AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.6%
Health Care – 23.6%
Biotechnology – 14.2%
Akero Therapeutics, Inc.(a)		6,678	$	270,325
Apogee Therapeutics, Inc.(a) (b)		7,394		276,240
ARS Pharmaceuticals, Inc.(a) (b)		22,620		284,560
Ascendis Pharma A/S (ADR)(a)		2,281		355,517
Blueprint Medicines Corp.(a)		6,555		580,183
Bridgebio Pharma, Inc.(a) (b)		14,902		515,162
CG oncology, Inc.(a)		10,740		263,023
Cullinan Therapeutics, Inc.(a)		14,940		113,096
Cytokinetics, Inc.(a) (b)		7,389		296,964
Denali Therapeutics, Inc.(a)		17,793		241,896
Dianthus Therapeutics, Inc.(a)		8,949		162,335
Halozyme Therapeutics, Inc.(a)		11,782		751,809
Insmed, Inc.(a)		13,241		1,010,156
Korro Bio, Inc.(a) (b)		6,150		107,071
Legend Biotech Corp. (ADR)(a) (b)		8,595		291,628
Merus NV(a)		6,911		290,884
Metsera, Inc.(a) (b)		6,704		182,483
MoonLake Immunotherapeutics(a)		5,596		218,636
Newamsterdam Pharma Co. NV(a) (b)		12,997		266,048
Ultragenyx Pharmaceutical, Inc.(a)		5,641		204,261
Upstream Bio, Inc.(a)		9,153		56,016
Vaxcyte, Inc.(a)		9,764		368,689
Viking Therapeutics, Inc.(a)		4,324		104,425
Viridian Therapeutics, Inc.(a)		18,050		243,314
Xenon Pharmaceuticals, Inc.(a)		7,590		254,644
				7,709,365
Health Care Equipment & Supplies – 4.9%
AtriCure, Inc.(a)		20,890		673,911
Beta Bionics, Inc.(a)		10,859		132,914
Glaukos Corp.(a)		7,471		735,296
Kestra Medical Technologies Ltd.(a)		12,212		304,323
Masimo Corp.(a) (b)		4,357		725,876
Maze Therapeutics, Inc.(a) (b)		10,479		115,374
				2,687,694
Health Care Providers & Services – 2.8%
BrightSpring Health Services, Inc.(a)		26,004		470,412
GeneDx Holdings Corp.(a)		4,118		364,711
PROCEPT BioRobotics Corp.(a)		12,269		714,792
				1,549,915
Life Sciences Tools & Services – 1.5%
Repligen Corp.(a)		5,111		650,324
Tempus AI, Inc.(a) (b)		3,769		181,816
				832,140

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Company	Shares		U.S. $ Value
Pharmaceuticals – 0.2%
Rapport Therapeutics, Inc.(a) (b)		9,928	$	99,578
				12,878,692
Industrials – 23.3%
Aerospace & Defense – 6.6%
AeroVironment, Inc.(a)		4,058		483,673
Curtiss-Wright Corp.		2,183		692,601
Karman Holdings, Inc.(a)		11,515		384,831
Leonardo DRS, Inc.		25,306		832,061
Loar Holdings, Inc.(a)		7,756		547,961
Standardaero, Inc.(a) (b)		24,490		652,414
				3,593,541
Building Products – 5.7%
Armstrong World Industries, Inc.		5,318		749,200
AZEK Co., Inc. (The)(a)		13,146		642,708
CSW Industrials, Inc.(b)		2,517		733,756
Knife River Corp.(a) (b)		10,473		944,769
				3,070,433
Construction & Engineering – 3.7%
Construction Partners, Inc. - Class A(a) (b)		11,649		837,213
Everus Construction Group, Inc.(a) (b)		12,696		470,895
Primoris Services Corp.		12,615		724,227
				2,032,335
Ground Transportation – 1.1%
ArcBest Corp.		8,524		601,624
Machinery – 4.0%
Esab Corp.		6,061		706,106
ITT, Inc.		5,341		689,844
SPX Technologies, Inc.(a)		6,163		793,671
				2,189,621
Marine Transportation – 1.3%
Kirby Corp.(a)		6,960		703,030
Professional Services – 0.9%
FTI Consulting, Inc.(a)		3,110		510,289
				12,700,873
Information Technology – 22.3%
Electronic Equipment, Instruments & Components – 1.9%
Fabrinet(a)		2,059		406,673
Novanta, Inc.(a)		4,902		626,819
				1,033,492
Semiconductors & Semiconductor Equipment – 5.4%
Credo Technology Group Holding Ltd.(a)		13,910		558,626
MACOM Technology Solutions Holdings, Inc.(a)		7,342		736,990
Onto Innovation, Inc.(a)		2,612		316,940

