		14,679		2,200,676
				5,352,857
Communication Services – 1.7%
Interactive Media & Services – 1.7%
Tencent Holdings Ltd.		39,500		3,152,397
Consumer Staples – 1.1%
Household Products – 1.1%
Procter & Gamble Co. (The)		15,960		2,161,463
Total Common Stocks (cost $122,925,840)				184,933,777
SHORT-TERM INVESTMENTS – 2.2%
Investment Companies – 2.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f) (cost $4,215,659)		4,215,659		4,215,659

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	U.S. $ Value
Total Investments – 99.9% (cost $127,141,499)(g)	$	189,149,436
Other assets less liabilities – 0.1%		203,415
Net Assets – 100.0%	$	189,352,851

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	876		EUR	733		05/27/2021		$	(15,161	)
Barclays Bank PLC		BRL	5,081		USD	892		04/05/2021			(10,877	)
Barclays Bank PLC		USD	934		BRL	5,081		04/05/2021			(31,133	)
Barclays Bank PLC		USD	1,610		GBP	1,156		04/09/2021			(15,926	)
Barclays Bank PLC		INR	37,483		USD	511		04/15/2021			323
Barclays Bank PLC		INR	51,016		USD	694		04/15/2021			(2,068)
Barclays Bank PLC		USD	505		INR	36,969		04/15/2021			(663	)
Barclays Bank PLC		USD	378		TWD	10,474		04/27/2021			(9,091	)
Barclays Bank PLC		USD	3,457		AUD	4,541		06/04/2021			(6,981	)
BNP Paribas SA		USD	723		JPY	78,361		05/20/2021			(14,770	)
BNP Paribas SA		EUR	12,714		USD	15,235		05/27/2021			309,544
Citibank, NA		INR	55,946		USD	762		04/15/2021			(1,181	)
Citibank, NA		USD	880		INR	64,894		04/15/2021			4,486
Citibank, NA		USD	3,255		KRW	3,545,961		04/22/2021			(110,025	)
Credit Suisse International		NOK	4,986		USD	588		04/15/2021			5,163
Deutsche Bank AG		INR	358,234		USD	4,817		04/15/2021			(67,572	)
Deutsche Bank AG		USD	850		CNY	5,548		04/22/2021			(5,461	)
Deutsche Bank AG		CHF	715		USD	775		05/06/2021			17,398
Goldman Sachs Bank USA		INR	31,809		USD	429		04/15/2021			(4,939	)
Goldman Sachs Bank USA		USD	4,701		CAD	5,918		04/22/2021			8,396
Goldman Sachs Bank USA		USD	675		CNY	4,388		04/22/2021			(7,079	)
Goldman Sachs Bank USA		USD	643		RUB	47,981		05/25/2021			(11,936	)
JPMorgan Chase Bank, NA		USD	1,266		INR	92,987		04/15/2021			2,187
JPMorgan Chase Bank, NA		USD	1,802		EUR	1,511		05/27/2021			(28,557	)
Morgan Stanley Capital Services, Inc.		BRL	5,081		USD	877		04/05/2021			(25,231	)
Morgan Stanley Capital Services, Inc.		USD	892		BRL	5,081		04/05/2021			10,877
Morgan Stanley Capital Services, Inc.		USD	3,132		TWD	86,300		04/27/2021			(92,991	)
Morgan Stanley Capital Services, Inc.		USD	876		BRL	5,081		05/04/2021			24,923
Morgan Stanley Capital Services, Inc.		EUR	711		USD	841		05/27/2021			6,793
Natwest Markets PLC		INR	39,294		USD	534		04/15/2021			(2,273	)
Natwest Markets PLC		USD	500		INR	36,542		04/15/2021			(1,474	)
Natwest Markets PLC		USD	4,660		JPY	502,922		05/20/2021			(116,332	)
Natwest Markets PLC		HKD	5,896		USD	760		05/21/2021			1,419
Societe Generale		NOK	6,992		USD	829		04/15/2021			11,246
Standard Chartered Bank		USD	531		ZAR	7,927		04/08/2021			5,751
Standard Chartered Bank		USD	3,409		GBP	2,440		04/09/2021			(45,185	)
Standard Chartered Bank		USD	534		INR	39,020		04/15/2021			(2,012	)
State Street Bank & Trust Co.		USD	244		ZAR	3,684		04/08/2021			6,015
State Street Bank & Trust Co.		GBP	165		USD	229		04/09/2021			2,009
State Street Bank & Trust Co.		GBP	231		USD	316		04/09/2021			(1,960	)
State Street Bank & Trust Co.		USD	370		GBP	271		04/09/2021			3,112
State Street Bank & Trust Co.		USD	299		GBP	216		04/09/2021			(1,605	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		NOK	10,598		USD	1,250		04/15/2021		$	11,293
State Street Bank & Trust Co.		MXN	5,632		USD	273		04/16/2021			(2,481	)
State Street Bank & Trust Co.		USD	272		MXN	5,632		04/16/2021			2,956
State Street Bank & Trust Co.		USD	403		CAD	511		04/22/2021			3,446
State Street Bank & Trust Co.		USD	2,103		CNY	13,676		04/22/2021			(22,083	)
State Street Bank & Trust Co.		CHF	968		USD	1,070		05/06/2021			45,335
State Street Bank & Trust Co.		JPY	28,343		USD	258		05/20/2021			2,180
State Street Bank & Trust Co.		HKD	1,413		USD	182		05/21/2021			484
State Street Bank & Trust Co.		EUR	3,211		USD	3,836		05/27/2021			66,537
State Street Bank & Trust Co.		USD	464		EUR	393		05/27/2021			(2,316	)
UBS AG		TWD	7,776		USD	281		04/27/2021			6,979
										$	(100,511	)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, the aggregate market value of these securities amounted to $4,370,194 or 2.3% of net assets.

