Ab Variable Products Series Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05398

AB VARIABLE PRODUCTS SERIES FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

Alliance Bernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: December 31, 2020

Date of reporting period: June 30, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ BALANCED WEALTH STRATEGY PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

BALANCED WEALTH STRATEGY PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	948.20	$	2.66		0.55	%	$	3.68		0.76	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.13	$	2.77		0.55	%	$	3.82		0.76	%
Class B
Actual	$	1,000	$	947.50	$	3.87		0.80	%	$	4.89		1.01	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.89	$	4.02		0.80	%	$	5.07		1.01	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

BALANCED WEALTH STRATEGY PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Microsoft Corp.	$	5,453,254		2.4	%
United Kingdom Gilt, 1.75%, 09/07/2037—01/22/2049		3,476,746		1.5
Apple, Inc.		3,435,322		1.5
Alphabet, Inc.		3,405,542		1.5
Roche Holding AG		2,717,313		1.2
Facebook, Inc.		2,643,549		1.2
Amazon.com, Inc.		2,452,591		1.1
Japan Government Ten Year Bond Series 357, 0.10%, 12/20/2029		2,414,147		1.1
China Development Bank Series 1805, 4.88%, 02/09/2028		2,527,123		1.0
Japan Government Ten Year Bond Series 358, 0.10%, 03/20/2030		2,164,245		1.0
	$	30,689,832		13.5	%

SECURITY TYPE BREAKDOWN²

June 30, 2020 (unaudited)

SECURITY TYPE	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Common Stocks	$	89,270,675		39.1	%
Investment Companies		59,303,755		26.0
Governments—Treasuries		26,889,491		11.8
Corporates—Investment Grade		23,049,507		10.1
Mortgage Pass-Throughs		4,649,067		2.0
Collateralized Mortgage Obligations		4,582,597		2.0
Corporates—Non-Investment Grade		3,738,668		1.6
Quasi-Sovereigns		3,304,398		1.5
Commercial Mortgage-Backed Securities		2,102,417		0.9
Emerging Markets—Treasuries		1,342,962		0.6
Emerging Markets—Sovereigns		1,337,248		0.6
Collateralized Loan Obligations		1,336,253		0.6
Government—Sovereign Bonds		888,847		0.4
Other3		2,620,435		1.2
Short-Term Investments		3,708,485		1.6
Total Investments	$	228,124,805		100.0	%

1 Long-term investments. Table shown includes investments of Underlying Portfolios.

2 The Portfolio’s security type breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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). Table shown includes investments of Underlying Portfolios.

3 “Other” represents less than 0.3% weightings in the following security types: Asset-Backed Securities, Covered Bonds, Emerging Markets—Corporate Bonds, Inflation-Linked Securities and Rights.

2

BALANCED WEALTH STRATEGY PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	168,585,071		73.9	%
Japan		7,940,874		3.5
United Kingdom		7,884,691		3.5
China		3,975,621		1.7
Spain		3,755,729		1.6
Italy		2,947,665		1.3
Switzerland		2,664,663		1.2
Australia		2,413,829		1.1
France		2,310,305		1.0
Netherlands		2,284,487		1.0
Canada		2,074,625		0.9
Germany		1,874,715		0.8
South Africa		1,855,238		0.8
Other		13,848,807		6.1
Short-Term Investments		3,708,485		1.6
Total Investments	$	228,124,805		100.0	%

1 All data are as of June 30, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. Table shown includes investments of Underlying Portfolios. “Other” country weightings represent 0.7% or less in the following: Austria, Belgium, Brazil, Chile, Colombia, Denmark, Dominican Republic, El Salvador, Finland, Greece, Hong Kong, India, Indonesia, Ireland, Israel, Ivory Coast, Luxembourg, Malaysia, Mexico, New Zealand, Nigeria, Norway, Peru, Russia, Saudi Arabia, Senegal, Singapore, South Korea, Sweden, Turkey and United Arab Emirates.

3

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–39.5%
INFORMATION TECHNOLOGY–10.0%
COMMUNICATIONS EQUIPMENT–0.5%
Cisco Systems, Inc.		19,643	$	916,150
F5 Networks, Inc.(a)		1,566		218,426
Nokia Oyj		5,379		23,505
				1,158,081
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.2%
Arrow Electronics, Inc.(a)		311		21,363
CDW Corp./DE		4,280		497,250
Hitachi Ltd.		800		25,428
				544,041
IT SERVICES–2.1%
Atos SE(a)		121		10,374
Automatic Data Processing, Inc.		4,415		657,349
Fidelity National Information Services, Inc.		4,214		565,055
Fujitsu Ltd.		100		11,708
Genpact Ltd.		9,772		356,874
Mastercard, Inc.–Class A		240		70,968
Paychex, Inc.		539		40,829
PayPal Holdings, Inc.(a)		5,281		920,109
VeriSign, Inc.(a)		94		19,442
Visa, Inc.–Class A		11,094		2,143,028
				4,795,736
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.1%
Applied Materials, Inc.		1,207		72,963
ASML Holding NV		153		55,969
Intel Corp.		10,326		617,804
KLA Corp.		2,502		486,589
Lam Research Corp.		236		76,337
NVIDIA Corp.		1,756		667,122
NXP Semiconductors NV		4,137		471,783
QUALCOMM, Inc.		7,812		712,533
STMicroelectronics NV		1,413		38,516
Texas Instruments, Inc.		7,464		947,704
Xilinx, Inc.		4,881		480,242
				4,627,562
SOFTWARE–3.6%
Adobe, Inc.(a)		1,196		520,630
Cadence Design Systems, Inc.(a)		763		73,218
Citrix Systems, Inc.		2,394		354,097
Constellation Software, Inc./Canada		28		31,615
Dropbox, Inc.–Class A(a)		1,871		40,732
Fortinet, Inc.(a)		508		69,733
Intuit, Inc.		270		79,971
Microsoft Corp.		26,796		5,453,254
NortonLifeLock, Inc.		2,854	$	56,595
Oracle Corp.		13,809		763,223
ServiceNow, Inc.(a)		199		80,607
Trend Micro, Inc./Japan		400		22,354
VMware, Inc.–Class A(a)		3,123		483,628
				8,029,657
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.5%
Apple, Inc.		9,417		3,435,322
				22,590,399
HEALTH CARE–5.4%
BIOTECHNOLOGY–0.7%
Alnylam Pharmaceuticals, Inc.(a)(b)		57		8,442
Amgen, Inc.		156		36,794
Biogen, Inc.(a)		14		3,746
Gilead Sciences, Inc.		297		22,851
Incyte Corp.(a)		263		27,344
Regeneron Pharmaceuticals, Inc.(a)		866		540,081
Sarepta Therapeutics, Inc.(a)(b)		307		49,224
Vertex Pharmaceuticals, Inc.(a)		3,311		961,217
				1,649,699
HEALTH CARE EQUIPMENT & SUPPLIES–0.9%
Align Technology, Inc.(a)		1,244		341,403
Cochlear Ltd.		216		28,358
Coloplast A/S–Class B		221		34,447
Edwards Lifesciences Corp.(a)		9,953		687,852
Insulet Corp.(a)		95		18,455
Medtronic PLC		10,468		959,916
				2,070,431
HEALTH CARE PROVIDERS & SERVICES–1.4%
AmerisourceBergen Corp.–Class A		599		60,361
Anthem, Inc.		3,416		898,340
Humana, Inc.		122		47,306
Molina Healthcare, Inc.(a)		383		68,166
UnitedHealth Group, Inc.		6,611		1,949,914
				3,024,087
HEALTH CARE TECHNOLOGY–0.0%
Cerner Corp.		981		67,247
LIFE SCIENCES TOOLS & SERVICES–0.1%
Bio-Rad Laboratories, Inc.–Class A(a)		110		49,664
Lonza Group AG		64		33,901
Sartorius Stedim Biotech		149		37,777
				121,342

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
PHARMACEUTICALS–2.3%
Astellas Pharma, Inc.		300	$	5,010
Bausch Health Cos., Inc.(a)		1,153		21,096
Bayer AG		639		47,365
Eli Lilly & Co.		539		88,493
Johnson & Johnson		9,643		1,356,095
Merck & Co., Inc.		3,742		289,368
Novartis AG		90		7,841
Novo Nordisk A/S–Class B		807		52,574
Pfizer, Inc.		30,437		995,290
Roche Holding AG		218		75,526
Roche Holding AG (Sponsored ADR)		29,760		1,290,989
UCB SA		358		41,545
Zoetis, Inc.		6,505		891,446
				5,162,638
				12,095,444
COMMUNICATION SERVICES–4.6%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.2%
Comcast Corp.–Class A		34,348		1,338,885
Elisa Oyj		558		33,955
Eutelsat Communications SA		622		5,754
Telecom Italia SpA/Milano (Savings Shares)		30,066		11,702
Telenor ASA		1,723		25,157
Verizon Communications, Inc.		21,059		1,160,983
				2,576,436
ENTERTAINMENT–0.7%
Activision Blizzard, Inc.		1,024		77,722
Electronic Arts, Inc.(a)		6,800		897,940
Netflix, Inc.(a)		215		97,834
Take-Two Interactive Software, Inc.(a)		3,067		428,061
Ubisoft Entertainment SA(a)		298		24,677
				1,526,234
INTERACTIVE MEDIA & SERVICES–2.7%
Alphabet, Inc.–Class A(a)		35		49,632
Alphabet, Inc.–Class C(a)		2,374		3,355,910
Facebook, Inc.–Class A(a)		11,642		2,643,549
Z Holdings Corp.		8,100		39,752
				6,088,843
MEDIA–0.0%
Omnicom Group, Inc.		1,182		64,537
WIRELESS TELECOMMUNICATION SERVICES–0.0%
T-Mobile US, Inc.(a)		698		72,697
				10,328,747
REAL ESTATE–4.2%
DIVERSIFIED REAL ESTATE ACTIVITIES–0.2%
City Developments Ltd.		5,800		35,444
Mitsubishi Estate Co., Ltd.		4,000	$	59,607
Mitsui Fudosan Co., Ltd.		10,400		184,753
New World Development Co., Ltd.		9,000		42,733
Sumitomo Realty & Development Co., Ltd.		1,300		35,884
Sun Hung Kai Properties Ltd.		7,500		95,814
UOL Group Ltd.		7,700		37,859
				492,094
DIVERSIFIED REITS–0.2%
Activia Properties, Inc.		9		31,186
Alexander & Baldwin, Inc.		2,410		29,378
Armada Hoffler Properties, Inc.		3,732		37,134
Essential Properties Realty Trust, Inc.		3,674		54,522
Fibra Uno Administracion SA de CV		13,590		10,749
Gecina SA		310		38,287
Hulic Reit, Inc.		46		57,176
NIPPON REIT Investment Corp.		6		19,396
Stockland		35,747		82,890
United Urban Investment Corp.		66		71,085
				431,803
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.4%
American Campus Communities, Inc.		10,474		366,171
American Tower Corp.		178		46,020
Americold Realty Trust		11,730		425,799
CubeSmart		25,415		685,951
Mid-America Apartment Communities, Inc.		8,574		983,180
Prologis, Inc.		6,285		586,579
VICI Properties, Inc.		2,640		53,302
				3,147,002
HEALTH CARE REITS–0.3%
Assura PLC		88,610		85,984
Medical Properties Trust, Inc.		6,350		119,380
Omega Healthcare Investors, Inc.		3,307		98,317
Physicians Realty Trust		5,173		90,631
Welltower, Inc.		4,210		217,868
				612,180
HOTEL & RESORT REITS–0.0%
Japan Hotel REIT Investment Corp.		35		14,519
RLJ Lodging Trust		7,596		71,706
				86,225
INDUSTRIAL REITS–0.2%
Dream Industrial Real Estate Investment Trust		4,045		31,821

5

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Industrial & Infrastructure Fund Investment Corp.		26	$	41,977
Nippon Prologis REIT, Inc.(a)		17		51,657
Rexford Industrial Realty, Inc.		2,061		85,387
Segro PLC		8,426		93,191
STAG Industrial, Inc.		2,689		78,842
				382,875
OFFICE REITS–0.4%
Alexandria Real Estate Equities, Inc.		1,007		163,386
Allied Properties Real Estate Investment Trust		1,685		50,838
Boston Properties, Inc.		1,715		155,002
CapitaLand Commercial Trust		49,000		59,969
Cousins Properties, Inc.		3,212		95,814
Daiwa Office Investment Corp.		6		33,138
Inmobiliaria Colonial Socimi SA		3,608		31,901
Japan Real Estate Investment Corp.		7		35,925
Kilroy Realty Corp.		1,309		76,838
Nippon Building Fund, Inc.		6		34,171
SL Green Realty Corp.		1,120		55,205
True North Commercial Real Estate Investment Trust		3,060		12,532
				804,719
REAL ESTATE DEVELOPMENT–0.1%
CIFI Holdings Group Co., Ltd.		46,000		36,237
CK Asset Holdings Ltd.		17,000		101,945
Instone Real Estate Group AG(a)(c)		2,310		50,118
				188,300
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.2%
Aroundtown SA		14,664		84,051
CBRE Group, Inc.–Class A(a)		7,436		336,256
Hulic Co., Ltd.		2,300		21,714
				442,021
REAL ESTATE OPERATING COMPANIES–0.4%
Azrieli Group Ltd.		471		21,467
CA Immobilien Anlagen AG		1,868		62,455
Deutsche Wohnen SE		1,840		82,682
Entra ASA(c)		3,370		43,199
Fabege AB		5,262		61,884
Grainger PLC		16,690		59,223
Kojamo Oyj		1,400		29,587
LEG Immobilien AG		400		50,734
PSP Swiss Property AG (REG)		420		47,307
Samhallsbyggnadsbolaget i Norden AB		15,690		40,313
Swire Properties Ltd.		16,000		40,851
Vonovia SE		3,383		206,779
Wharf Real Estate Investment Co., Ltd.		7,000	$	33,604
Wihlborgs Fastigheter AB		3,320		54,612
				834,697
REAL ESTATE SERVICES–0.0%
Unibail-Rodamco-Westfield		357		20,122
RESIDENTIAL REITS–0.3%
American Homes 4 Rent–Class A		4,013		107,950
Bluerock Residential Growth REIT, Inc.		1,800		14,544
Camden Property Trust		1,152		105,085
Comforia Residential REIT, Inc.		10		29,828
Daiwa Securities Living Investments Corp.		54		50,291
Essex Property Trust, Inc.		572		131,085
Independence Realty Trust, Inc.		5,997		68,906
Killam Apartment Real Estate Investment Trust		6,151		79,379
Northview Apartment Real Estate Investment Trust		1,315		33,689
Sun Communities, Inc.		948		128,625
				749,382
RETAIL REITS–0.3%
AEON REIT Investment Corp.		40		42,528
Brixmor Property Group, Inc.		7,564		96,970
Eurocommercial Properties NV		2,200		28,374
Kenedix Retail REIT Corp.		8		14,978
Link REIT		11,768		96,617
National Retail Properties, Inc.		1,670		59,252
Realty Income Corp.		2,940		174,930
Retail Properties of America, Inc.–Class A		9,700		71,004
Simon Property Group, Inc.		679		46,430
SITE Centers Corp.		7,315		59,252
Vicinity Centres		78,676		78,857
				769,192
SPECIALIZED REITS–0.2%
Digital Realty Trust, Inc.		1,800		255,798
MGM Growth Properties LLC–Class A		2,660		72,379
National Storage Affiliates Trust		3,502		100,367
Safestore Holdings PLC		3,520		31,728
				460,272
				9,420,884
CONSUMER DISCRETIONARY–3.8%
AUTO COMPONENTS–0.3%
Aisin Seiki Co., Ltd.		100		2,931
JTEKT Corp.		2,400		18,739
Lear Corp.		83		9,049

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Magna International, Inc.–Class A (Canada)		595	$	26,498
Magna International, Inc.–Class A (United States)		13,624		606,677
Sumitomo Rubber Industries Ltd.		2,900		28,723
				692,617
HOTELS, RESTAURANTS & LEISURE–0.0%
Aristocrat Leisure Ltd.		1,297		23,225
Domino’s Pizza, Inc.		75		27,708
Flutter Entertainment PLC		3		396
Flutter Entertainment PLC		35		4,588
La Francaise des Jeux SAEM(c)		865		26,736
				82,653
HOUSEHOLD DURABLES–0.1%
Electrolux AB–Class B		1,401		23,572
Garmin Ltd.		440		42,900
Panasonic Corp.		2,000		17,538
				84,010
INTERNET & DIRECT MARKETING RETAIL–1.4%
Amazon.com, Inc.(a)		889		2,452,591
Booking Holdings, Inc.(a)		321		511,141
eBay, Inc.		1,492		78,255
Zalando SE(a)(c)		510		36,180
				3,078,167
MULTILINE RETAIL–0.0%
Dollar General Corp.		83		15,812
Next PLC		568		34,390
				50,202
SPECIALTY RETAIL–1.5%
AutoZone, Inc.(a)		855		964,543
Hennes & Mauritz AB–Class B		812		11,852
Hikari Tsushin, Inc.		100		22,865
Home Depot, Inc. (The)		5,865		1,469,241
Lowe’s Cos., Inc.		128		17,295
O’Reilly Automotive, Inc.(a)		173		72,949
TJX Cos., Inc. (The)		17,965		908,311
				3,467,056
TEXTILES, APPAREL & LUXURY GOODS–0.5%
Burberry Group PLC		1,987		39,263
NIKE, Inc.–Class B		10,482		1,027,760
Pandora A/S		691		37,739
Ralph Lauren Corp.		664		48,153
				1,152,915
				8,607,620
FINANCIALS–3.1%
BANKS–1.5%
Banco de Sabadell SA		39,724	$	13,957
Bank of America Corp.		49,286		1,170,542
BNP Paribas SA		308		12,306
Citigroup, Inc.		16,243		830,017
Mebuki Financial Group, Inc.		13,200		30,749
Mizuho Financial Group, Inc.		17,400		21,403
National Bank of Canada		210		9,516
PNC Financial Services Group, Inc. (The)		6,036		635,048
Societe Generale SA		1,237		20,682
Wells Fargo & Co.		27,050		692,480
Zions Bancorp NA		353		12,002
				3,448,702
CAPITAL MARKETS–0.7%
Amundi SA(c)		115		9,041
EQT AB		1,439		25,946
Franklin Resources, Inc.		1,240		26,003
Goldman Sachs Group, Inc. (The)		4,627		914,387
LPL Financial Holdings, Inc.		3,120		244,608
Magellan Financial Group Ltd.		631		25,767
Moody’s Corp.		270		74,177
Morgan Stanley		129		6,231
Nomura Holdings, Inc.		7,200		32,354
S&P Global, Inc.		195		64,249
Singapore Exchange Ltd.		2,600		15,646
T. Rowe Price Group, Inc.		547		67,554
TMX Group Ltd.		295		29,168
				1,535,131
DIVERSIFIED FINANCIAL SERVICES–0.2%
Berkshire Hathaway, Inc.–Class B(a)		2,363		421,819
M&G PLC		11,682		24,257
				446,076
INSURANCE–0.7%
Aegon NV		9,494		28,064
AIA Group Ltd.		400		3,743
Aviva PLC		6,731		22,814
CNP Assurances		1,861		21,585
iA Financial Corp., Inc.		539		18,049
Japan Post Holdings Co., Ltd.		1,300		9,278
Legal & General Group PLC		3,117		8,498
MetLife, Inc.		1,474		53,830
Progressive Corp. (The)		12,506		1,001,855
Reinsurance Group of America, Inc.–Class A		3,650		286,306
Sun Life Financial, Inc.		682		25,062
				1,479,084
				6,908,993
INDUSTRIALS–2.2%
AEROSPACE & DEFENSE–0.6%
BAE Systems PLC		3,420		20,450

7

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
L3Harris Technologies, Inc.(a)		4,168	$	707,185
Raytheon Technologies Corp.		8,699		536,032
				1,263,667
BUILDING PRODUCTS–0.2%
Cie de Saint-Gobain		685		24,715
LIXIL Group Corp.		2,100		29,493
Masco Corp.		6,176		310,097
				364,305
COMMERCIAL SERVICES & SUPPLIES–0.0%
Copart, Inc.(a)		709		59,038
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA		241		6,194
AECOM(a)		14,402		541,227
				547,421
ELECTRICAL EQUIPMENT–0.4%
Acuity Brands, Inc.		652		62,422
Eaton Corp. PLC		8,323		728,096
Legrand SA		478		36,320
Prysmian SpA		357		8,282
				835,120
INDUSTRIAL CONGLOMERATES–0.4%
Honeywell International, Inc.		5,486		793,221
Toshiba Corp.		1,100		35,288
				828,509
MACHINERY–0.1%
Atlas Copco AB–Class B SHS		721		26,791
Cummins, Inc.		252		43,662
Ingersoll Rand, Inc.(a)		8,561		240,735
Mitsubishi Heavy Industries Ltd.		1,200		28,332
Spirax-Sarco Engineering PLC		57		7,017
				346,537
PROFESSIONAL SERVICES–0.0%
Adecco Group AG		30		1,414
CoStar Group, Inc.(a)		42		29,848
Persol Holdings Co., Ltd.		400		5,515
RELX PLC (London)		2,184		50,550
				87,327
ROAD & RAIL–0.2%
Canadian Pacific Railway Ltd.		102		25,945
Nippon Express Co., Ltd.		600		31,112
Norfolk Southern Corp.		1,815		318,659
Tobu Railway Co., Ltd.		400		13,216
West Japan Railway Co.		300		16,827
				405,759
TRADING COMPANIES & DISTRIBUTORS–0.1%
AerCap Holdings NV(a)		376	$	11,581
United Rentals, Inc.(a)		1,798		267,974
				279,555
				5,017,238
CONSUMER STAPLES–2.1%
BEVERAGES–0.5%
Coca-Cola Amatil Ltd.		2,933		17,667
Monster Beverage Corp.(a)		91		6,308
PepsiCo, Inc.		8,187		1,082,813
				1,106,788
FOOD & STAPLES RETAILING–0.7%
Coles Group Ltd.		2,583		30,705
Costco Wholesale Corp.		1,143		346,569
J Sainsbury PLC		3,897		10,085
Koninklijke Ahold Delhaize NV		1,503		40,963
Walmart, Inc.		10,567		1,265,715
				1,694,037
FOOD PRODUCTS–0.2%
a2 Milk Co., Ltd.(a)		2,255		29,517
Ajinomoto Co., Inc.		700		11,617
Hershey Co. (The)		433		56,125
JBS SA		28,700		111,621
Mowi ASA		4,150		79,106
Nestle SA		499		55,324
WH Group Ltd.(c)		19,500		16,852
				360,162
HOUSEHOLD PRODUCTS–0.6%
Kimberly-Clark Corp.		121		17,103
Procter & Gamble Co. (The)		11,642		1,392,034
				1,409,137
PERSONAL PRODUCTS–0.0%
Unilever PLC		918		49,518
TOBACCO–0.1%
Altria Group, Inc.		1,684		66,097
Philip Morris International, Inc.		1,035		72,512
Swedish Match AB		343		24,201
				162,810
				4,782,452
ENERGY–1.9%
ENERGY EQUIPMENT & SERVICES–0.0%
Baker Hughes Co.–Class A		619		9,526
OIL, GAS & CONSUMABLE FUELS–1.9%
Aker BP ASA		3,070		56,813
BP PLC		73,913		283,164

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Cheniere Energy, Inc.(a)		703	$	33,969
Chevron Corp.		11,683		1,042,474
ENEOS Holdings, Inc.		14,400		51,330
EOG Resources, Inc.		12,325		624,384
Exxon Mobil Corp.		6,440		287,996
HollyFrontier Corp.		531		15,505
LUKOIL PJSC (Sponsored ADR)		1,250		92,775
Motor Oil Hellas Corinth Refineries SA		3,430		47,381
OMV AG		344		11,608
PetroChina Co., Ltd.–Class H		462,000		154,488
Petroleo Brasileiro SA (Preference Shares)		31,500		124,828
Repsol SA(a)		22,014		10,717
Royal Dutch Shell PLC (Sponsored ADR)		12,232		372,464
Royal Dutch Shell PLC–Class B		44,047		667,766
TOTAL SA		9,842		379,492
Tupras Turkiye Petrol Rafinerileri AS(a)		2,750		35,974
				4,293,128
				4,302,654
MATERIALS–1.2%
CHEMICALS–0.3%
Akzo Nobel NV		387		34,768
Chr Hansen Holding A/S		179		18,463
Evonik Industries AG		2,148		54,710
Mitsubishi Chemical Holdings Corp.		4,600		26,826
Mitsui Chemicals, Inc.		1,400		29,283
Orbia Advance Corp. SAB de CV		34,563		51,082
Sumitomo Chemical Co., Ltd.		6,300		18,955
Teijin Ltd.		1,900		30,251
Umicore SA		324		15,294
Westlake Chemical Corp.		7,552		405,165
Yara International ASA		1,610		56,128
				740,925
CONSTRUCTION MATERIALS–0.0%
Grupo Cementos de Chihuahua SAB de CV		3,320		14,053
METALS & MINING–0.8%
Agnico Eagle Mines Ltd.		3,751		240,184
Alcoa Corp.(a)		5,080		57,099
Anglo American PLC		3,150		72,618
AngloGold Ashanti Ltd.		5,090		149,759
Antofagasta PLC		6,272		72,594
APERAM SA		2,580		72,329
ArcelorMittal SA(a)		7,000		74,143
BHP Group Ltd.		243		6,050
Boliden AB		2,635		60,438
Evolution Mining Ltd.		23,250		92,360
First Quantum Minerals Ltd.		8,481		67,593
Fortescue Metals Group Ltd.		373		3,626
Glencore PLC(a)		78,770	$	167,796
Industrias Penoles SAB de CV		3,130		32,150
Korea Zinc Co., Ltd.		162		45,392
Lundin Mining Corp.		8,865		47,538
MMC Norilsk Nickel PJSC (ADR)(b)		1,300		34,229
Northern Star Resources Ltd.		5,420		51,116
Orocobre Ltd.(a)		5,420		8,797
OZ Minerals Ltd.		4,390		33,731
Pan American Silver Corp.		609		18,495
Polyus PJSC (GDR)(c)		730		61,419
Rio Tinto PLC		5,011		282,002
Sumitomo Metal Mining Co., Ltd.		1,400		39,438
Wheaton Precious Metals Corp.		770		33,866
				1,824,762
PAPER & FOREST PRODUCTS–0.1%
Suzano SA(a)		10,800		73,065
				2,652,805
UTILITIES–1.0%
ELECTRIC UTILITIES–0.9%
American Electric Power Co., Inc.		12,042		959,025
Endesa SA		790		19,597
Enel SpA		17,052		147,473
NextEra Energy, Inc.		2,693		646,778
Pinnacle West Capital Corp.		3,100		227,199
Red Electrica Corp. SA		1,728		32,330
Terna Rete Elettrica Nazionale SpA		5,431		37,461
				2,069,863
GAS UTILITIES–0.0%
Snam SpA		6,804		33,170
UGI Corp.		1,966		62,519
				95,689
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.0%
AES Corp./VA		1,569		22,735
MULTI-UTILITIES–0.1%
Atco Ltd./Canada–Class I		747		22,158
CenterPoint Energy, Inc.(b)		273		5,097
Consolidated Edison, Inc.		692		49,775
Sempra Energy		488		57,208
Suez		2,266		26,634
Veolia Environnement SA		571		12,894
				173,766
				2,362,053
TRANSPORTATION–0.0%
HIGHWAYS & RAILTRACKS–0.0%
Transurban Group		8,398		82,357

9

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares			U.S. $ Value
CONSUMER DURABLES & APPAREL–0.0%
HOMEBUILDING–0.0%
Persimmon PLC			950	$	26,886
PulteGroup, Inc.			1,030		35,051
					61,937
SOFTWARE & SERVICES–0.0%
INTERNET SERVICES & INFRASTRUCTURE–0.0%
GDS Holdings Ltd. (ADR)(a)			500		39,830
CONSUMER SERVICES–0.0%
LEISURE FACILITIES–0.0%
Planet Fitness, Inc.(a)			285		17,262
Total Common Stocks (cost $71,598,165)					89,270,675
INVESTMENT COMPANIES–26.2%
FUNDS AND INVESTMENT TRUSTS–26.2%(d)(e)
AB Discovery Growth Fund, Inc.–Class Z			262,695		3,436,056
AB Trust–AB Discovery Value Fund–Class Z			168,544		2,548,380
Bernstein Fund, Inc.–International Small Cap Portfolio–Class Z			777,242		7,554,789
Bernstein Fund, Inc.–International Strategic Equities Portfolio–Class Z			2,288,556		25,059,684
Bernstein Fund, Inc.–Small Cap Core Portfolio–Class Z			280,145		2,787,443
Sanford C. Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z			140,451		3,563,253
Sanford C. Bernstein Fund, Inc.–International Portfolio–Class Z			950,606		14,354,150
Total Investment Companies (cost $69,309,791)					59,303,755
	Principal Amount (000)
GOVERNMENTS– TREASURIES–11.9%
AUSTRALIA–0.3%
Australia Government Bond Series 150 3.00%, 03/21/2047(c)		AUD	765		665,298
AUSTRIA–0.7%
Republic of Austria Government Bond 0.75%, 02/20/2028(c)		EUR	1,220	$	1,488,163
BELGIUM–0.3%
Kingdom of Belgium Government Bond Series 76 1.90%, 06/22/2038(c)			180		258,458
Series 87 0.90%, 06/22/2029(c)			240		296,593
					555,051
CANADA–0.2%
Canadian Government Bond 1.25%, 03/01/2025		CAD	685		525,622
CHINA–0.4%
China Government Bond Series INBK 3.39%, 03/16/2050		CNY	5,640		772,671
FINLAND–0.5%
Finland Government Bond 0.50%, 09/15/2027–09/15/2029(c)		EUR	988		1,187,062
GERMANY–0.2%
Bundesrepublik Deutschland Bundesanleihe Series 3 4.75%, 07/04/2034(c)			250		487,060
ITALY–0.9%
Italy Buoni Poliennali Del Tesoro 1.85%, 05/15/2024–07/01/2025(c)			1,020		1,207,525
2.45%, 09/01/2033(c)			520		647,059
3.85%, 09/01/2049(c)			3		4,557
Series CAC 2.45%, 09/01/2050(c)			198		233,576
					2,092,717
JAPAN–2.8%
Japan Government Ten Year Bond Series 357 0.10%, 12/20/2029		JPY	258,550		2,414,147
Series 358 0.10%, 03/20/2030			232,000		2,164,245
Japan Government Thirty Year Bond Series 62 0.50%, 03/20/2049			63,600		578,287
Series 65 0.40%, 12/20/2049			62,950		554,969

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Japan Government Twenty Year Bond Series 169 0.30%, 06/20/2039		JPY	31,650	$	287,894
Series 171 0.30%, 12/20/2039			33,850		307,592
					6,307,134
MALAYSIA–0.1%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	1,088		283,147
MEXICO–0.0%
Mexican Bonos Series M 8.00%, 11/07/2047		MXN	1,125		54,927
SPAIN–1.2%
Spain Government Bond 1.20%, 10/31/2040(c)		EUR	380		438,299
1.25%, 10/31/2030(c)			125		151,519
1.40%, 04/30/2028(c)			440		540,259
2.35%, 07/30/2033(c)			163		221,991
4.20%, 01/31/2037(c)			280		478,970
4.40%, 10/31/2023(c)			596		775,410
					2,606,448
UNITED KINGDOM–1.5%
United Kingdom Gilt 1.75%, 09/07/2037–01/22/2049(c)		GBP	2,237		3,476,746
UNITED STATES–2.8%
U.S. Treasury Bonds 2.375%, 11/15/2049		U.S.$	1,710		2,111,850
3.00%, 02/15/2048–02/15/2049			1,425		1,962,522
4.50%, 08/15/2039			455		724,445
U.S. Treasury Notes 1.50%, 02/15/2030			160		172,975
2.75%, 02/28/2025			1,270		1,415,653
					6,387,445
Total Governments–Treasuries (cost $26,534,762)					26,889,491
CORPORATES–INVESTMENT GRADE–10.2%
INDUSTRIAL–5.6%
BASIC–0.6%
Anglo American Capital PLC 5.375%, 04/01/2025(c)			200		226,046
Braskem Netherlands Finance BV 4.50%, 01/31/2030 (c)			200		182,156
Glencore Finance Europe Ltd.
3.125%, 03/26/2026(c)		GBP	110	$	140,844
Series E 1.75%, 03/17/2025(c)		EUR	125		141,079
Inversiones CMPC SA 3.85%, 01/13/2030(c)		U.S.$	200		203,813
SABIC Capital II BV 4.00%, 10/10/2023(c)			335		357,194
SIG Combibloc PurchaseCo Sarl 1.875%, 06/18/2023(c)		EUR	140		159,797
					1,410,929
CAPITAL GOODS–0.3%
CNH Industrial Finance Europe SA 1.75%, 09/12/2025(c)			190		215,531
General Electric Co. 0.875%, 05/17/2025			101		109,347
3.45%, 05/01/2027		U.S.$	174		177,993
Rolls-Royce PLC 0.875%, 05/09/2024(c)		EUR	160		162,712
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025	U.S.$		10		10,193
4.40%, 03/15/2024			67		70,840
					746,616
COMMUNICATIONS– MEDIA–0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.20%, 03/15/2028			7		7,827
Comcast Corp. 0.75%, 02/20/2032		EUR	155		169,181
Fox Corp. 4.709%, 01/25/2029		U.S.$	215		258,224
Prosus NV 3.68%, 01/21/2030(c)			220		230,725
ViacomCBS, Inc. 3.375%, 02/15/2028			55		58,517
3.50%, 01/15/2025			8		8,716
3.70%, 06/01/2028			23		24,993
4.00%, 01/15/2026			30		33,435
4.75%, 05/15/2025			205		234,266
					1,025,884
COMMUNICATIONS– TELECOMMUNICATIONS–0.4%
AT&T, Inc. 1.60%, 05/19/2028		EUR	275		316,464
2.50%, 03/15/2023			100		118,035
3.80%, 02/15/2027		U.S.$	12		13,476
Series B 2.875%, 03/02/2025(f)		EUR	100		106,631

11

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	145	$	236,417
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 03/20/2025(c)			200		216,602
					1,007,625
CONSUMER CYCLICAL– AUTOMOTIVE–0.5%
Aptiv Corp. 4.15%, 03/15/2024			49		52,802
BMW US Capital LLC 3.90%, 04/09/2025(c)			141		156,430
General Motors Co. 6.125%, 10/01/2025			14		15,732
6.80%, 10/01/2027			20		23,299
General Motors Financial Co., Inc. 5.10%, 01/17/2024			128		137,120
5.20%, 03/20/2023			17		18,167
Harley-Davidson Financial Services, Inc. 0.90%, 11/19/2024(c)		EUR	200		211,081
3.35%, 06/08/2025(c)		U.S.$	20		20,429
Lear Corp. 3.50%, 05/30/2030			49		48,317
3.80%, 09/15/2027			127		128,605
Volkswagen Bank GmbH 1.25%, 06/10/2024(c)		EUR	100		112,277
Volkswagen Leasing GmbH 2.625%, 01/15/2024(c)			73		86,040
					1,010,299
CONSUMER CYCLICAL– OTHER–0.1%
Las Vegas Sands Corp. 3.50%, 08/18/2026		U.S.$	89		88,755
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025			109		118,452
					207,207
CONSUMER CYCLICAL– RESTAURANTS–0.0%
Starbucks Corp. 4.50%, 11/15/2048			75		89,159
CONSUMER CYCLICAL– RETAILERS–0.1%
AutoNation, Inc. 4.75%, 06/01/2030			52		56,453
Ralph Lauren Corp. 2.95%, 06/15/2030			47		48,261
					104,714
CONSUMER NON-CYCLICAL–0.9%
Altria Group, Inc. 3.125%, 06/15/2031		EUR	270	$	330,331
4.80%, 02/14/2029		U.S.$	35		40,842
Amgen, Inc. 4.663%, 06/15/2051			115		153,129
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049			105		139,433
BAT Capital Corp. 3.215%, 09/06/2026			39		41,919
BAT Netherlands Finance BV 3.125%, 04/07/2028(c)		EUR	200		248,657
Baxter International, Inc. 0.40%, 05/15/2024			250		282,734
DH Europe Finance II SARL 0.45%, 03/18/2028			143		156,832
Kraft Heinz Foods Co. 2.25%, 05/25/2028(c)			195		216,072
Reynolds American, Inc. 4.45%, 06/12/2025		U.S.$	145		163,399
Takeda Pharmaceutical Co., Ltd. 0.75%, 07/09/2027		EUR	131		147,614
Zimmer Biomet Holdings, Inc. 3.05%, 01/15/2026		U.S.$	163		175,029
					2,095,991
ENERGY–1.0%
BG Energy Capital PLC 5.125%, 12/01/2025(c)		GBP	140		212,773
Boardwalk Pipelines LP 4.80%, 05/03/2029		U.S.$	125		131,554
BP Capital Markets PLC 1.573%, 02/16/2027(c)		EUR	175		204,473
Energy Transfer Operating LP 3.75%, 05/15/2030		U.S.$	101		100,341
4.20%, 04/15/2027			33		34,496
5.50%, 06/01/2027			225		251,339
Eni SpA 4.25%, 05/09/2029(c)			270		295,188
Husky Energy, Inc. 4.40%, 04/15/2029			220		219,782
ONEOK, Inc. 3.10%, 03/15/2030			77		73,691
4.55%, 07/15/2028			189		198,231
6.35%, 01/15/2031			67		78,796
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			35		33,961
3.60%, 11/01/2024			116		118,743
4.50%, 12/15/2026			11		11,658
Saudi Arabian Oil Co. 2.875%, 04/16/2024(c)			200		207,800

12

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Valero Energy Corp. 6.625%, 06/15/2037		U.S.$	32	$	41,865
					2,214,691
OTHER INDUSTRIAL–0.1%
Alfa SAB de CV 5.25%, 03/25/2024(c)			200		211,812
SERVICES–0.1%
Expedia Group, Inc. 6.25%, 05/01/2025(c)			6		6,374
7.00%, 05/01/2025(c)			44		46,083
Global Payments, Inc. 3.75%, 06/01/2023			45		48,449
4.00%, 06/01/2023			83		89,938
IHS Markit Ltd. 3.625%, 05/01/2024			63		67,474
					258,318
TECHNOLOGY–0.5%
Baidu, Inc. 3.075%, 04/07/2025			205		214,547
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.875%, 01/15/2027			117		126,367
Broadcom, Inc. 4.11%, 09/15/2028(c)			187		204,449
4.25%, 04/15/2026(c)			56		62,252
Dell International LLC/EMC Corp. 6.02%, 06/15/2026(c)			96		109,829
Fidelity National Information Services, Inc. 1.50%, 05/21/2027		EUR	100		116,063
Fiserv, Inc. 1.125%, 07/01/2027			200		227,160
Leidos, Inc. 3.625%, 05/15/2025(c)		U.S.$	19		20,694
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.70%, 05/01/2025(c)			13		13,613
3.875%, 06/18/2026(c)			96		107,145
					1,202,119
TRANSPORTATION– AIRLINES–0.1%
Delta Air Lines, Inc. 7.00%, 05/01/2025(c)			99		102,190
Southwest Airlines Co. 5.25%, 05/04/2025			199		209,565
					311,755
TRANSPORTATION– SERVICES–0.4%
Adani Ports & Special Economic Zone Ltd. 3.95%, 01/19/2022(c)			200		201,500
Aviation Capital Group LLC 2.875%, 01/20/2022(c)			11		10,536
3.50%, 11/01/2027(c)		U.S.$	16	$	13,183
3.875%, 05/01/2023(c)			39		37,011
4.125%, 08/01/2025(c)			2		1,799
4.875%, 10/01/2025(c)			20		18,345
DP World Crescent Ltd. 3.75%, 01/30/2030(c)			200		194,500
3.875%, 07/18/2029(c)			200		196,250
Heathrow Funding Ltd. 6.75%, 12/03/2026(c)		GBP	135		208,832
					881,956
					12,779,075
FINANCIAL INSTITUTIONS–4.3%
BANKING–3.0%
ABN AMRO Bank NV 4.75%, 07/28/2025(c)		U.S.$	225		248,256
AIB Group PLC 4.263%, 04/10/2025(c)			210		223,285
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(c)			215		238,674
Banco Santander SA 5.179%, 11/19/2025			200		225,178
Bank of America Corp. Series Z 6.50%, 10/23/2024(f)			77		82,492
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025(f)			63		65,529
BNP Paribas SA 2.219%, 06/09/2026(c)			200		204,416
4.375%, 09/28/2025(c)			200		219,958
BPCE SA 4.625%, 07/11/2024(c)			200		217,808
Capital One Financial Corp. 1.65%, 06/12/2029		EUR	270		304,810
Citigroup, Inc. 1.50%, 07/24/2026(c)			155		180,204
5.95%, 01/30/2023(f)		U.S.$	90		89,609
Commonwealth Bank of Australia 4.50%, 12/09/2025(c)			205		230,666
Cooperatieve Rabobank UA 3.25%, 12/29/2026(c)(f)		EUR	200		206,200
Credit Suisse Group AG 2.193%, 06/05/2026(c)		U.S.$	250		253,227
Danske Bank A/S 3.244%, 12/20/2025(c)			350		362,922
5.375%, 01/12/2024(c)			200		223,006
DNB Bank ASA 6.50%, 03/26/2022(c)(f)			210		215,477
Goldman Sachs Group, Inc. (The) 1.25%, 05/01/2025(c)		EUR	190		216,389
Series O 5.30%, 11/10/2026(f)		U.S.$	10		10,112

13

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series P 5.00%, 11/10/2022(f)		U.S.$	53	$	48,980
ING Groep NV 3.00%, 02/18/2026(c)		GBP	200		267,663
6.50%, 04/16/2025(f)		U.S.$	232		237,044
JPMorgan Chase & Co. 1.09%, 03/11/2027(c)		EUR	170		195,164
2.083%, 04/22/2026		U.S.$	64		66,519
3.22%, 03/01/2025			113		121,581
Morgan Stanley
Series G 1.375%, 10/27/2026		EUR	100		117,318
Series J 5.55%, 10/15/2020(f)		U.S.$	55		50,426
Nationwide Building Society 4.00%, 09/14/2026(c)			290		313,542
Nordea Bank Abp 3.75%, 08/30/2023(c)			240		257,897
Royal Bank of Scotland Group PLC Series U 2.628% (LIBOR 3 Month + 2.32%), 09/30/2027(f)(g)			200		183,606
Societe Generale SA 4.25%, 04/14/2025(c)			205		217,249
Standard Chartered PLC 2.27% (LIBOR 3 Month + 1.51%), 01/30/2027(c)(f)(g)			200		161,038
Truist Financial Corp. Series Q 5.10%, 03/01/2030(f)			75		77,064
UBS Group AG 7.125%, 08/10/2021(c)(f)			230		234,584
Wells Fargo & Co. 2.393%, 06/02/2028			251		259,328
2.406%, 10/30/2025			64		66,608
					6,893,829
BROKERAGE–0.1%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(f)			124		131,590
FINANCE–0.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.50%, 07/15/2025			150		156,864
Air Lease Corp.
3.00%, 02/01/2030			5		4,634
3.875%, 07/03/2023			6		6,094
4.25%, 02/01/2024			26		26,587
Series G 3.75%, 06/01/2026			3		3,027
Synchrony Financial 3.95%, 12/01/2027			25		25,950
4.50%, 07/23/2025		U.S.$	51	$	54,154
					277,310
INSURANCE–0.5%
Alleghany Corp. 3.625%, 05/15/2030			172		183,453
ASR Nederland NV 5.125%, 09/29/2045(c)		EUR	210		268,260
Centene Corp. 4.25%, 12/15/2027		U.S.$	28		28,882
4.625%, 12/15/2029			37		39,039
CNP Assurances 4.50%, 06/10/2047(c)		EUR	100		129,088
Credit Agricole Assurances SA 4.25%, 01/13/2025(c)(f)			200		241,519
Voya Financial, Inc. 5.65%, 05/15/2053		U.S.$	145		145,015
					1,035,256
REITS–0.6%
CyrusOne LP/CyrusOne Finance Corp. 1.45%, 01/22/2027		EUR	100		107,974
Digital Euro Finco LLC 2.50%, 01/16/2026(c)			220		267,255
Equinix, Inc. 2.875%, 02/01/2026			115		131,488
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023		U.S.$	10		10,195
Prologis Euro Finance LLC 0.375%, 02/06/2028		EUR	245		269,854
Welltower, Inc. 4.00%, 06/01/2025		U.S.$	238		262,833
WPC Eurobond BV 1.35%, 04/15/2028		EUR	100		110,475
2.125%, 04/15/2027			148		172,029
					1,332,103
					9,670,088
UTILITY–0.3%
ELECTRIC–0.3%
Abu Dhabi National Energy Co. PJSC 4.375%, 04/23/2025(c)		U.S.$	250		278,672
Enel Finance International NV 2.65%, 09/10/2024(c)			308		321,672
					600,344
Total Corporates–Investment Grade (cost $22,492,578)					23,049,507
MORTGAGE PASS-THROUGHS–2.1%
AGENCY FIXED RATE 30-YEAR–2.1%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 06/01/2049-10/01/2049			866		932,382

14

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Federal Home Loan Mortgage Corp. Gold Series 2018 4.00%, 08/01/2048		U.S.$	66	$	70,715
Series 2019 4.50%, 02/01/2049			244		267,115
Federal National Mortgage Association Series 2012 3.50%, 11/01/2042			337		368,618
Series 2013 3.50%, 04/01/2043			219		240,268
Series 2017 3.50%, 12/01/2047			73		76,537
Series 2018 3.50%, 02/01/2048-03/01/2048			652		686,805
4.50%, 09/01/2048			515		561,784
Series 2019 3.50%, 11/01/2049			206		219,722
Uniform Mortgage-Backed Security Series 2019 2.50%, 07/01/2049, TBA			1,175		1,225,121
Total Mortgage Pass-Throughs (cost $4,507,796)					4,649,067
COLLATERALIZED MORTGAGE OBLIGATIONS–2.0%
RISK SHARE FLOATING RATE–1.3%
Bellemeade Re Ltd. Series 2019-1A, Class M1B 1.935% (LIBOR 1 Month + 1.75%), 03/25/2029(c)(g)			220		204,808
Series 2019-2A, Class M2 3.285% (LIBOR 1 Month + 3.10%), 04/25/2029(c)(g)			150		138,929
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2
2.485% (LIBOR 1 Month + 2.30%), 08/25/2031(c)(g)			72		70,486
Series 2019-R03, Class 1M2 2.335% (LIBOR 1 Month + 2.15%), 09/25/2031(c)(g)			52		51,290
Series 2019-R04, Class 2M2 2.285% (LIBOR 1 Month + 2.10%), 06/25/2039(c)(g)		U.S.$	112	$	108,655
Series 2019-R05, Class 1M2 2.185% (LIBOR 1 Month + 2.00%), 07/25/2039(c)(g)			71		69,834
Series 2019-R06, Class 2M2 2.285% (LIBOR 1 Month + 2.10%), 09/25/2039(c)(g)			113		109,495
Series 2019-R07, Class 1M2 2.285% (LIBOR 1 Month + 2.10%), 10/25/2039(c)(g)			70		67,852
Eagle RE Ltd. Series 2018-1, Class M1 1.885% (LIBOR 1 Month + 1.70%), 11/25/2028(c)(g)			56		53,974
Federal Home Loan Mortgage Corp. Series 2019-HQA1, Class M2 2.535% (LIBOR 1 Month + 2.35%), 02/25/2049(c)(g)			46		44,635
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 4.185% (LIBOR 1 Month + 4.00%), 08/25/2024(g)			180		182,409
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-HQ3, Class M3 4.935% (LIBOR 1 Month + 4.75%), 10/25/2024(g)			119		121,736
Series 2019-DNA3, Class M2 2.235% (LIBOR 1 Month + 2.05%), 07/25/2049(c)(g)			23		22,512

15

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C01, Class 1M2 4.485% (LIBOR 1 Month + 4.30%), 02/25/2025(g)		U.S.$	67	$	67,647
Series 2015-C02, Class 1M2 4.185% (LIBOR 1 Month + 4.00%), 05/25/2025(g)			92		93,233
Series 2015-C02, Class 2M2 4.185% (LIBOR 1 Month + 4.00%), 05/25/2025(g)			63		63,513
Series 2015-C03, Class 1M2 5.185% (LIBOR 1 Month + 5.00%), 07/25/2025(g)			45		46,187
Series 2015-C03, Class 2M2
5.185% (LIBOR 1 Month + 5.00%), 07/25/2025(g)			96		97,866
Series 2015-C04, Class 1M2 5.885% (LIBOR 1 Month + 5.70%), 04/25/2028(g)			41		42,821
Series 2015-C04, Class 2M2 5.735% (LIBOR 1 Month + 5.55%), 04/25/2028(g)			146		154,205
Series 2016-C01, Class 1M2 6.935% (LIBOR 1 Month + 6.75%), 08/25/2028(g)			52		54,302
Series 2016-C02, Class 1M2 6.185% (LIBOR 1 Month + 6.00%), 09/25/2028(g)			107		110,828
Series 2016-C06, Class 1M2 4.435% (LIBOR 1 Month + 4.25%), 04/25/2029(g)			110		115,024
Series 2017-C01, Class 1M2 3.735% (LIBOR 1 Month + 3.55%), 07/25/2029(g)			73		74,636
Series 2017-C02, Class 2M2 3.835% (LIBOR 1 Month + 3.65%), 09/25/2029(g)		U.S.$	151	$	150,708
Series 2017-C05, Class 1M2 2.385% (LIBOR 1 Month + 2.20%), 01/25/2030(g)			129		126,641
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.435% (LIBOR 1 Month + 4.25%), 11/25/2024(g)(h)			20		18,733
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.184% (LIBOR 1 Month + 2.00%), 03/27/2024(g)(h)			118		107,923
Radnor Re Ltd. Series 2019-1, Class M1B 2.135% (LIBOR 1 Month + 1.95%), 02/25/2029(c)(g)			140		139,166
STACR Trust Series 2018-DNA3, Class M2 2.285% (LIBOR 1 Month + 2.10%), 09/25/2048(c)(g)			174		167,458
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2 5.435% (LIBOR 1 Month + 5.25%), 11/25/2025(g)(h)			100		91,002
Series 2015-WF1, Class 2M2 5.685% (LIBOR 1 Month + 5.50%), 11/25/2025(g)(h)			31		28,211
					2,996,719
AGENCY FLOATING RATE–0.5%
Federal Home Loan Mortgage Corp. REMICs
Series 4416, Class BS 5.915% (6.10%–LIBOR 1 Month), 12/15/2044(g)(i)			484		100,047

16

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 4693, Class SL 5.965% (6.15%–LIBOR 1 Month), 06/15/2047(g)(i)		U.S.$	480	$	109,966
Series 4719, Class JS 5.965% (6.15%–LIBOR 1 Month), 09/15/2047(g)(i)			383		64,556
Series 4727, Class SA 6.015% (6.20%–LIBOR 1 Month), 11/15/2047(g)(i)			527		104,239
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.356% (6.54%–LIBOR 1 Month), 12/25/2041(g)(i)			241		57,739
Series 2012-70, Class SA 6.366% (6.55%–LIBOR 1 Month), 07/25/2042(g)(i)			439		114,005
Series 2016-106, Class ES 5.816% (6.00%–LIBOR 1 Month), 01/25/2047(g)(i)			459		86,698
Series 2017-16, Class SG 5.866% (6.05%–LIBOR 1 Month), 03/25/2047(g)(i)			471		95,989
Series 2017-81, Class SA 6.016% (6.20%–LIBOR 1 Month), 10/25/2047(g)(i)			493		111,089
Series 2017-97, Class LS 6.016% (6.20%–LIBOR 1 Month), 12/25/2047(g)(i)			383		97,966
Government National Mortgage Association Series 2017-134, Class SE 6.01% (6.20%–LIBOR 1 Month), 09/20/2047(g)(i)			344		56,025
Series 2017-65, Class ST 5.96% (6.15%–LIBOR 1 Month), 04/20/2047(g)(i)			467		99,094
					1,097,413
NON-AGENCY FIXED RATE–0.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		U.S.$	20	$	18,236
Series 2006-24CB, Class A16 5.75%, 08/25/2036			98		75,463
Series 2006-28CB, Class A14 6.25%, 10/25/2036			72		54,136
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			49		43,655
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037			32		23,803
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036			45		34,439
Series 2006-13, Class 1A19 6.25%, 09/25/2036			24		16,947
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036			89		63,724
					330,403
NON-AGENCY FLOATING RATE–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.375% (LIBOR 1 Month + 0.19%), 12/25/2036(g)			227		106,542
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.435% (LIBOR 1 Month + 0.25%), 03/25/2035(g)			60		51,520
					158,062
Total Collateralized Mortgage Obligations (cost $4,559,969)					4,582,597

17

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
CORPORATES–NON- INVESTMENT GRADE–1.7%
INDUSTRIAL–1.3%
BASIC–0.3%
OCI NV 5.00%, 04/15/2023(c)		EUR	120	$	135,599
Smurfit Kappa Acquisitions ULC 2.875%, 01/15/2026(c)			150		174,342
SPCM SA 4.875%, 09/15/2025(c)		U.S.$	200		202,300
WEPA Hygieneprodukte GmbH 2.875%, 12/15/2027(c)		EUR	120		131,787
					644,028
CAPITAL GOODS–0.1%
TransDigm, Inc. 6.25%, 03/15/2026(c)		U.S.$	110		109,677
Vertical Midco Gmbh 07/27 4.375 4.375%, 07/15/2027		EUR	140		157,290
					266,967
COMMUNICATIONS– MEDIA–0.0%
CSC Holdings LLC 6.75%, 11/15/2021		U.S.$	45		47,221
CONSUMER CYCLICAL –AUTOMOTIVE–0.2%
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(c)		EUR	120		133,454
Ford Motor Co. 8.50%, 04/21/2023		U.S.$	108		114,189
Tenneco, Inc. 5.00%, 07/15/2024(c)		EUR	100		102,204
					349,847
CONSUMER CYCLICAL– ENTERTAINMENT–0.1%
Carnival PLC 1.00%, 10/28/2029			200		117,028
CONSUMER CYCLICAL– RETAILERS–0.0%
Dufry One BV 2.50%, 10/15/2024(c)			105		99,130
CONSUMER NON-CYCLICAL–0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(c)		U.S.$	61		61,768
4.625%, 01/15/2027(c)			46		45,997
Catalent Pharma Solutions, Inc. 2.375%, 03/01/2028(c)		EUR	165	$	176,109
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(c)			120		131,215
Grifols SA 1.625%, 02/15/2025(c)			200		220,188
					635,277
OTHER INDUSTRIAL–0.1%
Rexel SA 2.125%, 06/15/2025(c)			120		132,058
SERVICES–0.1%
Arena Luxembourg Finance SARL 1.875%, 02/01/2028(c)			160		164,011
Q-Park Holding I BV 2.00%, 03/01/2027(c)			120		124,881
					288,892
TECHNOLOGY–0.0%
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(c)		U.S.$	14		14,524
TRANSPORTATION– SERVICES–0.1%
Chicago Parking Meters LLC 4.93%, 12/30/2025(j)			200		231,349
					2,826,321
FINANCIAL INSTITUTIONS–0.4%
BANKING–0.3%
Banco Santander SA 6.75%, 04/25/2022(c)(f)		EUR	200		230,317
Credit Suisse Group AG 7.50%, 12/11/2023 (c)(f)		U.S.$	200		215,006
Discover Financial Services Series D 6.125%, 06/23/2025(f)			117		120,474
					565,797
FINANCE–0.1%
Lincoln Financing SARL 3.625%, 04/01/2024(c)		EUR	120		123,049
Navient Corp. 6.625%, 07/26/2021		U.S.$	170		166,600
					289,649

