Ab Variable Products Series Fund N-CSR/A Certified annual shareholder report (management investment company) (amended)

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

AllianceBernstein 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, 2022

Date of reporting period: December 31, 2022

Explanatory Note:

Enclosed for filing you will find an amended Form N-CSR of the registrant’s original 2022 Form N-CSR filing of the referenced period. The purpose of this amended filing is to update Item 11 (b) and Item 13 (which is addressed in exhibits labeled Exhibit 12 (b)(1) and Exhibit 12 (b)(2) in the original filings). Except as set forth above, no other changes have been made to the Form N-CSR, and this amended filing does not amend, update or change any other items or disclosure found in the Form N-CSR.

ITEM 1. REPORTS TO STOCKHOLDERS.

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ BALANCED HEDGED ALLOCATION PORTFOLIO

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 [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 HEDGED ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—Balanced Hedged Allocation Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022. Prior to May 1, 2022, the Portfolio was named Balanced Wealth Strategy Portfolio.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to maximize total return consistent with the Adviser’s determination of reasonable risk.

The Portfolio invests in a balanced portfolio of equity and fixed-income securities (the “Balanced Component”) that is designed as a solution for investors who seek exposure to equity returns but also want the risk diversification offered by fixed-income securities and the broad diversification of their equity risk across styles, capitalization ranges and geographic regions. The Portfolio also utilizes a risk management portfolio intended to enhance the risk-adjusted return of the Portfolio (the “Risk Management Component”). A portfolio’s return is enhanced on a risk-adjusted basis when the portfolio achieves lower volatility with similar returns, or higher returns at similar volatility, compared to its benchmark. Both Components are actively managed by the Adviser as an integrated whole.

With respect to the Balanced Component, the Portfolio typically invests in shares of exchange-traded funds (“ETFs”), most or all of which are passively managed; in exchange-traded derivatives; and directly in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments. Through its investments, the Portfolio gains exposure to various domestic and foreign markets, regions and countries, including emerging markets. The Portfolio normally invests at least 25% of its assets in equity investments, primarily consisting of but not limited to ETFs. The Portfolio normally invests at least 25% of its assets in US fixed-income investments, primarily consisting of but not limited to US bond ETFs and US government securities, including Treasury Inflation-Protected Securities (“TIPS”). The Portfolio’s fixed-income exposure consists primarily of investment-grade debt and may from time to time include lower-rated debt (“junk bonds”). The Portfolio may also seek exposure to real assets by investing in real estate-related ETFs. The Portfolio uses derivatives to gain access to or adjust its equity and fixed-income exposures.

With respect to the Risk Management Component, the Adviser seeks to enhance the risk-adjusted return of the Portfolio, attempting to enhance market exposure in rising markets and reduce risk in downturns. The Adviser employs a variety of risk management techniques in its strategy, primarily using derivative instruments. The Adviser attempts to stabilize current returns of the Portfolio by using techniques designed to limit the downside exposure of the Portfolio during periods of market declines, to add market exposure to the Portfolio during periods of normal or rising markets, and to reduce the volatility of the Portfolio. The Adviser uses risk management techniques designed to protect the Portfolio’s ability to generate future income. These techniques may use strategies including options (involving the purchase and/or writing of various combinations of call and/or put index options, and also may include options on individual securities) and futures contracts (including futures contracts on stock indices and US Treasuries).

Derivatives may provide more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Portfolio’s exposures than making direct investments. The derivative instruments may include “long” and “short” positions in futures, options and swap contracts. The Portfolio may, for example, use credit default, interest rate and total return swaps to establish exposure to the fixed-income markets or particular fixed-income securities and, as noted below, may use currency derivatives to hedge or add foreign currency exposure. The Risk Management Component may also include “long” and “short” positions in US government securities and cash instruments.

The Adviser may employ currency hedging strategies in the Portfolio, including the use of currency-related derivatives, to seek to reduce currency risk in the Portfolio, but it is not required to do so.

The Adviser considers a variety of factors in determining whether to sell a security, including changes in market conditions and changes in prospects for the security.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its primary benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), and the Bloomberg US Aggregate Bond Index, for the one-, five- and 10-year periods ended December 31, 2022. The table also includes the previous secondary benchmark, Bloomberg Global Aggregate Bond Index (USD hedged).

For the annual period, all share classes of the Portfolio underperformed the primary benchmark and the

1

AB Variable Products Series Fund

Bloomberg US Aggregate Bond Index. The Portfolio’s more diversified approach, which balances exposures to equities, bonds and risk-management techniques, underperformed the all-equity benchmark. During the period, equities, fixed-income assets and equity index options detracted from absolute performance.

During the annual period, the Portfolio used derivatives for hedging and investment purposes in the form of currency forwards, credit default swaps and inflation Consumer Price Index swaps, which added to absolute returns, while futures, interest rate swaps and purchased options detracted.

The Portfolio’s repositioning due to the transition to the new investment strategy was a significant contributor to the Portfolio’s turnover rate of 135%.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Fixed-income government bond market yields rose sharply, and bond prices fell significantly in all major developed markets, as most central banks raised interest rates to combat high and persistent inflation. Lower-than-expected inflation numbers late in the period led to optimism that central bank policy rate increases would moderate. Longer-term bonds fell the most in the UK and eurozone, and by the least in Japan. Securitized assets generally outperformed other credit-risk sectors. Global investment-grade corporate bonds, which typically have longer maturities and are more sensitive to changes in yields than high-yield corporates, underperformed global treasuries—trailing US Treasury bonds in the US while outperforming eurozone treasuries in the euro bloc. Developed-market high-yield corporate bonds modestly outperformed global treasuries, trailing in the US and outperforming in the eurozone relative to respective treasury markets. Emerging-market sovereign bonds trailed as the US dollar gained on the vast majority of currencies. Emerging-market corporate bonds and local-currency bonds also fell sharply. Brent crude oil prices were extremely volatile and rose during the period.

The Portfolio’s Senior Investment Management Team seeks enhanced risk-adjusted returns by utilizing a blend of US, international and emerging-market equities as well as diversifiers in the form of fixed-income, real estate investment trusts (“REITs”) and TIPS. The Portfolio also features a US Treasury futures overlay to benefit from potentially low correlation between Treasuries and equities. The blended equity and fixed-income exposures, combined with the US Treasury overlay and dynamic equity allocation (including equity index options) offer the potential to achieve higher risk-adjusted returns.

2

BALANCED HEDGED ALLOCATION PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

All indices are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI ACWI (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. The Bloomberg Global Aggregate Bond Index (USD hedged) represents the performance of the global investment-grade developed fixed-income markets, hedged to the US dollar. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns reflect the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

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

ETF Risk: ETFs are investment companies and are subject to market and selection risk. 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.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US 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, 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy initiatives and resulting market reactions to those initiatives.

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 Security 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.

(Disclosures, Risks and Note About Historical Performance continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

Real Assets 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 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. Some REITs may utilize leverage, which increases investment risk and may potentially increase the Portfolio’s losses.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

Effective May 1, 2022, the Portfolio made certain changes to its principal strategies, including the modification of the strategies to invest in ETFs, most or all of which are passively managed; reduce allocations to international securities; add the Risk Management Component; and eliminate the targets for allocation of investments in natural resource equity securities and inflation-sensitive equity securities. In addition, effective May 1, 2018, the Portfolio amended its principal strategies by eliminating the static targets for allocation of investments among asset classes, changing the securities selection strategies used for the equity portion of the Portfolio, and broadening the types of real asset securities in which the Portfolio invests. In light of these changes, the performance shown for periods prior to May 1, 2022, is based on the Portfolio’s prior principal strategies and may not be representative of the Portfolio’s performance under its current principal strategies.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

BALANCED HEDGED ALLOCATION PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5 Years1		10 Years1
Balanced Hedged Allocation Portfolio Class A2		-18.99%		2.31%		5.63%
Balanced Hedged Allocation Portfolio Class B2		-19.17%		2.06%		5.37%
Primary Benchmark: MSCI ACWI (net)		-18.36%		5.23%		7.98%
Bloomberg US Aggregate Bond Index3		-13.01%		0.02%		1.06%
Bloomberg Global Aggregate Bond Index (USD hedged)		-11.22%		0.36%		1.70%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2022, by 0.02%. 3   Effective May 1, 2022, the secondary index used for comparison with the Portfolio’s performance has changed from the Bloomberg Global Aggregate Bond Index (USD hedged) to the Bloomberg US Aggregate Bond Index to show how the Portfolio’s performance compares with the returns of an index of securities similar to those in which the Portfolio invests.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.67% and 0.92% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2012 TO 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Balanced Hedged Allocation Portfolio Class A shares (from 12/31/2012 to 12/31/2022) as compared with the performance of the Portfolio’s current and previous benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

5

BALANCED HEDGED 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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	963.50	$	3.41		0.69	%	$	3.76		0.76	%
Hypothetical**	$	1,000	$	1,021.73	$	3.52		0.69	%	$	3.87		0.76	%
Class B
Actual	$	1,000	$	963.00	$	4.65		0.94	%	$	5.00		1.01	%
Hypothetical**	$	1,000	$	1,020.47	$	4.79		0.94	%	$	5.14		1.01	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

+ 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 184/365 (to reflect the one-half year period).

6

BALANCED HEDGED ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
iShares Core S&P 500 ETF	$	53,434,774		30.1	%
iShares Core U.S. Aggregate Bond ETF		28,379,274		16.0
Vanguard Total Bond Market ETF		28,362,432		16.0
iShares Core MSCI EAFE ETF		21,697,280		12.2
iShares Core MSCI Emerging Markets ETF		11,441,500		6.4
Vanguard Mid-Cap ETF		5,747,442		3.2
U.S. Treasury Notes		4,597,847		2.6
Vanguard Small-Cap ETF		4,129,650		2.3
Vanguard Real Estate ETF		4,041,520		2.3
S&P 500 Index		2,593,500		1.5
	$	164,425,219		92.6	%

SECURITY TYPE BREAKDOWN²

December 31, 2022 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	157,233,872		88.4	%
Options Purchased—Puts		6,559,555		3.7
Inflation-Linked Securities		4,597,847		2.6
Options Purchased—Calls		1,588,210		0.9
Corporates—Investment Grade		193,998		0.1
Short-Term Investments		7,692,198		4.3
Total Investments	$	177,865,680		100.0	%

1 Long-term investments.

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).

7

BALANCED HEDGED ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES–88.7%
FUNDS AND INVESTMENT TRUSTS–88.7%(a)
iShares Core MSCI EAFE ETF			352,000	$	21,697,280
iShares Core MSCI Emerging Markets ETF			245,000		11,441,500
iShares Core S&P 500 ETF			139,077		53,434,774
iShares Core U.S. Aggregate Bond ETF			292,600		28,379,274
Vanguard Mid-Cap ETF(b)			28,200		5,747,442
Vanguard Real Estate ETF(b)			49,000		4,041,520
Vanguard Small-Cap ETF(b)			22,500		4,129,650
Vanguard Total Bond Market ETF			394,800		28,362,432
Total Investment Companies (cost $170,696,688)					157,233,872
	Notional Amount
OPTIONS PURCHASED–PUTS–3.7%
OPTIONS ON EQUITY INDICES–3.7%
S&P 500 Index Expiration: Dec 2024; Contracts: 50; Exercise Price: USD 4,200.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	21,000,000		2,593,500
S&P 500 Index Expiration: Dec 2024; Contracts: 35; Exercise Price: USD 4,100.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	14,350,000		1,666,525
S&P 500 Index Expiration: Dec 2024; Contracts: 27; Exercise Price: USD 4,000.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	10,800,000		1,171,530
S&P 500 Index Expiration: Dec 2024; Contracts: 20; Exercise Price: USD 4,300.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	8,600,000		1,128,000
Total Options Purchased–Puts (premiums paid $7,009,410)					6,559,555
	Principal Amount (000)
INFLATION-LINKED SECURITIES–2.6%
UNITED STATES–2.6%
U.S. Treasury Notes 0.125%, 01/15/2032 (cost $5,268,986)		U.S.$	5,239		4,597,847
	Notional Amount
OPTIONS PURCHASED–CALLS–0.9%
OPTIONS ON EQUITY INDICES–0.9%
S&P 500 Index Expiration: Dec 2024; Contracts: 15; Exercise Price: USD 4,200.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	6,300,000		613,950
S&P 500 Index Expiration: Dec 2024; Contracts: 12; Exercise Price: USD 4,000.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	4,800,000		611,160
S&P 500 Index Expiration: Dec 2024; Contracts: 10; Exercise Price: USD 4,300.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	4,300,000		363,100
Total Options Purchased–Calls (premiums paid $1,955,535)					1,588,210

8

AB Variable Products Series Fund

	Principal Amount (000)				U.S. $ Value
CORPORATES–INVESTMENT GRADE–0.1%
INDUSTRIAL–0.1%
SERVICES–0.1%
Chicago Parking Meters 4.93%, 12/30/2025(d) (cost $200,000)		U.S.$		200	$	193,998
	Shares
COMMON STOCKS–0.0%
ENERGY – 0.0%
OIL, GAS & CONSUMABLE FUELS–0.0%
Gazprom PJSC(d)(e)				31,460		–0	–
LUKOIL PJSC(d)(e)				790		–0	–
						–0	–
MATERIALS–0.0%
METALS & MINING–0.0%
MMC Norilsk Nickel PJSC (ADR)(c)(d)(e)				2,540		–0	–
Total Common Stocks (cost $272,623)						–0	–
SHORT-TERM INVESTMENTS–4.3%
INVESTMENT COMPANIES – 4.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(a)(f)(g) (cost $7,692,198)				7,692,198		7,692,198
Total Investments Before Security Lending Collateral for Securities Loaned–100.3% (cost $193,095,440)						177,865,680
			Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.1%
INVESTMENT COMPANIES–1.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(a)(f)(g) (cost $1,978,425)				1,978,425	$	1,978,425
TOTAL INVESTMENTS–101.4% (cost $195,073,865)						179,844,105
Other assets less liabilities–(1.4)%						(2,453,679	)
NET ASSETS–100.0%					$	177,390,426

9

BALANCED HEDGED ALLOCATION 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
E-Mini Russell 2000 Futures		2		March 2023	$	177,090	$	(11,464	)
MSCI EAFE Futures		7		March 2023		682,290		(29,837	)
MSCI Emerging Markets Futures		5		March 2023		239,850		(8,702	)
S&P 500 E-Mini Futures		93		March 2023		17,953,650		(659,084	)
S&P Mid 400 E-Mini Futures		2		March 2023		488,520		(19,780	)
U.S. Long Bond (CBT) Futures		50		March 2023		6,267,188		(57,315	)
U.S. T-Note 10 Yr (CBT) Futures		536		March 2023		60,191,125		(408,778	)
							$	(1,194,960	)

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

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

(c) Non-income producing security.

(d) Fair valued by the Adviser.

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

(f) Affiliated investments.

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

Currency Abbreviations:

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

MSCI—Morgan Stanley Capital International

PJSC—Public Joint Stock Company

See notes to financial statements.

10

BALANCED HEDGED ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $185,403,242)	$	170,173,482	(a)
Affiliated issuers (cost $9,670,623—including investment of cash collateral for securities loaned of $1,978,425)		9,670,623
Cash		2,471
Foreign currencies, at value (cost $11)		12
Affiliated dividends receivable		28,549
Receivable for capital stock sold		27,145
Unaffiliated dividends and interest receivable		26,087
Receivable for investment securities sold		5
Total assets		179,928,374
LIABILITIES
Payable for collateral received on securities loaned		1,978,425
Payable for variation margin on futures		147,296
Advisory fee payable		68,958
Payable for capital stock redeemed		39,600
Distribution fee payable		35,301
Administrative fee payable		23,956
Foreign capital gains tax payable		13,800
Transfer Agent fee payable		150
Accrued expenses		230,462
Total liabilities		2,537,948
NET ASSETS	$	177,390,426
COMPOSITION OF NET ASSETS
Capital stock, at par	$	21,739
Additional paid-in capital		182,087,411
Accumulated loss		(4,718,724	)
NET ASSETS	$	177,390,426

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	16,241,235		1,961,152	$	8.28
B	$	161,149,191		19,778,053	$	8.15

(a) Includes securities on loan with a value of $8,441,350 (see Note E).

See notes to financial statements.

11

BALANCED HEDGED ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $27,846)	$	3,460,506
Affiliated issuers		139,426
Interest (net of foreign taxes withheld of $143)		721,069
Securities lending income		12,841
		4,333,842
EXPENSES
Advisory fee (see Note B)		995,302
Distribution fee—Class B		465,033
Transfer agency—Class A		460
Transfer agency—Class B		4,661
Custody and accounting		120,024
Audit and tax		107,406
Administrative		92,509
Legal		69,114
Directors’ fees		20,109
Printing		15,325
Miscellaneous		23,233
Total expenses		1,913,176
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(155,733	)
Net expenses		1,757,443
Net investment income		2,576,399
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Affiliated Underlying Portfolios		(3,685,980	)
Investment transactions(a)		22,135,291
Forward currency exchange contracts		2,260,394
Futures		(8,073,709	)
Swaps		264,013
Foreign currency transactions		(2,605,361	)
Net change in unrealized appreciation (depreciation) of:
Affiliated Underlying Portfolios		(4,266,342	)
Investments(b)		(52,375,945	)
Forward currency exchange contracts		(491,430	)
Futures		(1,220,824	)
Swaps		49,082
Foreign currency denominated assets and liabilities		(5,038	)
Net loss on investment and foreign currency transactions		(48,015,849	)
Contributions from Affiliates (see Note B)		2,636
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(45,436,814	)

(a) Net of foreign realized capital gains taxes of $6,888.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $1,429.

See notes to financial statements.

12

BALANCED HEDGED ALLOCATION PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,576,399		$	3,030,763
Net realized gain on investment and foreign currency transactions		10,294,648			20,060,382
Net realized gain distributions from Underlying Portfolios		–0	–		2,321,524
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(58,310,497	)		5,781,625
Contributions from Affiliates (see Note B)		2,636			72
Net increase (decrease) in net assets from operations		(45,436,814	)		31,194,366
Distributions to Shareholders
Class A		(2,419,129	)		(615,351	)
Class B		(24,164,652	)		(5,621,797	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		3,638,903			(22,864,424	)
Total increase (decrease)		(68,381,692	)		2,092,794
NET ASSETS
Beginning of period		245,772,118			243,679,324
End of period	$	177,390,426		$	245,772,118

See notes to financial statements.

13

BALANCED HEDGED ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Balanced Hedged Allocation Portfolio (the “Portfolio”) (formerly known as AB Balanced Wealth Strategy 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 as an open-end series investment company. The Fund offers 10 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, the Adviser serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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

14

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 an 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.

15

BALANCED HEDGED ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2022:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

157,233,872

$

–0

–

$

–0

–

$

157,233,872

Options Purchased—Puts

–0

–

6,559,555

–0

–

6,559,555

Inflation-Linked Securities

–0

–

4,597,847

–0

–

4,597,847

Options Purchased—Calls

–0

–

1,588,210

–0

–

1,588,210

Corporates—Investment Grade

–0

–

193,998

–0

–

193,998

Common Stocks:

Energy

–0

–

–0

–

0

(a)

–0

–

Materials

–0

–

–0

–

0

(a)

–0

–

Short-Term Investments

7,692,198

–0

–

–0

–

7,692,198

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

1,978,425

–0

–

–0

–

1,978,425

Total Investments in Securities

166,904,495

12,939,610

0

(a)

179,844,105

Other Financial Instruments(b):

Assets

–0

–

–0

–

–0

–

–0

–

Liabilities:

Futures

(1,194,960

)

–0

–

–0

–

(1,194,960

)(c)

Total

$

165,709,535

$

12,939,610

$

0

(a)

$

178,649,145

(a) The Portfolio held securities with zero market value at period end.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

(c) 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.

16

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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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, .425% 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. Prior to May 2, 2022, the Portfolio paid 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 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 year ended December 31, 2022, there was no such reimbursement. This fee waiver and/or expense reimbursement agreement extends through May 1, 2023 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 year ended December 31, 2022, the reimbursement for such services amounted to $92,509.

17

BALANCED HEDGED ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 $1,773 for the year ended December 31, 2022.

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, 2023. 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 year ended December 31, 2022, such waiver amounted to $8,111.

