AB Variable Products Series Fund, Inc.

AB Sustainable International Thematic Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.3%
Information Technology – 23.8%
Electronic Equipment, Instruments & Components – 5.1%
Flex Ltd.(a)		20,966	$	482,428
Halma PLC		31,026		856,519
Keyence Corp.		1,500		735,162
				2,074,109
IT Services – 2.6%
Accenture PLC - Class A		3,720		1,063,213
Semiconductors & Semiconductor Equipment – 13.7%
ASML Holding NV		1,682		1,146,195
Infineon Technologies AG		27,792		1,141,283
MediaTek, Inc.		23,000		596,301
NXP Semiconductors NV		4,410		822,355
STMicroelectronics NV		16,133		859,625
Taiwan Semiconductor Manufacturing Co., Ltd.		56,000		981,378
				5,547,137
Software – 2.4%
Dassault Systemes SE		11,205		462,218
Descartes Systems Group, Inc. (The)(a)		6,300		507,843
				970,061
				9,654,520
Financials – 19.7%
Banks – 3.5%
Bank Mandiri Persero Tbk PT		913,500		629,078
Erste Group Bank AG		5,333		176,679
HDFC Bank Ltd.		30,971		608,955
				1,414,712
Capital Markets – 8.6%
Deutsche Boerse AG		6,094		1,186,563
London Stock Exchange Group PLC		12,356		1,200,134
Partners Group Holding AG		1,174		1,105,582
				3,492,279
Financial Services – 2.4%
Edenred		16,755		991,640
Insurance – 5.2%
Aflac, Inc.		14,105		910,055
AIA Group Ltd.		73,800		773,967
Prudential PLC		30,387		416,047
				2,100,069
				7,998,700
Health Care – 17.5%
Biotechnology – 1.2%
Abcam PLC (Sponsored ADR)(a)		37,027		498,383
Health Care Equipment & Supplies – 5.6%
Alcon, Inc.		11,382		807,980
ConvaTec Group PLC(b)		167,862		474,347
STERIS PLC		5,141		983,370
				2,265,697

1

Company	Shares		U.S. $ Value
Health Care Providers & Services – 2.0%
Apollo Hospitals Enterprise Ltd.		15,568	$	817,839
Life Sciences Tools & Services – 5.9%
Danaher Corp.		3,313		835,009
ICON PLC(a)		3,583		765,293
Tecan Group AG (REG)		1,790		784,091
				2,384,393
Pharmaceuticals – 2.8%
Roche Holding AG (Genusschein)		3,916		1,118,968
				7,085,280
Consumer Staples – 12.2%
Food Products – 6.3%
Danone SA		12,700		790,240
Kerry Group PLC - Class A		7,592		757,114
Nestle SA (REG)		8,329		1,015,559
				2,562,913
Personal Care Products – 5.9%
Dabur India Ltd.		111,285		741,780
Haleon PLC		210,030		834,330
Unilever PLC (London)		16,015		829,881
				2,405,991
				4,968,904
Industrials – 8.9%
Commercial Services & Supplies – 1.6%
TOMRA Systems ASA		39,498		666,821
Construction & Engineering – 1.7%
WSP Global, Inc.		5,239		686,245
Machinery – 3.6%
Husqvarna AB - Class B		51,739		449,084
SMC Corp.		1,900		1,007,221
				1,456,305
Professional Services – 2.0%
Experian PLC		24,269		799,123
				3,608,494
Materials – 6.7%
Chemicals – 3.2%
Chr Hansen Holding A/S		9,666		735,297
Koninklijke DSM NV		4,866		575,863
				1,311,160

2

Company	Shares		U.S. $ Value
Containers & Packaging – 3.5%
Huhtamaki Oyj		17,956	$	667,060
Smurfit Kappa Group PLC		20,077		728,194
				1,395,254
				2,706,414
Consumer Discretionary – 3.6%
Automobile Components – 2.4%
Autoliv, Inc.		10,625		991,950
Automobiles – 1.2%
BYD Co., Ltd. - Class H		16,000		470,658
				1,462,608
Energy – 2.0%
Oil, Gas & Consumable Fuels – 2.0%
Neste Oyj		16,193		799,997
Utilities – 1.8%
Electric Utilities – 1.8%
Orsted AS(b)		8,822		752,234
Communication Services – 1.1%
Diversified Telecommunication Services – 1.1%
Cellnex Telecom SA(b)		11,556		449,385
Total Common Stocks (cost $34,395,867)				39,486,536
SHORT-TERM INVESTMENTS – 2.8%
Investment Companies – 2.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e) (cost $1,147,546)		1,147,546		1,147,546
Total Investments – 100.1% (cost $35,543,413)(f)				40,634,082
Other assets less liabilities – (0.1)%				(48,442	)
Net Assets – 100.0%			$	40,585,640

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		CNH	420		USD	61		04/20/2023	$	(107	)
Bank of America, NA		EUR	3,300		USD	3,512		05/11/2023		(73,862	)
Bank of America, NA		GBP	1,375		USD	1,685		05/24/2023		(12,595	)
Bank of America, NA		USD	203		TWD	6,138		06/15/2023		(333	)
Bank of America, NA		USD	252		INR	20,812		06/22/2023		758
Barclays Bank PLC		KRW	175,198		USD	135		04/26/2023		304
BNP Paribas SA		CNH	703		USD	103		04/20/2023		303
BNP Paribas SA		USD	78		CNH	536		04/20/2023		88
BNP Paribas SA		SEK	5,734		USD	552		04/21/2023		(803	)
Citibank, NA		BRL	2,841		USD	549		04/04/2023		(11,753	)
Citibank, NA		USD	559		BRL	2,841		04/04/2023		1,318