18

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
REITS–0.0%
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(c)	U.S.$		58	$	56,901
					912,347
Total Corporates–Non-Investment Grade (cost $3,870,987)					3,738,668
QUASI-SO VEREIGNS–1.5%
QUASI-SOVEREIGN BONDS–1.5%
CHILE–0.1%
Corp. Nacional del Cobre de Chile 3.75%, 01/15/2031(c)			200		217,500
CHINA–1.1%
China Development Bank Series 1805 4.88%, 02/09/2028		CNY	14,390		2,233,277
Series 1910 3.65%, 05/21/2029			2,040		293,846
					2,527,123
INDONESIA–0.2%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/2025(c)		U.S.$	200		214,736
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.375%, 02/05/2030(c)			210		212,887
					427,623
MEXICO–0.1%
Petroleos Mexicanos 5.95%, 01/28/2031(c)			39		32,042
7.69%, 01/23/2050(c)			120		100,110
					132,152
Total Quasi-Sovereigns (cost $3,310,540)					3,304,398
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.9%
NON-AGENCY FLOATING RATE CMBS–0.6%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.185% (LIBOR 1 Month + 1.00%), 06/15/2035(c)(g)			200		185,471
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.185% (LIBOR 1 Month + 1.00%), 11/15/2033(g)(h)	U.S.$		375	$	352,179
BHMS Series 2018-ATLS, Class A 1.435% (LIBOR 1 Month + 1.25%), 07/15/2035(g)(h)			158		149,738
BX Trust Series 2018-EXCL, Class A 1.272% (LIBOR 1 Month + 1.09%), 09/15/2037(c)(g)			163		145,381
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.224% (LIBOR 1 Month + 1.03%), 12/19/2030(c)(g)			166		157,329
Invitation Homes Trust Series 2018-SFR4, Class A 1.294% (LIBOR 1 Month + 1.10%), 01/17/2038(c)(g)			216		215,341
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.135% (LIBOR 1 Month + 1.95%), 11/15/2026(g)(h)			90		81,562
Starwood Retail Property Trust Series 2014-STAR, Class A 1.655% (LIBOR 1 Month + 1.47%), 11/15/2027(c)(g)			176		134,251
					1,421,252
NON-AGENCY FIXED RATE CMBS–0.3%
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 04/10/2031(c)			276		271,314
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.324%, 05/15/2045(c)			119		70,466

19

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)	U.S.$		161	$	163,236
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.613%, 09/15/2048			197		176,149
					681,165
Total Commercial Mortgage-Backed Securities (cost $2,289,669)					2,102,417
EMERGING MARKETS– TREASURIES–0.6%
SOUTH AFRICA–0.6%
Republic of South Africa Government Bond Series 2030 8.00%, 01/31/2030 (cost $1,301,223)		ZAR	25,282		1,342,962
EMERGING MARKETS –SOVEREIGNS–0.6%
BRAZIL–0.1%
Brazilian Government International Bond 3.875%, 06/12/2030		U.S.$	200		193,000
DOMINICAN REPUBLIC–0.1%
Dominican Republic International Bond 5.95%, 01/25/2027(c)			190		191,128
EL SALVADOR–0.0%
El Salvador Government International Bond 7.125%, 01/20/2050(c)			150		122,250
IVORY COAST–0.1%
Ivory Coast Government International Bond 5.875%, 10/17/2031(c)		EUR	200		211,007
NIGERIA–0.1%
Nigeria Government International Bond 6.75%, 01/28/2021(c)	U.S.$		200		202,688
SENEGAL–0.1%
Senegal Government International Bond 6.25%, 05/23/2033(c)			200		203,563
SOUTH AFRICA–0.1%
Republic of South Africa Government International Bond 4.30%, 10/12/2028	U.S.$		230	$	213,612
Total Emerging Markets–Sovereigns (cost $1,317,940)					1,337,248
COLLATERALIZED LOAN OBLIGATIONS–0.6%
CLO–FLOATING RATE–0.6%
ICG US CLO Ltd. Series 2015-1A, Class A1R 2.275% (LIBOR 3 Month + 1.14%), 10/19/2028(c)(g)			300		294,448
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 1.566% (LIBOR 3 Month + 1.18%), 11/18/2031(c)(g)			320		311,832
TIAA CLO IV Ltd. Series 2018-1A, Class A1A 2.365% (LIBOR 3 Month + 1.23%), 01/20/2032(c)(g)			250		241,622
Voya CLO Ltd. Series 2016-3A, Class A1R 2.325% (LIBOR 3 Month + 1.19%), 10/18/2031(c)(g)			500		488,351
Total Collateralized Loan Obligations (cost $1,370,000)					1,336,253
GOVERNMENTS– SOVEREIGN BONDS–0.4%
CHILE–0.1%
Chile Government International Bond 1.625%, 01/30/2025		EUR	125		147,108
COLOMBIA–0.1%
Colombia Government International Bond 3.125%, 04/15/2031		U.S.$	315		312,795
PERU–0.1%
Peruvian Government International Bond 2.392%, 01/23/2026			205		212,944
SAUDI ARABIA–0.1%
Saudi Government International Bond 3.25%, 10/26/2026(c)			200		216,000
Total Governments–Sovereign Bonds (cost $865,439)					888,847

20

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
COVERED BONDS–0.3%
Swedbank Hypotek AB Series 194 1.00%, 09/18/2024(c)		SEK	2,400	$	266,191
Turkiye Vakiflar Bankasi TAO 2.375%, 05/04/2021(c)		EUR	140		156,159
UBS AG/London 4.00%, 04/08/2022(c)			158		190,985
1.375%, 04/16/2021(c)			140		159,429
Total Covered Bonds (cost $765,813)					772,764
EMERGING MARKETS– CORPORATE BONDS–0.3%
INDUSTRIAL–0.3%
COMMUNICATIONS– MEDIA–0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)		U.S.$	200		180,500
CONSUMER NON-CYCLICAL–0.1%
BRF GmbH 4.35%, 09/29/2026(c)			200		193,000
TRANSPORTATION– SERVICES–0.1%
Rumo Luxembourg SARL 5.875%, 01/18/2025(c)			200		211,000
					584,500
UTILITY–0.0%
ELECTRIC–0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(h)			14		13,752
Total Emerging Markets–Corporate Bonds (cost $620,690)					598,252
INFLATION-LINKED SECURITIES–0.2%
UNITED STATES–0.2%
U.S. Treasury Inflation Index 2.125%, 02/15/2040 (TIPS) (cost $548,986)			382		563,272
ASSET-BACKED SECURITIES–0.2%
OTHER ABS–FIXED RATE–0.1%
Consumer Loan Underlying Bond Credit Trust Series 2018-P1, Class A 3.39%, 07/15/2025(c)			8		7,668

	Principal Amount (000)				U.S. $ Value
SBA Tower Trust Series 2015-1A, Class C 3.156%, 10/08/2020(c)		U.S.$		251	$	251,261
SoFi Consumer Loan Program LLC Series 2017-2, Class A 3.28%, 02/25/2026(c)				13		12,759
						271,688
AUTOS–FIXED RATE–0.1%
Exeter Automobile Receivables Trust Series 2016-1A, Class D 8.20%, 02/15/2023(c)				116		117,389
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022(c)				100		101,400
Series 2017-4, Class A 2.07%, 04/15/2022(c)				1		662
						219,451
Total Asset-Backed Securities (cost $487,755)						491,139
			Shares
RIGHTS–0.1%
COMMUNICATION SERVICES–0.0%
WIRELESS TELECOMMUNICATION SERVICES–0.0%
T-Mobile US, Inc., expiring 07/27/2020(a)				698		117
ENERGY–0.1%
OIL, GAS & CONSUMABLE FUELS–0.1%
Repsol SA, expiring 07/06/2020(a)				22,014		194,515
INDUSTRIALS–0.0%
CONSTRUCTION & ENGINEERING–0.0%
ACS Actividades de Construccion y Servicios SA, expiring 07/07/2020(a)				241		376
Total Rights (cost $357,915)						195,008
SHORT-TERM INVESTMENTS–1.7%
INVESTMENT COMPANIES–1.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(d)(e)(k) (cost $2,157,296)				2,157,296		2,157,296

21

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

		Principal Amount (000)		U.S. $ Value
GOVERNMENTS– TREASURIES–0.7%
JAPAN–0.7%
Japan Treasury Discount Bill Series 909 Zero Coupon, 08/24/2020 (cost $1,558,236)	JPY		167,450	$	1,551,189
Total Short-Term Investments (cost $3,715,532)					3,708,485
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–101.0% (cost $219,825,550)					228,124,805
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0%
INVESTMENT COMPANIES–0.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(d)(e)(k) (cost $36,400)	JPY		36,400	$	36,400
TOTAL INVESTMENTS–101.0% (cost $219,861,950)					228,161,205
Other assets less liabilities–(1.0)%					(2,229,688	)
NET ASSETS–100.0%				$	225,931,517

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
3 Yr Australian Bond Futures		27		September 2020	$	2,181,140	$	876
10 Yr Canadian Bond Futures		9		September 2020		1,019,726		(2,296	)
Euro-BOBL Futures		56		September 2020		8,492,398		29,304
Euro-Schatz Futures		7		September 2020		881,925		582
Sold Contracts
10 Yr Australian Bond Futures		25		September 2020		2,566,972		(12,918	)
Euro-Bund Futures		25		September 2020		4,958,003		(68,235	)
U.S. T-Note 2 Yr (CBT) Futures		4		September 2020		883,313		(98	)
U.S. T-Note 10 Yr (CBT) Futures		1		September 2020		139,172		(408	)
							$	(53,193	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.		USD	1,235		SGD	1,748		08/27/2020	$	19,764
Bank of America, NA		USD	1,354		RUB	98,683		07/14/2020		30,099
Barclays Bank PLC		IDR	11,256,196		USD	772		07/23/2020		(200	)
Barclays Bank PLC		INR	46,153		USD	603		07/23/2020		(6,220	)
Barclays Bank PLC		TWD	18,408		USD	619		08/20/2020		(12,051	)
Barclays Bank PLC		CNY	101		USD	14		09/14/2020		(43	)
Barclays Bank PLC		USD	784		CNY	5,561		08/13/2020		1,098

22

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		USD	635		TWD	18,654		08/20/2020	$	3,983
Barclays Bank PLC		USD	292		INR	22,043		07/23/2020		(1,098	)
Barclays Bank PLC		USD	482		INR	37,823		07/23/2020		17,576
Barclays Bank PLC		USD	616		KRW	759,151		08/13/2020		16,487
Barclays Bank PLC		USD	279		IDR	4,027,963		07/23/2020		(2,969	)
BNP Paribas SA		ZAR	10,538		USD	608		07/17/2020		2,020
BNP Paribas SA		BRL	3,968		USD	725		07/02/2020		(5,050	)
BNP Paribas SA		CAD	972		USD	697		08/06/2020		(18,910	)
BNP Paribas SA		USD	635		SGD	885		08/27/2020		68
BNP Paribas SA		USD	956		CAD	1,281		08/06/2020		(12,946	)
BNP Paribas SA		USD	712		PLN	2,838		07/29/2020		5,137
BNP Paribas SA		USD	550		CNY	3,900		08/13/2020		965
BNP Paribas SA		USD	737		BRL	3,968		07/02/2020		(7,037	)
BNP Paribas SA		USD	513		IDR	7,667,950		07/23/2020		13,577
BNP Paribas SA		USD	603		IDR	8,598,126		07/23/2020		(13,220	)
Citibank, NA		COP	1,475,038		USD	392		07/15/2020		1
Citibank, NA		CLP	957,843		USD	1,167		07/15/2020		162
Citibank, NA		CLP	507,655		USD	616		07/15/2020		(2,272	)
Citibank, NA		TWD	35,100		USD	1,181		08/20/2020		(21,455	)
Citibank, NA		INR	18,872		USD	242		07/23/2020		(7,711	)
Citibank, NA		MXN	16,880		USD	736		08/07/2020		5,138
Citibank, NA		BRL	4,279		USD	800		08/04/2020		14,238
Citibank, NA		BRL	7,602		USD	1,388		07/02/2020		(9,674	)
Citibank, NA		BRL	3,959		USD	744		07/02/2020		16,461
Citibank, NA		GBP	3,240		USD	3,963		07/17/2020		(52,197	)
Citibank, NA		GBP	1,051		USD	1,332		07/17/2020		28,940
Citibank, NA		EUR	817		USD	924		08/06/2020		6,268
Citibank, NA		CHF	671		USD	700		08/28/2020		(9,644	)
Citibank, NA		CNY	388		USD	55		09/14/2020		47
Citibank, NA		USD	1,435		BRL	7,602		07/02/2020		(36,951	)
Citibank, NA		USD	723		BRL	3,959		07/02/2020		5,038
Citibank, NA		USD	448		RUB	33,244		07/14/2020		18,221
Citibank, NA		USD	1,173		TWD	34,470		08/20/2020		7,883
Citibank, NA		USD	1,486		CLP	1,141,249		07/15/2020		(96,408	)
Credit Suisse International		NOK	6,258		USD	613		07/15/2020		(37,603	)
Credit Suisse International		SGD	1,749		USD	1,232		08/27/2020		(23,163	)
Credit Suisse International		CHF	672		USD	712		08/28/2020		1,537
Credit Suisse International		USD	1,208		PLN	4,877		07/29/2020		24,424
Credit Suisse International		USD	611		ZAR	10,173		07/17/2020		(26,211	)
Deutsche Bank AG		JPY	190,927		USD	1,754		08/07/2020		(15,351	)
Deutsche Bank AG		USD	488		INR	36,915		07/23/2020		(875	)
Goldman Sachs Bank USA		MYR	6,574		USD	1,601		08/13/2020		70,219
Goldman Sachs Bank USA		CAD	727		USD	524		08/06/2020		(11,337	)
Goldman Sachs Bank USA		USD	406		MYR	1,681		08/13/2020		(14,156	)
HSBC Bank USA		CNY	2,622		USD	370		08/13/2020		(111	)
HSBC Bank USA		USD	814		TWD	23,759		08/20/2020		(11	)
JPMorgan Chase Bank, NA		IDR	2,455,148		USD	153		07/23/2020		(15,261	)
JPMorgan Chase Bank, NA		NOK	7,175		USD	706		07/15/2020		(39,256	)
JPMorgan Chase Bank, NA		GBP	671		USD	830		07/17/2020		(1,186	)
JPMorgan Chase Bank, NA		USD	637		EUR	563		08/06/2020		(3,357	)

23

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., Inc.		SEK	9,783		USD	1,004		07/15/2020	$	(46,495	)
Morgan Stanley & Co., Inc.		RUB	7,644		USD	102		07/14/2020		(4,883	)
Morgan Stanley & Co., Inc.		BRL	7,611		USD	1,400		07/02/2020		541
Morgan Stanley & Co., Inc.		CAD	717		USD	527		08/06/2020		(684	)
Morgan Stanley & Co., Inc.		GBP	705		USD	870		07/17/2020		(3,503	)
Morgan Stanley & Co., Inc.		USD	881		MYR	3,656		08/13/2020		(29,885	)
Morgan Stanley & Co., Inc.		USD	770		SEK	7,176		07/15/2020		362
Morgan Stanley & Co., Inc.		USD	1,390		BRL	7,611		07/02/2020		9,686
Morgan Stanley & Co., Inc.		USD	1,399		BRL	7,611		08/04/2020		(1,340	)
Morgan Stanley & Co., Inc.		USD	1,371		NOK	13,438		07/15/2020		24,759
Natwest Markets PLC		COP	3,103,133		USD	779		07/15/2020		(46,020	)
Natwest Markets PLC		CNY	25,803		USD	3,641		08/13/2020		(1,970	)
Natwest Markets PLC		USD	383		TRY	2,641		07/28/2020		261
Natwest Markets PLC		USD	822		COP	3,089,385		07/15/2020		(828	)
Standard Chartered Bank		IDR	6,792,527		USD	421		07/23/2020		(45,207	)
Standard Chartered Bank		KRW	756,283		USD	629		08/13/2020		(1,332	)
Standard Chartered Bank		INR	18,683		USD	246		07/23/2020		(705	)
Standard Chartered Bank		USD	792		INR	59,999		07/23/2020		603
State Street Bank & Trust Co.		JPY	715,128		USD	6,581		08/07/2020		(45,530	)
State Street Bank & Trust Co.		EUR	17,283		USD	19,551		08/06/2020		119,081
State Street Bank & Trust Co.		JPY	9,891		USD	92		08/07/2020		698
State Street Bank & Trust Co.		ZAR	18,895		USD	1,049		07/17/2020		(37,822	)
State Street Bank & Trust Co.		JPY	18,160		USD	169		09/14/2020		699
State Street Bank & Trust Co.		PLN	4,879		USD	1,161		07/29/2020		(72,460	)
State Street Bank & Trust Co.		ZAR	4,970		USD	294		07/17/2020		8,255
State Street Bank & Trust Co.		AUD	1,012		USD	704		08/13/2020		5,361
State Street Bank & Trust Co.		NZD	1,233		USD	785		08/06/2020		(10,219	)
State Street Bank & Trust Co.		DKK	559		USD	82		07/15/2020		(2,647	)
State Street Bank & Trust Co.		CAD	537		USD	394		08/06/2020		(2,130	)
State Street Bank & Trust Co.		MXN	365		USD	16		09/14/2020		712
State Street Bank & Trust Co.		NOK	324		USD	35		09/14/2020		1,084
State Street Bank & Trust Co.		GBP	340		USD	416		07/17/2020		(4,814	)
State Street Bank & Trust Co.		EUR	110		USD	124		08/06/2020		(70	)
State Street Bank & Trust Co.		ILS	77		USD	22		09/14/2020		179
State Street Bank & Trust Co.		AUD	53		USD	37		09/14/2020		206
State Street Bank & Trust Co.		AUD	63		USD	41		09/14/2020		(2,022	)
State Street Bank & Trust Co.		GBP	23		USD	28		09/14/2020		(385	)
State Street Bank & Trust Co.		EUR	12		USD	13		09/14/2020		(5	)
State Street Bank & Trust Co.		USD	10		GBP	8		09/14/2020		36
State Street Bank & Trust Co.		USD	79		AUD	116		09/14/2020		1,442
State Street Bank & Trust Co.		USD	19		GBP	15		09/14/2020		(490	)
State Street Bank & Trust Co.		USD	47		CAD	64		08/06/2020		(99	)
State Street Bank & Trust Co.		USD	104		SGD	144		09/14/2020		(638	)
State Street Bank & Trust Co.		USD	103		EUR	91		09/14/2020		(808	)
State Street Bank & Trust Co.		USD	39		CHF	37		09/14/2020		(117	)
State Street Bank & Trust Co.		USD	602		GBP	491		07/17/2020		7,335
State Street Bank & Trust Co.		USD	760		CHF	735		08/28/2020		16,357
State Street Bank & Trust Co.		USD	787		EUR	696		08/06/2020		(4,275	)
State Street Bank & Trust Co.		USD	498		EUR	444		08/06/2020		1,418
State Street Bank & Trust Co.		USD	232		GBP	182		07/17/2020		(6,379	)

24

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	155		JPY	16,532		09/14/2020	$	(1,401	)
State Street Bank & Trust Co.		USD	70		HKD	541		08/13/2020		11
State Street Bank & Trust Co.		USD	695		MXN	15,723		08/07/2020		(14,666	)
State Street Bank & Trust Co.		USD	112		JPY	11,989		08/07/2020		(882	)
State Street Bank & Trust Co.		USD	112		JPY	12,180		08/07/2020		712
									$	(385,496	)

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description	Index		CounterParty		Strike Rate			Expiration Date		Notional Amount (000)			Premiums Received		Market Value
Call
OTC–1 Year Interest Rate Swap		3 Month LIBOR		Citibank, NA		0.55	%		07/17/2020		USD	2,930	$	12,782	$	(18,896	)
OTC–1 Year Interest Rate Swap		3 Month LIBOR		Citibank, NA		0.46			07/29/2020		USD	2,930		11,574		(10,872	)
													$	24,356	$	(29,768	)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CAD	3,780		05/22/2024		3 Month CDOR		1.980%	Semi-Annual/ Semi-Annual	$	142,556		$	2	$	142,554
CAD	3,270		01/14/2025		3 Month CDOR		1.950%	Semi-Annual/ Semi-Annual		137,306			6		137,300
CAD	689		01/14/2050		2.210%		3 Month CDOR	Semi-Annual/ Semi-Annual		(110,280	)		2		(110,282	)
									$	169,582		$	10	$	169,572

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00	%		Monthly		8.64	%		USD	450	$	(57,540	)	$	(8,751	)	$	(48,789	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	60		(18,749	)		(7,862	)		(10,887	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	55		(17,187	)		(7,378	)		(9,809	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	69		(21,555	)		(10,465	)		(11,090	)

25

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		21.20	%		USD	11	$	(3,437	)	$	(1,751	)	$	(1,686	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	70		(21,868	)		(10,307	)		(11,561	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	9		(2,812	)		(510	)		(2,302	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	8		(2,500	)		(927	)		(1,573	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	53		(16,562	)		(5,990	)		(10,572	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	52		(16,249	)		(5,874	)		(10,375	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	4		(1,250	)		(354	)		(896	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	8		(2,499	)		(721	)		(1,779	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	8		(2,500	)		(781	)		(1,719	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	15		(4,687	)		(1,600	)		(3,087	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	78		(24,374	)		(10,488	)		(13,886	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	53		(16,562	)		(5,579	)		(10,983	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	75		(23,431	)		(11,391	)		(12,039	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	58		(18,119	)		(9,366	)		(8,753	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	82		(25,617	)		(13,432	)		(12,185	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	5		(1,562	)		(750	)		(812	)
												$	(299,060	)	$	(114,277	)	$	(184,783	)

* Termination date

INFLATION (CPI) SWAPS (see Note D)

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid/ (Received)

Unrealized Appreciation/ (Depreciation)

Bank of America, NA

USD

10,000

07/11/2024

2.416

%

CPI#

Maturity

$

(674,342

)

$

–0–

$

(674,342

)

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

(a) Non-income producing security.

26

AB Variable Products Series Fund

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the aggregate market value of these securities amounted to $34,613,799 or 15.3% of net assets.

(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, or call AB at (800) 227-4618.

(f) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(g) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2020.

(h) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.39% of net assets as of June 30, 2020, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.185%, 11/15/2033		12/04/2017	$	375,000	$	352,179		0.16	%
BHMS Series 2018-ATLS, Class A 1.435%, 07/15/2035		07/13/2018		158,046		149,738		0.07	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.435%, 11/25/2024		11/06/2015		20,144		18,733		0.01	%
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.135%, 11/15/2026		11/16/2015		89,639		81,562		0.04	%
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.184%, 03/27/2024		03/21/2019		118,481		107,923		0.05	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		14,000		13,752		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.435%, 11/25/2025		09/28/2015		99,671		91,002		0.04	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.685%, 11/25/2025		09/28/2015		30,416		28,211		0.01	%

(i) Inverse interest only security.

(j) Fair valued by the Adviser.

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNY—Chinese Yuan Renminbi

COP—Colombian Peso

27

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

DKK—Danish Krone

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ABS—Asset-Backed Securities

ADR—American Depositary Receipt

BOBL—Bundesobligationen

CAC—Cotation Assistée en Continu (Continuous Assisted Quotation)

CBT—Chicago Board of Trade

CDOR—Canadian Dealer Offered Rate

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rates

PJSC—Public Joint Stock Company

REG—Registered Shares

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

28

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $148,358,463)	$	166,663,754	(a)
Affiliated issuers (cost $71,503,487—including investment of cash collateral for securities loaned of $36,400)		61,497,451
Cash		93
Cash collateral due from broker		920,355
Foreign currencies, at value (cost $143,123)		146,582
Unaffiliated interest and dividends receivable		722,082
Unrealized appreciation on forward currency exchange contracts		509,149
Receivable for investment securities sold and foreign currency transactions		312,198
Receivable for variation margin on futures		11,185
Receivable for capital stock sold		7,166
Receivable for variation margin on centrally cleared swaps		1,580
Affiliated dividends receivable		406
Other assets		4,406
Total assets		230,796,407
LIABILITIES
Swaptions written, at value (premiums received $24,356)		29,768
Payable for investment securities purchased and foreign currency transactions		2,555,445
Unrealized depreciation on forward currency exchange contracts		894,645
Unrealized depreciation on inflation swaps		674,342
Market value on credit default swaps (net premiums received $114,277)		299,060
Payable for capital stock redeemed		116,010
Advisory fee payable		61,888
Distribution fee payable		42,292
Payable for collateral received on securities loaned		36,400
Administrative fee payable		27,192
Directors’ fees payable		2,053
Transfer Agent fee payable		117
Accrued expenses and other liabilities		125,678
Total liabilities		4,864,890
NET ASSETS	$	225,931,517
COMPOSITION OF NET ASSETS
Capital stock, at par	$	23,576
Additional paid-in capital		204,770,686
Distributable earnings		21,137,255
	$	225,931,517

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	20,853,461		2,146,904	$	9.71
B	$	205,078,056		21,429,499	$	9.57

(a) Includes securities on loan with a value of $96,993 (see Note E).

See notes to financial statements.

29

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Interest (net of foreign taxes withheld of $3,187)	$	1,028,025
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $21,964)		1,011,031
Affiliated issuers		5,158
Securities lending income		1,099
		2,045,313
EXPENSES
Advisory fee (see Note B)		628,243
Distribution fee—Class B		258,572
Transfer agency—Class A		267
Transfer agency—Class B		2,559
Custody and accounting		86,522
Audit and tax		43,082
Administrative		41,774
Printing		31,317
Legal		17,323
Directors’ fees		10,982
Miscellaneous		10,756
Total expenses		1,131,397
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(240,358	)
Net expenses		891,039
Net investment income		1,154,274
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Affiliated Underlying Portfolios		(38,745	)
Investment transactions(a)		689,676
Forward currency exchange contracts		382,639
Futures		1,322,546
Swaps		(1,333,322	)
Swaptions written		13,411
Foreign currency transactions		(426,836	)
Net change in unrealized appreciation/depreciation of:
Affiliated Underlying Portfolios		(7,384,674	)
Investments(b)		(8,686,419	)
Forward currency exchange contracts		352,070
Futures		109,161
Swaps		7,716
Swaptions written		(5,412	)
Foreign currency denominated assets and liabilities		(462	)
Net loss on investment and foreign currency transactions		(14,998,651	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(13,844,377	)

(a) Net of foreign capital gains taxes of $7,299.

(b) Net of increase in accrued foreign capital gains taxes of $916.

See notes to financial statements.

30

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,154,274		$	4,063,721
Net realized gain on investment and foreign currency transactions		609,369			8,220,863
Net realized gain distributions from Underlying Portfolios		–0	–		303,518
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(15,608,020	)		29,876,573
Net increase (decrease) in net assets from operations		(13,844,377	)		42,464,675
Distributions to Shareholders
Class A		–0	–		(3,532,547	)
Class B		–0	–		(32,838,881	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(15,641,629	)		5,082,781
Total increase (decrease)		(29,486,006	)		11,176,028
NET ASSETS
Beginning of period		255,417,523			244,241,495
End of period	$	225,931,517		$	255,417,523

See notes to financial statements.

31

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A : Significant Accounting Policies

The AB Balanced Wealth Strategy Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to maximize total return consistent with the determination of AllianceBernstein L.P. (the “Adviser”) of reasonable risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily

32

AB Variable Products Series Fund

traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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 are 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, 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.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

33

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

22,402,545

$

187,854

$

–0

–

$

22,590,399

Health Care

11,731,100

364,344

–0

–

12,095,444

Communication Services

10,187,750

140,997

–0

–

10,328,747

Real Estate

6,670,931

2,749,953

–0

–

9,420,884

Consumer Discretionary

8,278,883

328,737

–0

–

8,607,620

Financials

6,582,903

326,090

–0

–

6,908,993

Industrials

4,675,722

341,516

–0

–

5,017,238

Consumer Staples

4,416,897

365,555

–0

–

4,782,452

Energy

2,614,638

1,688,016

–0

–

4,302,654

Materials

1,135,938

1,516,867

–0

–

2,652,805

Utilities

2,052,494

309,559

–0

–

2,362,053

Transportation

–0

–

82,357

–0

–

82,357

Consumer Durables & Apparel

35,051

26,886

–0

–

61,937

Software & Services

39,830

–0

–

–0

–

39,830

Consumer Services

17,262

–0

–

–0

–

17,262

Investment Companies

59,303,755

–0

–

–0

–

59,303,755

Governments—Treasuries

–0

–

26,889,491

–0

–

26,889,491

Corporates—Investment Grade

–0

–

23,049,507

–0

–

23,049,507

Mortgage Pass-Throughs

–0

–

4,649,067

–0

–

4,649,067

Collateralized Mortgage Obligations

–0

–

4,582,597

–0

–

4,582,597

Corporates—Non-Investment Grade

–0

–

3,738,668

–0

–

3,738,668

Quasi-Sovereigns

–0

–

3,304,398

–0

–

3,304,398

Commercial Mortgage-Backed Securities

–0

–

2,102,417

–0

–

2,102,417

Emerging Markets—Treasuries

–0

–

1,342,962

–0

–

1,342,962

Emerging Markets—Sovereigns

–0

–

1,337,248

–0

–

1,337,248

Collateralized Loan Obligations

–0

–

1,336,253

–0

–

1,336,253

Governments—Sovereign Bonds

–0

–

888,847

–0

–

888,847

Covered Bonds

–0

–

772,764

–0

–

772,764

Emerging Markets—Corporate Bonds

–0

–

598,252

–0

–

598,252

Inflation-Linked Securities

–0

–

563,272

–0

–

563,272

Asset-Backed Securities

–0

–

491,139

–0

–

491,139

Rights

493

194,515

–0

–

195,008

Short-Term Investments:

Investment Companies

2,157,296

–0

–

–0

–

2,157,296

Governments—Treasuries

–0

–

1,551,189

–0

–

1,551,189

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

36,400

–0

–

–0

–

36,400

Total Investments in Securities

142,339,888

85,821,317

–0

–

228,161,205

Other Financial Instruments(a):

Assets:

Futures

30,762

–0

–

–0

–

30,762

(b)

Forward Currency Exchange Contracts

–0

–

509,149

–0

–

509,149

Centrally Cleared Interest Rate Swaps

–0

–

279,862

–0

–

279,862

(b)

34

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Liabilities:
Futures	$	(83,955	)	$	–0	–	$	–0	–	$	(83,955	)(b)
Forward Currency Exchange Contracts		–0	–		(894,645	)		–0	–		(894,645	)
Interest Rate Swaptions Written		–0	–		(29,768	)		–0	–		(29,768	)
Centrally Cleared Interest Rate Swaps		–0	–		(110,280	)		–0	–		(110,280	)(b)
Credit Default Swaps		–0	–		(299,060	)		–0	–		(299,060	)
Interest Rate Swaps		–0	–		(674,342	)		–0	–		(674,342	)
Total	$	142,286,695		$	84,602,233		$	–0	–	$	226,888,928

(a) 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, options written and swaptions written which are valued at market value.

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments as dividend income, realized gain, or return of capital based on information provided by the REIT.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

35

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B : Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2020, such reimbursements/waivers amounted to $14,458.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $41,774.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of ..10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $1,148.

In connection with the Portfolio’s investments in other AB mutual funds, the Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fees of AB mutual funds, as paid by the Portfolio as an acquired fund fee and expense. These fee waivers and/or expense reimbursements will remain in effect until May 1, 2021. For the six months ended June 30, 2020, such waivers and/or reimbursements amounted to $224,728.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

															Distributions
Fund	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./(Depr.) (000)			Market Value 6/30/20 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	1,821	$	30,553	$	30,216	$	0		$	0		$	2,158	$	5	$	0
AB Discovery Growth Fund, Inc.		3,307		0		326		(21	)		476			3,436		0		0
AB Trust–AB Discovery Value Fund		3,319		0		0		0			(771	)		2,548		0		0
Bernstein Fund, Inc.: International Small Cap Portfolio		8,771		0		58		(8	)		(1,150	)		7,555		0		0
International Strategic Equities Portfolio		28,723		0		370		(2	)		(3,291	)		25,060		0		0
Small Cap Core Portfolio		3,312		0		21		(1	)		(503	)		2,787		0		0

36

AB Variable Products Series Fund

															Distributions
Fund	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./(Depr.) (000)			Market Value 6/30/20 (000)		Dividend Income (000)			Realized Gains (000)
Sanford C. Bernstein Fund, Inc.:
Emerging Markets Portfolio	$	4,116	$	0	$	82	$	(3	)	$	(468	)	$	3,563	$	0		$	0
International Portfolio		16,145		0		109		(4	)		(1,678	)		14,354		0			0
Government Money Market Portfolio*		258		2,138		2,360		0			0			36		0	**		0
Total							$	(39	)	$	(7,385	)	$	61,497	$	5		$	0

* Investments of cash collateral for securities lending transactions (see Note E).

** Amount is less than $500.

During the year ended December 31, 2018, the Adviser reimbursed the Portfolio $3,140 for trading losses incurred due to a

trade entry error.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C : Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

37

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D : Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	74,233,465	$	84,138,834
U.S. government securities		14,284,789		16,659,373

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	26,434,449
Gross unrealized depreciation		(19,268,848	)
Net unrealized appreciation	$	7,165,601

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Portfolio, as well as the methods in which they may be used are:

• Futures

The Portfolio may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Portfolio bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Portfolio may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Portfolio enters into futures, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Portfolio to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Portfolio to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended June 30, 2020, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

38

AB Variable Products Series Fund

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended June 30, 2020, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

For hedging and investment purposes, the Portfolio may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Portfolio may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. The Portfolio’s maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Portfolio on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

The Portfolio may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The Portfolio’s maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the six months ended June 30, 2020, the Portfolio held written swaptions for hedging and non-hedging purposes.

39

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for OTC swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

40

AB Variable Products Series Fund

In addition, the Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended June 30, 2020, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the six months ended June 30, 2020, the Portfolio held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended June 30, 2020, the Portfolio held credit default swaps for hedging and non-hedging purposes.

41

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended June 30, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	30,762	*	Receivable/Payable for variation margin on futures	$	83,955	*
Interest rate contracts	Receivable/Payable for variation margin on centrally cleared swaps		279,854	*	Receivable/Payable for variation margin on centrally cleared swaps		110,282	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		509,149		Unrealized depreciation on forward currency exchange contracts		894,645
Interest rate contracts					Swaptions written, at value		29,768
Interest rate contracts					Unrealized depreciation on inflation swaps		674,342
Credit contracts					Market value on credit default swaps		299,060
Total		$	819,765			$	2,092,052

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	1,322,546	$	109,161
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		382,639		352,070
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		13,411		(5,412	)

42

AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	(1,217,173	)	$	240,375
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(116,149	)		(232,659	)
Total		$	385,274		$	463,535

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2020:

Futures:
Average notional amount of buy contracts	$	18,115,904
Average notional amount of sale contracts	$	7,470,255
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	26,055,315
Average principal amount of sale contracts	$	66,769,998
Swaptions Written:
Average notional amount	$	3,376,667	(a)
Inflation Swaps:
Average notional amount	$	10,000,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	10,373,453
Credit Default Swaps:
Average notional amount of sale contracts	$	1,632,714
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	1,731,510	(b)

(a) Positions were open for three months during the period.

(b) Positions were open for less than one month during the period.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

43

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Australia and New Zealand Banking Group Ltd.

$

19,764

$

–0

–

$

–0

–

$

–0

–

$

19,764

Bank of America, NA

30,099

(30,099

)

–0

–

–0

–

–0

–

Barclays Bank PLC

39,144

(22,581

)

–0

–

–0

–

16,563

BNP Paribas SA

21,767

(21,767

)

–0

–

–0

–

–0

–

Citibank, NA

102,397

(102,397

)

–0

–

–0

–

–0

–

Credit Suisse International

25,961

(25,961

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA/Goldman Sachs International

70,219

(70,219

)

–0

–

–0

–

–0

–

Morgan Stanley & Co., Inc.

35,348

(35,348

)

–0

–

–0

–

–0

–

Natwest Markets PLC

261

(261

)

–0

–

–0

–

–0

–

Standard Chartered Bank

603

(603

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

163,586

(163,586

)

–0

–

–0

–

–0

–

Total

$

509,149

$

(472,822

)

$

–0

–

$

–0

–

$

36,327

^

Counterparty

Derivative Liabilities Subjectto a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Bank of America, NA

$

674,342

$

(30,099

)

$

(644,243

)

$

–0

–

$

–0

–

Barclays Bank PLC

22,581

(22,581

)

–0

–

–0

–

–0

–

BNP Paribas SA

57,163

(21,767

)

–0

–

–0

–

35,396

Citibank, NA

266,080

(102,397

)

–0

–

–0

–

163,683

Citigroup Global Markets, Inc.

140,336

–0

–

–0

–

–0

–

140,336

Credit Suisse International

86,977

(25,961

)

–0

–

–0

–

61,016

Deutsche Bank AG

54,349

–0

–

–0

–

–0

–

54,349

Goldman Sachs Bank USA/Goldman Sachs International

146,094

(70,219

)

–0

–

–0

–

75,875

HSBC Bank USA

122

–0

–

–0

–

–0

–

122

JPMorgan Chase Bank, NA

59,060

–0

–

–0

–

–0

–

59,060

Morgan Stanley & Co., Inc.

86,790

(35,348

)

–0

–

–0

–

51,442

Natwest Markets PLC

48,818

(261

)

–0

–

–0

–

48,557

Standard Chartered Bank

47,244

(603

)

–0

–

–0

–

46,641

State Street Bank & Trust Co.

207,859

(163,586

)

–0

–

–0

–

44,273

Total

$

1,897,815

$

(472,822

)

$

(644,243

)

$

–0

–

$

780,750

^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

44

AB Variable Products Series Fund

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. TBA and Dollar Rolls

The Portfolio may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended June 30, 2020, the Portfolio earned drop income of $96 which is included in interest income in the accompanying statement of operations.

NOTE E : Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may

45

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	96,993	$	36,400	$	65,283	$	1,099	$	219	$	24

* As of June 30, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		52,941			78,265		$	519,275		$	848,106
Shares issued in reinvestment of dividends and distributions		–0	–		367,208			–0	–		3,532,547
Shares redeemed		(284,132	)		(441,090	)		(2,744,362	)		(4,638,019	)
Net increase (decrease)		(231,191	)		4,383		$	(2,225,087	)	$	(257,366	)
Class B
Shares sold		835,552			1,141,276		$	7,560,606		$	12,135,176
Shares issued in reinvestment of dividends		–0	–		3,456,725			–0	–		32,838,881
Shares redeemed		(2,285,265	)		(3,799,936	)		(20,977,148	)		(39,633,910	)
Net increase (decrease)		(1,449,713	)		798,065		$	(13,416,542	)	$	5,340,147

At June 30, 2020, certain shareholders of the Portfolio owned 65% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Allocation Risk—The allocation of investments among the different investment styles, such as growth or value, equity or debt securities, or U.S. or non-U.S. securities may have a more significant effect on the Portfolio’s net asset value, or NAV, when one of these investment strategies is performing more poorly than others.

46

AB Variable Products Series Fund

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors. These risks may be heightened with respect to investments in emerging market countries, where there may be an increased amount of economic, political and social instability.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid and because these investments may be subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce the Portfolio’s returns.

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (“junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies are subject to market and selection risk. In addition, shareholders of the Portfolio bear both their proportionate share of expenses in the Portfolio (including advisory fees) and, indirectly, the expenses of the investment companies (to the extent these expenses are not waived or reimbursed by the Adviser).

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Real Asset Risk—The Portfolio’s investments in securities linked to real assets involve significant risks, including financial, operating, and competitive risks. Investments in securities linked to real assets expose the Portfolio to adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located. Changes in inflation rates or in the market’s inflation expectations may adversely affect the market value of inflation-sensitive equities. The Portfolio’s investments in real estate securities have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in real estate investment trusts (“REITs”) may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in tax laws.

Active Trading Risk—The Portfolio expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate is expected to exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Portfolio’s return.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative

47

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	5,933,950	$	6,160,964
Net long-term capital gains		30,437,478		19,526,096
Total taxable distributions paid	$	36,371,428	$	25,687,060

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	5,215,391
Undistributed capital gains		6,836,715
Other losses		(8,642	)(a)
Unrealized appreciation/(depreciation)		22,955,217	(b)
Total accumulated earnings/(deficit)	$	34,998,681	(c)

(a) As of December 31, 2019, the cumulative deferred loss on straddles was $8,642.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of Treasury inflation-protected securities, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of partnership investments.

(c) The differences between book-basis and tax-basis components of accumulated earnings/(deficit) is attributable primarily to the accrual of foreign capital gains tax.

48

AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio did not have any capital loss carryforwards.

NOTE J: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

49

BALANCED WEALTH STRATEGY PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.24			$10.10			$11.86			$10.54			$10.99			$12.16
Income From Investment Operations
Net investment income (a)		.06	(b)		.19	(b)		.23	(b)		.17	(b)		.19	(b)†		.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.59	)		1.58			(.87	)		1.48			.34			.02	(c)
Contributions from Affiliates		–0	–		–0	–		.00	(d)		.00	(d)		.00	(d)		–0	–
Net increase (decrease) in net asset value from operations		(.53	)		1.77			(.64	)		1.65			.53			.22
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.29	)		(.23	)		(.24	)		(.24	)		(.27	)
Distributions from net realized gain on investment transactions		–0	–		(1.34	)		(.89	)		(.09	)		(.74	)		(1.12	)
Total dividends and distributions		–0	–		(1.63	)		(1.12	)		(.33	)		(.98	)		(1.39	)
Net asset value, end of period		$9.71			$10.24			$10.10			$11.86			$10.54			$10.99
Total Return
Total investment return based on net asset value (e)*		(5.18	)%		18.53	%		(6.17	)%		15.84	%		4.69	%†		1.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$20,853			$24,347			$23,967			$29,328			$30,132			$33,409
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)‡		.55	%^		.55	%		.66	%		.73	%		.73	%		.70	%
Expenses, before waivers/reimbursements (f)(g)‡		.76	%^		.75	%		.75	%		.73	%		.73	%		.70	%
Net investment income		1.24	%(b)^		1.81	%(b)		2.05	%(b)		1.51	%(b)		1.74	%(b)†		1.71	%
Portfolio turnover rate**		39	%		63	%		150	%		108	%		106	%		132	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.21	%^		.22	%		.11	%		.00	%		.00	%		.00	%

See footnote summary on page 52.

50

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.10			$9.98			$11.73			$10.42			$10.87			$12.05
Income From Investment Operations
Net investment income (a)		.05	(b)		.16	(b)		.20	(b)		.14	(b)		.16	(b)†		.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.58	)		1.56			(.86	)		1.47			.33			.01	(c)
Contributions from Affiliates		–0	–		–0	–		.00	(d)		.00	(d)		.00	(d)		–0	–
Net increase (decrease) in net asset value from operations		(.53	)		1.72			(.66	)		1.61			.49			.18
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.26	)		(.20	)		(.21	)		(.20	)		(.24	)
Distributions from net realized gain on investment transactions		–0	–		(1.34	)		(.89	)		(.09	)		(.74	)		(1.12	)
Total dividends and distributions		–0	–		(1.60	)		(1.09	)		(.30	)		(.94	)		(1.36	)
Net asset value, end of period		$9.57			$10.10			$9.98			$11.73			$10.42			$10.87
Total Return
Total investment return based on net asset value (e)*		(5.25	)%		18.20	%		(6.41	)%		15.62	%		4.44	%†		1.29	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$205,079			$231,071			$220,274			$274,070			$272,733			$298,233
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)‡		.80	% ^		.80	%		.91	%		.98	%		.98	%		.95	%
Expenses, before waivers/reimbursements (f)(g)‡		1.01	% ^		1.00	%		1.00	%		.98	%		.98	%		.95	%
Net investment income		.99	%(b)^		1.57	%(b)		1.79	%(b)		1.26	%(b)		1.49	%(b)†		1.46	%
Portfolio turnover rate**		39	%		63	%		150	%		108	%		106	%		132	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.21	%^		.22	%		.11	%		.00	%		.00	%		.00	%

See footnote summary on page 52.

51

BALANCED WEALTH STRATEGY PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Portfolio’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(d) Amount is less than $.005.

(e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(f) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, such waiver amounted to .20% (annualized), .20% and .09%, respectively.

(g) The expense ratios presented below exclude bank overdraft expense:

Six Months Ended June 30, 2020 (unaudited)

Year Ended December 31,

2019

2018

2017

2016

2015

Class A

Net of waivers/reimbursements

N/A

.54

%

N/A

N/A

N/A

N/A

Before waivers/reimbursements

N/A

.75

%

N/A

N/A

N/A

N/A

Class B

Net of waivers/reimbursements

N/A

.79

%

N/A

N/A

N/A

N/A

Before waivers/reimbursements

N/A

1.00

%

N/A

N/A

N/A

N/A

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.001	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017 and December 31, 2015 by .02% and .03%, respectively.

** The Portfolio accounts for dollar roll transactions as purchases and sales.

^ Annualized.

See notes to financial statements.

52

BALANCED WEALTH STRATEGY PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

53

BALANCED WEALTH STRATEGY PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Balanced Wealth Strategy Portfolio (the “Fund”) at a meeting held on July 30-31, 2019 (the “Meeting”).¹

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2017 and 2018 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type.

¹  Following transactions completed on November 13, 2019 that may have been deemed to have been an “assignment” causing termination of the Fund’s investment advisory agreement, a new investment advisory agreement, having the same terms as the prior one, was entered into by the Fund and the Adviser.

54

AB Variable Products Series Fund

The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2019 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The Adviser informed the directors that there were no institutional products managed by it that utilize investment strategies similar to the Fund’s.

The directors noted that the Fund may invest in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that the advisory fee for the Fund would be for services that would be in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

55

BALANCED WEALTH STRATEGY PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

56

VPS-BW-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ DYNAMIC ASSET ALLOCATION PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

DYNAMIC ASSET ALLOCATION PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	936.10	$	3.85		0.80	%	$	3.90		0.81	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.89	$	4.02		0.80	%	$	4.07		0.81	%
Class B
Actual	$	1,000	$	934.90	$	5.05		1.05	%	$	5.10		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.64	$	5.27		1.05	%	$	5.32		1.06	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain affiliated underlying portfolios acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $  VALUE		PERCENT OF  NET ASSETS
U.S. Treasury Bonds & Notes	$	202,933,005		39.5	%
Vanguard Global ex-U.S. Real Estate ETF		11,423,254		2.2
Vanguard Real Estate ETF		11,306,043		2.2
Microsoft Corp.		6,954,547		1.3
Apple, Inc.		6,705,754		1.3
Amazon.com, Inc.		5,214,170		1.0
Alphabet, Inc		3,897,924		0.8
Nestle SA		3,432,000		0.7
Roche Holding AG		2,531,853		0.5
Facebook, Inc.—Class A		2,444,863		0.5
	$	256,843,413		50.0	%

PORTFOLIO BREAKDOWN²

June 30, 2020 (unaudited)

ASSET CLASSES	ALLOCATION
Fixed Income
U.S. Bonds		36.5	%
International Bonds		4.4
Sub-total		40.9
Equities
US Large Cap		14.0
International Large Cap		13.7
Emerging Market Equities		5.0
Real Equities		4.4
US Mid-Cap		1.5
US Small-Cap		1.5
Sub-total		40.1
Opportunistic Assets
High Yield		4.6
Cash		14.4
Total		100.0	%

SECURITY TYPE BREAKDOWN³

June 30, 2020 (unaudited)

SECURITY TYPE	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Common Stocks	$	252,371,629		50.8	%
Governments—Treasuries		202,933,005		40.8
Investment Companies		22,729,297		4.6
Rights		23,245		0.0
Short-Term Investments		18,719,969		3.8
Total Investments	$	496,777,145		100.0	%

1 Long-term investments.

2 All data are as of June 30, 2020. The Portfolio breakdown is expressed as an approximate percentage of the Portfolio’s total investments inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

3 The Portfolio’s security type breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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).