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, 2023. For the year ended December 31, 2022, such waivers and/or reimbursements amounted to $147,074.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

																	Distributions
Fund	Market Value 12/31/21 (000)		Purchases at Cost (000)			Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr. (Depr.) (000)			Market Value 12/31/22 (000)			Dividend Income (000)			Realized Gains (000)
Government Money Market Portfolio	$	1,525	$	126,581		$	120,414	$	–0	–	$	–0	–	$	7,692		$	139		$	–0	–
AB Discovery Growth Fund, Inc.		3,174		–0	–		2,346		(400	)		(428	)		–0	–		–0	–		–0	–
AB Trust—AB Discovery Value Fund		3,246		–0	–		2,923		7			(330	)		–0	–		–0	–		–0	–
Bernstein Fund, Inc.: International Small Cap Portfolio		8,146		–0	–		7,073		(658	)		(415	)		–0	–		–0	–		–0	–
International Strategic Equities Portfolio		42,838		–0	–		37,952		(2,434	)		(2,452	)		–0	–		–0	–		–0	–
Small Cap Core Portfolio		3,267		–0	–		2,808		122			(581	)		–0	–		–0	–		–0	–
Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio		3,784		–0	–		3,401		(323	)		(60	)		–0	–		–0	–		–0	–
Government Money Market Portfolio*		214		101,216			99,452		–0	–		–0	–		1,978			1			–0	–
Total								$	(3,686	)	$	(4,266	)	$	9,670		$	140		$	–0	–

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

During the year ended December 31, 2022 and the year ended December 31, 2021, the Adviser reimbursed the Portfolio $2,636 and $72, respectively, for trading losses incurred due to a trade entry error.

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

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AB Variable Products Series Fund

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 year ended December 31, 2022 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	230,108,845	$	249,830,577
U.S. government securities		28,459,925		37,665,252

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	195,073,865
Gross unrealized appreciation	$	1,225,640
Gross unrealized depreciation		(16,455,400	)
Net unrealized depreciation	$	(15,229,760	)

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.

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BALANCED HEDGED ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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 year ended December 31, 2022, 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 year ended December 31, 2022, 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 purchased option by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio. Put and call purchased options 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 written option. 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 written options. 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 the written option by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

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AB Variable Products Series Fund

During the year ended December 31, 2022, the Portfolio held purchased options 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 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

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BALANCED HEDGED ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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 year ended December 31, 2022, 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 year ended December 31, 2022, 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.

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AB Variable Products Series Fund

During the year ended December 31, 2022, 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.

During the year ended December 31, 2022, 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	$	466,093	*
Equity contracts				Receivable/Payable for variation margin on futures		728,867	*
Equity contracts	Investments in securities, at value	$	8,147,765
Total			$8,147,765		$	1,194,960

* 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	$	(4,271,491	)	$	(491,957	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(3,802,218	)		(728,867	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		2,260,394			(491,430	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(1,198,550	)		(817,180	)

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BALANCED HEDGED ALLOCATION 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 swaps; Net change in unrealized appreciation (depreciation) of swaps	$	255,903		$	(42,437	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		8,110			91,519
Total		$	(6,747,852	)	$	(2,480,352	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2022:

Futures:
Average notional amount of buy contracts	$	73,028,712
Average notional amount of sale contracts	$	5,596,467	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	30,919,282	(b)
Average principal amount of sale contracts	$	56,239,741	(b)
Purchased Options:
Average notional amount	$	102,438,889	(c)
Inflation Swaps:
Average notional amount	$	6,210,000	(d)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	2,620,338	(e)
Credit Default Swaps:
Average notional amount of sale contracts	$	481,851	(e)
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	2,111,818	(e)

(a) Positions were open for five months during the year.

(b) Positions were open for six months during the year.

(c) Positions were open for nine months during the year.

(d) Positions were open for four months during the year.

(e) Positions were open for three months during the year.

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.

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AB Variable Products Series Fund

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 year ended December 31, 2022, the Portfolio earned drop income of $12,457 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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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 year ended December 31, 2022 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
$	8,441,350	$	1,978,425	$	6,701,698	$	11,804	$	1,037	$	548

* As of December 31, 2022.

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NOTES TO FINANCIAL STATEMENTS
(continued)	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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class A
Shares sold		124,450			195,158		$	1,307,388		$	2,203,872
Shares issued in reinvestment of dividends and distributions		264,675			53,369			2,419,127			615,351
Shares redeemed		(289,813	)		(388,807	)		(2,886,339	)		(4,445,529	)
Net increase (decrease)		99,312			(140,280	)	$	840,176		$	(1,626,306	)
Class B
Shares sold		888,386			1,167,051		$	8,974,615		$	13,063,851
Shares issued on reinvestment of dividends and distributions		2,684,961			494,442			24,164,652			5,621,797
Shares redeemed		(3,131,166	)		(3,578,639	)		(30,340,540	)		(39,923,766	)
Net increase (decrease)		442,181			(1,917,146	)	$	2,798,727		$	(21,238,118	)

At December 31, 2022, certain shareholders of the Portfolio owned 68% 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 value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

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.

ETF Risk—ETFs, are investment companies and are subject to market and selection risk. 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.

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, 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

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AB Variable Products Series Fund

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.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

Real Assets 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, 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 tax laws. Some REITs may utilize leverage, which increases investment risk and may potentially increase the Portfolio’s losses.

LIBOR Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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

27

BALANCED HEDGED ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022		2021
Distributions paid from:
Ordinary income	$	8,298,483	$	2,456,552
Net long-term capital gains		18,285,298		3,780,596
Total taxable distributions paid	$	26,583,781	$	6,237,148

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,625,224
Undistributed capital gains		8,899,982
Unrealized appreciation (depreciation)		(15,230,130	)(a)
Total accumulated earnings (deficit)	$	(4,704,924	)

(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.

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, 2022, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to contributions from the Adviser resulted in a net decrease in accumulated loss and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR

28

AB Variable Products Series Fund

and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

29

BALANCED HEDGED ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$11.75			$10.61			$10.24			$10.10			$11.86
Income From Investment Operations
Net investment income(a)(b)		.15			.16			.13			.19			.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.25	)		1.29			.78			1.58			(.87	)
Contributions from Affiliates		.00	(c)		.00	(c)		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		(2.10	)		1.45			.91			1.77			(.64	)
Less: Dividends and Distributions
Dividends from net investment income		(.35	)		(.06	)		(.24	)		(.29	)		(.23	)
Distributions from net realized gain on investment transactions		(1.02	)		(.25	)		(.30	)		(1.34	)		(.89	)
Total dividends and distributions		(1.37	)		(.31	)		(.54	)		(1.63	)		(1.12	)
Net asset value, end of period		$8.28			$11.75			$10.61			$10.24			$10.10
Total Return
Total investment return based on net asset value(d)*		(18.99	)%		13.73	%		9.41	%		18.53	%		(6.17	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,241			$21,879			$21,252			$24,347			$23,967
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.63	%		.56	%		.55	%		.55	%		.66	%
Expenses, before waivers/reimbursements(e)(f)‡		.71	%		.75	%		.77	%		.75	%		.75	%
Net investment income(b)		1.50	%		1.43	%		1.38	%		1.81	%		2.05	%
Portfolio turnover rate**		135	%		63	%		66	%		63	%		150	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.09	%		.20	%		.22	%		.22	%		.11	%

See footnote summary on page 32.

30

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$11.58			$10.47			$10.10			$9.98			$11.73
Income From Investment Operations
Net investment income(a)(b)		.12			.13			.11			.16			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.22	)		1.26			.78			1.56			(.86	)
Contributions from Affiliates		.00	(c)		.00	(c)		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		(2.10	)		1.39			.89			1.72			(.66	)
Less: Dividends and Distributions
Dividends from net investment income		(.31	)		(.03	)		(.22	)		(.26	)		(.20	)
Distributions from net realized gain on investment transactions		(1.02	)		(.25	)		(.30	)		(1.34	)		(.89	)
Total dividends and distributions		(1.33	)		(.28	)		(.52	)		(1.60	)		(1.09	)
Net asset value, end of period		$8.15			$11.58			$10.47			$10.10			$9.98
Total Return
Total investment return based on net asset value(d)*		(19.17	)%		13.36	%		9.25	%		18.20	%		(6.41	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$161,149			$223,893			$222,427			$231,071			$220,274
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.88	%		.81	%		.80	%		.80	%		.91	%
Expenses, before waivers/reimbursements(e)(f)‡		.96	%		1.00	%		1.02	%		1.00	%		1.00	%
Net investment income(b)		1.24	%		1.20	%		1.14	%		1.57	%		1.79	%
Portfolio turnover rate**		135	%		63	%		66	%		63	%		150	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.09	%		.20	%		.22	%		.22	%		.11	%

See footnote summary on page 32.

31

BALANCED HEDGED ALLOCATION 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) 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, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018, such waiver amounted to .08%, .19%, .20%, .20% and .09%, respectively.

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

	Year Ended December 31,
	2022			2021			2020			2019			2018
Class A
Net of waivers/reimbursements		.63	%		.56	%		.55	%		.54	%		.66	%
Before waivers/reimbursements		.71	%		.75	%		.77	%		.75	%		.75	%
Class B
Net of waivers/reimbursements		.88	%		.81	%		.80	%		.79	%		.91	%
Before waivers/reimbursements		.96	%		1.00	%		1.02	%		1.00	%		1.00	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the year ended December 31, 2022 by .02%.

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

See notes to financial statements.

32

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Balanced Hedged Allocation Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Balanced Hedged Allocation Portfolio (formerly known as AB Balanced Wealth Strategy Portfolio) (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

33

2022 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2022. For corporate shareholders, 12.01% of dividends paid qualify for the dividends received deduction. The Portfolio designates $18,285,298 of dividends paid as long-term capital gain dividends.

34

BALANCED HEDGED ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
Rohith Eggidi(2), Vice President Daniel J. Loewy(2), Vice President Marshall Greenbaum(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Multi-Asset Solutions Team. Messrs. Eggidi, Loewy and Greenbaum are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

35

BALANCED HEDGED ALLOCATION PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 47 (2021)	Senior Vice President of AllianceBernstein L.P. (the ‘‘Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		73	None
INDEPENDENT DIRECTORS
Garry L. Moody## Chairman of the Board 70 (2008)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2011–February 2023.		73	None
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		73	Moody’s Corporation since April 2011

36

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Michael J. Downey,## 79 (2005)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		73	None
Nancy P. Jacklin,## 74 (2006)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		73	None
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		73	Apollo Investment Corp. (business development company) since August 2011

37

BALANCED HEDGED ALLOCATION PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Carol C . McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		73	None
Marshall C. Turner, Jr.## 81 (2005)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		73	None

* The address for each of the Company’s Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^## Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

38

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
Rohith Eggidi 35	Vice President	Vice President of the Adviser** since 2020. Prior thereto, he was associated in a substantially similar capacity to his current position as an Associate Portfolio Manager since prior to 2018 at AnchorPath Financial, LLC, an investment management firm specializing in risk management solutions which was acquired by the Adviser in 2020.
Daniel J. Loewy 48	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Marshall Greenbaum 54	Vice President	Senior Vice President of the Adviser** since 2020. Prior thereto, principal (and founder) of AnchorPath Financial, LLC, an investment management firm specializing in risk management solutions which was acquired by the Adviser in 2020, since prior to 2018.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser,** with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of the ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI, and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

39

BALANCED HEDGED 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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

40

BALANCED HEDGED 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 Balanced Hedged Allocation Portfolio (formerly AB Balanced Wealth Strategy Portfolio) (the “Fund”) at a meeting held in-person on August 2-3, 2022 (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 Vice President 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 money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

41

BALANCED HEDGED ALLOCATION PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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 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 and the money market 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 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 B 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 B Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2022 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 pro forma contractual effective advisory fee rate (reflecting a reduction in the advisory fee rate effective May 2022 with a peer group median. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s pro forma total rate of compensation was equal to the peer group median.

The directors considered the schedule of fees charged by the Adviser for services to any sub-advised funds utilizing investment strategies similar to those of the Fund.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class B shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class B expense ratio of the Fund was based on the Fund’s latest fiscal year. The information provided included a pro forma expense ratio to reflect changes to the Fund’s expenses effective May 2022. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s pro forma 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 pro forma expense ratio was above the expense group median. After reviewing and discussing the Adviser’s explanation for this, the directors concluded that the Fund’s pro forma 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 had requested and received from the Adviser certain updates on

42

AB Variable Products Series Fund

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.

43

VPS-BHA-0151-1222

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ DYNAMIC ASSET ALLOCATION PORTFOLIO

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 [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	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—Dynamic Asset Allocation Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to maximize total return consistent with the Adviser’s determination of reasonable risk. The Portfolio invests in a globally diversified portfolio of equity and debt securities, including exchange-traded funds (“ETFs”) and other financial instruments, and expects to enter into derivatives transactions, such as options, futures contracts, forwards and swaps to achieve market exposure. The Portfolio’s neutral weighting, from which it will make its tactical asset allocations, is 60% equity exposure and 40% debt exposure. Within these broad components, the Portfolio may invest in any type of security, including common and preferred stocks, warrants and convertible securities, government and corporate fixed-income securities, commodities, currencies, real estate-related securities, and inflation-indexed securities. The Portfolio may invest in US, non-US and emerging-market issuers. The Portfolio may invest in securities of companies across the capitalization spectrum, including smaller capitalization companies. The Portfolio expects its investments in fixed-income securities to have a broad range of maturities and quality levels. The Portfolio is expected to be highly diversified across industries, sectors and countries, and will choose its positions from several market indices worldwide in a manner that is intended to track the performance (before fees and expenses) of those indices.

The Adviser will continuously monitor the risks presented by the Portfolio’s asset allocation and may make frequent adjustments to the Portfolio’s exposures to different asset classes. Using its proprietary Dynamic Asset Allocation (“DAA”) techniques, the Adviser employs a discretionary volatility reduction/management strategy intended to reduce overall volatility and limit downside exposure. The Adviser adjusts the Portfolio’s exposure to the equity and debt markets, and to segments within those markets, in response to the Adviser’s assessment of the relative risks and returns of those segments. For example, when the Adviser determines that equity market volatility is particularly low and that, therefore, the equity markets present reasonable return opportunities, the Adviser may increase the Portfolio’s equity exposure to as much as 80%. Conversely, when the Adviser determines that the risks in the equity markets are disproportionately greater than the potential returns offered, the Adviser may reduce the Portfolio’s equity exposure significantly below the target percentage or may even decide to eliminate equity exposure altogether by increasing the Portfolio’s fixed-income exposure to 100%. This investment strategy is intended to reduce the Portfolio’s overall investment risk, but may at times result in the Portfolio underperforming the markets.

The Portfolio expects to utilize derivatives and to invest in ETFs to a significant extent. Derivatives and ETFs may provide more efficient and economical exposure to market segments than direct investments, and the Portfolio’s market exposures may at times be achieved almost entirely through the use of derivatives or through the investments in ETFs. Derivatives transactions and ETFs may also be a quicker and more efficient way to alter the Portfolio’s exposure than buying and selling direct investments. As a result, the Adviser expects to use derivatives as one of the primary tools for adjusting the Portfolio’s exposure levels from its neutral weighting. The Adviser also expects to use direct investments and ETFs to adjust the Portfolio’s exposure levels. In determining when and to what extent to enter into derivatives transactions or to invest in ETFs, the Adviser considers factors such as the relative risks and returns expected of potential investments and the cost of such transactions. The Adviser considers the impact of derivatives and ETFs in making its assessment of the Portfolio’s risks.

Currency exchange-rate fluctuations can have a dramatic impact on returns, significantly adding to returns in some years and greatly diminishing them in others. To the extent that the Portfolio invests in non-US dollar-denominated investments, the Adviser will integrate the risks of foreign currency exposures into its investment and asset-allocation decision-making. The Adviser may seek to hedge all or a portion of the currency exposure resulting from the Portfolio’s investments. The Adviser may also seek investment opportunities through currencies and currency-related derivatives.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index, the Bloomberg US Treasury Index and its blended benchmark, a 60%/40% blend of the MSCI World Index and the Bloomberg US Treasury Index, respectively, for the one-, five- and 10-year periods ended December 31, 2022.

For the annual period, all share classes of the Portfolio underperformed the primary and blended benchmarks, as well as the Bloomberg US Treasury Index. The Portfolio’s diversified approach, which targets a 60%/40% allocation

1

AB Variable Products Series Fund

to equities and bonds, underperformed due to multiple detractors over the annual period. The Portfolio began the year modestly overweight to equity, which was motivated by the Portfolio’s Senior Investment Management Team’s (the “Team’s”) expectation that pent-up consumer and corporate demand, strong consumer and corporate quality metrics, and supportive policies would continue to support the global economic expansion. One of the tools the Team decided to utilize in 2022 was an extension in duration, which was a result of the Team’s desire to employ additional forms of risk management for the year. This duration extension resulted in a longer duration than the benchmark, which detracted from relative returns when fixed income sold off dramatically over the year, as inflation proved to be the dominant market risk.

By the end of February, the Portfolio had moved to an underweight to equities. The omicron surge resulted in economies delaying their reopening schedules, which made the supply and demand imbalance persist longer than expected. When combined with the fact that inflation had largely surpassed central bank targets, the odds of a “policy mistake” increased, especially since some of the inflation drivers were not tied to policy measures. Additionally at this time, the Russia-Ukraine tensions were not only meaningful from a geopolitical tail-risk perspective but also as it relates to the upside risks to commodity prices. The Team maintained an underweight to equities for the remainder of the year, as inflation continued to unsettle markets. Supply constraints and disruptions related to the various paces at which different parts of the global economy have reopened since the worst of the pandemic continued to push prices higher. Most concerning to central bank policymakers was that the increase in prices had moved beyond goods markets contaminated by supply-chain or commodity-related disruptions. Services prices in the Western world surged as well, making it clear that slowing demand would be necessary to bring the global economy back into equilibrium.

The Portfolio ended the period with an underweight to risk assets including developed-market equities and real assets, though the Portfolio did begin to moderate that underweight in December. During the period, the Portfolio’s US large-cap and international equity underweight detracted from performance, specifically in the fourth quarter. The Portfolio’s option allocations contributed to performance, as did an emerging-market equity overweight toward the end of the period.

During the annual period, the Portfolio used derivatives for hedging and investment purposes in the form of futures, currency forwards, purchased options and total return swaps, which detracted from absolute returns, while credit default swaps added.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Fixed-income government bond market yields rose sharply, and bond prices fell significantly in all major developed markets, as most central banks raised interest rates to combat high and persistent inflation. Lower-than-expected inflation numbers late in the period led to optimism that central bank policy rate increases would moderate. Longer-term bonds fell the most in the UK and eurozone, and by the least in Japan. Securitized assets generally outperformed other credit-risk sectors. Global investment-grade corporate bonds, which typically have longer maturities and are more sensitive to changes in yields than high-yield corporates, underperformed global treasuries—trailing US Treasury bonds in the US while outperforming eurozone treasuries in the euro bloc. Developed-market high-yield corporate bonds modestly outperformed global treasuries, trailing in the US and outperforming in the eurozone relative to respective treasury markets. Emerging-market sovereign bonds trailed as the US dollar gained on the vast majority of currencies. Emerging-market corporate bonds and local-currency bonds also fell sharply. Brent crude oil prices were extremely volatile and rose during the period.

2

DYNAMIC ASSET ALLOCATION PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI World Index and the Bloomberg US Treasury Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI World Index (free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets. The Bloomberg US Treasury Index represents the performance of US Treasuries within the US government fixed-income market. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy initiatives and resulting market reactions to those initiatives.

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 (“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-US) Risk: The Portfolio’s investments in securities of non-US issuers may involve more risk than those of US 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, 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 its returns.

ETF Risk: 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: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

(Disclosures, Risks and Note About Historical Performance continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

Leverage Risk: When the Portfolio borrows money or otherwise leverages its portfolio, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase agreements, forward commitments, or by borrowing money.

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.

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 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 taxes. Some REITs may utilize leverage, which increases investment risk and may potentially increase the Portfolio’s losses.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

DYNAMIC ASSET ALLOCATION PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5 Years1		10  Years1
Dynamic Asset Allocation Portfolio Class A		-18.45%		0.17%		3.35%
Dynamic Asset Allocation Portfolio Class B		-18.68%		-0.10%		3.08%
Primary Benchmark: MSCI World Index		-18.14%		6.14%		8.85%
Bloomberg US Treasury Index		-12.46%		-0.10%		0.58%
Blended Benchmark: 60% MSCI World Index/ 40% Bloomberg US Treasury Index		-15.58%		4.03%		5.77%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.84% and 1.08% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2012 TO 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Dynamic Asset Allocation Portfolio Class A shares (from 12/31/2012 to 12/31/2022) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

5

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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	981.80	$	4.20		0.84	%	$	4.25		0.85	%
Hypothetical**	$	1,000	$	1,020.97	$	4.28		0.84	%	$	4.33		0.85	%
Class B
Actual	$	1,000	$	980.20	$	5.49		1.10	%	$	5.54		1.11	%
Hypothetical**	$	1,000	$	1,019.66	$	5.60		1.10	%	$	5.65		1.11	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses

+ 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 184/365 (to reflect the one-half year period).

