AB Variable Products Series Fund, Inc.

AB Sustainable Global Thematic Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.1%
Information Technology – 30.7%
Communications Equipment – 1.3%
Arista Networks, Inc.(a)		24,201	$	1,875,093
Electronic Equipment, Instruments & Components – 6.3%
Flex Ltd.(a)		117,678		3,892,788
Halma PLC		77,241		2,591,556
Keyence Corp.		7,200		2,831,111
				9,315,455
IT Services – 1.6%
Accenture PLC - Class A		7,731		2,412,381
Semiconductors & Semiconductor Equipment – 8.8%
Broadcom, Inc.		10,780		1,804,896
Monolithic Power Systems, Inc.		3,345		1,940,033
NVIDIA Corp.		20,577		2,230,135
NXP Semiconductors NV		14,867		2,825,622
Taiwan Semiconductor Manufacturing Co., Ltd.		148,000		4,168,121
				12,968,807
Software – 10.7%
Cadence Design Systems, Inc.(a)		10,780		2,741,677
Microsoft Corp.		14,162		5,316,273
Palo Alto Networks, Inc.(a)		11,503		1,962,872
Salesforce, Inc.		12,640		3,392,071
SAP SE		8,440		2,261,495
				15,674,388
Technology Hardware, Storage & Peripherals – 2.0%
Apple, Inc.		13,220		2,936,559
				45,182,683
Industrials – 19.9%
Commercial Services & Supplies – 6.5%
Tetra Tech, Inc.		77,394		2,263,775
Veralto Corp.		38,894		3,790,220
Waste Management, Inc.		15,014		3,475,891
				9,529,886
Construction & Engineering – 3.5%
AECOM		29,894		2,772,071
WSP Global, Inc.		13,925		2,363,103
				5,135,174
Electrical Equipment – 5.8%
Emerson Electric Co.		26,100		2,861,604
Prysmian SpA		45,035		2,479,041
Rockwell Automation, Inc.		12,411		3,206,754
				8,547,399
Machinery – 0.7%
TOMRA Systems ASA		76,754		1,095,873

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Company	Shares		U.S. $ Value
Professional Services – 3.4%
Experian PLC		53,108	$	2,460,774
RELX PLC		51,295		2,576,579
				5,037,353
				29,345,685
Financials – 18.4%
Banks – 1.7%
NU Holdings Ltd./Cayman Islands - Class A(a)		247,582		2,535,240
Capital Markets – 7.8%
Jefferies Financial Group, Inc.		40,820		2,186,727
London Stock Exchange Group PLC		29,332		4,356,598
LPL Financial Holdings, Inc.		8,910		2,914,817
Partners Group Holding AG		1,351		1,922,746
				11,380,888
Financial Services – 5.1%
Fiserv, Inc.(a)		19,748		4,360,951
Visa, Inc. - Class A		9,093		3,186,733
				7,547,684
Insurance – 3.8%
AIA Group Ltd. - Class H		435,000		3,292,892
Reinsurance Group of America, Inc. - Class A		11,630		2,289,947
				5,582,839
				27,046,651
Health Care – 14.8%
Health Care Equipment & Supplies – 12.1%
Alcon AG(a)		41,934		3,978,908
Becton Dickinson & Co.		14,109		3,231,808
GE HealthCare Technologies, Inc.		41,376		3,339,457
Hologic, Inc.(a)		29,217		1,804,734
Stryker Corp.		6,320		2,352,620
Terumo Corp.		170,403		3,206,306
				17,913,833
Health Care Providers & Services – 1.1%
Apollo Hospitals Enterprise Ltd.		21,314		1,645,609
Life Sciences Tools & Services – 1.6%
Bruker Corp.		20,858		870,613
ICON PLC(a)		8,248		1,443,317
				2,313,930
				21,873,372
Consumer Discretionary – 5.9%
Automobile Components – 1.6%
Aptiv PLC(a)		38,837		2,310,801
Broadline Retail – 2.4%
MercadoLibre, Inc.(a)		1,824		3,558,387
Textiles, Apparel & Luxury Goods – 1.9%
On Holding AG - Class A(a)		64,678		2,840,658
				8,709,846

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Company	Shares		U.S. $ Value
Utilities – 4.9%
Electric Utilities – 2.6%
NextEra Energy, Inc.		52,507	$	3,722,221
Water Utilities – 2.3%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		191,535		3,423,595
				7,145,816
Energy – 2.5%
Oil, Gas & Consumable Fuels – 2.5%
Cameco Corp.		89,260		3,673,942
Total Common Stocks (cost $127,814,190)				142,977,995
SHORT-TERM INVESTMENTS – 2.7%
Investment Companies – 2.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(b) (c) (d) (cost $4,053,386)		4,053,386		4,053,386
Total Investments – 99.8% (cost $131,867,576)(e)				147,031,381
Other assets less liabilities – 0.2%				263,603
Net Assets – 100.0%			$	147,294,984