2

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–49.1%
INFORMATION TECHNOLOGY–8.4%
COMMUNICATIONS EQUIPMENT–0.3%
Arista Networks, Inc.(a)		235	$	49,357
Cisco Systems, Inc.		18,940		883,362
F5 Networks, Inc.(a)		280		39,054
Juniper Networks, Inc.		1,410		32,233
Motorola Solutions, Inc.		725		101,594
Nokia Oyj		65,083		284,404
Telefonaktiebolaget LM Ericsson–Class B		24,588		227,920
				1,617,924
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Amphenol Corp.–Class A		1,310		125,511
CDW Corp./DE		632		73,426
Corning, Inc.		3,415		88,448
FLIR Systems, Inc.		510		20,691
Halma PLC		3,559		101,397
Hamamatsu Photonics KK		1,600		69,671
Hexagon AB–Class B		3,240		190,271
Hitachi Ltd.		11,135		353,924
IPG Photonics Corp.(a)		123		19,728
Keyence Corp.		1,897		794,960
Keysight Technologies, Inc.(a)		828		83,446
Kyocera Corp.		3,732		203,710
Murata Manufacturing Co., Ltd.		6,673		393,363
Omron Corp.		2,137		143,132
Shimadzu Corp.		2,556		68,238
TDK Corp.		1,492		148,531
TE Connectivity Ltd.		1,460		119,063
Venture Corp., Ltd.		3,169		37,035
Yaskawa Electric Corp.		2,723		94,660
Yokogawa Electric Corp.		2,628		41,177
Zebra Technologies Corp.–Class A(a)		212		54,261
				3,224,643
IT SERVICES–1.7%
Accenture PLC–Class A		2,825		606,584
Adyen NV(a)(b)		87		126,628
Afterpay Ltd.(a)		2,459		106,198
Akamai Technologies, Inc.(a)		705		75,498
Amadeus IT Group SA–Class A		4,486		235,524
Atos SE(a)		1,132		97,050
Automatic Data Processing, Inc.		1,980		294,802
Broadridge Financial Solutions, Inc.		519		65,493
Capgemini SE		1,852		213,723
Cognizant Technology Solutions Corp.–Class A		2,390		135,800
Computershare Ltd.		5,603	$	51,881
DXC Technology Co.		1,118		18,447
Edenred		2,787		122,233
Fidelity National Information Services, Inc.		2,699		361,909
Fiserv, Inc.(a)		2,538		247,760
FleetCor Technologies, Inc.(a)		361		90,802
Fujitsu Ltd.		2,278		266,716
Gartner, Inc.(a)		340		41,252
Global Payments, Inc.		1,377		233,567
International Business Machines Corp.		3,938		475,592
Itochu Techno-Solutions Corp.		1,105		41,555
Jack Henry & Associates, Inc.		397		73,060
Leidos Holdings, Inc.		595		55,734
Mastercard, Inc.–Class A		4,010		1,185,757
NEC Corp.		2,849		136,882
Nexi SpA(a)(b)		4,335		75,171
Nomura Research Institute Ltd.		3,684		100,620
NTT Data Corp.		7,265		81,225
Obic Co., Ltd.		803		141,520
Otsuka Corp.		1,200		63,379
Paychex, Inc.		1,345		101,884
PayPal Holdings, Inc.(a)		5,285		920,806
SCSK Corp.		600		29,355
VeriSign, Inc.(a)		475		98,244
Visa, Inc.–Class A		7,700		1,487,409
Western Union Co. (The)–Class W		1,790		38,700
Wix.com Ltd.(a)		532		136,309
Worldline SA/France(a)(b)		1,579		137,672
				8,772,741
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.7%
Advanced Micro Devices, Inc.(a)		5,203		273,730
Advantest Corp.		2,363		134,857
Analog Devices, Inc.		1,660		203,582
Applied Materials, Inc.		4,125		249,356
ASM Pacific Technology Ltd.		3,530		37,305
ASML Holding NV		4,900		1,792,483
Broadcom, Inc.		1,759		555,158
Disco Corp.		332		80,971
Infineon Technologies AG		14,329		335,760
Intel Corp.		19,460		1,164,292
KLA Corp.		710		138,081
Lam Research Corp.		629		203,456
Lasertec Corp.		869		82,147
Maxim Integrated Products, Inc.		1,175		71,217
Microchip Technology, Inc.		1,045		110,049
Micron Technology, Inc.(a)		4,880		251,418

3

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
NVIDIA Corp.		2,765	$	1,050,451
Qorvo, Inc.(a)		518		57,254
QUALCOMM, Inc.		5,114		466,448
Rohm Co., Ltd.		1,013		67,356
Skyworks Solutions, Inc.		724		92,571
STMicroelectronics NV		7,342		200,130
Texas Instruments, Inc.		4,145		526,291
Tokyo Electron Ltd.		1,720		424,399
Xilinx, Inc.		1,085		106,753
				8,675,515
SOFTWARE–2.6%
Adobe, Inc.(a)		2,180		948,976
ANSYS, Inc.(a)		412		120,193
Autodesk, Inc.(a)		1,035		247,562
AVEVA Group PLC		740		37,520
Cadence Design Systems, Inc.(a)		1,214		116,495
Check Point Software Technologies Ltd.(a)		1,211		130,098
Citrix Systems, Inc.		480		70,997
CyberArk Software Ltd.(a)		394		39,112
Dassault Systemes SE		1,514		262,820
Fortinet, Inc.(a)		569		78,107
Intuit, Inc.		1,180		349,504
Microsoft Corp.		34,173		6,954,547
Nice Ltd.(a)		604		113,855
NortonLifeLock, Inc.		2,525		50,071
Oracle Corp.		9,661		533,963
Paycom Software, Inc.(a)		284		87,963
Sage Group PLC (The)		12,240		101,603
salesforce.com, Inc.(a)		3,953		740,516
SAP SE		10,861		1,518,253
ServiceNow, Inc.(a)		879		356,048
Synopsys, Inc.(a)		722		140,790
TeamViewer AG(a)(b)		1,497		81,739
Temenos AG		397		61,703
Trend Micro, Inc./Japan		1,600		89,415
Tyler Technologies, Inc.(a)		179		62,092
WiseTech Global Ltd.		1,649		22,308
				13,316,250
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.5%
Apple, Inc.		18,382		6,705,754
Canon, Inc.		11,400		227,408
FUJIFILM Holdings Corp.		4,200		179,767
Hewlett Packard Enterprise Co.		5,780		56,239
HP, Inc.		6,570		114,515
Logitech International SA		1,893		124,047
NetApp, Inc.		990		43,926
Ricoh Co., Ltd.		7,717		55,374
Seagate Technology PLC		950		45,990
Western Digital Corp.		1,313		57,969
Xerox Holdings Corp.(a)		766		11,712
				7,622,701
				43,229,774
HEALTH CARE–7.1%
BIOTECHNOLOGY–0.8%
AbbVie, Inc.		7,866	$	772,284
Alexion Pharmaceuticals, Inc.(a)		980		109,995
Amgen, Inc.		2,678		631,633
BeiGene Ltd. (Sponsored ADR)(a)(c)		402		75,737
Biogen, Inc.(a)		815		218,053
CSL Ltd.		4,721		938,955
Genmab A/S(a)		763		257,278
Gilead Sciences, Inc.		5,625		432,788
Grifols SA		2,899		88,153
Incyte Corp.(a)		790		82,136
Regeneron Pharmaceuticals, Inc.(a)		452		281,890
Vertex Pharmaceuticals, Inc.(a)		1,167		338,792
				4,227,694
HEALTH CARE EQUIPMENT & SUPPLIES–1.4%
Abbott Laboratories		7,926		724,674
ABIOMED, Inc.(a)		208		50,245
Alcon, Inc.(a)		5,660		325,219
Align Technology, Inc.(a)		340		93,310
Asahi Intecc Co., Ltd.		2,248		64,159
Baxter International, Inc.		2,290		197,169
Becton Dickinson and Co.		1,238		296,216
BioMerieux		477		65,508
Boston Scientific Corp.(a)		6,210		218,033
Cochlear Ltd.		738		96,891
Coloplast A/S–Class B		1,368		213,227
Cooper Cos., Inc. (The)		211		59,848
Danaher Corp.		2,890		511,039
Demant A/S(a)		1,271		33,683
DENTSPLY SIRONA, Inc.		946		41,681
DexCom, Inc.(a)		409		165,809
DiaSorin SpA		290		55,693
Edwards Lifesciences Corp.(a)		2,970		205,257
Fisher & Paykel Healthcare Corp., Ltd.		6,614		152,365
GN Store Nord A/S		1,474		78,904
Hologic, Inc.(a)		1,120		63,840
Hoya Corp.		4,090		391,654
IDEXX Laboratories, Inc.(a)		433		142,959
Intuitive Surgical, Inc.(a)		555		316,256
Koninklijke Philips NV		10,323		481,544
Medtronic PLC		5,929		543,689
Olympus Corp.		13,355		257,117
ResMed, Inc.		666		127,872
Sartorius AG (Preference Shares)		410		135,320
Smith & Nephew PLC		8,855		165,001
Sonova Holding AG		635		127,111
STERIS PLC		391		59,995
Stryker Corp.		1,465		263,978

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Sysmex Corp.		1,927	$	147,920
Teleflex, Inc.		211		76,800
Terumo Corp.		7,432		282,883
Varian Medical Systems, Inc.(a)		345		42,269
West Pharmaceutical Services, Inc.		331		75,193
Zimmer Biomet Holdings, Inc.		925		110,408
				7,460,739
HEALTH CARE PROVIDERS & SERVICES–0.8%
AmerisourceBergen Corp.–Class A		635		63,989
Anthem, Inc.		1,160		305,057
Cardinal Health, Inc.		1,265		66,020
Centene Corp.(a)		2,536		161,163
Cigna Corp.(a)		1,661		311,687
CVS Health Corp.		5,789		376,111
DaVita, Inc.(a)		350		27,699
Fresenius Medical Care AG & Co. KGaA		2,453		211,031
Fresenius SE & Co. KGaA		4,812		239,170
HCA Healthcare, Inc.		1,170		113,560
Henry Schein, Inc.(a)		590		34,450
Humana, Inc.		585		226,834
Laboratory Corp. of America Holdings(a)		425		70,597
McKesson Corp.		765		117,366
NMC Health PLC(a)(d)(e)		1,143		-0-
Orpea		595		68,725
Quest Diagnostics, Inc.		600		68,376
Ramsay Health Care Ltd.		2,058		95,043
Ryman Healthcare Ltd.		936		7,941
Sonic Healthcare Ltd.		3,453		72,916
UnitedHealth Group, Inc.		4,305		1,269,760
Universal Health Services, Inc.–Class B		300		27,867
				3,935,362
HEALTH CARE TECHNOLOGY–0.1%
Cerner Corp.		1,380		94,599
M3, Inc.		5,078		215,719
				310,318
LIFE SCIENCES TOOLS & SERVICES–0.4%
Agilent Technologies, Inc.		1,345		118,858
Bio-Rad Laboratories, Inc.–Class A(a)		96		43,343
Eurofins Scientific SE		152		95,872
Illumina, Inc.(a)		731		270,726
IQVIA Holdings, Inc.(a)		796		112,936
Lonza Group AG		858		454,480
Mettler-Toledo International, Inc.(a)		170		136,943
PerkinElmer, Inc.		455	$	44,631
QIAGEN NV(a)		2,703		116,432
Sartorius Stedim Biotech		319		80,878
Thermo Fisher Scientific, Inc.		1,785		646,777
Waters Corp.(a)		345		62,238
				2,184,114
PHARMACEUTICALS–3.6%
Astellas Pharma, Inc.		21,431		357,888
AstraZeneca PLC		13,649		1,420,512
Bayer AG		10,648		789,267
Bristol-Myers Squibb Co.		10,415		612,402
Chugai Pharmaceutical Co., Ltd.		7,731		413,917
Daiichi Sankyo Co., Ltd.		5,895		482,162
Eisai Co., Ltd.		2,933		233,024
Eli Lilly & Co.		3,823		627,660
GlaxoSmithKline PLC		52,178		1,053,979
H Lundbeck A/S		802		30,303
Hikma Pharmaceuticals PLC		1,674		45,936
Johnson & Johnson		11,795		1,658,731
Kyowa Kirin Co., Ltd.		3,108		81,817
Merck & Co., Inc.		11,335		876,536
Merck KGaA		1,488		173,274
Mylan NV(a)		2,255		36,260
Novartis AG		22,345		1,946,719
Novo Nordisk A/S–Class B		18,405		1,199,044
Ono Pharmaceutical Co., Ltd.		4,257		124,247
Orion Oyj–Class B		1,211		58,727
Otsuka Holdings Co., Ltd.		4,495		195,901
Perrigo Co. PLC		572		31,614
Pfizer, Inc.		24,754		809,456
Recordati SpA		1,204		60,247
Roche Holding AG		7,308		2,531,853
Sanofi		11,738		1,197,095
Santen Pharmaceutical Co., Ltd.		4,106		75,589
Shionogi & Co., Ltd.		3,100		194,473
Takeda Pharmaceutical Co., Ltd.		16,396		589,074
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		11,367		140,155
UCB SA		1,307		151,673
Vifor Pharma AG		524		79,274
Zoetis, Inc.		2,126		291,347
				18,570,156
				36,688,383
FINANCIALS–6.5%
BANKS–2.8%
Aozora Bank Ltd.		1,361		23,732
Australia & New Zealand Banking Group Ltd.		32,648		423,613
Banco Bilbao Vizcaya Argentaria SA		71,998		247,886
Banco Santander SA		172,852		422,875
Bank Hapoalim BM		13,064		78,099
Bank Leumi Le-Israel BM		16,778		84,358
Bank of America Corp.		36,156		858,705

5

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Bank of Kyoto Ltd. (The)		655	$	23,272
Bankinter SA		7,353		35,244
Banque Cantonale Vaudoise		349		33,987
Barclays PLC		179,647		253,446
BNP Paribas SA		12,948		517,324
CaixaBank SA		39,919		85,398
Chiba Bank Ltd. (The)		6,102		28,849
Citigroup, Inc.		9,749		498,174
Citizens Financial Group, Inc.		1,879		47,426
Comerica, Inc.		550		20,955
Commonwealth Bank of Australia		18,413		889,243
Credit Agricole SA		13,282		126,122
Danske Bank A/S		7,538		100,771
DBS Group Holdings Ltd.		17,778		267,502
DNB ASA		10,914		145,675
Erste Group Bank AG		3,207		75,742
Fifth Third Bancorp		3,090		59,575
First Republic Bank/CA		723		76,631
Fukuoka Financial Group, Inc.		1,800		28,460
Hang Seng Bank Ltd.		8,803		148,262
HSBC Holdings PLC		211,291		981,993
Huntington Bancshares, Inc./OH		4,545		41,064
ING Groep NV		44,857		312,694
Intesa Sanpaolo SpA		171,325		329,234
Israel Discount Bank Ltd.–Class A		13,191		40,232
JPMorgan Chase & Co.		14,055		1,322,013
KBC Group NV		2,475		142,192
KeyCorp		4,365		53,166
Lloyds Banking Group PLC		731,066		282,016
M&T Bank Corp.		565		58,743
Mebuki Financial Group, Inc.		10,857		25,291
Mediobanca Banca di Credito Finanziario SpA		7,149		51,625
Mitsubishi UFJ Financial Group, Inc.		127,145		500,382
Mizrahi Tefahot Bank Ltd.		529		9,940
Mizuho Financial Group, Inc.		277,685		341,565
National Australia Bank Ltd.		36,792		466,242
Nordea Bank Abp		37,296		258,659
Oversea-Chinese Banking Corp., Ltd.		38,061		248,073
People’s United Financial, Inc.		1,975		22,851
PNC Financial Services Group, Inc. (The)		1,980		208,316
Raiffeisen Bank International AG		1,704		30,456
Regions Financial Corp.		4,315		47,983
Resona Holdings, Inc.		24,078		82,392
Royal Bank of Scotland Group PLC		53,666		80,566
Seven Bank Ltd.		6,786		18,599
Shinsei Bank Ltd.		1,789		21,638
Shizuoka Bank Ltd. (The)		904	$	5,815
Skandinaviska Enskilda Banken AB–Class A		18,734		162,621
Societe Generale SA		9,127		152,601
Standard Chartered PLC		25,714		139,390
Sumitomo Mitsui Financial Group, Inc.		15,017		423,807
Sumitomo Mitsui Trust Holdings, Inc.		3,888		109,565
SVB Financial Group(a)		236		50,865
Svenska Handelsbanken AB–Class A		17,909		170,052
Swedbank AB–Class A		1,293		16,603
Truist Financial Corp.		5,998		225,225
UniCredit SpA		24,423		225,405
United Overseas Bank Ltd.		13,541		197,859
US Bancorp		6,305		232,150
Wells Fargo & Co.		17,195		440,192
Westpac Banking Corp.		37,065		464,550
Zions Bancorp NA		730		24,820
				14,620,771
CAPITAL MARKETS–1.4%
3i Group PLC		9,077		93,466
Ameriprise Financial, Inc.		545		81,772
Amundi SA(b)		698		54,872
ASX Ltd.		2,229		132,488
Bank of New York Mellon Corp. (The)		3,715		143,585
BlackRock, Inc.–Class A		683		371,613
Cboe Global Markets, Inc.		496		46,267
Charles Schwab Corp. (The)		5,040		170,050
CME Group, Inc.–Class A		1,650		268,191
Credit Suisse Group AG		27,544		286,592
Daiwa Securities Group, Inc.		16,000		67,214
Deutsche Bank AG		22,601		215,616
Deutsche Boerse AG		2,188		395,977
E*TRADE Financial Corp.		970		48,238
EQT AB		2,742		49,441
Franklin Resources, Inc.		1,240		26,003
Goldman Sachs Group, Inc. (The)		1,438		284,178
Hargreaves Lansdown PLC		3,794		76,510
Hong Kong Exchanges & Clearing Ltd.		13,792		587,425
Intercontinental Exchange, Inc.		2,500		229,000
Invesco Ltd.(c)		1,580		17,001
Japan Exchange Group, Inc.		5,865		135,833
London Stock Exchange Group PLC		3,274		340,480
Macquarie Group Ltd.		3,876		321,677
MarketAxess Holdings, Inc.		160		80,147
Moody’s Corp.		745		204,674
Morgan Stanley		5,160		249,228
MSCI, Inc.–Class A		357		119,174
Nasdaq, Inc.		510		60,930
Natixis SA		10,888		28,717

6

AB Variable Products Series Fund

Company	Shares			U.S. $ Value
Nomura Holdings, Inc.		36,193		$	162,636
Northern Trust Corp.		910			72,199
Partners Group Holding AG		216			196,710
Raymond James Financial, Inc.		459			31,593
S&P Global, Inc.		1,100			362,428
Schroders PLC		1,431			52,228
St. James’s Place PLC		6,158			72,409
Standard Life Aberdeen PLC		26,804			88,820
State Street Corp.		1,565			99,456
T. Rowe Price Group, Inc.		975			120,412
UBS Group AG		41,887			483,755
					6,929,005
CONSUMER FINANCE–0.1%
Acom Co., Ltd.		4,593			17,577
American Express Co.		3,000			285,600
Capital One Financial Corp.		2,053			128,497
Discover Financial Services		1,360			68,122
Isracard Ltd.		–0	–		–0	–
Synchrony Financial		2,478			54,913
					554,709
DIVERSIFIED FINANCIAL SERVICES–0.5%
Berkshire Hathaway, Inc.–Class B(a)		8,734			1,559,106
EXOR NV		1,249			71,689
Groupe Bruxelles Lambert SA		768			64,328
IHS Markit Ltd.		1,711			129,181
Industrivarden AB–Class C		1,826			41,622
Investor AB–Class B		5,243			278,130
Kinnevik AB–Class B		2,785			73,517
L E Lundbergforetagen AB–Class B		875			39,886
M&G PLC		27,397			56,888
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,640			22,141
ORIX Corp.		15,248			189,338
Sofina SA		178			47,002
Tokyo Century Corp.		496			25,398
Wendel SA		309			29,490
					2,627,716
INSURANCE–1.7%
Admiral Group PLC		2,197			62,305
Aegon NV		20,597			60,884
Aflac, Inc.		3,190			114,936
Ageas		2,085			73,892
AIA Group Ltd.		132,118			1,236,307
Allianz SE		4,336			886,028
Allstate Corp. (The)		1,450			140,635
American International Group, Inc.		3,833			119,513
Aon PLC		1,075			207,045
Arthur J Gallagher & Co.		752			73,312
Assicurazioni Generali SpA		12,649			192,142
Assurant, Inc.		260			26,855
Aviva PLC		36,655		$	124,238
Chubb Ltd.		2,012			254,759
Cincinnati Financial Corp.		610			39,058
CNP Assurances		1,975			22,907
Dai-ichi Life Holdings, Inc.		12,416			148,619
Direct Line Insurance Group PLC		15,828			53,072
Everest Re Group Ltd.		244			50,313
Gjensidige Forsikring ASA		358			6,614
Globe Life, Inc.(a)		452			33,552
Hannover Rueck SE		695			120,113
Hartford Financial Services Group, Inc. (The)		1,565			60,331
Insurance Australia Group Ltd.		26,603			106,767
Japan Post Holdings Co., Ltd.		18,130			129,388
Legal & General Group PLC		58,066			158,302
Lincoln National Corp.		840			30,904
Loews Corp.		1,140			39,091
Marsh & McLennan Cos., Inc.		2,220			238,361
MetLife, Inc.		3,490			127,455
MS&AD Insurance Group Holdings, Inc.		5,122			141,053
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,425			371,063
NN Group NV		3,362			112,989
Poste Italiane SpA(b)		6,014			52,534
Principal Financial Group, Inc.		1,090			45,279
Progressive Corp. (The)		2,615			209,488
Prudential Financial, Inc.		1,755			106,879
Prudential PLC		27,057			407,696
QBE Insurance Group Ltd.		16,701			103,064
RSA Insurance Group PLC		11,875			60,140
Sampo Oyj–Class A		5,422			186,895
SCOR SE		1,825			50,403
Sompo Holdings, Inc.		3,853			132,641
Suncorp Group Ltd.		14,515			93,272
Swiss Life Holding AG		368			136,903
Swiss Re AG		3,392			262,997
Tokio Marine Holdings, Inc.		7,416			324,621
Travelers Cos., Inc. (The)		1,090			124,314
Tryg A/S		1,391			40,415
Unum Group		890			14,765
Willis Towers Watson PLC		587			115,610
WR Berkley Corp.		634			36,322
Zurich Insurance Group AG		1,723			610,511
					8,677,552
					33,409,753
INDUSTRIALS–5.6%
AEROSPACE & DEFENSE–0.6%
Airbus SE		6,762			484,523
BAE Systems PLC		32,056			191,678

7

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Boeing Co. (The)		2,380	$	436,254
Dassault Aviation SA		29		26,607
Elbit Systems Ltd.		154		21,163
General Dynamics Corp.		1,050		156,933
Howmet Aerospace, Inc.(a)		1,716		27,199
Huntington Ingalls Industries, Inc.		179		31,234
L3Harris Technologies, Inc.(a)		957		162,374
Lockheed Martin Corp.		1,110		405,061
MTU Aero Engines AG		612		106,549
Northrop Grumman Corp.		770		236,729
Raytheon Technologies Corp.		6,470		398,681
Rolls-Royce Holdings PLC(a)		22,228		78,478
Safran SA		3,689		371,081
Singapore Technologies Engineering Ltd.		17,972		42,895
Teledyne Technologies, Inc.(a)		165		51,307
Textron, Inc.		1,005		33,075
TransDigm Group, Inc.		213		94,157
				3,355,978
AIR FREIGHT & LOGISTICS–0.3%
CH Robinson Worldwide, Inc.(c)		515		40,716
Deutsche Post AG		11,387		418,129
DSV PANALPINA A/S		2,435		299,103
Expeditors International of Washington, Inc.		720		54,749
FedEx Corp.		1,065		149,334
Kuehne & Nagel International AG		622		103,605
SG Holdings Co., Ltd.		1,843		60,144
United Parcel Service, Inc.–Class B		3,065		340,767
Yamato Holdings Co., Ltd.		3,400		73,805
				1,540,352
AIRLINES–0.1%
Alaska Air Group, Inc.		543		19,689
American Airlines Group, Inc.(c)		1,732		22,637
ANA Holdings, Inc.		1,324		30,257
Delta Air Lines, Inc.		2,492		69,901
Deutsche Lufthansa AG		2,752		27,610
Japan Airlines Co., Ltd.		1,304		23,531
Qantas Airways Ltd.		8,408		22,280
Singapore Airlines Ltd.		14,000		37,789
Southwest Airlines Co.		2,105		71,949
United Airlines Holdings, Inc.(a)		972		33,641
				359,284
BUILDING PRODUCTS–0.4%
AGC, Inc./Japan		2,225		63,790
Allegion PLC		385	$	39,355
AO Smith Corp.(c)		555		26,152
Assa Abloy AB–Class B		11,538		236,154
Carrier Global Corp.		4,125		91,657
Cie de Saint-Gobain		5,957		214,934
Daikin Industries Ltd.		2,868		464,042
Fortune Brands Home & Security, Inc.		621		39,701
Geberit AG		427		214,241
Johnson Controls International PLC		3,392		115,803
Kingspan Group PLC		1,771		114,329
Masco Corp.		1,185		59,499
Nibe Industrier AB		3,589		79,603
Otis Worldwide Corp.		2,062		117,245
TOTO Ltd.		1,651		63,478
				1,939,983
COMMERCIAL SERVICES & SUPPLIES–0.2%
Brambles Ltd.		17,764		134,693
Cintas Corp.		435		115,867
Copart, Inc.(a)		841		70,030
Dai Nippon Printing Co., Ltd.		2,799		64,350
Park24 Co., Ltd.		1,300		22,288
Rentokil Initial PLC		20,957		132,515
Republic Services, Inc.–Class A		900		73,845
Rollins, Inc.		554		23,484
Secom Co., Ltd.		2,417		212,074
Securitas AB–Class B		3,604		48,734
Waste Management, Inc.		1,715		181,636
				1,079,516
CONSTRUCTION & ENGINEERING–0.3%
ACS Actividades de Construccion y Servicios SA		3,015		77,482
Bouygues SA		2,623		89,850
CIMIC Group Ltd.		1,118		18,788
Epiroc AB–Class A		7,586		95,056
Epiroc AB–Class B		4,489		55,130
Ferrovial SA		4,455		119,082
HOCHTIEF AG		285		25,359
Jacobs Engineering Group, Inc.		565		47,912
JGC Holdings Corp.		2,535		26,731
Kajima Corp.		5,172		61,841
Obayashi Corp.		7,474		70,266
Quanta Services, Inc.		565		22,165
Skanska AB–Class B		3,916		79,946
Taisei Corp.		2,197		80,072
Vinci SA		5,932		550,034
				1,419,714
ELECTRICAL EQUIPMENT–0.6%
ABB Ltd.		21,227		481,490

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
AMETEK, Inc.		999	$	89,281
Eaton Corp. PLC		1,814		158,689
Emerson Electric Co.		2,640		163,759
Legrand SA		3,005		228,327
Melrose Industries PLC		52,623		74,174
Mitsubishi Electric Corp.		21,000		274,287
Nidec Corp.		5,134		345,871
Prysmian SpA		2,778		64,445
Rockwell Automation, Inc.		530		112,890
Schneider Electric SE		6,365		708,021
Siemens Gamesa Renewable Energy SA(a)		2,744		48,857
Vestas Wind Systems A/S		2,290		234,502
				2,984,593
INDUSTRIAL CONGLOMERATES–0.6%
3M Co.		2,575		401,674
CK Hutchison Holdings Ltd.		31,073		201,216
DCC PLC		1,133		94,542
General Electric Co.		39,079		266,910
Honeywell International, Inc.		3,145		454,736
Investment AB Latour–Class B		1,704		30,938
Jardine Matheson Holdings Ltd.		2,530		105,781
Jardine Strategic Holdings Ltd.		2,551		55,028
Keppel Corp., Ltd.		16,745		72,119
Roper Technologies, Inc.		495		192,189
Siemens AG		7,957		938,425
Smiths Group PLC		4,560		79,718
Toshiba Corp.		4,452		142,819
				3,036,095
MACHINERY–1.0%
Alfa Laval AB		3,526		77,784
Amada Holdings Co., Ltd.		3,813		31,220
ANDRITZ AG		838		30,554
Atlas Copco AB–Class A		7,730		329,185
Caterpillar, Inc.		2,455		310,557
CNH Industrial NV		11,779		82,755
Cummins, Inc.		700		121,282
Daifuku Co., Ltd.		1,166		102,179
Deere & Co.		1,405		220,796
Dover Corp.		585		56,488
FANUC Corp.		2,232		400,130
Flowserve Corp.		510		14,545
Fortive Corp.		1,320		89,311
GEA Group AG		1,741		55,256
Hino Motors Ltd.		3,307		22,437
Hitachi Construction Machinery Co., Ltd.		1,238		34,390
IDEX Corp.		372		58,791
Illinois Tool Works, Inc.		1,315		229,928
Ingersoll Rand, Inc.(a)		1,469		41,308
Kawasaki Heavy Industries Ltd.		30		433
KION Group AG		748		46,054
Knorr-Bremse AG		557	$	56,528
Komatsu Ltd.		10,076		206,362
Kone Oyj–Class B		3,971		273,877
Kubota Corp.		11,872		177,590
Kurita Water Industries Ltd.		1,200		33,382
Makita Corp.		2,579		93,784
Metso Oyj		1,230		40,422
MINEBEA MITSUMI, Inc.		4,131		75,298
MISUMI Group, Inc.		3,268		82,054
Mitsubishi Heavy Industries Ltd.		3,689		87,098
NSK Ltd.		4,073		30,395
PACCAR, Inc.		1,510		113,024
Parker-Hannifin Corp.		595		109,046
Pentair PLC		680		25,833
Sandvik AB		12,995		244,641
Schindler Holding AG (REG)		232		55,001
SKF AB–Class B		4,382		81,915
SMC Corp./Japan		660		339,188
Snap-on, Inc.		220		30,472
Spirax-Sarco Engineering PLC		641		78,913
Stanley Black & Decker, Inc.		715		99,657
Sumitomo Heavy Industries Ltd.		1,200		26,245
Techtronic Industries Co., Ltd.		15,799		156,324
Trane Technologies PLC		1,025		91,205
Volvo AB–Class B		17,115		269,302
Wartsila Oyj Abp		5,108		42,371
Westinghouse Air Brake Technologies Corp.		715		41,163
Xylem, Inc./NY		785		50,994
				5,367,467
MARINE–0.0%
AP Moller–Maersk A/S–Class B		37		43,364
Nippon Yusen KK		1,761		24,924
				68,288
PROFESSIONAL SERVICES–0.5%
Adecco Group AG		1,786		84,184
Bureau Veritas SA		3,381		71,709
Equifax, Inc.		555		95,393
Experian PLC		9,447		331,579
Intertek Group PLC		1,627		109,580
Nielsen Holdings PLC		1,566		23,271
Nihon M&A Center, Inc.		1,721		78,268
Persol Holdings Co., Ltd.		2,043		28,167
Randstad NV		1,372		61,349
Recruit Holdings Co., Ltd.		14,642		503,541
RELX PLC (London)		20,111		465,484
Robert Half International, Inc.		485		25,623
SGS SA		70		171,475
Teleperformance		676		172,165

9

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Verisk Analytics, Inc.–Class A		700	$	119,140
Wolters Kluwer NV		3,143		245,486
				2,586,414
ROAD & RAIL–0.5%
Aurizon Holdings Ltd.		22,082		75,142
Central Japan Railway Co.		1,660		256,732
CSX Corp.		3,380		235,721
East Japan Railway Co.		3,481		241,217
Hankyu Hanshin Holdings, Inc.		2,635		89,006
JB Hunt Transport Services, Inc.		403		48,497
Kansas City Southern		420		62,702
Keio Corp.		1,200		68,676
Kintetsu Group Holdings Co., Ltd.		1,975		88,617
MTR Corp., Ltd.		5,081		26,425
Nagoya Railroad Co., Ltd.		2,151		60,627
Norfolk Southern Corp.		1,120		196,638
Odakyu Electric Railway Co., Ltd.		3,393		83,325
Old Dominion Freight Line, Inc.		453		76,824
Seibu Holdings, Inc.		2,487		27,089
Tobu Railway Co., Ltd.		2,165		71,530
Tokyu Corp.		5,754		81,007
Union Pacific Corp.		3,140		530,880
West Japan Railway Co.		1,872		104,999
				2,425,654
TRADING COMPANIES & DISTRIBUTORS–0.4%
AerCap Holdings NV(a)		1,369		42,165
Ashtead Group PLC		4,308		145,322
Brenntag AG		238		12,619
Bunzl PLC		3,877		103,993
Fastenal Co.		2,530		108,385
Ferguson PLC		2,235		182,748
ITOCHU Corp.		15,507		335,538
Marubeni Corp.		19,005		86,328
Mitsubishi Corp.		15,558		328,768
Mitsui & Co., Ltd.		19,057		282,360
Sumitomo Corp.		13,465		154,867
Toyota Tsusho Corp.		2,502		63,804
United Rentals, Inc.(a)		300		44,712
WW Grainger, Inc.		180		56,549
				1,948,158
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(b)		780		104,318
Aeroports de Paris		342		35,308
Atlantia SpA		5,703		92,248
Auckland International Airport Ltd.		13,988		59,488
Fraport AG Frankfurt Airport Services Worldwide		479		20,983
Getlink SE		5,064	$	73,229
Japan Airport Terminal Co., Ltd.		584		24,920
Kamigumi Co., Ltd.		1,130		22,223
Transurban Group		31,483		308,745
				741,462
				28,852,958
CONSUMER DISCRETIONARY–5.5%
AUTO COMPONENTS–0.2%
Aisin Seiki Co., Ltd.		1,800		52,762
Aptiv PLC		1,091		85,011
BorgWarner, Inc.		920		32,476
Bridgestone Corp.		6,162		198,881
Cie Generale des Etablissements Michelin SCA–Class B		1,954		203,671
Continental AG		1,267		124,560
Denso Corp.		4,989		195,654
Faurecia SE		874		34,338
JTEKT Corp.		2,371		18,513
NGK Spark Plug Co., Ltd.		1,803		25,914
Stanley Electric Co., Ltd.		1,395		33,770
Sumitomo Electric Industries Ltd.		8,682		100,153
Sumitomo Rubber Industries Ltd.		1,968		19,492
Toyoda Gosei Co., Ltd.		748		15,628
Toyota Industries Corp.		1,698		90,253
Valeo SA		2,636		69,526
Yokohama Rubber Co., Ltd. (The)		1,366		19,315
				1,319,917
AUTOMOBILES–0.8%
Bayerische Motoren Werke AG		3,812		243,360
Daimler AG		9,852		400,817
Ferrari NV		1,451		248,549
Fiat Chrysler Automobiles NV		12,630		127,792
Ford Motor Co.		17,370		105,610
General Motors Co.		5,586		141,326
Honda Motor Co., Ltd.		18,767		480,316
Isuzu Motors Ltd.		6,348		57,686
Mitsubishi Motors Corp.		7,719		19,131
Nissan Motor Co., Ltd.		26,300		97,532
Renault SA		2,213		56,639
Subaru Corp.		7,083		148,316
Suzuki Motor Corp.		4,318		147,443
Toyota Motor Corp.		22,061		1,387,285
Volkswagen AG		374		60,385
Volkswagen AG (Preference Shares)		2,137		324,824
				4,047,011
DISTRIBUTORS–0.0%
Genuine Parts Co.		610		53,045

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Jardine Cycle & Carriage Ltd.		1,137	$	16,593
LKQ Corp.(a)		1,314		34,427
				104,065
DIVERSIFIED CONSUMER SERVICES–0.0%
Benesse Holdings, Inc.		826		22,153
H&R Block, Inc.		860		12,281
				34,434
HOTELS, RESTAURANTS & LEISURE–0.7%
Accor SA		2,181		59,523
Aristocrat Leisure Ltd.		6,615		118,451
Carnival Corp.(c)		2,055		33,743
Chipotle Mexican Grill, Inc.–Class A(a)		154		162,063
Compass Group PLC		18,425		253,500
Crown Resorts Ltd.		4,287		28,879
Darden Restaurants, Inc.		470		35,612
Domino’s Pizza, Inc.		173		63,913
Evolution Gaming Group AB(b)		1,464		86,955
Flutter Entertainment PLC		1,614		213,087
Galaxy Entertainment Group Ltd.		24,949		171,144
Genting Singapore Ltd.		69,609		38,297
GVC Holdings PLC		6,708		61,485
Hilton Worldwide Holdings, Inc.		1,166		85,643
InterContinental Hotels Group PLC		1,447		63,878
La Francaise des Jeux SAEM(b)		989		30,568
Las Vegas Sands Corp.		1,447		65,896
Marriott International, Inc./MD–Class A		1,171		100,390
McDonald’s Corp.		3,350		617,975
Melco Resorts & Entertainment Ltd. (ADR)		2,272		35,261
MGM Resorts International(c)		2,240		37,632
Norwegian Cruise Line Holdings Ltd.(a)		931		15,296
Oriental Land Co., Ltd./Japan		2,303		304,332
Royal Caribbean Cruises Ltd.		677		34,053
Sands China Ltd.		27,932		110,031
SJM Holdings Ltd.		22,833		25,599
Sodexo SA		221		14,986
Starbucks Corp.		5,191		382,006
Whitbread PLC		2,096		57,666
Wynn Resorts Ltd.		410		30,541
Yum! Brands, Inc.		1,315		114,287
				3,452,692
HOUSEHOLD DURABLES–0.4%
Barratt Developments PLC		11,070		68,038
Berkeley Group Holdings PLC		1,449		74,624
DR Horton, Inc.		1,485	$	82,343
Electrolux AB–Class B		2,430		40,885
Garmin Ltd.		620		60,450
Iida Group Holdings Co., Ltd.		1,694		26,034
Leggett & Platt, Inc.		575		20,211
Lennar Corp.–Class A		1,250		77,025
Mohawk Industries, Inc.(a)		250		25,440
Newell Brands, Inc.		1,625		25,805
Nikon Corp.		3,200		26,875
NVR, Inc.(a)		20		65,175
Panasonic Corp.		25,416		222,874
Persimmon PLC		2,720		76,980
PulteGroup, Inc.		1,115		37,943
Rinnai Corp.		416		34,837
SEB SA		261		43,295
Sekisui Chemical Co., Ltd.		4,000		57,311
Sekisui House Ltd.		7,155		136,604
Sharp Corp./Japan		2,451		26,286
Sony Corp.		13,242		914,097
Taylor Wimpey PLC		37,797		66,712
Whirlpool Corp.(c)		300		38,859
				2,248,703
INTERNET & DIRECT MARKETING RETAIL–1.4%
Amazon.com, Inc.(a)		1,890		5,214,170
Booking Holdings, Inc.(a)		257		409,231
Delivery Hero SE(a)(b)		1,474		151,479
eBay, Inc.		3,415		179,117
Expedia Group, Inc.		532		43,731
Just Eat Takeaway.com NV(a)(b)		1,397		146,021
Mercari, Inc.(a)		976		30,306
Ocado Group PLC(a)		4,171		104,819
Prosus NV(a)		5,634		523,727
Rakuten, Inc.		9,908		87,517
Zalando SE(a)(b)		1,747		123,933
ZOZO, Inc.		1,255		27,977
				7,042,028
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		2,300		121,067
Hasbro, Inc.		500		37,475
Sega Sammy Holdings, Inc.		1,992		23,879
Shimano, Inc.		854		164,215
Yamaha Corp.		1,600		75,464
				422,100
MULTILINE RETAIL–0.2%
Dollar General Corp.		1,160		220,992
Dollar Tree, Inc.(a)		1,038		96,202
Isetan Mitsukoshi Holdings Ltd.		3,874		22,295
Kohl’s Corp.		680		14,124
Next PLC		1,531		92,694
Pan Pacific International Holdings Corp.		4,742		104,403
Ryohin Keikaku Co., Ltd.		2,570		36,554

11

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Target Corp.		2,215	$	265,645
Wesfarmers Ltd.		13,052		405,815
				1,258,724
SPECIALTY RETAIL–0.8%
ABC-Mart, Inc.		380		22,292
Advance Auto Parts, Inc.		331		47,151
AutoZone, Inc.(a)		155		174,859
Best Buy Co., Inc.		1,000		87,270
CarMax, Inc.(a)		720		64,476
Fast Retailing Co., Ltd.		672		386,246
Gap, Inc. (The)		905		11,421
Hennes & Mauritz AB–Class B		9,038		131,921
Home Depot, Inc. (The)		4,870		1,219,984
Industria de Diseno Textil SA		11,346		301,048
JD Sports Fashion PLC		5,019		38,630
Kingfisher PLC		24,290		66,826
L Brands, Inc.		1,025		15,344
Lowe’s Cos., Inc.		3,360		454,003
Nitori Holdings Co., Ltd.		923		180,972
O’Reilly Automotive, Inc.(a)		390		164,451
Ross Stores, Inc.		1,550		132,122
Shimamura Co., Ltd.		273		18,491
Tiffany & Co.		455		55,483
TJX Cos., Inc. (The)		5,390		272,518
Tractor Supply Co.		515		67,872
Ulta Beauty, Inc.(a)		252		51,262
				3,964,642
TEXTILES, APPAREL & LUXURY GOODS–0.9%
adidas AG		2,192		577,924
Burberry Group PLC		4,658		92,043
Cie Financiere Richemont SA		6,009		387,582
EssilorLuxottica SA		3,274		421,064
Hanesbrands, Inc.		1,547		17,466
Hermes International		365		306,457
Kering SA		873		477,286
LVMH Moet Hennessy Louis Vuitton SE		2,889		1,275,479
Moncler SpA		2,262		86,982
NIKE, Inc.–Class B		5,550		544,177
Pandora A/S		1,211		66,138
PVH Corp.		245		11,772
Ralph Lauren Corp.		190		13,779
Swatch Group AG (The)		334		67,038
Tapestry, Inc.		1,180		15,670
Under Armour, Inc.–Class A(a)		827		8,055
Under Armour, Inc.–Class C(a)		804		7,107
VF Corp.		1,450		88,363
				4,464,382
				28,358,698
CONSUMER STAPLES–4.7%
BEVERAGES–0.9%
Anheuser-Busch InBev SA/NV		7,925	$	390,674
Asahi Group Holdings Ltd.		4,453		156,399
Brown-Forman Corp.–Class B		792		50,419
Budweiser Brewing Co. APAC Ltd.(b)		19,818		58,016
Carlsberg A/S–Class B		1,232		163,373
Coca-Cola Amatil Ltd.		5,833		35,135
Coca-Cola Bottlers Japan Holdings, Inc.		1,300		23,578
Coca-Cola Co. (The)		17,220		769,390
Coca-Cola European Partners PLC		2,134		80,580
Coca-Cola HBC AG		2,301		57,601
Constellation Brands, Inc.–Class A		720		125,964
Diageo PLC		24,308		807,933
Heineken NV		2,984		275,108
Ito En Ltd.		616		34,772
Kirin Holdings Co., Ltd.		9,345		196,990
Molson Coors Beverage Co.–Class B		750		25,770
Monster Beverage Corp.(a)		1,620		112,298
PepsiCo, Inc.		6,275		829,932
Pernod Ricard SA		2,445		385,005
Remy Cointreau SA		260		35,471
Suntory Beverage & Food Ltd.		1,601		62,468
Treasury Wine Estates Ltd.		150		1,091
				4,677,967
FOOD & STAPLES RETAILING–0.7%
Aeon Co., Ltd.		7,528		175,135
Casino Guichard Perrachon SA(a)		499		18,487
Coles Group Ltd.		15,355		182,531
Colruyt SA		638		35,064
Cosmos Pharmaceutical Corp.		231		35,444
Costco Wholesale Corp.		2,015		610,968
J Sainsbury PLC		20,378		52,738
Jeronimo Martins SGPS SA		2,897		50,697
Kobe Bussan Co., Ltd.		709		40,261
Koninklijke Ahold Delhaize NV		12,671		345,336
Kroger Co. (The)		3,520		119,152
Lawson, Inc.		600		30,180
Seven & i Holdings Co., Ltd.		8,674		283,757
Sundrug Co., Ltd.		824		27,271
Sysco Corp.		2,225		121,619
Tesco PLC		101,866		286,515
Tsuruha Holdings, Inc.		426		58,836
Walgreens Boots Alliance, Inc.		3,275		138,827

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Walmart, Inc.		6,363	$	762,160
Wm Morrison Supermarkets PLC		27,684		65,216
Woolworths Group Ltd.		14,518		374,227
				3,814,421
FOOD PRODUCTS–1.3%
a2 Milk Co., Ltd.(a)		6,019		78,787
Ajinomoto Co., Inc.		5,373		89,165
Archer-Daniels-Midland Co.		2,425		96,758
Associated British Foods PLC		3,365		79,563
Barry Callebaut AG		35		66,809
Calbee, Inc.		1,002		27,695
Campbell Soup Co.		675		33,500
Chocoladefabriken Lindt & Spruengli AG (REG)		2		172,514
Conagra Brands, Inc.		2,165		76,143
Danone SA		7,109		493,458
General Mills, Inc.		2,605		160,598
Hershey Co. (The)		650		84,253
Hormel Foods Corp.		1,150		55,511
JM Smucker Co. (The)		495		52,376
Kellogg Co.		1,015		67,051
Kerry Group PLC–Class A		1,472		182,862
Kikkoman Corp.		1,724		83,265
Kraft Heinz Co. (The)		2,728		86,996
Lamb Weston Holdings, Inc.		590		37,719
McCormick & Co., Inc./MD		575		103,161
MEIJI Holdings Co., Ltd.		1,318		104,881
Mondelez International, Inc.–Class A		6,395		326,976
Mowi ASA		5,059		96,433
Nestle SA		30,955		3,432,000
NH Foods Ltd.		933		37,544
Nisshin Seifun Group, Inc.		2,277		33,999
Nissin Foods Holdings Co., Ltd.		730		64,678
Orkla ASA		4,449		39,060
Tyson Foods, Inc.–Class A		1,225		73,145
WH Group Ltd.(b)		110,196		95,231
Wilmar International Ltd.		22,113		65,405
Yakult Honsha Co., Ltd.		1,419		83,485
Yamazaki Baking Co., Ltd.		1,394		23,945
				6,604,966
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		1,026		79,310
Clorox Co. (The)		570		125,041
Colgate-Palmolive Co.		3,780		276,923
Essity AB–Class B		6,982		226,366
Henkel AG & Co. KGaA		638		53,375
Henkel AG & Co. KGaA (Preference Shares)		2,051		191,346
Kimberly-Clark Corp.		1,555		219,799
Lion Corp.		2,582		62,101
Procter & Gamble Co. (The)		11,170		1,335,597
Reckitt Benckiser Group PLC		7,382	$	679,132
Unicharm Corp.		4,645		190,503
				3,439,493
PERSONAL PRODUCTS–0.7%
Beiersdorf AG		1,161		132,022
Coty, Inc.–Class A		1,262		5,641
Estee Lauder Cos., Inc. (The)–Class A		1,040		196,227
Kao Corp.		5,549		440,357
L’Oreal SA		2,892		933,383
Shiseido Co., Ltd.		4,614		294,007
Unilever NV		16,815		896,537
Unilever PLC		12,154		655,600
				3,553,774
TOBACCO–0.4%
Altria Group, Inc.		8,340		327,345
British American Tobacco PLC		23,860		915,098
Imperial Brands PLC		9,340		177,802
Japan Tobacco, Inc.		13,853		257,288
Philip Morris International, Inc.		6,950		486,917
Swedish Match AB		1,957		138,078
				2,302,528
				24,393,149
COMMUNICATION SERVICES–3.9%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.2%
Altice Europe NV–Class A(a)		7,169		27,726
AT&T, Inc.		32,677		987,826
BT Group PLC		81,346		115,043
Cellnex Telecom SA(b)		2,424		148,052
CenturyLink, Inc.		4,312		43,249
Charter Communications, Inc.–Class A(a)		693		353,458
Comcast Corp.–Class A		20,252		789,423
Deutsche Telekom AG		34,771		583,431
Elisa Oyj		1,638		99,675
Eurazeo SE		453		23,278
HKT Trust & HKT Ltd.–Class SS		43,580		63,952
Iliad SA		171		33,381
Infrastrutture Wireless Italiane SpA(b)		2,762		27,726
Koninklijke KPN NV		41,123		109,384
Nippon Telegraph & Telephone Corp.		14,800		344,832
Orange SA		22,965		274,614
PCCW Ltd.		48,874		27,944
Proximus SADP		1,581		32,216

13

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Singapore Telecommunications Ltd.		71,734	$	127,607
Spark New Zealand Ltd.		21,146		62,564
Swisscom AG		299		156,796
Telecom Italia SpA/Milano		96,254		37,956
Telecom Italia SpA/Milano (Savings Shares)		69,387		27,005
Telefonica Deutschland Holding AG		11,986		35,349
Telefonica SA		52,707		252,086
Telenet Group Holding NV		528		21,755
Telenor ASA		8,302		121,216
Telia Co. AB		29,074		108,772
Telstra Corp., Ltd.		47,917		104,010
United Internet AG		1,180		50,135
Verizon Communications, Inc.		18,505		1,020,181
Washington H Soul Pattinson & Co., Ltd.		1,240		16,843
				6,227,485
ENTERTAINMENT–0.7%
Activision Blizzard, Inc.		3,365		255,404
Bollore SA		10,158		32,052
Electronic Arts, Inc.(a)		1,315		173,646
Konami Holdings Corp.		1,074		35,838
Live Nation Entertainment, Inc.(a)		616		27,307
Netflix, Inc.(a)		1,992		906,440
Nexon Co., Ltd.		5,577		125,797
Nintendo Co., Ltd.		1,164		520,388
Take-Two Interactive Software, Inc.(a)		485		67,691
Toho Co., Ltd./Tokyo		115		4,154
Ubisoft Entertainment SA(a)		81		6,708
Vivendi SA		9,545		246,640
Walt Disney Co. (The)		8,059		898,659
				3,300,724
INTERACTIVE MEDIA & SERVICES–1.3%
Alphabet, Inc.–Class A(a)		1,409		1,998,032
Alphabet, Inc.–Class C(a)		1,344		1,899,892
Auto Trader Group PLC(b)		11,120		72,400
Facebook, Inc.–Class A(a)		10,767		2,444,863
Kakaku.com, Inc.		1,547		39,409
LINE Corp.(a)		694		34,928
REA Group Ltd.		607		45,739
Scout24 AG(b)		181		14,003
SEEK Ltd.		3,727		57,019
Twitter, Inc.(a)		3,386		100,869
Z Holdings Corp.		30,532		149,843
				6,856,997
MEDIA–0.2%
Dentsu Group, Inc.		2,490		59,067
Discovery, Inc.– Class A(a)(c)		685		14,454
Discovery, Inc.–Class C(a)		1,404		27,041
DISH Network Corp.–Class A(a)		1,106	$	38,168
Fox Corp.–Class A		1,550		41,571
Fox Corp.–Class B(a)		632		16,963
Hakuhodo DY Holdings, Inc.		2,490		29,718
Informa PLC		14,664		84,783
Interpublic Group of Cos., Inc. (The)		1,675		28,743
ITV PLC		39,385		36,401
JCDecaux SA		980		18,307
News Corp.–Class A		1,678		19,901
News Corp.–Class B		467		5,581
Omnicom Group, Inc.		960		52,416
Pearson PLC		8,837		62,909
Publicis Groupe SA		2,491		80,920
SES SA		3,959		27,051
ViacomCBS, Inc.–Class B(c)		2,338		54,522
WPP PLC		13,761		107,285
				805,801
WIRELESS TELECOMMUNICATION SERVICES–0.5%
KDDI Corp.		17,149		511,677
NTT DOCOMO, Inc.		13,437		356,726
Softbank Corp.		22,042		280,952
SoftBank Group Corp.		16,303		822,122
T-Mobile US, Inc.(a)		2,570		267,665
Tele2 AB–Class B		5,748		76,517
Vodafone Group PLC		278,458		442,681
				2,758,340
				19,949,347
MATERIALS–2.5%
CHEMICALS–1.4%
Air Liquide SA		4,936		713,680
Air Products & Chemicals, Inc.		1,050		253,533
Air Water, Inc.		2,115		29,883
Akzo Nobel NV		2,298		206,454
Albemarle Corp.		411		31,733
Arkema SA		794		76,322
Asahi Kasei Corp.		14,441		118,211
BASF SE		10,619		596,461
Celanese Corp.–Class A		458		39,544
CF Industries Holdings, Inc.		950		26,733
Chr Hansen Holding A/S		1,215		125,322
Corteva, Inc.(a)		3,306		88,568
Covestro AG(b)		2,001		76,215
Croda International PLC		1,484		96,387
Dow, Inc.(a)		3,306		134,753
DuPont de Nemours, Inc.		3,266		173,523
Eastman Chemical Co.		530		36,909
Ecolab, Inc.		1,150		228,792
Evonik Industries AG		2,375		60,491
FMC Corp.		580		57,780
FUCHS PETROLUB SE (Preference Shares)		800		32,155
Givaudan SA		107		399,962

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
International Flavors & Fragrances, Inc.		501	$	61,316
Israel Chemicals Ltd.		8,106		24,145
Johnson Matthey PLC		2,228		58,026
JSR Corp.		2,342		45,434
Kansai Paint Co., Ltd.		2,040		43,109
Koninklijke DSM NV		1,984		275,415
Kuraray Co., Ltd.		3,676		38,468
LANXESS AG		957		50,608
Linde PLC		2,390		506,943
LyondellBasell Industries NV–Class A		1,099		72,226
Mitsubishi Chemical Holdings Corp.		14,738		85,947
Mitsubishi Gas Chemical Co., Inc.		1,819		27,666
Mosaic Co. (The)		1,560		19,516
Nippon Paint Holdings Co., Ltd.		1,686		122,971
Nissan Chemical Corp.		1,429		73,520
Nitto Denko Corp.		1,828		103,630
Novozymes A/S–Class B		1,608		93,225
Orica Ltd.		4,656		53,845
PPG Industries, Inc.		1,050		111,363
Sherwin-Williams Co. (The)		375		216,694
Shin-Etsu Chemical Co., Ltd.		4,100		481,182
Showa Denko KK		1,500		33,857
Sika AG		1,633		314,797
Solvay SA		853		68,433
Symrise AG		1,481		173,050
Taiyo Nippon Sanso Corp.		1,745		29,181
Teijin Ltd.		2,050		32,639
Toray Industries, Inc.		15,963		75,346
Tosoh Corp.		2,791		38,340
Umicore SA		1,906		89,971
Yara International ASA		2,038		71,049
				7,095,323
CONSTRUCTION MATERIALS–0.1%
CRH PLC		9,039		311,125
James Hardie Industries PLC		5,099		98,250
LafargeHolcim Ltd.(a)		6,027		265,526
Martin Marietta Materials, Inc.		277		57,220
Taiheiyo Cement Corp.		1,304		30,297
Vulcan Materials Co.		615		71,248
				833,666
CONTAINERS & PACKAGING–0.1%
AMCOR PLC(a)		7,243		73,951
Avery Dennison Corp.		335		38,220
Ball Corp.		1,410		97,981
International Paper Co.		1,675		58,977
Packaging Corp. of America		375		37,425
Sealed Air Corp.		640		21,024
Smurfit Kappa Group PLC		1,254		42,142
Westrock Co.		1,127	$	31,849
				401,569
METALS & MINING–0.8%
Anglo American PLC		12,776		294,528
Antofagasta PLC		4,539		52,536
BHP Group Ltd.		30,641		762,896
BHP Group PLC		21,969		449,553
BlueScope Steel Ltd.		1,761		14,507
Boliden AB		3,148		72,204
Fortescue Metals Group Ltd.		19,493		189,505
Freeport-McMoRan, Inc.		6,395		73,990
Glencore PLC(a)		101,307		215,805
Hitachi Metals Ltd.		2,468		29,581
JFE Holdings, Inc.		5,000		36,148
Maruichi Steel Tube Ltd.		649		16,176
Mitsubishi Materials Corp.		1,286		27,154
Newcrest Mining Ltd.		9,300		206,219
Newmont Corp.		3,631		224,178
Nippon Steel Corp.		9,298		87,861
Norsk Hydro ASA		14,486		40,414
Northern Star Resources Ltd.		8,518		80,333
Nucor Corp.		1,260		52,177
Rio Tinto Ltd.		4,273		292,588
Rio Tinto PLC		11,667		656,579
South32 Ltd.		52,892		74,880
Sumitomo Metal Mining Co., Ltd.		2,682		75,551
thyssenkrupp AG		3,919		27,959
voestalpine AG		1,337		28,873
				4,082,195
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		5,565		104,093
Stora Enso Oyj–Class R		6,696		80,147
Svenska Cellulosa AB SCA–Class B		6,974		83,417
UPM-Kymmene Oyj		6,144		177,959
				445,616
				12,858,369
UTILITIES–1.8%
ELECTRIC UTILITIES–1.0%
Alliant Energy Corp.		1,038		49,658
American Electric Power Co., Inc.		2,185		174,013
Chubu Electric Power Co., Inc.		7,416		93,011
Chugoku Electric Power Co., Inc. (The)		3,342		44,556
CLP Holdings Ltd.		18,903		185,651
Duke Energy Corp.		3,242		259,003
Edison International		1,585		86,081
EDP–Energias de Portugal SA		29,006		138,453
Electricite de France SA		7,145		66,428
Elia Group SA/NV		356		38,730
Endesa SA		3,656		90,692

15

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Enel SpA		93,625	$	809,710
Entergy Corp.		875		82,084
Evergy, Inc.		985		58,401
Eversource Energy		1,460		121,574
Exelon Corp.		4,317		156,664
FirstEnergy Corp.		2,325		90,163
Fortum Oyj		4,947		94,379
HK Electric Investments & HK Electric Investments Ltd.– Class SS(b)		30,514		31,695
Iberdrola SA		60,414		705,314
Kansai Electric Power Co., Inc. (The)		8,006		77,578
Kyushu Electric Power Co., Inc.		4,100		34,363
Mercury NZ Ltd.		7,840		23,886
NextEra Energy, Inc.		2,235		536,780
NRG Energy, Inc.		1,060		34,514
Orsted A/S(b)		1,747		201,606
Pinnacle West Capital Corp.		485		35,546
Power Assets Holdings Ltd.		15,969		87,256
PPL Corp.		3,365		86,952
Red Electrica Corp. SA		3,386		63,350
Southern Co. (The)		4,610		239,028
SSE PLC		10,149		171,854
Terna Rete Elettrica Nazionale SpA		2,250		15,519
Tohoku Electric Power Co., Inc.		4,920		46,738
Verbund AG		759		34,088
Xcel Energy, Inc.		2,330		145,625
				5,210,943
GAS UTILITIES–0.2%
APA Group		13,346		103,195
Atmos Energy Corp.		492		48,993
Enagas SA		2,865		70,088
Hong Kong & China Gas Co., Ltd.		122,741		190,760
Naturgy Energy Group SA		3,396		63,400
Osaka Gas Co., Ltd.		4,317		85,334
Snam SpA		23,447		114,308
Toho Gas Co., Ltd.		851		42,535
Tokyo Gas Co., Ltd.		4,329		103,656
				822,269
Independent Power and Renewable Electricity Producers–0.0%
AES Corp./VA		2,925		42,383
Electric Power Development Co., Ltd.		1,600		30,330
Meridian Energy Ltd.		14,751		45,984
Uniper SE		527		17,006
				135,703
MULTI-UTILITIES–0.5%
AGL Energy Ltd.		7,355		87,011
Ameren Corp.		1,010		71,064
CenterPoint Energy, Inc.(c)		2,155	$	40,234
CMS Energy Corp.		1,220		71,272
Consolidated Edison, Inc.		1,490		107,176
Dominion Energy, Inc.		3,670		297,930
DTE Energy Co.		820		88,150
E.ON SE		25,844		291,719
Engie SA		21,025		260,750
National Grid PLC		36,491		445,205
NiSource, Inc.		1,605		36,498
Public Service Enterprise Group, Inc.		2,245		110,364
RWE AG		6,723		235,352
Sempra Energy		1,250		146,537
United Utilities Group PLC		7,540		84,725
Veolia Environnement SA		6,203		140,071
WEC Energy Group, Inc.		1,418		124,288
				2,638,346
WATER UTILITIES–0.1%
American Water Works Co., Inc.		821		105,630
Severn Trent PLC		2,739		83,824
				189,454
				8,996,715
ENERGY–1.6%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.–Class A		2,900		44,631
Halliburton Co.		3,850		49,973
National Oilwell Varco, Inc.		1,675		20,519
Schlumberger Ltd.		6,170		113,466
TechnipFMC PLC		1,788		12,230
				240,819
OIL, GAS & CONSUMABLE FUELS–1.5%
Ampol Ltd.		2,812		57,298
Apache Corp.		1,615		21,802
BP PLC		210,663		807,059
Cabot Oil & Gas Corp.		1,790		30,752
Chevron Corp.		8,430		752,209
Concho Resources, Inc.		807		41,560
ConocoPhillips		4,830		202,957
Devon Energy Corp.		1,730		19,618
Diamondback Energy, Inc.		628		26,263
Eni SpA		29,283		280,707
EOG Resources, Inc.		2,580		130,703
Equinor ASA		11,529		166,083
Exxon Mobil Corp.		18,850		842,972
Galp Energia SGPS SA		5,770		66,932
Hess Corp.		1,140		59,063
HollyFrontier Corp.		650		18,980
Idemitsu Kosan Co., Ltd.		1,072		22,879
Inpex Corp.		11,643		72,702
JXTG Holdings, Inc.		35,325		125,918
Kinder Morgan, Inc./DE		8,699		131,964
Koninklijke Vopak NV		810		42,844
Lundin Petroleum AB		2,139		52,204