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Company	Shares		U.S. $ Value
Semtech Corp.(a)		16,946	$	582,942
SiTime Corp.(a)		4,281		654,436
Universal Display Corp.		427		59,558
				2,909,492
Software – 13.6%
Alkami Technology, Inc.(a)		28,681		752,876
Braze, Inc. - Class A(a)		16,705		602,717
Clearwater Analytics Holdings, Inc. - Class A(a)		36,021		965,363
Intapp, Inc.(a)		17,206		1,004,486
JFrog Ltd.(a)		20,960		670,720
Klaviyo, Inc. - Class A(a)		22,710		687,205
Monday.com Ltd.(a)		2,514		611,304
Onestream, Inc.(a)		29,101		621,015
Rubrik, Inc. - Class A(a)		10,251		625,106
ServiceTitan, Inc. - Class A(a)		3,400		323,374
Workiva, Inc.(a)		7,369		559,381
				7,423,547
Technology Hardware, Storage & Peripherals – 1.4%
ACV Auctions, Inc. - Class A(a)		55,218		778,021
				12,144,552
Consumer Discretionary – 13.4%
Automobile Components – 1.2%
Modine Manufacturing Co.(a) (b)		8,487		651,377
Broadline Retail – 1.7%
Ollie’s Bargain Outlet Holdings, Inc.(a) (b)		7,908		920,175
Hotels, Restaurants & Leisure – 5.3%
Dutch Bros, Inc. - Class A(a)		10,140		626,044
Portillo’s, Inc. - Class A(a) (b)		49,115		583,977
Rush Street Interactive, Inc.(a)		60,492		648,474
Texas Roadhouse, Inc.		3,654		608,866
Wingstop, Inc.		1,872		422,286
				2,889,647
Household Durables – 2.1%
Champion Homes, Inc.(a) (b)		9,540		904,010
SharkNinja, Inc.(a)		2,599		216,783
				1,120,793
Specialty Retail – 3.1%
Boot Barn Holdings, Inc.(a) (b)		7,296		783,809
Five Below, Inc.(a)		6,457		483,791
RH(a) (b)		1,872		438,816
				1,706,416
				7,288,408

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Company	Shares		U.S. $ Value
Financials – 9.7%
Capital Markets – 5.4%
Houlihan Lokey, Inc.		4,263	$	688,475
Piper Sandler Cos.		3,282		812,820
StepStone Group, Inc. - Class A		14,173		740,256
Stifel Financial Corp.		7,332		691,114
				2,932,665
Financial Services – 2.1%
NCR Atleos Corp.(a)		25,913		683,585
Shift4 Payments, Inc. - Class A(a) (b)		5,893		481,517
				1,165,102
Insurance – 2.2%
Palomar Holdings, Inc.(a)		993		136,120
RLI Corp.		8,303		666,980
TWFG, Inc.(a)		11,947		369,282
				1,172,382
				5,270,149
Consumer Staples – 3.8%
Beverages – 1.1%
Celsius Holdings, Inc.(a)		16,434		585,379
Consumer Staples Distribution & Retail – 1.0%
Chefs’ Warehouse, Inc. (The)(a) (b)		10,615		578,093
Personal Care Products – 1.7%
BellRing Brands, Inc.(a)		12,257		912,656
				2,076,128
Materials – 1.8%
Chemicals – 1.2%
Element Solutions, Inc.		28,608		646,827
Construction Materials – 0.6%
Titan America SA(a)		24,816		335,512
				982,339
Energy – 0.7%
Energy Equipment & Services – 0.6%
Flowco Holdings, Inc. - Class A(a)		7,749		198,762
TechnipFMC PLC		4,301		136,299
				335,061
Oil, Gas & Consumable Fuels – 0.1%
Permian Resources Corp.		2,639		36,550
				371,611
Total Common Stocks (cost $52,606,827)				53,712,752

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Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 1.5%
Investment Companies – 1.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e) (cost $818,850)		818,850	$	818,850
Total Investments Before Security Lending Collateral for Securities Loaned – 100.1% (cost $53,425,677)				54,531,602
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.4%
Investment Companies – 1.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e) (cost $734,613)		734,613		734,613
Total Investments – 101.5% (cost $54,160,290)(f)				55,266,215
Other assets less liabilities – (1.5)%				(799,423	)
Net Assets – 100.0%			$	54,466,792

(a) Non-income producing security.

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

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

(d) Affiliated investments.

(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) 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 $7,896,581 and gross unrealized depreciation of investments was $(6,790,656), resulting in net unrealized appreciation of $1,105,925.

  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

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AB Variable Products Series Fund, Inc.

AB Small 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)	$	53,712,752	$	—	$	—	$	53,712,752
Short-Term Investments		818,850		—		—		818,850
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		734,613		—		—		734,613
Total Investments in Securities		55,266,215		—		—		55,266,215
Other Financial Instruments(b)		—		—		—		—
Total	$	55,266,215	$	—	$	—	$	55,266,215

^(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	$	683	$	8,406	$	8,270	$	819	$	11
AB Government Money Market Portfolio*		1,211		8,317		8,793		735		13
Total	$	1,894	$	16,723	$	17,063	$	1,554	$	24

* Investments of cash collateral for securities lending transactions.

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