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

(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, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $63,204,596 and gross unrealized depreciation of investments was $(1,297,170), resulting in net unrealized appreciation of $61,907,426.

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

CNY – Chinese Yuan Renminbi

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

RUB – Russian Ruble

TWD – New Taiwan Dollar

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USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

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COUNTRY BREAKDOWN1 March 31, 2021 (unaudited)
	58.0	%	United States
	7.8	%	Netherlands
	3.9	%	Denmark
	3.9	%	India
	3.4	%	Switzerland
	3.3	%	France
	3.1	%	Germany
	2.9	%	Japan
	2.4	%	China
	2.1	%	Austria
	1.6	%	Norway
	1.4	%	Hong Kong
	1.2	%	United Kingdom
	2.8	%	Other
	2.2	%	Short-Term
	100.0	%	Total Investments

1 All data are as of March 31, 2021. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.8% or less in the following: Argentina, South Korea, Sweden and United Arab Emirates.

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AB Variable Products Series Fund, Inc.

AB Global Thematic Growth Portfolio    

March 31, 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.

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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, 2021:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	43,256,918	$	13,131,405		$	—	$	56,388,323
Industrials		21,596,100		15,424,711			—		37,020,811
Health Care		22,871,630		13,270,727			—		36,142,357
Financials		9,987,878		13,940,787			—		23,928,665
Consumer Discretionary		14,095,124		—			—		14,095,124
Materials		—		6,691,780			—		6,691,780
Utilities		5,352,857		—			—		5,352,857
Communication Services		—		3,152,397			—		3,152,397
Consumer Staples		2,161,463		—			—		2,161,463
Short-Term Investments		4,215,659		—			—		4,215,659
Total Investments in Securities		123,537,629		65,611,807	(a)		—		189,149,436
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		558,852			—		558,852
Liabilities:
Forward Currency Exchange Contracts		—		(659,363	)		—		(659,363	)
Total	$	123,537,629	$	65,511,296		$	—	$	189,048,925

^(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 three months ended March 31, 2021 is as follows:

Fund	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	8,795	$	9,304	$	13,883	$	4,216	$	0	*

* Amount less than $500.

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