6

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Notes & Bonds	$	85,489,659		36.3	%
Apple, Inc.		6,048,242		2.6
Microsoft Corp.		4,921,826		2.1
Amazon.com, Inc.		2,230,872		0.9
Alphabet, Inc.—Class A		1,532,379		0.7
UnitedHealth Group, Inc.		1,436,788		0.6
Alphabet, Inc.—Class C		1,425,625		0.6
Johnson & Johnson		1,345,366		0.6
Exxon Mobil Corp.		1,331,542		0.6
Berkshire Hathaway, Inc.—Class B		1,164,244		0.5
	$	106,926,543		45.5	%

PORTFOLIO BREAKDOWN²

December 31, 2022 (unaudited)

ASSET CLASSES	ALLOCATION
Equities
U.S. Large Cap		37.8	%
International Large Cap		18.6
Emerging Market Equities		2.0
Subtotal		58.4
Fixed Income
U.S. Bonds		40.6
International Bonds		1.0
Subtotal		41.6
Total		100.0	%

SECURITY TYPE BREAKDOWN³

December 31, 2022 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	144,531,224		61.6	%
Governments—Treasuries		85,489,659		36.4
Options Purchased—Puts		974,036		0.4
Short-Term Investments		3,657,573		1.6
		��
Total Investments	$	234,652,492		100.0	%

1 Long-term investments.

2 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).

7

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–61.3%
INFORMATION TECHNOLOGY–12.4%
COMMUNICATIONS EQUIPMENT–0.4%
Arista Networks, Inc.(a)		705	$	85,552
Cisco Systems, Inc.		11,995		571,442
F5, Inc.(a)		173		24,827
Juniper Networks, Inc.		934		29,851
Motorola Solutions, Inc.		484		124,731
Nokia Oyj		15,674		72,817
Telefonaktiebolaget LM Ericsson–Class B		8,454		49,535
				958,755
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		1,723		131,189
Arrow Electronics, Inc.(a)		186		19,450
Azbil Corp.		299		7,507
CDW Corp./DE		392		70,003
Cognex Corp.		502		23,649
Corning, Inc.		2,326		74,292
Halma PLC		1,099		26,173
Hamamatsu Photonics KK		449		21,430
Hexagon AB–Class B		5,637		59,104
Hirose Electric Co., Ltd.		89		11,162
Ibiden Co., Ltd.		341		12,297
Keyence Corp.		624		242,265
Keysight Technologies, Inc.(a)		520		88,956
Kyocera Corp.		959		47,602
Murata Manufacturing Co., Ltd.		1,617		79,743
Omron Corp.		553		26,725
Shimadzu Corp.(b)		678		19,194
TDK Corp.		1,062		34,551
TE Connectivity Ltd.		927		106,420
Teledyne Technologies, Inc.(a)		136		54,388
Trimble, Inc.(a)		717		36,252
Venture Corp. Ltd.		462		5,889
Yaskawa Electric Corp.(b)		638		20,356
Yokogawa Electric Corp.		634		10,062
Zebra Technologies Corp.–Class A(a)		150		38,461
				1,267,120
IT SERVICES–2.3%
Accenture PLC–Class A		1,833		489,118
Adyen NV(a)(c)		63		87,460
Affirm Holdings, Inc.(a)(b)		563		5,444
Akamai Technologies, Inc.(a)		461		38,862
Amadeus IT Group SA(a)		1,305		67,700
Automatic Data Processing, Inc.		1,204		287,587

Company	Shares		U.S. $ Value
Bechtle AG		237	$	8,377
Black Knight, Inc.(a)		452		27,911
Block, Inc.(a)		1,534		96,397
Broadridge Financial Solutions, Inc.		340		45,604
Capgemini SE		475		79,409
CGI, Inc.(a)		615		53,011
Cognizant Technology Solutions Corp.–Class A		1,500		85,785
Computershare Ltd.		1,573		27,710
Edenred		723		39,350
EPAM Systems, Inc.(a)		167		54,733
Fidelity National Information Services, Inc.		1,761		119,484
Fiserv, Inc.(a)		1,760		177,883
FleetCor Technologies, Inc.(a)		207		38,022
Fujitsu Ltd.		551		73,458
Gartner, Inc.(a)		230		77,312
Global Payments, Inc.		803		79,754
GMO Payment Gateway, Inc.		164		13,563
GoDaddy, Inc.–Class A(a)		453		33,893
International Business Machines Corp.		2,616		368,568
Itochu Techno-Solutions Corp.		255		5,915
Jack Henry & Associates, Inc.		212		37,219
Mastercard, Inc.–Class A		2,500		869,325
MongoDB, Inc.(a)		198		38,974
NEC Corp.(b)		709		24,864
Nexi SpA(a)(c)		1,709		13,491
Nomura Research Institute Ltd.		954		22,680
NTT Data Corp.		1,822		26,551
Nuvei Corp.(a)(b)(c)		188		4,778
Obic Co., Ltd.(b)		221		32,445
Okta, Inc.(a)		437		29,860
Otsuka Corp.(b)		330		10,402
Paychex, Inc.		939		108,511
PayPal Holdings, Inc.(a)		3,182		226,622
SCSK Corp.		392		5,934
Shopify, Inc.–Class A(a)		3,436		119,296
Snowflake, Inc.–Class A(a)		645		92,583
SS&C Technologies Holdings, Inc.		665		34,620
TIS, Inc.		594		15,611
Toast, Inc.–Class A(a)(b)		713		12,855
Twilio, Inc.–Class A(a)		502		24,578
VeriSign, Inc.(a)		280		57,523
Visa, Inc.–Class A(b)		4,736		983,951
Western Union Co. (The)		1,117		15,381
Wix.com Ltd.(a)		166		12,754
Worldline SA/France(a)(c)		693		27,140
				5,330,258

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MEDIA–0.0%
Trade Desk, Inc. (The)–Class A(a)		1,286	$	57,651
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.6%
Advanced Micro Devices, Inc.(a)		4,676		302,865
Advantest Corp.		577		36,956
Analog Devices, Inc.		1,490		244,405
Applied Materials, Inc.		2,492		242,671
ASM International NV		136		34,508
ASML Holding NV		1,178		642,306
Broadcom, Inc.		1,170		654,182
Disco Corp.		156		44,463
Enphase Energy, Inc.(a)		393		104,129
Entegris, Inc.		432		28,335
Infineon Technologies AG		3,782		114,942
Intel Corp.		11,893		314,332
KLA Corp.		411		154,959
Lam Research Corp.		397		166,859
Lasertec Corp.(b)		271		44,246
Marvell Technology, Inc.		2,469		91,452
Microchip Technology, Inc.		1,600		112,400
Micron Technology, Inc.		3,195		159,686
Monolithic Power Systems, Inc.		129		45,616
NVIDIA Corp.		7,213		1,054,108
NXP Semiconductors NV		761		120,261
ON Semiconductor Corp.(a)		1,255		78,274
Qorvo, Inc.(a)		299		27,101
QUALCOMM, Inc.		3,253		357,635
Renesas Electronics Corp.(a)		3,317		29,317
Rohm Co., Ltd.		279		20,001
Skyworks Solutions, Inc.		465		42,376
SolarEdge Technologies, Inc.(a)		162		45,890
STMicroelectronics NV		1,979		70,326
SUMCO Corp.(b)		934		12,374
Teradyne, Inc.		454		39,657
Texas Instruments, Inc.		2,647		437,337
Tokyo Electron Ltd.(b)		430		126,346
Tower Semiconductor Ltd.(a)		316		13,794
Wolfspeed, Inc.(a)(b)		360		24,854
				6,038,963
SOFTWARE–3.9%
Adobe, Inc.(a)		1,356		456,335
ANSYS, Inc.(a)		253		61,122
Aspen Technology, Inc.(a)		84		17,254
Autodesk, Inc.(a)		630		117,728
AVEVA Group PLC		350		13,547
Bentley Systems, Inc.–Class B		561		20,735
Bill.com Holdings, Inc.(a)		274		29,855
Cadence Design Systems, Inc.(a)		794		127,548

Company	Shares		U.S. $ Value
Ceridian HCM Holding, Inc.(a)		399	$	25,596
Check Point Software Technologies Ltd.(a)		291		36,713
Cloudflare, Inc.–Class A(a)		738		33,365
Coinbase Global, Inc.–Class A(a)		358		12,670
Constellation Software, Inc./Canada		59		92,115
Crowdstrike Holdings, Inc.–Class A(a)		588		61,911
CyberArk Software Ltd.(a)		118		15,299
Dassault Systemes SE		1,930		69,402
Datadog, Inc.–Class A(a)		716		52,626
Descartes Systems Group, Inc. (The)(a)		246		17,149
DocuSign, Inc.(a)		579		32,088
Dropbox, Inc.–Class A(a)		797		17,837
Fair Isaac Corp.(a)		74		44,295
Fortinet, Inc.(a)		1,941		94,895
HubSpot, Inc.(a)		133		38,454
Intuit, Inc.		777		302,424
Microsoft Corp.		20,523		4,921,826
Nemetschek SE		167		8,538
Nice Ltd.(a)		184		35,398
NortonLifeLock, Inc.		1,661		35,595
Open Text Corp.		775		22,964
Oracle Corp.		4,632		378,620
Oracle Corp.Japan		142		9,233
Palantir Technologies, Inc.–Class A(a)		4,835		31,041
Palo Alto Networks, Inc.(a)		866		120,842
Paycom Software, Inc.(a)		148		45,926
Paylocity Holding Corp.(a)		120		23,311
PTC, Inc.(a)		324		38,893
Roper Technologies, Inc.		307		132,652
Sage Group PLC (The)		2,951		26,573
Salesforce, Inc.(a)		2,897		384,113
SAP SE		3,025		312,303
ServiceNow, Inc.(a)		586		227,526
Splunk, Inc.(a)		471		40,548
Synopsys, Inc.(a)		443		141,445
Temenos AG (REG)		184		10,122
Trend Micro, Inc./Japan(a)(b)		389		18,193
Tyler Technologies, Inc.(a)		121		39,012
Unity Software, Inc.(a)		716		20,470
VMware, Inc.–Class A(a)		612		75,129
WiseTech Global Ltd.		425		14,617
Workday, Inc.–Class A(a)		583		97,553
Xero Ltd.(a)		391		18,644
Zoom Video Communications, Inc.–Class A(a)		654		44,302
Zscaler, Inc.(a)		247		27,639
				9,093,991

9

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

Company	Shares		U.S. $ Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.7%
Apple, Inc.		46,550	$	6,048,242
Brother Industries Ltd.		585		8,842
Canon, Inc.(b)		2,811		60,841
Dell Technologies, Inc.–Class C		769		30,929
FUJIFILM Holdings Corp.		1,009		50,451
Hewlett Packard Enterprise Co.		3,763		60,057
HP, Inc.		2,995		80,476
Logitech International SA (REG)(b)		501		31,067
NetApp, Inc.		637		38,258
Ricoh Co., Ltd.		1,572		11,965
Seagate Technology Holdings PLC		574		30,198
Seiko Epson Corp.		792		11,523
Western Digital Corp.(a)		911		28,742
				6,491,591
				29,238,329
HEALTH CARE–8.9%
BIOTECHNOLOGY–1.3%
AbbVie, Inc.		5,122		827,766
Alnylam Pharmaceuticals, Inc.(a)		348		82,702
Amgen, Inc.		1,550		407,092
Argenx SE(a)		160		59,654
Biogen, Inc.(a)		421		116,583
BioMarin Pharmaceutical, Inc.(a)		537		55,574
CSL Ltd.		1,396		272,212
Exact Sciences Corp.(a)		512		25,349
Genmab A/S(a)		191		80,754
Gilead Sciences, Inc.		3,631		311,721
Grifols SA(a)(b)		864		9,978
Horizon Therapeutics PLC(a)		634		72,149
Incyte Corp.(a)		548		44,015
Moderna, Inc.(a)		964		173,154
Neurocrine Biosciences, Inc.(a)		277		33,085
Regeneron Pharmaceuticals, Inc.(a)		311		224,383
Seagen, Inc.(a)		401		51,533
Swedish Orphan Biovitrum AB(a)		489		10,121
Vertex Pharmaceuticals, Inc.(a)		743		214,564
				3,072,389
HEALTH CARE EQUIPMENT & SUPPLIES–1.5%
Abbott Laboratories		5,073		556,965
Alcon, Inc.		1,448		99,360

Company	Shares		U.S. $ Value
Align Technology, Inc.(a)		215	$	45,343
Asahi Intecc Co., Ltd.(b)		541		8,825
Avantor, Inc.(a)		1,952		41,168
Baxter International, Inc.		1,451		73,957
Becton Dickinson and Co.		826		210,052
BioMerieux		122		12,818
Boston Scientific Corp.(a)		4,147		191,882
Carl Zeiss Meditec AG		117		14,706
Cochlear Ltd.(b)		191		26,378
Coloplast A/S–Class B		344		40,300
Cooper Cos., Inc. (The)		143		47,286
Demant A/S(a)		266		7,418
DENTSPLY SIRONA, Inc.		624		19,868
Dexcom, Inc.(a)		1,137		128,754
DiaSorin SpA		73		10,215
Edwards Lifesciences Corp.(a)		1,796		134,000
Fisher & Paykel Healthcare Corp., Ltd.		1,672		23,923
Getinge AB–Class B		662		13,763
Hologic, Inc.(a)		723		54,088
Hoya Corp.		1,048		100,376
IDEXX Laboratories, Inc.(a)		242		98,726
Insulet Corp.(a)		201		59,172
Intuitive Surgical, Inc.(a)		1,035		274,637
Koninklijke Philips NV		2,575		38,747
Masimo Corp.(a)		145		21,453
Medtronic PLC		3,852		299,377
Novocure Ltd.(a)(b)		273		20,025
Olympus Corp.		3,480		61,379
ResMed, Inc.		425		88,455
Siemens Healthineers AG(c)		817		40,753
Smith & Nephew PLC		2,521		33,667
Sonova Holding AG (REG)		156		37,050
STERIS PLC		290		53,560
Straumann Holding AG (REG)		324		37,153
Stryker Corp.		987		241,312
Sysmex Corp.		491		29,642
Teleflex, Inc.		136		33,950
Terumo Corp.		1,851		52,477
Zimmer Biomet Holdings, Inc.		608		77,520
				3,460,500
HEALTH CARE PROVIDERS & SERVICES–1.5%
AmerisourceBergen Corp.		451		74,735
Amplifon SpA		360		10,749
Cardinal Health, Inc.		789		60,650
Centene Corp.(a)		1,656		135,809
Cigna Corp.		884		292,905
CVS Health Corp.		3,803		354,402
DaVita, Inc.(a)		159		11,872
Elevance Health, Inc.		696		357,027

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Fresenius Medical Care AG & Co. KGaA		595	$	19,434
Fresenius SE & Co. KGaA		1,223		34,161
HCA Healthcare, Inc.		665		159,573
Henry Schein, Inc.(a)		394		31,469
Humana, Inc.		367		187,974
Laboratory Corp. of America Holdings		262		61,696
McKesson Corp.		417		156,425
Molina Healthcare, Inc.(a)		169		55,807
Quest Diagnostics, Inc.		338		52,877
Ramsay Health Care Ltd.(b)		530		23,273
Sonic Healthcare Ltd.		1,321		26,884
UnitedHealth Group, Inc.		2,710		1,436,788
Universal Health Services, Inc.–Class B		191		26,910
				3,571,420
HEALTH CARE TECHNOLOGY–0.1%
M3, Inc.		1,230		33,411
Veeva Systems, Inc.–Class A(a)		406		65,520
				98,931
LIFE SCIENCES TOOLS & SERVICES–0.9%
Agilent Technologies, Inc.		858		128,400
Bachem Holding AG (REG)(b)		96		8,330
Bio-Rad Laboratories, Inc.–Class A(a)		65		27,332
Bio-Techne Corp.		452		37,462
Charles River Laboratories International, Inc.(a)		148		32,249
Danaher Corp.		2,002		531,371
Eurofins Scientific SE		390		28,001
Illumina, Inc.(a)		456		92,203
IQVIA Holdings, Inc.(a)		541		110,846
Lonza Group AG (REG)		216		106,029
Mettler-Toledo International, Inc.(a)		66		95,400
PerkinElmer, Inc.		366		51,321
QIAGEN NV(a)		659		33,128
Repligen Corp.(a)		153		25,904
Sartorius AG (Preference Shares)		71		28,036
Sartorius Stedim Biotech		81		26,322
Thermo Fisher Scientific, Inc.		1,135		625,033
Waters Corp.(a)		174		59,609
West Pharmaceutical Services, Inc.		215		50,600
				2,097,576
PHARMACEUTICALS–3.6%
Astellas Pharma, Inc.		5,285		80,362
AstraZeneca PLC		4,488		607,313
Bayer AG (REG)		2,846		146,484

Company	Shares		U.S. $ Value
Bristol-Myers Squibb Co.		6,185	$	445,011
Catalent, Inc.(a)		495		22,280
Chugai Pharmaceutical Co., Ltd.		1,883		48,029
Daiichi Sankyo Co., Ltd.		5,058		162,800
Eisai Co., Ltd.		745		49,134
Elanco Animal Health, Inc.(a)		1,235		15,092
Eli Lilly & Co.		2,340		856,066
GSK PLC		11,781		203,614
Hikma Pharmaceuticals PLC		478		8,908
Ipsen SA		110		11,832
Jazz Pharmaceuticals PLC(a)		182		28,994
Johnson & Johnson		7,616		1,345,366
Kyowa Kirin Co., Ltd.		705		16,147
Merck & Co., Inc.		7,338		814,151
Merck KGaA		375		72,353
Nippon Shinyaku Co., Ltd.		106		6,015
Novartis AG (REG)		6,266		567,057
Novo Nordisk A/S–Class B		4,795		651,236
Ono Pharmaceutical Co., Ltd.		994		23,233
Orion Oyj–Class B		309		16,940
Otsuka Holdings Co., Ltd.		1,078		35,156
Pfizer, Inc.		16,257		833,009
Recordati Industria Chimica e Farmaceutica SpA		303		12,595
Roche Holding AG (BR)		78		30,225
Roche Holding AG (Genusschein)		2,035		639,473
Royalty Pharma PLC–Class A		1,013		40,034
Sanofi		3,304		318,593
Shionogi & Co., Ltd.		759		37,869
Takeda Pharmaceutical Co., Ltd.		4,343		135,704
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		3,216		29,330
UCB SA		366		28,838
Viatris, Inc.		3,512		39,089
Zoetis, Inc.		1,356		198,722
				8,577,054
				20,877,870
FINANCIALS–8.7%
BANKS–3.8%
ABN AMRO Bank NV(c)		1,169		16,188
AIB Group PLC		3,097		11,888
ANZ Group Holdings Ltd.		8,660		139,503
Banco Bilbao Vizcaya Argentaria SA		17,574		105,853
Banco Santander SA		48,646		145,457
Bank Hapoalim BM		3,632		32,702
Bank Leumi Le-Israel BM		4,471		37,238
Bank of America Corp.		20,822		689,625

11

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

Company	Shares		U.S. $ Value
Bank of Ireland Group PLC		3,100	$	29,541
Bank of Montreal		1,945		176,199
Bank of Nova Scotia (The)		3,465		169,770
Banque Cantonale Vaudoise (REG)		87		8,341
Barclays PLC		46,561		88,597
BNP Paribas SA		3,218		183,230
BOC Hong Kong Holdings Ltd.		10,031		34,053
CaixaBank SA		12,841		50,347
Canadian Imperial Bank of Commerce		2,620		105,980
Chiba Bank Ltd. (The)		1,514		11,046
Citigroup, Inc.		5,610		253,740
Citizens Financial Group, Inc.		1,435		56,496
Commerzbank AG(a)		3,083		28,825
Commonwealth Bank of Australia(b)		4,929		342,343
Concordia Financial Group Ltd.		3,121		13,031
Credit Agricole SA		3,505		36,870
Danske Bank A/S		1,997		39,387
DBS Group Holdings Ltd.		5,175		130,988
DNB Bank ASA		2,694		53,207
Erste Group Bank AG		996		31,867
Fifth Third Bancorp		1,987		65,193
FinecoBank Banca Fineco SpA		1,767		29,343
First Citizens BancShares, Inc./NC–Class A		35		26,543
First Horizon Corp.		1,554		38,073
First Republic Bank/CA		530		64,602
Hang Seng Bank Ltd.		1,305		21,645
HSBC Holdings PLC		57,838		358,453
Huntington Bancshares, Inc./OH		4,177		58,896
ING Groep NV		10,912		132,921
Intesa Sanpaolo SpA		48,391		107,206
Israel Discount Bank Ltd.–Class A		3,583		18,810
Japan Post Bank Co., Ltd.(b)		1,118		9,585
JPMorgan Chase & Co.		8,495		1,139,179
KBC Group NV		725		46,679
KeyCorp		2,701		47,051
Lloyds Banking Group PLC		197,551		107,806
M&T Bank Corp.		509		73,836
Mediobanca Banca di Credito Finanziario SpA		1,753		16,845
Mitsubishi UFJ Financial Group, Inc.		34,587		232,197
Mizrahi Tefahot Bank Ltd.		446		14,395
Mizuho Financial Group, Inc.		6,954		97,970
National Australia Bank Ltd.(b)		9,173		186,245
National Bank of Canada(b)		975		65,694