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Marathon Oil Corp.		3,535	$	21,634
Marathon Petroleum Corp.		2,851		106,570
Neste Oyj		4,921		193,277
Noble Energy, Inc.		2,110		18,906
Occidental Petroleum Corp.		3,986		72,944
Oil Search Ltd.		4,787		10,609
OMV AG		1,688		56,960
ONEOK, Inc.		1,818		60,394
Origin Energy Ltd.		20,273		82,496
Phillips 66		1,940		139,486
Pioneer Natural Resources Co.		715		69,855
Repsol SA		16,224		143,355
Royal Dutch Shell PLC–Class A		42,811		685,458
Royal Dutch Shell PLC–Class B		38,736		587,249
Santos Ltd.		20,382		75,751
TOTAL SA		28,454		1,097,141
Valero Energy Corp.		1,795		105,582
Williams Cos., Inc. (The)		5,328		101,339
Woodside Petroleum Ltd.		10,847		163,927
				7,766,402
				8,007,221
REAL ESTATE–1.5%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.0%
Alexandria Real Estate Equities, Inc.		582		94,430
American Tower Corp.		2,025		523,544
Apartment Investment & Management Co.–Class A		574		21,605
Ascendas Real Estate Investment Trust		35,402		81,227
AvalonBay Communities, Inc.		595		92,011
Boston Properties, Inc.		650		58,747
British Land Co. PLC (The)		9,308		44,525
CapitaLand Mall Trust		29,724		42,176
Covivio		553		40,111
Crown Castle International Corp.		1,870		312,945
Dexus		12,575		80,710
Digital Realty Trust, Inc.		1,128		160,300
Duke Realty Corp.		1,578		55,845
Equinix, Inc.		380		266,874
Equity Residential		1,530		89,995
Essex Property Trust, Inc.		328		75,168
Extra Space Storage, Inc.		583		53,852
Federal Realty Investment Trust		272		23,177
Gecina SA		528		65,212
Goodman Group		18,942		195,448
GPT Group (The)		22,423		65,141
Healthpeak Properties, Inc.		2,130		58,703
Host Hotels & Resorts, Inc.		3,170		34,204
ICADE		343		23,951
Iron Mountain, Inc.(c)		1,198	$	31,268
Japan Prime Realty Investment Corp.		10		29,336
Japan Real Estate Investment Corp.		16		82,114
Japan Retail Fund Investment Corp.		31		38,774
Kimco Realty Corp.		1,860		23,882
Klepierre SA		2,231		44,595
Land Securities Group PLC		6,238		42,622
Link REIT		23,783		195,262
Mapletree Commercial Trust		24,747		34,626
Mapletree Logistics Trust		30,622		42,990
Mid-America Apartment Communities, Inc.		496		56,876
Mirvac Group		45,284		68,406
Nippon Building Fund, Inc.		15		85,428
Nippon Prologis REIT, Inc.(a)		25		75,966
Nomura Real Estate Master Fund, Inc.(a)		49		58,687
Orix JREIT, Inc.		1		1,318
Prologis, Inc.		3,279		306,029
Public Storage		650		124,729
Realty Income Corp.		1,508		89,726
Regency Centers Corp.		733		33,637
SBA Communications Corp.		540		160,877
Scentre Group		60,304		91,550
Segro PLC		12,623		139,610
Simon Property Group, Inc.		1,356		92,723
SL Green Realty Corp.		276		13,604
Stockland		27,447		63,644
Suntec Real Estate Investment Trust		22,651		23,139
UDR, Inc.		1,228		45,903
United Urban Investment Corp.		35		37,697
Ventas, Inc.		1,611		58,995
Vicinity Centres		35,201		35,282
Vornado Realty Trust		635		24,263
Welltower, Inc.		1,735		89,786
Weyerhaeuser Co.		3,298		74,073
				4,977,318
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.5%
Aeon Mall Co., Ltd.		1,178		15,654
Aroundtown SA		1,933		11,080
Azrieli Group Ltd.		489		22,287
CapitaLand Ltd.		29,564		62,458
CBRE Group, Inc.–Class A(a)		1,415		63,986
City Developments Ltd.		5,233		31,979
CK Asset Holdings Ltd.		29,761		178,470
Daito Trust Construction Co., Ltd.		748		68,937
Daiwa House Industry Co., Ltd.		6,519		153,945
Deutsche Wohnen SE		3,934		176,777

17

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Hang Lung Properties Ltd.		23,298	$	55,386
Henderson Land Development Co., Ltd.		16,719		63,761
Hongkong Land Holdings Ltd.		12,626		52,518
Hulic Co., Ltd.		3,490		32,949
Kerry Properties Ltd.		6,514		16,921
LEG Immobilien AG		795		100,834
Lendlease Group		1,135		9,810
Mitsubishi Estate Co., Ltd.		13,612		202,844
Mitsui Fudosan Co., Ltd.		10,709		190,242
Nomura Real Estate Holdings, Inc.		1,331		24,780
Sino Land Co., Ltd.		36,047		45,607
Sumitomo Realty & Development Co., Ltd.		3,562		98,321
Sun Hung Kai Properties Ltd.		15,000		191,628
Swire Pacific Ltd.–Class A		5,731		30,459
Swire Properties Ltd.		13,468		34,386
Swiss Prime Site AG		875		81,170
Tokyu Fudosan Holdings Corp.		7,006		32,960
Unibail-Rodamco-Westfield		1,593		89,792
UOL Group Ltd.		5,340		26,255
Vonovia SE		5,930		362,460
Wharf Real Estate Investment Co., Ltd.		11,661		55,980
Wheelock & Co., Ltd.(d)(e)		8,270		65,308
				2,649,944
				7,627,262
Total Common Stocks (cost $180,887,799)				252,371,629
	Principal Amount (000)
GOVERNMENTS– TREASURIES–39.5%
UNITED STATES–39.5%
U.S. Treasury Bonds 2.00%, 02/15/2050	$	990		1,133,859
2.25%, 08/15/2046		6,373		7,556,462
2.375%, 11/15/2049		1,045		1,290,945
2.50%, 02/15/2045–05/15/2046		598		738,132
2.75%, 08/15/2042–08/15/2047		1,177		1,514,836
2.875%, 05/15/2043–05/15/2049		6,862		9,056,338
3.00%, 05/15/2045–02/15/2049		4,154		5,680,818
3.125%, 11/15/2041–02/15/2043		2,825		3,828,652
3.50%, 02/15/2039		23		32,538
3.625%, 08/15/2043		3,658		5,342,395
3.75%, 08/15/2041–11/15/2043		399		590,490
3.875%, 08/15/2040	$	280	$	417,244
4.25%, 05/15/2039		240		370,838
4.375%, 11/15/2039–05/15/2041		1,258		1,983,002
4.50%, 08/15/2039		317		504,723
4.75%, 02/15/2037–02/15/2041		1,127		1,816,053
5.25%, 11/15/2028		690		954,680
5.375%, 02/15/2031		650		965,656
5.50%, 08/15/2028		1,383		1,927,556
6.00%, 02/15/2026		2,846		3,736,709
6.125%, 11/15/2027		732		1,030,976
6.25%, 08/15/2023–05/15/2030		804		1,194,460
6.875%, 08/15/2025		849		1,131,823
7.25%, 08/15/2022		775		890,766
7.625%, 02/15/2025		295		394,378
8.00%, 11/15/2021		9,123		10,096,595
U.S. Treasury Notes 0.25%, 06/30/2025		1,440		1,437,300
0.375%, 04/30/2025		2,600		2,611,375
0.50%, 03/31/2025		408		412,208
0.625%, 05/15/2030		1,055		1,052,198
1.125%, 02/28/2021–09/30/2021		1,110		1,123,008
1.25%, 10/31/2021–05/15/2050		6,327		6,457,017
1.375%, 08/31/2023		1,651		1,713,428
1.50%, 09/30/2024–02/15/2030		9,529		10,092,225
1.625%, 08/15/2022–08/15/2029		15,079		15,856,030
1.75%, 03/31/2022–11/15/2029		15,661		16,408,341
1.875%, 11/30/2021–10/31/2022		6,713		6,940,803
2.00%, 11/15/2021–11/15/2026		28,091		29,719,700
2.125%, 11/30/2023–05/15/2025		13,005		13,993,117
2.25%, 04/30/2024–08/15/2049		9,110		10,161,268
2.375%, 08/15/2024–05/15/2029		4,221		4,789,228
2.50%, 08/15/2023–05/15/2024		5,883		6,365,062
2.625%, 02/15/2029		821		962,109
2.75%, 11/15/2023–02/15/2028		3,400		3,711,843
2.875%, 10/31/2023–05/15/2028		2,273		2,540,809
3.125%, 05/15/2021–11/15/2028		2,049		2,405,012
Total Governments–Treasuries (cost $183,583,699)				202,933,005

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES–4.4%
FUNDS AND INVESTMENT TRUSTS–4.4%(g)
Vanguard Global ex-U.S. Real Estate ETF		244,819	$	11,423,254
Vanguard Real Estate ETF(c)		143,971		11,306,043
Total Investment Companies (cost $24,335,911)				22,729,297
RIGHTS–0.0%
COMMUNICATION SERVICES–0.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.0%
Telefonica SA, expiring 07/02/2020(a)(e)		52,707		10,369
WIRELESS TELECOMMUNICATION SERVICES–0.0%
T-Mobile US, Inc., expiring 07/27/2020(a)		1,635		275
				10,644
ENERGY–0.0%
OIL, GAS & CONSUMABLE FUELS–0.0%
Repsol SA, expiring 07/06/2020(a)		16,224		7,898
INDUSTRIALS–0.0%
CONSTRUCTION & ENGINEERING–0.0%
ACS Actividades de Construccion y Servicios SA, expiring 07/07/2020(a)		3,015		4,703
Total Rights (cost $25,772)				23,245
SHORT-TERM INVESTMENTS–3.6%
INVESTMENT COMPANIES–3.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(f)(g)(h) (cost $18,719,969)		18,719,969	$	18,719,969
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–96.6% (cost $407,553,150)				496,777,145
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0%
INVESTMENT COMPANIES–0.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(f)(g)(h) (cost $33,724)		33,724		33,724
TOTAL INVESTMENTS–96.6% (cost $407,586,874)				496,810,869
Other assets less liabilities–3.4%				17,304,630
NET ASSETS–100.0%			$	514,115,499

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		38		September 2020	$	3,901,797	$	50,303
10 Yr Mini Japan Government Bond Futures		143		September 2020		20,114,693		(17,730	)
E-Mini Russell 2000 Futures		105		September 2020		7,547,400		440,189
Long Gilt Futures		34		September 2020		5,798,693		(469	)
Mini MSCI EAFE Futures		6		September 2020		533,520		434
MSCI Emerging Market Futures		527		September 2020		25,973,195		172,939
MSCI Singapore IX ETS Futures		178		July 2020		3,778,796		6,512
S&P Midcap 400 E-Mini Index Futures		44		September 2020		7,828,040		256,325

19

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Sold Contracts
Euro STOXX 50 Index Futures		965		September 2020	$	34,943,027	$	(465,339	)
FTSE 100 Index Futures		163		September 2020		12,416,314		89,143
Hang Seng Index Futures		1		July 2020		156,422		1,306
S&P 500 E-Mini Futures		283		September 2020		43,726,330		(1,279,754	)
SPI 200 Futures		79		September 2020		8,030,489		(43,792	)
TOPIX Index Futures		105		September 2020		15,155,592		314,485
U.S. T-Note 10 Yr (CBT) Futures		134		September 2020		18,649,031		(51,060	)
							$	(526,508	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		GBP	823		USD	1,037		09/14/2020	$	17,202
Bank of America, NA		JPY	105,914		USD	973		09/14/2020		(8,914	)
Barclays Bank PLC		USD	8,278		CAD	11,190		09/14/2020		(34,526	)
BNP Paribas SA		CAD	1,613		USD	1,203		09/14/2020		14,784
BNP Paribas SA		EUR	4,249		USD	4,809		09/14/2020		26,719
BNP Paribas SA		NZD	12,762		USD	8,310		09/14/2020		75,364
BNP Paribas SA		USD	978		NOK	9,024		09/14/2020		(40,216	)
Citibank, NA		CHF	2,944		USD	3,048		09/14/2020		(65,959	)
Citibank, NA		EUR	563		USD	638		09/14/2020		4,760
Citibank, NA		USD	713		AUD	1,033		09/14/2020		392
Credit Suisse International		SEK	44,972		USD	4,901		09/14/2020		70,788
Goldman Sachs Bank USA		USD	2,441		GBP	1,960		09/14/2020		(10,519	)
HSBC Bank USA		AUD	3,710		USD	2,567		09/14/2020		6,022
JPMorgan Chase Bank, NA		AUD	5,340		USD	3,712		09/14/2020		25,399
JPMorgan Chase Bank, NA		CHF	8,447		USD	8,911		09/14/2020		(24,215	)
JPMorgan Chase Bank, NA		GBP	11,561		USD	14,672		09/14/2020		339,433
JPMorgan Chase Bank, NA		JPY	1,091,498		USD	10,096		09/14/2020		(22,258	)
JPMorgan Chase Bank, NA		SEK	39,442		USD	4,298		09/14/2020		61,141
JPMorgan Chase Bank, NA		USD	1,779		CHF	1,683		09/14/2020		634
JPMorgan Chase Bank, NA		USD	1,059		CHF	998		09/14/2020		(3,528	)
JPMorgan Chase Bank, NA		USD	1,436		NOK	13,299		09/14/2020		(53,506	)
Morgan Stanley Capital Services, Inc.		JPY	537,312		USD	5,053		09/14/2020		71,564
Morgan Stanley Capital Services, Inc.		USD	2,455		JPY	263,991		09/14/2020		(7,280	)
Morgan Stanley Capital Services, Inc.		USD	507		SEK	4,749		09/14/2020		3,160
Natwest Markets PLC		USD	2,051		CAD	2,746		09/14/2020		(27,858	)
Natwest Markets PLC		USD	4,257		JPY	454,269		09/14/2020		(46,094	)
Societe Generale		NOK	5,201		USD	561		09/14/2020		20,327
Standard Chartered Bank		EUR	1,808		USD	2,064		09/14/2020		29,766
State Street Bank & Trust Co.		NZD	343		USD	223		09/14/2020		1,741
UBS AG		EUR	640		USD	727		09/14/2020		7,035
UBS AG		USD	9,047		EUR	8,019		09/14/2020		(22,682	)
UBS AG		USD	8,351		NZD	12,762		09/14/2020		(116,811	)
UBS AG		USD	11,671		SEK	107,431		09/14/2020		(131,912	)
									$	159,953

20

AB Variable Products Series Fund

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive	Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value	Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 34, 5 Year Index, 6/20/2025*	5.00%		Quarterly		5.22	%		USD	23,722	$  (185,279)		$  (1,570,663)	$	1,385,384

* Termination date

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the aggregate market value of these securities amounted to $1,896,834 or 0.4% of net assets.

(c) Represents entire or partial securities out on loan. See Note E for securities lending information.

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

(e) Fair valued by the Adviser.

(f) Affiliated investments.

(g) 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.

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

SGD—Singapore Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

CDX-NAHY—North American High Yield Credit Default Swap Index

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

See notes to financial statements.

21

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $388,833,181)	$	478,057,176	(a)
Affiliated issuers (cost $18,753,693—including investment of cash collateral for securities loaned of $33,724)		18,753,693
Cash		950
Cash collateral due from broker		15,587,120
Foreign currencies, at value (cost $696,929)		691,633
Receivable for investment securities sold		1,813,453
Unaffiliated interest and dividends receivable		1,768,689
Unrealized appreciation on forward currency exchange contracts		776,231
Receivable for capital stock sold		469,782
Receivable for variation margin on centrally cleared swaps		364,023
Affiliated dividends receivable		866
Total assets		518,283,616
LIABILITIES
Payable for investment securities purchased		2,135,353
Payable for variation margin on futures		629,674
Unrealized depreciation on forward currency exchange contracts		616,278
Advisory fee payable		295,209
Payable for capital stock redeemed		215,615
Distribution fee payable		105,604
Payable for collateral received on securities loaned		33,724
Administrative fee payable		27,639
Directors’ fees payable		391
Transfer Agent fee payable		117
Accrued expenses and other liabilities		108,513
Total liabilities		4,168,117
NET ASSETS	$	514,115,499
COMPOSITION OF NET ASSETS
Capital stock, at par	$	41,137
Additional paid-in capital		434,727,385
Distributable earnings		79,346,977
	$	514,115,499

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	401,327		31,847	$	12.60
B	$	513,714,172		41,105,238	$	12.50

(a) Includes securities on loan with a value of $10,179,590 (see Note E).

See notes to financial statements.

22

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $233,952)	$	3,774,912
Affiliated issuers		56,375
Interest		1,925,240
Securities lending income		3,826		$	5,760,353
EXPENSES
Advisory fee (see Note B)		1,836,218
Distribution fee—Class B		655,327
Transfer agency—Class B		1,500
Custody and accounting		93,772
Audit and tax		48,150
Administrative		42,074
Legal		26,052
Printing		17,887
Directors’ fees		11,622
Miscellaneous		28,595
Total expenses		2,761,197
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(5,753	)
Net expenses					2,755,444
Net investment income					3,004,909
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)					1,117,461
Forward currency exchange contracts					(286,715	)
Futures					(18,342,745	)
Swaps					(1,033,953	)
Foreign currency transactions					442,978
Net change in unrealized appreciation/depreciation of:
Investments(b)					(22,482,144	)
Forward currency exchange contracts					506,733
Futures					(941,303	)
Swaps					1,385,384
Foreign currency denominated assets and liabilities					(81,316	)
Net loss on investment and foreign currency transactions					(39,715,620	)
NET DECREASE IN NET ASSETS FROM OPERATIONS				$	(36,710,711	)

(a) Net of foreign capital gains taxes of $46.

(b) Net of decrease in accrued foreign capital gains taxes of $1,734.

See notes to financial statements.

23

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,004,909		$	8,401,682
Net realized loss on investment and foreign currency transactions		(18,102,974	)		(3,231,753	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(21,612,646	)		73,276,621
Net increase (decrease) in net assets from operations		(36,710,711	)		78,446,550
Distributions to Shareholders
Class A		–0	–		(7,906	)
Class B		–0	–		(10,638,376	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(18,542,067	)		(32,253,889	)
Total increase (decrease)		(55,252,778	)		35,546,379
NET ASSETS
Beginning of period		569,368,277			533,821,898
End of period	$	514,115,499		$	569,368,277

See notes to financial statements.

24

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Dynamic Asset Allocation Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to maximize total return consistent with the determination of AllianceBernstein L.P. (the “Adviser”) of reasonable risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S.

25

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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 are 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, 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.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a

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AB Variable Products Series Fund

valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2020:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	32,227,196		$	11,002,578		$	–0	–	$	43,229,774
Health Care		17,783,572			18,904,811			–0	–		36,688,383
Financials		11,809,189			21,600,564			–0	–		33,409,753
Industrials		9,317,252			19,535,706			–0	–		28,852,958
Consumer Discretionary		13,240,757			15,117,941			–0	–		28,358,698
Consumer Staples		8,329,174			16,063,975			–0	–		24,393,149
Communication Services		12,533,965			7,415,382			–0	–		19,949,347
Materials		2,898,080			9,960,289			–0	–		12,858,369
Utilities		3,648,211			5,348,504			–0	–		8,996,715
Energy		3,259,216			4,748,005			–0	–		8,007,221
Real Estate		3,211,757			4,350,197			65,308			7,627,262
Governments—Treasuries		–0	–		202,933,005			–0	–		202,933,005
Investment Companies		22,729,297			–0	–		–0	–		22,729,297
Rights		23,245			–0	–		–0	–		23,245
Short-Term Investments:
Investment Companies		18,719,969			–0	–		–0	–		18,719,969
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		33,724			–0	–		–0	–		33,724
Total Investments in Securities		159,764,604			336,980,957			65,308			496,810,869
Other Financial Instruments(a):
Assets:
Futures		920,190			411,446			–0	–		1,331,636	(b)
Forward Currency Exchange Contracts		–0	–		776,231			–0	–		776,231
Liabilities:
Futures		(1,349,013	)		(509,131	)		–0	–		(1,858,144	)(b)
Forward Currency Exchange Contracts		–0	–		(616,278	)		–0	–		(616,278	)
Centrally Cleared Credit Default Swaps		–0	–		(185,279	)		–0	–		(185,279	)(b)
Total	$	159,335,781		$	336,857,946		$	65,308		$	496,259,035

(a) 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, options written and swaptions written which are valued at market value.

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade

27

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments as dividend income, realized gain, or return of capital based on information provided by the REIT.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to the portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .70% of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .85% and 1.10% of daily average net assets for Class A and Class B shares, respectively. The Expense Caps will remain in effect until May 1, 2021 and then may be extended by the Adviser for additional one-year terms. For the six months ended June 30, 2020, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $42,074.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The

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AB Variable Products Series Fund

Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $5,635.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	12,784	$	115,605	$	109,669	$	18,720	$	55
Government Money Market Portfolio*		0		22,449		22,415		34		1
Total							$	18,754	$	56

* Investments of cash collateral for securities lending transactions (see Note E).

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.    

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

29

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	17,568,630	$	61,347,811
U.S. government securities		17,214,229		11,692,190

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	117,420,914
Gross unrealized depreciation		(27,178,090	)
Net unrealized appreciation	$	90,242,824

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Portfolio, as well as the methods in which they may be used are:

• Futures

The Portfolio may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Portfolio bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Portfolio may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Portfolio enters into futures, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Portfolio to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Portfolio to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended June 30, 2020, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of

30

AB Variable Products Series Fund

such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended June 30, 2020, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions” or in order to take a “long” or “short” position with respect to an underlying referenced asset described below under “Total Return Swaps”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for OTC swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

31

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Credit Default Swaps:

The Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended June 30, 2020, the Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

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AB Variable Products Series Fund

During the six months ended June 30, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	50,303	*	Receivable/Payable for variation margin on futures	$	69,259	*
Equity contracts	Receivable/Payable for variation margin on futures		1,281,333	*	Receivable/Payable for variation margin on futures		1,788,885	*
Credit contracts	Receivable/Payable for variation margin on centrally cleared swaps		1,385,384	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		776,231		Unrealized depreciation on forward currency exchange contracts		616,278
Total		$	3,493,251			$	2,474,422

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	1,221,416		$	506,661
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(19,564,161	)		(1,447,964	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(286,715	)		506,733
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(1,033,953	)		1,385,384
Total		$	(19,663,413	)	$	950,814

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2020:

Futures:
Average notional amount of buy contracts	$	97,039,183
Average notional amount of sale contracts	$	103,969,491
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	61,497,128
Average principal amount of sale contracts	$	93,507,484
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	22,890,800	(a)

(a) Positions were open for three months during the period.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

33

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Bank of America, NA

$

17,202

$

(8,914

)

$

–0

–

$

–0

–

$

8,288

BNP Paribas SA

116,867

(40,216

)

–0

–

–0

–

76,651

Citibank, NA

5,152

(5,152

)

–0

–

–0

–

–0

–

Credit Suisse International

70,788

–0

–

–0

–

–0

–

70,788

HSBC Bank USA

6,022

–0

–

–0

–

–0

–

6,022

JPMorgan Chase Bank, NA

426,607

(103,507

)

–0

–

–0

–

323,100

Morgan Stanley Capital Services, Inc.

74,724

(7,280

)

–0

–

–0

–

67,444

Societe Generale

20,327

–0

–

–0

–

–0

–

20,327

Standard Chartered Bank

29,766

–0

–

–0

–

–0

–

29,766

State Street Bank & Trust Co.

1,741

–0

–

–0

–

–0

–

1,741

UBS AG

7,035

(7,035

)

–0

–

–0

–

–0

–

Total

$

776,231

$

(172,104

)

$

–0

–

$

–0

–

$

604,127

^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Bank of America, NA

$

8,914

$

(8,914

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

34,526

–0

–

–0

–

–0

–

34,526

BNP Paribas SA

40,216

(40,216

)

–0

–

–0

–

–0

–

Citibank, NA

65,959

(5,152

)

–0

–

–0

–

60,807

Goldman Sachs Bank USA

10,519

–0

–

–0

–

–0

–

10,519

JPMorgan Chase Bank, NA

103,507

(103,507

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

7,280

(7,280

)

–0

–

–0

–

–0

–

Natwest Markets PLC

73,952

–0

–

–0

–

–0

–

73,952

UBS AG

271,405

(7,035

)

–0

–

–0

–

264,370

Total

$

616,278

$

(172,104

)

$

–0

–

$

–0

–

$

444,174

^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized

34

AB Variable Products Series Fund

by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value  of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	10,179,590	$	33,724	$	10,251,066	$	3,826	$	1,060	$	118

* As of June 30, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		6,116			3,650		$	77,178		$	46,170
Shares issued in reinvestment of dividends and distributions		–0	–		618			–0	–		7,906
Shares redeemed		(2,739	)		(5,604	)		(36,054	)		(71,327	)
Net increase (decrease)		3,377			(1,336	)	$	41,124		$	(17,251	)
Class B
Shares sold		885,570			2,194,218		$	11,150,046		$	28,084,156
Shares issued in reinvestment of dividends and distributions		–0	–		837,008			–0	–		10,638,376
Shares redeemed		(2,364,540	)		(5,568,513	)		(29,733,237	)		(70,959,170	)
Net decrease		(1,478,970	)		(2,537,287	)	$	(18,583,191	)	$	(32,236,638	)

35

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

At June 30, 2020, certain shareholders of the Portfolio owned 91 % in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Allocation Risk—The allocation of investments among different global asset classes may have a significant effect on the Portfolio’s net asset value, or NAV, when one of these asset classes is performing more poorly than others. As both the direct investments and derivatives positions will be periodically adjusted to reflect the Adviser’s view of market and economic conditions, there will be transaction costs that may be, over time, significant. In addition, there is a risk that certain asset allocation decisions may not achieve the desired results and, as a result, the Portfolio may incur significant losses.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

ETF Risk—Exchange-traded funds, or ETFs, are investment companies. When the Portfolio invests in an ETF, the Portfolio bears its share of the ETF’s expenses and runs the risk that the ETF may not achieve its investment objective.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

36

AB Variable Products Series Fund

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Illiquid Investments Risk—Illiquid investment risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Real Estate Risk—The Portfolio’s investments in the real estate securities have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in real estate investment trusts, or “REITs”, may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in taxes.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

37

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	10,014,238	$	9,401,635
Net long-term capital gains		632,044		749,498
Total taxable distributions paid	$	10,646,282	$	10,151,133

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	8,086,969
Accumulated capital and other losses		(2,402,670	)(a)
Unrealized appreciation/(depreciation)		110,373,391	(b)
Total accumulated earnings/(deficit)	$	116,057,690

(a) As of December 31, 2019, the Portfolio had a net capital loss carryforward of $1,502,089. As of December 31, 2019, the cumulative deferred loss on straddles was $900,581.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, return of capital distributions received from underlying securities, the tax treatment of passive foreign investment companies (PFICs), the tax deferral of losses on wash sales, the tax treatment of partnership investments, and corporate restructuring.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio had a net short-term capital loss carryforward of $1,502,089, which may be carried forward for an indefinite period.

NOTE J: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

38

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.46			$11.91			$13.07			$11.63			$11.33			$11.74
Income From Investment Operations
Net investment income (a)		.09	(b)		.23	(b)		.20	(b)		.17	(b)		.13	(b)†		.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.95	)		1.60			(1.11	)		1.52			.27			(.19	)
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(.86	)		1.83			(.91	)		1.69			.40			(.11	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.27	)		(.23	)		(.25	)		(.10	)		(.10	)
Distributions from net realized gain on investment transactions		–0	–		(.01	)		(.02	)		–0	–		(.00	)(c)		(.20	)
Total dividends and distributions		–0	–		(.28	)		(.25	)		(.25	)		(.10	)		(.30	)
Net asset value, end of period		$12.60			$13.46			$11.91			$13.07			$11.63			$11.33
Total Return
Total investment return based on net asset value (d)		(6.39	)%		15.51	%		(7.07	)%		14.67	%		3.59	%†		(1.09	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$401			$383			$355			$328			$303			$400
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.80	%^		.80	%		.78	%		.77	%		.79	%		.83	%
Expenses, before waivers/reimbursements (e)‡		.80	%^		.80	%		.79	%		.78	%		.81	%		.83	%
Net investment income		1.40	%(b)^		1.78	%(b)		1.60	%(b)		1.39	%(b)		1.11	%(b)†		.67	%
Portfolio turnover rate		7	%		19	%		24	%		20	%		64	%		93	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.02	%		.03	%		.04	%		.04	%		.03	%

See footnote summary on page 41.

39

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.36			$11.82			$12.98			$11.56			$11.26			$11.68
Income From Investment Operations
Net investment income (a)		.07	(b)		.19	(b)		.17	(b)		.14	(b)		.10	(b)†		.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.93	)		1.60			(1.11	)		1.50			.27			(.19	)
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(.86	)		1.79			(.94	)		1.64			.37			(.14	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.24	)		(.20	)		(.22	)		(.07	)		(.08	)
Distributions from net realized gain on investment transactions		–0	–		(.01	)		(.02	)		–0	–		(.00	)(c)		(.20	)
Total dividends and distributions		–0	–		(.25	)		(.22	)		(.22	)		(.07	)		(.28	)
Net asset value, end of period		$12.50			$13.36			$11.82			$12.98			$11.56			$11.26
Total Return
Total investment return based on net asset value (d)		(6.51	)%		15.24	%		(7.35	)%		14.32	%		3.37	%†		(1.30	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$513,714			$568,985			$533,467			$604,703			$558,725			$511,164
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		1.05	%^		1.05	%		1.03	%		1.03	%		1.05	%		1.08	%
Expenses, before waivers/reimbursements (e)‡		1.05	%^		1.05	%		1.04	%		1.04	%		1.07	%		1.08	%
Net investment income		1.15	%(b)^		1.51	%(b)		1.35	%(b)		1.15	%(b)		.89	%(b)†		.43	%
Portfolio turnover rate		7	%		19	%		24	%		20	%		64	%		93	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.02	%		.03	%		.04	%		.04	%		.03	%

See footnote summary on page 41.

40

AB Variable Products Series Fund

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the years ended December 31, 2018, December 31, 2017 and December 31, 2016, such waiver amounted to .01%, .01% and .02%, respectively.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.00005	.0004%	.0004%

^ Annualized.

See notes to financial statements.

41

DYNAMIC ASSET ALLOCATION PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

42

DYNAMIC ASSET ALLOCATION PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Dynamic Asset Allocation Portfolio (the “Fund”) at a meeting held on July 30-31, 2019 (the “Meeting”).¹

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the underlying fund advised by the Adviser in which the Fund invests.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2017 and 2018 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer.

¹  Following transactions completed on November 13, 2019 that may have been deemed to have been an “assignment” causing termination of the Fund’s investment advisory agreement, a new investment advisory agreement, having the same terms as the prior one, was entered into by the Fund and the Adviser.

43

DYNAMIC ASSET ALLOCATION PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2019 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the periods reviewed, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual advisory fee rate with a peer group median and noted that it was above the median. The directors also took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to the Fund’s. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to the Fund’s, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations;

44

AB Variable Products Series Fund

and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund invests in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that the advisory fee for the Fund is for services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund does not contain breakpoints and that they had previously discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level (which was well below the level at which they would anticipate adding an initial breakpoint) and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

45

VPS-DAA-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During  Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	932.50	$	3.51		0.73	%	$	3.84		0.80	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.23	$	3.67		0.73	%	$	4.02		0.80	%
Class B
Actual	$	1,000	$	931.10	$	4.80		1.00	%	$	5.14		1.07	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.89	$	5.02		1.00	%	$	5.37		1.07	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain affiliated/unaffiliated underlying portfolios acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Investment Companies	$	42,233,082		56.9	%
Inflation-Linked Securities		11,385,474		15.3
Options Purchased—Puts		229,960		0.3
Short-Term Investments		20,440,561		27.5
Total Investments	$	74,289,077		100.0	%

COUNTRY BREAKDOWN²

June 30, 2020 (unaudited)

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	46,625,232		62.8	%
Japan		7,211,809		9.7
United Kingdom		11,475		0.0
Short-Term Investments		20,440,561		27.5
Total Investments	$	74,289,077		100.0	%

1 All data are as of June 30, 2020. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivatives transactions, which may be used for hedging or investment purpose (see “Portfolio of Investments” section of the report for additional details).

2 All data are as of June 30, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

2

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company			Shares		U.S. $ Value
INVESTMENT COMPANIES–49.3%
FUNDS AND INVESTMENT TRUSTS–49.3%(a)
iShares Core MSCI EAFE ETF				76,670	$	4,382,457
iShares Core S&P 500 ETF				43,375		13,432,804
iShares MSCI EAFE ETF				75,980		4,624,902
SPDR S&P 500 ETF Trust				18,981		5,852,981
Vanguard S&P 500 ETF				49,183		13,939,938
Total Investment Companies (cost $35,406,427)						42,233,082
			Principal Amount (000)
INFLATION–LINKED SECURITIES–13.3%
JAPAN–8.4%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027		JPY		782,215		7,211,809
UNITED STATES–4.9%
U.S. Treasury Inflation Index 0.375%, 07/15/2025 (TIPS)(b)	$			3,909		4,173,665
Total Inflation-Linked Securities (cost $11,343,971)						11,385,474
			Notional Amount
OPTIONS PURCHASED– PUTS–0.3%
OPTIONS ON FUNDS AND INVESTMENT TRUSTS–0.2%
SPDR S&P 500 ETF Trust Expiration: Jul 2020; Contracts: 3,000; Exercise Price: USD 3,070.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD		92,100,000		169,650
OPTIONS ON EQUITY INDICES–0.1%
Euro STOXX 50 Index Expiration: Jul 2020; Contracts: 460; Exercise Price: EUR 3,200.00; Counterparty: Citibank, NA(c)		EUR		1,472,000		35,884
FTSE 100 Index Expiration: Jul 2020; Contracts: 80; Exercise Price: GBP 6,150.00; Counterparty: Citibank, NA(c)		GBP		492,000	$	12,951
Nikkei 225 Index Expiration: Jul 2020; Contracts: 6,000; Exercise Price: JPY 21,750.00; Counterparty: Goldman Sachs International(c)		JPY		130,500,000		11,475
						60,310
Total Options Purchased–Puts (premiums paid $280,926)						229,960
			Shares
SHORT-TERM INVESTMENTS–23.9%
INVESTMENT COMPANIES–19.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(a)(d)(e) (cost $16,308,073)				16,308,073		16,308,073
			Principal Amount (000)
U.S. TREASURY BILLS–4.8%
U.S. Treasury Bill Zero Coupon, 08/11/2020-10/22/2020 (cost $4,132,744)	$			4,134		4,132,488
Total Short-Term Investments (cost $20,440,817)						20,440,561
TOTAL INVESTMENTS–86.8% (cost $67,472,141)						74,289,077
Other assets less liabilities–13.2%						11,328,992
NET ASSETS–100.0%					$	85,618,069

3

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		55		September 2020	$	7,736,420	$	(7,870	)
Euro STOXX 50 Index Futures		55		September 2020		1,991,572		13,457
Euro-BOBL Futures		8		September 2020		1,213,200		4,710
Euro-BTP Futures		12		September 2020		1,939,789		58,128
Euro-Bund Futures		4		September 2020		793,281		10,478
Euro-OAT Futures		14		September 2020		2,636,966		40,329
FTSE 100 Index Futures		3		September 2020		228,521		(2,940	)
Hang Seng Futures		4		July 2020		625,688		(4,186	)
Long Gilt Futures		20		September 2020		3,410,996		7,166
MSCI Singapore IX ETS Futures		14		July 2020		297,209		532
Nikkei 225 (CME) Futures		5		September 2020		558,500		(6,665	)
S&P/TSX 60 Index Futures		7		September 2020		957,498		24,635
S&P Midcap 400 E-Mini Index Futures		5		September 2020		889,550		32,022
SPI 200 Futures		1		September 2020		101,652		(778	)
TOPIX Index Futures		6		September 2020		866,034		(39,494	)
U.S. T-Note 5 Yr (CBT) Futures		19		September 2020		2,389,102		5,171
U.S. T-Note 10 Yr (CBT) Futures		22		September 2020		3,061,781		8,017
U.S. Ultra Bond (CBT) Futures		4		September 2020		872,625		(5,014	)
Sold Contracts
10 Yr Mini Japan Government Bond Futures		6		September 2020		843,973		957
OMXS30 Index Futures		10		July 2020		178,817		(129	)
S&P 500 E-Mini Futures		39		September 2020		6,025,890		(134,729	)
							$	3,797

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		GBP	676		USD	825		07/17/2020	$	(13,094	)
Morgan Stanley Capital Services, Inc.		EUR	1,507		USD	1,694		08/06/2020		(334	)
Morgan Stanley Capital Services, Inc.		JPY	2,149,502		USD	19,745		08/07/2020		(171,194	)
State Street Bank & Trust Co.		SEK	3,613		USD	374		07/15/2020		(13,619	)
State Street Bank & Trust Co.		USD	84		NOK	832		07/15/2020		2,448
State Street Bank & Trust Co.		USD	101		SEK	968		07/15/2020		2,855
State Street Bank & Trust Co.		GBP	101		USD	126		07/17/2020		939
State Street Bank & Trust Co.		GBP	355		USD	434		07/17/2020		(5,647	)
State Street Bank & Trust Co.		CAD	695		USD	505		08/06/2020		(7,037	)
State Street Bank & Trust Co.		NZD	132		USD	85		08/06/2020		(520	)
State Street Bank & Trust Co.		USD	768		CAD	1,063		08/06/2020		14,651
State Street Bank & Trust Co.		USD	343		CAD	465		08/06/2020		(906	)
State Street Bank & Trust Co.		USD	870		EUR	769		08/06/2020		(5,324	)
State Street Bank & Trust Co.		USD	126		JPY	13,547		08/07/2020		(843	)
State Street Bank & Trust Co.		AUD	496		USD	339		08/13/2020		(3,814	)
State Street Bank & Trust Co.		CHF	870		USD	900		08/28/2020		(19,368	)
State Street Bank & Trust Co.		USD	83		CHF	79		08/28/2020		332
UBS AG		USD	1,899		EUR	1,685		08/06/2020		(4,688	)
									$	(225,163	)

4

AB Variable Products Series Fund

PUT OPTIONS WRITTEN (see Note D)

Description	Counterparty		Contracts		Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index(f)		Citibank, NA		460		EUR	3,025.00		July 2020		EUR	1,392	$	18,412	$	(13,743	)
FTSE 100 Index(f)		Citibank, NA		80		GBP	5,850.00		July 2020		GBP	468		5,671		(5,069	)
Nikkei 225 Index(f)		Goldman Sachs International		6,000		JPY	20,500.00		July 2020		JPY	123,000		14,285		(2,799	)
SPDR S&P 500 ETF Trust(g)		Morgan Stanley & Co., Inc.		30		USD	2,870.00		July 2020		USD	8,610		85,349		(49,950	)
													$	123,717	$	(71,561	)

(a) 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.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open exchange-traded derivatives.

(c) Non-income producing security.

(d) Affiliated investments.

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

(f) One contract relates to 1 share.

(g) One contract relates to 100 shares.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

BOBL—Bundesobligationen

BTP—Buoni del Tesoro Poliennali

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

CPI—Consumer Price Index

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TIPS—Treasury Inflation Protected Security

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

5

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $51,164,068)	$	57,981,004
Affiliated issuers (cost $16,308,073)		16,308,073
Cash collateral due from broker		1,464,751
Foreign currencies, at value (cost $10,218,584)		10,309,060
Unaffiliated dividends and interest receivable		106,460
Unrealized appreciation on forward currency exchange contracts		21,225
Receivable for capital stock sold		10,232
Affiliated dividends receivable		1,820
Total assets		86,202,625
LIABILITIES
Options written, at value (premiums received $123,717)		71,561
Unrealized depreciation on forward currency exchange contracts		246,388
Payable for variation margin on futures		83,502
Payable for capital stock redeemed		56,914
Administrative fee payable		27,090
Advisory fee payable		25,019
Distribution fee payable		17,591
Directors’ fees payable		2,863
Transfer Agent fee payable		118
Accrued expenses		53,510
Total liabilities		584,556
NET ASSETS	$	85,618,069
COMPOSITION OF NET ASSETS
Capital stock, at par	$	8,223
Additional paid-in capital		77,528,852
Distributable earnings		8,080,994
	$	85,618,069

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	11,549		1,100	$	10.50
B	$	85,606,520		8,222,378	$	10.41

See notes to financial statements.

6

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	420,989
Affiliated issuers		67,095
Securities lending income		3,149
		491,233
EXPENSES
Advisory fee (see Note B)		261,161
Distribution fee—Class B		108,802
Transfer agency—Class B		1,334
Administrative		41,773
Custody and accounting		41,409
Audit and tax		23,452
Legal		19,038
Directors’ fees		10,677
Printing		8,585
Miscellaneous		12,887
Total expenses before interest expense		529,118
Interest expense		26,475
Total expenses		555,593
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(121,364	)
Net expenses		434,229
Net investment income		57,004
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		4,340,880
Forward currency exchange contracts		102,520
Futures		(3,218,274	)
Options written		(3,829,546	)
Swaps		189,652
Swaptions written		(336,262	)
Foreign currency transactions		289,849
Net change in unrealized appreciation/depreciation of:
Investments		(4,157,086	)
Forward currency exchange contracts		(103,305	)
Futures		58,213
Options written		40,344
Swaps		12,695
Foreign currency denominated assets and liabilities		75,966
Net loss on investment and foreign currency transactions		(6,534,354	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(6,477,350	)

See notes to financial statements.

7

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	57,004		$	727,490
Net realized gain (loss) on investment transactions and foreign currency transactions		(2,461,181	)		3,587,136
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(4,073,173	)		10,646,497
Net increase (decrease) in net assets from operations		(6,477,350	)		14,961,123
Distributions to Shareholders
Class A		–0	–		(263	)
Class B		–0	–		(1,823,657	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(3,266,310	)		(6,913,088	)
Total increase (decrease)		(9,743,660	)		6,224,115
NET ASSETS
Beginning of period		95,361,729			89,137,614
End of period	$	85,618,069		$	95,361,729

See notes to financial statements.

8

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Risk Allocation—Moderate Portfolio (the “Portfolio”), is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the “Adviser”) considers undue risk. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. Effective January 1, 2020, the Portfolio is closed to new insurers, and the Portfolio’s shares are available for purchase only through the separate accounts of Ohio National Life Insurance Company and its eligible affiliates. The Portfolio offers Class A and Class B shares. At June 30, 2020 the Adviser was the sole shareholder of Class A shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Portfolio’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but

9

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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 are 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, 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.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

10

AB Variable Products Series Fund

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

42,233,082

$

–0

–

$

–0

–

$

42,233,082

Inflation-Linked Securities

–0

–

11,385,474

–0

–

11,385,474

Options Purchased—Puts

–0

–

229,960

–0

–

229,960

Short-Term Investments:

Investment Companies

16,308,073

–0

–

–0

–

16,308,073

U.S. Treasury Bills

–0

–

4,132,488

–0

–

4,132,488

Total Investments in Securities

58,541,155

15,747,922

–0

–

74,289,077

Other Financial Instruments(a):

Assets:

Futures

191,613

13,989

–0

–

205,602

(b)

Forward Currency Exchange Contracts

–0

–

21,225

–0

–

21,225

Liabilities:

Futures

(147,742

)

(54,063

)

–0

–

(201,805

)(b)

Forward Currency Exchange Contracts

–0

–

(246,388

)

–0

–

(246,388

)

Put Options Written

–0

–

(71,561

)

–0

–

(71,561

)

Total

$

58,585,026

$

15,411,124

$

–0

–

$

73,996,150

(a) 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, options written and swaptions written which are valued at market value.

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in

11

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Portfolio are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the first $100 million, .45% of the excess over $100 million up to $1 billion and .40% of the excess over $1 billion of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. Prior to January 1, 2020, the Portfolio paid the Adviser an advisory fee at an annual rate of .60% of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses, to the extent necessary to limit total operating expenses (excluding interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs), inclusive of the Portfolio’s proportionate share of fees and expenses of registered investment companies or series thereof in which the Portfolio invests (“Acquired Fund Expenses”) on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B, respectively. The Expense Caps may not be terminated by the Adviser before May 1, 2021. For the six months ended June 30, 2020, the reimbursements/waivers, exclusive of Acquired Fund Expenses, amounted to $92,642. For the six months ended June 30, 2020, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $8,891 and $19,340, respectively.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	15,287	$	17,438	$	16,417	$	16,308	$	63
AB Government Money Market Portfolio*		1,040		32,469		33,509		0		4
Total							$	16,308	$	67

* Investments of cash collateral for securities lending transactions (see Note E).

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $41,773.

12

AB Variable Products Series Fund

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	17,601,910		$	28,827,523
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	7,649,608
Gross unrealized depreciation		(1,001,882	)
Net unrealized appreciation	$	6,647,726

13

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Portfolio, as well as the methods in which they may be used are:

• Futures

The Portfolio may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Portfolio bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Portfolio may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Portfolio enters into futures, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Portfolio to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Portfolio to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended June 30, 2020, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended June 30, 2020, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

For hedging and investment purposes, the Portfolio may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Portfolio may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

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AB Variable Products Series Fund

The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. The Portfolio’s maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Portfolio on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

The Portfolio may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The Portfolio’s maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the six months ended June 30, 2020, the Portfolio held purchased options for hedging and non-hedging purposes. During the six months ended June 30, 2020, the Portfolio held purchased swaptions for hedging and non-hedging purposes.

During the six months ended June 30, 2020, the Portfolio held written options for hedging and non-hedging purposes. During the six months ended June 30, 2020, the Portfolio held written swaptions for hedging and non-hedging purposes.

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a

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GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for OTC swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Interest Rate Swaps:

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio or protecting against an increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended June 30, 2020, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Variance Swaps:

The Portfolio may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual “variance” as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a

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AB Variable Products Series Fund

measure of its “volatility”) over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.

During the six months ended June 30, 2020, the Portfolio held variance swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended June 30, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	134,956	*	Receivable/Payable for variation margin on futures	$	12,884	*
Equity contracts	Receivable/Payable for variation margin on futures		70,646	*	Receivable/Payable for variation margin on futures		188,921	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		21,225		Unrealized depreciation on forward currency exchange contracts		246,388
Equity contracts	Investments in securities, at value		229,960
Equity contracts					Options written, at value		71,561
Total		$	456,787			$	519,754

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

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GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	263,493		$	250,913
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(3,481,767	)		(192,700	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		102,520			(103,305	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		2,400,703			(29,127	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		(3,829,546	)		40,344
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		(336,262	)		–0	–
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(45,620	)		–0	–
Foreign exchange contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		235,272			12,695
Total		$	(4,691,207	)	$	(21,180	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2020:

Futures:
Average notional amount of buy contracts	$	35,284,775
Average notional amount of sale contracts	$	8,792,464
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	4,665,164
Average principal amount of sale contracts	$	28,906,556
Purchased Options:
Average notional amount	$	17,257,165
Purchased Swaptions:
Average notional amount	$	7,161,000	(a)
Options Written:
Average notional amount	$	17,827,188
Swaptions Written:
Average notional amount	$	16,709,000	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	9,909,286	(b)
Variance Swaps:
Average notional amount	$	358,581	(c)

(a) Positions were open for three months during the period.

(b) Positions were open for less than one month during the period.

(c) Positions were open for four months during the period.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

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AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA	$	48,835	$	(18,812	)	$	–0	–	$	–0	–	$	30,023
Goldman Sachs International		11,475		(2,799	)		–0	–		–0	–		8,676
State Street Bank & Trust Co.		21,225		(21,225	)		–0	–		–0	–		–0	–
Total	$	81,535	$	(42,836	)	$	–0	–	$	–0	–	$	38,699
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America, NA	$	13,094	$	–0	–	$	–0	–	$	–0	–��	$	13,094
Citibank, NA		18,812		(18,812	)		–0	–		–0	–		–0	–
Goldman Sachs International		2,799		(2,799	)		–0	–		–0	–		–0	–
Morgan Stanley Capital Services, Inc.		171,528		–0	–		–0	–		–0	–		171,528
State Street Bank & Trust Co.		57,078		(21,225	)		–0	–		–0	–		35,853
UBS AG		4,688		–0	–		–0	–		–0	–		4,688
Total	$	267,999	$	(42,836	)	$	–0	–	$	–0	–	$	225,163	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in

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GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		AB Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	0	$	0	$	0	$	3,149	$	4,342	$	491

* As of June 30, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class B
Shares sold		313,900			655,805		$	3,226,512		$	6,900,710
Shares issued in reinvestment of dividends and distributions		–0	–		173,003			–0	–		1,823,446
Shares redeemed		(614,683	)		(1,475,145	)		(6,492,822	)		(15,637,244	)
Net decrease		(300,783	)		(646,337	)	$	(3,266,310	)	$	(6,913,088	)

There were no transactions in capital shares for Class A for the six months ended June 30, 2020 and the year ended December 31, 2019.

At June 30, 2020, a shareholder of the Portfolio owned 98% of the Portfolio’s outstanding shares. Significant transactions by such shareholder, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may

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AB Variable Products Series Fund

result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Allocation Risk—The allocation of investments among asset classes may have a significant effect on the Portfolio’s net asset value, or NAV, when the asset classes in which the Portfolio has invested more heavily perform worse than the asset classes invested in less heavily.

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

High Yield Securities Risk—Investments in fixed-income securities with ratings below investment grade (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies, including exchange-traded funds, or ETFs, are subject to market and selection risk. In addition, shareholders of the Portfolio bear both their proportionate share of expenses in the Portfolio (including advisory fees) and, indirectly, the expenses of the investment companies.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Illiquidity Investment Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well developed and the securities may trade less frequently. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

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GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Non-Diversification Risk—The Portfolio may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019			2018
Distributions paid from:
Ordinary income	$	1,823,920		$	3,216,260
Net long-term capital gains		–0	–		1,952,754
Total taxable distributions	$	1,823,920		$	5,169,014

22

AB Variable Products Series Fund

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,702,204
Undistributed capital gains		2,253,707	(a)
Other losses		(59,206	)(b)
Unrealized appreciation/(depreciation)		10,661,639	(c)
Total accumulated earnings/(deficit)	$	14,558,344

(a) During the fiscal year, the Portfolio utilized $717,270 of capital loss carry forwards to offset current year net realized gains.

(b) As of December 31, 2019, the cumulative deferred loss on straddles was $59,206.

(c) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of Treasury inflation-protected securities, and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio did not have any capital loss carryforwards.

NOTE J: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

23

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,												April 28, 2015(a) to December 31, 2015
				2019			2018			2017			2016
Net asset value, beginning of period		$11.27			$9.79			$10.83			$9.78			$9.40			$10.00
Income From Investment Operations
Net investment income (b)(c)		.02			.11			.09			.06			.04			.05
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		(.79	)		1.61			(.55	)		1.09			.37			(.65	)
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(d)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(.77	)		1.72			(.46	)		1.15			.41			(.60	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.24	)		–0	–		(.05	)		(.03	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.58	)		(.05	)		–0	–		–0	–
Total dividends and distributions		–0	–		(.24	)		(.58	)		(.10	)		(.03	)		–0	–
Net asset value, end of period		$10.50			$11.27			$9.79			$10.83			$9.78			$9.40
Total Return
Total investment return based on net asset value (e)		(6.75	)%		17.61	%		(4.62	)%		11.87	%		4.39	%		(6.00	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$12			$12			$11			$12			$11			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)‡		.73	%^		.68	%		.67	%		.63	%		.63	%		.69	%^
Expenses, before waivers/reimbursements (f)(g)‡		1.01	%^		.95	%		.92	%		.94	%		1.08	%		3.21	%^
Net investment income (c)		.42	%^		1.05	%		.88	%		.55	%		.46	%		.82	%^
Portfolio turnover rate		30	%		29	%		67	%		59	%		79	%		111	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.07	%^		.07	%		.08	%		.11	%		.12	%		.06	%^

See footnote summary on page 26.

24

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,												April 28, 2015(a) to December 31, 2015
				2019			2018			2017			2016
Net asset value, beginning of period		$11.19			$9.72			$10.78			$9.75			$9.39			$10.00
Income From Investment Operations
Net investment income (b)(c)		.01			.08			.07			.03			.02			.01
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		(.79	)		1.60			(.55	)		1.09			.37			(.62	)
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(d)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(.78	)		1.68			(.48	)		1.12			.39			(.61	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.21	)		–0	–		(.04	)		(.03	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.58	)		(.05	)		–0	–		–0	–
Total dividends and distributions		–0	–		(.21	)		(.58	)		(.09	)		(.03	)		–0	–
Net asset value, end of period		$10.41			$11.19			$9.72			$10.78			$9.75			$9.39
Total Return
Total investment return based on net asset value (e)		(6.89	)%		17.32	%		(4.84	)%		11.50	%		4.24	%		(6.20	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$85,606			$95,350			$89,127			$98,502			$79,298			$51,115
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)‡		1.00	%^		.94	%		.92	%		.89	%		.88	%		.94	%^
Expenses, before waivers/reimbursements (f)(g)‡		1.28	%^		1.20	%		1.16	%		1.17	%		1.33	%		1.62	%^
Net investment income (c)		.13	%^		.78	%		.64	%		.31	%		.24	%		.19	%^
Portfolio turnover rate		30	%		29	%		67	%		59	%		79	%		111	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.07	%^		.07	%		.08	%		.11	%		.12	%		.06	%^

See footnote summary on page 26.

25

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) Amount is less than $.005.

(e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(f) In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of affiliated/unaffiliated acquired fund fees and expenses, and for the six months ended June 30, 2020, and the years ended December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016 and December 31, 2015, such waiver amounted to .07%, .07%, .08%, .11%, .12% and .06%, respectively.

(g) The expense ratios presented below exclude interest/bank overdraft expense:

Six Months Ended June 30, 2020 (unaudited)

Year Ended December 31,

April 28, 2015(a) to December 31, 2015

2019

2018

2017

2016

Class A

Net of waivers/reimbursements

.68

%^

.68

%

N/A

N/A

N/A

N/A

Before waivers/reimbursements

.97

%^

.94

%

N/A

N/A

N/A

N/A

Class B

Net of waivers/reimbursements

.94

%^

.93

%

N/A

N/A

N/A

N/A

Before waivers/reimbursements

1.22

%^

1.19

%

N/A

N/A

N/A

N/A

^ Annualized.

See notes to financial statements.

26

GLOBAL RISK ALLOCATION—MODERATE
PORTFOLIO	AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

27

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

At a meeting of the Board of Directors of AB Variable Products Series Fund, Inc. (the “Company”) held on November 4-6, 2019 (the “November 2019 Meeting”), the Adviser recommended an amendment to the Company’s current Advisory Agreement with the Adviser in respect of AB Global Risk Allocation—Moderate Portfolio (the “Fund”) to reflect the addition of breakpoints to the Fund’s current flat advisory fee schedule (the “Amended Agreement”) effective January 1, 2020.¹ The Adviser explained that the proposed breakpoints were in connection with changes in the business model of the Fund’s sole investor (the “Sole Investor”) and its plan to transfer a significant amount of assets from two other investment funds to the Fund in late 2020 or early 2021 (the “substitution transaction”). The Adviser noted that the proposed changes to the Fund’s advisory fee schedule are specifically linked to the Sole Investor’s substitution transaction and the associated significant asset increase.

At the recommendation of the Adviser, the disinterested directors (the “directors”) unanimously approved the Amended Agreement. The amendment to the Fund’s current advisory agreement to reflect the addition of breakpoints does not require shareholder approval.

The directors approved the continuance of the Fund’s current advisory agreement at a meeting held on July 30-31, 2019 (the “July 2019 Meeting”).

Prior to approval of the Amended Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed Amended Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including materials prepared by the Senior Analyst for the Fund. The directors also discussed the proposed approval in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the underlying fund advised by the Adviser in which the Fund invests.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Amended Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Amended Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Amended Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher

1 Following transactions completed on November 13, 2019 that may have been deemed to have been an “assignment” causing termination of the Fund’s investment advisory agreement, a new investment advisory agreement, having the same terms as the prior one, was entered into by the Fund and the Adviser.

28

AB Variable Products Series Fund

rate of total compensation from the Fund to the Adviser than the fee rate stated in the Amended Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Amended Advisory Agreement.

