Ab Variable Products Series Fund NPORT-P AB Sustainable International Thematic Portfolio (Mar 2024 report)

AB Variable Products Series Fund, Inc.

AB Sustainable International Thematic Portfolio

Portfolio of Investments

March 31, 2024 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.6%
Information Technology – 28.6%
Electronic Equipment, Instruments & Components – 7.8%
Halma PLC		34,078	$	1,017,581
Keyence Corp.		900		417,835
Shimadzu Corp.		26,000		724,207
				2,159,623
IT Services – 3.4%
Accenture PLC - Class A		2,712		940,006
Semiconductors & Semiconductor Equipment – 15.0%
ASML Holding NV		1,085		1,051,865
Infineon Technologies AG		17,350		589,996
MediaTek, Inc.		15,400		558,008
NXP Semiconductors NV		3,648		903,865
Taiwan Semiconductor Manufacturing Co., Ltd.		45,300		1,085,216
				4,188,950
Software – 2.4%
Descartes Systems Group, Inc. (The)(a)		7,323		670,274
				7,958,853
Financials – 20.0%
Banks – 4.7%
Bank Mandiri Persero Tbk PT		1,848,500		841,054
HDFC Bank Ltd.		27,257		475,002
				1,316,056
Capital Markets – 8.6%
Deutsche Boerse AG		3,787		775,539
London Stock Exchange Group PLC		6,945		830,997
Partners Group Holding AG		550		785,667
				2,392,203
Insurance – 6.7%
Aflac, Inc.		8,748		751,103
AIA Group Ltd.		55,400		372,652
Beazley PLC		86,053		723,612
				1,847,367
				5,555,626
Health Care – 18.4%
Health Care Equipment & Supplies – 6.1%
Alcon, Inc.		7,061		584,025
ConvaTec Group PLC(b)		104,108		376,095
STERIS PLC		3,251		730,890
				1,691,010
Health Care Providers & Services – 2.6%
Apollo Hospitals Enterprise Ltd.		9,655		736,019
Life Sciences Tools & Services – 7.3%
Danaher Corp.		2,054		512,925
ICON PLC(a)		2,752		924,534

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Company	Shares		U.S. $ Value
Tecan Group AG (REG)		1,410	$	584,205
				2,021,664
Pharmaceuticals – 2.4%
Roche Holding AG (Genusschein)		2,665		680,425
				5,129,118
Industrials – 14.8%
Commercial Services & Supplies – 3.4%
Veralto Corp.		10,515		932,260
Construction & Engineering – 2.4%
WSP Global, Inc.(c)		4,050		675,005
Machinery – 3.5%
ATS Corp.(a) (c)		5,851		197,296
SMC Corp.		700		394,912
TOMRA Systems ASA		24,493		383,387
				975,595
Professional Services – 5.5%
Experian PLC		17,726		772,374
RELX PLC (London)		17,783		766,899
				1,539,273
				4,122,133
Consumer Staples – 12.6%
Food Products – 6.0%
Danone SA		14,749		953,447
Kerry Group PLC - Class A		4,708		403,410
Nestle SA (REG)		2,966		315,137
				1,671,994
Personal Care Products – 6.6%
Dabur India Ltd.		58,561		367,190
Haleon PLC		150,106		629,060
Unilever PLC (London)		16,446		825,619
				1,821,869
				3,493,863
Consumer Discretionary – 3.9%
Automobile Components – 3.9%
Autoliv, Inc.		8,938		1,076,403
Energy – 1.3%
Oil, Gas & Consumable Fuels – 1.3%
Neste Oyj		13,641		369,879
Total Common Stocks (cost $21,875,133)				27,705,875

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Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 1.7%
Investment Companies – 1.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(d) (e) (f) (cost $480,463)		480,463	$	480,463
Total Investments – 101.3% (cost $22,355,596)(g)				28,186,338	(h)
Other assets less liabilities – (1.3)%				(354,677	)
Net Assets – 100.0%			$	27,831,661

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		KRW	96,646		USD	74		04/18/2024	$	2,211
Bank of America, NA		IDR	2,364,118		USD	150		04/25/2024		1,296
Bank of America, NA		USD	45		IDR	697,010		04/25/2024		(1,040	)
Bank of America, NA		TWD	22,035		USD	703		05/24/2024		13,617
Barclays Bank PLC		USD	46		TWD	1,449		05/24/2024		(280	)
BNP Paribas SA		BRL	2,554		USD	511		04/02/2024		1,957
BNP Paribas SA		USD	511		BRL	2,554		04/02/2024		(1,763	)
Citibank, NA		USD	1,705		AUD	2,584		04/18/2024		(19,992	)
Citibank, NA		USD	1,308		KRW	1,709,860		04/18/2024		(40,140	)
Citibank, NA		IDR	8,511,440		USD	546		04/25/2024		10,240
Citibank, NA		USD	581		CAD	782		06/13/2024		(2,862)
Citibank, NA		USD	45		INR	3,708		06/14/2024		(331)
Deutsche Bank AG		BRL	2,085		USD	419		04/02/2024		2,787
Deutsche Bank AG		USD	417		BRL	2,085		04/02/2024		(1,598)
Deutsche Bank AG		USD	660		SEK	6,944		04/30/2024		(10,524)
Deutsche Bank AG		USD	417		BRL	2,085		05/03/2024		(2,754)
Deutsche Bank AG		CNH	683		USD	96		05/23/2024		1,378
Deutsche Bank AG		TWD	9,829		USD	313		05/24/2024		5,227
Deutsche Bank AG		USD	2,993		EUR	2,732		06/12/2024		(36,984)
Goldman Sachs Bank USA		IDR	1,207,060		USD	77		04/25/2024		896
Goldman Sachs Bank USA		INR	28,195		USD	340		06/14/2024		2,739
JPMorgan Chase Bank, NA		KRW	62,616		USD	48		04/18/2024		1,407
JPMorgan Chase Bank, NA		USD	45		IDR	713,546		04/25/2024		(365)
JPMorgan Chase Bank, NA		USD	70		TWD	2,205		05/24/2024		(1,469)
Morgan Stanley Capital Services, Inc.		BRL	234		USD	47		04/02/2024		337
Morgan Stanley Capital Services, Inc.		USD	47		BRL	234		04/02/2024		(179)
Morgan Stanley Capital Services, Inc.		KRW	259,430		USD	195		04/18/2024		3,058
Morgan Stanley Capital Services, Inc.		GBP	2,347		USD	2,978		04/19/2024		15,402
Morgan Stanley Capital Services, Inc.		USD	3,471		JPY	512,684		05/16/2024		(61,523)
Morgan Stanley Capital Services, Inc.		CNH	807		USD	112		05/23/2024		1,117
Morgan Stanley Capital Services, Inc.		USD	639		TWD	19,889		05/24/2024		(16,784)
NatWest Markets PLC		CNH	742		USD	103		05/23/2024		1,081
State Street Bank & Trust Co.		AUD	627		USD	411		04/18/2024		1,928
State Street Bank & Trust Co.		GBP	215		USD	273		04/19/2024		1,285