Company	Shares		U.S. $ Value
NatWest Group PLC		15,394	$	49,095
Nordea Bank Abp (Stockholm)		9,738		104,313
Oversea-Chinese Banking Corp., Ltd.		9,327		84,839
PNC Financial Services Group, Inc. (The)		1,188		187,633
Regions Financial Corp.		2,706		58,341
Resona Holdings, Inc.		6,222		34,174
Royal Bank of Canada(b)		4,031		378,985
Shizuoka Financial Group, Inc.		1,194		9,568
Signature Bank/New York NY		183		21,085
Skandinaviska Enskilda Banken AB–Class A		4,680		53,880
Societe Generale SA		2,338		58,646
Standard Chartered PLC		7,242		54,015
Sumitomo Mitsui Financial Group, Inc.		3,733		150,188
Sumitomo Mitsui Trust Holdings, Inc.		917		31,999
SVB Financial Group(a)		172		39,584
Svenska Handelsbanken AB–Class A		4,224		42,527
Swedbank AB–Class A		2,623		44,615
Toronto-Dominion Bank (The)		5,268		341,097
Truist Financial Corp.		3,842		165,321
UniCredit SpA		5,564		78,951
United Overseas Bank Ltd.		2,692		61,662
US Bancorp		4,088		178,278
Webster Financial Corp.		509		24,096
Wells Fargo & Co.		10,987		453,653
Westpac Banking Corp.		10,141		160,547
				8,848,571
CAPITAL MARKETS–1.9%
3i Group PLC		2,770		44,673
Abrdn PLC(b)		6,232		14,162
Ameriprise Financial, Inc.		314		97,770
Amundi SA(c)		177		10,037
Ares Management Corp.–Class A		448		30,661
ASX Ltd.(b)		561		25,838
Bank of New York Mellon Corp. (The)		2,224		101,236
BlackRock, Inc.		437		309,671
Blackstone, Inc.		2,033		150,828
Brookfield Asset Management Ltd.–Class A(a)		1,014		29,035
Brookfield Corp.		4,058		127,614
Carlyle Group, Inc. (The)		575		17,158
Cboe Global Markets, Inc.		307		38,519
Charles Schwab Corp. (The)		4,212		350,691
CME Group, Inc.		1,041		175,055
Credit Suisse Group AG (REG)		12,613		37,655

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Daiwa Securities Group, Inc.		3,863	$	17,070
Deutsche Bank AG (REG)		5,986		67,292
Deutsche Boerse AG		551		94,877
EQT AB(b)		863		18,335
Euronext NV(c)		248		18,360
FactSet Research Systems, Inc.		110		44,133
Franklin Resources, Inc.		866		22,845
Futu Holdings Ltd. (ADR)(a)(b)		150		6,098
Goldman Sachs Group, Inc. (The)		989		339,603
Hargreaves Lansdown PLC		1,030		10,607
Hong Kong Exchanges & Clearing Ltd.		3,590		154,263
IGM Financial, Inc.(b)		240		6,700
Intercontinental Exchange, Inc.		1,618		165,991
Invesco Ltd.		988		17,774
Japan Exchange Group, Inc.		1,388		20,005
Julius Baer Group Ltd.		619		36,026
KKR & Co., Inc.		1,619		75,154
London Stock Exchange Group PLC		953		81,883
LPL Financial Holdings, Inc.		231		49,935
Macquarie Group Ltd.		1,064		120,113
MarketAxess Holdings, Inc.		109		30,399
Moody’s Corp.		479		133,459
Morgan Stanley		3,730		317,125
MSCI, Inc.		234		108,850
Nasdaq, Inc.		999		61,289
Nomura Holdings, Inc.		8,421		31,204
Northern Trust Corp.		574		50,793
Onex Corp.(b)		210		10,126
Partners Group Holding AG		66		58,442
Raymond James Financial, Inc.		563		60,157
S&P Global, Inc.		987		330,586
SBI Holdings, Inc./Japan(b)		695		13,242
Schroders PLC		2,118		11,129
SEI Investments Co.		334		19,472
Singapore Exchange Ltd.		1,635		10,933
St. James’s Place PLC		1,575		20,748
State Street Corp.		1,065		82,612
T. Rowe Price Group, Inc.		654		71,325
TMX Group Ltd.		161		16,114
Tradeweb Markets, Inc.–Class A		311		20,193
UBS Group AG (REG)		9,698		180,249
				4,566,114
CONSUMER FINANCE–0.2%
Ally Financial, Inc.		893		21,834
American Express Co.		1,846		272,746
Capital One Financial Corp.		1,112		103,372

Company	Shares		U.S. $ Value
Discover Financial Services		792	$	77,481
Synchrony Financial		1,395		45,840
				521,273
DIVERSIFIED FINANCIAL SERVICES–0.7%
Apollo Global Management, Inc.		1,158		73,869
Berkshire Hathaway, Inc.–Class B(a)		3,769		1,164,244
Element Fleet Management Corp.(b)		1,142		15,561
Equitable Holdings, Inc.		1,088		31,226
Eurazeo SE		126		7,844
EXOR NV(a)		314		22,989
Groupe Bruxelles Lambert NV		288		23,016
Industrivarden AB–Class A		377		9,170
Industrivarden AB–Class C		446		10,821
Investor AB–Class A		1,444		26,865
Investor AB–Class B		5,277		95,519
Kinnevik AB–Class B(a)(b)		702		9,662
L E Lundbergforetagen AB–Class B		220		9,379
M&G PLC		7,277		16,455
Mitsubishi HC Capital, Inc.		1,823		8,967
ORIX Corp.		3,431		54,919
Sofina SA(b)		45		9,936
Wendel SE		77		7,193
				1,597,635
INSURANCE–2.1%
Admiral Group PLC		521		13,374
Aegon NV		5,175		26,220
Aflac, Inc.		1,739		125,104
Ageas SA/NV		467		20,722
AIA Group Ltd.		33,637		371,466
Allianz SE (REG)		1,183		252,639
Allstate Corp. (The)		783		106,175
American Financial Group, Inc./OH		210		28,829
American International Group, Inc.		2,203		139,318
Aon PLC–Class A		611		183,385
Arch Capital Group Ltd.(a)		1,069		67,112
Arthur J Gallagher & Co.		608		114,632
Assicurazioni Generali SpA		3,217		57,206
Assurant, Inc.		154		19,259
Aviva PLC		8,118		43,063
AXA SA		5,414		150,810
Baloise Holding AG (REG)		133		20,509
Brown & Brown, Inc.		695		39,594
Chubb Ltd.		1,210		266,926
Cincinnati Financial Corp.		438		44,847
Dai-ichi Life Holdings, Inc.		2,813		63,527
Erie Indemnity Co.–Class A		74		18,405
Everest Re Group Ltd.		115		38,096
Fairfax Financial Holdings Ltd.		67		39,689

13

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

Company	Shares		U.S. $ Value
Fidelity National Financial, Inc.		768	$	28,892
Gjensidige Forsikring ASA		579		11,356
Globe Life, Inc.		268		32,307
Great-West Lifeco, Inc.		797		18,424
Hannover Rueck SE		175		34,529
Hartford Financial Services Group, Inc. (The)		936		70,977
iA Financial Corp., Inc.		307		17,973
Insurance Australia Group Ltd.		7,140		22,953
Intact Financial Corp.		509		73,271
Japan Post Holdings Co., Ltd.		6,867		57,779
Japan Post Insurance Co., Ltd.		492		8,653
Legal & General Group PLC		17,300		51,868
Lincoln National Corp.		468		14,377
Loews Corp.		593		34,590
Manulife Financial Corp.		5,522		98,491
Markel Corp.(a)		40		52,700
Marsh & McLennan Cos., Inc.		1,446		239,284
Medibank Pvt Ltd.		7,977		15,914
MetLife, Inc.		1,964		142,135
MS&AD Insurance Group Holdings, Inc.		1,292		41,305
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		406		131,329
NN Group NV		808		33,041
Phoenix Group Holdings PLC		2,172		15,911
Poste Italiane SpA(c)		1,513		14,761
Power Corp. of Canada(b)		1,600		37,637
Principal Financial Group, Inc.		722		60,590
Progressive Corp. (The)		1,694		219,729
Prudential Financial, Inc.		1,078		107,218
Prudential PLC		7,963		108,578
QBE Insurance Group Ltd.		4,296		38,972
Sampo Oyj–Class A		1,390		72,599
Sompo Holdings, Inc.		891		39,421
Sun Life Financial, Inc.		1,698		78,818
Suncorp Group Ltd.		3,657		29,800
Swiss Life Holding AG (REG)		90		46,391
Swiss Re AG		874		81,720
T&D Holdings, Inc.		1,496		21,415
Tokio Marine Holdings, Inc.		5,312		113,477
Travelers Cos., Inc. (The)		688		128,993
Tryg A/S		1,042		24,764
Willis Towers Watson PLC		319		78,021
WR Berkley Corp.		615		44,630
Zurich Insurance Group AG		436		208,442
				5,054,942

Company	Shares		U.S. $ Value
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)–0.0%
Annaly Capital Management, Inc.		1,355	$	28,563
				20,617,098
INDUSTRIALS–6.5%
AEROSPACE & DEFENSE–1.0%
Airbus SE		1,712		203,561
BAE Systems PLC		9,067		93,648
Boeing Co. (The)(a)		1,634		311,261
CAE, Inc.(a)		920		17,795
Dassault Aviation SA		73		12,380
Elbit Systems Ltd.		77		12,523
General Dynamics Corp.		676		167,722
HEICO Corp.		127		19,512
HEICO Corp.–Class A		213		25,528
Howmet Aerospace, Inc.		1,083		42,681
Huntington Ingalls Industries, Inc.		116		26,759
Kongsberg Gruppen ASA		257		10,939
L3Harris Technologies, Inc.		555		115,557
Lockheed Martin Corp.		692		336,651
MTU Aero Engines AG		155		33,346
Northrop Grumman Corp.		426		232,430
Raytheon Technologies Corp.		4,277		431,635
Rheinmetall AG		127		25,283
Rolls-Royce Holdings PLC(a)		24,237		27,072
Safran SA		990		124,001
Singapore Technologies Engineering Ltd.		3,908		9,779
Textron, Inc.		613		43,400
Thales SA		309		39,481
TransDigm Group, Inc.		150		94,447
				2,457,391
AIR FREIGHT & LOGISTICS–0.3%
CH Robinson Worldwide, Inc.		357		32,687
Deutsche Post AG (REG)		2,871		107,452
DSV A/S		543		85,868
Expeditors International of Washington, Inc.		474		49,258
FedEx Corp.		716		124,011
Kuehne & Nagel International AG (REG)		158		36,732
Nippon Express Holdings, Inc.(b)		241		13,763
SG Holdings Co., Ltd.		752		10,427
United Parcel Service, Inc.–Class B		2,120		368,541
Yamato Holdings Co., Ltd.(b)		796		12,614
				841,353

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
AIRLINES–0.0%
Air Canada(a)		509	$	7,289
ANA Holdings, Inc.(a)		395		8,365
Delta Air Lines, Inc.(a)		464		15,247
Deutsche Lufthansa AG (REG)(a)		1,731		14,269
Japan Airlines Co., Ltd.(a)		358		7,292
Qantas Airways Ltd.(a)		2,676		10,832
Singapore Airlines Ltd.(b)		2,936		12,122
Southwest Airlines Co.(a)		429		14,444
				89,860
BUILDING PRODUCTS–0.4%
A O Smith Corp.		372		21,293
AGC, Inc.(b)		522		17,323
Allegion PLC		255		26,841
Assa Abloy AB–Class B		2,903		62,441
Carlisle Cos., Inc.		150		35,348
Carrier Global Corp.		2,438		100,567
Cie de Saint-Gobain		1,431		70,006
Daikin Industries Ltd.(b)		719		109,082
Fortune Brands Innovations, Inc.		375		21,416
Geberit AG (REG)		104		49,096
Johnson Controls International PLC		1,995		127,680
Kingspan Group PLC		447		24,202
Lennox International, Inc.		93		22,248
Lixil Corp.		772		11,639
Masco Corp.		653		30,476
Nibe Industrier AB–Class B		4,389		40,966
Otis Worldwide Corp.		1,217		95,303
Owens Corning		279		23,799
ROCKWOOL A/S–Class B		26		6,087
TOTO Ltd.(b)		361		12,245
Xinyi Glass Holdings Ltd.		5,186		9,582
				917,640
COMMERCIAL SERVICES & SUPPLIES–0.3%
Brambles Ltd.		4,017		32,942
Cintas Corp.		264		119,228
Copart, Inc.(a)		1,239		75,443
Dai Nippon Printing Co., Ltd.		566		11,371
GFL Environmental, Inc.		527		15,389
Rentokil Initial PLC		7,267		44,647
Republic Services, Inc.		641		82,682
Ritchie Bros Auctioneers, Inc.		321		18,541
Rollins, Inc.		642		23,459
Secom Co., Ltd.		570		32,523
Securitas AB–Class B		1,425		11,891
TOPPAN, Inc.		736		10,869
Waste Connections, Inc.		745		98,757
Waste Management, Inc.		1,193		187,158
				764,900

Company	Shares		U.S. $ Value
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA(b)		627	$	17,941
Bouygues SA		664		19,914
Eiffage SA		242		23,804
Epiroc AB–Class A		1,908		34,743
Epiroc AB–Class B		1,129		18,162
Ferrovial SA		1,413		36,996
Kajima Corp.		1,203		14,000
Obayashi Corp.		1,784		13,476
Quanta Services, Inc.		415		59,137
Shimizu Corp.		1,517		8,095
Skanska AB–Class B		985		15,615
Taisei Corp.		500		16,123
Vinci SA		1,558		155,312
WSP Global, Inc.(b)		360		41,767
				475,085
ELECTRICAL EQUIPMENT–0.6%
ABB Ltd. (REG)		4,552		138,734
AMETEK, Inc.		665		92,914
Eaton Corp. PLC		1,154		181,120
Emerson Electric Co.		1,713		164,551
First Solar, Inc.(a)		278		41,642
Fuji Electric Co., Ltd.		330		12,454
Generac Holdings, Inc.(a)		185		18,622
Hubbell, Inc.		156		36,610
Legrand SA		773		61,980
Mitsubishi Electric Corp.		5,558		55,074
Nidec Corp.		1,283		66,022
Plug Power, Inc.(a)(b)		1,508		18,654
Prysmian SpA		738		27,421
Rockwell Automation, Inc.		335		86,286
Schneider Electric SE		1,572		220,763
Sensata Technologies Holding PLC		450		18,171
Siemens Energy AG(a)		1,262		23,695
Vestas Wind Systems A/S		2,925		85,324
				1,350,037
INDUSTRIAL CONGLOMERATES–0.7%
3M Co.		1,604		192,352
CK Hutchison Holdings Ltd.		7,047		42,218
DCC PLC		286		14,063
General Electric Co.		3,176		266,117
Hitachi Ltd.		2,822		141,993
Honeywell International, Inc.		1,952		418,314
Investment AB Latour–Class B(b)		428		8,094
Jardine Cycle & Carriage Ltd.(b)		1,000		21,352
Jardine Matheson Holdings Ltd.		640		32,557

15

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

Company	Shares		U.S. $ Value
Keppel Corp., Ltd.(b)		3,974	$	21,552
Lifco AB–Class B		675		11,298
Melrose Industries PLC		11,743		18,919
Siemens AG (REG)		2,216		305,478
Smiths Group PLC		1,049		20,132
Toshiba Corp.		1,145		39,788
				1,554,227
MACHINERY–1.2%
Alfa Laval AB		839		24,270
Alstom SA		926		22,656
Atlas Copco AB–Class A		7,780		92,181
Atlas Copco AB–Class B		4,521		48,238
Caterpillar, Inc.		1,530		366,527
CNH Industrial NV		2,964		47,548
Cummins, Inc.		409		99,097
Daifuku Co., Ltd.		302		14,077
Daimler Truck Holding AG(a)		1,311		40,302
Deere & Co.		841		360,587
Dover Corp.		416		56,331
FANUC Corp.		608		90,985
Fortive Corp.		979		62,901
GEA Group AG		439		17,853
Hitachi Construction Machinery Co., Ltd.		258		5,750
Hoshizaki Corp.(b)		302		10,619
Husqvarna AB–Class B(b)		1,215		8,533
IDEX Corp.		219		50,004
Illinois Tool Works, Inc.		897		197,609
Indutrade AB		791		16,041
Ingersoll Rand, Inc.		1,168		61,028
Knorr-Bremse AG		210		11,424
Komatsu Ltd.		2,600		56,197
Kone Oyj–Class B		984		50,943
Kubota Corp.		2,951		40,315
Kurita Water Industries Ltd.(b)		279		11,524
Makita Corp.(b)		595		13,861
MINEBEA MITSUMI, Inc.		1,033		15,305
MISUMI Group, Inc.		730		15,866
Mitsubishi Heavy Industries Ltd.		863		34,103
NGK Insulators Ltd.		596		7,556
Nordson Corp.		150		35,658
PACCAR, Inc.		1,007		99,663
Parker-Hannifin Corp.		372		108,252
Pentair PLC		476		21,410
Rational AG		15		8,907
Sandvik AB		3,088		55,805
Schindler Holding AG		118		22,194
Schindler Holding AG (REG)		68		12,264
SKF AB–Class B		1,110		16,954
SMC Corp.		210		87,686
Snap-on, Inc.		155		35,416
Spirax-Sarco Engineering PLC		214		27,334

Company	Shares		U.S. $ Value
Stanley Black & Decker, Inc.		428	$	32,151
Techtronic Industries Co., Ltd.		3,244		36,031
Toyota Industries Corp.		406		22,056
Trane Technologies PLC		669		112,452
VAT Group AG(c)		79		21,687
Volvo AB–Class A		580		11,012
Volvo AB–Class B		4,371		78,956
Wartsila OYJ Abp		1,371		11,560
Westinghouse Air Brake Technologies Corp.		501		50,005
Xylem, Inc./NY		522		57,718
				2,915,402
MARINE–0.1%
AP Moller–Maersk A/S–Class A		9		19,835
AP Moller–Maersk A/S–Class B		15		33,579
Mitsui OSK Lines Ltd.(b)		917		22,914
Nippon Yusen KK(b)		1,389		32,754
SITC International Holdings Co., Ltd.		3,000		6,649
ZIM Integrated Shipping Services Ltd.(b)		243		4,177
				119,908
PROFESSIONAL SERVICES–0.5%
Adecco Group AG (REG)		463		15,230
Booz Allen Hamilton Holding Corp.		384		40,136
Bureau Veritas SA		851		22,427
Clarivate PLC(a)		877		7,314
CoStar Group, Inc.(a)		1,147		88,640
Equifax, Inc.		355		68,998
Experian PLC		2,666		90,293
Intertek Group PLC		467		22,721
Jacobs Solutions, Inc.		370		44,426
Leidos Holdings, Inc.		376		39,552
Nihon M&A Center Holdings, Inc.		797		9,807
Persol Holdings Co., Ltd.		481		10,231
Randstad NV(b)		346		21,141
Recruit Holdings Co., Ltd.		4,186		131,030
RELX PLC (London)		5,560		153,723
Robert Half International, Inc.		318		23,478
SGS SA (REG)		19		44,257
Teleperformance		172		41,119
Thomson Reuters Corp.		490		55,898
TransUnion		558		31,667
Verisk Analytics, Inc.		455		80,271
Wolters Kluwer NV		761		79,627
				1,121,986
ROAD & RAIL–0.7%
Aurizon Holdings Ltd.		5,331		13,506