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		BRL	33,723		USD	5,814		04/02/2025		$	(95,755	)
Bank of America NA		USD	5,873		BRL	33,723		04/02/2025			36,793
Bank of America NA		USD	2,665		AUD	4,303		04/09/2025			23,525
Bank of America NA		CHF	4,966		USD	5,610		05/09/2025			(28,166	)
Bank of America NA		GBP	5,273		USD	6,814		05/16/2025			3,402
Bank of America NA		USD	410		INR	35,259		05/22/2025			1,322
Bank of America NA		TWD	55,900		USD	1,712		05/23/2025			25,469
Bank of America NA		USD	378		TWD	12,531		05/23/2025			(196	)
Barclays Capital, Inc.		USD	1,072		SEK	11,865		04/16/2025			109,852
BNP Paribas SA		CAD	930		USD	647		04/11/2025			780
Citibank NA		USD	1,580		JPY	237,964		04/24/2025			9,949
Deutsche Bank AG		USD	389		INR	33,786		05/22/2025			4,308
Morgan Stanley Capital Services, Inc.		BRL	31,794		USD	5,537		04/02/2025			(34,688	)
Morgan Stanley Capital Services, Inc.		USD	5,513		BRL	31,794		04/02/2025			58,498
Morgan Stanley Capital Services, Inc.		CAD	1,907		USD	1,312		04/11/2025			(14,255	)
Morgan Stanley Capital Services, Inc.		USD	1,671		KRW	2,443,196		04/17/2025			(12,114	)
Morgan Stanley Capital Services, Inc.		BRL	31,794		USD	5,483		05/05/2025			(55,122	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		USD	8,486		EUR	8,052		05/09/2025		$	238,202
Standard Chartered Bank		BRL	4,100		USD	714		04/02/2025			(4,473	)
Standard Chartered Bank		USD	704		BRL	4,100		04/02/2025			14,018
Standard Chartered Bank		HKD	17,631		USD	2,269		04/24/2025			1,490
State Street Bank & Trust Co.		AUD	656		USD	412		04/09/2025			1,859
State Street Bank & Trust Co.		USD	360		MXN	7,348		04/09/2025			(1,311	)
State Street Bank & Trust Co.		USD	489		ZAR	9,091		04/10/2025			7,003
State Street Bank & Trust Co.		USD	349		NOK	3,871		04/16/2025			19,035
State Street Bank & Trust Co.		HKD	3,543		USD	456		04/24/2025			518
State Street Bank & Trust Co.		JPY	72,814		USD	495		04/24/2025			8,569
State Street Bank & Trust Co.		USD	433		JPY	64,373		04/24/2025			(2,318	)
State Street Bank & Trust Co.		CHF	350		USD	399		05/09/2025			1,178
State Street Bank & Trust Co.		CHF	375		USD	424		05/09/2025			(1,739	)
State Street Bank & Trust Co.		EUR	463		USD	504		05/09/2025			1,889
State Street Bank & Trust Co.		USD	408		CHF	365		05/09/2025			6,767
State Street Bank & Trust Co.		USD	445		CHF	389		05/09/2025			(3,526	)
State Street Bank & Trust Co.		USD	461		SGD	622		05/09/2025			3,025
State Street Bank & Trust Co.		GBP	287		USD	371		05/16/2025			604
UBS		BRL	2,171		USD	377		04/02/2025			(3,256	)
UBS		USD	378		BRL	2,171		04/02/2025			2,369
UBS		NOK	14,842		USD	1,302		04/16/2025			(109,038	)
UBS		USD	4,825		CNH	34,779		06/05/2025			(17,818	)
										$	196,649

(a) Non-income producing security.

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

(c) Affiliated investments.

(d) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(e) As of March 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $25,440,307 and gross unrealized depreciation of investments was $(10,079,853), resulting in net unrealized appreciation of $15,360,454.

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

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GBP – Great British Pound

HKD – Hong Kong Dollar

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

COUNTRY BREAKDOWN¹

March 31, 2025 (unaudited)

61.0	%	United States
6.5	%	United Kingdom
6.5	%	Brazil
4.1	%	Japan
4.1	%	Canada
3.3	%	Switzerland
2.8	%	Taiwan
2.3	%	Hong Kong
1.7	%	Italy
1.6	%	Ireland
1.5	%	Germany
1.1	%	India
0.7	%	Norway
2.8	%	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).

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AB Variable Products Series Fund, Inc.

AB Sustainable Global Thematic Portfolio 

March 31, 2025 (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, 2025:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	33,330,400	$	11,852,283		$	—	$	45,182,683
Industrials		20,733,418		8,612,267			—		29,345,685
Financials		17,474,415		9,572,236			—		27,046,651
Health Care		13,042,549		8,830,823			—		21,873,372
Consumer Discretionary		8,709,846		—			—		8,709,846
Utilities		7,145,816		—			—		7,145,816
Energy		3,673,942		—			—		3,673,942
Short-Term Investments		4,053,386		—			—		4,053,386
Total Investments in Securities		108,163,772		38,867,609			—		147,031,381
Other Financial Instruments(a):
Assets:
Forward Currency Exchange Contracts		—		580,424			—		580,424
Liabilities:
Forward Currency Exchange Contracts		—		(383,775	)		—		(383,775	)
Total	$	108,163,772	$	39,064,258		$	—	$	147,228,030

^(a)  Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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, 2025 is as follows:

Portfolio	Market Value 12/31/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2025 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	1,471	$	15,735	$	13,153	$	4,053	$	28

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