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		GBP	286		USD	361		04/19/2024	$	(215	)
State Street Bank & Trust Co.		USD	199		GBP	156		04/19/2024		(1,697	)
State Street Bank & Trust Co.		USD	258		ZAR	4,946		04/19/2024		3,128
State Street Bank & Trust Co.		ZAR	812		USD	43		04/19/2024		251
State Street Bank & Trust Co.		ZAR	959		USD	50		04/19/2024		(767	)
State Street Bank & Trust Co.		IDR	1,431,724		USD	92		04/25/2024		1,836
State Street Bank & Trust Co.		USD	68		IDR	1,075,296		04/25/2024		(393	)
State Street Bank & Trust Co.		NOK	3,052		USD	289		04/30/2024		7,463
State Street Bank & Trust Co.		SEK	1,047		USD	102		04/30/2024		3,950
State Street Bank & Trust Co.		USD	51		NOK	534		04/30/2024		(1,391	)
State Street Bank & Trust Co.		USD	442		CHF	387		05/08/2024		(11,176	)
State Street Bank & Trust Co.		JPY	113,307		USD	771		05/16/2024		17,463
State Street Bank & Trust Co.		USD	107		ILS	386		05/16/2024		(1,759	)
State Street Bank & Trust Co.		USD	107		JPY	16,000		05/16/2024		(223	)
State Street Bank & Trust Co.		USD	185		SGD	246		05/17/2024		(2,530	)
State Street Bank & Trust Co.		USD	197		MXN	3,333		05/23/2024		2,132
State Street Bank & Trust Co.		EUR	80		USD	87		06/12/2024		845
State Street Bank & Trust Co.		CAD	59		USD	44		06/13/2024		72
State Street Bank & Trust Co.		USD	48		INR	3,953		06/14/2024		(341	)
UBS AG		BRL	235		USD	47		04/02/2024		253
UBS AG		USD	47		BRL	235		04/02/2024		(180	)
UBS AG		CHF	1,431		USD	1,628		05/08/2024		34,871
UBS AG		USD	2,282		CNH	16,369		05/23/2024		(23,325	)
									$	(102,358	)

(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, 2024, the market value of this security amounted to $376,095 or 1.4% 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, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,488,850 and gross unrealized depreciation of investments was $(760,466), resulting in net unrealized appreciation of $5,728,384.

(h) On March 29, 2024, the Portfolio and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Portfolio valued its foreign securities using the closing market prices from the respective foreign markets as of March 28, 2024 for financial reporting purposes.

  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.

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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

IDR – Indonesian Rupiah

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

March 31, 2024 (unaudited)

25.2	%	United States
16.1	%	United Kingdom
10.5	%	Switzerland
5.8	%	Taiwan
5.6	%	India
5.5	%	Canada
5.5	%	Japan
4.8	%	Germany
3.8	%	Sweden
3.7	%	Netherlands
3.4	%	France
3.0	%	Indonesia
1.4	%	Ireland
4.0	%	Other
1.7	%	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 1.4% or less in the following: Finland, Hong Kong and Norway.

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AB Variable Products Series Fund, Inc.

AB Sustainable International Thematic Portfolio 

March 31, 2024 (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, 2024:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	2,514,145	$	5,444,708		$	—	$	7,958,853
Financials		751,103		4,804,523			—		5,555,626
Health Care		2,168,349		2,960,769			—		5,129,118
Industrials		1,804,561		2,317,572			—		4,122,133
Consumer Staples		—		3,493,863			—		3,493,863
Consumer Discretionary		1,076,403		—			—		1,076,403
Energy		—		369,879			—		369,879
Short-Term Investments		480,463		—			—		480,463
Total Investments in Securities		8,795,024		19,391,314	(a)		—		28,186,338
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		140,227			—		140,227
Liabilities:
Forward Currency Exchange Contracts		—		(242,585	)		—		(242,585	)
Total	$	8,795,024	$	19,288,956		$	—	$	28,083,980

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^(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, 2024 is as follows:

Fund	Market Value 12/31/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,230	$	4,436	$	5,186	$	480	$	8
Government Money Market Portfolio*		674		1,033		1,707		0		2
Total	$	1,904	$	5,469	$	6,893	$	480	$	10

* Investments of cash collateral for securities lending transactions.

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