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Canadian National Railway Co.		1,702	$	202,178
Canadian Pacific Railway Ltd. (Canada)(b)		2,694		200,856
Central Japan Railway Co.		407		49,971
CSX Corp.		6,202		192,138
East Japan Railway Co.(b)		893		50,863
Grab Holdings Ltd.–Class A(a)		3,203		10,314
Hankyu Hanshin Holdings, Inc.		638		18,902
JB Hunt Transport Services, Inc.		241		42,021
Keio Corp.(b)		316		11,575
Keisei Electric Railway Co., Ltd.(b)		351		9,972
Kintetsu Group Holdings Co., Ltd.(b)		428		14,131
Knight-Swift Transportation Holdings, Inc.		442		23,165
MTR Corp., Ltd.		3,764		19,907
Norfolk Southern Corp.		681		167,812
Odakyu Electric Railway Co., Ltd.		826		10,697
Old Dominion Freight Line, Inc.		276		78,323
TFI International, Inc.(b)		231		23,136
Tobu Railway Co., Ltd.(b)		482		11,243
Tokyu Corp.(b)		1,453		18,299
U-Haul Holding Co.		256		14,075
Uber Technologies, Inc.(a)		4,301		106,364
Union Pacific Corp.		1,809		374,590
West Japan Railway Co.		648		28,136
				1,692,174
TRADING COMPANIES & DISTRIBUTORS–0.4%
AerCap Holdings NV(a)		392		22,862
Ashtead Group PLC		1,276		72,483
Brenntag SE		448		28,571
Bunzl PLC		978		32,538
Fastenal Co.		1,665		78,788
Ferguson PLC		604		76,690
ITOCHU Corp.		3,401		106,699
Marubeni Corp.		4,408		50,498
Mitsubishi Corp.		3,611		117,230
Mitsui & Co., Ltd.		4,131		120,318
MonotaRO Co., Ltd.(b)		632		8,902
Reece Ltd.(b)		654		6,252
Sumitomo Corp.		3,189		53,011
Toromont Industries Ltd.		238		17,175
Toyota Tsusho Corp.		592		21,776
United Rentals, Inc.(a)		203		72,150
WW Grainger, Inc.		133		73,981
				959,924
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(a)(c)		218		27,328

Company	Shares		U.S. $ Value
Aeroports de Paris(a)		86	$	11,522
Auckland International Airport Ltd.(a)		3,625		17,978
Getlink SE		1,274		20,401
Transurban Group		8,905		78,345
				155,574
				15,415,461
CONSUMER DISCRETIONARY–6.2%
AUTO COMPONENTS–0.2%
Aisin Corp.		343		9,095
Aptiv PLC(a)		785		73,107
BorgWarner, Inc.		686		27,611
Bridgestone Corp.(b)		1,668		59,059
Cie Generale des Etablissements Michelin SCA		1,965		54,740
Continental AG		319		19,017
Denso Corp.		1,260		61,790
Koito Manufacturing Co., Ltd.		562		8,378
Lear Corp.		172		21,331
Magna International, Inc.		795		44,659
Sumitomo Electric Industries Ltd.		2,019		22,812
Valeo		597		10,667
				412,266
AUTOMOBILES–1.0%
Bayerische Motoren Werke AG		959		84,905
Bayerische Motoren Werke AG (Preference Shares)		172		14,515
Dr Ing hc F Porsche AG (Preference Shares)(a)		330		33,301
Ferrari NV		365		78,270
Ford Motor Co.		11,439		133,036
General Motors Co.		4,003		134,661
Honda Motor Co., Ltd.		4,623		105,446
Isuzu Motors Ltd.		1,612		18,688
Lucid Group, Inc.(a)(b)		1,211		8,271
Mazda Motor Corp.		1,565		11,731
Mercedes-Benz Group AG		2,324		151,978
Nissan Motor Co., Ltd.		6,679		20,901
Porsche Automobil Holding SE (Preference Shares)		444		24,214
Renault SA(a)		556		18,553
Rivian Automotive, Inc.–Class A(a)(b)		920		16,956
Stellantis NV (Milan)		6,374		90,577
Subaru Corp.		1,781		26,964
Suzuki Motor Corp.		1,081		34,622
Tesla, Inc.(a)		7,715		950,334
Toyota Motor Corp.(b)		30,670		418,417
Volkswagen AG		86		13,491
Volkswagen AG (Preference Shares)		538		66,739

17

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

Company	��            Shares		U.S. $ Value
Volvo Car AB–Class B(a)(b)		1,726	$	7,859
Yamaha Motor Co., Ltd.(b)		795		17,968
				2,482,397
DISTRIBUTORS–0.1%
D’ieteren Group		72		13,818
Genuine Parts Co.		408		70,792
LKQ Corp.		755		40,324
Pool Corp.		115		34,768
				159,702
DIVERSIFIED CONSUMER SERVICES–0.0%
IDP Education Ltd.(b)		604		11,131
HOTELS, RESTAURANTS & LEISURE–1.1%
Accor SA(a)		495		12,349
Airbnb, Inc.–Class A(a)		1,099		93,964
Aramark		672		27,780
Aristocrat Leisure Ltd.		1,733		35,710
Booking Holdings, Inc.(a)		115		231,757
Caesars Entertainment, Inc.(a)		621		25,834
Carnival Corp.(a)		2,859		23,044
Chipotle Mexican Grill, Inc.(a)		81		112,387
Compass Group PLC		5,115		118,116
Darden Restaurants, Inc.		355		49,107
Domino’s Pizza, Inc.		104		36,026
Entain PLC		1,705		27,152
Evolution AB(c)		530		51,624
Expedia Group, Inc.(a)		441		38,632
Flutter Entertainment PLC(a)		484		66,323
Galaxy Entertainment Group Ltd.		5,343		35,128
Genting Singapore Ltd.(b)		16,869		12,039
Hilton Worldwide Holdings, Inc.		795		100,456
InterContinental Hotels Group PLC		533		30,583
La Francaise des Jeux SAEM(c)		304		12,232
Las Vegas Sands Corp.(a)		996		47,878
Lottery Corp. Ltd. (The)(a)		6,447		19,651
Marriott International, Inc./MD–Class A		799		118,963
McDonald’s Corp.		2,131		561,582
McDonald’s Holdings Co. Japan Ltd.(b)		192		7,297
MGM Resorts International		911		30,546
Oriental Land Co., Ltd./Japan		581		84,550
Restaurant Brands International, Inc.(b)		842		54,456
Royal Caribbean Cruises Ltd.(a)		665		32,871

Company	Shares		U.S. $ Value
Sands China Ltd.(a)		7,020	$	23,027
Sodexo SA		256		24,494
Starbucks Corp.		3,324		329,741
Vail Resorts, Inc.		117		27,887
Whitbread PLC		585		18,087
Wynn Resorts Ltd.(a)(b)		313		25,813
Yum! Brands, Inc.		824		105,538
				2,652,624
HOUSEHOLD DURABLES–0.3%
Barratt Developments PLC		2,961		14,143
Berkeley Group Holdings PLC		316		14,406
DR Horton, Inc.		953		84,951
Electrolux AB–Class B(b)		636		8,593
Garmin Ltd.		447		41,254
Iida Group Holdings Co., Ltd.		411		6,240
Lennar Corp.–Class A		739		66,880
Mohawk Industries, Inc.(a)		147		15,026
Newell Brands, Inc.		1,138		14,885
NVR, Inc.(a)		10		46,126
Open House Group Co., Ltd.(b)		200		7,282
Panasonic Holdings Corp.		6,371		53,319
Persimmon PLC		924		13,548
PulteGroup, Inc.		670		30,505
SEB SA		72		6,041
Sekisui Chemical Co., Ltd.		983		13,701
Sekisui House Ltd.		1,689		29,944
Sharp Corp./Japan(b)		597		4,288
Sony Group Corp.		3,634		276,989
Taylor Wimpey PLC		10,230		12,529
Whirlpool Corp.		158		22,351
				783,001
INTERNET & DIRECT MARKETING RETAIL–1.2%
Amazon.com, Inc.(a)		26,558		2,230,872
Chewy, Inc.–Class A(a)(b)		269		9,974
Delivery Hero SE(a)(c)		492		23,611
DoorDash, Inc.–Class A(a)		674		32,905
eBay, Inc.		1,591		65,979
Etsy, Inc.(a)		367		43,959
Just Eat Takeaway.com NV(a)(c)		529		11,259
MercadoLibre, Inc.(a)		132		111,704
Prosus NV		2,403		165,911
Rakuten Group, Inc.(a)(b)		2,513		11,326
Zalando SE(a)(c)		648		22,813
ZOZO, Inc.		271		6,693
				2,737,006
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.(b)		579		36,291
BRP, Inc.(b)		105		8,005
Hasbro, Inc.		380		23,184

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Shimano, Inc.(b)		260	$	41,085
Yamaha Corp.(b)		394		14,621
				123,186
MULTILINE RETAIL–0.4%
Canadian Tire Corp., Ltd.–Class A(b)		161		16,825
Cie Financiere Richemont SA (REG)		1,512		196,046
Dollar General Corp.		654		161,048
Dollar Tree, Inc.(a)		649		91,795
Dollarama, Inc.		798		46,672
Next PLC		370		25,926
Pan Pacific International Holdings Corp.		1,071		19,893
Target Corp.		1,334		198,819
Wesfarmers Ltd.(b)		3,285		102,450
				859,474
SPECIALTY RETAIL–1.1%
Advance Auto Parts, Inc.		174		25,583
AutoZone, Inc.(a)		57		140,572
Bath & Body Works, Inc.		661		27,855
Best Buy Co., Inc.		587		47,083
Burlington Stores, Inc.(a)		190		38,524
CarMax, Inc.(a)		461		28,070
Dynatrace, Inc.(a)		582		22,291
Fast Retailing Co., Ltd.(b)		219		133,269
H & M Hennes & Mauritz AB–Class B(b)		2,115		22,792
Hikari Tsushin, Inc.		86		12,105
Home Depot, Inc. (The)		2,966		936,841
Industria de Diseno Textil SA		3,159		83,906
JD Sports Fashion PLC		7,470		11,352
Kingfisher PLC		5,699		16,192
Lowe’s Cos., Inc.		1,798		358,234
Nitori Holdings Co., Ltd.(b)		213		27,831
O’Reilly Automotive, Inc.(a)		184		155,302
Ross Stores, Inc.		1,014		117,695
TJX Cos., Inc. (The)		3,363		267,695
Tractor Supply Co.		322		72,440
Ulta Beauty, Inc.(a)		149		69,891
USS Co., Ltd.		553		8,774
				2,624,297
TEXTILES, APPAREL & LUXURY GOODS–0.7%
adidas AG		501		67,899
Burberry Group PLC		1,135		27,594
EssilorLuxottica SA		843		152,526
Gildan Activewear, Inc.		529		14,487
Hermes International		92		142,402
Kering SA		217		110,437
Lululemon Athletica, Inc.(a)		337		107,968
LVMH Moet Hennessy Louis Vuitton SE		796		579,243
Moncler SpA		594		31,563

Company	Shares		U.S. $ Value
NIKE, Inc.–Class B		3,660	$	428,257
Pandora A/S		263		18,589
Puma SE		306		18,496
Swatch Group AG (The)		84		23,875
Swatch Group AG (The) (REG)		152		7,904
VF Corp.		956		26,395
				1,757,635
				14,602,719
CONSUMER STAPLES–4.9%
BEVERAGES–1.2%
Anheuser-Busch InBev SA/NV		2,516		151,541
Asahi Group Holdings Ltd.(b)		1,264		39,345
Brown-Forman Corp.–Class B		895		58,784
Budweiser Brewing Co. APAC Ltd.(c)		4,137		12,932
Carlsberg AS–Class B		282		37,407
Coca-Cola Co. (The)		11,900		756,959
Coca-Cola Europacific Partners PLC		595		32,915
Coca-Cola HBC AG		583		13,781
Constellation Brands, Inc.–Class A		462		107,069
Davide Campari-Milano NV		1,514		15,371
Diageo PLC		6,595		288,675
Heineken Holding NV		292		22,551
Heineken NV		751		70,738
Ito En Ltd.		176		6,405
Keurig Dr Pepper, Inc.		2,256		80,449
Kirin Holdings Co., Ltd.(b)		2,328		35,482
Molson Coors Beverage Co.–Class B		547		28,182
Monster Beverage Corp.(a)		1,145		116,252
PepsiCo, Inc.		3,973		717,762
Pernod Ricard SA		598		117,640
Remy Cointreau SA		68		11,466
Suntory Beverage & Food Ltd.		338		11,510
Treasury Wine Estates Ltd.		2,090		19,308
				2,752,524
FOOD & STAPLES RETAILING–1.0%
Aeon Co., Ltd.		1,825		38,536
Alimentation Couche-Tard, Inc.		2,368		104,059
Carrefour SA		1,719		28,752
Coles Group Ltd.		3,870		43,869
Costco Wholesale Corp.		1,284		586,146
Empire Co., Ltd.–Class A		471		12,405
Endeavour Group Ltd./Australia(b)		3,890		16,929
George Weston Ltd.		209		25,931

19

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

Company	Shares		U.S. $ Value
HelloFresh SE(a)		478	$	10,432
J Sainsbury PLC		5,092		13,355
Jeronimo Martins SGPS SA		820		17,741
Kesko Oyj–Class B		791		17,478
Kobe Bussan Co., Ltd.		396		11,413
Koninklijke Ahold Delhaize NV(b)		3,029		87,088
Kroger Co. (The)		1,969		87,778
Loblaw Cos., Ltd.		475		41,999
Metro, Inc./CN		692		38,316
Ocado Group PLC(a)(b)		1,672		12,411
Seven & i Holdings Co., Ltd.		2,212		94,798
Sysco Corp.		1,466		112,076
Tesco PLC		21,621		58,266
Walgreens Boots Alliance, Inc.		2,128		79,502
Walmart, Inc.		4,367		619,197
Welcia Holdings Co., Ltd.		240		5,594
Woolworths Group Ltd.(b)		3,516		80,289
				2,244,360
FOOD PRODUCTS–1.1%
Ajinomoto Co., Inc.(b)		1,258		38,449
Archer-Daniels-Midland Co.		1,624		150,788
Associated British Foods PLC		1,031		19,547
Barry Callebaut AG (REG)		11		21,722
Bunge Ltd.		440		43,899
Campbell Soup Co.		609		34,561
Chocoladefabriken Lindt & Spruengli AG		4		40,760
Chocoladefabriken Lindt & Spruengli AG (REG)		1		102,883
Conagra Brands, Inc.		1,392		53,870
Danone SA		1,860		98,033
General Mills, Inc.		1,726		144,725
Hershey Co. (The)		426		98,649
Hormel Foods Corp.		870		39,629
JDE Peet’s NV		291		8,417
JM Smucker Co. (The)		309		48,964
Kellogg Co.		739		52,646
Kerry Group PLC–Class A		461		41,642
Kikkoman Corp.(b)		395		20,791
Kraft Heinz Co. (The)		2,130		86,712
Lamb Weston Holdings, Inc.		417		37,263
McCormick & Co., Inc./MD		726		60,178
MEIJI Holdings Co., Ltd.		320		16,403
Mondelez International, Inc.–Class A		3,970		264,601
Mowi ASA		1,198		20,414
Nestle SA (REG)		7,966		920,148
Nisshin Seifun Group, Inc.		562		7,063
Nissin Foods Holdings Co., Ltd.		164		12,988
Orkla ASA		2,175		15,698

Company	Shares		U.S. $ Value
Salmar ASA		189	$	7,412
Saputo, Inc.(b)		726		17,973
Tyson Foods, Inc.–Class A		839		52,228
WH Group Ltd.(c)		23,359		13,624
Wilmar International Ltd.		5,113		15,929
Yakult Honsha Co., Ltd.		342		22,263
				2,630,872
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		704		56,749
Clorox Co. (The)		357		50,098
Colgate-Palmolive Co.		2,295		180,823
Essity AB–Class B		1,764		46,194
Henkel AG & Co. KGaA		301		19,344
Henkel AG & Co. KGaA (Preference Shares)		516		35,765
Kimberly-Clark Corp.		978		132,763
Procter & Gamble Co. (The)		6,910		1,047,280
Reckitt Benckiser Group PLC		2,073		143,693
Unicharm Corp.(b)		1,194		45,714
				1,758,423
PERSONAL PRODUCTS–0.4%
Beiersdorf AG		292		33,367
Estee Lauder Cos., Inc. (The)–Class A		671		166,482
Haleon PLC(a)		14,711		58,206
Kao Corp.(b)		1,393		55,303
Kobayashi Pharmaceutical Co., Ltd.(b)		138		9,459
Kose Corp.		96		10,431
L’Oreal SA		700		250,668
Shiseido Co., Ltd.(b)		1,163		57,003
Unilever PLC (London)		7,373		372,246
				1,013,165
TOBACCO–0.5%
Altria Group, Inc.		5,216		238,423
British American Tobacco PLC		6,191		244,904
Imperial Brands PLC		2,615		65,143
Japan Tobacco, Inc.(b)		3,390		68,343
Philip Morris International, Inc.		4,490		454,433
				1,071,246
				11,470,590
COMMUNICATION SERVICES–3.9%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.0%
AT&T, Inc.		20,640		379,982
BCE, Inc.(b)		211		9,271
Bezeq The Israeli Telecommunication Corp., Ltd.		6,007		10,305

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
BT Group PLC		20,131	$	27,182
Cellnex Telecom SA(c)		1,574		52,212
Charter Communications, Inc.–Class A(a)		326		110,547
Comcast Corp.–Class A		12,756		446,077
Deutsche Telekom AG (REG)		9,388		186,789
Elisa Oyj		412		21,838
HKT Trust & HKT Ltd.		10,744		13,152
Infrastrutture Wireless Italiane SpA(c)		973		9,816
Koninklijke KPN NV		9,568		29,615
Liberty Global PLC–Class A(a)		477		9,030
Liberty Global PLC–Class C(a)		821		15,952
Lumen Technologies, Inc.		2,699		14,089
Nippon Telegraph & Telephone Corp.		3,367		96,022
Orange SA		5,778		57,330
Quebecor, Inc.–Class B(b)		455		10,148
Shaw Communications, Inc.–Class B		1,381		39,788
Singapore Telecommunications Ltd.		23,333		44,736
Sirius XM Holdings, Inc.(b)		2,255		13,169
Spark New Zealand Ltd.		5,421		18,560
Swisscom AG (REG)		75		41,086
Telecom Italia SpA/Milano(a)		28,861		6,689
Telefonica Deutschland Holding AG		3,015		7,405
Telefonica SA		15,055		54,501
Telenor ASA		2,026		18,929
Telia Co. AB(b)		7,699		19,673
Telstra Group Ltd.		11,713		31,677
TELUS Corp.		1,357		26,188
United Internet AG (REG)		280		5,646
Verizon Communications, Inc.		12,165		479,301
Washington H Soul Pattinson & Co., Ltd.(b)		627		11,763
				2,318,468
ENTERTAINMENT–0.7%
Activision Blizzard, Inc.		2,266		173,462
Bollore SE		2,563		14,323
Capcom Co., Ltd.(b)		468		14,939
Electronic Arts, Inc.		806		98,477
Embracer Group AB(a)(b)		1,882		8,544
Koei Tecmo Holdings Co., Ltd.(b)		246		4,449
Konami Group Corp.		230		10,434
Liberty Media Corp-Liberty Formula One–Class C(a)		568		33,955
Live Nation Entertainment, Inc.(a)		500		34,870
Netflix, Inc.(a)		1,289		380,100
Nexon Co., Ltd.(b)		1,340		30,084