3

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Citibank, NA		USD	1,346		KRW	1,656,355		04/26/2023	$	(76,964	)
Citibank, NA		USD	4,254		JPY	552,516		04/28/2023		(78,445	)
Citibank, NA		USD	546		BRL	2,841		05/03/2023		11,425
Citibank, NA		INR	77,218		USD	935		06/22/2023		(1,529	)
Deutsche Bank AG		USD	552		SEK	5,846		04/21/2023		11,777
Goldman Sachs Bank USA		USD	3,378		CNH	23,005		04/20/2023		(26,215	)
Morgan Stanley Capital Services, Inc.		BRL	2,841		USD	559		04/04/2023		(1,318	)
Morgan Stanley Capital Services, Inc.		USD	550		BRL	2,841		04/04/2023		10,446
Morgan Stanley Capital Services, Inc.		USD	2,001		AUD	2,861		04/13/2023		(88,252	)
Morgan Stanley Capital Services, Inc.		CNH	471		USD	68		04/20/2023		(602	)
Morgan Stanley Capital Services, Inc.		USD	97		KRW	121,937		04/26/2023		(3,574	)
Morgan Stanley Capital Services, Inc.		CHF	1,731		USD	1,863		05/24/2023		(39,592	)
Morgan Stanley Capital Services, Inc.		USD	1,740		CAD	2,374		06/09/2023		18,298
Standard Chartered Bank		CNH	612		USD	89		04/20/2023		(216	)
State Street Bank & Trust Co.		AUD	183		USD	122		04/13/2023		(828	)
State Street Bank & Trust Co.		USD	83		AUD	120		04/13/2023		(2,649	)
State Street Bank & Trust Co.		CNH	532		USD	78		04/20/2023		7
State Street Bank & Trust Co.		USD	182		CNH	1,252		04/20/2023		78
State Street Bank & Trust Co.		USD	177		ILS	602		04/20/2023		(9,832	)
State Street Bank & Trust Co.		USD	334		ZAR	5,981		04/20/2023		1,665
State Street Bank & Trust Co.		NOK	4,645		USD	460		04/21/2023		15,801
State Street Bank & Trust Co.		SEK	1,053		USD	102		04/21/2023		481
State Street Bank & Trust Co.		USD	51		NOK	538		04/21/2023		688
State Street Bank & Trust Co.		USD	462		SEK	4,751		04/21/2023		(4,185	)
State Street Bank & Trust Co.		JPY	78,467		USD	600		04/28/2023		6,564
State Street Bank & Trust Co.		JPY	35,769		USD	268		04/28/2023		(2,723	)
State Street Bank & Trust Co.		USD	275		JPY	36,463		04/28/2023		879
State Street Bank & Trust Co.		USD	311		JPY	40,924		04/28/2023		(1,489	)
State Street Bank & Trust Co.		EUR	573		USD	612		05/11/2023		(10,708	)
State Street Bank & Trust Co.		USD	1,094		EUR	1,019		05/11/2023		13,271
State Street Bank & Trust Co.		USD	434		EUR	397		05/11/2023		(2,101	)
State Street Bank & Trust Co.		USD	285		SGD	384		05/15/2023		3,639
State Street Bank & Trust Co.		CHF	297		USD	327		05/24/2023		634
State Street Bank & Trust Co.		CHF	155		USD	170		05/24/2023		(667	)
State Street Bank & Trust Co.		GBP	198		USD	244		05/24/2023		(406	)
State Street Bank & Trust Co.		USD	155		CHF	143		05/24/2023		2,310
State Street Bank & Trust Co.		USD	63		CHF	57		05/24/2023		(564	)
State Street Bank & Trust Co.		USD	219		MXN	4,137		05/25/2023		8,239
									$	(343,339)

4

(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 March 31, 2023, the aggregate market value of these securities amounted to $1,675,966 or 4.1% 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 $7,423,311 and gross unrealized depreciation of investments was $(2,675,981), resulting in net unrealized appreciation of $4,747,330.

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:

ADR – American Depositary Receipt

REG – Registered Shares

COUNTRY BREAKDOWN¹

March 31, 2023 (unaudited)

20.9	%	United States
9.5	%	United Kingdom
9.4	%	Switzerland
7.6	%	France
5.7	%	Germany
5.3	%	India
4.3	%	Japan
4.2	%	Netherlands
3.9	%	Taiwan
3.7	%	Denmark
3.7	%	Ireland
3.6	%	Finland
3.5	%	Sweden
11.8	%	Other
2.9	%	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). “Other” country weightings represent 2.9% or less in the following: Austria, Canada, China, Hong Kong, Indonesia, Norway and Spain.

5

AB Variable Products Series Fund, Inc.

AB Sustainable International 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.

6

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	$	2,875,839	$	6,778,681		$	—	$	9,654,520
Financials		910,055		7,088,645			—		7,998,700
Health Care		3,082,055		4,003,225			—		7,085,280
Consumer Staples		—		4,968,904			—		4,968,904
Industrials		686,245		2,922,249			—		3,608,494
Materials		—		2,706,414			—		2,706,414
Consumer Discretionary		991,950		470,658			—		1,462,608
Energy		—		799,997			—		799,997
Utilities		—		752,234			—		752,234
Communication Services		—		449,385			—		449,385
Short-Term Investments		1,147,546		—			—		1,147,546
Total Investments in Securities		9,693,690		30,940,392	(a)		—		40,634,082
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		108,973			—		108,973
Liabilities:
Forward Currency Exchange Contracts		—		(452,312	)		—		(452,312	)
Total	$	9,693,690	$	30,597,053		$	—	$	40,290,743

^(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 12/30/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,145	$	2,836	$	2,833	$	1,148	$	19

7