AB Variable Products Series Fund, Inc.

AB Sustainable International Thematic Portfolio

Portfolio of Investments

September 30, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 93.5%
Information Technology – 23.1%
Electronic Equipment, Instruments & Components – 4.1%
Flex Ltd.(a)		22,082	$	367,886
Halma PLC		29,019		652,706
Keyence Corp.		1,300		429,728
				1,450,320
IT Services – 4.6%
Accenture PLC - Class A		3,414		878,422
Edenred		16,040		738,975
				1,617,397
Semiconductors & Semiconductor Equipment – 12.2%
ASML Holding NV		2,030		840,986
Infineon Technologies AG		26,129		571,808
MediaTek, Inc.		25,000		431,410
NXP Semiconductors NV		5,940		876,209
STMicroelectronics NV		28,061		872,059
Taiwan Semiconductor Manufacturing Co., Ltd.		55,000		729,047
				4,321,519
Software – 2.2%
Dassault Systemes SE		22,705		783,891
				8,173,127
Financials – 22.2%
Banks – 9.9%
Bank Mandiri Persero Tbk PT		1,324,500		813,296
Erste Group Bank AG		33,371		731,565
HDFC Bank Ltd.		61,298		1,062,541
Svenska Handelsbanken AB - Class A		106,044		870,514
				3,477,916
Capital Markets – 7.4%
Deutsche Boerse AG		4,754		779,308
London Stock Exchange Group PLC		9,952		840,435
Partners Group Holding AG		1,237		995,518
				2,615,261
Insurance – 4.9%
Aflac, Inc.		14,855		834,851
AIA Group Ltd.		77,800		647,755
Prudential PLC		25,003		244,720
				1,727,326
				7,820,503
Health Care – 20.5%
Biotechnology – 1.7%
Abcam PLC(a)		38,996		582,278
Health Care Equipment & Supplies – 7.2%
Alcon, Inc.		11,990		696,445
ConvaTec Group PLC(b)		176,832		401,863
Koninklijke Philips NV(c)		36,039		554,874
STERIS PLC		5,410		899,575
				2,552,757

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Company	Shares		U.S. $ Value
Health Care Providers & Services – 2.5%
Apollo Hospitals Enterprise Ltd.		16,399	$	875,520
Life Sciences Tools & Services – 6.5%
Danaher Corp.		3,491		901,690
Gerresheimer AG		6,994		341,488
ICON PLC(a)		2,260		415,343
Tecan Group AG (REG)(a)		1,882		645,609
				2,304,130
Pharmaceuticals – 2.6%
Roche Holding AG (Genusschein)		2,865		932,651
				7,247,336
Industrials – 7.9%
Commercial Services & Supplies – 2.1%
TOMRA Systems ASA		41,606		734,073
Construction & Engineering – 1.7%
WSP Global, Inc.		5,520		607,886
Machinery – 3.2%
Husqvarna AB - Class B		54,503		302,131
SMC Corp.		2,000		813,941
				1,116,072
Professional Services – 0.9%
Recruit Holdings Co., Ltd.		11,200		322,623
				2,780,654
Consumer Staples – 6.5%
Food Products – 6.5%
Danone SA		13,380		632,677
Kerry Group PLC - Class A		8,000		713,058
Nestle SA (REG)		8,771		948,648
				2,294,383
Materials – 6.5%
Chemicals – 3.1%
Chr Hansen Holding A/S		10,184		501,656
Koninklijke DSM NV		5,132		583,973
				1,085,629
Containers & Packaging – 3.4%
Huhtamaki Oyj		18,925		601,869
Smurfit Kappa Group PLC		21,145		604,730
				1,206,599
				2,292,228
Energy – 2.1%
Oil, Gas & Consumable Fuels – 2.1%
Neste Oyj		17,053		743,332