Company	Shares		U.S. $ Value
Nintendo Co., Ltd.(b)		3,160	$	132,867
ROBLOX Corp.–Class A(a)(b)		1,027		29,229
Roku, Inc.(a)		350		14,245
Sea Ltd. (ADR)(a)		944		49,116
Square Enix Holdings Co., Ltd.		218		10,121
Take-Two Interactive Software, Inc.(a)		483		50,295
Toho Co., Ltd./Tokyo(b)		296		11,410
Ubisoft Entertainment SA(a)		272		7,684
Universal Music Group NV		2,101		50,808
Walt Disney Co. (The)(a)		5,281		458,813
Warner Bros Discovery, Inc.(a)		6,680		63,326
				1,681,551
INTERACTIVE MEDIA & SERVICES–1.7%
Adevinta ASA(a)		844		5,589
Alphabet, Inc.–Class A(a)		17,368		1,532,379
Alphabet, Inc.–Class C(a)		16,067		1,425,625
Auto Trader Group PLC(c)		2,727		16,982
Kakaku.com, Inc.		296		4,749
Match Group, Inc.(a)		820		34,022
Meta Platforms, Inc.–Class A(a)		6,606		794,966
Pinterest, Inc.–Class A(a)		1,688		40,985
REA Group Ltd.(b)		153		11,507
Scout24 SE(c)		232		11,677
SEEK Ltd.(b)		976		13,876
Snap, Inc.–Class A(a)		3,231		28,917
Z Holdings Corp.(b)		7,735		19,318
ZoomInfo Technologies, Inc.(a)		759		22,853
				3,963,445
MEDIA–0.2%
CyberAgent, Inc.		1,204		10,719
Dentsu Group, Inc.(b)		626		19,638
DISH Network Corp.–Class A(a)		718		10,081
Fox Corp.–Class A		887		26,938
Fox Corp.–Class B		421		11,977
Hakuhodo DY Holdings, Inc.		581		5,831
Informa PLC		4,200		31,331
Interpublic Group of Cos., Inc. (The)		1,132		37,707
Liberty Broadband Corp.–Class C(a)		363		27,686
Liberty Media Corp.-Liberty SiriusXM–Class A(a)		213		8,373
Liberty Media Corp.-Liberty SiriusXM–Class C(a)		475		18,587
News Corp.–Class A		1,116		20,311
Omnicom Group, Inc.		593		48,371
Paramount Global–Class B		1,762		29,743

21

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

Company	Shares		U.S. $ Value
Pearson PLC		1,918	$	21,658
Publicis Groupe SA		662		42,290
Vivendi SE		2,087		19,937
WPP PLC		3,163		31,250
				422,428
WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		4,668		141,566
Rogers Communications, Inc.–Class B		1,026		48,019
SoftBank Corp.		8,287		93,756
SoftBank Group Corp.(b)		3,462		146,418
T-Mobile US, Inc.(a)		1,817		254,380
Tele2 AB–Class B		1,650		13,460
Vodafone Group PLC		76,498		77,471
				775,070
				9,160,962
ENERGY–3.5%
ENERGY EQUIPMENT & SERVICES–0.2%
Baker Hughes Co.		2,930		86,523
Halliburton Co.		2,627		103,372
Schlumberger NV		4,097		219,026
Tenaris SA		1,367		23,974
				432,895
OIL, GAS & CONSUMABLE FUELS–3.3%
Aker BP ASA		915		28,441
Ampol Ltd.		690		13,263
APA Corp.		946		44,159
ARC Resources Ltd.(b)		1,909		25,731
BP PLC		54,501		314,468
Cameco Corp.(b)		1,252		28,378
Canadian Natural Resources Ltd.(b)		3,248		180,367
Cenovus Energy, Inc.		4,017		77,937
Cheniere Energy, Inc.		651		97,624
Chesapeake Energy Corp.(b)		298		28,122
Chevron Corp.		5,387		966,913
ConocoPhillips		3,688		435,184
Coterra Energy, Inc.		2,304		56,609
Devon Energy Corp.		1,802		110,841
Diamondback Energy, Inc.		490		67,022
Enbridge, Inc.		5,865		229,229
ENEOS Holdings, Inc.		8,837		30,094
Eni SpA		7,241		102,963
EOG Resources, Inc.		1,698		219,925
EQT Corp.		964		32,612
Equinor ASA		2,759		99,159
Exxon Mobil Corp.		12,072		1,331,542
Galp Energia SGPS SA		1,451		19,575
Hess Corp.		807		114,449
HF Sinclair Corp.		471		24,440

Company	Shares		U.S. $ Value
Idemitsu Kosan Co., Ltd.(b)		524	$	12,268
Imperial Oil Ltd.		642		31,270
Inpex Corp.(b)		2,918		31,355
Keyera Corp.(b)		640		13,986
Kinder Morgan, Inc.		5,900		106,672
Marathon Oil Corp.		1,962		53,111
Marathon Petroleum Corp.		1,445		168,184
Neste Oyj		1,225		56,493
Occidental Petroleum Corp.		2,698		169,947
OMV AG		427		21,965
ONEOK, Inc.		1,294		85,016
Ovintiv, Inc. (New York)		737		37,373
Parkland Corp.(b)		452		9,918
Pembina Pipeline Corp.		1,607		54,548
Phillips 66		1,394		145,088
Pioneer Natural Resources Co.		657		150,052
Repsol SA		3,996		63,604
Santos Ltd.		9,233		45,410
Shell PLC		21,041		593,163
Suncor Energy, Inc.		3,908		123,965
Targa Resources Corp.		624		45,864
TC Energy Corp.		2,931		116,850
Texas Pacific Land Corp.		18		42,196
TotalEnergies SE		7,207		452,406
Tourmaline Oil Corp.		925		46,674
Valero Energy Corp.		1,141		144,747
Williams Cos., Inc. (The)		3,529		116,104
Woodside Energy Group Ltd.(b)		5,499		133,176
				7,750,452
				8,183,347
MATERIALS–2.8%
CHEMICALS–1.4%
Air Liquide SA		1,516		215,174
Air Products and Chemicals, Inc.		643		198,211
Akzo Nobel NV		526		35,296
Albemarle Corp.		340		73,732
Arkema SA		172		15,471
Asahi Kasei Corp.		3,575		25,449
BASF SE		2,660		130,975
Celanese Corp.		314		32,103
CF Industries Holdings, Inc.		577		49,160
Chr Hansen Holding A/S		306		22,011
Clariant AG (REG)		624		9,910
Corteva, Inc.		2,082		122,380
Covestro AG(c)		559		21,776
Croda International PLC		405		32,229
Dow, Inc.		2,080		104,811
DuPont de Nemours, Inc.		1,451		99,582
Eastman Chemical Co.		356		28,993
Ecolab, Inc.		743		108,151
EMS-Chemie Holding AG (REG)		21		14,223
Evonik Industries AG		607		11,578
FMC Corp.		365		45,552

22

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Givaudan SA (REG)		27	$	82,699
ICL Group Ltd.		2,050		14,812
IMCD NV		165		23,602
International Flavors & Fragrances, Inc.		739		77,477
Johnson Matthey PLC		530		13,545
JSR Corp.(b)		512		10,026
Koninklijke DSM NV		507		62,257
Linde PLC		1,439		469,373
LyondellBasell Industries NV–Class A		756		62,771
Mitsubishi Chemical Group Corp.		3,705		19,181
Mitsui Chemicals, Inc.		440		9,883
Mosaic Co. (The)		1,000		43,870
Nippon Paint Holdings Co., Ltd.(b)		2,322		18,237
Nippon Sanso Holdings Corp.		450		6,518
Nissan Chemical Corp.		397		17,312
Nitto Denko Corp.		414		23,844
Novozymes A/S–Class B		592		30,034
Nutrien Ltd.(b)		1,561		113,962
OCI NV		305		10,905
Orica Ltd.		1,301		13,302
PPG Industries, Inc.		681		85,629
RPM International, Inc.		374		36,446
Sherwin-Williams Co. (The)		714		169,454
Shin-Etsu Chemical Co., Ltd.		1,129		137,865
Sika AG (REG)		423		101,691
Solvay SA(b)		215		21,738
Sumitomo Chemical Co., Ltd.		4,272		15,318
Symrise AG		385		41,813
Toray Industries, Inc.		3,953		21,984
Tosoh Corp.		716		8,514
Umicore SA		606		22,289
Westlake Corp.		111		11,382
Yara International ASA		479		21,036
				3,215,536
CONSTRUCTION MATERIALS–0.1%
CRH PLC		2,187		86,977
HeidelbergCement AG		419		23,743
Holcim AG		1,606		83,132
James Hardie Industries PLC		1,290		23,218
Martin Marietta Materials, Inc.		181		61,172
Vulcan Materials Co.		385		67,417
				345,659
CONTAINERS & PACKAGING–0.2%
Amcor PLC		4,313		51,368
Avery Dennison Corp.		236		42,716

Company	Shares		U.S. $ Value
Ball Corp.		910	$	46,537
CCL Industries, Inc.–Class B(b)		430		18,369
Crown Holdings, Inc.		351		28,856
International Paper Co.		996		34,491
Packaging Corp. of America		272		34,792
Sealed Air Corp.		419		20,900
SIG Group AG		885		19,338
Smurfit Kappa Group PLC		716		26,535
Westrock Co.		736		25,878
				349,780
METALS & MINING–1.0%
Agnico Eagle Mines Ltd.(b)		1,322		68,697
Alcoa Corp.		521		23,690
Anglo American PLC		3,680		144,108
Antofagasta PLC		1,142		21,318
ArcelorMittal SA		1,525		40,233
Barrick Gold Corp. (Toronto)		5,129		87,920
BHP Group Ltd.		14,673		454,525
BlueScope Steel Ltd.		1,363		15,534
Boliden AB		792		29,749
Cleveland-Cliffs, Inc.(a)		1,498		24,133
First Quantum Minerals Ltd.		1,703		35,582
Fortescue Metals Group Ltd.(b)		4,905		68,558
Franco-Nevada Corp.		555		75,655
Freeport-McMoRan, Inc.		4,140		157,320
Glencore PLC		28,298		188,709
IGO Ltd.(b)		1,974		18,057
Ivanhoe Mines Ltd.–Class A(a)(b)		1,755		13,869
JFE Holdings, Inc.		1,378		15,990
Kinross Gold Corp.		3,765		15,349
Lundin Mining Corp.		1,892		11,612
Mineral Resources Ltd.(b)		494		25,913
Newcrest Mining Ltd.		2,586		36,262
Newmont Corp. (New York)		2,299		108,513
Nippon Steel Corp.		2,295		39,821
Norsk Hydro ASA		3,895		29,105
Northern Star Resources Ltd.(b)		3,374		25,249
Nucor Corp.		759		100,044
Pan American Silver Corp.(b)		609		9,940
Pilbara Minerals Ltd.(a)		7,348		18,607
Rio Tinto Ltd.		1,075		84,845
Rio Tinto PLC		3,257		229,241
South32 Ltd.		13,406		36,754
Steel Dynamics, Inc.		529		51,683
Sumitomo Metal Mining Co., Ltd.		672		23,613
Teck Resources Ltd.–Class B		1,386		52,379

23

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

Company	Shares		U.S. $ Value
voestalpine AG		336	$	8,900
Wheaton Precious Metals Corp.		1,308		51,103
				2,442,580
PAPER & FOREST PRODUCTS–0.1%
Holmen AB–Class B		272		10,811
Mondi PLC		1,406		23,777
Oji Holdings Corp.		2,281		9,213
Stora Enso Oyj–Class R		1,596		22,503
Svenska Cellulosa AB SCA–Class B		1,754		22,214
UPM-Kymmene Oyj		1,546		57,853
West Fraser Timber Co., Ltd.		171		12,347
				158,718
				6,512,273
UTILITIES–1.9%
AUTOMOBILES–0.0%
Corp. ACCIONA Energias Renovables SA		191		7,380
ELECTRIC UTILITIES–1.1%
Acciona SA		72		13,250
Alliant Energy Corp.		727		40,138
American Electric Power Co., Inc.		1,488		141,286
Chubu Electric Power Co., Inc.		1,839		19,016
CK Infrastructure Holdings Ltd.		903		4,712
CLP Holdings Ltd.		4,629		33,725
Constellation Energy Corp.		947		81,641
Duke Energy Corp.		2,230		229,668
Edison International		1,105		70,300
EDP–Energias de Portugal SA		8,040		40,078
Electricite de France SA		1,688		21,671
Elia Group SA/NV		96		13,648
Emera, Inc.		770		29,429
Endesa SA		920		17,339
Enel SpA		23,558		126,698
Entergy Corp.		589		66,263
Evergy, Inc.		665		41,848
Eversource Energy		1,004		84,175
Exelon Corp.		2,873		124,200
FirstEnergy Corp.		1,572		65,930
Fortis, Inc./Canada(b)		1,386		55,460
Fortum Oyj		1,286		21,417
HK Electric Investments & HK Electric Investments Ltd.–Class SS(c)		7,615		5,035
Hydro One Ltd.(c)		953		25,528
Iberdrola SA		17,506		204,356
Kansai Electric Power Co., Inc. (The)(b)		1,971		19,140
Mercury NZ Ltd.		2,001		7,069

Company	Shares		U.S. $ Value
NextEra Energy, Inc.		5,691	$	475,768
NRG Energy, Inc.		681		21,669
Origin Energy Ltd.		4,990		26,117
Orsted AS(c)		548		49,542
PG&E Corp.(a)		4,318		70,211
Power Assets Holdings Ltd.		3,858		21,086
PPL Corp.		2,132		62,297
Red Electrica Corp. SA(b)		1,175		20,431
Southern Co. (The)		3,152		225,084
SSE PLC		3,092		63,593
Terna–Rete Elettrica Nazionale		4,075		30,095
Tokyo Electric Power Co. Holdings, Inc.(a)		4,384		15,789
Verbund AG		197		16,560
Xcel Energy, Inc.		1,585		111,124
				2,812,386
GAS UTILITIES–0.1%
AltaGas Ltd.		814		14,056
APA Group		3,417		24,976
Atmos Energy Corp.		405		45,388
Enagas SA		720		11,973
Hong Kong & China Gas Co., Ltd.		31,787		30,147
Naturgy Energy Group SA		421		10,941
Osaka Gas Co., Ltd.		1,040		16,758
Snam SpA		5,840		28,317
Tokyo Gas Co., Ltd.		1,050		20,559
UGI Corp.		606		22,464
				225,579
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		1,934		55,622
Brookfield Renewable Corp.–Class A(b)		374		10,295
EDP Renovaveis SA		834		18,378
Meridian Energy Ltd.		3,733		12,417
Northland Power, Inc.		683		18,729
RWE AG		1,861		82,270
Vistra Corp.		1,085		25,172
				222,883
MULTI-UTILITIES–0.5%
Algonquin Power & Utilities Corp.(b)		1,963		12,787
Ameren Corp.		749		66,601
Canadian Utilities Ltd.–Class A(b)		372		10,069
CenterPoint Energy, Inc.		1,823		54,672
CMS Energy Corp.		841		53,261
Consolidated Edison, Inc.		1,027		97,883
Dominion Energy, Inc.		2,385		146,248
DTE Energy Co.		561		65,934
E.ON SE		6,503		64,653
Engie SA		5,290		75,679

24

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
National Grid PLC		10,601	$	126,993
NiSource, Inc.		1,175		32,219
Public Service Enterprise Group, Inc.		1,445		88,535
Sempra Energy		911		140,786
United Utilities Group PLC		1,975		23,598
Veolia Environnement SA		1,927		49,513
WEC Energy Group, Inc.		914		85,697
				1,195,128
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–0.0%
BKW AG		61		8,346
WATER UTILITIES–0.1%
American Water Works Co., Inc.		527		80,326
Essential Utilities, Inc.		721		34,413
Severn Trent PLC		717		22,907
				137,646
				4,609,348
REAL ESTATE–1.6%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.3%
Alexandria Real Estate Equities, Inc.		449		65,406
American Homes 4 Rent–Class A		906		27,307
American Tower Corp.		1,349		285,799
AvalonBay Communities, Inc.		405		65,416
Boston Properties, Inc.		431		29,127
British Land Co. PLC (The)		2,550		12,107
Camden Property Trust		293		32,781
Canadian Apartment Properties REIT		245		7,723
CapitaLand Ascendas REIT		9,639		19,741
CapitaLand Integrated Commercial Trust		14,593		22,257
Covivio		137		8,132
Crown Castle, Inc.		1,255		170,228
Daiwa House REIT Investment Corp.		7		15,608
Dexus		3,115		16,354
Digital Realty Trust, Inc.		833		83,525
Equinix, Inc.		264		172,928
Equity LifeStyle Properties, Inc.		512		33,075
Equity Residential		1,035		61,065
Essex Property Trust, Inc.		189		40,053
Extra Space Storage, Inc.		388		57,106
Gaming and Leisure Properties, Inc.		743		38,703
Gecina SA		133		13,550
GLP J-REIT		13		14,972
Goodman Group		4,902		57,649

Company	Shares		��    U.S. $ Value
GPT Group (The)(b)		5,548	$	15,823
Healthcare Realty Trust, Inc.		1,102		21,235
Healthpeak Properties, Inc.		1,562		39,159
Host Hotels & Resorts, Inc.		2,070		33,223
Invitation Homes, Inc.		1,768		52,403
Iron Mountain, Inc.		842		41,974
Japan Metropolitan Fund Invest		21		16,706
Japan Real Estate Investment Corp.		4		17,569
Kimco Realty Corp.		1,791		37,933
Klepierre SA		623		14,379
Land Securities Group PLC(b)		2,048		15,301
Link REIT		5,173		37,853
Mapletree Logistics Trust(b)		9,093		10,813
Mapletree Pan Asia Commercial Trust(b)		6,196		7,741
Medical Properties Trust, Inc.(b)		1,735		19,328
Mid-America Apartment Communities, Inc.		335		52,592
Mirvac Group		11,429		16,535
Nippon Building Fund, Inc.(b)		5		22,359
Nippon Prologis REIT, Inc.		6		14,067
Nomura Real Estate Master Fund, Inc.		13		16,106
Prologis, Inc.		2,674		301,440
Public Storage		458		128,327
Realty Income Corp.		1,789		113,476
Regency Centers Corp.		446		27,875
RioCan Real Estate Investment Trust		430		6,710
SBA Communications Corp.		313		87,737
Scentre Group		15,034		29,265
Segro PLC		3,502		32,261
Simon Property Group, Inc.		948		111,371
Stockland		6,914		17,028
Sun Communities, Inc.		358		51,194
UDR, Inc.		941		36,445
Ventas, Inc.		1,158		52,168
VICI Properties, Inc.		2,789		90,364
Vicinity Centres(b)		11,208		15,134
Warehouses De Pauw CVA		467		13,378
Welltower, Inc.		1,342		87,968
Weyerhaeuser Co.		2,132		66,092
WP Carey, Inc.		559		43,686
				3,165,630
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Aroundtown SA		2,893		6,739
Azrieli Group Ltd.		123		8,203

25

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

Company	Shares		U.S. $ Value
Capitaland Investment Ltd./Singapore(b)		7,504	$	20,739
CBRE Group, Inc.–Class A(a)		930		71,573
City Developments Ltd.		1,050		6,455
CK Asset Holdings Ltd.		5,031		30,856
Daito Trust Construction Co., Ltd.		183		18,736
Daiwa House Industry Co., Ltd.		1,644		37,872
ESR Group Ltd.(c)		5,748		12,016
Fastighets AB Balder–Class B(a)		1,827		8,527
FirstService Corp.(b)		115		14,083
Hang Lung Properties Ltd.		5,030		9,798
Henderson Land Development Co., Ltd.		3,938		13,709
Hongkong Land Holdings Ltd.		2,395		11,019
Hulic Co., Ltd.(b)		1,101		8,646
LEG Immobilien SE		215		14,022
Lendlease Corp., Ltd.(b)		1,995		10,590
Mitsubishi Estate Co., Ltd.(b)		3,335		43,200
Mitsui Fudosan Co., Ltd.		2,569		46,954
New World Development Co., Ltd.		3,625		10,169
Nomura Real Estate Holdings, Inc.		331		7,078
Sagax AB–Class B		552		12,542
Sino Land Co., Ltd.		9,242		11,527
Sumitomo Realty & Development Co., Ltd.		856		20,174
Sun Hung Kai Properties Ltd.		3,616		49,392
Swire Pacific Ltd.–Class A		1,435		12,579
Swire Properties Ltd.		2,422		6,135
Swiss Prime Site AG (REG)		222		19,241
Unibail-Rodamco-Westfield(a)		342		17,876
UOL Group Ltd.		370		1,860
Vonovia SE		2,074		48,856
Wharf Real Estate Investment Co., Ltd.		3,876		22,574
Zillow Group, Inc.–Class C(a)(b)		458		14,752
				648,492
				3,814,122
FOOD BEVERAGE & TOBACCO–0.0%
AGRICULTURAL PRODUCTS–0.0%
Darling Ingredients, Inc.(a)		465		29,105
Total Common Stocks (cost $102,184,900)				144,531,224

