AB Variable Products Series Fund, Inc.

AB Relative Value Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 95.7%
Financials – 23.0%
Banks – 7.7%
Citigroup, Inc.		350,123	$	24,855,232
JPMorgan Chase & Co.		124,330		30,498,149
Wells Fargo & Co.		214,053		15,366,865
				70,720,246
Capital Markets – 3.4%
Blackstone Secured Lending Fund(a)		193,189		6,251,596
S&P Global, Inc.		50,020		25,415,162
				31,666,758
Financial Services – 9.0%
Berkshire Hathaway, Inc. - Class B(b)		73,959		39,389,084
Fiserv, Inc.(b)		139,631		30,834,714
Mastercard, Inc. - Class A		16,702		9,154,700
MGIC Investment Corp.		170,615		4,227,840
				83,606,338
Insurance – 2.9%
Axis Capital Holdings Ltd.		188,249		18,870,080
MetLife, Inc.		100,506		8,069,626
				26,939,706
				212,933,048
Health Care – 18.7%
Biotechnology – 5.9%
Gilead Sciences, Inc.		206,946		23,188,299
Regeneron Pharmaceuticals, Inc.		36,037		22,855,746
United Therapeutics Corp.(b)		26,714		8,235,125
				54,279,170
Health Care Equipment & Supplies – 1.6%
GE HealthCare Technologies, Inc.		188,277		15,195,837
Health Care Providers & Services – 6.6%
Cencora, Inc.		72,924		20,279,435
Elevance Health, Inc.		45,699		19,877,237
HCA Healthcare, Inc.		25,363		8,764,185
Quest Diagnostics, Inc.		72,491		12,265,477
				61,186,334
Pharmaceuticals – 4.6%
Johnson & Johnson		190,034		31,515,239
Roche Holding AG (Sponsored ADR)(a)		267,049		10,989,066
				42,504,305
				173,165,646

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Company	Shares		U.S. $ Value
Industrials – 14.5%
Aerospace & Defense – 3.1%
Curtiss-Wright Corp.		13,093	$	4,154,016
RTX Corp.		183,864		24,354,626
				28,508,642
Building Products – 1.6%
Allegion PLC		43,820		5,716,757
Otis Worldwide Corp.		84,940		8,765,808
				14,482,565
Commercial Services & Supplies – 1.4%
Veralto Corp.		133,067		12,967,379
Electrical Equipment – 2.0%
Generac Holdings, Inc.(b)		99,129		12,554,688
nVent Electric PLC		111,203		5,829,261
				18,383,949
Ground Transportation – 2.2%
CSX Corp.		232,150		6,832,175
JB Hunt Transport Services, Inc.		95,314		14,101,706
				20,933,881
Machinery – 2.7%
Allison Transmission Holdings, Inc.		56,814		5,435,395
Dover Corp.		18,428		3,237,431
PACCAR, Inc.(a)		57,798		5,627,791
Westinghouse Air Brake Technologies Corp.		59,050		10,708,718
				25,009,335
Professional Services – 1.0%
FTI Consulting, Inc.(b)		29,655		4,865,793
Robert Half, Inc.		81,102		4,424,114
				9,289,907
Trading Companies & Distributors – 0.5%
MSC Industrial Direct Co., Inc. - Class A(a)		60,081		4,666,491
				134,242,149
Consumer Staples – 9.3%
Consumer Staples Distribution & Retail – 4.6%
Casey’s General Stores, Inc.(a)		29,565		12,832,393
Walmart, Inc.		342,240		30,045,249
				42,877,642
Tobacco – 4.7%
Philip Morris International, Inc.		272,594		43,268,846
				86,146,488
Information Technology – 9.0%
IT Services – 2.8%
Accenture PLC - Class A		82,071		25,609,435
Semiconductors & Semiconductor Equipment – 5.5%
Intel Corp.(b)		447,742		10,168,221
Lam Research Corp.		97,545		7,091,521
QUALCOMM, Inc.		18,980		2,915,518