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Company	Shares		U.S. $ Value
Utilities – 2.1%
Electric Utilities – 2.1%
Orsted AS(b)		9,295	$	740,818
Consumer Discretionary – 1.5%
Auto Components – 1.5%
Autoliv, Inc.		7,879		524,978
Communication Services – 1.1%
Diversified Telecommunication Services – 1.1%
Cellnex Telecom SA(b)		12,172		375,464
Total Common Stocks (cost $35,359,631)				32,992,823
SHORT-TERM INVESTMENTS – 8.8%
Investment Companies – 8.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(d) (e) (f) (cost $3,113,568)		3,113,568		3,113,568
Total Investments Before Security Lending Collateral for Securities Loaned – 102.3% (cost $38,473,199)				36,106,391
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.6%
Investment Companies – 1.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.58%(d) (e) (f) (cost $568,620)		568,620		568,620
Total Investments – 103.9% (cost $39,041,819)(g)				36,675,011
Other assets less liabilities – (3.9)%				(1,384,963	)
Net Assets – 100.0%			$	35,290,048

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	106		CNH	735		10/20/2022	$	(2,965	)
Bank of America, NA		TWD	11,632		USD	387		10/21/2022		21,881
Bank of America, NA		KRW	262,781		USD	191		10/27/2022		8,074
Bank of America, NA		USD	82		KRW	107,551		10/27/2022		(7,294	)
Bank of America, NA		EUR	4,470		USD	4,318		12/08/2022		(83,100	)
BNP Paribas SA		CNH	2,694		USD	391		10/20/2022		13,444
BNP Paribas SA		USD	317		CNH	2,162		10/20/2022		(13,655	)
Citibank, NA		USD	3,449		CNH	23,258		10/20/2022		(190,999	)
Citibank, NA		USD	2,518		CAD	3,247		10/27/2022		(167,370	)
Citibank, NA		USD	1,274		KRW	1,672,187		10/27/2022		(112,699	)
Goldman Sachs Bank USA		USD	388		CNH	2,617		10/20/2022		(21,529	)
Goldman Sachs Bank USA		TWD	2,084		USD	70		10/21/2022		4,564
Goldman Sachs Bank USA		INR	25,386		USD	312		12/21/2022		3,085

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank		BRL	3,185		USD	593		10/04/2022	$	3,009
JPMorgan Chase Bank		USD	589		BRL	3,185		10/04/2022		1,338
JPMorgan Chase Bank		USD	589		BRL	3,185		11/03/2022		(3,111	)
Morgan Stanley Capital Services, Inc.		BRL	3,494		USD	646		10/04/2022		(1,468	)
Morgan Stanley Capital Services, Inc.		USD	690		BRL	3,494		10/04/2022		(41,818	)
Morgan Stanley Capital Services, Inc.		CNH	1,156		USD	163		10/20/2022		1,018
Morgan Stanley Capital Services, Inc.		KRW	108,092		USD	78		10/27/2022		2,590
Morgan Stanley Capital Services, Inc.		USD	663		GBP	557		11/17/2022		(40,195	)
Standard Chartered Bank		BRL	309		USD	59		10/04/2022		2,109
Standard Chartered Bank		USD	57		BRL	309		10/04/2022		130
Standard Chartered Bank		USD	704		TWD	20,935		10/21/2022		(46,420	)
State Street Bank & Trust Co.		USD	362		ZAR	5,981		10/13/2022		(32,315	)
State Street Bank & Trust Co.		USD	175		ILS	602		10/19/2022		(6,385	)
State Street Bank & Trust Co.		AUD	365		USD	244		10/20/2022		10,111
State Street Bank & Trust Co.		CNH	1,514		USD	216		10/20/2022		3,477
State Street Bank & Trust Co.		USD	202		AUD	290		10/20/2022		(16,970	)
State Street Bank & Trust Co.		CAD	693		USD	524		10/27/2022		21,924
State Street Bank & Trust Co.		USD	385		CAD	497		10/27/2022		(24,908	)
State Street Bank & Trust Co.		GBP	294		USD	337		11/17/2022		8,514
State Street Bank & Trust Co.		USD	201		MXN	4,137		11/18/2022		2,503
State Street Bank & Trust Co.		NOK	4,409		USD	428		12/01/2022		22,495
State Street Bank & Trust Co.		SEK	3,091		USD	284		12/01/2022		4,473
State Street Bank & Trust Co.		JPY	87,356		USD	613		12/02/2022		5,741
State Street Bank & Trust Co.		USD	303		JPY	43,235		12/02/2022		(2,554	)
State Street Bank & Trust Co.		CHF	176		USD	183		12/07/2022		3,613
State Street Bank & Trust Co.		USD	374		CHF	362		12/07/2022		(4,450	)
State Street Bank & Trust Co.		USD	273		SGD	384		12/07/2022		(5,923	)
State Street Bank & Trust Co.		USD	152		EUR	154		12/08/2022		30
UBS AG		USD	1,880		AUD	2,721		10/20/2022		(138,954	)
UBS AG		USD	86		KRW	113,354		10/27/2022		(7,434	)
UBS AG		USD	3,760		JPY	532,194		12/02/2022		(60,282	)
UBS AG		CHF	1,935		USD	1,979		12/07/2022		6,047
									$	(882,628	)