Company		Principal Amount (000)		U.S. $ Value
GOVERNMENTS– TREASURIES–36.3%
UNITED STATES–36.3%
U.S. Treasury Bonds
2.00%, 02/15/2050	$		172	$	114,849
2.25%, 08/15/2046			3,477		2,480,551
2.25%, 08/15/2049			287		203,501
2.25%, 02/15/2052			2,286		1,605,207
2.375%, 11/15/2049			584		425,955
2.375%, 05/15/2051			2,283		1,652,606
2.50%, 02/15/2045			288		218,127
2.50%, 05/15/2046			42		31,798
2.75%, 08/15/2047			143		112,737
2.875%, 05/15/2043			370		303,978
2.875%, 08/15/2045			2,897		2,348,705
2.875%, 11/15/2046			187		150,563
2.875%, 05/15/2049			313		253,969
2.875%, 05/15/2052			417		337,426
3.00%, 05/15/2045			265		219,701
3.00%, 02/15/2047			238		195,917
3.00%, 05/15/2047			409		337,353
3.00%, 02/15/2048			350		289,216
3.00%, 08/15/2048			792		655,092
3.00%, 02/15/2049			257		213,061
3.125%, 11/15/2041			282		244,640
3.125%, 02/15/2043			521		446,740
3.50%, 02/15/2039			12		11,525
3.625%, 08/15/2043			1,869		1,729,131
3.75%, 08/15/2041			128		122,431
3.75%, 11/15/2043			98		91,894
3.875%, 08/15/2040			161		157,390
4.00%, 11/15/2052			157		158,490
4.25%, 05/15/2039			134		138,441
4.375%, 11/15/2039			502		526,447
4.375%, 05/15/2040			60		62,842
4.375%, 05/15/2041			132		137,277
4.50%, 08/15/2039			179		190,450
4.75%, 02/15/2037			465		510,340
4.75%, 02/15/2041			161		176,094
5.25%, 11/15/2028			378		400,150
5.375%, 02/15/2031			359		394,397
5.50%, 08/15/2028			762		815,031
6.00%, 02/15/2026			1,336		1,402,068
6.125%, 11/15/2027			1,389		1,514,879
6.25%, 05/15/2030			374		427,638
6.875%, 08/15/2025			471		499,154
7.625%, 02/15/2025			158		167,932
U.S. Treasury Notes
0.25%, 06/30/2025			1,733		1,570,712
0.25%, 08/31/2025			3,468		3,119,756
0.25%, 09/30/2025			1,168		1,049,016
0.375%, 04/30/2025			1,430		1,305,312
0.375%, 12/31/2025			1,352		1,208,683
0.375%, 01/31/2026			2,433		2,166,397
0.50%, 03/31/2025			99		90,681
0.50%, 02/28/2026			1,120		998,547
0.625%, 05/15/2030			934		740,753
0.625%, 08/15/2030			997		787,088

26

AB Variable Products Series Fund

Company	Principal Amount (000)				U.S. $ Value
0.75%, 04/30/2026		$		908	$	812,287
0.75%, 05/31/2026				1,952		1,742,019
0.75%, 08/31/2026				1,015		899,455
0.875%, 09/30/2026				1,513		1,344,826
1.125%, 10/31/2026				1,163		1,041,248
1.25%, 12/31/2026				919		823,439
1.375%, 11/15/2031				861		703,195
1.50%, 11/30/2024				325		307,487
1.50%, 08/15/2026				1,541		1,406,162
1.50%, 02/15/2030				523		446,504
1.625%, 02/15/2026				2,203		2,038,808
1.625%, 08/15/2029				937		814,778
1.625%, 05/15/2031				3,081		2,600,556
1.75%, 07/31/2024				346		330,492
1.75%, 11/15/2029				984		860,011
1.875%, 02/28/2027				917		840,631
1.875%, 02/15/2032				1,787		1,520,346
2.00%, 05/31/2024				1,579		1,521,268
2.00%, 02/15/2025				1,108		1,054,487
2.00%, 08/15/2025				811		765,953
2.00%, 11/15/2026				4,808		4,449,087
2.125%, 05/15/2025				3,023		2,874,117
2.25%, 11/15/2024				247		237,659
2.25%, 11/15/2025				909		861,278
2.25%, 02/15/2027				865		805,252
2.25%, 08/15/2027				2,999		2,776,892
2.25%, 11/15/2027				3,588		3,310,860
2.375%, 08/15/2024				464		448,146
2.375%, 05/15/2027				4,367		4,075,050
2.375%, 05/15/2029				1,327		1,209,112
2.50%, 05/15/2024				1,541		1,495,007
2.625%, 02/15/2029				451		417,602
2.75%, 02/15/2028				129		121,139
2.75%, 08/15/2032				949		866,190
2.875%, 05/15/2028				400		378,346
2.875%, 05/15/2032				2,242		2,073,427
3.125%, 11/15/2028				912		871,292
4.125%, 10/31/2027				603		605,613
4.125%, 11/15/2032				222		227,000
Total Governments–Treasuries (cost $95,772,611)						85,489,659
			Notional Amount
OPTIONS PURCHASED–PUTS–0.4%
OPTIONS ON EQUITY INDICES–0.4%
Euro STOXX 50 Index Expiration: Nov 2023; Contracts: 930; Exercise Price: EUR 3,000.00; Counterparty: UBS AG(a)		EUR		2,790,000		86,262
FTSE 100 Index Expiration: Dec 2023; Contracts: 200; Exercise Price: GBP 6,200.00; Counterparty: UBS AG(a)		GBP		1,240,000		34,383
Nikkei 225 Index Expiration: Dec 2023; Contracts: 12,000; Exercise Price: JPY 21,750.00; Counterparty: UBS AG(a)		JPY		261,000,000		72,363
S&P 500 Index Expiration: Nov 2023; Contracts: 7,200; Exercise Price: USD 3,200.00; Counterparty: UBS AG(a)		USD		23,040,000		781,028
Total Options Purchased–Puts (premiums paid $988,941)						974,036
			Shares
SHORT-TERM INVESTMENTS–1.6%
INVESTMENT COMPANIES–1.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(d)(e)(f) (cost $3,657,573)				3,657,573		3,657,573
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.6% (cost $202,604,025)						234,652,492

27

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

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.1%
INVESTMENT COMPANIES–0.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(d)(e)(f) (cost $164,933)		164,933	$	164,933
TOTAL INVESTMENTS–99.7% (cost $202,768,958)				234,817,425
Other assets less liabilities–0.3%				779,842
NET ASSETS–100.0%			$	235,597,267

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		24	March 2023	$	1,890,282	$	(104,394	)
Euro STOXX 50 Index Futures		8	March 2023		324,132		(8,795	)
FTSE 100 Index Futures		11	March 2023		992,862		(4,837	)
Hang Seng Futures		2	January 2023		255,142		2,502
MSCI EAFE Futures		2	March 2023		194,940		(936	)
MSCI Emerging Markets Futures		100	March 2023		4,797,000		(80,028	)
Nikkei 225 (CME) Futures		2	March 2023		397,440		(25,158	)
OMXS 30 Index Futures		17	January 2023		332,674		(10,372	)
U.S. T-Note 2 Yr (CBT) Futures		17	March 2023		3,486,328		4,096
U.S. T-Note 10 Yr (CBT) Futures		36	March 2023		4,042,688		(34,315	)
U.S. Ultra Bond (CBT) Futures		11	March 2023		1,477,438		(31,360	)
Sold Contracts
MSCI Singapore IX ETS Futures		25	January 2023		542,314		5,085
S&P 500 E-Mini Futures		23	March 2023		4,440,150		107,749
S&P TSX 60 Index Futures		13	March 2023		2,246,484		73,424
SPI 200 Futures		8	March 2023		952,101		18,084
TOPIX Index Futures		2	March 2023		288,251		561
U.S. T-Note 5 Yr (CBT) Futures		1	March 2023		107,930		1,530
						$	(87,164	)

28

AB Variable Products Series Fund

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	868		USD	1,053		01/18/2023	$	2,418
Bank of America, NA		GBP	5,318		USD	6,334		01/18/2023		(98,224	)
Bank of America, NA		USD	1,261		AUD	1,838		01/19/2023		(8,396	)
BNP Paribas SA		USD	1,551		AUD	2,299		01/19/2023		14,596
BNP Paribas SA		USD	1,731		JPY	232,781		02/09/2023		50,530
Citibank, NA		CAD	3,385		USD	2,499		01/19/2023		(1,393	)
Citibank, NA		USD	3,308		AUD	5,214		01/19/2023		243,858
Citibank, NA		USD	1,169		CAD	1,554		01/19/2023		(21,426	)
Citibank, NA		USD	581		NOK	5,741		02/03/2023		6,011
Citibank, NA		USD	2,237		JPY	308,884		02/09/2023		127,173
Citibank, NA		USD	1,982		EUR	1,846		02/27/2023		1,872
Deutsche Bank AG		USD	4,216		CAD	5,702		01/19/2023		(4,344	)
Goldman Sachs Bank USA		NZD	1,228		USD	764		02/02/2023		(15,842	)
HSBC Bank USA		GBP	485		USD	582		01/18/2023		(3,762	)
HSBC Bank USA		USD	2,309		GBP	1,859		01/18/2023		(60,532	)
HSBC Bank USA		AUD	3,437		USD	2,288		01/19/2023		(53,599	)
HSBC Bank USA		CAD	740		USD	542		01/19/2023		(4,041	)
HSBC Bank USA		SEK	6,497		USD	618		02/03/2023		(5,294	)
HSBC Bank USA		EUR	2,453		USD	2,589		02/27/2023		(46,147	)
JPMorgan Chase Bank, NA		NOK	5,741		USD	573		02/03/2023		(13,593	)
Morgan Stanley Capital Services, Inc.		USD	2,788		CAD	3,785		01/19/2023		8,053
Morgan Stanley Capital Services, Inc.		USD	1,330		NZD	2,156		02/02/2023		39,549
Morgan Stanley Capital Services, Inc.		SEK	6,596		USD	629		02/03/2023		(4,256	)
Morgan Stanley Capital Services, Inc.		EUR	1,717		USD	1,835		02/27/2023		(10,409	)
Morgan Stanley Capital Services, Inc.		CHF	4,073		USD	4,386		03/01/2023		(46,095	)
State Street Bank & Trust Co.		USD	467		GBP	390		01/18/2023		4,297
State Street Bank & Trust Co.		USD	235		GBP	192		01/18/2023		(2,796	)
State Street Bank & Trust Co.		CAD	583		USD	428		01/19/2023		(1,857	)
State Street Bank & Trust Co.		USD	387		AUD	603		01/19/2023		23,919
State Street Bank & Trust Co.		USD	333		CAD	451		01/19/2023		(77	)
State Street Bank & Trust Co.		NZD	1,084		USD	691		02/02/2023		2,552
State Street Bank & Trust Co.		NOK	46		USD	5		02/03/2023		(90	)
State Street Bank & Trust Co.		JPY	50,062		USD	370		02/09/2023		(13,602	)
									$	109,053

TOTAL RETURN SWAPS (see Note D)

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation (Depreciation)

Pay Total Return on Reference Obligation

Morgan Stanley Capital Services LLC Swiss Market Index Futures

0.00

%

Maturity

CHF

213

03/17/2023

$

6,627

(a) Non-income producing security.

(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 or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $634,662 or 0.3% of net assets.

29

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

(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) 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

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

EAFE—Europe, Australia, and Far East

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

30

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $198,946,452)	$	230,994,919	(a)
Affiliated issuers (cost $3,822,506—including investment of cash collateral for securities loaned of $164,933)		3,822,506
Cash collateral due from broker		1,104,068
Foreign currencies, at value (cost $597,287)		615,711
Receivable for investment securities sold		1,351,394
Unaffiliated interest and dividends receivable		915,523
Unrealized appreciation on forward currency exchange contracts		524,828
Affiliated dividends receivable		13,804
Unrealized appreciation on total return swaps		6,627
Receivable for capital stock sold		4,144
Receivable for variation margin on centrally cleared swaps		117
Total assets		239,353,641
LIABILITIES
Due to custodian		249
Payable for investment securities purchased		1,505,953
Cash collateral due to broker		1,100,000
Unrealized depreciation on forward currency exchange contracts		415,775
Payable for collateral received on securities loaned		164,933
Advisory fee payable		104,632
Payable for variation margin on futures		68,222
Payable for capital stock redeemed		55,665
Distribution fee payable		51,050
Administrative fee payable		23,089
Transfer Agent fee payable		150
Foreign capital gains tax payable		46
Accrued expenses		266,610
Total liabilities		3,756,374
NET ASSETS	$	235,597,267
COMPOSITION OF NET ASSETS
Capital stock, at par	$	29,856
Additional paid-in capital		210,360,946
Distributable earnings		25,206,465
NET ASSETS	$	235,597,267

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	230,668		29,069	$	7.94
B	$	235,366,599		29,826,815	$	7.89

(a) Includes securities on loan with a value of $5,356,837 (see Note E).

See notes to financial statements.

31

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $176,509)	$	3,142,927
Affiliated issuers		102,161
Interest		1,757,541
Securities lending income		17,734
		5,020,363
EXPENSES
Advisory fee (see Note B)		1,785,176
Distribution fee—Class B		636,853
Transfer agency—Class A		3
Transfer agency—Class B		2,595
Custody and accounting		224,150
Audit and tax		120,465
Administrative		89,823
Legal		43,813
Printing		25,927
Directors’ fees		20,765
Miscellaneous		36,247
Total expenses		2,985,817
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(194,999	)
Net expenses		2,790,818
Net investment income		2,229,545
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Affiliated Underlying Portfolios		(357,028	)
Investment transactions		(106,124	)
Forward currency exchange contracts		(394,756	)
Futures		(5,144,312	)
Swaps		26,355
Foreign currency transactions		(179,685	)
Net change in unrealized appreciation (depreciation) of:
Investments		(50,975,586	)
Forward currency exchange contracts		37,934
Futures		(550,280	)
Swaps		(20,630	)
Foreign currency denominated assets and liabilities		(7,284	)
Net loss on investment and foreign currency transactions		(57,671,396	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(55,441,851	)

See notes to financial statements.

32

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

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,229,545		$	3,445,840
Net realized gain (loss) on investment and foreign currency transactions		(6,155,550	)		95,963,763
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(51,515,846	)		(57,087,798	)
Net increase (decrease) in net assets from operations		(55,441,851	)		42,321,805
Distributions to Shareholders
Class A		(82,065	)		(7,238	)
Class B		(88,612,765	)		(4,827,444	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		77,402,279			(283,941,527	)
Total decrease		(66,734,402	)		(246,454,404	)
NET ASSETS
Beginning of period		302,331,669			548,786,073
End of period	$	235,597,267		$	302,331,669

See notes to financial statements.

33

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	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 AllianceBernstein L.P. (the “Adviser”) determination 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 as an open-end series investment company. The Fund offers 10 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, the Adviser serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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

34

AB Variable Products Series Fund

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 an 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

35

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

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 December 31, 2022:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	26,009,019		$	3,229,310		$	–0	–	$	29,238,329
Health Care		15,528,187			5,349,683			–0	–		20,877,870
Financials		13,132,588			7,484,510			–0	–		20,617,098
Industrials		9,306,724			6,108,737			–0	–		15,415,461
Consumer Discretionary		9,879,014			4,723,705			–0	–		14,602,719
Consumer Staples		7,119,518			4,351,072			–0	–		11,470,590
Communication Services		7,361,350			1,799,612			–0	–		9,160,962
Energy		6,141,570			2,041,777			–0	–		8,183,347
Materials		3,265,371			3,246,902			–0	–		6,512,273
Utilities		3,183,176			1,426,172			–0	–		4,609,348
Real Estate		2,773,818			1,040,304			–0	–		3,814,122
Food Beverage & Tobacco		29,105			–0	–		–0	–		29,105
Governments—Treasuries		–0	–		85,489,659			–0	–		85,489,659
Options Purchased—Puts		–0	–		974,036			–0	–		974,036
Short-Term Investments		3,657,573			–0	–		–0	–		3,657,573
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		164,933			–0	–		–0	–		164,933
Total Investments in Securities		107,551,946			127,265,479			–0	–		234,817,425
Other Financial Instruments(a):
Assets:
Futures		213,031			–0	–		–0	–		213,031	(b)
Forward Currency Exchange Contracts		–0	–		524,828			–0	–		524,828
Total Return Swaps		–0	–		6,627			–0	–		6,627
Liabilities:
Futures		(300,195	)		–0	–		–0	–		(300,195	)(b)
Forward Currency Exchange Contracts		–0	–		(415,775	)		–0	–		(415,775	)
Total	$	107,464,782		$	127,381,159		$	–0	–	$	234,845,941

(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, written options and written swaptions 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

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AB Variable Products Series Fund

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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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 .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, 2023 and then may be extended by the Adviser for additional one-year terms. For the year ended December 31, 2022, such reimbursements/waivers amounted to $181,242.

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 year ended December 31, 2022, the reimbursement for such services amounted to $89,823.

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 $1,773 for the year ended December 31, 2022.

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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DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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, 2023. 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 year ended December 31, 2022, such waiver amounted to $5,768.

In connection with the Portfolio’s investments in AB All Market Real Return Portfolio, 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, 2023. For the year ended December 31, 2022, such waivers and/or reimbursements amounted to $7,731.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

																	Distributions
Portfolio	Market Value 12/31/21 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./(Depr.) (000)			Market Value 12/31/22 (000)			Dividend Income (000)			Realized Gains (000)
Government Money Market Portfolio	$	7,966		$	46,067	$	50,375	$	–0	–	$	–0	–	$	3,658		$	102		$	–0	–
AB Bond Fund, Inc.—AB All Market Real Return Portfolio		–0	–		5,170		4,813		(357	)		–0	–		–0	–		–0	–		–0	–
Government Money Market Portfolio*		1,312			14,997		16,144		–0	–		–0	–		165			2			–0	–
Total								$	(357	)	$	–0	–	$	3,823		$	104		$	–0	–

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

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 year ended December 31, 2022 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	13,570,502	$	16,885,259
U.S. government securities		26,722,254		32,704,694

38

AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	204,384,611
Gross unrealized appreciation	$	53,427,996
Gross unrealized depreciation		(23,028,822	)
Net unrealized appreciation	$	30,399,174

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 year ended December 31, 2022, 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.

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

During the year ended December 31, 2022, 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 purchased option by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio. Put and call purchased options 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 written option. 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 written options. 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 the written option by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

During the year ended December 31, 2022, the Portfolio held purchased options 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

40

AB Variable Products Series Fund

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 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.

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

41

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

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 year ended December 31, 2022, the Portfolio held credit default swaps for hedging and non-hedging purposes.

Total Return Swaps:

The Portfolio may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. The Portfolio is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

During the year ended December 31, 2022, the Portfolio held total return 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 year ended December 31, 2022, 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	$	5,626	*	Receivable/Payable for variation margin on futures	$	170,069	*
Equity contracts	Receivable/Payable for variation margin on futures		207,405	*	Receivable/Payable for variation margin on futures		130,126	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		524,828		Unrealized depreciation on forward currency exchange contracts		415,775
Equity contracts	Investments in securities, at value		974,036
Equity contracts	Unrealized appreciation on total return swaps		6,627
Total		$	1,718,522			$	715,970

* 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.

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 futures; Net change in unrealized appreciation (depreciation) of futures	$	(2,813,404	)	$	(378,796	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(2,330,908	)		(171,484	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(394,756	)		37,934
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(278,360	)		105,103
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		8,376			–0	–
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		17,979			(20,630	)
Total		$	(5,791,073	)	$	(427,873	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2022:

Futures:
Average notional amount of buy contracts	$	29,713,983
Average notional amount of sale contracts	$	13,040,335
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	37,126,350
Average principal amount of sale contracts	$	41,157,576
Purchased Options:
Average notional amount	$	28,279,879
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	2,376,000	(a)
Total Return Swaps:
Average notional amount	$	746,488	(b)

(a) Positions were open for one month during the year.

(b) Positions were open for eleven months during the year.

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

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 December 31, 2022. 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

$

2,418

$

(2,418

)

$

–0

–

$

–0

–

$

–0

–

BNP Paribas SA

65,126

–0

–

–0

–

–0

–

65,126

Citibank, NA

378,914

(22,819

)

–0

–

–0

–

356,095

Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.

54,229

(54,229

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

30,768

(18,422

)

–0

–

–0

–

12,346

UBS AG

974,036

–0

–

(974,036

)

–0

–

–0

–

Total

$

1,505,491

$

(97,888

)

$

(974,036

)

$

–0

–

$

433,567

^

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

$

106,620

$

(2,418

)

$

–0

–

$

–0

–

$

104,202

Citibank, NA

22,819

(22,819

)

–0

–

–0

–

–0

–

Deutsche Bank AG

4,344

–0

–

–0

–

–0

–

4,344

Goldman Sachs Bank USA

15,842

–0

–

–0

–

–0

–

15,842

HSBC Bank USA

173,375

–0

–

–0

–

–0

–

173,375

JPMorgan Chase Bank, NA

13,593

–0

–

–0

–

–0

–

13,593

Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.

