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

AB Variable Products Series Fund, Inc.

AB Sustainable Global Thematic Portfolio

Portfolio of Investments

September 30, 2024 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.5%
Information Technology – 35.3%
Communications Equipment – 3.3%
Arista Networks, Inc.(a)		8,865	$	3,402,564
Calix, Inc.(a)		60,202		2,335,236
				5,737,800
Electronic Equipment, Instruments & Components – 6.5%
Flex Ltd.(a)		142,400		4,760,432
Halma PLC		81,388		2,845,770
Keyence Corp.		7,700		3,690,317
				11,296,519
IT Services – 2.2%
Accenture PLC - Class A		10,873		3,843,388
Semiconductors & Semiconductor Equipment – 10.4%
ASML Holding NV		2,917		2,426,535
Monolithic Power Systems, Inc.		3,219		2,975,965
NVIDIA Corp.		39,994		4,856,871
NXP Semiconductors NV		13,553		3,252,856
Taiwan Semiconductor Manufacturing Co., Ltd.		156,000		4,704,044
				18,216,271
Software – 12.9%
Adobe, Inc.(a)		7,295		3,777,205
Bentley Systems, Inc. - Class B		36,078		1,833,123
Cadence Design Systems, Inc.(a)		11,398		3,089,200
Fair Isaac Corp.(a)		1,498		2,911,393
Intuit, Inc.		5,604		3,480,084
Microsoft Corp.		12,614		5,427,804
Palo Alto Networks, Inc.(a)		6,083		2,079,170
				22,597,979
				61,691,957
Industrials – 17.5%
Aerospace & Defense – 1.5%
Hexcel Corp.		42,026		2,598,468
Commercial Services & Supplies – 7.9%
Tetra Tech, Inc.		92,439		4,359,423
Veralto Corp.		41,126		4,600,355
Waste Management, Inc.		23,435		4,865,106
				13,824,884
Construction & Engineering – 3.3%
AECOM		31,607		3,264,055
WSP Global, Inc.		14,780		2,625,855
				5,889,910
Machinery – 1.0%
TOMRA Systems ASA		115,454		1,697,003
Professional Services – 3.8%
Experian PLC		77,118		4,061,775

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Company	Shares		U.S. $ Value
RELX PLC (London)		54,054	$	2,552,231
				6,614,006
				30,624,271
Health Care – 16.6%
Health Care Equipment & Supplies – 11.2%
Alcon, Inc.		35,056		3,508,412
Becton Dickinson & Co.		13,028		3,141,051
GE Healthcare, Inc.		43,750		4,105,937
Hologic, Inc.(a)		31,063		2,530,392
STERIS PLC		13,827		3,353,601
Terumo Corp.		159,003		3,012,230
				19,651,623
Health Care Providers & Services – 1.9%
Apollo Hospitals Enterprise Ltd.		38,104		3,275,208
Life Sciences Tools & Services – 3.5%
Bruker Corp.		40,178		2,774,693
ICON PLC(a)		11,892		3,416,690
				6,191,383
				29,118,214
Financials – 14.6%
Banks – 3.7%
Bank Mandiri Persero Tbk PT		6,922,500		3,184,317
NU Holdings Ltd./Cayman Islands - Class A(a)		246,162		3,360,111
				6,544,428
Capital Markets – 3.9%
London Stock Exchange Group PLC		30,904		4,231,096
Partners Group Holding AG		1,672		2,520,833
				6,751,929
Financial Services – 2.9%
Visa, Inc. - Class A		18,456		5,074,477
Insurance – 4.1%
Aflac, Inc.		39,740		4,442,932
AIA Group Ltd.		305,400		2,667,015
				7,109,947
				25,480,781
Consumer Discretionary – 5.7%
Automobile Components – 1.7%
Aptiv PLC(a)		41,067		2,957,235
Broadline Retail – 1.5%
MercadoLibre, Inc.(a)		1,299		2,665,496
Household Durables – 0.9%
TopBuild Corp.(a)		3,745		1,523,503
Textiles, Apparel & Luxury Goods – 1.6%
On Holding AG - Class A(a) (b)		57,100		2,863,565
				10,009,799

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Company	Shares		U.S. $ Value
Consumer Staples – 4.1%
Household Products – 1.9%
Procter & Gamble Co. (The)		18,829	$	3,261,183
Personal Care Products – 2.2%
Unilever PLC (London)		59,241		3,840,788
				7,101,971
Utilities – 3.1%
Electric Utilities – 3.0%
NextEra Energy, Inc.		62,310		5,267,064
Water Utilities – 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		8,935		148,269
				5,415,333
Energy – 0.6%
Oil, Gas & Consumable Fuels – 0.6%
Neste Oyj		55,993		1,087,835
Total Common Stocks (cost $122,459,421)				170,530,161
SHORT-TERM INVESTMENTS – 2.2%
Investment Companies – 2.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.73%(c) (d) (e) (cost $3,956,971)		3,956,971		3,956,971
Total Investments – 99.7% (cost $126,416,392)(f)				174,487,132
Other assets less liabilities – 0.3%				452,574
Net Assets – 100.0%			$	174,939,706