(a) Non-income producing security.

(b) 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, 2022, the aggregate market value of these securities amounted to $1,518,145 or 4.3% 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.

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(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, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,189,283 and gross unrealized depreciation of investments was $(7,438,719), resulting in net unrealized depreciation of $(3,249,436).

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

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

REG – Registered Shares

COUNTRY BREAKDOWN¹

September 30, 2022 (unaudited)

13.2	%	United States
11.7	%	Switzerland
8.4	%	France
7.5	%	United Kingdom
5.5	%	Netherlands
5.4	%	India
4.8	%	Ireland
4.7	%	Sweden
4.7	%	Germany
4.3	%	Japan
3.7	%	Finland
3.5	%	Denmark
3.2	%	Taiwan
10.8	%	Other
8.6	%	Short-Term Investments
100.0	%	Total Investments

1 All data are as of September 30, 2022. 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 2.3% or less in the following: Austria, Canada, Hong Kong, Indonesia, Norway and Spain.

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AB Variable Products Series Fund, Inc.

AB Sustainable International Thematic Portfolio    

September 30, 2022 (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, 2022:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Information Technology	$	2,122,517	$	6,050,610	$	—	$	8,173,127
Financials		834,851		6,985,652		—		7,820,503
Health Care		2,216,608		5,030,728		—		7,247,336

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Investments in Securities:	Level 1		Level 2			Level 3		Total
Industrials	$	607,886	$	2,172,768		$	—	$	2,780,654
Consumer Staples		—		2,294,383			—		2,294,383
Materials		—		2,292,228			—		2,292,228
Energy		—		743,332			—		743,332
Utilities		—		740,818			—		740,818
Consumer Discretionary		524,978		—			—		524,978
Communication Services		—		375,464			—		375,464
Short-Term Investments		3,113,568		—			—		3,113,568
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		568,620		—			—		568,620
Total Investments in Securities		9,989,028		26,685,983	(a)		—		36,675,011
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		150,170			—		150,170
Liabilities:
Forward Currency Exchange Contracts		—		(1,032,798	)		—		(1,032,798	)
Total	$	9,989,028	$	25,803,355		$	—	$	35,792,383

^(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 Fund’s transactions in AB mutual funds for the nine months ended September 30, 2022 is as follows:

Portfolio	Market Value 12/30/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,635	$	9,549	$	9,070	$	3,114	$	17
Government Money Market Portfolio*		1,024		5,492		5,947		569		2
Total	$	3,659	$	15,041	$	15,017	$	3,683	$	19

* Investments of cash collateral for securities lending transactions.

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