AB Variable Products Series Fund, Inc.

AB Large Cap Growth Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.2%
Information Technology – 32.5%
Communications Equipment – 3.0%
Arista Networks, Inc.(a)		187,602	$	14,535,403
Motorola Solutions, Inc.		25,600		11,207,936
				25,743,339
IT Services – 0.5%
Shopify, Inc. - Class A(a)		43,542		4,153,254
Semiconductors & Semiconductor Equipment – 17.9%
Applied Materials, Inc.		58,593		8,503,016
ASML Holding NV (REG)		6,380		4,227,579
Astera Labs, Inc.(a)		74,950		4,472,267
Broadcom, Inc.		178,305		29,853,606
NVIDIA Corp.		657,759		71,287,920
QUALCOMM, Inc.		75,834		11,648,861
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		62,690		10,406,540
Texas Instruments, Inc.		76,626		13,769,692
				154,169,481
Software – 11.1%
AppLovin Corp. - Class A(a)		18,477		4,895,851
Cadence Design Systems, Inc.(a)		26,945		6,852,922
Manhattan Associates, Inc.(a)		20,311		3,514,615
Microsoft Corp.		174,886		65,650,456
ServiceNow, Inc.(a)		11,136		8,865,815
Synopsys, Inc.(a)		12,553		5,383,354
				95,163,013
				279,229,087
Communication Services – 16.3%
Entertainment – 4.8%
Netflix, Inc.(a)		43,922		40,958,582
Interactive Media & Services – 11.5%
Alphabet, Inc. - Class C		278,994		43,587,233
Meta Platforms, Inc. - Class A		87,373		50,358,302
Reddit, Inc. - Class A(a)		47,670		5,000,583
				98,946,118
				139,904,700
Consumer Discretionary – 15.0%
Automobiles – 0.8%
Ferrari NV		15,818		6,768,206
Broadline Retail – 6.4%
Amazon.com, Inc.(a)		289,705		55,119,273
Hotels, Restaurants & Leisure – 1.7%
Chipotle Mexican Grill, Inc.(a)		290,240		14,572,950

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Company	Shares		U.S. $ Value
Specialty Retail – 4.2%
Home Depot, Inc. (The)		62,034	$	22,734,841
Tractor Supply Co.		239,343		13,187,799
				35,922,640
Textiles, Apparel & Luxury Goods – 1.9%
Lululemon Athletica, Inc.(a)		37,745		10,684,100
On Holding AG - Class A(a)		118,860		5,220,331
				15,904,431
				128,287,500
Health Care – 12.4%
Biotechnology – 1.6%
Genmab A/S (Sponsored ADR)(a)		147,067		2,879,572
Vertex Pharmaceuticals, Inc.(a)		22,885		11,095,106
				13,974,678
Health Care Equipment & Supplies – 1.9%
Intuitive Surgical, Inc.(a)		33,623		16,652,463
Health Care Providers & Services – 1.5%
UnitedHealth Group, Inc.		25,150		13,172,312
Health Care Technology – 1.3%
Veeva Systems, Inc. - Class A(a)		47,145		10,920,196
Life Sciences Tools & Services – 1.8%
Mettler-Toledo International, Inc.(a)		5,883		6,947,294
Waters Corp.(a)		22,246		8,199,208
				15,146,502
Pharmaceuticals – 4.3%
Eli Lilly & Co.		33,605		27,754,706
Zoetis, Inc.		54,594		8,988,902
				36,743,608
				106,609,759
Financials – 7.5%
Capital Markets – 1.7%
Cboe Global Markets, Inc.		64,259		14,541,169
Financial Services – 5.4%
Visa, Inc. - Class A		132,376		46,392,493
Insurance – 0.4%
Progressive Corp. (The)		13,357		3,780,164
				64,713,826
Industrials – 7.3%
Aerospace & Defense – 0.7%
Axon Enterprise, Inc.(a)		11,534		6,066,307
Building Products – 1.9%
Otis Worldwide Corp.		118,911		12,271,615
Trex Co., Inc.(a)		68,414		3,974,854
				16,246,469

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Company	Shares		U.S. $ Value
Commercial Services & Supplies – 1.8%
Copart, Inc.(a)		269,609	$	15,257,173
Ground Transportation – 0.8%
Saia, Inc.(a)		19,610		6,852,322
Professional Services – 1.6%
Verisk Analytics, Inc.		46,157		13,737,247
Trading Companies & Distributors – 0.5%
United Rentals, Inc.		6,670		4,180,089
				62,339,607
Consumer Staples – 6.7%
Beverages – 3.0%
Celsius Holdings, Inc.(a)		124,441		4,432,588
Monster Beverage Corp.(a)		353,755		20,701,743
				25,134,331
Consumer Staples Distribution & Retail – 3.7%
Costco Wholesale Corp.		33,815		31,981,551
				57,115,882
Materials – 1.5%
Chemicals – 1.5%
Sherwin-Williams Co. (The)		36,951		12,902,920
Total Common Stocks (cost $477,411,086)				851,103,281
RIGHTS – 0.0%
Health Care – 0.0%
Health Care Providers & Services – 0.0%
ABIOMED, Inc. (CVR)(a) (b) (c) (cost $11,600)		11,373		28,717
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(d) (e) (f) (cost $7,285,260)		7,285,260		7,285,260
Total Investments – 100.1% (cost $484,707,946)(g)				858,417,258
Other assets less liabilities – (0.1)%				(479,404	)
Net Assets – 100.0%			$	857,937,854

(a) Non-income producing security.

(b) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(c) Fair valued by the Adviser.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(f) Affiliated investments.

(g) 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 $398,995,884 and gross unrealized depreciation of investments was $(25,286,572), resulting in net unrealized appreciation of $373,709,312.

  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

CVR – Contingent Value Right

REG – Registered Shares

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AB Variable Products Series Fund, Inc.

AB Large Cap Growth 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)	$	851,103,281	$	—	$	—	$	851,103,281
Rights		—		—		28,717		28,717
Short-Term Investments		7,285,260		—		—		7,285,260
Total Investments in Securities		858,388,541		—		28,717		858,417,258
Other Financial Instruments(b)		—		—		—		—
Total	$	858,388,541	$	—	$	28,717	$	858,417,258

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

^(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	$	22,856	$	17,969	$	33,540	$	7,285	$	126
AB Government Money Market Portfolio*		3,265		435		3,700		0		4
Total	$	26,121	$	18,404	$	37,240	$	7,285	$	130

* Investments of cash collateral for securities lending transactions.

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