Costs of Services Provided and Profitability

In connection with their approval of the continuance of the Fund’s current advisory agreement at the July 2019 Meeting, the directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2017 and 2018 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The Adviser agreed to provide the directors with profitability information in connection with future proposed continuances of the Amended Agreement.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s future profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the November 2019 Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the July 2019 Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1- and 3-year periods ended May 31, 2019 and (in the case of comparisons with the broad-based securities market index) for the period from inception. At the November 2019 Meeting, the directors reviewed updated performance information of the Class A Shares. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and updated pro forma information from the Fund’s Senior Analyst based on information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund for the July 2019 Meeting. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s pro forma effective contractual advisory fee rate (based on projected net assets of $1.09 billion) with a peer group median and took into account the impact on the proposed advisory fee rate of the administrative expense reimbursement payable to the Adviser pursuant to the expense reimbursement provision in the Amended Advisory Agreement.

At the July 2019 Meeting, the directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such

29

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser with similar investment strategies.

At the July 2019 Meeting, the Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

At the July 2019 Meeting, the directors noted that the Fund invests in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that the advisory fee for the Fund is for services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

In connection with their review of the Fund’s proposed advisory fee, the directors also considered the pro forma total expense ratio of the Class B shares of the Fund (the pro forma information assumes $1.09 billion in Class B Shares) in comparison to a peer group and a peer universe selected by the 15(c) service provider for the July 2019 Meeting. The pro forma Class B expense ratio of the Fund was based on the Fund’s projected net assets of $1.09 billion and the directors considered the Adviser’s expense cap for the Class B Shares of the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s pro forma expense ratio was acceptable.

Economies of Scale

The directors noted that the proposed advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the November 2019 Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

30

VPS-GRA-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ GLOBAL THEMATIC GROWTH PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

GLOBAL THEMATIC GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The first line of each class’ table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The second line of each class’ table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,066.80	$	4.98		0.97	%	$	5.04		0.98	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.04	$	4.87		0.97	%	$	4.92		0.98	%
Class B
Actual	$	1,000	$	1,065.60	$	6.27		1.22	%	$	6.32		1.23	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.80	$	6.12		1.22	%	$	6.17		1.23	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

GLOBAL THEMATIC GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Adyen NV	$	4,046,272		2.9	%
Chr Hansen Holding A/S		3,833,916		2.8
Gerresheimer AG		3,802,894		2.8
MSCI, Inc.—Class A		3,782,181		2.7
Bio-Rad Laboratories, Inc.—Class A		3,751,882		2.7
Koninklijke Philips NV		3,381,492		2.5
West Pharmaceutical Services, Inc.		3,205,369		2.3
Vestas Wind Systems A/S		3,101,780		2.3
Kingspan Group PLC		3,008,968		2.2
Tecan Group AG		2,998,304		2.2
	$	34,913,058		25.4	%

SECTOR BREAKDOWN²

June 30, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Information Technology	$	35,794,276		26.0	%
Health Care		31,695,766		23.1
Industrials		18,003,181		13.1
Financials		12,722,709		9.2
Consumer Discretionary		9,165,949		6.7
Materials		8,894,073		6.5
Consumer Staples		6,310,483		4.6
Communication Services		2,556,707		1.9
Utilities		2,332,477		1.7
Short-Term Investments		9,953,648		7.2
Total Investments	$	137,429,269		100.0	%

1 Long-term investments.

2 The Portfolio’s sector 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).

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

GLOBAL THEMATIC GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	62,389,166		45.4	%
Netherlands		12,177,965		8.9
Ireland		7,250,851		5.3
Denmark		6,935,696		5.0
Germany		6,711,062		4.9
Japan		5,741,178		4.2
Switzerland		5,584,671		4.1
France		5,323,557		3.9
China		4,751,568		3.5
India		3,674,616		2.7
United Kingdom		1,986,194		1.4
Hong Kong		1,974,453		1.4
Austria		1,530,192		1.1
Brazil		1,444,452		1.0
Short-Term Investments		9,953,648		7.2
Total Investments	$	137,429,269		100.0	%

1 All data are as of June 30, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

3

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–92.9%
INFORMATION TECHNOLOGY–26.1%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–3.4%
Flex Ltd.(a)		226,090	$	2,317,422
Keyence Corp.		5,700		2,388,651
				4,706,073
IT SERVICES–7.4%
Adyen NV(a)(b)		2,780		4,046,272
Pagseguro Digital Ltd.(a)		40,873		1,444,452
Square, Inc.–Class A(a)		19,881		2,086,312
Visa, Inc.–Class A		13,050		2,520,869
				10,097,905
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.5%
Cree, Inc.(a)(c)		30,870		1,827,195
Infineon Technologies AG		124,110		2,908,168
NVIDIA Corp.		5,478		2,081,147
NXP Semiconductors NV		17,990		2,051,580
				8,868,090
SOFTWARE–7.1%
Dassault Systemes SE		15,980		2,774,014
Microsoft Corp.		14,440		2,938,684
Proofpoint, Inc.(a)		19,064		2,118,392
Zendesk, Inc.(a)		21,460		1,899,854
				9,730,944
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.7%
Apple, Inc.		6,555		2,391,264
				35,794,276
HEALTH CARE–23.1%
BIOTECHNOLOGY–1.4%
Abcam PLC		120,250		1,986,194
HEALTH CARE EQUIPMENT & SUPPLIES–6.7%
Danaher Corp.		14,350		2,537,510
Koninklijke Philips NV		72,490		3,381,492
West Pharmaceutical Services, Inc.		14,110		3,205,369
				9,124,371
HEALTH CARE PROVIDERS & SERVICES–4.9%
Apollo Hospitals Enterprise Ltd.		109,914		1,972,800
Laboratory Corp. of America Holdings(a)		17,171		2,852,275
UnitedHealth Group, Inc.		6,660		1,964,367
				6,789,442
LIFE SCIENCES TOOLS & SERVICES–10.1%
Bio-Rad Laboratories, Inc.–Class A(a)		8,310	$	3,751,882
Bruker Corp.		40,330		1,640,624
Gerresheimer AG		41,150		3,802,894
ICON PLC(a)		9,510		1,602,055
Tecan Group AG		8,460		2,998,304
				13,795,759
				31,695,766
INDUSTRIALS–13.1%
BUILDING PRODUCTS–3.8%
Kingspan Group PLC		46,610		3,008,968
Trex Co., Inc.(a)		16,680		2,169,568
				5,178,536
COMMERCIAL SERVICES & SUPPLIES–2.0%
Waste Management, Inc.		26,600		2,817,206
ELECTRICAL EQUIPMENT–4.1%
Schneider Electric SE		22,920		2,549,543
Vestas Wind Systems A/S		30,290		3,101,780
				5,651,323
MACHINERY–1.7%
Xylem, Inc./NY		35,400		2,299,584
PROFESSIONAL SERVICES–1.5%
Recruit Holdings Co., Ltd.		59,800		2,056,532
				18,003,181
FINANCIALS–9.3%
BANKS–2.4%
Erste Group Bank AG(a)		64,790		1,530,192
HDFC Bank Ltd.		121,010		1,701,816
				3,232,008
CAPITAL MARKETS–5.5%
Charles Schwab Corp. (The)		34,016		1,147,700
MSCI, Inc.–Class A		11,330		3,782,181
Partners Group Holding AG		2,840		2,586,367
				7,516,248
INSURANCE–1.4%
AIA Group Ltd.		211,000		1,974,453
				12,722,709
CONSUMER DISCRETIONARY–6.7%
AUTO COMPONENTS–1.6%
Aptiv PLC		27,970		2,179,423
AUTOMOBILES–1.5%
Tesla, Inc.(a)		1,915		2,067,836
INTERNET & DIRECT MARKETING RETAIL–1.6%
Alibaba Group Holding Ltd.(a)		81,340		2,194,861
TEXTILES, APPAREL & LUXURY GOODS–2.0%
NIKE, Inc.–Class B		27,780		2,723,829
				9,165,949

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MATERIALS–6.5%
CHEMICALS–6.5%
Chr Hansen Holding A/S		37,170	$	3,833,916
Ecolab, Inc.		11,870		2,361,536
Koninklijke DSM NV		19,440		2,698,621
				8,894,073
CONSUMER STAPLES–4.6%
FOOD PRODUCTS–1.9%
Kerry Group PLC–Class A		21,250		2,639,828
HOUSEHOLD PRODUCTS–2.7%
Procter & Gamble Co. (The)		19,860		2,374,660
Unicharm Corp.		31,600		1,295,995
				3,670,655
				6,310,483
COMMUNICATION SERVICES–1.8%
INTERACTIVE MEDIA & SERVICES–1.8%
Tencent Holdings Ltd.		39,900		2,556,707
UTILITIES–1.7%
WATER UTILITIES–1.7%
American Water Works Co., Inc.		18,129	$	2,332,477
Total Common Stocks (cost $87,162,111)				127,475,621
SHORT-TERM INVESTMENTS–7.3%
INVESTMENT COMPANIES–7.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(d)(e)(f) (cost $9,953,648)		9,953,648		9,953,648
TOTAL INVESTMENTS–100.2% (cost $97,115,759)				137,429,269
Other assets less liabilities–(0.2)%				(224,796	)
NET ASSETS–100.0%			$	137,204,473

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	2,484		GBP	1,943		09/14/2020	$	(75,469	)
Barclays Bank PLC		EUR	759		USD	832		09/14/2020		(22,153	)
Barclays Bank PLC		USD	290		CNY	2,063		09/14/2020		880
Barclays Bank PLC		USD	4,590		JPY	492,459		09/14/2020		(24,541	)
BNP Paribas SA		USD	203		KRW	243,841		08/13/2020		451
Citibank, NA		USD	1,364		KRW	1,668,855		08/13/2020		27,130
Citibank, NA		EUR	1,461		USD	1,628		09/14/2020		(16,258	)
Citibank, NA		JPY	162,985		USD	1,520		09/14/2020		9,113
Citibank, NA		USD	2,076		AUD	2,965		09/14/2020		(28,840	)
Citibank, NA		USD	1,678		CNY	11,900		09/14/2020		(1,441	)
Citibank, NA		USD	942		SEK	8,669		09/14/2020		(11,117	)
Goldman Sachs Bank USA		BRL	2,350		USD	464		07/02/2020		31,750
Goldman Sachs Bank USA		USD	429		BRL	2,350		07/02/2020		2,991
Goldman Sachs Bank USA		GBP	497		USD	610		09/14/2020		(5,866	)
JPMorgan Chase Bank, NA		USD	252		KRW	304,448		08/13/2020		1,675
JPMorgan Chase Bank, NA		USD	246		TWD	7,199		08/20/2020		516
JPMorgan Chase Bank, NA		EUR	704		USD	784		09/14/2020		(8,405	)
JPMorgan Chase Bank, NA		USD	542		CAD	747		09/14/2020		8,226
Morgan Stanley & Co., Inc.		BRL	2,350		USD	429		07/02/2020		(2,991	)
Morgan Stanley & Co., Inc.		USD	432		BRL	2,350		07/02/2020		(167	)
Morgan Stanley & Co., Inc.		USD	345		RUB	25,789		07/14/2020		16,473
Morgan Stanley & Co., Inc.		INR	92,598		USD	1,178		07/23/2020		(45,386	)
Morgan Stanley & Co., Inc.		BRL	2,350		USD	432		08/04/2020		414
Morgan Stanley & Co., Inc.		USD	1,664		TWD	49,088		08/20/2020		17,456
Natwest Markets PLC		EUR	16,355		USD	18,623		09/14/2020		217,858

5

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)				In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Natwest Markets PLC		EUR	622			USD	685		09/14/2020	$	(15,166	)
Natwest Markets PLC		USD	291			CNY	2,080		09/14/2020		2,581
Standard Chartered Bank		INR	75,284			USD	966		07/23/2020		(27,898	)
State Street Bank & Trust Co.		INR	15,901			USD	208		07/23/2020		(1,615	)
State Street Bank & Trust Co.		USD	194			INR	14,874		07/23/2020		2,161
State Street Bank & Trust Co.		CHF	784			USD	816		09/14/2020		(13,769	)
State Street Bank & Trust Co.		CNY	1,874			USD	263		09/14/2020		(596	)
State Street Bank & Trust Co.		EUR	373			USD	421		09/14/2020		925
State Street Bank & Trust Co.		EUR	1,521			USD	1,652		09/14/2020		(59,174	)
State Street Bank & Trust Co.		HKD	5,106			USD	658		09/14/2020		(292	)
State Street Bank & Trust Co.		JPY	34,652			USD	324		09/14/2020		2,274
State Street Bank & Trust Co.		USD	206			AUD	313		09/14/2020		10,631
State Street Bank & Trust Co.		USD	230			CAD	319		09/14/2020		5,506
State Street Bank & Trust Co.		USD	500			EUR	445		09/14/2020		815
State Street Bank & Trust Co.		USD	1,404			EUR	1,238		09/14/2020		(11,215	)
State Street Bank & Trust Co.		USD	192			GBP	156		09/14/2020		1,818
State Street Bank & Trust Co.		USD	248			GBP	198		09/14/2020		(2,814	)
State Street Bank & Trust Co.		USD	694			JPY	74,218		09/14/2020		(6,287	)
State Street Bank & Trust Co.		USD	254	��		MXN	5,632		09/14/2020		(10,986	)
State Street Bank & Trust Co.		USD	474			ZAR	7,927		09/14/2020		(20,654	)
UBS AG		CHF	673			USD	714		09/14/2020		2,084
UBS AG		USD	2,738			CAD	3,667		09/14/2020		(36,865	)
										$	(86,237	)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the market value of this security amounted to $4,046,272 or 2.9% of net assets.

(c) Represents entire or partial securities out on loan. See Note E for securities lending information.

(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.

6

AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

See notes to financial statements.

7

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $87,162,111)	$	127,475,621	(a)
Affiliated issuers (cost $9,953,648)		9,953,648
Foreign currencies, at value (cost $184,843)		184,658
Unrealized appreciation on forward currency exchange contracts		363,728
Unaffiliated dividends receivable		207,494
Receivable for capital stock sold		35,566
Affiliated dividends receivable		1,088
Total assets		138,221,803
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		449,965
Payable for capital stock redeemed		373,151
Advisory fee payable		76,441
Administrative fee payable		24,311
Distribution fee payable		18,857
Directors’ fees payable		2,628
Transfer Agent fee payable		117
Accrued expenses		71,860
Total liabilities		1,017,330
NET ASSETS	$	137,204,473
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,949
Additional paid-in capital		77,586,763
Distributable earnings		59,613,761
	$	137,204,473

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	43,224,518		1,208,733	$	35.76
B	$	93,979,955		2,739,863	$	34.30

(a) Includes securities on loan with a value of $18,704 (see Note E).

See notes to financial statements.

8

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $51,174)	$	661,977
Affiliated issuers		29,692
Securities lending income		4,108		$	695,777
EXPENSES
Advisory fee (see Note B)		476,479
Distribution fee—Class B		108,489
Transfer agency—Class A		975
Transfer agency—Class B		2,101
Custody and accounting		53,245
Administrative		40,767
Audit and tax		27,324
Printing		23,123
Legal		14,079
Directors’ fees		10,768
Miscellaneous		5,111
Total expenses		762,461
Less: expenses waived and reimbursed by the Adviser (see Note B)		(35,471	)
Net expenses					726,990
Net investment loss					(31,213	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions					5,642,374
Forward currency exchange contracts					(306,857	)
Foreign currency transactions					(124,427	)
Net change in unrealized appreciation/depreciation of:
Investments					2,915,842
Forward currency exchange contracts					(22,142	)
Foreign currency denominated assets and liabilities					(507	)
Net gain on investment and foreign currency transactions					8,104,283
NET INCREASE IN NET ASSETS FROM OPERATIONS				$	8,073,070

See notes to financial statements.

9

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(31,213	)	$	127,416
Net realized gain on investment and foreign currency transactions		5,211,090			14,163,771
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		2,893,193			19,169,007
Net increase in net assets from operations		8,073,070			33,460,194
DISTRIBUTIONS TO SHAREHOLDERS
Class A		–0	–		(2,381,432	)
Class B		–0	–		(5,188,929	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(7,750,537	)		(5,755,781	)
Total increase		322,533			20,134,052
NET ASSETS
Beginning of period		136,881,940			116,747,888
End of period	$	137,204,473		$	136,881,940

See notes to financial statements.

10

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Thematic Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

11

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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.

12

AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2020:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	27,723,443		$	8,070,833		$	–0	–	$	35,794,276
Health Care		22,921,768			8,773,998			–0	–		31,695,766
Industrials		7,286,358			10,716,823			–0	–		18,003,181
Financials		4,929,881			7,792,828			–0	–		12,722,709
Consumer Discretionary		6,971,088			2,194,861			–0	–		9,165,949
Materials		2,361,536			6,532,537			–0	–		8,894,073
Consumer Staples		2,374,660			3,935,823			–0	–		6,310,483
Communication Services		–0	–		2,556,707			–0	–		2,556,707
Utilities		2,332,477			–0	–		–0	–		2,332,477
Short-Term Investments		9,953,648			–0	–		–0	–		9,953,648
Total Investments in Securities		86,854,859			50,574,410	(a)		–0	–		137,429,269
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		363,728			–0	–		363,728
Liabilities:
Forward Currency Exchange Contracts		–0	–		(449,965	)		–0	–		(449,965	)
Total	$	86,854,859		$	50,488,173		$	–0	–	$	137,343,032

(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, see Note A.1.

(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, options written and swaptions written which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years

13

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

(the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. Effective September 4, 2018, the Adviser has contractually agreed to waive its management fee and/or bear expenses of the Portfolio in order to reduce the Portfolio’s total operating expenses by an amount equal to .05% on an annual basis of the average net assets for Class A and Class B. For the six months ended June 30, 2020, such reimbursements/waivers amounted to $31,765. This fee waiver and/or expense reimbursement agreement extends through May 1, 2021 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $40,767.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $3,706.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,816	$	22,842	$	18,704	$	9,954	$	30

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation,

14

AB Variable Products Series Fund

the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	15,263,979		$	27,176,026
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	42,926,664
Gross unrealized depreciation		(2,699,391	)
Net unrealized appreciation	$	40,227,273

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

15

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The principal type of derivative utilized by the Portfolio, as well as the methods in which they may be used are:

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended June 30, 2020, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended June 30, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	363,728	*	Unrealized depreciation on forward currency exchange contracts	$	449,965	*
Total			$363,728				$449,965

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	(306,857	)	$(22,142)
Total		$	(306,857	)	$(22,142)

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AB Variable Products Series Fund

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2020:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	32,049,225
Average principal amount of sale contracts	$	40,809,569

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Barclays Bank PLC

$

880

$

(880

)

$

–0

–

$

–0

–

$

–0

–

BNP Paribas SA

451

–0

–

–0

–

–0

–

451

Citibank, NA

36,243

(36,243

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

34,741

(5,866

)

–0

–

–0

–

28,875

JPMorgan Chase Bank, NA

10,417

(8,405

)

–0

–

–0

–

2,012

Morgan Stanley & Co., Inc.

34,343

(34,343

)

–0

–

–0

–

–0

–

Natwest Markets PLC

220,439

(15,166

)

–0

–

–0

–

205,273

State Street Bank & Trust Co.

24,130

(24,130

)

–0

–

–0

–

–0

–

UBS AG

2,084

(2,084

)

–0

–

–0

–

–0

–

Total

$

363,728

$

(127,117

)

$

–0

–

$

–0

–

$

236,611

^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Bank of America, NA

$

75,469

$

–0

–

$

–0

–

$

–0

–

$

75,469

Barclays Bank PLC

46,694

(880

)

–0

–

–0

–

45,814

Citibank, NA

57,656

(36,243

)

–0

–

–0

–

21,413

Goldman Sachs Bank USA

5,866

(5,866

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

8,405

(8,405

)

–0

–

–0

–

–0

–

Morgan Stanley & Co., Inc.

48,544

(34,343

)

–0

–

–0

–

14,201

Natwest Markets PLC

15,166

(15,166

)

–0

–

–0

–

–0

–

Standard Chartered Bank

27,898

–0

–

–0

–

–0

–

27,898

State Street Bank & Trust Co.

127,402

(24,130

)

–0

–

–0

–

103,272

UBS AG

36,865

(2,084

)

–0

–

–0

–

34,781

Total

$

449,965

$

(127,117

)

$

–0

–

$

–0

–

$

322,848

^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a

17

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	18,704	$	0	$	18,873	$	4,108	$	0	$	0

* As of June 30, 2020.

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AB Variable Products Series Fund

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		62,100			114,338		$	2,039,413		$	3,589,027
Shares issued in reinvestment of dividends		–0	–		77,119			–0	–		2,381,432
Shares redeemed		(143,267	)		(210,261	)		(4,625,117	)		(6,622,981	)
Net decrease		(81,167	)		(18,804	)	$	(2,585,704	)	$	(652,522	)
Class B
Shares sold		138,820			303,140		$	4,389,376		$	9,139,286
Shares issued in reinvestment of dividends		–0	–		174,829			–0	–		5,188,929
Shares redeemed		(307,969	)		(643,894	)		(9,554,209	)		(19,431,474	)
Net decrease		(169,149	)		(165,925	)	$	(5,164,833	)	$	(5,103,259	)

At June 30, 2020, certain shareholders of the Portfolio owned 67% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Capitalization Risk—Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in

19

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	316,132	$	–0	–
Net long-term capital gains		7,254,229		–0	–
Total taxable distributions paid	$	7,570,361	$	–0	–

20

AB Variable Products Series Fund

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,035,104
Undistributed capital gains		13,419,311
Unrealized appreciation/(depreciation)		37,086,276	(a)
Total accumulated earnings/(deficit)	$	51,540,691

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, return of capital distributions received from underlying securities, and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio did not have any capital loss carryforwards.

NOTE J: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

21

GLOBAL THEMATIC GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$33.52			$27.35			$30.32			$22.29			$22.43			$21.80
Income From Investment Operations
Net investment income (a)		.02	(b)		.08	(b)		.11	(b)		.03	(b)		.04	(b)†		.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.22			8.00			(3.08	)		8.13			(.18	)		.60
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		–0	–		.01
Net increase (decrease) in net asset value from operations		2.24			8.08			(2.97	)		8.16			(.14	)		.63
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.13	)		–0	–		(.13	)		–0	–		–0	–
Distributions from net realized gain on investment transactions		–0	–		(1.78	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(1.91	)		–0	–		(.13	)		–0	–		–0	–
Net asset value, end of period		$35.76			$33.52			$27.35			$30.32			$22.29			$22.43
Total Return
Total investment return based on net asset value (c)*		6.68	%		30.16	%		(9.79	)%		36.66	%		(.62	)%†		2.89	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$43,225			$43,237			$35,799			$40,121			$28,458			$31,534
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)‡		.97	%^		.99	%		.99	%		1.02	%		1.06	%		1.01	%
Expenses, before waivers/reimbursements (d)‡		1.03	%^		1.04	%		1.01	%		1.02	%		1.06	%		1.01	%
Net investment income		.12	%(b)^		.27	%(b)		.37	%(b)		.09	%(b)		.17	%(b)†		.07	%
Portfolio turnover rate		13	%		43	%		32	%		40	%		54	%		47	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.00	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 24.

22

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$32.19			$26.33			$29.25			$21.52			$21.71			$21.15
Income From Investment Operations
Net investment income (loss) (a)		(.02	)(b)		.01	(b)		.04	(b)		(.04	)(b)		(.02	)(b)†		(.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.13			7.68			(2.96	)		7.84			(.17	)		.59
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		–0	–		.01
Net increase (decrease) in net asset value from operations		2.11			7.69			(2.92	)		7.80			(.19	)		.56
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.05	)		–0	–		(.07	)		–0	–		–0	–
Distributions from net realized gain on investment transactions		–0	–		(1.78	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(1.83	)		–0	–		(.07	)		–0	–		–0	–
Net asset value, end of period		$34.30			$32.19			$26.33			$29.25			$21.52			$21.71
Total Return
Total investment return based on net asset value (c)*		6.56	%		29.78	%		(9.98	)%		36.30	%		(.87	)%†		2.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$93,979			$93,645			$80,949			$106,331			$78,625			$92,298
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)‡		1.22	%^		1.24	%		1.24	%		1.26	%		1.31	%		1.26	%
Expenses, before waivers/reimbursements (d)‡		1.28	%^		1.29	%		1.25	%		1.27	%		1.31	%		1.26	%
Net investment income (loss)		(.13	)%(b)^		.02	%(b)		.13	%(b)		(.15	)%(b)		(.07	)%(b)†		(.17	)%
Portfolio turnover rate		13	%		43	%		32	%		40	%		54	%		47	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.00	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 24.

23

GLOBAL THEMATIC GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(d) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2020, such waiver amounted to .01%.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.004	.02%	.02%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017, December 31, 2016 and December 31, 2015 by .04%, .28% and .01%, respectively.

^ Annualized.

See notes to financial statements.

24

GLOBAL THEMATIC GROWTH PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the

“Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

25

GLOBAL THEMATIC GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Global Thematic Growth Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

26

AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median. The directors also took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, and the different

27

GLOBAL THEMATIC GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the peer group median, after giving effect to a voluntary waiver by the Adviser. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

28

VPS-GTG-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GROWTH AND INCOME PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

GROWTH AND INCOME PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total annualized Expense Ratio+
Class A
Actual	$	1,000	$	839.20	$	2.79		0.61	%	$	2.84		0.62	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.83	$	3.07		0.61	%	$	3.12		0.62	%
Class B
Actual	$	1,000	$	838.30	$	3.93		0.86	%	$	3.98		0.87	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.59	$	4.32		0.86	%	$	4.37		0.87	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

GROWTH AND INCOME PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Verizon Communications, Inc.	$	38,934,460		4.5	%
Pfizer, Inc.		35,525,803		4.1
Berkshire Hathaway, Inc.—Class B		33,112,177		3.8
Roche Holding AG (Sponsored ADR)		29,801,192		3.4
Philip Morris International, Inc.		28,188,641		3.2
Comcast Corp.—Class A		26,627,628		3.1
Raytheon Technologies Corp.		26,285,428		3.0
Walmart, Inc.		25,866,132		3.0
JPMorgan Chase & Co.		24,687,928		2.8
Amgen, Inc.		23,229,852		2.7
	$	292,259,241		33.6	%

SECTOR BREAKDOWN²

June 30, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Financials	$	163,125,958		18.8	%
Health Care		154,405,268		17.7
Information Technology		125,153,020		14.4
Industrials		108,929,137		12.5
Consumer Discretionary		77,641,039		8.9
Communication Services		71,925,827		8.3
Consumer Staples		54,054,773		6.2
Energy		25,171,072		2.9
Real Estate		22,351,580		2.6
Materials		5,407,640		0.6
Short-Term Investments		61,372,718		7.1
Total Investments	$	869,538,032		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–92.9%
FINANCIALS–18.8%
BANKS–6.6%
Citigroup, Inc.		264,970	$	13,539,967
JPMorgan Chase & Co.		262,470		24,687,928
Wells Fargo & Co.		745,590		19,087,104
				57,314,999
CAPITAL MARKETS–2.9%
Goldman Sachs Group, Inc. (The)		25,190		4,978,048
LPL Financial Holdings, Inc.		139,191		10,912,575
Northern Trust Corp.		113,210		8,982,081
				24,872,704
CONSUMER FINANCE–0.6%
Capital One Financial Corp.		88,036		5,510,173
DIVERSIFIED FINANCIAL SERVICES–3.8%
Berkshire Hathaway, Inc.–Class B(a)		185,492		33,112,177
INSURANCE–4.9%
Aflac, Inc.		112,860		4,066,346
Allstate Corp. (The)		194,330		18,848,067
Fidelity National Financial, Inc.		357,930		10,974,134
Reinsurance Group of America, Inc.–Class A		107,437		8,427,358
				42,315,905
				163,125,958
HEALTH CARE–17.7%
BIOTECHNOLOGY–4.7%
Alexion Pharmaceuticals, Inc.(a)		156,780		17,596,987
Amgen, Inc.		98,490		23,229,852
				40,826,839
HEALTH CARE PROVIDERS & SERVICES–5.5%
Anthem, Inc.		65,970		17,348,790
Cigna Corp.(a)		92,201		17,301,518
Quest Diagnostics, Inc.		119,350		13,601,126
				48,251,434
PHARMACEUTICALS–7.5%
Pfizer, Inc.		1,086,416		35,525,803
Roche Holding AG (Sponsored ADR)		686,980		29,801,192
				65,326,995
				154,405,268
INFORMATION TECHNOLOGY–14.4%
COMMUNICATIONS EQUIPMENT–4.8%
Cisco Systems, Inc.		329,170		15,352,489
F5 Networks, Inc.(a)		165,600		23,097,888
Lumentum Holdings, Inc.(a)		34,937		2,844,920
				41,295,297
Company	Shares		U.S. $ Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.8%
Dolby Laboratories, Inc.–Class A		172,099	$	11,336,161
Keysight Technologies, Inc.(a)		87,050		8,772,899
Littelfuse, Inc.		26,963		4,600,697
				24,709,757
IT SERVICES–5.9%
Akamai Technologies, Inc.(a)		84,750		9,075,877
Cognizant Technology Solutions Corp.–Class A		190,210		10,807,732
Leidos Holdings, Inc.		172,152		16,125,478
MAXIMUS, Inc.		218,964		15,426,014
				51,435,101
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–0.5%
Lam Research Corp.		12,470		4,033,546
SOFTWARE – 0.4%
VMware, Inc.–Class A(a)(b)		23,759		3,679,319
				125,153,020
INDUSTRIALS–12.5%
AEROSPACE & DEFENSE–4.6%
Curtiss-Wright Corp.		69,540		6,208,531
Hexcel Corp.(b)		164,384		7,433,445
Raytheon Technologies Corp.		426,573		26,285,428
				39,927,404
AIRLINES–0.4%
Southwest Airlines Co.		108,190		3,697,934
CONSTRUCTION & ENGINEERING–1.7%
EMCOR Group, Inc.		108,990		7,208,599
Valmont Industries, Inc.		66,060		7,505,737
				14,714,336
ELECTRICAL EQUIPMENT–2.0%
Emerson Electric Co.		226,260		14,034,908
Hubbell, Inc.		26,290		3,295,714
				17,330,622
MACHINERY–1.7%
Altra Industrial Motion Corp.		176,996		5,639,092
Crane Co.		96,689		5,749,128
Middleby Corp. (The)(a)		41,300		3,260,222
				14,648,442
PROFESSIONAL SERVICES–1.1%
Robert Half International, Inc.		186,420		9,848,569
ROAD & RAIL–1.0%
Kansas City Southern		58,690		8,761,830
				108,929,137
CONSUMER DISCRETIONARY–8.9%
AUTO COMPONENTS–1.2%
BorgWarner, Inc.(b)		110,890		3,914,417

3

GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Gentex Corp.		263,230	$	6,783,437
				10,697,854
DISTRIBUTORS–1.6%
LKQ Corp.(a)		544,470		14,265,114
HOUSEHOLD DURABLES–3.3%
DR Horton, Inc.		298,780		16,567,351
Garmin Ltd.		123,580		12,049,050
				28,616,401
MULTILINE RETAIL–1.5%
Target Corp.		108,150		12,970,429
SPECIALTY RETAIL–1.3%
Murphy USA, Inc.(a)		98,510		11,091,241
				77,641,039
COMMUNICATION SERVICES–8.3%
DIVERSIFIED TELECOMMUNICATION SERVICES–7.6%
Comcast Corp.–Class A(b)		683,110		26,627,628
Verizon Communications, Inc.		706,230		38,934,460
				65,562,088
MEDIA–0.7%
Discovery, Inc.–Class A(a)(b)		301,599		6,363,739
				71,925,827
CONSUMER STAPLES–6.2%
FOOD & STAPLES RETAILING–3.0%
Walmart, Inc.		215,947		25,866,132
TOBACCO–3.2%
Philip Morris International, Inc.		402,350		28,188,641
				54,054,773
ENERGY–2.9%
OIL, GAS & CONSUMABLE FUELS–2.9%
Chevron Corp.		75,140		6,704,742
ConocoPhillips		133,510		5,610,090
EOG Resources, Inc.(b)		127,290		6,448,512
Phillips 66		89,120		6,407,728
				25,171,072
REAL ESTATE–2.6%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–0.9%
Mid-America Apartment Communities, Inc.		67,140		7,698,944
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.7%
CBRE Group, Inc.–Class A(a)		324,030		14,652,636
				22,351,580
MATERIALS–0.6%
METALS & MINING–0.6%
BHP Group Ltd. (Sponsored ADR)(b)		108,740	$	5,407,640
Total Common Stocks (cost $777,261,593)				808,165,314
SHORT-TERM INVESTMENTS��7.0%
INVESTMENT COMPANIES–7.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(c)(d)(e) (cost $61,372,718)		61,372,718		61,372,718
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.9% (cost $838,634,311)				869,538,032
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.7%
INVESTMENT COMPANIES – 0.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(c)(d)(e) (cost $5,636,152)		5,636,152		5,636,152
TOTAL INVESTMENTS–100.6% (cost $844,270,463)				875,174,184
Other assets less liabilities–(0.6)%				(5,128,499	)
NET ASSETS–100.0%			$	870,045,685

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(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.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

4

GROWTH AND INCOME PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $777,261,593)	$	808,165,314	(a)
Affiliated issuers (cost $67,008,870—including investment of cash collateral for securities loaned of $5,636,152)		67,008,870
Cash		118,117
Unaffiliated dividends receivable		1,214,096
Receivable for capital stock sold		354,332
Affiliated dividends receivable		8,107
Other assets		14,816
Total assets		876,883,652
LIABILITIES
Payable for collateral received on securities loaned		5,636,152
Advisory fee payable		395,458
Payable for capital stock redeemed		391,024
Distribution fee payable		156,351
Administrative fee payable		37,126
Payable for investment securities purchased		26,756
Transfer Agent fee payable		117
Directors’ fees payable		7
Accrued expenses and other liabilities		194,976
Total liabilities		6,837,967
NET ASSETS	$	870,045,685
COMPOSITION OF NET ASSETS
Capital stock, at par	$	34,932
Additional paid-in capital		824,279,780
Distributable earnings		45,730,973
	$	870,045,685

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	125,554,903		4,958,559	$	25.32
B	$	744,490,782		29,973,672	$	24.84

(a) Includes securities on loan with a value of $59,380,175 (see Note E).

See notes to financial statements.

5

GROWTH AND INCOME PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $154,220)	$	10,765,494
Affiliated issuers		406,835
Securities lending income		34,685
	$	11,207,014
EXPENSES
Advisory fee (see Note B)		2,497,333
Distribution fee—Class B		971,522
Transfer agency—Class A		600
Transfer agency—Class B		3,564
Custody and accounting		94,887
Printing		63,694
Legal		41,483
Administrative		36,321
Audit and tax		21,284
Directors’ fees		14,328
Miscellaneous		16,732
Total expenses		3,761,748
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(41,587	)
Net expenses		3,720,161
Net investment income		7,486,853
REALIZED AND UNREALIZED LOSS ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions		(41,325,478	)
Net change in unrealized appreciation/depreciation of investments		(139,017,038	)
Net loss on investment transactions		(180,342,516	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(172,855,663	)

See notes to financial statements.

6

GROWTH AND INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	7,486,853		$	12,473,520
Net realized gain (loss) on investment transactions		(41,325,478	)		40,276,635
Net change in unrealized appreciation/depreciation of investments		(139,017,038	)		159,345,540
Net increase (decrease) in net assets from operations		(172,855,663	)		212,095,695
Distributions to Shareholders
Class A		(656,531	)		(17,238,473	)
Class B		(3,958,586	)		(105,878,573	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(30,851,987	)		83,297,353
Total increase (decrease)		(208,322,767	)		172,276,002
NET ASSETS
Beginning of period		1,078,368,452			906,092,450
End of period	$	870,045,685		$	1,078,368,452

See notes to financial statements.

7

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Growth & Income Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Portfolio acquired the assets and liabilities of AB Value Portfolio (the “Acquired Portfolio”) a reorganization that was effective at the close of business April 26, 2019 (the “Reorganization”). The Reorganization was approved by the Fund’s Board of Directors pursuant to a Plan of Acquisition and Liquidation (the “Reorganization Agreement”) (see Note J for additional information). The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but

8

AB Variable Products Series Fund

are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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 June 30, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

808,165,314

$

–0

–

$

–0

–

$

808,165,314

Short-Term Investments

61,372,718

–0

–

–0

–

61,372,718

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

5,636,152

–0

–

–0

–

5,636,152

Total Investments in Securities

875,174,184

–0

–

–0

–

875,174,184

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

875,174,184

$

–0

–

$

–0

–

$

875,174,184

(a) See Portfolio of Investments for sector classifications.

(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, options written and swaptions written which are valued at market value.

9

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments as dividend income, realized gain, or return of capital based on information provided by the REIT.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $36,321.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

10

AB Variable Products Series Fund

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $40,591.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	128,696	$	172,409	$	239,732	$	61,373	$	396
Government Money Market Portfolio*		3,697		40,783		38,844		5,636		11
Total							$	67,009	$	407

* Investments of cash collateral for securities lending transactions (see Note E).

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

11

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)...................	$	311,077,408		$	272,836,879
U.S. government securities......................		–0	–		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	86,977,181
Gross unrealized depreciation		(56,073,460	)
Net unrealized appreciation	$	30,903,721

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2020.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a

12

AB Variable Products Series Fund

corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value  of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	59,380,175	$	5,636,152	$	55,023,535	$	34,685	$	11,479	$	996

* As of June 30, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		445,908			661,146		$	11,421,881		$	19,709,589
Shares issued in reinvestment of dividends and distributions		21,907			625,489			656,531			17,238,473
Shares issued in connection with the Reorganization		–0	–		34,530			–0	–		1,088,086
Shares redeemed		(649,479	)		(976,078	)		(16,656,880	)		(29,114,576	)
Net increase (decrease)		(181,664	)		345,087		$	(4,578,468	)	$	8,921,572
Class B
Shares sold		1,432,215			1,565,254		$	35,701,880		$	46,221,157
Shares issued in reinvestment of dividends and distributions		134,554			3,906,958			3,958,586			105,878,573
Share issued in connection with the Reorganization		–0	–		1,788,938			–0	–		55,438,527
Shares redeemed		(2,589,552	)		(4,537,077	)		(65,933,985	)		(133,162,476	)
Net increase (decrease)		(1,022,783	)		2,724,073		$	(26,273,519	)	$	74,375,781

At June 30, 2020, certain shareholders of the Portfolio owned 59% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

13

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Industry/Sector Risk—Investments in a particular sector, industry or group of related industries may have more risk because market or economic factors affecting that sector or industry could have a significant effect on the value of the Portfolio’s investments.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

14

AB Variable Products Series Fund

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

NOTEI: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	32,357,161	$	37,164,764
Net long-term capital gains		90,759,885		86,078,144
Total taxable distributions paid	$	123,117,046	$	123,242,908

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	12,473,045
Undistributed capital gains		45,091,707
Unrealized appreciation/(depreciation)		165,637,003	(a)
Total accumulated earnings/(deficit)	$	223,201,755

(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio did not have any capital loss carryforwards.

NOTE J: Reorganization

At a meeting held on November 6-8, 2018, the Board of the Fund approved the acquisition of the assets and assumption of the liabilities of the Acquired Portfolio by the Portfolio, each a series of the Fund. The Portfolios have the same investment objective and certain similarities in investment strategies, as both Portfolios seek long-term growth of capital and invest in the securities of U.S. companies, using a value approach to investing. The Reorganization was completed at the close of business April 26, 2019. Pursuant to the Reorganization, the assets and liabilities of the Acquired Portfolio shares were transferred in exchange for the shares of the same class of the Portfolio, in a tax-free exchange as follows:

	Shares outstanding before the Reorganization		Shares outstanding immediately after the Reorganization			Aggregate net assets before the Reorganization			Aggregate net assets immediately after the Reorganization
The Acquired Portfolio		3,830,499		–0	–	$	56,526,613	+	$	–0	–
The Portfolio		32,453,079		34,276,547		$	1,008,129,745	++	$	1,064,656,358

+ Includes distributions in excess of net investment income of $9,338, accumulated realized gain on investments of $4,555,184 and unrealized appreciation on investments of $1,082,388, with a fair value of $49,044,206 and identified cost of $47,961,818.

++ Includes undistributed net investment income of $15,078,001, accumulated realized gain on investments of $114,156,821 and unrealized appreciation on investments of $119,935,920, with a fair value of $1,011,419,058 and identified cost of $891,483,138.

15

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Assuming the acquisition of the Acquired Portfolio had been completed on January 1, 2019, the Portfolio’s pro forma results of operations for the year ended December 31, 2019, are as follows:

Net investment income	$	12,576,934
Net realized and unrealized gain on investments		206,217,063
Net increase in net assets resulting from operations	$	218,793,997

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Portfolio that have been included in the Portfolio’s Statement of Operations since April 26, 2019.

For financial reporting purposes, assets received and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio was carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

NOTE K: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

16

GROWTH AND INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$30.30			$27.78			$33.35			$31.21			$30.12			$30.04
Income From Investment Operations
Net investment income (a)		.24	(b)		.43	(b)		.41	(b)		.31	(b)		.43	(b)†		.37
Net realized and unrealized gain (loss) on investment transactions		(5.09	)		5.84			(1.84	)		5.21			2.84			.14
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(4.85	)		6.27			(1.43	)		5.52			3.27			.51
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.39	)		(.34	)		(.49	)		(.32	)		(.43	)
Distributions from net realized gain on investment transactions		(.13	)		(3.36	)		(3.80	)		(2.89	)		(1.86	)		–0	–
Total dividends and distributions		(.13	)		(3.75	)		(4.14	)		(3.38	)		(2.18	)		(.43	)
Net asset value, end of period		$25.32			$30.30			$27.78			$33.35			$31.21			$30.12
Total Return
Total investment return based on net asset value (d)*		(16.08	)%		23.91	%		(5.61	)%		18.93	%		11.30	%†		1.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$125,555			$155,765			$133,188			$159,324			$155,924			$150,801
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.61	%^		.61	%		.59	%		.60	%		.61	%		.60	%
Expenses, before waivers/reimbursements (e)‡		.61	%^		.62	%		.60	%		.60	%		.61	%		.60	%
Net investment income		1.86	%(b)^		1.43	%(b)		1.28	%(b)		.97	%(b)		1.46	%(b)†		1.21	%
Portfolio turnover rate		32	%		66	%		96	%		85	%		101	%		73	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 19.

17

GROWTH AND INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$29.76			$27.34			$32.88			$30.82			$29.78			$29.71
Income From Investment Operations
Net investment income (a)		.21	(b)		.35	(b)		.33	(b)		.23	(b)		.36	(b)†		.29
Net realized and unrealized gain (loss) on investment transactions		(5.00	)		5.74			(1.81	)		5.14			2.79			.14
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(4.79	)		6.09			(1.48	)		5.37			3.15			.43
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.31	)		(.26	)		(.42	)		(.25	)		(.36	)
Distributions from net realized gain on investment transactions		(.13	)		(3.36	)		(3.80	)		(2.89	)		(1.86	)		–0	–
Total dividends and distributions		(.13	)		(3.67	)		(4.06	)		(3.31	)		(2.11	)		(.36	)
Net asset value, end of period		$24.84			$29.76			$27.34			$32.88			$30.82			$29.78
Total Return
Total investment return based on net asset value (d)*		(16.17	)%		23.61	%		(5.84	)%		18.59	%		11.07	%†		1.43	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$744,491			$922,603			$772,904			$906,790			$886,666			$646,424
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.86	% ^		.86	%		.84	%		.85	%		.86	%		.85	%
Expenses, before waivers/reimbursements (e)‡		.86	% ^		.87	%		.85	%		.85	%		.86	%		.85	%
Net investment income		1.61	%(b)^		1.18	%(b)		1.03	%(b)		.72	%(b)		1.21	%(b)†		.96	%
Portfolio turnover rate		32	%		66	%		96	%		85	%		101	%		73	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, such waiver amounted to .01% (annualized), .01% and .01%, respectively.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.002	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016 and December 31, 2015 by .15%, .02%, .68%, .03% and .14%, respectively.

Includes the impact of a reimbursement from the Adviser as a result of an error made by the Adviser in processing a claim for class action settlement, which enhanced the Portfolio’s performance for the year ended December 31, 2017 by .01%.

^ Annualized.

See notes to financial statements.

19

GROWTH AND INCOME PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

20

GROWTH AND INCOME PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Growth and Income Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

21

GROWTH AND INCOME PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the

22

AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

23

VPS-GI-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERMEDIATE BOND PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

INTERMEDIATE BOND PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees of other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees of other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,028.90	$	6.46		1.28	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.50	$	6.42		1.28	%
Class B
Actual	$	1,000	$	1,027.30	$	7.71		1.53	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.26	$	7.67		1.53	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

INTERMEDIATE BOND PORTFOLIO
TOP TEN SECTORS (including derivatives)1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Governments—Treasuries2	42.7	%
Corporates—Investment Grade	33.4
Commercial Mortgage-Backed Securities	20.0
Mortgage Pass-Throughs	17.4
Interest Rate Swaps3	12.8
Collateralized Mortgage Obligations	10.9
Asset-Backed Securities	4.4
U.S. Treasury Bills	4.3
Inflation-Linked Securities	4.1
Emerging Markets—Treasuries	1.7

SECTOR BREAKDOWN (excluding derivatives)⁴

June 30, 2020 (unaudited)

Corporates—Investment Grade	33.0	%
Mortgage Pass-Throughs	17.2
Commercial Mortgage-Backed Securities	14.5
Collateralized Mortgage Obligations	10.7
Asset-Backed Securities	4.4
Inflation-Linked Securities	4.1
Governments—Treasuries	4.0
Corporates—Non-Investment Grade	1.9
Emerging Markets—Treasuries	1.7
Governments—Sovereign Bonds	1.7
Local Governments—US Municipal Bonds	1.0
Emerging Markets—Corporate Bonds	0.2
Quasi-Sovereigns	0.1
Short-Term Investments	5.5

1 All data are as of June 30, 2020. The Portfolio’s sectors include derivative exposure and are expressed as approximate percentages of the Portfolio’s total net assets, based on the Adviser’s internal classification. The percentages will vary over time.

2 Includes Treasury Futures

3 Represents the exposure of the Portfolio’s fixed-rate payments on the Interest Rate Swaps. Interest Rate Swaps involve the exchange by a fund with another party of payments calculated by reference to specified interest rates (e.g., an exchange of floating-rate payments for fixed-rate payments).

4 All data are as of June 30, 2020. The Portfolio’s sector 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).

2

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
CORPORATES–INVESTMENT GRADE–33.4%
INDUSTRIAL–17.8%
BASIC–1.5%
Alpek SAB de CV 4.25%, 09/18/2029(a)	U.S.$	200	$	198,562
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)		200		182,156
DuPont de Nemours, Inc.
4.205%, 11/15/2023		65		71,285
4.493%, 11/15/2025		65		74,587
Eastman Chemical Co. 3.80%, 03/15/2025		50		54,223
Glencore Funding LLC 4.125%, 05/30/2023(a)		58		61,909
				642,722
CAPITAL GOODS–0.8%
General Electric Co. 0.875%, 05/17/2025	EUR	100		108,264
3.45%, 05/01/2027	U.S.$	107		109,456
United Technologies Corp. 3.95%, 08/16/2025		90		102,552
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025		15		15,290
				335,562
COMMUNICATIONS– MEDIA–0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.20%, 03/15/2028		7		7,827
Comcast Corp. 4.15%, 10/15/2028		95		113,820
Cox Communications, Inc. 2.95%, 06/30/2023(a)		51		53,586
ViacomCBS, Inc. 4.75%, 05/15/2025		101		115,419
				290,652
COMMUNICATIONS– TELECOMMUNICATIONS–1.8%
AT&T, Inc.
3.40%, 05/15/2025		310		340,213
4.125%, 02/17/2026		147		167,152
4.55%, 03/09/2049		64		75,488
Vodafone Group PLC 3.75%, 01/16/2024		168		183,930
				766,783
CONSUMER CYCLICAL– AUTOMOTIVE–0.8%
General Motors Co.
6.125%, 10/01/2025		25		28,093
6.80%, 10/01/2027		34		39,608
General Motors Financial Co., Inc. 4.30%, 07/13/2025		30		31,390
5.10%, 01/17/2024	U.S.$	109	$	116,766
5.20%, 03/20/2023		48		51,294
5.25%, 03/01/2026		21		22,886
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(a)		54		55,159
				345,196
CONSUMER CYCLICAL–ENTERTAINMENT–0.3%
Royal Caribbean Cruises Ltd. 10.875%, 06/01/2023(a)		43		44,179
11.50%, 06/01/2025(a)		73		75,729
				119,908
CONSUMER CYCLICAL– OTHER–0.0%
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025		12		13,041
CONSUMER CYCLICAL–RESTAURANTS–0.1%
Starbucks Corp. 4.50%, 11/15/2048		31		36,852
CONSUMER CYCLICAL– RETAILERS–0.4%
AutoNation, Inc. 4.75%, 06/01/2030		57		61,881
Ralph Lauren Corp. 2.95%, 06/15/2030		31		31,832
Ross Stores, Inc. 4.60%, 04/15/2025		39		44,834
4.70%, 04/15/2027		22		25,528
				164,075
CONSUMER NON- CYCLICAL–4.0%
AbbVie, Inc. 2.95%, 11/21/2026(a)		67		72,834
4.875%, 11/14/2048		47		61,311
Altria Group, Inc. 4.80%, 02/14/2029		26		30,339
Anheuser-Busch InBev Worldwide, Inc. 4.60%, 06/01/2060		73		87,123
5.55%, 01/23/2049		120		159,351
BAT Capital Corp. 3.215%, 09/06/2026		92		98,886
Becton Dickinson and Co. 3.734%, 12/15/2024		40		44,155
Biogen, Inc. 4.05%, 09/15/2025		144		165,191
Cigna Corp. 3.75%, 07/15/2023		25		27,138
4.125%, 11/15/2025		45		51,605
4.375%, 10/15/2028		58		68,686

3

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Coca-Cola Femsa SAB de CV 2.75%, 01/22/2030	U.S.$	150	$	156,844
CVS Health Corp. 3.625%, 04/01/2027		27		30,428
4.10%, 03/25/2025		190		214,717
Mylan NV 3.95%, 06/15/2026		85		94,963
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		200		222,664
Tyson Foods, Inc. 3.95%, 08/15/2024		48		53,155
4.00%, 03/01/2026		12		13,731
Zimmer Biomet Holdings, Inc. 3.05%, 01/15/2026		25		26,845
Zoetis, Inc. 3.45%, 11/13/2020		45		45,349
				1,725,315
ENERGY–4.7%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. 3.337%, 12/15/2027		58		61,954
BP Capital Markets America, Inc. 3.194%, 04/06/2025		81		88,296
Cenovus Energy, Inc. 4.25%, 04/15/2027		12		10,864
Energy Transfer Operating LP 3.75%, 05/15/2030		64		63,582
4.75%, 01/15/2026		175		190,963
Enterprise Products Operating LLC 3.70%, 02/15/2026		161		181,119
5.20%, 09/01/2020		55		55,411
Husky Energy, Inc. 4.40%, 04/15/2029		101		100,900
Kinder Morgan, Inc. 3.15%, 01/15/2023		150		157,131
Marathon Oil Corp. 3.85%, 06/01/2025		19		19,243
6.80%, 03/15/2032		100		106,612
Marathon Petroleum Corp. 4.50%, 05/01/2023		102		109,943
Newfield Exploration Co. 5.625%, 07/01/2024		40		38,398
Noble Energy, Inc. 3.85%, 01/15/2028		30		28,928
3.90%, 11/15/2024		107		107,431
ONEOK, Inc. 4.00%, 07/13/2027		87		88,273
4.35%, 03/15/2029		57		59,713
5.85%, 01/15/2026		65		74,294
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		17		16,495
3.60%, 11/01/2024		68		69,608
4.50%, 12/15/2026		6		6,359
	Principal Amount (000)		U.S. $ Value
Sabine Pass Liquefaction LLC 5.00%, 03/15/2027	U.S.$	80	$	89,340
TransCanada PipeLines Ltd. 9.875%, 01/01/2021		108		112,563
Valero Energy Corp. 2.70%, 04/15/2023		78		80,948
Williams Cos., Inc. (The) 4.125%, 11/15/2020		97		97,279
				2,015,647
SERVICES–0.6%
Expedia Group, Inc. 6.25%, 05/01/2025(a)		2		2,125
7.00%, 05/01/2025(a)		43		45,035
Global Payments, Inc. 4.00%, 06/01/2023		43		46,594
S&P Global, Inc. 4.40%, 02/15/2026		127		149,916
				243,670
TECHNOLOGY–1.8%
Analog Devices, Inc. 2.95%, 04/01/2025		8		8,655
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.875%, 01/15/2027		62		66,964
Broadcom, Inc. 4.11%, 09/15/2028(a)		60		65,599
4.15%, 11/15/2030(a)		126		137,026
4.25%, 04/15/2026(a)		42		46,689
4.70%, 04/15/2025(a)		24		27,060
Dell International LLC/EMC Corp. 6.02%, 06/15/2026(a)		78		89,236
Infor, Inc. 1.75%, 07/15/2025(a)		34		34,157
KLA Corp. 4.65%, 11/01/2024		134		153,446
Lam Research Corp. 2.80%, 06/15/2021		39		39,861
Leidos, Inc. 2.95%, 05/15/2023(a)		37		38,840
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.70%, 05/01/2025(a)		17		17,801
Seagate HDD Cayman 4.091%, 06/01/2029(a)		36		37,575
				762,909
TRANSPORTATION– AIRLINES–0.2%
Southwest Airlines Co. 4.75%, 05/04/2023		80		82,179
TRANSPORTATION– SERVICES–0.1%
Aviation Capital Group LLC 2.875%, 01/20/2022(a)		10		9,579
3.50%, 11/01/2027(a)		15		12,359
3.875%, 05/01/2023(a)		32		30,368