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Company	Shares		U.S. $ Value
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		69,134	$	11,476,244
Texas Instruments, Inc.		107,073		19,241,018
				50,892,522
Software – 0.7%
Nice Ltd. (Sponsored ADR)(b)		41,950		6,467,431
				82,969,388
Energy – 7.4%
Energy Equipment & Services – 0.6%
Cactus, Inc. - Class A		41,140		1,885,446
Helmerich & Payne, Inc.(a)		142,923		3,733,149
				5,618,595
Oil, Gas & Consumable Fuels – 6.8%
Chevron Corp.		96,366		16,121,068
ConocoPhillips		107,485		11,288,075
EOG Resources, Inc.		169,098		21,685,128
Phillips 66		114,726		14,166,366
				63,260,637
				68,879,232
Consumer Discretionary – 6.9%
Automobile Components – 0.5%
BorgWarner, Inc.		162,484		4,655,167
Hotels, Restaurants & Leisure – 1.3%
Starbucks Corp.		119,448		11,716,654
Specialty Retail – 3.2%
Dick’s Sporting Goods, Inc.		50,202		10,118,715
Ross Stores, Inc.		63,314		8,090,896
Ulta Beauty, Inc.(b)		31,868		11,680,897
				29,890,508
Textiles, Apparel & Luxury Goods – 1.9%
Lululemon Athletica, Inc.(b)		22,951		6,496,510
NIKE, Inc. - Class B(a)		182,176		11,564,532
				18,061,042
				64,323,371
Materials – 3.2%
Chemicals – 1.7%
CF Industries Holdings, Inc.		112,781		8,813,835
PPG Industries, Inc.		61,664		6,742,959
				15,556,794
Containers & Packaging – 0.5%
Sealed Air Corp.		166,645		4,816,040
Metals & Mining – 1.0%
Steel Dynamics, Inc.		76,426		9,559,364
				29,932,198

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Company	Shares		U.S. $ Value
Communication Services – 2.9%
Diversified Telecommunication Services – 1.4%
Comcast Corp. - Class A		355,191	$	13,106,548
Entertainment – 1.5%
Electronic Arts, Inc.		98,227		14,195,766
				27,302,314
Real Estate – 0.8%
Specialized REITs – 0.8%
Public Storage		25,833		7,731,559
Total Common Stocks (cost $719,671,920)				887,625,393
SHORT-TERM INVESTMENTS – 3.4%
Investment Companies – 3.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e) (cost $31,532,294)		31,532,294		31,532,294
Total Investments Before Security Lending Collateral for Securities Loaned – 99.1% (cost $751,204,214)				919,157,687
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e) (cost $7,228,752)		7,228,752		7,228,752
Total Investments – 99.9% (cost $758,432,966)(f)				926,386,439
Other assets less liabilities – 0.1%				979,693
Net Assets – 100.0%			$	927,366,132

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

(b) Non-income producing security.

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

(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) Affiliated investments.

(f) 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 $187,155,967 and gross unrealized depreciation of investments was $(19,202,494), resulting in net unrealized appreciation of $167,953,473.

  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.

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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AB Variable Products Series Fund, Inc.

AB Relative Value 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)

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, 2025:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	887,625,393	$	—	$	—	$	887,625,393
Short-Term Investments		31,532,294		—		—		31,532,294
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		7,228,752		—		—		7,228,752
Total Investments in Securities		926,386,439		—		—		926,386,439
Other Financial Instruments(b)		—		—		—		—
Total	$	926,386,439	$	—	$	—	$	926,386,439

^(a)  See Portfolio of Investments for sector classifications.

^(b)  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.

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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	$	20,864	$	60,780	$	50,112	$	31,532	$	253
AB Government Money Market Portfolio*		23,971		36,167		52,909		7,229		56
Total	$	44,835	$	96,947	$	103,021	$	38,761	$	309

* Investments of cash collateral for securities lending transactions.

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