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		JPY	190,375		USD	1,345		10/17/2024		$	17,798
Bank of America, NA		CHF	927		USD	1,108		10/25/2024			9,703
Bank of America, NA		CHF	1,451		USD	1,717		10/25/2024			(2,111	)
Bank of America, NA		USD	7,129		EUR	6,501		10/25/2024			114,871
Bank of America, NA		USD	1,977		CAD	2,680		11/07/2024			6,033
Bank of America, NA		GBP	8,475		USD	11,222		11/08/2024			(107,962	)
Bank of America, NA		USD	559		CNH	3,889		11/21/2024			(2,090	)
Bank of America, NA		USD	2,910		AUD	4,303		11/22/2024			66,835
Barclays Bank PLC		BRL	15,084		USD	2,714		10/02/2024			(54,509	)
Barclays Bank PLC		USD	2,769		BRL	15,084		10/02/2024			203
Barclays Bank PLC		CHF	1,464		USD	1,739		10/25/2024			4,920
Barclays Bank PLC		USD	439		INR	36,993		12/06/2024			949
BNP Paribas SA		USD	508		ZAR	9,091		10/17/2024			17,695
BNP Paribas SA		USD	4,206		CNH	29,344		11/21/2024			(3,948	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Citibank, NA		TWD	55,899		USD	1,756		11/22/2024		$	(19,724	)
Deutsche Bank AG		USD	4,953		JPY	721,645		10/17/2024			77,808
Deutsche Bank AG		USD	2,661		EUR	2,398		10/25/2024			10,613
Deutsche Bank AG		USD	1,045		EUR	936		10/25/2024			(1,946	)
JPMorgan Chase Bank		JPY	84,336		USD	595		10/17/2024			6,657
JPMorgan Chase Bank		USD	512		JPY	75,643		10/17/2024			15,335
Morgan Stanley Capital Services, Inc.		BRL	15,084		USD	2,769		10/02/2024			(203	)
Morgan Stanley Capital Services, Inc.		USD	2,770		BRL	15,084		10/02/2024			(864	)
Morgan Stanley Capital Services, Inc.		USD	1,766		KRW	2,418,517		10/18/2024			68,977
Morgan Stanley Capital Services, Inc.		BRL	15,084		USD	2,760		11/04/2024			1,060
Morgan Stanley Capital Services, Inc.		NOK	17,423		USD	1,647		11/22/2024			(4,160	)
Morgan Stanley Capital Services, Inc.		USD	1,169		SEK	11,865		11/22/2024			2,184
NatWest Markets PLC		JPY	86,415		USD	598		10/17/2024			(4,268	)
State Street Bank & Trust Co.		HKD	12,248		USD	1,572		10/17/2024			(3,566	)
State Street Bank & Trust Co.		JPY	61,983		USD	433		10/17/2024			1,149
State Street Bank & Trust Co.		USD	453		KRW	619,006		10/18/2024			17,110
State Street Bank & Trust Co.		USD	464		SGD	622		10/18/2024			20,440
State Street Bank & Trust Co.		CHF	382		USD	453		10/25/2024			4
State Street Bank & Trust Co.		EUR	404		USD	443		10/25/2024			(7,519	)
State Street Bank & Trust Co.		USD	462		EUR	417		10/25/2024			3,080
State Street Bank & Trust Co.		USD	454		EUR	405		10/25/2024			(2,951	)
State Street Bank & Trust Co.		GBP	348		USD	455		11/08/2024			(10,192	)
State Street Bank & Trust Co.		USD	376		MXN	7,348		12/11/2024			(6,732	)
UBS AG		JPY	75,845		USD	527		10/17/2024			(1,370	)
										$	229,309

(a) Non-income producing security.

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

(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 September 30, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $50,492,816 and gross unrealized depreciation of investments was $(2,192,767), resulting in net unrealized appreciation of $48,300,049.

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

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CAD – Canadian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

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

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

COUNTRY BREAKDOWN¹

September 30, 2024 (unaudited)

64.9	%	United States
7.7	%	United Kingdom
3.9	%	Japan
3.5	%	Brazil
3.1	%	Switzerland
2.7	%	Taiwan
2.2	%	Ireland
1.9	%	India
1.8	%	Indonesia
1.5	%	Hong Kong
1.5	%	Canada
1.4	%	Netherlands
1.0	%	Norway
0.6	%	Finland
2.3	%	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 

September 30, 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.

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The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2024:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	48,025,291	$	13,666,666		$	—	$	61,691,957
Industrials		22,313,262		8,311,009			—		30,624,271
Health Care		19,322,364		9,795,850			—		29,118,214
Financials		12,877,520		12,603,261			—		25,480,781
Consumer Discretionary		10,009,799		—			—		10,009,799
Consumer Staples		3,261,183		3,840,788			—		7,101,971
Utilities		5,415,333		—			—		5,415,333
Energy		—		1,087,835			—		1,087,835
Short-Term Investments		3,956,971		—			—		3,956,971
Total Investments in Securities		125,181,723		49,305,409	(a)		—		174,487,132
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		463,424			—		463,424
Liabilities:
Forward Currency Exchange Contracts		—		(234,115	)		—		(234,115	)
Total	$	125,181,723	$	49,534,718		$	—	$	174,716,441

^(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 nine months ended September 30, 2024 is as follows:

Portfolio	Market Value 12/31/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	536	$	39,066	$	35,645	$	3,957	$	110

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