4

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
4.125%, 08/01/2025(a)	U.S.$	2	$	1,799
4.875%, 10/01/2025(a)		18		16,510
				70,615
				7,615,126
FINANCIAL INSTITUTIONS–14.3%
BANKING–12.8%
American Express Co. Series C 3.598% (LIBOR 3 Month + 0.00%), 09/15/2020(b)(c)		15		12,662
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(a)		200		222,022
Banco de Credito del Peru 3.125%, 07/01/2030(a)		70		69,411
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025(a)		150		164,160
Banco Santander SA 3.49%, 05/28/2030		200		214,286
Bank of America Corp.
Series DD 6.30%, 03/10/2026(b)		27		29,939
Series L 3.95%, 04/21/2025		360		398,588
Series Z
6.50%, 10/23/2024(b)		41		43,924
Bank of New York Mellon Corp. (The) 1.60%, 04/24/2025		33		34,201
Series G 4.70%, 09/20/2025(b)		41		42,646
Banque Federative du Credit Mutuel SA 2.75%, 10/15/2020(a)		200		201,138
Barclays Bank PLC 6.86%, 06/15/2032(a)(b)		29		35,408
BNP Paribas SA 4.375%, 05/12/2026(a)		200		221,306
Capital One Financial Corp. 2.60%, 05/11/2023		68		70,993
3.30%, 10/30/2024		135		145,222
CIT Group, Inc. 5.25%, 03/07/2025		56		58,094
Citigroup, Inc. 3.106%, 04/08/2026		104		111,800
3.875%, 03/26/2025		165		180,515
5.95%, 01/30/2023(b)		55		54,761
Series Q 5.95%, 08/15/2020(b)		90		84,995
Cooperatieve Rabobank UA 4.375%, 08/04/2025		250		281,153
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 06/09/2023		265		284,968
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/2021	U.S.$	118	$	118,725
3.50%, 04/01/2025		63		69,091
3.75%, 05/22/2025		53		58,674
3.85%, 07/08/2024		100		109,833
Series M 4.37% (LIBOR 3 Month + 3.92%), 07/30/2020(b)(c)		45		41,167
Series P 5.00%, 11/10/2022(b)		27		24,952
HSBC Holdings PLC 4.25%, 08/18/2025		203		220,702
ING Groep NV 3.55%, 04/09/2024		200		217,922
JPMorgan Chase & Co. 2.083%, 04/22/2026		67		69,637
3.22%, 03/01/2025		140		150,632
3.54%, 05/01/2028		74		82,660
Series Z 4.487% (LIBOR 3 Month + 3.80%), 08/01/2020(b)(c)		22		20,700
Manufacturers & Traders Trust Co. 2.625%, 01/25/2021		250		252,585
Mastercard, Inc. 3.30%, 03/26/2027		48		54,470
Morgan Stanley 2.188%, 04/28/2026		53		55,234
3.737%, 04/24/2024		75		80,808
5.00%, 11/24/2025		37		43,483
Series G 4.35%, 09/08/2026		186		214,105
Series J 5.55%, 10/15/2020(b)		20		18,337
Santander Holdings USA, Inc. 4.40%, 07/13/2027		41		44,392
Standard Chartered PLC 2.27% (LIBOR 3 Month + 1.51%), 01/30/2027(a)(b)(c)		100		80,519
State Street Corp. 2.901%, 03/30/2026(a)		11		11,918
Truist Financial Corp. Series Q 5.10%, 03/01/2030(b)		81		83,229
US Bancorp Series J 5.30%, 04/15/2027(b)		63		63,876
Wells Fargo & Co. 2.188%, 04/30/2026		90		93,063
3.069%, 01/24/2023		113		117,122
3.75%, 01/24/2024		110		120,199
				5,480,227
BROKERAGE–0.1%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(b)		44		46,693

5

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
FINANCE–0.5%
Air Lease Corp. 3.00%, 02/01/2030	U.S.$	5	$	4,634
3.875%, 07/03/2023		6		6,094
4.25%, 02/01/2024		30		30,677
Series G 3.75%, 06/01/2026		3		3,027
Synchrony Financial 4.50%, 07/23/2025		147		156,090
				200,522
INSURANCE–0.5%
Alleghany Corp. 3.625%, 05/15/2030		95		101,326
Centene Corp. 4.25%, 12/15/2027		14		14,441
4.625%, 12/15/2029		16		16,882
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)		35		56,592
Voya Financial, Inc. 5.65%, 05/15/2053		31		31,003
				220,244
REITS–0.4%
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023		6		6,117
Welltower, Inc. 4.00%, 06/01/2025		146		161,234
				167,351
				6,115,037
UTILITY–1.3%
ELECTRIC–1.3%
Colbun SA 3.15%, 03/06/2030(a)		200		200,937
Enel Chile SA 4.875%, 06/12/2028		68		76,139
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/2024(a)		200		224,000
Kentucky Utilities Co. 3.30%, 06/01/2050		38		40,432
				541,508
Total Corporates–Investment Grade (cost $13,357,435)				14,271,671
MORTGAGE PASS-THROUGHS–17.4%
AGENCY FIXED RATE 30-YEAR–15.2%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 09/01/2049-11/01/2049		468		503,339
Series 2020 3.50%, 01/01/2050		108		117,606
	Principal Amount (000)		U.S. $ Value
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035	U.S.$	56	$	65,644
Series 2007 5.50%, 07/01/2035		16		19,097
Series 2016 4.00%, 02/01/2046		170		186,482
Series 2017 4.00%, 07/01/2044		133		145,055
Series 2018 4.00%, 11/01/2048-12/01/2048		152		164,322
4.50%, 10/01/2048-11/01/2048		307		334,623
5.00%, 11/01/2048		73		80,864
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033-07/01/2033		51		59,226
Series 2004 5.50%, 04/01/2034-11/01/2034		46		53,052
Series 2005 5.50%, 02/01/2035		53		61,790
Series 2010 4.00%, 12/01/2040		79		86,803
Series 2012 3.50%, 02/01/2042-01/01/2043		209		228,407
Series 2013 3.50%, 04/01/2043		102		111,586
4.00%, 10/01/2043		303		331,608
Series 2017 3.50%, 09/01/2047		234		247,167
Series 2018 3.50%, 03/01/2048-05/01/2048		1,748		1,885,731
4.00%, 08/01/2048-12/01/2048		326		351,470
4.50%, 09/01/2048		275		299,534
Series 2019 3.50%, 09/01/2049-11/01/2049		445		476,705
4.00%, 06/01/2049		206		223,595
Series 2020 3.50%, 01/01/2050		108		116,570
Government National Mortgage Association Series 1994 9.00%, 09/15/2024		1		819
Series 2016 3.00%, 04/20/2046		182		192,940
Series 2019 3.00% G2SF, 07/01/2050, TBA		150		158,900
				6,502,935

6

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
AGENCY FIXED RATE 15-YEAR–2.2%
Federal National Mortgage Association Series 2016 2.50%, 07/01/2031-01/01/2032	U.S.$	887	$	930,727
Total Mortgage Pass-Throughs (cost $7,029,983)				7,433,662
COMMERCIAL MORTGAGE-BACKED SECURITIES–14.7%
NON-AGENCY FIXED RATE CMBS–11.9%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(a)		110		96,804
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048		100		106,732
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/2050		155		173,519
CFCRE Commercial Mortgage Trust Series 2016-C4, Class A4 3.283%, 05/10/2058		115		123,894
Series 2016-C4, Class AM 3.691%, 05/10/2058		45		47,535
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 03/13/2035(a)		260		274,433
Citigroup Commercial Mortgage Trust Series 2015-GC27, Class A5 3.137%, 02/10/2048		144		152,575
Series 2015-GC35, Class A4 3.818%, 11/10/2048		55		60,958
Series 2016-C1, Class A4 3.209%, 05/10/2049		192		208,119
Series 2016-GC36, Class A5 3.616%, 02/10/2049		65		71,634
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 04/12/2035(a)		41		41,047
Series 2014-UBS3, Class A4 3.819%, 06/10/2047		130		140,250
Series 2014-UBS5, Class A4 3.838%, 09/10/2047	U.S.$	130	$	140,949
Series 2014-UBS6, Class AM 4.048%, 12/10/2047		45		48,164
Series 2015-CR24, Class A5 3.696%, 08/10/2048		65		71,712
Series 2015-DC1, Class A5 3.35%, 02/10/2048		80		86,219
CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 3.504%, 06/15/2057		100		108,095
Series 2015-C3, Class A4 3.718%, 08/15/2048		117		127,535
Series 2015-C4, Class A4 3.808%, 11/15/2048		215		236,972
GS Mortgage Securities Trust
Series 2011-GC5, Class D 5.555%, 08/10/2044(a)		10		7,418
Series 2013-G1, Class A2 3.557%, 04/10/2031(a)		136		134,185
Series 2014-GC22, Class A5 3.862%, 06/10/2047		77		83,355
Series 2015-GC28, Class A5 3.396%, 02/10/2048		95		102,144
Series 2018-GS9, Class A4 3.992%, 03/10/2051		75		85,614
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2012-C6, Class D 5.324%, 05/15/2045		110		87,585
Series 2012-C6, Class E 5.324%, 05/15/2045(a)		132		78,067
JPMBB Commercial Mortgage Securities Trust
Series 2014-C21, Class A5 3.775%, 08/15/2047		100		108,424
Series 2014-C22, Class XA 0.985%, 09/15/2047(d)		2,539		72,279
Series 2014-C24, Class C 4.555%, 11/15/2047		110		94,615
Series 2015-C30, Class A5 3.822%, 07/15/2048		65		71,691
Series 2015-C31, Class A3 3.801%, 08/15/2048		195		215,322
Series 2015-C31, Class B 4.773%, 08/15/2048		111		117,525
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		24		14,150
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)		159		161,666

7

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/2049	U.S.$	100	$	110,028
SG Commercial Mortgage Securities Trust Series 2016-C5, Class B 3.933%, 10/10/2048		70		71,058
UBS Commercial Mortgage Trust
Series 2018-C10, Class A4 4.313%, 05/15/2051		125		145,823
Series 2018-C8, Class A4 3.983%, 02/15/2051		100		114,456
Series 2018-C9, Class A4 4.117%, 03/15/2051		125		142,407
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/2045		112		115,313
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class A4 3.789%, 09/15/2048		95		103,186
Series 2016-C35, Class XA 2.099%, 07/15/2048(d)		950		81,083
Series 2016-LC25, Class C 4.565%, 12/15/2059		85		74,917
Series 2016-NXS6, Class C 4.458%, 11/15/2049		100		90,583
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA 1.322%, 03/15/2045(a)(d)		1,242		31,041
Series 2014-C19, Class A5 4.101%, 03/15/2047		130		141,241
WFRBS Commercial Mortgage Trust 2014-C24 Class AS 3.931%, 11/15/2047		110		116,136
				5,088,458
NON-AGENCY FLOATING RATE CMBS–2.8%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.185% (LIBOR 1 Month + 1.00%), 06/15/2035(a)(c)		100		92,735
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class A 1.135% (LIBOR 1 Month + 0.95%), 06/15/2035(a)(c)		100		93,742
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.185% (LIBOR 1 Month + 1.00%), 11/15/2033(c)(e)		185		173,742
	Principal Amount (000)		U.S. $ Value
BFLD Series 2019-DPLO, Class D 2.025% (LIBOR 1 Month + 1.84%), 10/15/2034(a)(c)	U.S.$	70	$	62,286
BHMS Series 2018-ATLS, Class A 1.435% (LIBOR 1 Month + 1.25%), 07/15/2035(c)(e)		81		76,788
BX Trust Series 2018-EXCL, Class A 1.272% (LIBOR 1 Month + 1.09%), 09/15/2037(a)(c)		86		76,729
CLNY Trust Series 2019-IKPR, Class D 2.21% (LIBOR 1 Month + 2.03%), 11/15/2038(a)(c)		65		54,585
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.224% (LIBOR 1 Month + 1.03%), 12/19/2030(a)(c)		100		94,993
Great Wolf Trust Series 2019-WOLF, Class A 1.219% (LIBOR 1 Month + 1.03%), 12/15/2036(a)(c)		111		106,596
GS Mortgage Securities Corp. Trust
Series 2019-BOCA, Class A 1.385% (LIBOR 1 Month + 1.20%), 06/15/2038(a)(c)		115		109,817
Series 2019-SMP, Class A 1.335% (LIBOR 1 Month + 1.15%), 08/15/2032(a)(c)		100		94,990
JP Morgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class EFL 2.045% (LIBOR 1 Month + 1.85%), 01/16/2037(a)(c)		10		9,066
Starwood Retail Property Trust Series 2014-STAR, Class A 1.655% (LIBOR 1 Month + 1.47%), 11/15/2027(a)(c)		174		132,712
				1,178,781
Total Commercial Mortgage-Backed Securities (cost $6,298,394)				6,267,239
COLLATERALIZED MORTGAGE OBLIGATIONS–10.9%
RISK SHARE FLOATING RATE–8.7%
Bellemeade Re Ltd.
Series 2018-2A, Class M1B 1.535% (LIBOR 1 Month + 1.35%), 08/25/2028(a)(c)		74		73,583
Series 2018-3A, Class M1B 2.035% (LIBOR 1 Month + 1.85%), 10/25/2028(a)(c)		82		81,073

8

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2019-4A, Class M1B 2.185% (LIBOR 1 Month + 2.00%), 10/25/2029(a)(c)	U.S.$	150	$	144,273
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2 2.585% (LIBOR 1 Month + 2.40%), 04/25/2031(a)(c)		35		34,721
Series 2019-HRP1, Class M2 2.335% (LIBOR 1 Month + 2.15%), 11/25/2039(a)(c)		94		86,090
Series 2019-R02, Class 1M2 2.485% (LIBOR 1 Month + 2.30%), 08/25/2031(a)(c)		48		47,396
Series 2019-R03, Class 1M2 2.335% (LIBOR 1 Month + 2.15%), 09/25/2031(a)(c)		81		80,076
Series 2019-R04, Class 2M2 2.285% (LIBOR 1 Month + 2.10%), 06/25/2039(a)(c)		103		99,511
Series 2019-R05, Class 1M2 2.185% (LIBOR 1 Month + 2.00%), 07/25/2039(a)(c)		93		91,080
Series 2019-R06, Class 2M2 2.285% (LIBOR 1 Month + 2.10%), 09/25/2039(a)(c)		115		111,542
Series 2019-R07, Class 1M2 2.285% (LIBOR 1 Month + 2.10%), 10/25/2039(a)(c)		110		106,625
Series 2020-R01, Class 1M2 2.235% (LIBOR 1 Month + 2.05%), 01/25/2040(a)(c)		130		123,365
Series 2020-R02, Class 2M2 2.185% (LIBOR 1 Month + 2.00%), 01/25/2040(a)(c)		100		94,670
Eagle RE Ltd. Series 2018-1, Class M1 1.885% (LIBOR 1 Month + 1.70%), 11/25/2028(a)(c)		52		49,948
Eagle Re Ltd. Series 2020-1, Class M1A 1.085% (LIBOR 1 Month + 0.90%), 01/25/2030(a)(c)		150		147,785
Federal Home Loan Mortgage Corp.
Series 2019-DNA4, Class M2 2.135% (LIBOR 1 Month + 1.95%), 10/25/2049(a)(c)		103		101,154
Series 2019-FTR2, Class M2 2.335% (LIBOR 1 Month + 2.15%), 11/25/2048(a)(c)	U.S.$	115	$	108,495
Series 2019-HQA1, Class M2 2.535% (LIBOR 1 Month + 2.35%), 02/25/2049(a)(c)		65		63,764
Series 2020-DNA2, Class M2 2.035% (LIBOR 1 Month + 1.85%), 02/25/2050(a)(c)		60		56,886
Series 2020-HQA2, Class M1 1.285% (LIBOR 1 Month + 1.10%), 03/25/2050(a)(c)		56		55,856
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2019-DNA3, Class M2 2.235% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(c)		84		82,385
Series 2020-DNA1, Class M2 1.885% (LIBOR 1 Month + 1.70%), 01/25/2050(a)(c)		110		105,131
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M2 3.185% (LIBOR 1 Month + 3.00%), 07/25/2024(c)		34		29,974
Series 2014-C04, Class 1M2 5.085% (LIBOR 1 Month + 4.90%), 11/25/2024(c)		72		73,671
Series 2014-C04, Class 2M2 5.185% (LIBOR 1 Month + 5.00%), 11/25/2024(c)		28		28,630
Series 2015-C01, Class 1M2 4.485% (LIBOR 1 Month + 4.30%), 02/25/2025(c)		57		57,310
Series 2015-C01, Class 2M2 4.735% (LIBOR 1 Month + 4.55%), 02/25/2025(c)		24		23,988
Series 2015-C02, Class 1M2 4.185% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		59		59,176
Series 2015-C02, Class 2M2 4.185% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		44		44,631

9

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2015-C03, Class 1M2 5.185% (LIBOR 1 Month + 5.00%), 07/25/2025(c)	U.S.$	65	$	66,714
Series 2015-C03, Class 2M2 5.185% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		41		42,115
Series 2015-C04, Class 1M2 5.885% (LIBOR 1 Month + 5.70%), 04/25/2028(c)		80		83,833
Series 2015-C04, Class 2M2 5.735% (LIBOR 1 Month + 5.55%), 04/25/2028(c)		60		63,833
Series 2016-C01, Class 1M2 6.935% (LIBOR 1 Month + 6.75%), 08/25/2028(c)		103		107,814
Series 2016-C02, Class 1M2 6.185% (LIBOR 1 Month + 6.00%), 09/25/2028(c)		86		89,660
Series 2016-C03, Class 2M2 6.085% (LIBOR 1 Month + 5.90%), 10/25/2028(c)		61		63,195
Series 2016-C05, Class 2M2 4.635% (LIBOR 1 Month + 4.45%), 01/25/2029(c)		69		70,741
Series 2016-C06, Class 1M2 4.435% (LIBOR 1 Month + 4.25%), 04/25/2029(c)		113		117,713
Series 2017-C01, Class 1M2 3.735% (LIBOR 1 Month + 3.55%), 07/25/2029(c)		88		89,206
Series 2017-C04, Class 2M2 3.035% (LIBOR 1 Month + 2.85%), 11/25/2029(c)		43		42,299
Home Re Ltd. Series 2018-1, Class M1 1.785% (LIBOR 1 Month + 1.60%), 10/25/2028(a)(c)		44		44,262
Mortgage Insurance-Linked Notes
Series 2020-1, Class M1A 1.135% (LIBOR 1 Month + 0.95%), 02/25/2030(a)(c)		150		148,259
Series 2020-1, Class M2A 2.185% (LIBOR 1 Month + 2.00%), 02/25/2030(a)(c)		150		122,937
PMT Credit Risk Transfer Trust
Series 2019-1R, Class A 2.184% (LIBOR 1 Month + 2.00%), 03/27/2024(c)(e)		79		72,016
	Principal Amount (000)		U.S. $ Value
Series 2019-2R, Class A 2.934% (LIBOR 1 Month + 2.75%), 05/27/2023(c)(e)	U.S.$	107	$	100,395
Series 2019-3R, Class A 2.884% (LIBOR 1 Month + 2.70%), 10/27/2022(c)(e)		71		67,334
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2 5.435% (LIBOR 1 Month + 5.25%), 11/25/2025(c)(e)		33		30,334
Series 2015-WF1, Class 2M2 5.685% (LIBOR 1 Month + 5.50%), 11/25/2025(c)(e)		15		14,208
				3,699,657
AGENCY FLOATING RATE–1.3%
Federal National Mortgage Association REMICs
Series 2011-131, Class ST 6.356% (6.54%–LIBOR 1 Month), 12/25/2041(c)(f)		127		30,473
Series 2012-70, Class SA 6.366% (6.55%–LIBOR 1 Month), 07/25/2042(c)(f)		235		61,074
Series 2015-90, Class SL 5.966% (6.15%–LIBOR 1 Month), 12/25/2045(c)(f)		251		59,658
Series 2016-77, Class DS 5.816% (6.00%–LIBOR 1 Month), 10/25/2046(c)(f)		236		48,953
Series 2017-16, Class SG 5.866% (6.05%–LIBOR 1 Month), 03/25/2047(c)(f)		251		51,194
Series 2017-26, Class TS 5.766% (5.95%–LIBOR 1 Month), 04/25/2047(c)(f)		242		54,581
Series 2017-62, Class AS 5.966% (6.15%–LIBOR 1 Month), 08/25/2047(c)(f)		247		45,590
Series 2017-81, Class SA 6.016% (6.20%–LIBOR 1 Month), 10/25/2047(c)(f)		254		57,368
Series 2017-97, Class LS 6.016% (6.20%–LIBOR 1 Month), 12/25/2047(c)(f)		257		65,904
Government National Mortgage Association
Series 2017-134, Class SE 6.01% (6.20%–LIBOR 1 Month), 09/20/2047(c)(f)		206		33,615

10

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2017-65, Class ST 5.96% (6.15%–LIBOR 1 Month), 04/20/2047(c)(f)	U.S.$	243	$	51,583
				559,993
NON-AGENCY FIXED RATE–0.6%
Alternative Loan Trust
Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		14		12,157
Series 2006-24CB, Class A16 5.75%, 08/25/2036		58		44,800
Series 2006-28CB, Class A14 6.25%, 10/25/2036		42		31,989
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		29		26,007
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037		20		14,594
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8 6.00%, 05/25/2036		27		20,664
Series 2006-13, Class 1A19 6.25%, 09/25/2036		14		10,058
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036		45		32,220
JP Morgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.756%, 07/25/2036		91		74,752
				267,241
NON-AGENCY FLOATING RATE–0.2%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.375% (LIBOR 1 Month + 0.19%), 12/25/2036(c)		114		53,685
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.435% (LIBOR 1 Month + 0.25%), 03/25/2035(c)		30		25,892
				79,577
AGENCY FIXED RATE–0.1%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.708%, 05/28/2035		50		46,110
Total Collateralized Mortgage Obligations (cost $4,779,446)				4,652,578
ASSET-BACKED SECURITIES–4.4%
AUTOS–FIXED RATE–2.4%
Avis Budget Rental Car Funding AESOP LLC
Series 2016-1A, Class A 2.99%, 06/20/2022(a)	U.S.$	100	$	99,357
Series 2018-2A, Class A 4.00%, 03/20/2025(a)		105		105,963
Exeter Automobile Receivables Trust
Series 2016-3A, Class D 6.40%, 07/17/2023(a)		100		101,718
Series 2017-1A, Class D 6.20%, 11/15/2023(a)		100		102,812
Series 2017-3A, Class C 3.68%, 07/17/2023(a)		60		61,084
First Investors Auto Owner Trust Series 2020-1A, Class A 1.49%, 01/15/2025(a)		57		57,750
Flagship Credit Auto Trust
Series 2016-4, Class D 3.89%, 11/15/2022(a)		125		126,751
Series 2018-3, Class B 3.59%, 12/16/2024(a)		75		76,743
Hertz Vehicle Financing II LP
Series 2017-1A, Class A 2.96%, 10/25/2021(a)		101		99,807
Series 2019-1A, Class A 3.71%, 03/25/2023(a)		81		79,790
Hertz Vehicle Financing LLC Series 2018-2A, Class A 3.65%, 06/27/2022(a)		101		99,705
				1,011,480
OTHER ABS–FIXED RATE–1.4%
Consumer Loan Underlying Bond Credit Trust Series 2018-P1, Class A 3.39%, 07/15/2025(a)		6		6,134
Marlette Funding Trust
Series 2018-3A, Class A 3.20%, 09/15/2028(a)		2		2,454
Series 2018-4A, Class A 3.71%, 12/15/2028(a)		15		15,244
Series 2019-3A, Class A 2.69%, 09/17/2029(a)		49		49,735
Series 2020-1A, Class A 2.24%, 03/15/2030(a)		148		148,875
SBA Tower Trust Series 2015-1A,Class C 3.156%, 10/08/2020(a)		147		147,153
SoFi Consumer Loan Program LLC
Series 2016-2, Class A 3.09%, 10/27/2025(a)		2		2,238
Series 2016-3, Class A 3.05%, 12/26/2025(a)		2		1,733
Series 2017-1, Class A 3.28%, 01/26/2026(a)		6		6,022

11

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2017-2, Class A 3.28%, 02/25/2026(a)	U.S.$	9	$	8,631
Series 2017-3, Class A 2.77%, 05/25/2026(a)		15		14,659
Series 2017-4, Class B 3.59%, 05/26/2026(a)		130		130,309
Series 2017-5, Class A2 2.78%, 09/25/2026(a)		51		51,902
				585,089
CREDIT CARDS–FIXED RATE–0.6%
World Financial Network Credit Card Master Trust
Series 2018-A, Class A 3.07%, 12/16/2024		130		131,704
Series 2018-B, Class M 3.81%, 07/15/2025		70		70,810
Series 2019-B, Class M 3.04%, 04/15/2026		80		80,656
				283,170
HOME EQUITY LOANS–FLOATING RATE–0.0%
ABFC Trust Series 2003-WF1, Class A2 1.31% (LIBOR 1 Month + 1.13%), 12/25/2032(c)		18		17,425
Total Asset-Backed Securities (cost $1,886,389)				1,897,164
INFLATION-LINKED SECURITIES–4.1%
JAPAN–1.3%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027	JPY	60,633		559,018
UNITED STATES–2.8%
U.S. Treasury Inflation Index
0.125%, 07/15/2026 (TIPS)	U.S.$	376		398,815
0.375%, 07/15/2025 (TIPS)		660		705,195
0.75%, 07/15/2028 (TIPS)		92		103,670
				1,207,680
Total Inflation-Linked Securities (cost $1,686,720)				1,766,698
GOVERNMENTS– TREASURIES–4.0%
MALAYSIA–0.3%
Malaysia Government Bond Series 117 3.882%, 03/10/2022	MYR	474		113,750
UNITED STATES–3.7%
U.S. Treasury Bonds 2.00%, 02/15/2050	U.S.$	120		137,438
	Principal Amount (000)		U.S. $ Value
U.S. Treasury Notes
0.375%, 04/30/2025(g)	U.S.$	592	$	594,590
0.625%, 05/15/2030		45		44,880
1.25%, 05/15/2050		435		418,008
1.50%, 02/15/2030		384		415,140
				1,610,056
Total Governments–Treasuries (cost $1,702,568)				1,723,806
CORPORATES–NON-INVESTMENT GRADE–1.9%
FINANCIAL INSTITUTIONS–1.0%
BANKING–0.8%
Credit Suisse Group AG 7.50%, 07/17/2023(a)(b)		200		206,242
Discover Financial Services Series D 6.125%, 06/23/2025(b)		127		130,771
				337,013
FINANCE–0.2%
Navient Corp. 6.625%, 07/26/2021		95		93,100
				430,113
INDUSTRIAL–0.9%
BASIC–0.1%
Sealed Air Corp. 4.00%, 12/01/2027(a)		47		46,993
CAPITAL GOODS–0.1%
TransDigm, Inc. 6.25%, 03/15/2026(a)		50		49,853
COMMUNICATIONS– MEDIA–0.1%
CSC Holdings LLC 6.75%, 11/15/2021		30		31,481
CONSUMER CYCLICAL– AUTOMOTIVE–0.1%
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026(a)		20		20,620
CONSUMER NON-CYCLICAL–0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(a)		75		75,944
Spectrum Brands, Inc. 5.75%, 07/15/2025		69		70,803
				146,747
ENERGY–0.2%
Sunoco LP/Sunoco Finance Corp. 4.875%, 01/15/2023		69		68,730

12

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)	U.S.$	33	$	29,134
				97,864
				393,558
Total Corporates– Non-Investment Grade (cost $827,010)				823,671
EMERGING MARKETS– TREASURIES–1.7%
SOUTH AFRICA–1.7%
Republic of South Africa Government Bond Series 2030 8.00%, 01/31/2030 (cost $707,828)	ZAR	13,753		730,534
GOVERNMENTS–SOVEREIGN BONDS–1.7%
MEXICO–0.5%
Mexico Government International Bond 3.90%, 04/27/2025	U.S.$	210		225,120
PERU–0.1%
Peruvian Government International Bond 2.392%, 01/23/2026		26		27,008
QATAR–0.5%
Qatar Government International Bond 3.40%, 04/16/2025(a)		206		224,540
SAUDI ARABIA–0.5%
Saudi Government International Bond 2.90%, 10/22/2025(a)		210		222,600
URUGUAY–0.1%
Uruguay Government International Bond 4.375%, 01/23/2031		18		21,178
Total Governments–Sovereign Bonds (cost $669,962)				720,446
LOCAL GOVERNMENTS–US MUNICIPAL BONDS–1.0%
UNITED STATES–1.0%
State of California 5.70%, 11/01/2021		65		69,430
Series 2010 7.625%, 03/01/2040		200		353,038
Total Local Governments–US Municipal Bonds (cost $272,356)				422,468
EMERGING MARKETS–CORPORATE BONDS–0.2%
INDUSTRIAL–0.2%
CAPITAL GOODS–0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027	U.S.$	85	$	75,225
UTILITY–0.0%
ELECTRIC–0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(e)		5		4,912
Total Emerging Markets–Corporate Bonds (cost $90,125)				80,137
QUASI-SOVEREIGNS–0.1%
QUASI-SOVEREIGN BONDS–0.1%
MEXICO–0.1%
Petroleos Mexicanos
6.75%, 09/21/2047		50		38,387
6.84%, 01/23/2030(a)		17		14,894
Total Quasi-Sovereigns (cost $60,889)				53,281
SHORT-TERM INVESTMENTS–5.6%
U.S. TREASURY BILLS–4.3%
U.S. Treasury Bill Zero Coupon, 08/13/2020-09/10/2020 (cost $1,819,485)		1,820		1,819,554
	Shares
INVESTMENT COMPANIES–1.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(h)(i)(j) (cost $537,567)		537,567		537,567
	Principal Amount (000)
SHORT-TERM MUNICIPAL NOTES–0.0%
NEW YORK–0.0%
New York State Dormitory Authority Series 2020B 5.00%, 03/31/2021 (cost $20,665)		20		20,704
Total Short-Term Investments (cost $2,377,717)				2,377,825
TOTAL INVESTMENTS–101.1% (cost $41,746,822)				43,221,180
Other assets less liabilities–(1.1)%				(468,955	)
NET ASSETS–100.0%			$	42,752,225

13

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-Bund Futures		3		September 2020	$	594,960	$	7,872
U.S. 10 Yr Ultra Futures		10		September 2020		1,574,844		8,948
U.S. T-Note 2 Yr (CBT) Futures		55		September 2020		12,145,547		2,497
U.S. Ultra Bond (CBT) Futures		21		September 2020		4,581,281		(18,163	)
Sold Contracts
10 Yr Mini Japan Government Bond Futures		5		September 2020		703,311		793
U.S. T-Note 5 Yr (CBT) Futures		19		September 2020		2,389,101		(5,797	)
							$	(3,850)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		MYR	491		USD	120		08/13/2020	$	5,249
Morgan Stanley & Co., Inc.		JPY	64,324		USD	591		08/07/2020		(5,123	)
State Street Bank & Trust Co.		USD	1		SEK	5		07/15/2020		1
State Street Bank & Trust Co.		GBP	2		USD	3		07/17/2020		(35	)
State Street Bank & Trust Co.		ZAR	2,494		USD	148		07/17/2020		4,428
State Street Bank & Trust Co.		ZAR	10,362		USD	575		07/17/2020		(21,049	)
State Street Bank & Trust Co.		CAD	68		USD	49		08/06/2020		(1,093	)
State Street Bank & Trust Co.		EUR	86		USD	98		08/06/2020		598
									$	(17,024	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay)/ Receive			Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		(5.00	)%		Quarterly		5.22	%		USD	1,419	$	11,079	$	(11,966)	$	23,045
Sale Contracts
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00			Quarterly		5.21			USD	537		(3,597)		(35,562)		31,965
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		5.22			USD	32		(169)		(209)		40
												$	7,313	$	(47,737)	$	55,050

* Termination date

14

AB Variable Products Series Fund

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CAD	3,550		08/27/2021	3 Month CDOR	1.623%	Semi-Annual/ Semi-Annual	$	33,270		$	14		$	33,256
SEK	15,600		08/30/2024	3 Month STIBOR	(0.165)%	Quarterly/ Annual		(17,181	)		10			(17,191	)
CAD	402		01/14/2025	3 Month CDOR	1.950%	Semi-Annual/ Semi-Annual		16,880			1			16,879
USD	130		09/27/2029	1.593%	3 Month LIBOR	Semi-Annual/ Quarterly		(12,359	)		–0	–		(12,359	)
JPY	142,860		12/13/2029	6 Month LIBOR	0.080%	Semi-Annual/ Semi-Annual		5,614			–0	–		5,614
USD	250		12/13/2029	1.764%	3 Month LIBOR	Semi-Annual/ Quarterly		(27,132	)		–0	–		(27,132	)
CAD	87		01/14/2050	2.210%	3 Month CDOR	Semi-Annual/ Semi-Annual		(13,925	)		–0	–		(13,925	)
							$	(14,833	)	$	25		$	(14,858)

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		3.00	%		Monthly		7.48	%		USD	51	$	9,889		$	9,023		$	866
Morgan Stanley & Co. International plc
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		3.00			Monthly		7.51			USD	54		(22	)		11,242			(11,264	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	166		(83,626	)		(26,444	)		(57,182	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	19		(9,571	)		(3,046	)		(6,525	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	2		(1,007	)		(317	)		(690	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	3		(1,512	)		(474	)		(1,038	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	38		(19,143	)		(5,869	)		(13,274	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	19		(9,572	)		(2,901	)		(6,671	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	22		(6,875	)		(2,758	)		(4,117	)

15

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		21.20	%		USD	37	$	(11,562	)	$	(4,185	)	$	(7,377	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	54		(16,874	)		(6,108	)		(10,766	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	73		(22,812	)		(8,075	)		(14,737	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	107		(33,436	)		(11,835	)		(21,601	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	73		(22,811	)		(7,916	)		(14,895	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	91		(28,436	)		(9,637	)		(18,799	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	78		(24,374	)		(8,303	)		(16,071	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	29		(9,062	)		(3,083	)		(5,979	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	44		(13,750	)		(5,516	)		(8,234	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	62		(19,374	)		(7,772	)		(11,602	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	44		(13,749	)		(5,697	)		(8,052	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	5		(1,562	)		(636	)		(926	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	47		(14,691	)		(5,600	)		(9,091	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	14		(4,376	)		(1,668	)		(2,708	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	32		(10,000	)		(4,193	)		(5,807	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	60		(18,750	)		(8,049	)		(10,701	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	31		(9,685	)		(4,702	)		(4,983	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	5		(1,562	)		(796	)		(766	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	52		(16,245	)		(7,657	)		(8,588	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	94		(29,373	)		(6,008	)		(23,365	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	28		(8,750	)		(1,913	)		(6,837	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	318		(99,428	)		(12,853	)		(86,575	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	350		(109,369	)		(20,012	)		(89,357	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	56		(17,494	)		(8,208	)		(9,286	)

16

AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00	%		Monthly		8.64	%		USD	135	$	(17,269	)	$	(2,609	)	$	(14,660	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	132		(41,248	)		(9,140	)		(32,108	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	85		(26,561	)		(6,908	)		(19,653	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	51		(15,936	)		(6,349	)		(9,587	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	84		(26,249	)		(8,941	)		(17,308	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	8		(2,500	)		(454	)		(2,046	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	8		(2,500	)		(927	)		(1,573	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	28		(8,749	)		(3,164	)		(5,585	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	27		(8,437	)		(3,050	)		(5,387	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	246		(76,871	)		(11,886	)		(64,985	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	49		(15,311	)		(4,183	)		(11,128	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	92		(28,749	)		(12,051	)		(16,698	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	14		(4,375	)		(1,774	)		(2,601	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	4		(1,250	)		(354	)		(896	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	8		(2,499	)		(721	)		(1,778	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	8		(2,500	)		(781	)		(1,719	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	16		(5,000	)		(1,707	)		(3,293	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	41		(12,812	)		(5,513	)		(7,299	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	57		(17,812	)		(6,000	)		(11,812	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	34		(10,622	)		(5,164	)		(5,458	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	28		(8,748	)		(4,522	)		(4,226	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	39		(12,183	)		(6,388	)		(5,795	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	4		(1,249	)		(600	)		(649	)

17

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
JPMorgan Securties, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		21.20	%		USD	51	$	(15,932	)	$	(6,179	)	$	(9,753	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	18		(5,623	)		(2,200	)		(3,423	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	9		(2,812	)		(1,135	)		(1,677	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		21.20			USD	35		(10,936	)		(2,438	)		(8,498	)
												$	(1,063,697	)	$	(297,104	)	$	(766,593	)

* Termination date

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the aggregate market value of these securities amounted to $9,344,451 or 21.9% of net assets.

(b) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2020.

(d) IO—Interest Only.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 1.26% of net assets as of June 30, 2020, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.185%, 11/15/2033		12/04/2017	$	185,000	$	173,742		0.41	%
BHMS Series 2018-ATLS, Class A 1.435%, 07/15/2035		07/13/2018		81,049		76,788		0.18	%
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.184%, 03/27/2024		03/21/2019		79,061		72,016		0.17	%
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 2.934%, 05/27/2023		06/07/2019		106,661		100,395		0.23	%
PMT Credit Risk Transfer Trust Series 2019-3R, Class A 2.884%, 10/27/2022		10/11/2019		71,111		67,334		0.16	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		5,000		4,912		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.435%, 11/25/2025		09/28/2015		33,224		30,334		0.07	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.685%, 11/25/2025		09/28/2015		15,318		14,208		0.03	%

18

AB Variable Products Series Fund

(f) Inverse interest only security.

(g) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(h) Affiliated investments.

(i) 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.

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

Currency Abbreviations:

CAD—Canadian Dollar

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

MYR—Malaysian Ringgit

SEK—Swedish Krona

USD—United States Dollar

ZAR—South African Rand

Glossary:

ABS—Asset-Backed Securities

CBT—Chicago Board of Trade

CDOR—Canadian Dealer Offered Rate

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CDX-NAHY—North American High Yield Credit Default Swap Index

CMBS—Commercial Mortgage-Backed Securities

CPI—Consumer Price Index

LIBOR—London Interbank Offered Rates

REIT—Real Estate Investment

REMICs—Real Estate Mortgage Investment Conduits

STIBOR—Stockholm Interbank Offered Rate

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

19

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $41,209,255)	$	42,683,613
Affiliated issuers (cost $537,567)		537,567
Cash collateral due from broker		790,206
Foreign currencies, at value (cost $117)		223
Receivable for investment securities sold		917,738
Interest receivable		250,952
Receivable for capital stock sold		82,462
Unrealized appreciation on forward currency exchange contracts		10,276
Market value on credit default swaps (net premiums paid $20,265)		9,889
Receivable for newly entered centrally cleared credit default swaps		168
Affiliated dividends receivable		36
Total assets		45,283,130
LIABILITIES
Due to custodian		273
Payable for investment securities purchased		1,245,299
Market value on credit default swaps (net premiums received $317,369)		1,073,586
Payable for variation margin on futures		37,363
Administrative fee payable		27,348
Unrealized depreciation on forward currency exchange contracts		27,300
Advisory fee payable		15,736
Payable for newly entered credit default swaps		11,219
Payable for variation margin on centrally cleared swaps		10,904
Directors’ fees payable		3,122
Payable for capital stock redeemed		2,787
Distribution fee payable		2,291
Transfer Agent fee payable		117
Accrued expenses and other liabilities		73,560
Total liabilities		2,530,905
NET ASSETS	$	42,752,225
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,887
Additional paid-in capital		39,155,507
Distributable earnings		3,592,831
	$	42,752,225

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	31,530,485		2,857,847	$	11.03
B	$	11,221,740		1,029,270	$	10.90

See notes to financial statements.

20

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Interest	$	714,420
Dividends
Unaffiliated issuers		6,204
Affiliated issuers		1,313		$	721,937
EXPENSES
Advisory fee (see Note B)		95,563
Distribution fee—Class B		13,944
Transfer agency—Class A		1,720
Transfer agency—Class B		613
Custody and accounting		55,572
Administrative		41,954
Audit and tax		39,355
Legal		12,049
Printing		11,489
Directors’ fees		10,582
Miscellaneous		3,276
Total expenses		286,117
Less: expenses waived and reimbursed by the Adviser (see Note B)		(172	)
Net expenses					285,945
Net investment income					435,992
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions					610,063
Forward currency exchange contracts					(20,393	)
Futures					598,809
Swaps					29,343
Foreign currency transactions					31,534
Net change in unrealized appreciation/depreciation of:
Investments(a)					209,463
Forward currency exchange contracts					(777	)
Futures					62,853
Swaps					(802,630	)
Foreign currency denominated assets and liabilities					4,425
Net gain on investment and foreign currency transactions					722,690
NET INCREASE IN NET ASSETS FROM OPERATIONS				$	1,158,682

(a) Net of increase in accrued foreign capital gains taxes of $2,230.

See notes to financial statements.

21

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	435,992		$	1,091,588
Net realized gain on investment and foreign currency transactions		1,249,356			611,219
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(526,666	)		1,868,257
Contributions from Affiliates (see Note B)		–0	–		355
Net increase in net assets from operations		1,158,682			3,571,419
Distributions to Shareholders
Class A		–0	–		(961,173	)
Class B		–0	–		(324,304	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(2,821,581	)		(3,191,422	)
Total decrease		(1,662,899	)		(905,480	)
NET ASSETS
Beginning of period		44,415,124			45,320,604
End of period	$	42,752,225		$	44,415,124

See notes to financial statements.

22

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Intermediate Bond Portfolio (the “Portfolio”), is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the “Adviser”) considers undue risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S.

23

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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 are 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, 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.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

24

AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Corporates—Investment Grade

$

–0

–

$

14,271,671

$

–0

–

$

14,271,671

Mortgage Pass-Throughs

–0

–

7,433,662

–0

–

7,433,662

Commercial Mortgage-Backed Securities

–0

–

6,267,239

–0

–

6,267,239

Collateralized Mortgage Obligations

–0

–

4,652,578

–0

–

4,652,578

Asset-Backed Securities

–0

–

1,897,164

–0

–

1,897,164

Inflation-Linked Securities

–0

–

1,766,698

–0

–

1,766,698

Governments—Treasuries

–0

–

1,723,806

–0

–

1,723,806

Corporates—Non-Investment Grade

–0

–

823,671

–0

–

823,671

Emerging Markets—Treasuries

–0

–

730,534

–0

–

730,534

Governments—Sovereign Bonds

–0

–

720,446

–0

–

720,446

Local Governments—US Municipal Bonds

–0

–

422,468

–0

–

422,468

Emerging Markets—Corporate Bonds

–0

–

80,137

–0

–

80,137

Quasi-Sovereigns

–0

–

53,281

–0

–

53,281

Short-Term Investments:

U.S. Treasury Bills

–0

–

1,819,554

–0

–

1,819,554

Investment Companies

537,567

–0

–

–0

–

537,567

Short-Term Municipal Notes

–0

–

20,704

–0

–

20,704

Total Investments in Securities

537,567

42,683,613

–0

–

43,221,180

Other Financial Instruments (a):

Assets:

Futures

20,110

–0

–

–0

–

20,110

(b)

Forward Currency Exchange Contracts

–0

–

10,276

–0

–

10,276

Centrally Cleared Credit Default Swaps

–0

–

11,079

–0

–

11,079

(b)

Centrally Cleared Interest Rate Swaps

–0

–

55,764

–0

–

55,764

(b)

Credit Default Swaps

–0

–

9,889

–0

–

9,889

Liabilities:

Futures

(23,960

)

–0

–

–0

–

(23,960

)(b)

Forward Currency Exchange Contracts

–0

–

(27,300

)

–0

–

(27,300

)

Centrally Cleared Credit Default Swaps

–0

–

(3,766

)

–0

–

(3,766

)(b)

Centrally Cleared Interest Rate Swaps

–0

–

(70,597

)

–0

–

(70,597

)(b)

Credit Default Swaps

–0

–

(1,073,586

)

–0

–

(1,073,586

)

Total

$

533,717

$

41,595,372

$

–0

–

$

42,129,089

(a) 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, options written and swaptions written which are valued at market value.

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade

25

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments as dividend income, realized gain, or return of capital based on information provided by the REIT.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion, .40% of the next $2.5 billion up to $5 billion, .35% of the excess over $5 billion up to $8 billion and .30% in excess of $8 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $41,954.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the

26

AB Variable Products Series Fund

Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $172.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	264	$	12,021	$	11,747	$	538	$	1

During the year ended December 31, 2019, the Adviser reimbursed the Portfolio $355 for trading losses incurred due to a

trade entry error.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

27

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	8,787,582	$	6,006,295
U.S. government securities		8,664,463		13,007,751

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	2,239,994
Gross unrealized depreciation		(1,512,911	)
Net unrealized appreciation	$	727,083

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Portfolio, as well as the methods in which they may be used are:

• Futures

The Portfolio may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Portfolio bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Portfolio may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Portfolio enters into futures, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Portfolio to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Portfolio to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended June 30, 2020, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of

28

AB Variable Products Series Fund

such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended June 30, 2020, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for OTC swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

29

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Interest Rate Swaps:

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended June 30, 2020, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended June 30, 2020, the Portfolio held credit default swaps for hedging and non-hedging purposes.

30

AB Variable Products Series Fund

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended June 30, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	20,110	*	Receivable/Payable for variation margin on futures	$	23,960	*
Credit contracts	Receivable/Payable for variation margin on centrally cleared swaps		55,050	*
Interest rate contracts	Receivable/Payable for variation margin on centrally cleared swaps		55,749	*	Receivable/Payable for variation margin on centrally cleared swaps		70,607	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		10,276		Unrealized depreciation on forward currency exchange contracts		27,300
Credit contracts	Market value on credit default swaps		9,889		Market value on credit default swaps		1,073,586
Total		$	151,074			$	1,195,453

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	598,809		$	62,853
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(20,393	)		(777	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		28,746			45,847

31

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	597	$	(848,477	)
Total		$	607,759	$	(740,554	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2020:

Futures:
Average notional amount of buy contracts	$	13,178,733
Average notional amount of sale contracts	$	2,269,016
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	311,667	(a)
Average principal amount of sale contracts	$	1,694,069
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	6,335,527
Credit Default Swaps:
Average notional amount of buy contracts	$	105,000	(b)
Average notional amount of sale contracts	$	3,364,186
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	821,748	(a)
Average notional amount of sale contracts	$	549,572	(a)

(a) Positions were open for five months during the period.

(b) Positions were open for one month during the period.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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AB Variable Products Series Fund

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Goldman Sachs Bank USA/Goldman Sachs International	$	15,138	$	(15,138	)	$	–0	–	$	–0	–	$	–0	–
State Street Bank & Trust Co.		5,027		(5,027	)		–0	–		–0	–		–0	–
Total	$	20,165	$	(20,165	)	$	–0	–	$	–0	–	$	–0	– ^
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Citigroup Global Markets, Inc.	$	424,417	$	–0	–	$	(338,000	)	$	–0	–	$	86,417
Credit Suisse International		264,414		–0	–		–0	–		(264,414	)		–0	–
Deutsche Bank AG		149,449		–0	–		–0	–		–0	–		149,449
Goldman Sachs Bank USA/Goldman Sachs International		199,981		(15,138	)		–0	–		–0	–		184,843
JPMorgan Securties, LLC		24,367		–0	–		–0	–		–0	–		24,367
Morgan Stanley & Co. International plc/Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		16,081		–0	–		–0	–		–0	–		16,081
State Street Bank & Trust Co.		22,177		(5,027	)		–0	–		–0	–		17,150
Total	$	1,100,886	$	(20,165	)	$	(338,000	)	$	(264,414	)	$	478,307	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. TBA and Dollar Rolls

The Portfolio may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended June 30, 2020, the Portfolio earned drop income of $1,700 which is included in interest income in the accompanying statement of operations.

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INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE E: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		102,095			208,310		$	1,091,269		$	2,214,654
Shares issued in reinvestment of dividends and distributions		–0	–		90,336			–0	–		961,173
Shares redeemed		(297,167	)		(504,296	)		(3,205,466	)		(5,367,537	)
Net decrease		(195,072	)		(205,650	)	$	(2,114,197	)	$	(2,191,710	)
Class B
Shares sold		53,349			112,389		$	559,901		$	1,181,651
Shares issued in reinvestment of dividends and distributions		–0	–		30,769			–0	–		324,304
Shares redeemed		(121,462	)		(239,084	)		(1,267,285	)		(2,505,667	)
Net decrease		(68,113	)		(95,926	)	$	(707,384	)	$	(999,712	)

At June 30, 2020, certain shareholders of the Portfolio owned 80% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE F: Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (“junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

34

AB Variable Products Series Fund

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Mortgage-Related and/or Other Asset-Backed Securities Risk-Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Portfolio to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. lliquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Active Trading Risk—The Portfolio expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate is expected to exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Portfolio’s return.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the

35

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE G: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

NOTE H: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019			2018
Distributions paid from:
Ordinary income	$	1,285,477		$	794,650
Net long-term capital gains		–0	–		444,890
Total taxable distributions paid	$	1,285,477		$	1,239,540

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,411,082
Accumulated capital and other losses		(174,092	)(a)
Unrealized appreciation/(depreciation)		1,197,159	(b)
Total accumulated earnings/(deficit)	$	2,434,149

(a) As of December 31, 2019, the Portfolio had a net capital loss carryforward of $164,413. During the fiscal year, the Portfolio utilized $417,190 of capital loss carry forwards to offset current year net realized gains. As of December 31, 2019, the cumulative deferred loss on straddles was $9,679.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of swaps, and the tax deferral of losses on wash sales.

36

AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio had a net long-term capital loss carryforward of $164,413, which may be carried forward for an indefinite period.

NOTE I: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

37

INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.73			$10.21			$10.56			$10.65			$10.63			$11.37
Income From Investment Operations
Net investment income (a)		.11	(b)		.26	(b)		.23	(b)		.23			.28†			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.19			.57			(.31	)		.14			.23			(.27	)
Contributions from Affiliates		–0	–		.00	(c)		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.30			.83			(.08	)		.37			.51			–0	–
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.31	)		(.13	)		(.36	)		(.35	)		(.40	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.14	)		(.10	)		(.14	)		(.34	)
Total dividends and distributions		–0	–		(.31	)		(.27	)		(.46	)		(.49	)		(.74	)
Net asset value, end of period		$11.03			$10.73			$10.21			$10.56			$10.65			$10.63
Total Return
Total investment return based on net asset value (d)*		2.89	%		8.20	%		(.72	)%		3.52	%		4.71	%†		.01	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$31,530			$32,763			$33,267			$38,172			$42,183			$47,554
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.28	%^		1.26	%		1.16	%		1.11	%		1.06	%		.96	%
Expenses, before waivers/reimbursements		1.28	%^		1.27	%		1.16	%		1.11	%		1.06	%		.96	%
Net investment income		2.12	%(b)^		2.48	%(b)		2.20	%(b)		2.11	%		2.60	%†		2.44	%
Portfolio turnover rate **		41	%		75	%		155	%		216	%		156	%		230	%

See footnote summary on pages 39-40.

38

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.62			$10.10			$10.45			$10.54			$10.53			$11.26
Income From Investment Operations
Net investment income (a)		.10	(b)		.23	(b)		.20	(b)		.20			.25†			.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.18			.58			(.31	)		.14			.22			(.26	)
Contributions from Affiliates		–0	–		.00	(c)		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.28			.81			(.11	)		.34			.47			(.02	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.29	)		(.10	)		(.33	)		(.32	)		(.37	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.14	)		(.10	)		(.14	)		(.34	)
Total dividends and distributions		–0	–		(.29	)		(.24	)		(.43	)		(.46	)		(.71	)
Net asset value, end of period		$10.90			$10.62			$10.10			$10.45			$10.54			$10.53
Total Return
Total investment return based on net asset value (d)*		2.73	%		7.99	%		(1.01	)%		3.28	%		4.36	%†		(.18	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11,222			$11,652			$12,054			$14,786			$16,029			$17,681
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.53	%^		1.51	%		1.41	%		1.36	%		1.32	%		1.21	%
Expenses, before waivers/reimbursements		1.53	%^		1.52	%		1.41	%		1.36	%		1.32	%		1.21	%
Net investment income		1.87	%(b)^		2.23	%(b)		1.95	%(b)		1.87	%		2.36	%†		2.19	%
Portfolio turnover rate **		41	%		75	%		155	%		216	%		156	%		230	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

39

INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.03	.28%	.29%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2019, December 31, 2017, December 31, 2016 and December 31, 2015 by .03%, .03%, .03% and .03%, respectively.

^ Annualized.

** The Portfolio accounts for dollar roll transactions as purchases and sales.

See notes to financial statements.

40

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

41

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Intermediate Bond Portfolio (the “Fund”) at a meeting held on November 4-6, 2019 (the “Meeting”).¹

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the underlying fund advised by the Adviser in which the Fund invests.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2017 and 2018 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer.

¹  Following transactions completed on November 13, 2019 that may have been deemed to have been an “assignment” causing termination of the Fund’s investment advisory agreement, a new investment advisory agreement, having the same terms as the prior one, was entered into by the Fund and the Adviser.

42

AB Variable Products Series Fund

The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2019 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was above the median. The directors took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class

43

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

44

VPS-IB-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ INTERNATIONAL GROWTH PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

INTERNATIONAL GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,003.80	$	6.83		1.37	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.05	$	6.87		1.37	%
Class B
Actual	$	1,000	$	1,002.60	$	8.02		1.61	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,016.86	$	8.07		1.61	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

INTERNATIONAL GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Chr Hansen Holding A/S	$	1,437,229		2.9	%
Gerresheimer AG		1,436,412		2.9
Partners Group Holding AG		1,419,770		2.9
London Stock Exchange Group PLC		1,365,769		2.7
Koninklijke Philips NV		1,350,778		2.7
Tecan Group AG		1,310,606		2.6
Schneider Electric SE		1,301,913		2.6
Infineon Technologies AG		1,139,624		2.3
Tencent Holdings Ltd.		1,134,178		2.3
Adyen NV		1,120,730		2.2
	$	13,017,009		26.1	%

SECTOR BREAKDOWN²

June 30, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Information Technology	$	10,352,031		21.3	%
Health Care		7,964,504		16.4
Industrials		6,810,861		14.0
Financials		6,487,926		13.3
Consumer Staples		5,036,026		10.4
Consumer Discretionary		3,637,110		7.5
Materials		3,185,400		6.5
Communication Services		1,904,979		3.9
Energy		997,887		2.1
Utilities		750,109		1.5
Short-Term Investments		1,490,805		3.1
Total Investments	$	48,617,638		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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).

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

INTERNATIONAL GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Netherlands	$	5,404,847		11.1	%
Switzerland		4,644,963		9.6
Japan		4,487,721		9.2
France		4,244,002		8.7
United Kingdom		4,051,668		8.3
Germany		3,906,370		8.0
United States		3,266,190		6.7
Denmark		3,263,796		6.7
China		2,763,732		5.7
Ireland		2,581,376		5.3
Sweden		1,843,787		3.8
Finland		1,803,345		3.7
India		1,450,081		3.0
Other		3,414,955		7.1
Short-Term Investments		1,490,805		3.1
Total Investments	$	48,617,638		100.0	%

1 All data are as of June 30, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.8% or less in the following: Austria, Brazil, Hong Kong, Norway and Spain.

3

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–94.6%
INFORMATION TECHNOLOGY–20.8%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.7%
Flex Ltd.(a)		34,620	$	354,855
Halma PLC		36,830		1,049,294
Keyence Corp.		2,200		921,935
				2,326,084
IT SERVICES–4.3%
Adyen NV(a)(b)		770		1,120,730
GMO Payment Gateway, Inc.(c)		5,600		585,724
Pagseguro Digital Ltd.(a)(c)		11,603		410,050
				2,116,504
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.5%
ASML Holding NV		2,876		1,052,078
Infineon Technologies AG		48,635		1,139,624
NXP Semiconductors NV		8,230		938,549
STMicroelectronics NV		40,867		1,113,963
				4,244,214
SOFTWARE–3.3%
Dassault Systemes SE		6,213		1,078,533
SAP SE		4,197		586,696
				1,665,229
				10,352,031
HEALTH CARE–16.0%
BIOTECHNOLOGY–1.0%
Abcam PLC		29,381		485,292
HEALTH CARE EQUIPMENT & SUPPLIES–4.8%
Alcon, Inc.(a)		8,650		497,022
Koninklijke Philips NV		28,957		1,350,778
STERIS PLC		3,350		514,024
				2,361,824
HEALTH CARE PROVIDERS & SERVICES–1.4%
Apollo Hospitals Enterprise Ltd.		39,655		711,751
LIFE SCIENCES TOOLS & SERVICES–7.9%
Bio-Rad Laboratories, Inc.–Class A(a)		1,397		630,732
Gerresheimer AG		15,543		1,436,412
ICON PLC(a)		3,387		570,574
Tecan Group AG		3,698		1,310,606
				3,948,324
PHARMACEUTICALS–0.9%
Roche Holding AG		1,320	$	457,313
				7,964,504
INDUSTRIALS–13.7%
BUILDING PRODUCTS–2.1%
Kingspan Group PLC		16,121		1,040,712
COMMERCIAL SERVICES & SUPPLIES–1.5%
TOMRA Systems ASA		20,410		753,912
ELECTRICAL EQUIPMENT–4.8%
Schneider Electric SE		11,704		1,301,913
Vestas Wind Systems A/S		10,512		1,076,458
				2,378,371
MACHINERY–3.1%
SMC Corp./Japan		2,000		1,027,842
Xylem, Inc./NY		7,738		502,660
				1,530,502
PROFESSIONAL SERVICES–2.2%
Recruit Holdings Co., Ltd.(c)		32,200		1,107,364
				6,810,861
FINANCIALS–13.0%
BANKS–4.7%
Erste Group Bank AG(a)		26,380		623,035
HDFC Bank Ltd.		52,500		738,330
Svenska Handelsbanken AB–Class A SHS(a)		101,954		968,086
				2,329,451
CAPITAL MARKETS – 5.6%
London Stock Exchange Group PLC		13,133		1,365,769
Partners Group Holding AG		1,559		1,419,770
				2,785,539
INSURANCE–2.7%
AIA Group Ltd.		91,600		857,156
Prudential PLC		34,230		515,780
				1,372,936
				6,487,926
CONSUMER STAPLES–10.1%
FOOD PRODUCTS–5.4%
Danone SA		10,799		749,593
Kerry Group PLC–Class A		7,809		970,090
Nestle SA		8,661		960,250
				2,679,933
HOUSEHOLD PRODUCTS–3.4%
Essity AB–Class B		27,010		875,702
Unicharm Corp.(c)		20,600		844,857
				1,720,559

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
PERSONAL PRODUCTS–1.3%
Unilever PLC		11,782	$	635,534
				5,036,026
CONSUMER DISCRETIONARY–7.3%
AUTO COMPONENTS–1.3%
Aptiv PLC		8,268		644,243
INTERNET & DIRECT MARKETING RETAIL–1.9%
Alibaba Group Holding Ltd.(a)		34,304		925,652
TEXTILES, APPAREL & LUXURY GOODS–4.1%
NIKE, Inc.–Class B		6,320		619,676
Puma SE		9,591		743,637
Shenzhou International Group Holdings Ltd.		57,900		703,902
				2,067,215
				3,637,110
MATERIALS–6.4%
CHEMICALS–4.8%
Chr Hansen Holding A/S		13,934		1,437,229
Koninklijke DSM NV		6,791		942,712
				2,379,941
CONTAINERS & PACKAGING–1.6%
Huhtamaki Oyj		20,360		805,459
				3,185,400
COMMUNICATION SERVICES–3.8%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.5%
Cellnex Telecom SA(b)		12,620		770,801
INTERACTIVE MEDIA & SERVICES–2.3%
Tencent Holdings Ltd.		17,700		1,134,178
				1,904,979
ENERGY–2.0%
OIL, GAS & CONSUMABLE FUELS–2.0%
Neste Oyj		25,407	$	997,887
UTILITIES–1.5%
ELECTRIC UTILITIES–1.5%
Orsted A/S(b)		6,500		750,109
Total Common Stocks (cost $34,754,095)				47,126,833
SHORT-TERM INVESTMENTS–3.0%
INVESTMENT COMPANIES–3.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(d)(e)(f) (cost $1,490,805)		1,490,805		1,490,805
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–97.6% (cost $36,244,900)				48,617,638
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.8%
INVESTMENT COMPANIES–0.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(d)(e)(f) (cost $392,210)		392,210		392,210
TOTAL INVESTMENTS–98.4% (cost $36,637,110)				49,009,848
Other assets less liabilities–1.6%				798,717
NET ASSETS–100.0%			$	49,808,565

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)				In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		USD		65		RUB	4,740		07/14/2020	$	1,688
Barclays Bank PLC		USD		70		KRW	86,079		08/13/2020		1,565
Barclays Bank PLC		EUR		539		USD	607		08/14/2020		1,000
Barclays Bank PLC		EUR	��	6,224		USD	6,779		08/14/2020		(219,986	)
Barclays Bank PLC		USD		1,151		AUD	1,768		08/14/2020		69,066
Barclays Bank PLC		USD		268		CNY	1,907		08/14/2020		771
BNP Paribas SA		USD		118		INR	8,950		07/23/2020		408

5

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		KRW	113,916		USD	94		08/13/2020	$	(1,043	)
BNP Paribas SA		USD	1,548		CNY	11,020		08/14/2020		7,190
BNP Paribas SA		USD	80		TWD	2,372		08/20/2020		1,264
Citibank, NA		USD	1,649		KRW	2,012,903		08/13/2020		29,213
Citibank, NA		USD	658		EUR	579		08/14/2020		(6,765	)
Deutsche Bank AG		USD	1,701		JPY	182,132		08/14/2020		(12,903	)
Goldman Sachs Bank USA		INR	8,085		USD	103		07/23/2020		(3,594	)
Goldman Sachs Bank USA		CNY	786		USD	111		08/14/2020		(188	)
JPMorgan Chase Bank, NA		USD	191		INR	14,762		07/23/2020		3,644
JPMorgan Chase Bank, NA		USD	2,402		CAD	3,360		08/14/2020		73,045
Morgan Stanley & Co., Inc.		USD	350		RUB	26,132		07/14/2020		16,692
Morgan Stanley & Co., Inc.		INR	62,738		USD	798		07/23/2020		(30,750	)
Morgan Stanley & Co., Inc.		USD	1,581		TWD	46,639		08/20/2020		16,585
Natwest Markets PLC		SEK	8,739		USD	894		08/14/2020		(44,377	)
Natwest Markets PLC		USD	349		CNY	2,491		08/14/2020		3,145
Standard Chartered Bank		INR	23,079		USD	301		07/23/2020		(4,014	)
Standard Chartered Bank		USD	579		INR	44,430		07/23/2020		7,736
Standard Chartered Bank		USD	563		CNY	4,002		08/14/2020		2,387
State Street Bank & Trust Co.		AUD	128		USD	88		08/14/2020		(474	)
State Street Bank & Trust Co.		CAD	498		USD	361		08/14/2020		(5,749	)
State Street Bank & Trust Co.		CHF	1,330		USD	1,387		08/14/2020		(18,591	)
State Street Bank & Trust Co.		CNY	1,468		USD	206		08/14/2020		(1,621	)
State Street Bank & Trust Co.		EUR	367		USD	417		08/14/2020		3,885
State Street Bank & Trust Co.		EUR	4,020		USD	4,400		08/14/2020		(120,628	)
State Street Bank & Trust Co.		GBP	363		USD	454		08/14/2020		3,602
State Street Bank & Trust Co.		GBP	305		USD	375		08/14/2020		(2,848	)
State Street Bank & Trust Co.		HKD	3,749		USD	483		08/14/2020		(354	)
State Street Bank & Trust Co.		JPY	147,007		USD	1,371		08/14/2020		8,890
State Street Bank & Trust Co.		JPY	27,577		USD	253		08/14/2020		(2,611	)
State Street Bank & Trust Co.		NOK	1,824		USD	190		08/14/2020		601
State Street Bank & Trust Co.		NOK	5,251		USD	508		08/14/2020		(37,200	)
State Street Bank & Trust Co.		SEK	686		USD	70		08/14/2020		(4,046	)
State Street Bank & Trust Co.		USD	782		AUD	1,219		08/14/2020		59,772
State Street Bank & Trust Co.		USD	107		AUD	153		08/14/2020		(1,437	)
State Street Bank & Trust Co.		USD	823		CAD	1,152		08/14/2020		25,356
State Street Bank & Trust Co.		USD	115		CAD	156		08/14/2020		(5	)
State Street Bank & Trust Co.		USD	82		CHF	80		08/14/2020		2,092
State Street Bank & Trust Co.		USD	576		CNY	4,090		08/14/2020		1,422
State Street Bank & Trust Co.		USD	128		CNY	905		08/14/2020		(90	)
State Street Bank & Trust Co.		USD	1,062		EUR	964		08/14/2020		22,049
State Street Bank & Trust Co.		USD	656		EUR	579		08/14/2020		(5,217	)
State Street Bank & Trust Co.		USD	529		GBP	429		08/14/2020		2,800
State Street Bank & Trust Co.		USD	298		GBP	239		08/14/2020		(1,538	)
State Street Bank & Trust Co.		USD	483		HKD	3,749		08/14/2020		452
State Street Bank & Trust Co.		USD	336		JPY	36,426		08/14/2020		1,518
State Street Bank & Trust Co.		USD	2,692		JPY	288,441		08/14/2020		(18,884	)
State Street Bank & Trust Co.		USD	220		MXN	5,349		08/14/2020		11,772
State Street Bank & Trust Co.		USD	223		NOK	2,186		08/14/2020		4,492
State Street Bank & Trust Co.		USD	67		SEK	640		08/14/2020		2,192

6

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	65		SEK	598		08/14/2020	$	(379	)
State Street Bank & Trust Co.		USD	435		ZAR	8,042		08/14/2020		26,781
									$	(132,217	)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the aggregate market value of these securities amounted to $2,641,640 or 5.3% of net assets.

(c) Represents entire or partial securities out on loan. See Note E for securities lending information.

(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.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

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

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

See notes to financial statements.

7

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $34,754,095)	$	47,126,833	(a)
Affiliated issuers (cost $1,883,015—including investment of cash collateral for securities loaned of $392,210)		1,883,015
Foreign currencies, at value (cost $87,194)		87,046
Receivable for investment securities sold		1,279,851
Unrealized appreciation on forward currency exchange contracts		413,075
Unaffiliated dividends receivable		121,435
Receivable for capital stock sold		2,189
Affiliated dividends receivable		275
Total assets		50,913,719
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		545,292
Payable for collateral received on securities loaned		392,210
Payable for capital stock redeemed		51,051
Advisory fee payable		28,366
Administrative fee payable		24,311
Distribution fee payable		5,578
Directors’ fees payable		3,079
Transfer Agent fee payable		118
Accrued expenses		55,149
Total liabilities		1,105,154
NET ASSETS	$	49,808,565
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,131
Additional paid-in capital		32,400,333
Distributable earnings		17,406,101
	$	49,808,565

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	22,741,926		964,467	$	23.58
B	$	27,066,639		1,166,218	$	23.21

(a) Includes securities on loan with a value of $1,249,434 (see Note E).

See notes to financial statements.

8

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $36,342)	$	316,118
Affiliated issuers		8,557
Securities lending income		3,158
		327,833
EXPENSES
Advisory fee (see Note B)		180,991
Distribution fee—Class B		33,186
Transfer agency—Class A		903
Transfer agency—Class B		1,104
Custody and accounting		47,190
Administrative		40,767
Audit and tax		28,030
Printing		15,084
Legal		12,213
Directors’ fees		10,593
Miscellaneous		5,666
Total expenses		375,727
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(13,200	)
Net expenses		362,527
Net investment loss		(34,694	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		569,080
Forward currency exchange contracts		(204,641	)
Foreign currency transactions		(105,419	)
Net change in unrealized appreciation/depreciation of:
Investments		(71,909	)
Forward currency exchange contracts		(209,542	)
Foreign currency denominated assets and liabilities		(1,108	)
Net loss on investment and foreign currency transactions		(23,539	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(58,233	)

See notes to financial statements.

9

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(34,694	)	$	134,740
Net realized gain on investment and foreign currency transactions		259,020			4,692,498
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(282,559	)		7,740,937
Net increase (decrease) in net assets from operations		(58,233	)		12,568,175
Distributions to Shareholders
Class A		–0	–		(688,238	)
Class B		–0	–		(794,928	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(4,012,069	)		(6,897,421	)
Total increase (decrease)		(4,070,302	)		4,187,588
NET ASSETS
Beginning of period		53,878,867			49,691,279
End of period	$	49,808,565		$	53,878,867

See notes to financial statements.

10

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

11

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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 June 30, 2020:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	2,824,184		$	7,527,847		$	–0	–	$	10,352,031
Health Care		3,551,400			4,413,104			–0	–		7,964,504
Industrials		502,660			6,308,201			–0	–		6,810,861
Financials		–0	–		6,487,926			–0	–		6,487,926
Consumer Staples		–0	–		5,036,026			–0	–		5,036,026
Consumer Discretionary		1,263,919			2,373,191			–0	–		3,637,110
Materials		–0	–		3,185,400			–0	–		3,185,400
Communication Services		–0	–		1,904,979			–0	–		1,904,979
Energy		–0	–		997,887			–0	–		997,887
Utilities		750,109			–0	–		–0	–		750,109
Short-Term Investments		1,490,805			–0	–		–0	–		1,490,805
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		392,210			–0	–		–0	–		392,210
Total Investments in Securities		10,775,287			38,234,561	(a)		–0	–		49,009,848

12

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	413,075		$	–0	–	$	413,075
Liabilities:
Forward Currency Exchange Contracts		–0	–		(545,292	)		–0	–		(545,292	)
Total	$	10,775,287		$	38,102,344		$	–0	–	$	48,877,631

(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, see Note A.1.

(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, options written and swaptions written which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

13

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. Effective September 4, 2018, the Adviser has contractually agreed to waive its management fee and/or bear expenses of the Portfolio in order to reduce the Portfolio’s total operating expenses by an amount equal to 0.05% on an annual basis of the average net assets for Class A and Class B. For the six months ended June 30, 2020, such reimbursements/waivers amounted to $12,066. This fee waiver and/or expense reimbursement agreement extends through May 1, 2021 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $40,767.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of ..10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $997.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,750	$	7,694	$	7,953	$	1,491	$	8
Government Money Market Portfolio*		1,787		11,426		12,821		392		1
Total							$	1,883	$	9

* Investments of cash collateral for securities lending transactions (see Note E).

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to

14

AB Variable Products Series Fund

ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	7,242,866		$	12,545,219
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	13,619,003
Gross unrealized depreciation		(1,378,482	)
Net unrealized appreciation	$	12,240,521

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivative utilized by the Portfolio, as well as the methods in which they may be used are:

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized

15

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended June 30, 2020, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended June 30, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	413,075	Unrealized depreciation on forward currency exchange contracts	$	545,292
Total		$	413,075		$	545,292

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		$(204,641)		$	(209,542	)
Total		$	(204,641	)	$	(209,542	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2020:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	24,245,376
Average principal amount of sale contracts	$	21,228,991

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

16

AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Barclays Bank PLC

$

74,090

$

(74,090

)

$

–0

–

$

–0

–

$

–0

–

BNP Paribas SA

8,862

(1,043

)

–0

–

–0

–

7,819

Citibank, NA

29,213

(6,765

)

–0

–

–0

–

22,448

JPMorgan Chase Bank, NA

76,689

–0

–

–0

–

–0

–

76,689

Morgan Stanley & Co., Inc.

33,277

(30,750

)

–0

–

–0

–

2,527

Natwest Markets PLC

3,145

(3,145

)

–0

–

–0

–

–0

–

Standard Chartered Bank

10,123

(4,014

)

–0

–

–0

–

6,109

State Street Bank & Trust Co.

177,676

(177,676

)

–0

–

–0

–

–0

–

Total

$

413,075

$

(297,483

)

$

–0

–

$

–0

–

$

115,592

^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Barclays Bank PLC

$

219,986

$

(74,090

)

$

–0

–

$

–0

–

$

145,896

BNP Paribas SA

1,043

(1,043

)

–0

–

–0

–

–0

–

Citibank, NA

6,765

(6,765

)

–0

–

–0

–

–0

–

Deutsche Bank AG

12,903

–0

–

–0

–

–0

–

12,903

Goldman Sachs Bank USA

3,782

–0

–

–0

–

–0

–

3,782

Morgan Stanley & Co., Inc.

30,750

(30,750

)

–0

–

–0

–

–0

–

Natwest Markets PLC

44,377

(3,145

)

–0

–

–0

–

41,232

Standard Chartered Bank

4,014

(4,014

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

221,672

(177,676

)

–0

–

–0

–

43,996

Total

$

545,292

$

(297,483

)

$

–0

–

$

–0

–

$

247,809

^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for

17

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

				Government Money Market Portfolio
Market Value of Securities on Loan*	Cash Collateral*	Market Value of Non-Cash Collateral*	Income from Borrowers	Income Earned	Advisory Fee Waived
$1,249,434	$392,210	$915,618	$3,158	$963	$137

* As of June 30, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		11,111			25,049		$	234,369		$	530,484
Shares issued in reinvestment of dividends		–0	–		32,449			–0	–		688,237
Shares redeemed		(73,697	)		(163,992	)		(1,613,045	)		(3,492,546	)
Net decrease		(62,586	)		(106,494	)	$	(1,378,676	)	$	(2,273,825	)
Class B
Shares sold		50,570			52,238		$	1,000,424		$	1,106,667
Shares issued in reinvestment of dividends		–0	–		37,998			–0	–		794,929
Shares redeemed		(169,885	)		(310,416	)		(3,633,817	)		(6,525,192	)
Net decrease		(119,315	)		(220,180	)	$	(2,633,393)		$	(4,623,596	)

At June 30, 2020, certain shareholders of the Portfolio owned 80% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

18

AB Variable Products Series Fund

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing

19

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	211,048	$	318,598
Net long-term capital gains		1,272,118		–0	–
Total taxable distributions paid	$	1,483,166	$	318,598

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,009,224
Undistributed capital gains		4,091,291
Unrealized appreciation/(depreciation)		12,363,819	(a)
Total accumulated earnings/(deficit)	$	17,464,334

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and the recognition for tax purposes of unrealized gains/losses on certain derivative instruments.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio did not have any capital loss carryforwards.

NOTE J: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

20

INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$23.49			$18.99			$23.15			$17.34			$18.62			$19.04
Income From Investment Operations
Net investment income (a)		(.00	)(b)(c)		.08	(b)		.15	(b)		.06	(b)		.11	(b)†		.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.09	(d)		5.08			(4.16	)		6.00			(1.39	)		(.50	)
Net increase (decrease) in net asset value from operations		.09			5.16			(4.01	)		6.06			(1.28	)		(.35	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.13	)		(.15	)		(.25	)		–0	–		(.07	)
Distributions from net realized gain on investment transactions		–0	–		(.53	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(.66	)		(.15	)		(.25	)		–0	–		(.07	)
Net asset value, end of period		$23.58			$23.49			$18.99			$23.15			$17.34			$18.62
Total Return
Total investment return based on net asset value (e)*		.38	%		27.53	%		(17.41	)%		35.02	%		(6.87	)%†		(1.87	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$22,742			$24,123			$21,522			$30,318			$26,045			$33,090
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.37	%^		1.36	%		1.27	%		1.24	%		1.27	%		1.11	%
Expenses, before waivers/reimbursements		1.42	%^		1.41	%		1.29	%		1.24	%		1.27	%		1.11	%
Net investment income		(.00	)%(b)(f)^		.40	%(b)		.69	%(b)		.30	%(b)		.60	%(b)†		.78	%
Portfolio turnover rate		15	%		49	%		33	%		52	%		52	%		17	%

See footnote summary on page 23.

21

INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$23.15			$18.71			$22.80			$17.09			$18.39			$18.81
Income From Investment Operations
Net investment income (loss) (a)		(.03	)(b)		.03	(b)		.09	(b)		.01	(b)		.07	(b)†		.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.09	(d)		5.00			(4.09	)		5.90			(1.37	)		(.51	)
Net increase (decrease) in net asset value from operations		.06			5.03			(4.00	)		5.91			(1.30	)		(.41	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.06	)		(.09	)		(.20	)		–0	–		(.01	)
Distributions from net realized gain on investment transactions		–0	–		(.53	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(.59	)		(.09	)		(.20	)		–0	–		(.01	)
Net asset value, end of period		$23.21			$23.15			$18.71			$22.80			$17.09			$18.39
Total Return
Total investment return based on net asset value (e)*		.26	%		27.23	%		(17.60	)%		34.63	%		(7.07	)%†		(2.17	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$27,067			$29,756			$28,169			$41,007			$32,843			$40,566
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.61	%^		1.61	%		1.52	%		1.49	%		1.52	%		1.36	%
Expenses, before waivers/reimbursements		1.67	%^		1.66	%		1.54	%		1.49	%		1.52	%		1.36	%
Net investment income (loss)		(.26	)%(b)^		.15	%(b)		.43	%(b)		.04	%(b)		.37	%(b)†		.52	%
Portfolio turnover rate		15	%		49	%		33	%		52	%		52	%		17	%

See footnote summary on page 23.

22

AB Variable Products Series Fund

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Portfolio’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(f) Amount is less than .005%.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.04	.22%	.23%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017 and December 31, 2016 by .01% and .09%, respectively.

^ Annualized.

See notes to financial statements.

23

INTERNATIONAL GROWTH PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

24

INTERNATIONAL GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Growth Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

25

INTERNATIONAL GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

26

AB Variable Products Series Fund

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians, after giving effect to a voluntary waiver by the Adviser. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

27

VPS-IG-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERNATIONAL VALUE PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

INTERNATIONAL VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	816.30	$	4.11		0.91	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.34	$	4.57		0.91	%
Class B
Actual	$	1,000	$	816.00	$	5.24		1.16	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.10	$	5.82		1.16	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Roche Holding AG	$	11,349,687		3.8	%
Samsung Electronics Co., Ltd.		7,112,038		2.4
EDP—Energias de Portugal SA		6,642,992		2.2
GlaxoSmithKline PLC		6,380,273		2.1
Nintendo Co., Ltd.		6,303,667		2.1
Koninklijke Ahold Delhaize NV		5,981,720		2.0
Enel SpA		5,918,128		2.0
Peugeot SA		5,860,110		2.0
Royal Dutch Shell PLC—Class A		5,828,963		1.9
GVC Holdings PLC		5,530,523		1.8
	$	66,908,101		22.3	%

SECTOR BREAKDOWN²

June 30, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Information Technology	$	42,082,487		14.2	%
Industrials		41,609,286		14.0
Consumer Staples		38,941,066		13.1
Financials		37,670,816		12.7
Consumer Discretionary		31,487,998		10.6
Health Care		25,478,442		8.6
Materials		24,407,844		8.2
Energy		15,578,296		5.3
Communication Services		14,959,672		5.0
Utilities		12,561,120		4.2
Real Estate		8,856,531		3.0
Short-Term Investments		3,103,190		1.1
Total Investments	$	296,736,748		100.0	%

1 Long-term investments.

2 The Portfolio’s industry breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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).

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Japan	$	54,645,634		18.4	%
United Kingdom		50,274,137		16.9
France		28,798,537		9.7
Switzerland		18,512,260		6.2
Australia		17,104,314		5.8
Germany		16,370,124		5.5
South Korea		12,032,820		4.1
Taiwan		10,107,103		3.4
Italy		9,370,193		3.2
Denmark		8,946,647		3.0
Canada		8,914,492		3.0
Netherlands		8,903,425		3.0
Ireland		8,439,568		2.8
Other		41,214,304		13.9
Short-Term Investments		3,103,190		1.1
Total Investments	$	296,736,748		100.0	%

1 All data are as of June 30, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.2% or less in the following: Austria, Belgium, China, Hong Kong, Israel, Norway, Portugal, Spain and Sweden..

3

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.9%
INFORMATION TECHNOLOGY–14.0%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.7%
Zhen Ding Technology Holding Ltd.		519,000	$	2,277,622
IT SERVICES–1.6%
Atos SE(a)		56,540		4,847,348
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.5%
NXP Semiconductors NV		25,620		2,921,705
Realtek Semiconductor Corp.		348,000		3,546,997
SCREEN Holdings Co., Ltd.		80,600		3,786,681
SK Hynix, Inc.		68,920		4,920,782
Taiwan Semiconductor Manufacturing Co., Ltd.		401,000		4,282,484
				19,458,649
SOFTWARE–2.8%
Avast PLC(b)		749,030		4,895,557
Open Text Corp.		82,216		3,491,273
				8,386,830
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.4%
Samsung Electronics Co., Ltd.		160,660		7,112,038
				42,082,487
INDUSTRIALS–13.9%
AEROSPACE & DEFENSE–3.5%
Airbus SE(a)(c)		59,250		4,245,487
MTU Aero Engines AG(a)		15,860		2,761,234
Saab AB–Class B(a)(c)		137,520		3,456,471
				10,463,192
AIR FREIGHT & LOGISTICS–1.2%
SG Holdings Co., Ltd.		108,800		3,550,538
AIRLINES–0.9%
Wizz Air Holdings PLC(a)(b)		64,690		2,672,800
ELECTRICAL EQUIPMENT–1.5%
Fuji Electric Co., Ltd.		167,800		4,618,517
MACHINERY–2.4%
Alstom SA		88,780		4,137,226
Weichai Power Co., Ltd.–Class H		1,529,000		2,880,833
				7,018,059
PROFESSIONAL SERVICES–1.0%
UT Group Co., Ltd.(a)(c)		129,200		2,973,059
Company	Shares		U.S. $ Value
TRADING COMPANIES & DISTRIBUTORS–3.4%
AerCap Holdings NV(a)		174,971	$	5,389,107
Ashtead Group PLC		145,970		4,924,014
				10,313,121
				41,609,286
CONSUMER STAPLES–13.0%
BEVERAGES–2.5%
Coca-Cola Bottlers Japan Holdings, Inc.(c)		115,200		2,089,325
Coca-Cola European Partners PLC		141,340		5,336,999
				7,426,324
FOOD & STAPLES RETAILING–3.5%
Koninklijke Ahold Delhaize NV		219,480		5,981,720
Tesco PLC(c)		1,574,420		4,428,313
				10,410,033
FOOD PRODUCTS–5.2%
Morinaga & Co., Ltd./Japan		54,400		2,112,517
Nichirei Corp.		120,300		3,505,505
Salmar ASA(a)		101,950		4,883,958
WH Group Ltd.(b)		5,955,000		5,146,274
				15,648,254
TOBACCO–1.8%
British American Tobacco PLC		142,270		5,456,455
				38,941,066
FINANCIALS–12.6%
BANKS–6.7%
Bank Hapoalim BM		446,810		2,671,099
Bank Leumi Le-Israel BM		494,270		2,485,147
Bank of Ireland Group PLC(a)		1,480,433		3,050,461
Erste Group Bank AG(a)		170,860		4,035,323
KBC Group NV		76,670		4,404,783
Mediobanca Banca di Credito Finanziario SpA		478,040		3,452,065
				20,098,878
CAPITAL MARKETS–1.5%
Credit Suisse Group AG		431,507		4,489,773
CONSUMER FINANCE–0.0%
Isracard Ltd.		1		2
DIVERSIFIED FINANCIAL SERVICES–0.9%
ORIX Corp.		214,200		2,659,775
INSURANCE–3.5%
Allianz SE		26,750		5,466,155
Suncorp Group Ltd.(c)		771,290		4,956,233
				10,422,388
				37,670,816

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–10.5%
AUTO COMPONENTS–2.9%
Faurecia SE(a)		133,650	$	5,250,919
NGK Spark Plug Co., Ltd.		229,500		3,298,578
				8,549,497
AUTOMOBILES–3.1%
Peugeot SA(a)(c)		357,343		5,860,110
Subaru Corp.		163,900		3,432,012
				9,292,122
HOTELS, RESTAURANTS & LEISURE–1.8%
GVC Holdings PLC		603,380		5,530,523
MULTILINE RETAIL–1.4%
Next PLC		68,540		4,149,753
TEXTILES, APPAREL & LUXURY GOODS–1.3%
Pandora A/S		72,620		3,966,103
				31,487,998
HEALTH CARE–8.5%
HEALTH CARE EQUIPMENT & SUPPLIES–0.9%
ConvaTec Group PLC(b)		1,146,099		2,767,938
PHARMACEUTICALS–7.6%
GlaxoSmithKline PLC		315,860		6,380,273
Novo Nordisk A/S–Class B		76,450		4,980,544
Roche Holding AG		32,760		11,349,687
				22,710,504
				25,478,442
MATERIALS–8.1%
CHEMICALS–3.8%
Air Water, Inc.		197,600		2,791,878
Evonik Industries AG		153,470		3,908,881
Tosoh Corp.		346,400		4,758,462
				11,459,221
METALS & MINING–4.3%
Agnico Eagle Mines Ltd.		51,720		3,311,741
BlueScope Steel Ltd.		529,308		4,360,357
First Quantum Minerals Ltd.		264,930		2,111,478
Northern Star Resources Ltd.(c)		335,600		3,165,047
				12,948,623
				24,407,844
ENERGY–5.1%
OIL, GAS & CONSUMABLE FUELS–5.1%
ENEOS Holdings, Inc.		1,281,100		4,566,562
Repsol SA		494,211		4,366,834
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A(c)		356,090		5,828,963
Company	Shares		U.S. $ Value
Royal Dutch Shell PLC–Class A		35,934	$	575,349
				15,337,708
COMMUNICATION SERVICES–5.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.9%
Nippon Telegraph & Telephone Corp.		180,200		4,198,558
Orange SA		372,760		4,457,447
				8,656,005
ENTERTAINMENT–2.1%
Nintendo Co., Ltd.		14,100		6,303,667
				14,959,672
UTILITIES–4.2%
ELECTRIC UTILITIES–4.2%
EDP–Energias de Portugal SA		1,391,710		6,642,992
Enel SpA		684,300		5,918,128
				12,561,120
REAL ESTATE–3.0%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.6%
Vicinity Centres		4,612,046		4,622,677
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.4%
Aroundtown SA(a)		738,660		4,233,854
				8,856,531
Total Common Stocks (cost $305,253,269)				293,392,970
RIGHTS–0.1%
ENERGY–0.1%
OIL, GAS & CONSUMABLE FUELS–0.1%
Repsol SA, expiring 07/06/2020(a)(c) (cost $275,114)		494,211		240,588
SHORT-TERM INVESTMENTS–1.0%
INVESTMENT COMPANIES–1.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(d)(e)(f) (cost $3,103,190)		3,103,190		3,103,190
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.0% (cost $308,631,573)				296,736,748

5

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.4%
INVESTMENT COMPANIES–1.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(d)(e)(f) (cost $4,229,821)		4,229,821	$	4,229,821
TOTAL INVESTMENTS–100.4% (cost $312,861,394)				300,966,569
Other assets less liabilities–(0.4)%				(1,287,615	)
NET ASSETS–100.0%			$	299,678,954

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)
Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		CHF	785		USD	828		07/17/2020	$	(766	)
Bank of America, NA		NOK	15,489		USD	1,469		07/17/2020		(140,045	)
Bank of America, NA		USD	748		ILS	2,655		07/17/2020		18,824
Bank of America, NA		USD	1,926		JPY	211,219		07/17/2020		30,608
Bank of America, NA		USD	4,392		JPY	470,460		07/17/2020		(33,843	)
Bank of America, NA		USD	4,388		SEK	43,923		07/17/2020		326,850
Bank of America, NA		USD	607		AUD	866		10/16/2020		(8,474	)
Barclays Bank PLC		AUD	1,942		USD	1,245		07/17/2020		(95,739	)
Barclays Bank PLC		CAD	1,235		USD	858		07/17/2020		(51,266	)
Barclays Bank PLC		GBP	886		USD	1,109		07/17/2020		10,714
Barclays Bank PLC		GBP	1,987		USD	2,431		07/17/2020		(31,089	)
Barclays Bank PLC		JPY	437,241		USD	4,079		07/17/2020		29,223
Barclays Bank PLC		NOK	7,252		USD	705		07/17/2020		(48,845	)
Barclays Bank PLC		USD	1,790		AUD	2,863		07/17/2020		185,538
Barclays Bank PLC		USD	1,138		CHF	1,109		07/17/2020		33,396
Barclays Bank PLC		USD	3,137		CHF	2,895		07/17/2020		(80,040	)
Barclays Bank PLC		USD	2,828		EUR	2,587		07/17/2020		80,081
Barclays Bank PLC		USD	5,546		GBP	4,486		07/17/2020		13,033
Barclays Bank PLC		USD	1,731		GBP	1,367		07/17/2020		(37,124	)
Barclays Bank PLC		USD	5,129		JPY	560,396		07/17/2020		62,082
Barclays Bank PLC		USD	2,681		JPY	287,200		07/17/2020		(20,367	)
Barclays Bank PLC		USD	1,893		KRW	2,289,686		08/13/2020		16,050
Barclays Bank PLC		USD	854		KRW	1,023,086		08/13/2020		(1,448	)
Barclays Bank PLC		TWD	37,648		USD	1,280		08/20/2020		(9,336	)
Barclays Bank PLC		USD	431		TWD	12,871		08/20/2020		10,055
Barclays Bank PLC		USD	1,168		JPY	125,245		10/16/2020		(6,552	)
BNP Paribas SA		AUD	1,117		USD	703		07/17/2020		(67,725	)

6

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)				Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		KRW	1,045,663		USD		858		08/13/2020	$	(13,680	)
Citibank, NA		EUR	2,717		USD		3,104		07/17/2020		50,491
Citibank, NA		EUR	7,284		USD		7,993		07/17/2020		(192,257	)
Citibank, NA		USD	1,069		AUD		1,819		07/17/2020		186,384
Citibank, NA		USD	1,417		CAD		1,904		07/17/2020		(14,420	)
Citibank, NA		USD	9,439		EUR		8,662		07/17/2020		295,412
Citibank, NA		USD	1,142		EUR		1,006		07/17/2020		(11,723	)
Citibank, NA		KRW	14,158,311		USD		11,575		08/13/2020		(230,165	)
Citibank, NA		USD	691		AUD		987		10/16/2020		(9,619	)
Citibank, NA		USD	1,884		EUR		1,669		10/16/2020		(4,443	)
Citibank, NA		USD	944		JPY		101,106		10/16/2020		(5,696	)
Credit Suisse International		AUD	1,389		USD		953		07/17/2020		(5,937	)
Credit Suisse International		EUR	1,522		USD		1,676		07/17/2020		(34,481	)
Credit Suisse International		NOK	11,214		USD		1,058		07/17/2020		(107,060	)
Credit Suisse International		USD	2,567		AUD		4,400		07/17/2020		470,047
Credit Suisse International		USD	6,575		EUR		6,013		07/17/2020		182,305
Credit Suisse International		USD	2,139		NOK		21,178		07/17/2020		61,483
Deutsche Bank AG		ILS	3,292		USD		926		07/17/2020		(25,114	)
Deutsche Bank AG		USD	1,361		JPY		150,507		07/17/2020		33,151
Goldman Sachs Bank USA		CAD	750		USD		531		07/17/2020		(21,305	)
Goldman Sachs Bank USA		CHF	919		USD		947		07/17/2020		(23,677	)
Goldman Sachs Bank USA		EUR	1,940		USD		2,108		07/17/2020		(72,756	)
Goldman Sachs Bank USA		GBP	1,358		USD		1,693		07/17/2020		10,072
Goldman Sachs Bank USA		HKD	16,225		USD		2,091		07/17/2020		(1,995	)
Goldman Sachs Bank USA		JPY	176,240		USD		1,651		07/17/2020		18,695
Goldman Sachs Bank USA		USD	749		AUD		1,162		07/17/2020		53,057
Goldman Sachs Bank USA		USD	900		CHF		873		07/17/2020		21,927
Goldman Sachs Bank USA		USD	1,392		EUR		1,282		07/17/2020		49,189
Goldman Sachs Bank USA		USD	1,310		GBP		1,067		07/17/2020		12,574
Goldman Sachs Bank USA		USD	3,802		JPY		413,517		07/17/2020		27,965
Goldman Sachs Bank USA		USD	7,252		JPY		772,964		07/17/2020		(91,744	)
JPMorgan Chase Bank, NA		CAD	7,041		USD		5,018		07/17/2020		(168,294	)
JPMorgan Chase Bank, NA		EUR	1,124		USD		1,290		07/17/2020		26,548
JPMorgan Chase Bank, NA		EUR	1,533		USD		1,656		07/17/2020		(66,868	)
JPMorgan Chase Bank, NA		USD	1,667		CHF		1,616		07/17/2020		39,759
JPMorgan Chase Bank, NA		USD	1,902		JPY		203,208		07/17/2020		(19,191	)
JPMorgan Chase Bank, NA		USD	670		NZD		1,124		07/17/2020		55,623
JPMorgan Chase Bank, NA		USD	3,241		SGD		4,610		07/17/2020		67,325
JPMorgan Chase Bank, NA		TWD	23,667		USD		796		08/20/2020		(14,893	)
JPMorgan Chase Bank, NA		GBP	704		USD		871		10/16/2020		(2,360	)
JPMorgan Chase Bank, NA		USD	951		EUR		846		10/16/2020		1,588
Morgan Stanley & Co., Inc.		AUD	2,484		USD		1,607		07/17/2020		(107,293	)
Morgan Stanley & Co., Inc.		CAD	2,104		USD		1,497		07/17/2020		(53,053	)
Morgan Stanley & Co., Inc.		CHF	709		USD		750		07/17/2020		1,421
Morgan Stanley & Co., Inc.		EUR	5,592		USD		6,082		07/17/2020		(202,201	)
Morgan Stanley & Co., Inc.		GBP	1,490		USD		1,854		07/17/2020		7,205
Morgan Stanley & Co., Inc.		GBP	2,225		USD	��	2,719		07/17/2020		(38,338	)
Morgan Stanley & Co., Inc.		JPY	1,026,930		USD		9,543		07/17/2020		30,324
Morgan Stanley & Co., Inc.		USD	1,081		AUD		1,680		07/17/2020		78,130
Morgan Stanley & Co., Inc.		USD	7,819		CHF		7,562		07/17/2020		165,753
Morgan Stanley & Co., Inc.		USD	1,864		EUR		1,720		07/17/2020		69,166

7

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., Inc.		USD	2,714		JPY	290,636		07/17/2020	$	(22,268	)
Morgan Stanley & Co., Inc.		TWD	268,063		USD	9,088		08/20/2020		(95,325	)
Morgan Stanley & Co., Inc.		USD	564		TWD	16,726		08/20/2020		8,817
Morgan Stanley & Co., Inc.		EUR	1,515		USD	1,718		10/16/2020		11,982
Morgan Stanley & Co., Inc.		GBP	1,045		USD	1,328		10/16/2020		32,772
Morgan Stanley & Co., Inc.		USD	2,755		EUR	2,420		10/16/2020		(29,204	)
Natwest Markets PLC		AUD	2,081		USD	1,449		07/17/2020		12,630
Natwest Markets PLC		AUD	856		USD	519		07/17/2020		(71,420	)
Natwest Markets PLC		EUR	1,427		USD	1,574		07/17/2020		(29,607	)
Natwest Markets PLC		GBP	865		USD	1,074		07/17/2020		2,286
Natwest Markets PLC		GBP	1,035		USD	1,263		07/17/2020		(19,971	)
Natwest Markets PLC		ILS	12,361		USD	3,444		07/17/2020		(126,057	)
Natwest Markets PLC		JPY	94,661		USD	886		07/17/2020		8,781
Natwest Markets PLC		USD	864		AUD	1,339		07/17/2020		60,166
Natwest Markets PLC		USD	1,496		EUR	1,361		07/17/2020		33,051
Natwest Markets PLC		EUR	894		USD	1,005		10/16/2020		(1,554	)
Natwest Markets PLC		NOK	14,373		USD	1,552		10/16/2020		58,264
Natwest Markets PLC		USD	1,902		JPY	203,695		10/16/2020		(12,523	)
Natwest Markets PLC		USD	987		SEK	9,028		10/16/2020		(16,485	)
Standard Chartered Bank		TWD	13,171		USD	447		08/20/2020		(4,547	)
Standard Chartered Bank		USD	703		TWD	20,668		08/20/2020		4,870
State Street Bank & Trust Co.		AUD	65		USD	45		07/17/2020		262
State Street Bank & Trust Co.		AUD	461		USD	296		07/17/2020		(21,752	)
State Street Bank & Trust Co.		CHF	1,044		USD	1,082		07/17/2020		(20,049	)
State Street Bank & Trust Co.		CNY	10,620		USD	1,500		07/17/2020		(1,372	)
State Street Bank & Trust Co.		EUR	861		USD	980		07/17/2020		12,138
State Street Bank & Trust Co.		EUR	2,624		USD	2,884		07/17/2020		(64,920	)
State Street Bank & Trust Co.		GBP	39		USD	48		07/17/2020		159
State Street Bank & Trust Co.		GBP	842		USD	1,032		07/17/2020		(10,810	)
State Street Bank & Trust Co.		JPY	307,321		USD	2,878		07/17/2020		31,136
State Street Bank & Trust Co.		NOK	3,422		USD	333		07/17/2020		(22,386	)
State Street Bank & Trust Co.		USD	651		CHF	632		07/17/2020		16,898
State Street Bank & Trust Co.		USD	4,050		EUR	3,697		07/17/2020		105,849
State Street Bank & Trust Co.		USD	335		EUR	295		07/17/2020		(3,702	)
State Street Bank & Trust Co.		USD	107		JPY	11,639		07/17/2020		999
State Street Bank & Trust Co.		USD	802		JPY	86,161		07/17/2020		(3,537	)
State Street Bank & Trust Co.		EUR	905		USD	1,027		10/16/2020		8,185
State Street Bank & Trust Co.		GBP	31		USD	38		10/16/2020		(14	)
State Street Bank & Trust Co.		USD	1,016		CHF	957		10/16/2020		(2,532	)
State Street Bank & Trust Co.		USD	760		EUR	672		10/16/2020		(2,988	)
State Street Bank & Trust Co.		USD	115		JPY	12,328		10/16/2020		(830	)
UBS AG		AUD	3,191		USD	2,216		07/17/2020		13,438
UBS AG		CHF	864		USD	900		07/17/2020		(12,561	)
UBS AG		USD	1,717		AUD	2,815		07/17/2020		225,312
UBS AG		USD	1,734		GBP	1,377		07/17/2020		(27,338	)
UBS AG		USD	1,346		JPY	144,811		07/17/2020		(4,719	)
									$	680,350

(a) Non-income producing security.

8

AB Variable Products Series Fund

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the aggregate market value of these securities amounted to $15,482,569 or 5.2% of net assets.

(c) Represents entire or partial securities out on loan. See Note E for securities lending information.

(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.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

See notes to financial statements.

9

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $305,528,383)	$	293,633,558	(a)
Affiliated issuers (cost $7,333,011—including investment of cash collateral for securities loaned of $4,229,821)		7,333,011
Cash collateral due from broker		320,000
Foreign currencies, at value (cost $401,655)		398,487
Unrealized appreciation on forward currency exchange contracts		3,480,043
Unaffiliated dividends receivable		1,144,311
Receivable for investment securities sold		1,062,352
Receivable for capital stock sold		11,837
Affiliated dividends receivable		291
Total assets		307,383,890
LIABILITIES
Payable for collateral received on securities loaned		4,229,821
Unrealized depreciation on forward currency exchange contracts		2,799,693
Advisory fee payable		188,410
Payable for capital stock redeemed		180,850
Distribution fee payable		55,449
Administrative fee payable		27,165
Directors’ fees payable		1,535
Transfer Agent fee payable		117
Accrued expenses and other liabilities		221,896
Total liabilities		7,704,936
NET ASSETS	$	299,678,954
COMPOSITION OF NET ASSETS
Capital stock, at par	$	25,765
Additional paid-in capital		355,952,046
Accumulated loss		(56,298,857	)
	$	299,678,954

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	33,294,313		2,837,269	$	11.73
B	$	266,384,641		22,927,258	$	11.62

(a) Includes securities on loan with a value of $23,970,002 (see Note E).

See notes to financial statements.

10

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $459,772)	$	3,828,223
Affiliated issuers		34,751
Securities lending income		28,900		$	3,891,874
EXPENSES
Advisory fee (see Note B)		1,171,444
Distribution fee—Class B		336,194
Transfer agency—Class A		436
Transfer agency—Class B		2,699
Custody and accounting		84,372
Printing		57,542
Administrative		41,746
Audit and tax		27,848
Legal		20,491
Directors’ fees		11,159
Miscellaneous		10,016
Total expenses		1,763,947
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(4,110	)
Net expenses					1,759,837
Net investment income					2,132,037
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss on:
Investment transactions					(21,414,786	)
Forward currency exchange contracts					(755,686	)
Foreign currency transactions					(12,849	)
Net change in unrealized appreciation/depreciation of:
Investments					(46,627,908	)
Forward currency exchange contracts					764,683
Foreign currency denominated assets and liabilities					(13,099	)
Net loss on investment and foreign currency transactions					(68,059,645	)
NET DECREASE IN NET ASSETS FROM OPERATIONS				$	(65,927,608	)

See notes to financial statements.

11

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,132,037		$	7,052,641
Net realized loss on investment and foreign currency transactions		(22,183,321	)		(26,021,678	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(45,876,324	)		77,391,768
Net increase (decrease) in net assets from operations		(65,927,608	)		58,422,731
Distributions to Shareholders
Class A		–0	–		(479,446	)
Class B		–0	–		(2,522,410	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(12,017,095	)		(44,607,256	)
Total increase (decrease)		(77,944,703	)		10,813,619
NET ASSETS
Beginning of period		377,623,657			366,810,038
End of period	$	299,678,954		$	377,623,657

See notes to financial statements.

12

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A : Significant Accounting Policies

The AB International Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of

13

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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 June 30, 2020:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	6,412,978		$	35,669,509		$	–0	–	$	42,082,487
Industrials		5,389,107			36,220,179			–0	–		41,609,286
Consumer Staples		5,336,999			33,604,067			–0	–		38,941,066
Financials		–0	–		37,670,816			–0	–		37,670,816
Consumer Discretionary		–0	–		31,487,998			–0	–		31,487,998
Health Care		–0	–		25,478,442			–0	–		25,478,442
Materials		5,423,219			18,984,625			–0	–		24,407,844
Energy		–0	–		15,337,708			–0	–		15,337,708
Communication Services		–0	–		14,959,672			–0	–		14,959,672
Utilities		–0	–		12,561,120			–0	–		12,561,120
Real Estate		–0	–		8,856,531			–0	–		8,856,531
Rights		240,588			–0	–		–0	–		240,588
Short-Term Investments		3,103,190			–0	–		–0	–		3,103,190
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		4,229,821			–0	–		–0	–		4,229,821
Total Investments in Securities		30,135,902			270,830,667	(a)		–0	–		300,966,569

14

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	3,480,043		$	–0	–	$	3,480,043
Liabilities:
Forward Currency Exchange Contracts		–0	–		(2,799,693	)		–0	–		(2,799,693	)
Total	$	30,135,902		$	271,511,017		$	–0	–	$	301,646,919

(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, see Note A.1.

(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, options written and swaptions written which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments as dividend income, realized gain, or return of capital based on information provided by the REIT.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

15

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B : Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2020, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $41,746.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $2,792.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	3,053	$	47,744	$	47,694	$	3,103	$	24
Government Money Market Portfolio*		3,846		85,362		84,978		4,230		11
Total							$	7,333	$	35

* Investments of cash collateral for securities lending transactions (see Note E).

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.) (“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board

16

AB Variable Products Series Fund

previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C : Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D : Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	93,632,215		$	104,769,684
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	34,051,555
Gross unrealized depreciation		(45,266,030	)
Net unrealized depreciation	$	(11,214,475	)

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivative utilized by the Portfolio, as well as the methods in which they may be used are:

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

17

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

During the six months ended June 30, 2020, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended June 30, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	3,480,043	*	Unrealized depreciation on forward currency exchange contracts	$	2,799,693	*
Total		$	3,480,043			$	2,799,693

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	(755,686	)	$	764,683
Total		$	(755,686	)	$	764,683

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2020:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	131,661,896
Average principal amount of sale contracts	$	130,416,117

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements

18

AB Variable Products Series Fund

(“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Bank of America, NA	$	376,282	$	(183,128	)	$	–0	–	$	–0	–	$	193,154
Barclays Bank PLC		440,172		(381,806	)		–0	–		–0	–		58,366
Citibank, NA		532,287		(468,323	)		–0	–		–0	–		63,964
Credit Suisse International		713,835		(147,478	)		–0	–		–0	–		566,357
Deutsche Bank AG		33,151		(25,114	)		–0	–		–0	–		8,037
Goldman Sachs Bank USA		193,479		(193,479	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank, NA		190,843		(190,843	)		–0	–		–0	–		–0	–
Morgan Stanley & Co., Inc.		405,570		(405,570	)		–0	–		–0	–		–0	–
Natwest Markets PLC		175,178		(175,178	)		–0	–		–0	–		–0	–
Standard Chartered Bank		4,870		(4,547	)		–0	–		–0	–		323
State Street Bank & Trust Co.		175,626		(154,892	)		–0	–		–0	–		20,734
UBS AG		238,750		(44,618	)		–0	–		–0	–		194,132
Total	$	3,480,043	$	(2,374,976	)	$	–0	–	$	–0	–	$	1,105,067	^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Bank of America, NA

$

183,128

$

(183,128

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

381,806

(381,806

)

–0

–

–0

–

–0

–

BNP Paribas SA

81,405

–0

–

–0

–

–0

–

81,405

Citibank, NA

468,323

(468,323

)

–0

–

–0

–

–0

–

Credit Suisse International

147,478

(147,478

)

–0

–

–0

–

–0

–

Deutsche Bank AG

25,114

(25,114

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

211,477

(193,479

)

–0

–

–0

–

17,998

JPMorgan Chase Bank, NA

271,606

(190,843

)

–0

–

–0

–

80,763

Morgan Stanley & Co., Inc.

547,682

(405,570

)

–0

–

–0

–

142,112

Natwest Markets PLC

277,617

(175,178

)

–0

–

–0

–

102,439

Standard Chartered Bank

4,547

(4,547

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

154,892

(154,892

)

–0

–

–0

–

–0

–

UBS AG

44,618

(44,618

)

–0

–

–0

–

–0

–

Total

$

2,799,693

$

(2,374,976

)

$

–0

–

$

–0

–

$

424,717

^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

19

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE E : Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	23,970,002	$	4,229,821	$	22,444,901	$	28,900	$	11,136	$	1,318

* As of June 30, 2020.

NOTE F : Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares						Amount
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		287,982			269,460		$	3,187,793		$	3,601,306
Shares issued in reinvestment of dividends		–0	–		34,173			–0	–		479,446
Shares redeemed		(1,212,697	)		(1,163,389	)		(14,787,412	)		(15,571,410	)
Net decrease		(924,715	)		(859,756	)	$	(11,599,619	)	$	(11,490,658	)

20

AB Variable Products Series Fund

	Shares						Amount
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class B
Shares sold		1,780,872			1,317,796		$	18,591,208		$	17,290,885
Shares issued in reinvestment of dividends		–0	–		181,338			–0	–		2,522,410
Shares redeemed		(1,574,011	)		(3,961,184	)		(19,008,684	)		(52,929,893	)
Net increase (decrease)		206,861			(2,462,050	)	$	(417,476	)	$	(33,116,598	)

At June 30, 2020, certain shareholders of the Portfolio owned 52% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G : Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the

21

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H : Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

NOTE I : Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	3,001,856	$	5,325,144
Total taxable distributions paid	$	3,001,856	$	5,325,144

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	3,055,604
Accumulated capital and other losses		(25,817,258	)(a)
Unrealized appreciation/(depreciation)		32,390,405	(b)
Total accumulated earnings/(deficit)	$	9,628,751

(a) As of December 31, 2019, the Portfolio had a qualified late-year ordinary loss deferral of $25,817,258.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), and the tax deferral of losses on wash sales.

22

AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio had a net short-term capital loss carryforward of $2,480,617 and a net long-term capital loss carryforward of $23,336,641, which may be carried forward for an indefinite period.

NOTE J : Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

23

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.37			$12.38			$16.30			$13.28			$13.52			$13.53
Income From Investment Operations
Net investment income (a)		.10	(b)		.28	(b)		.25	(b)		.31	(b)		.30	(b)†		.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.74	)		1.84			(3.94	)		3.06			(.37	)		.05
Net increase (decrease) in net asset value from operations		(2.64	)		2.12			(3.69	)		3.37			(.07	)		.35
Less: Dividends
Dividends from net investment income		–0	–		(.13	)		(.23	)		(.35	)		(.17	)		(.36	)
Net asset value, end of period		$11.73			$14.37			$12.38			$16.30			$13.28			$13.52
Total Return
Total investment return based on net asset value (c)*		(18.37	)%		17.14	%		(22.79	)%		25.42	%		(.50	)%†		2.59	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$33,294			$54,042			$57,234			$53,014			$47,385			$48,665
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.91	%^		.90	%		.86	%		.85	%		.86	%		.85	%
Expenses, before waivers/reimbursements		.91	%^		.90	%		.87	%		.86	%		.86	%		.85	%
Net investment income		1.61	%(b)^		2.10	%(b)		1.65	%(b)		2.05	%(b)		2.27	%(b)†		2.09	%
Portfolio turnover rate		30	%		44	%		42	%		45	%		64	%		74	%

See footnote summary on page 25.

24

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.24			$12.29			$16.15			$13.16			$13.41			$13.41
Income From Investment Operations
Net investment income (a)		.08	(b)		.24	(b)		.23	(b)		.27	(b)		.27	(b)†		.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.70	)		1.82			(3.92	)		3.02			(.38	)		.06
Net increase (decrease) in net asset value from operations		(2.62	)		2.06			(3.69	)		3.29			(.11	)		.32
Less: Dividends
Dividends from net investment income		–0	–		(.11	)		(.17	)		(.30	)		(.14	)		(.32	)
Net asset value, end of period		$11.62			$14.24			$12.29			$16.15			$13.16			$13.41
Total Return
Total investment return based on net asset value (c)*		(18.40	)%		16.79	%		(22.98	)%		25.09	%		(.80	)%†		2.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$266,385			$323,582			$309,576			$432,885			$460,086			$550,746
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.16	%^		1.15	%		1.11	%		1.10	%		1.11	%		1.10	%
Expenses, before waivers/reimbursements		1.16	%^		1.15	%		1.11	%		1.11	%		1.11	%		1.10	%
Net investment income		1.33	%(b)^		1.84	%(b)		1.50	%(b)		1.83	%(b)		2.04	%(b)†		1.85	%
Portfolio turnover rate		30	%		44	%		42	%		45	%		64	%		74	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.002	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the six months ended June 30, 2020 and the years ended December 31, 2019, December 31, 2017, and December 31, 2016 by .04%, .18%, .01% and .07%, respectively.

^ Annualized.

See notes to financial statements.

25

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

26

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Value Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

27

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the periods reviewed, the directors concluded that the Fund’s investment performance was acceptable. The directors determined to continue to monitor the Fund’s performance closely.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profit-

28

AB Variable Products Series Fund

ability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the peer group median. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

29

VPS-IV-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ LARGE CAP GROWTH PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

LARGE CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,114.20	$	3.47		0.66	%	$	3.52		0.67	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.58	$	3.32		0.66	%	$	3.37		0.67	%
Class B
Actual	$	1,000	$	1,112.70	$	4.78		0.91	%	$	4.83		0.92	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.34	$	4.57		0.91	%	$	4.62		0.92	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $VALUE		PERCENT OFNET ASSETS
Microsoft Corp.	$	47,764,204		7.6	%
Alphabet, Inc.—Class C		42,436,572		6.7
Amazon.com, Inc.		34,733,544		5.5
Visa, Inc.—Class A		30,597,355		4.9
Facebook, Inc.—Class A		30,213,026		4.8
UnitedHealth Group, Inc.		28,185,127		4.5
Monster Beverage Corp.		23,463,849		3.7
Zoetis, Inc.		21,690,417		3.4
Vertex Pharmaceuticals, Inc.		20,616,074		3.3
PayPal Holdings, Inc.		20,467,147		3.2
	$	300,167,315		47.6	%

SECTOR BREAKDOWN²

June 30, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Information Technology	$	180,070,782		28.4	%
Health Care		156,703,779		24.7
Communication Services		89,699,600		14.1
Consumer Discretionary		89,578,053		14.1
Consumer Staples		33,371,236		5.3
Industrials		27,078,690		4.3
Materials		10,545,185		1.7
Financials		2,359,077		0.4
Short-Term Investments		44,294,000		7.0
Total Investments	$	633,700,402		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–93.6%
INFORMATION TECHNOLOGY–28.6%
COMMUNICATIONS EQUIPMENT–1.2%
Arista Networks, Inc.(a)		22,863	$	4,801,916
Motorola Solutions, Inc.		21,419		3,001,444
				7,803,360
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.3%
Amphenol Corp.–Class A		25,956		2,486,844
Cognex Corp.		37,032		2,211,551
IPG Photonics Corp.(a)		22,317		3,579,424
				8,277,819
IT SERVICES–8.5%
Euronet Worldwide, Inc.(a)		25,428		2,436,511
PayPal Holdings, Inc.(a)		117,472		20,467,147
Visa, Inc.–Class A		158,396		30,597,355
				53,501,013
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.5%
ASML Holding NV ADR		16,740		6,160,822
NVIDIA Corp.		16,859		6,404,903
QUALCOMM, Inc.		61,462		5,605,949
Texas Instruments, Inc.		23,900		3,034,583
Xilinx, Inc.		136,122		13,393,043
				34,599,300
SOFTWARE–12.1%
Adobe, Inc.(a)		27,790		12,097,265
ANSYS, Inc.(a)		4,715		1,375,507
Aspen Technology, Inc.(a)		2,570		266,278
Fortinet, Inc.(a)		5,830		800,284
Microsoft Corp.		234,702		47,764,204
Paycom Software, Inc.(a)		11,868		3,675,875
Slack Technologies, Inc.–Class A(a) (b)		95,652		2,973,821
Splunk, Inc.(a)		12,401		2,464,079
Tyler Technologies, Inc.(a)		12,892		4,471,977
				75,889,290
				180,070,782
HEALTH CARE–24.9%
BIOTECHNOLOGY–5.2%
Regeneron Pharmaceuticals, Inc.(a)		18,904		11,789,480
Vertex Pharmaceuticals, Inc.(a)		71,014		20,616,074
				32,405,554
HEALTH CARE EQUIPMENT & SUPPLIES–8.7%
ABIOMED, Inc.(a)		10,421		2,517,297
Align Technology, Inc.(a)		28,300		7,766,652
Edwards Lifesciences Corp.(a)		190,341		13,154,466
IDEXX Laboratories, Inc.(a)		21,918	$	7,236,447
Intuitive Surgical, Inc.(a)		33,803		19,261,963
Stryker Corp.		27,604		4,973,965
				54,910,790
HEALTH CARE PROVIDERS & SERVICES–4.5%
UnitedHealth Group, Inc.		95,559		28,185,127
HEALTH CARE TECHNOLOGY–1.0%
Veeva Systems, Inc.–Class A(a)		26,347		6,176,264
LIFE SCIENCES TOOLS & SERVICES–2.1%
Illumina, Inc.(a)		29,820		11,043,837
Mettler-Toledo International, Inc.(a)		2,845		2,291,790
				13,335,627
PHARMACEUTICALS–3.4%
Zoetis, Inc.		158,278		21,690,417
				156,703,779
COMMUNICATION SERVICES–14.2%
ENTERTAINMENT–2.7%
Electronic Arts, Inc.(a)		99,352		13,119,432
Take-Two Interactive Software, Inc.(a)		28,162		3,930,570
				17,050,002
INTERACTIVE MEDIA & SERVICES–11.5%
Alphabet, Inc.–Class C(a)		30,020		42,436,572
Facebook, Inc.–Class A(a)		133,056		30,213,026
				72,649,598
				89,699,600
CONSUMER DISCRETIONARY–14.2%
DIVERSIFIED CONSUMER SERVICES–0.2%
Bright Horizons Family Solutions, Inc.(a)		9,700		1,136,840
HOTELS, RESTAURANTS & LEISURE–0.9%
Domino’s Pizza, Inc.		15,450		5,707,848
INTERNET & DIRECT MARKETING RETAIL–6.3%
Amazon.com, Inc.(a)		12,590		34,733,544
Booking Holdings, Inc.(a)		1,362		2,168,767
Etsy, Inc.(a)		25,048		2,660,849
				39,563,160
SPECIALTY RETAIL–4.5%
Burlington Stores, Inc.(a)		23,987		4,723,760
Home Depot, Inc. (The)		59,470		14,897,830
TJX Cos., Inc. (The)		136,098		6,881,115
Ulta Beauty, Inc.(a)		10,365		2,108,448
				28,611,153

3

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
TEXTILES, APPAREL & LUXURY GOODS–2.3%
NIKE, Inc.–Class B		148,486	$	14,559,052
				89,578,053
CONSUMER STAPLES–5.3%
BEVERAGES–3.7%
Monster Beverage Corp.(a)		338,486		23,463,849
FOOD & STAPLES RETAILING–1.6%
Costco Wholesale Corp.		32,675		9,907,387
				33,371,236
INDUSTRIALS–4.3%
BUILDING PRODUCTS–1.2%
Allegion PLC		75,029		7,669,464
COMMERCIAL SERVICES & SUPPLIES–0.8%
Copart, Inc.(a)		57,339		4,774,619
ELECTRICAL EQUIPMENT–0.4%
AMETEK, Inc.		27,290		2,438,907
INDUSTRIAL CONGLOMERATES–1.6%
Roper Technologies, Inc.		25,914		10,061,370
MACHINERY–0.3%
IDEX Corp.		13,505		2,134,330
				27,078,690
MATERIALS–1.7%
CHEMICALS–1.7%
Sherwin-Williams Co. (The)		18,249		10,545,185
FINANCIALS–0.4%
CAPITAL MARKETS–0.4%
S&P Global, Inc.		7,160		2,359,077
TOTAL COMMON STOCKS (cost $339,245,150)				589,406,402
SHORT-TERM INVESTMENTS–7.0%
INVESTMENT COMPANIES–7.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(c) (d) (e) (cost $44,294,000)		44,294,000	$	44,294,000
TOTAL INVESTMENTS–100.6% (cost $383,539,150)				633,700,402
OTHER ASSETS LESS LIABILITIES–(0.6)%				(3,674,071	)
NET ASSETS–100.0%			$	630,026,331

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(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.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

4

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $339,245,150)	$	589,406,402	(a)
Affiliated issuers (cost $44,294,000)		44,294,000
Cash		24,009
Receivable for investment securities sold		1,258,185
Unaffiliated dividends receivable		72,752
Receivable for capital stock sold		9,360
Affiliated dividends receivable		4,928
Total assets		635,069,636
LIABILITIES
Payable for investment securities purchased		3,934,836
Payable for capital stock redeemed		612,194
Advisory fee payable		303,105
Distribution fee payable		70,862
Administrative fee payable		27,348
Transfer Agent fee payable		117
Directors’ fees payable		105
Accrued expenses and other liabilities		94,738
Total liabilities		5,043,305
NET ASSETS	$	630,026,331
COMPOSITION OF NET ASSETS
Capital stock, at par	$	9,611
Additional paid-in capital		304,052,534
Distributable earnings		325,964,186
	$	630,026,331

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	281,072,089		4,125,590	$	68.13
B	$	348,954,242		5,485,399	$	63.62

(a) Includes securities on loan with a value of $2,838,268 (see Note E).

See notes to financial statements.

5

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $3,660)	$	1,437,467
Affiliated issuers		166,343
Securities lending income		15,520
	$	1,619,330
EXPENSES
Advisory fee (see Note B)		1,718,175
Distribution fee—Class B		395,356
Transfer agency—Class A		1,900
Transfer agency—Class B		2,341
Custody and accounting		58,915
Administrative		41,954
Printing		29,941
Legal		22,831
Audit and tax		20,679
Directors’ fees		11,769
Miscellaneous		9,384
Total expenses		2,313,245
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(18,587	)
Net expenses		2,294,658
Net investment loss		(675,328	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		29,199,588
Net change in unrealized appreciation/depreciation of investments		34,765,654
Net gain on investment transactions		63,965,242
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	63,289,914

See notes to financial statements.

6

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(675,328	)	$	(226,586	)
Net realized gain on investment transactions		29,199,588			47,852,291
Net change in unrealized appreciation/depreciation of investments		34,765,654			97,257,200
Net increase in net assets from operations		63,289,914			144,882,905
Distributions to Shareholders
Class A		(504,819	)		(30,469,954	)
Class B		(661,425	)		(39,025,095	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(19,018,901	)		102,607,285
Total increase		43,104,769			177,995,141
NET ASSETS
Beginning of period		586,921,562			408,926,421
End of period	$	630,026,331		$	586,921,562

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Large Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Portfolio acquired the assets and liabilities of AB Growth Portfolio (the “Acquired Portfolio”) a reorganization that was effective at the close of business April 26, 2019 (the “Reorganization”). The Reorganization was approved by the Fund’s Board of Directors pursuant to a Plan of Acquisition and Liquidation (the “Reorganization Agreement”) (see Note J for additional information). The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

8

AB Variable Products Series Fund

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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 June 30, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

589,406,402

$

–0

–

$

–0

–

$

589,406,402

Short-Term Investments

44,294,000

–0

–

–0

–

44,294,000

Total Investments in Securities

633,700,402

–0

–

–0

–

633,700,402

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

633,700,402

$

–0

–

$

–0

–

$

633,700,402

(a) See Portfolio of Investments for sector classifications.

(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, options written and swaptions written which are valued at market value.

9

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the first $2.5 billion, .50% of the next $2.5 billion and .45% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $41,954.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

10

AB Variable Products Series Fund

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $18,539.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	49,147	$	77,875	$	82,728	$	44,294	$	166
Government Money Market Portfolio*		2,477		313		2,790		0		0	**
Total							$	44,294	$	166

* Investments of cash collateral for securities lending transactions (see Note E).

** Amount is less than $500.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

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LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)...................	$	108,813,887		$	121,755,747
U.S. government securities......................		–0	–		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	251,901,849
Gross unrealized depreciation		(1,740,597	)
Net unrealized appreciation	$	250,161,252

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2020.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with

12

AB Variable Products Series Fund

the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	2,838,268	$	0	$	2,875,255	$	15,520	$	231	$	48

* As of June 30, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		156,771			117,089		$	9,857,608		$	6,984,405
Shares issued in reinvestment of distributions		7,780			544,009			504,819			30,469,955
Shares issued in connection with the Reorganization		–0	–		574,265			–0	–		35,749,507
Shares redeemed		(351,973	)		(611,474	)		(21,295,584	)		(36,020,088	)
Net increase (decrease)		(187,422	)		623,889		$	(10,933,157	)	$	37,183,779
Class B
Shares sold		284,878			349,243		$	16,363,542		$	19,217,888
Shares issued in reinvestment of distributions		10,905			744,470			661,425			39,025,094
Share issued in connection with the Reorganization		–0	–		739,816			–0	–		43,494,004
Shares redeemed		(443,498	)		(658,326	)		(25,110,711	)		(36,313,480	)
Net increase (decrease)		(147,715	)		1,175,203		$	(8,085,744	)	$	65,423,506

At June 30, 2020, certain shareholders of the Portfolio owned 66% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

13

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Industry/Sector Risk—Investments in a particular sector, industry or group of related industries may have more risk because market or economic factors affecting that sector or industry could have a significant effect on the value of the Portfolio’s investments.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

14

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	3,267,073	$	581,143
Net long-term capital gains		66,227,976		49,542,238
Total taxable distributions	$	69,495,049	$	50,123,381

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,683,723
Undistributed capital gains		46,542,674
Unrealized appreciation/(depreciation)		214,614,118	(a)
Total accumulated earnings/(deficit)	$	263,840,515

(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio did not have any capital loss carryforwards.

NOTE J: Reorganization

At a meeting held on November 6-8, 2018, the Board of the Fund approved the acquisition of the assets and assumption of the liabilities of the Acquired Portfolio by the Portfolio, each a series of the Fund. The Portfolios have the same investment objective and similar investment strategies. The Reorganization was completed at the close of business April 26, 2019. Pursuant to the Reorganization, the assets and liabilities of the Acquired Portfolio shares were transferred in exchange for the shares of the same class of the Portfolio, in a tax-free exchange as follows:

	Shares outstanding before the Reorganization		Shares outstanding immediately after the Reorganization			Aggregate net assets before the Reorganization			Aggregate net assets immediately after the Reorganization
The Acquired Portfolio		2,572,557		-0	-	$	79,243,511	+	$	-0	-
The Portfolio		7,930,514		9,244,595		$	478,400,346	++	$	557,643,857

+ Includes accumulated net investment loss of $277,056, accumulated realized gain on investments of $1,407,147 and unrealized appreciation on investments of $25,722,398, with a fair value of $68,435,317 and identified cost of $42,712,919.

++ Includes accumulated net investment loss of $150,739, accumulated realized gain on investments of $84,360,216 and unrealized appreciation on investments of $159,235,619, with a fair value of $478,656,041 and identified cost of $319,420,422.

Assuming the acquisition of the Acquired Portfolio had been completed on January 1, 2019, the Portfolio’s pro forma results of operations for the year ended December 31, 2019, are as follows:

Net investment loss	$	(503,642	)
Net realized and unrealized gain on investments		174,866,664
Net increase in net assets resulting from operations	$	174,363,022

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Portfolio that have been included in the Portfolio’s Statement of Operations since April 26, 2019.

For financial reporting purposes, assets received and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio was carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

15

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE K: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

16

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$61.26			$51.75			$56.34			$45.22			$49.50			$48.83
Income From Investment Operations
Net investment income (loss)(a)		(.03	)(b)		.05	(b)		.02	(b)		.02	(b)		(.03	)(b)†		.02
Net realized and unrealized gain on investment transactions		7.02			17.18			2.09			14.10			1.44			5.33
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase in net asset value from operations		6.99			17.23			2.11			14.12			1.41			5.35
Less: Distributions
Distributions from net realized gain on investment transactions		(.12	)		(7.72	)		(6.70	)		(3.00	)		(5.69	)		(4.68	)
Net asset value, end of period		$68.13			$61.26			$51.75			$56.34			$45.22			$49.50
Total Return
Total investment return based on net asset value (d)*		11.42	%		34.70	%		2.58	%		31.98	%		2.63	%†		11.11	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$281,072			$264,234			$190,899			$208,392			$178,136			$191,568
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.66	%^		.67	%		.68	%		.70	%		.85	%		.82	%
Expenses, before waivers/reimbursements (e)‡		.67	%^		.68	%		.68	%		.70	%		.85	%		.82	%
Net investment income (loss)		(.10	)%(b)^		.09	%(b)		.04	%(b)		.03	%(b)		(.07	)%(b)†		.04	%
Portfolio turnover rate		20	%		38	%		46	%		48	%		59	%		65	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.01	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 19.

17

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$57.28			$48.91			$53.70			$43.32			$47.77			$47.38
Income From Investment Operations
Net investment loss (a)		(.10	)(b)		(.09	)(b)		(.12	)(b)		(.11	)(b)		(.14	)(b)†		(.10	)
Net realized and unrealized gain on investment transactions		6.56			16.18			2.03			13.49			1.38			5.17
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase in net asset value from operations		6.46			16.09			1.91			13.38			1.24			5.07
Less: Distributions
Distributions from net realized gain on investment transactions		(.12	)		(7.72	)		(6.70	)		(3.00	)		(5.69	)		(4.68	)
Net asset value, end of period		$63.62			$57.28			$48.91			$53.70			$43.32			$47.77
Total Return
Total investment return based on net asset value (d)*		11.27	%		34.37	%		2.32	%		31.67	%		2.36	%†		10.86	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$348,954			$322,688			$218,027			$220,934			$202,903			$267,171
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.91	%^		.92	%		.93	%		.95	%		1.10	%		1.07	%
Expenses, before waivers/reimbursements (e)‡		.92	%^		.93	%		.93	%		.95	%		1.10	%		1.07	%
Net investment loss		(.35	)%(b)^		(.16	)%(b)		(.21	)%(b)		(.21	)%(b)		(.32	)%(b)†		(.21	)%
Portfolio turnover rate		20	%		38	%		46	%		48	%		59	%		65	%

‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios	.01	%^	.01	%	.00	%	.00	%	00	%	.00	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2020 and the year ended December 31, 2019, such waiver amounted to .01% (annualized) and .01%, respectively.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.005	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2019, December 31, 2017, December 31, 2016 and December 31, 2015 by .04%, .03%, .01% and .09%, respectively.

^ Annualized.

See notes to financial statements.

19

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

20

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Large Cap Growth Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

21

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

22

AB Variable Products Series Fund

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

23

VPS-LCG-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ SMALL CAP GROWTH PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

SMALL CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,110.40	$	4.72		0.90	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.39	$	4.52		0.90	%
Class B
Actual	$	1,000	$	1,109.90	$	6.03		1.15	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.14	$	5.77		1.15	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
LHC Group, Inc.	$	1,443,370		1.8	%
Lattice Semiconductor Corp.		1,369,988		1.7
SiteOne Landscape Supply, Inc.		1,287,633		1.6
Trupanion, Inc.		1,279,377		1.6
Freshpet, Inc.		1,237,415		1.5
Blackline, Inc.		1,181,468		1.5
iRhythm Technologies, Inc.		1,155,192		1.4
Five9, Inc.		1,154,509		1.4
Novanta, Inc.		1,136,033		1.4
Tetra Tech, Inc.		1,111,240		1.4
	$	12,356,225		15.3	%

SECTOR BREAKDOWN²

June 30, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Health Care	$	24,658,308		30.6	%
Information Technology		18,116,902		22.5
Industrials		14,834,647		18.4
Consumer Discretionary		11,938,154		14.8
Financials		6,161,104		7.7
Consumer Staples		2,234,281		2.8
Real Estate		975,706		1.2
Materials		551,014		0.7
Short-Term Investments		1,084,800		1.3
Total Investments	$	80,554,916		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.3%
HEALTH CARE–30.5%
BIOTECHNOLOGY–14.9%
ADC Therapeutics SA(a)		6,289	$	294,388
Allakos, Inc.(a)(b)		6,108		438,921
Allogene Therapeutics, Inc.(a)(b)		12,371		529,726
Arena Pharmaceuticals, Inc.(a)		7,233		455,317
Ascendis Pharma A/S (Sponsored ADR)(a)		3,221		476,386
BeiGene Ltd. (Sponsored ADR)(a)(b)		2,187		412,031
Biohaven Pharmaceutical Holding Co., Ltd.(a)		9,156		669,395
Bioxcel Therapeutics, Inc.(a)		7,372		390,790
Blueprint Medicines Corp.(a)		8,862		691,236
Coherus Biosciences, Inc.(a)(b)		28,770		513,832
Deciphera Pharmaceuticals, Inc.(a)		10,160		606,755
Gossamer Bio, Inc.(a)(b)		15,581		202,553
Insmed, Inc.(a)		23,026		634,136
Iovance Biotherapeutics, Inc.(a)(b)		17,524		481,034
Legend Biotech Corp. (ADR)(a)		7,958		338,692
Madrigal Pharmaceuticals, Inc.(a)(b)		3,739		423,442
Neurocrine Biosciences, Inc.(a)		2,090		254,980
NextCure, Inc.(a)		9,851		211,205
PTC Therapeutics, Inc.(a)		12,420		630,191
Turning Point Therapeutics, Inc.–Class I(a)		8,391		541,975
Twist Bioscience Corp.(a)		12,097		547,994
Ultragenyx Pharmaceutical, Inc.(a)(b)		10,663		834,060
Vir Biotechnology, Inc.(a)		14,342		587,592
Y-mAbs Therapeutics, Inc.(a)(b)		12,175		525,960
Zentalis Pharmaceuticals, Inc.(a)		7,116		341,710
				12,034,301
HEALTH CARE EQUIPMENT & SUPPLIES–5.4%
Insulet Corp.(a)		2,882		559,857
iRhythm Technologies, Inc.(a)(b)		9,968		1,155,192
Penumbra, Inc.(a)(b)		3,203		572,760
Selectquote, Inc.(a)		22,475		569,292
Silk Road Medical, Inc.(a)		22,953		961,501
Tactile Systems Technology, Inc.(a)		13,159		545,177
				4,363,779
HEALTH CARE PROVIDERS & SERVICES–4.0%
Guardant Health, Inc.(a)		11,107		901,111
HealthEquity, Inc.(a)		14,960		877,703
LHC Group, Inc.(a)		8,280		1,443,370
				3,222,184
HEALTH CARE TECHNOLOGY–1.8%
Health Catalyst, Inc.(a)(b)		19,952		582,000
Teladoc Health, Inc.(a)		4,520		862,597
				1,444,597
LIFE SCIENCES TOOLS & SERVICES–3.2%
10X Genomics, Inc.(a)		10,023	$	895,154
ICON PLC(a)		4,792		807,260
Repligen Corp.(a)		7,440		919,659
				2,622,073
PHARMACEUTICALS–1.2%
Axsome Therapeutics, Inc.(a)(b)		5,720		470,642
Revance Therapeutics, Inc.(a)		20,505		500,732
				971,374
				24,658,308
INFORMATION TECHNOLOGY–22.4%
COMMUNICATIONS EQUIPMENT–1.1%
Ciena Corp.(a)		16,355		885,787
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–3.3%
Littelfuse, Inc.		5,400		921,402
Novanta, Inc.(a)		10,640		1,136,033
OSI Systems, Inc.(a)		8,011		597,941
				2,655,376
IT SERVICES–1.7%
Fastly, Inc.–Class A(a)(b)		8,669		737,992
Shift4 Payments, Inc.–Class A(a)		17,222		611,381
				1,349,373
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–7.2%
Cree, Inc.(a)(b)		12,571		744,077
Inphi Corp.(a)		6,820		801,350
Lattice Semiconductor Corp.(a)		48,256		1,369,988
MKS Instruments, Inc.		8,450		956,878
Monolithic Power Systems, Inc.		3,693		875,241
Silicon Laboratories, Inc.(a)		11,054		1,108,385
				5,855,919
SOFTWARE–9.1%
Anaplan, Inc.(a)		13,369		605,749
Aspen Technology, Inc.(a)		5,369		556,282
Avalara, Inc.(a)		5,050		672,105
Blackline, Inc.(a)		14,250		1,181,468
Everbridge, Inc.(a)(b)		6,690		925,628
Five9, Inc.(a)(b)		10,432		1,154,509
HubSpot, Inc.(a)		3,625		813,269
Manhattan Associates, Inc.(a)		8,980		845,916
Smartsheet, Inc.–Class A(a)(b)		12,088		615,521
				7,370,447
				18,116,902
INDUSTRIALS–18.3%
AEROSPACE & DEFENSE–2.3%
Axon Enterprise, Inc.(a)		10,380		1,018,589
Mercury Systems, Inc.(a)		11,200		880,992
				1,899,581
BUILDING PRODUCTS–3.8%
Armstrong World Industries, Inc.		8,621		672,093

3

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
AZEK Co., Inc. (The)(a)		21,769	$	693,560
Simpson Manufacturing Co., Inc.		11,790		994,605
Trex Co., Inc.(a)		5,775		751,154
				3,111,412
COMMERCIAL SERVICES & SUPPLIES–1.4%
Tetra Tech, Inc.		14,045		1,111,240
INDUSTRIAL CONGLOMERATES–0.7%
Carlisle Cos., Inc.		4,532		542,344
MACHINERY–4.9%
Chart Industries, Inc.(a)(b)		19,588		949,822
Ingersoll Rand, Inc.(a)		19,349		544,094
ITT, Inc.		15,050		884,037
John Bean Technologies Corp.		9,190		790,524
Nordson Corp.(b)		4,055		769,274
				3,937,751
ROAD & RAIl–2.5%
Knight-Swift Transportation Holdings, Inc.(b)		23,737		990,071
Saia, Inc.(a)		9,390		1,043,980
				2,034,051
TRADING COMPANIES & DISTRIBUTORS–2.7%
SiteOne Landscape Supply, Inc.(a)		11,298		1,287,633
United Rentals, Inc.(a)		6,110		910,635
				2,198,268
				14,834,647
CONSUMER DISCRETIONARY–14.8%
AUTO COMPONENTS–1.3%
Fox Factory Holding Corp.(a)		12,681		1,047,577
DISTRIBUTORS–1.2%
Pool Corp.		3,557		967,042
DIVERSIFIED CONSUMER SERVICES–3.0%
Bright Horizons Family Solutions, Inc.(a)		2,895		339,294
Chegg, Inc.(a)		14,040		944,330
Strategic Education, Inc.		7,200		1,106,280
				2,389,904
HOTELS, RESTAURANTS & LEISURE–3.5%
OneSpaWorld Holdings Ltd.(b)		4,405		21,012
Planet Fitness, Inc.(a)		14,014		848,828
Texas Roadhouse, Inc.–Class A		17,830		937,323
Wingstop, Inc.		7,376		1,025,043
				2,832,206
HOUSEHOLD DURABLES–0.1%
Lovesac Co. (The)(a)(b)		3,582		93,956
INTERNET & DIRECT MARKETING RETAIL–0.8%
RealReal, Inc. (The)(a)(b)		49,905	$	638,285
MULTILINE RETAIL–1.0%
Ollie’s Bargain Outlet Holdings, Inc.(a)		8,000		781,200
SPECIALTY RETAIL–3.9%
Dynatrace, Inc.(a)		19,019		772,171
Five Below, Inc.(a)(b)		5,532		591,426
Floor & Decor Holdings, Inc.–Class A(a)		12,850		740,803
Lithia Motors, Inc.–Class A		1,275		192,946
Sleep Number Corp.(a)		21,389		890,638
				3,187,984
				11,938,154
FINANCIALS–7.6%
CAPITAL MARKETS–3.5%
Assetmark Financial Holdings, Inc.(a)		18,531		505,711
Hamilton Lane, Inc.–Class A		13,097		882,345
Houlihan Lokey, Inc.		14,100		784,524
Stifel Financial Corp.		14,657		695,182
				2,867,762
INSURANCE–4.1%
eHealth, Inc.(a)		7,600		746,624
Inari Medical, Inc.(a)		6,120		296,453
Palomar Holdings, Inc.(a)		11,321		970,889
Trupanion, Inc.(a)(b)		29,969		1,279,376
				3,293,342
				6,161,104
CONSUMER STAPLES–2.8%
FOOD & STAPLES RETAILING–1.3%
Grocery Outlet Holding Corp.(a)		24,433		996,866
FOOD PRODUCTS–1.5%
Freshpet, Inc.(a)		14,791		1,237,415
				2,234,281
REAL ESTATE–1.2%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.2%
QTS Realty Trust, Inc.–Class A(b)		15,224		975,706
MATERIALS–0.7%
CONTAINERS & PACKAGING–0.7%
Ranpak Holdings Corp.(a)		74,061		551,014
Total Common Stocks (cost $57,805,614)			$	79,470,116

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–1.3%
INVESTMENT COMPANIES–1.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(c)(d)(e) (cost $1,084,800)		1,084,800	$	1,084,800
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.6% (cost $58,890,414)				80,554,916
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.5%
INVESTMENT COMPANIES–2.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(c)(d)(e) (cost $2,041,388)		2,041,388		2,041,388
TOTAL INVESTMENTS–102.1% (cost $60,931,802)			$	82,596,304
Other assets less liabilities–(2.1)%				(1,729,443	)
NET ASSETS–100.0%			$	80,866,861

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(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.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

5

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $57,805,614)	$	79,470,116	(a)
Affiliated issuers (cost $3,126,188—including investment of cash collateral for securities loaned of $2,041,388)		3,126,188
Receivable for investment securities sold		753,621
Receivable for capital stock sold		186,213
Unaffiliated dividends receivable		17,940
Affiliated dividends receivable		118
Total assets		83,554,196
LIABILITIES
Payable for collateral received on securities loaned		2,041,388
Payable for investment securities purchased		326,835
Payable for capital stock redeemed		188,662
Advisory fee payable		36,133
Administrative fee payable		24,311
Distribution fee payable		10,538
Directors’ fees payable		2,924
Transfer Agent fee payable		117
Accrued expenses		56,427
Total liabilities		2,687,335
NET ASSETS	$	80,866,861
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,950
Additional paid-in capital		48,796,356
Distributable earnings		32,066,555
	$	80,866,861

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	27,957,049		1,263,786	$	22.12
B	$	52,909,812		2,686,453	$	19.70

(a) Includes securities on loan with a value of $13,597,165 (see Note E).

See notes to financial statements.

6

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	98,111
Affiliated issuers		12,017
Securities lending income		17,120			127,248
EXPENSES
Advisory fee (see Note B)		271,892
Distribution fee—Class B		59,113
Transfer agency—Class A		767
Transfer agency—Class B		1,438
Custody and accounting		47,058
Administrative		40,767
Audit and tax		20,172
Legal		12,639
Printing		10,770
Directors’ fees		10,637
Miscellaneous		2,772
Total expenses		478,025
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(93,938	)
Net expenses					384,087
Net investment loss					(256,839	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions					4,927,593
Net change in unrealized appreciation/depreciation of investments					3,617,148
Net gain on investment transactions					8,544,741
NET INCREASE IN NET ASSETS FROM OPERATIONS				$	8,287,902

See notes to financial statements.

7

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(256,839	)	$	(410,369	)
Net realized gain on investment transactions		4,927,593			6,852,640
Net change in unrealized appreciation/depreciation of investments		3,617,148			15,506,078
Contributions from Affiliates (see Note B)		–0	–		25
Net increase in net assets from operations		8,287,902			21,948,374
Distributions to Shareholders
Class A		–0	–		(3,355,272	)
Class B		–0	–		(6,551,394	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(5,565,605	)		3,282,769
Total increase		2,722,297			15,324,477
NET ASSETS
Beginning of period		78,144,564			62,820,087
End of period	$	80,866,861		$	78,144,564

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

Effective February 1, 2013, the Portfolio was closed to new investors except that Contractholders of variable products with investment options that included the Portfolio as of January 31, 2013, may continue to purchase shares of the Portfolio in accordance with the procedures for the purchase of shares in the prospectus of the separate account in which they invest, including through reinvestment of dividends and capital gains distributions. Effective August 10, 2015, the Portfolio reopened to new investors.

The Portfolio may (i) make additional exceptions that, in the Adviser’s judgment, do not adversely affect the Adviser’s ability to manage the Portfolio; (ii) reject any investment or refuse any exception, including those detailed above, that the Adviser believes will adversely affect its ability to manage the Portfolio; and (iii) close and/or reopen the Portfolio to new or existing Contractholders at any time.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures

9

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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 June 30, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

79,470,116

$

–0

–

$

–0

–

$

79,470,116

Short-Term Investments

1,084,800

–0

–

–0

–

1,084,800

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

2,041,388

–0

–

–0

–

2,041,388

Total Investments in Securities

82,596,304

–0

–

–0

–

82,596,304

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

82,596,304

$

–0

–

$

–0

–

$

82,596,304

10

AB Variable Products Series Fund

(a) See Portfolio of Investments for sector classifications.

(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, options written and swaptions written which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments as dividend income, realized gain, or return of capital based on information provided by the REIT.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. Effective September 4, 2018, the Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding expenses associated with

11

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

acquired fund fees and expenses other than the advisory fees of any AB Mutual Funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to .90% and 1.15% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2020, such reimbursements/waivers amounted to $92,641. This fee waiver and/or expense reimbursement agreement extends through May 1, 2021 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $40,767.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $986.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,604	$	11,312	$	11,831	$	1,085	$	7
Government Money Market Portfolio*		3,070		14,338		15,367		2,041		5
Total							$	3,126	$	12

* Investments of cash collateral for securities lending transactions (see Note E).

During the year ended December 31, 2019, the Adviser reimbursed the Portfolio $25 for trading losses incurred due to a trade entry error.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

12

AB Variable Products Series Fund

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	29,864,345		$	35,568,146
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	22,909,272
Gross unrealized depreciation		(1,244,770	)
Net unrealized appreciation	$	21,664,502

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2020.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized

13

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market     Portfolio
								Income Earned		Advisory Fee Waived
$	13,597,165	$	2,041,388	$	11,610,340	$	17,120	$	4,743	$	311

* As of June 30, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		51,818			77,029		$	986,056		$	1,529,231
Shares issued in reinvestment of distributions		–0	–		174,572			–0	–		3,355,272
Shares redeemed		(152,070	)		(258,486	)		(3,064,149	)		(5,081,587	)
Net decrease		(100,252	)		(6,885	)	$	(2,078,093	)	$	(197,084	)
Class B
Shares sold		256,263			770,488		$	4,084,897		$	13,546,465
Shares issued in reinvestment of distributions		–0	–		382,005			–0	–		6,551,394
Shares redeemed		(441,081	)		(949,627	)		(7,572,409	)		(16,618,006	)
Net increase (decrease)		(184,818	)		202,866		$	(3,487,512	)	$	3,479,853

At June 30, 2020, certain shareholders of the Portfolio owned 76% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

14

AB Variable Products Series Fund

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Industry/Sector Risk—Investments in a particular sector, industry or group of related industries may have more risk because market or economic factors affecting that sector or industry could have a significant effect on the value of the Portfolio’s investments.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Net long-term capital gains	$	9,906,666	$	3,678,377
Total taxable distributions	$	9,906,666	$	3,678,377

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains		7,087,901
Unrealized appreciation/(depreciation)		16,690,756	(a)
Total accumulated earnings/(deficit)	$	23,778,657

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and the tax treatment of passive foreign investment companies (PFICs).

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio did not have any capital loss carryforwards.

NOTE J: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

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SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$19.92			$16.58			$17.53			$13.07			$17.31			$20.97
Income From Investment Operations
Net investment loss (a)		(.05	)(b)		(.08	)(b)		(.13	)(b)		(.18	)(b)		(.12	)(b)†		(.19	)
Net realized and unrealized gain on investment transactions		2.25			6.02			.14	(c)		4.64			1.05			.18
Contributions from Affiliates		–0	–		–0	–(d)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		2.20			5.94			.01			4.46			.93			(.01	)
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(2.60	)		(.96	)		–0	–		(5.17	)		(3.65	)
Net asset value, end of period		$22.12			$19.92			$16.58			$17.53			$13.07			$17.31
Total Return
Total investment return based on net asset value (e)*		11.04	%		36.40	%		(.89	)%		34.12	%		6.46	%†		(1.25	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$27,957			$27,167			$22,724			$26,039			$22,405			$25,033
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		.90	%^		.90	%		1.06	%		1.38	%		1.48	%		1.31	%
Expenses, before waivers/reimbursements (f)		1.16	%^		1.16	%		1.15	%		1.38	%		1.49	%		1.31	%
Net investment loss		(.54	)%(b)^		(.39	)%(b)		(.65	)%(b)		(1.19	)%(b)		(.83	)%(b)†		(.92	)%
Portfolio turnover rate		42	%		69	%		73	%		69	%		60	%		72	%

See footnote summary on page 18.

17

SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.75			$15.03			$16.00			$11.96			$16.30			$20.00
Income From Investment Operations
Net investment loss (a)		(.07	)(b)		(.11	)(b)		(.16	)(b)		(.20	)(b)		(.15	)(b)†		(.22	)
Net realized and unrealized gain on investment transactions		2.02			5.43			.15	(c)		4.24			.98			.17
Contributions from Affiliates		–0	–		.00	(d)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		1.95			5.32			(.01	)		4.04			.83			(.05	)
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(2.60	)		(.96	)		–0	–		(5.17	)		(3.65	)
Net asset value, end of period		$19.70			$17.75			$15.03			$16.00			$11.96			$16.30
Total Return
Total investment return based on net asset value (e) *		10.99	%		36.01	%		(1.11	)%		33.78	%		6.22	%†		(1.53	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$52,910			$50,978			$40,096			$23,396			$15,094			$19,857
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		1.15	%^		1.15	%		1.30	%		1.61	%		1.73	%		1.48	%
Expenses, before waivers/reimbursements (f)		1.41	%^		1.42	%		1.40	%		1.62	%		1.74	%		1.48	%
Net investment loss		(.80	)%(b)^		(.64	)%(b)		(.88	)%(b)		(1.42	)%(b)		(1.08	)%(b)†		(1.10	)%
Portfolio turnover rate		42	%		69	%		73	%		69	%		60	%		72	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Portfolio’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(d) Amount is less than $.005.

(e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(f) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the years ended December 31, 2018 and December 31, 2017, such waiver amounted to .01% and .01%, respectively.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.004	.03%	.03%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2018, December 31, 2017, December 31, 2016 and December 31, 2015 by .05%, .03%, .08% and .02%, respectively.

^ Annualized.

See notes to financial statements.

18

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the

“Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

19

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small Cap Growth Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

20

AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the

21

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund may invest in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had received, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that the advisory fee for the Fund would be for services in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

22

VPS-SCG-0152-0620

JUN    ^06.30.20

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ SMALL/MID CAP VALUE PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

SMALL/MID CAP VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	767.20	$	3.65		0.83	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.74	$	4.17		0.83	%
Class B
Actual	$	1,000	$	765.80	$	4.74		1.08	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.49	$	5.42		1.08	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Papa John’s International, Inc.	$	8,870,256		1.7	%
Williams-Sonoma, Inc.		8,836,085		1.7
Regal Beloit Corp.		8,747,281		1.7
Hain Celestial Group, Inc. (The)		8,684,912		1.7
Masonite International Corp.		8,509,832		1.7
PulteGroup, Inc.		8,463,261		1.6
Brunswick Corp./DE		8,383,774		1.6
Callaway Golf Co.		7,990,531		1.6
Everest Re Group Ltd.		7,910,451		1.5
Quanta Services, Inc.		7,875,893		1.5
	$	84,272,276		16.3	%

SECTOR BREAKDOWN²

June 30, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Financials	$	104,038,173		20.1	%
Industrials		93,213,359		18.0
Consumer Discretionary		83,424,549		16.1
Information Technology		63,897,325		12.4
Real Estate		54,878,342		10.6
Materials		27,117,670		5.3
Consumer Staples		26,290,232		5.1
Utilities		20,370,517		3.9
Health Care		16,877,221		3.3
Energy		13,212,603		2.6
Communication Services		2,856,373		0.6
Short-Term Investments		10,507,545		2.0
Total Investments	$	516,683,909		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.8%
FINANCIALS–20.1%
BANKS–9.7%
Associated Banc-Corp.		493,533	$	6,751,531
Comerica, Inc.		139,950		5,332,095
First Citizens BancShares, Inc./NC–Class A		9,870		3,997,547
Sterling Bancorp/DE		366,090		4,290,575
Synovus Financial Corp.		336,962		6,917,830
Texas Capital Bancshares, Inc.(a)		147,452		4,551,843
Umpqua Holdings Corp.		555,240		5,907,754
Webster Financial Corp.		192,042		5,494,322
Zions Bancorp NA		200,288		6,809,792
				50,053,289
CAPITAL MARKETS–1.1%
Moelis & Co.		180,443		5,622,604
CONSUMER FINANCE–0.6%
OneMain Holdings, Inc.		126,476		3,103,721
INSURANCE–6.4%
American Financial Group, Inc./OH		77,470		4,916,246
Everest Re Group Ltd.		38,363		7,910,451
First American Financial Corp.		111,469		5,352,741
Hanover Insurance Group, Inc. (The)		57,210		5,797,089
Kemper Corp.		11,380		825,278
Reinsurance Group of America, Inc.–Class A		61,877		4,853,632
Selective Insurance Group, Inc.		69,205		3,649,872
				33,305,309
THRIFTS & MORTGAGE FINANCE–2.3%
BankUnited, Inc.		314,306		6,364,696
Essent Group Ltd.		154,082		5,588,554
				11,953,250
				104,038,173
INDUSTRIALS–18.0%
AEROSPACE & DEFENSE–0.7%
AAR Corp.		164,147		3,392,918
AIR FREIGHT & LOGISTICS–1.0%
XPO Logistics, Inc.(a)(b)		68,600		5,299,350
AIRLINES–1.8%
Alaska Air Group, Inc.		134,372		4,872,328
SkyWest, Inc.		138,206		4,508,280
				9,380,608
BUILDING PRODUCTS–1.6%
Masonite International Corp.(a)		109,409		8,509,832
CONSTRUCTION & ENGINEERING–2.7%
AECOM(a)		166,590	$	6,260,452
Quanta Services, Inc.		200,762		7,875,893
				14,136,345
ELECTRICAL EQUIPMENT–3.0%
EnerSys		101,212		6,516,029
Regal Beloit Corp.		100,175		8,747,281
				15,263,310
MACHINERY–2.9%
Kennametal, Inc.		259,430		7,448,235
Oshkosh Corp.		102,280		7,325,294
				14,773,529
PROFESSIONAL SERVICES–0.9%
Robert Half International, Inc.		90,255		4,768,172
ROAD & RAIL–1.4%
Knight-Swift Transportation Holdings, Inc.(b)		174,301		7,270,095
TRADING COMPANIES & DISTRIBUTORS–2.0%
GATX Corp.		20,387		1,243,199
MRC Global, Inc.(a)		745,638		4,406,721
United Rentals, Inc.(a)		32,000		4,769,280
				10,419,200
				93,213,359
CONSUMER DISCRETIONARY–16.1%
AUTO COMPONENTS–2.5%
Dana, Inc.		571,198		6,962,904
Lear Corp.		54,311		5,920,985
				12,883,889
DIVERSIFIED CONSUMER SERVICES–0.1%
Houghton Mifflin Harcourt Co.(a)		436,915		790,816
HOTELS, RESTAURANTS & LEISURE–1.7%
Papa John’s International, Inc.		111,702		8,870,256
HOUSEHOLD DURABLES–3.1%
KB Home		120,230		3,688,656
PulteGroup, Inc.		248,700		8,463,261
Taylor Morrison Home Corp.–Class A(a)		200,219		3,862,225
				16,014,142
LEISURE PRODUCTS–3.2%
Brunswick Corp./DE		130,976		8,383,774
Callaway Golf Co.		456,341		7,990,531
				16,374,305

3

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SPECIALTY RETAIL–2.6%
Foot Locker, Inc.(b)		155,275	$	4,527,819
Williams-Sonoma, Inc.(b)		107,744		8,836,085
				13,363,904
TEXTILES, APPAREL & LUXURY GOODS–2.9%
Capri Holdings Ltd.(a)(b)		122,812		1,919,552
Crocs, Inc.(a)		150,803		5,552,566
Ralph Lauren Corp.		54,960		3,985,699
Skechers U.S.A., Inc.–Class A(a)(b)		116,935		3,669,420
				15,127,237
				83,424,549
INFORMATION TECHNOLOGY–12.3%
COMMUNICATIONS EQUIPMENT–0.8%
NetScout Systems, Inc.(a)		167,459		4,280,252
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–3.8%
Arrow Electronics, Inc.(a)		63,652		4,372,256
Belden, Inc.		158,674		5,164,839
TTM Technologies, Inc.(a)		392,334		4,653,081
Vishay Intertechnology, Inc.		343,200		5,240,664
				19,430,840
IT SERVICES–2.1%
Amdocs Ltd.		105,286		6,409,811
Genpact Ltd.		128,821		4,704,543
				11,114,354
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.1%
Kulicke & Soffa Industries, Inc.		275,258		5,733,624
MaxLinear, Inc.–Class A(a)		247,715		5,315,964
				11,049,588
SOFTWARE–2.6%
CommVault Systems, Inc.(a)		162,416		6,285,499
Nuance Communications, Inc.(a)(b)		135,999		3,441,455
Verint Systems, Inc.(a)		84,555		3,820,195
				13,547,149
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.9%
NCR Corp.(a)		258,380		4,475,142
				63,897,325
REAL ESTATE–10.6%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–10.6%
American Campus Communities, Inc.		180,835		6,321,992
Americold Realty Trust		92,820	$	3,369,366
Camden Property Trust		81,693		7,452,035
Cousins Properties, Inc.		147,488		4,399,567
CubeSmart		234,212		6,321,382
MGM Growth Properties LLC–Class A		255,872		6,962,277
Park Hotels & Resorts, Inc.		261,395		2,585,197
Physicians Realty Trust		375,227		6,573,977
RLJ Lodging Trust		349,721		3,301,366
STAG Industrial, Inc.		258,908		7,591,183
				54,878,342
MATERIALS–5.2%
CHEMICALS–2.0%
GCP Applied Technologies, Inc.(a)		11,989		222,755
Orion Engineered Carbons SA		401,215		4,248,867
Trinseo SA(b)		119,280		2,643,245
Westlake Chemical Corp.		65,248		3,500,555
				10,615,422
CONTAINERS & PACKAGING–2.5%
Graphic Packaging Holding Co.		414,181		5,794,392
Sealed Air Corp.		212,957		6,995,638
				12,790,030
METALS & MINING–0.7%
Carpenter Technology Corp.		152,892		3,712,218
				27,117,670
CONSUMER STAPLES–5.1%
BEVERAGES–1.1%
Primo Water Corp.		416,290		5,723,988
FOOD & STAPLES RETAILING–0.8%
US Foods Holding Corp.(a)		209,227		4,125,956
FOOD PRODUCTS–3.2%
Hain Celestial Group, Inc. (The)(a)(b)		275,624		8,684,912
Nomad Foods Ltd.(a)		361,556		7,755,376
				16,440,288
				26,290,232
UTILITIES–3.9%
ELECTRIC UTILITIES–2.2%
Alliant Energy Corp.		158,636		7,589,146
PNM Resources, Inc.(b)		107,739		4,141,487
				11,730,633
GAS UTILITIES–0.9%
Southwest Gas Holdings, Inc.		65,040		4,491,012
MULTI-UTILITIES–0.8%
Black Hills Corp.		73,224		4,148,872
				20,370,517

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HEALTH CARE–3.3%
HEALTH CARE PROVIDERS & SERVICES–1.3%
Molina Healthcare, Inc.(a)		37,328	$	6,643,637
LIFE SCIENCES TOOLS & SERVICES–1.0%
ICON PLC(a)		30,288		5,102,317
PHARMACEUTICALS–1.0%
Perrigo Co. PLC		92,840		5,131,267
				16,877,221
ENERGY–2.6%
ENERGY EQUIPMENT & SERVICES–0.9%
Dril-Quip, Inc.(a)		143,877		4,286,096
OIL, GAS & CONSUMABLE FUELS–1.7%
Cimarex Energy Co.		40,499		1,113,317
HollyFrontier Corp.		267,575		7,813,190
				8,926,507
				13,212,603
COMMUNICATION SERVICES–0.6%
MEDIA–0.6%
Criteo SA (Sponsored ADR)(a)		250,779		2,856,373
Total Common Stocks (cost $519,932,464)				506,176,364
SHORT-TERM INVESTMENTS–2.0%
INVESTMENT COMPANIES–2.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.13%(c)(d)(e) (cost $10,507,545)		10,507,545	$	10,507,545
TOTAL INVESTMENTS–99.8% (cost $530,440,009)				516,683,909
Other assets less liabilities–0.2%				1,075,796
NET ASSETS–100.0%			$	517,759,705

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(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.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

5

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2020 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $519,932,464)	$	506,176,364	(a)
Affiliated issuers (cost $10,507,545)		10,507,545
Receivable for investment securities sold		2,072,050
Unaffiliated dividends receivable		708,047
Receivable for capital stock sold		23,988
Affiliated dividends receivable		1,528
Total assets		519,489,522
LIABILITIES
Payable for investment securities purchased		787,164
Payable for capital stock redeemed		420,523
Advisory fee payable		325,695
Distribution fee payable		73,547
Administrative fee payable		27,164
Directors’ fees payable		330
Transfer Agent fee payable		117
Accrued expenses		95,277
Total liabilities		1,729,817
NET ASSETS	$	517,759,705
COMPOSITION OF NET ASSETS
Capital stock, at par	$	38,004
Additional paid-in capital		546,384,840
Accumulated loss		(28,663,139	)
	$	517,759,705

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	169,033,176		12,303,861	$	13.74
B	$	348,726,529		25,700,070	$	13.57

(a) Includes securities on loan with a value of $45,405,107 (see Note E).

See notes to financial statements.

6

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2020 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $24,797)	$	5,517,839
Affiliated issuers		39,479
Securities lending income		34,631
		5,591,949
EXPENSES
Advisory fee (see Note B)		1,939,827
Distribution fee—Class B		433,264
Transfer agency—Class A		1,031
Transfer agency—Class B		2,086
Custody and accounting		62,576
Printing		42,193
Administrative		41,746
Legal		26,042
Audit and tax		23,044
Directors’ fees		11,588
Miscellaneous		9,740
Total expenses		2,593,137
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(6,673	)
Net expenses		2,586,464
Net investment income		3,005,485
REALIZED AND UNREALIZED LOSS ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions		(48,626,334	)
Net change in unrealized appreciation/depreciation of investments		(92,370,781	)
Net loss on investment transactions		(140,997,115	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(137,991,630	)

See notes to financial statements.

7

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,005,485		$	4,553,941
Net realized gain (loss) on investment transactions		(48,626,334	)		27,134,530
Net change in unrealized appreciation/depreciation of investments		(92,370,781	)		79,052,203
Net increase (decrease) in net assets from operations		(137,991,630	)		110,740,674
Distributions to Shareholders
Class A		–0	–		(23,904,178	)
Class B		–0	–		(47,150,231	)
CAPITAL STOCK TRANSACTIONS
Net increase		21,459,756			31,612,650
Total increase (decrease)		(116,531,874	)		71,298,915
NET ASSETS
Beginning of period		634,291,579			562,992,664
End of period	$	517,759,705		$	634,291,579

See notes to financial statements.

8

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2020 (unaudited)	AB Variable Products Series Fund

NOTE A : Significant Accounting Policies

The AB Small/Mid Cap Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers eleven separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

9

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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 June 30, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

506,176,364

$

–0

–

$

–0

–

$

506,176,364

Short-Term Investments

10,507,545

–0

–

–0

–

10,507,545

Total Investments in Securities

516,683,909

–0

–

–0

–

516,683,909

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

516,683,909

$

–0

–

$

–0

–

$

516,683,909

(a) See Portfolio of Investments for sector classifications.

(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, options written and swaptions written which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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AB Variable Products Series Fund

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments as dividend income, realized gain, or return of capital based on information provided by the REIT.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B : Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2020, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2020, the reimbursement for such services amounted to $41,746.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2020.

11

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2020, such waiver amounted to $6,544.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,072	$	74,127	$	68,691	$	10,508	$	38
Government Money Market Portfolio*		1,054		13,637		14,691		0		1
Total							$	10,508	$	39

* Investments of cash collateral for securities lending transactions (see Note E).

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.) (“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C : Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

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AB Variable Products Series Fund

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D : Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	155,941,838		$	137,955,488
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	66,872,535
Gross unrealized depreciation		(80,628,635	)
Net unrealized depreciation	$	(13,756,100	)

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2020.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E : Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with

13

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2020 is as follows:

									Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*			Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	45,405,107	$	–0	–	$	46,306,783	$	34,631	$	962	$	129

* As of June 30, 2020.

NOTE F : Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Class A
Shares sold		1,540,307			1,099,281		$	19,645,680		$	19,873,600
Shares issued in reinvestment of dividends and distributions		–0	–		1,454,025			–0	–		23,904,178
Shares redeemed		(1,017,425	)		(1,881,324	)		(14,161,741	)		(33,866,418	)
Net increase		522,882			671,982		$	5,483,939		$	9,911,360
Class B
Shares sold		3,370,188			1,763,040		$	38,996,127		$	31,584,082
Shares issued in reinvestment of dividends and distributions		–0	–		2,896,206			–0	–		47,150,231
Shares redeemed		(1,560,929	)		(3,146,774	)		(23,020,310	)		(57,033,023	)
Net increase		1,809,259			1,512,472		$	15,975,817		$	21,701,290

At June 30, 2020, certain shareholders of the Portfolio owned 73% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G : Risks Involved in Investing in the Portfolio

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Portfolio’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

14

AB Variable Products Series Fund

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

LIBOR Risk—The Portfolio may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

NOTE H : Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2020.

15

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE I : Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	7,298,543	$	2,075,837
Net long-term capital gains		63,755,866		53,748,544
Total taxable distributions	$	71,054,409	$	55,824,381

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	5,131,270
Undistributed net capital gain		27,411,574
Unrealized appreciation/(depreciation)		76,785,649	(a)
Total accumulated earnings/(deficit)	$	109,328,493

(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Portfolio did not have any capital loss carryforwards.

NOTE J : Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

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SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.91			$16.93			$21.68			$20.29			$17.29			$21.95
Income From Investment Operations
Net investment income (a)		.09	(b)		.16	(b)		.13	(b)		.10	(b)		.10	(b)†		.11
Net realized and unrealized gain (loss) on investment transactions		(4.26	)		3.04			(3.04	)		2.41			4.09			(1.11	)
Net increase (decrease) in net asset value from operations		(4.17	)		3.20			(2.91	)		2.51			4.19			(1.00	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.11	)		(.11	)		(.09	)		(.11	)		(.17	)
Distributions from net realized gain on investment transactions		–0	–		(2.11	)		(1.73	)		(1.03	)		(1.08	)		(3.49	)
Total dividends and distributions		–0	–		(2.22	)		(1.84	)		(1.12	)		(1.19	)		(3.66	)
Net asset value, end of period		$13.74			$17.91			$16.93			$21.68			$20.29			$17.29
Total Return
Total investment return based on net asset value (c)*		(23.28	)%		20.10	%		(15.03	)%		13.15	%		25.09	%†		(5.49	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$169,033			$211,046			$188,052			$233,652			$231,197			$191,388
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.83	%^		.82	%		.81	%		.81	%		.82	%		.82	%
Expenses, before waivers/reimbursements		.84	%^		.83	%		.81	%		.82	%		.83	%		.82	%
Net investment income		1.33	%(b)^		.90	%(b)		.61	%(b)		.47	%(b)		.53	%(b)†		.56	%
Portfolio turnover rate		27	%		33	%		39	%		33	%		57	%		42	%

See footnote summary on page 18.

17

SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$17.72			$16.75			$21.48			$20.12			$17.15			$21.79
Income From Investment Operations
Net investment income (a)		.08	(b)		.12	(b)		.07	(b)		.05	(b)		.05	(b)†		.06
Net realized and unrealized gain (loss) on investment transactions		(4.23	)		3.02			(3.02	)		2.39			4.06			(1.09	)
Net increase (decrease) in net asset value from operations		(4.15	)		3.14			(2.95	)		2.44			4.11			(1.03	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.06	)		(.05	)		(.05	)		(.06	)		(.12	)
Distributions from net realized gain on investment transactions		–0	–		(2.11	)		(1.73	)		(1.03	)		(1.08	)		(3.49	)
Total dividends and distributions		–0	–		(2.17	)		(1.78	)		(1.08	)		(1.14	)		(3.61	)
Net asset value, end of period		$13.57			$17.72			$16.75			$21.48			$20.12			$17.15
Total Return
Total investment return based on net asset value (c)*		(23.42	)%		19.90	%		(15.29	)%		12.85	%		24.79	%†		(5.69	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$348,727			$423,246			$374,941			$469,501			$455,422			$386,875
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.08	%^		1.07	%		1.06	%		1.06	%		1.07	%		1.07	%
Expenses, before waivers/reimbursements		1.09	%^		1.08	%		1.06	%		1.07	%		1.08	%		1.07	%
Net investment income		1.08	%(b)^		.65	%(b)		.36	%(b)		.22	%(b)		.28	%(b)†		.31	%
Portfolio turnover rate.		27	%		33	%		39	%		33	%		57	%		42	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.001	.003%	.003%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2018 and December 31, 2017 by .07% and .11%, respectively.

^ Annualized.

See notes to financial statements.

18

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

19

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small/Mid Cap Value Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

20

AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was above the median. The directors also took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the

21

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

22

VPS-SMCV-0152-0620

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes —Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Variable Products Series Fund, Inc.

By:	/s/ Robert M. Keith
	Robert M. Keith
	President
Date:	August 14, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert M. Keith
	Robert M. Keith
	President
Date:	August 14, 2020
By:	/s/Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	August 14, 2020