60,760

(54,229

)

–0

–

–0

–

6,531

State Street Bank & Trust Co.

18,422

(18,422

)

–0

–

–0

–

–0

–

Total

$

415,775

$

(97,888

)

$

–0

–

$

–0

–

$

317,887

^

* 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

44

AB Variable Products Series Fund

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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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 year ended December 31, 2022 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
$	5,356,837	$	164,933	$	5,475,540	$	16,107	$	1,627	$	258

* As of December 31, 2022.

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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class A
Shares sold		5,959			4,182		$	70,320		$	60,584
Shares issued in reinvestment of dividends and distributions		9,643			493			82,060			7,238
Shares redeemed		(14,092	)		(3,316	)		(183,919	)		(47,220	)
Net increase (decrease)		1,510			1,359		$	(31,539	)	$	20,602
Class B
Shares sold		1,391,617			1,070,080		$	14,302,037		$	15,318,153
Shares issued on reinvestment of dividends and distributions		10,461,956			330,195			88,612,765			4,827,444
Shares redeemed		(2,353,134	)		(20,825,702	)		(25,480,984	)		(304,107,726	)
Net increase (decrease)		9,500,439			(19,425,427	)	$	77,433,818		$	(283,962,129	)

At December 31, 2022, 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.

45

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

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

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—The Portfolio’s 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, and becuase 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 its returns.

ETF Risk—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—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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.

46

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.

Real Estate Risk—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, or REIT’s, 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. Some REIT’s may utilize leverage, which increases investment risk and may potentially increase the Portfolio’s losses.

LIBOR Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

47

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

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022		2021
Distributions paid from:
Ordinary income	$	6,479,716	$	4,834,682
Net long-term capital gains		82,215,114		0
Total taxable distributions paid	$	88,694,830	$	4,834,682

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,451,825
Accumulated capital and other losses		(6,652,111	)(a)
Unrealized appreciation (depreciation)		30,406,751	(b)
Total accumulated earnings (deficit)	$	25,206,465

(a) As of December 31, 2022, the Portfolio had a net capital loss carryforward of $6,536,231. As of December 31, 2022, the cumulative deferred loss on straddles was $115,880.

(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, 2022, the Portfolio had a net short-term capital loss carryforward of $3,946,546 and a net long-term capital loss carryforward of $2,589,685, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

48

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
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$14.94			$13.89			$13.46			$11.91			$13.07
Income From Investment Operations
Net investment income(a)(b)		.12			.14			.15			.23			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.57	)		1.20			.51			1.60			(1.11	)
Net increase (decrease) in net asset value from operations		(2.45	)		1.34			.66			1.83			(.91	)
Less: Dividends and Distributions
Dividends from net investment income		(.38	)		(.29	)		(.23	)		(.27	)		(.23	)
Distributions from net realized gain on investment transactions		(4.17	)		–0	–		–0	–		(.01	)		(.02	)
Total dividends and distributions		(4.55	)		(.29	)		(.23	)		(.28	)		(.25	)
Net asset value, end of period		$7.94			$14.94			$13.89			$13.46			$11.91
Total Return
Total investment return based on net asset value(c)		(18.45	)%		9.67	%		5.02	%		15.51	%		(7.07	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$231			$412			$364			$383			$355
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.84	%		.82	%		.80	%		.80	%		.78	%
Expenses, before waivers/reimbursements(d)‡		.91	%		.83	%		.80	%		.80	%		.79	%
Net investment income(b)		1.10	%		.98	%		1.18	%		1.78	%		1.60	%
Portfolio turnover rate		16	%		32	%		13	%		19	%		24	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.01	%		.02	%		.03	%

See footnote summary on page 50.

49

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
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$14.85			$13.80			$13.36			$11.82			$12.98
Income From Investment Operations
Net investment income(a)(b)		.09			.12			.12			.19			.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.56	)		1.16			.51			1.60			(1.11	)
Net increase (decrease) in net asset value from operations		(2.47	)		1.28			.63			1.79			(.94	)
Less: Dividends and Distributions
Dividends from net investment income		(.32	)		(.23	)		(.19	)		(.24	)		(.20	)
Distributions from net realized gain on investment transactions		(4.17	)		–0	–		–0	–		(.01	)		(.02	)
Total dividends and distributions		(4.49	)		(.23	)		(.19	)		(.25	)		(.22	)
Net asset value, end of period		$7.89			$14.85			$13.80			$13.36			$11.82
Total Return
Total investment return based on net asset value(c)		(18.68	)%		9.28	%		4.86	%		15.24	%		(7.35	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$235,366			$301,920			$548,422			$568,985			$533,467
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.09	%		1.06	%		1.05	%		1.05	%		1.03	%
Expenses, before waivers/reimbursements(d)‡		1.17	%		1.07	%		1.06	%		1.05	%		1.04	%
Net investment income(b)		.87	%		.80	%		.93	%		1.51	%		1.35	%
Portfolio turnover rate		16	%		32	%		13	%		19	%		24	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.01	%		.02	%		.03	%

(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 years ended December 31, 2022 and December 31, 2018, such waiver amounted to .01% and .01%, respectively.

See notes to financial statements.

50

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Dynamic Asset Allocation Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Dynamic Asset Allocation Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

51

2022 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2022. For corporate shareholders, 26.53% of dividends paid qualify for the dividends received deduction. The Portfolio designates $82,215,114 of dividends paid as long-term capital gain dividends.

52

DYNAMIC ASSET ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
Caglasu Altunkopru(2), Vice President Alexander Barenboym(2), Vice President Daniel J. Loewy(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
State Street Corporation CCB/5 1 Iron Street	One Battery Park Plaza New York, NY 10004
Boston, MA 02210
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
501 Commerce Street	P.O. Box 786003
Nashville, TN 37203	San Antonio, TX 78278
	Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
One Manhattan West
New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Dynamic Asset Allocation Team. Messrs. Barenboym and Loewy and Ms. Altunkopru are the investment professionals primarily responsible for the day-to-day management of the Portfolio’s portfolio.

53

DYNAMIC ASSET ALLOCATION PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 47 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		73	None
INDEPENDENT DIRECTORS
Garry L. Moody,## Chairman of the Board 70 (2011)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2011–February 2023.		73	None

54

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR	OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.	73	Moody’s Corporation since April 2011
Michael J. Downey,## 79 (2011)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.	73	None
Nancy P. Jacklin,## 74 (2011)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.	73	None

55

DYNAMIC ASSET ALLOCATION PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR	OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.	73	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.	73	None

56

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR	OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Marshall C. Turner, Jr.## 81 (2011)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.	73	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

57

DYNAMIC ASSET ALLOCATION PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE (5) YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
Caglasu Altunkopru 50	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2018.
Alexander Barenboym 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018.
Daniel J. Loewy 48	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

58

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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

59

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 in-person on August 2-3, 2022 (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 Vice President 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 funds advised by the Adviser in which the Fund invests a portion of its assets.

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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

60

AB Variable Products Series Fund

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 funds 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-, 5- and 10-year periods ended May 31, 2022 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 payable by other funds. The directors compared the Fund’s contractual advisory fee rate with a peer group median and noted that it was lower than the median. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s total rate of compensation was above the peer group median.

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 Vice President 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 those of 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 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

61

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

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 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 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 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.

62

VPS-DAA-0151-1222

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO

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 [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	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—Global Risk Allocation—Moderate Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to seek long-term growth of capital while seeking to limit volatility. In making decisions on the allocation of assets among “growth assets” and “safety assets,” the Adviser uses a risk-weighted allocation methodology based on the expected “tail risk” of each asset class. For purposes of the Portfolio, growth assets include global equities and, at times, high-yield fixed-income securities (commonly known as “junk bonds”), and safety assets include government securities of developed countries. This strategy attempts to provide investors with favorable long-term total return while minimizing exposure to material or “tail” losses. To execute this strategy, the percentage loss that will constitute a tail loss is calculated for each asset class based on historical market behavior and on a forward-looking basis through options prices. Portfolio assets are then allocated among asset classes so that growth assets contribute the majority of the expected risk of tail loss (“tail risk”) of the Portfolio, and safety assets contribute a lesser amount of tail risk. The Adviser makes frequent adjustments to the Portfolio’s asset-class exposures based on these tail-risk determinations. To help limit tail risk, the Portfolio utilizes a risk-management strategy involving the purchase of put options and sale of call options on equity indices, equity index futures or exchange-traded funds (“ETFs”). The Adviser will on a best-efforts basis seek to limit the volatility of the Portfolio to no more than 10% on an annualized basis. Actual results may vary.

The Adviser also assesses tail risk on a security, sector and country basis, and makes adjustments to the Portfolio’s allocations within each asset class when practicable. The Portfolio may invest in fixed-income securities with a range of maturities from short- to long-term. The Adviser expects that the Portfolio’s investments in high-yield fixed-income securities will not exceed 10% of the Portfolio’s net assets. The Portfolio’s investments in each asset class will generally be global in nature.

The Adviser expects to utilize a variety of derivatives in its management of the Portfolio, including futures contracts, options, swaps and forwards. Derivatives often provide more efficient and economical exposure to market segments than direct investments, and the Portfolio may utilize derivatives and ETFs to gain exposure to equity and fixed-income asset classes. Because derivatives transactions frequently require cash outlays that are only a small portion of the amount of exposure obtained through the derivative, a portion of the Portfolio’s assets may be held in cash or invested in cash equivalents to cover the Portfolio’s derivatives obligations, such as short-term US government and agency securities, repurchase agreements and money-market funds. At times, a combination of direct securities investments and derivatives will be used to gain asset-class exposure so that the Portfolio’s aggregate exposure will substantially exceed its net assets (i.e., so that the Portfolio is effectively leveraged).

Currency exchange-rate fluctuations can have a dramatic impact on returns. The Adviser may seek to hedge all or a portion of the currency exposure resulting from Portfolio investments through currency-related derivatives, or decide not to hedge this exposure. The Portfolio is “non-diversified.”

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index (net, USD hedged) and a 60%/40% blend of the MSCI World Index (net, USD hedged) and the Bloomberg Global G7 Treasury Index (USD hedged), for the one- and five-year periods ended December 31, 2022, and the period since the Portfolio’s inception on April 28, 2015.

For the annual period, all share classes of the Portfolio outperformed the primary benchmark and underperformed the blended benchmark. The Portfolio allocated most of its risk to global equity, with the balance allocated to government bonds. Over the period, the Portfolio’s underweight to fixed income contributed to relative performance. For global equity exposure, the Portfolio entered the year with a small overweight but then switched to an underweight position for most of the year. The overall equity underweight contributed positively for the annual period, which was partially offset by the initial overweight and an underweight during the fourth quarter. Tactical currency hedging decisions detracted from performance.

During the annual period, the Portfolio used derivatives for hedging and investment purposes. Forwards, purchased options, written options and variance swaps added to absolute returns, while futures detracted.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish

1

AB Variable Products Series Fund

pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Fixed-income government bond market yields rose sharply, and bond prices fell significantly in all major developed markets, as most central banks raised interest rates to combat high and persistent inflation. Lower-than-expected inflation numbers late in the period led to optimism that central bank policy rate increases would moderate. Longer-term bonds fell the most in the UK and eurozone, and by the least in Japan. Securitized assets generally outperformed other credit-risk sectors. Global investment-grade corporate bonds, which typically have longer maturities and are more sensitive to changes in yields than high-yield corporates, underperformed global treasuries—trailing US Treasury bonds in the US while outperforming eurozone treasuries in the euro bloc. Developed-market high-yield corporate bonds modestly outperformed global treasuries, trailing in the US and outperforming in the eurozone relative to respective treasury markets. Emerging-market sovereign bonds trailed as the US dollar gained on the vast majority of currencies. Emerging-market corporate bonds and local-currency bonds also fell sharply. Brent crude oil prices were extremely volatile and rose during the period.

The Portfolio began the year with a modest equity overweight motivated by the Portfolio’s Senior Investment Management Team’s (the “Team’s”) expectation that pent-up consumer and corporate demand, strong consumer and corporate quality metrics, and supportive policies would continue to support the global economic expansion. The Portfolio was underweight to bonds, primarily due to concerns that strong growth and higher inflation would lead markets to bring forward expectations for the end of extraordinary monetary policies, negatively impacting fixed-income investments.

The Portfolio moved to an equity underweight in the second quarter of the year. The omicron surge resulted in economies delaying their reopening schedules, which made the supply and demand imbalance persist longer than expected. When combined with the fact that inflation had largely surpassed central bank targets, the odds of a “policy mistake” increased, especially since some of the inflation drivers were not tied to policy measures. Additionally at this time, the Russia-Ukraine tensions were not only meaningful from a geopolitical tail-risk perspective, but also as it relates to the upside risks to commodity prices. The Team maintained an underweight to equities for the remainder of the year, as inflation continued to unsettle markets.

The Portfolio ended the period with an underweight to risk assets as markets remained volatile.

2

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI World Index and Bloomberg Global G7 Treasury Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI World Index (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets, hedged to the US dollar. The Bloomberg Global G7 Treasury Index tracks fixed-rate local-currency government debt of investment-grade G7 countries. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns reflect the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s investments will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Allocation Risk: The allocation of investments among asset classes may have a significant effect on the Portfolio’s net asset value (“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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

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-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be 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 ETFs, are subject to market and selection risk. In addition, Contractholders of the Portfolio bear both their proportionate share of expenses in the Portfolio (including management fees) and, indirectly, the expenses of the investment companies in which the Portfolio invests (to the extent these expenses are not waived or reimbursed by the Adviser).

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

(Disclosures, Risks and Note About Historical Performance continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

Leverage Risk: Because the Portfolio uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments.

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 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.

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 NAV.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5 Years1			Since Inception1,2
Global Risk Allocation—Moderate Portfolio Class A3		-13.88%		2.16%			2.64%
Global Risk Allocation—Moderate Portfolio Class B3		-14.07%		1.94%			2.40%
Primary Benchmark: MSCI World Index (net, USD hedged)		-15.38%		7.61%			7.81%
Blended Benchmark: 60% MSCI World Index (net, USD hedged)/ 40% Bloomberg Global G7 Treasury Index (USD hedged)		-13.56%		4.87%			5.22%
1   Average annual returns.
2   Inception date: 4/28/2015.
3   Includes the impact of proceeds received by the Portfolio in connection with a trade-error reimbursement from the Adviser, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2022, by 0.02%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.75% and 0.81% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

4/28/2015¹ TO 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Risk Allocation—Moderate Portfolio Class A shares (from 4/28/2015¹ to 12/31/2022) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 4/28/2015.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

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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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	996.70	$	2.67		0.53	%	$	2.87		0.57	%
Hypothetical**	$	1,000	$	1,022.53	$	2.70		0.53	%	$	2.91		0.57	%
Class B
Actual	$	1,000	$	995.00	$	4.02		0.80	%	$	4.22		0.84	%
Hypothetical**	$	1,000	$	1,021.17	$	4.08		0.80	%	$	4.28		0.84	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

+ 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 184/365 (to reflect the one-half year period).

6

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S.$ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	491,656,778		66.0	%
Inflation-Linked Securities		6,461,004		0.8
Options Purchased—Puts		3,079,663		0.4
Short-Term Investments		244,271,081		32.8
Total Investments	$	745,468,526		100.0	%

COUNTRY BREAKDOWN²

December 31, 2022 (unaudited)

COUNTRY	U.S.$ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	346,044,360		46.4	%
Japan		39,583,306		5.3
United Kingdom		23,155,558		3.1
France		16,486,470		2.2
Switzerland		14,842,865		2.0
Australia		12,325,231		1.7
Germany		12,164,606		1.6
Netherlands		5,790,694		0.8
Sweden		4,496,565		0.6
Denmark		4,429,257		0.6
Hong Kong		3,758,554		0.5
Spain		3,634,137		0.5
Italy		2,927,750		0.4
Other		11,558,092		1.5
Short-Term Investments		244,271,081		32.8
Total Investments	$	745,468,526		100.0	%

1 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 derivatives transactions, which may be used for hedging or investment purpose (see “Portfolio of Investments” section of the report for additional details).

2 The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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). “Other” country weightings represent 0.3% or less in the following: Austria, Belgium, Brazil, Chile, China, Finland, Ireland, Israel, Jordan, Luxembourg, Macau, New Zealand, Norway, Portugal, Singapore, South Africa and Taiwan.

7

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–61.5%
INFORMATION TECHNOLOGY–12.5%
COMMUNICATIONS EQUIPMENT–0.4%
Arista Networks, Inc.(a)		2,650	$	321,577
Cisco Systems, Inc.		43,966		2,094,540
F5, Inc.(a)		641		91,990
Juniper Networks, Inc.		3,475		111,061
Motorola Solutions, Inc.		1,790		461,301
Nokia Oyj		55,525		257,952
Telefonaktiebolaget LM Ericsson–Class B		30,232		177,142
				3,515,563
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		6,372		485,164
Azbil Corp.		1,243		31,208
CDW Corp./DE		1,450		258,941
Corning, Inc.		8,151		260,343
Halma PLC		4,008		95,450
Hamamatsu Photonics KK		1,510		72,069
Hexagon AB–Class B		20,161		211,390
Hirose Electric Co., Ltd.		326		40,887
Ibiden Co., Ltd.		1,205		43,455
Keyence Corp.		2,016		782,701
Keysight Technologies, Inc.(a)		1,915		327,599
Kyocera Corp.		3,322		164,893
Murata Manufacturing Co., Ltd.		5,966		294,214
Omron Corp.		1,974		95,399
Shimadzu Corp.		2,386		67,548
TDK Corp.		4,060		132,086
TE Connectivity Ltd.		3,406		391,009
Teledyne Technologies, Inc.(a)		502		200,755
Trimble, Inc.(a)		2,641		133,529
Venture Corp. Ltd.		2,790		35,562
Yaskawa Electric Corp.(b)		2,574		82,125
Yokogawa Electric Corp.		2,300		36,503
Zebra Technologies Corp.–Class A(a)		553		141,795
				4,384,625
IT SERVICES–2.2%
Accenture PLC–Class A		6,747		1,800,370
Adyen NV(a)(b)(c)		225		312,356
Akamai Technologies, Inc.(a)		1,684		141,961
Amadeus IT Group SA(a)		4,712		244,448
Automatic Data Processing, Inc.		4,442		1,061,016
Bechtle AG		825		29,162
Broadridge Financial Solutions, Inc.		1,260		169,004
Capgemini SE		1,709		285,704
Cognizant Technology Solutions Corp.–Class A		5,503		314,717
Computershare Ltd.		5,474		96,430
DXC Technology Co.(a)		2,463		65,270
Edenred		2,613		142,213
EPAM Systems, Inc.(a)		616		201,888
Fidelity National Information Services, Inc.		6,354		431,119
Fiserv, Inc.(a)		6,800		687,276
FleetCor Technologies, Inc.(a)		790		145,107
Fujitsu Ltd.		2,052		273,568
Gartner, Inc.(a)		846		284,374
Global Payments, Inc.		2,895		287,531
GMO Payment Gateway, Inc.		481		39,778
International Business Machines Corp.		9,681		1,363,956
Itochu Techno-Solutions Corp.		967		22,430
Jack Henry & Associates, Inc.		781		137,112
Mastercard, Inc.–Class A		9,090		3,160,866
NEC Corp.		2,617		91,776
Nexi SpA(a)(c)		6,113		48,256
Nomura Research Institute Ltd.		3,384		80,451
NTT Data Corp.		6,358		92,653
Obic Co., Ltd.(b)		736		108,051
Otsuka Corp.(b)		1,148		36,185
Paychex, Inc.		3,435		396,949
PayPal Holdings, Inc.(a)		12,207		869,383
SCSK Corp.		1,574		23,825
TIS, Inc.		2,330		61,237
VeriSign, Inc.(a)		988		202,975
Visa, Inc.–Class A		17,507		3,637,254
Wix.com Ltd.(a)		641		49,248
Worldline SA/France(a)(c)		2,518		98,611
				17,494,510
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.7%
Advanced Micro Devices, Inc.(a)		17,265		1,118,254
Advantest Corp.		2,002		128,225
Analog Devices, Inc.		5,507		903,313
Applied Materials, Inc.		9,212		897,065
ASM International NV		488		123,822
ASML Holding NV		4,211		2,296,055
Broadcom, Inc.		4,337		2,424,947
Disco Corp.		310		88,356
Enphase Energy, Inc.(a)		1,455		385,517
Infineon Technologies AG		13,527		411,111
Intel Corp.		44,191		1,167,968
KLA Corp.		1,517		571,954
Lam Research Corp.		1,460		613,638
Lasertec Corp.(b)		797		130,127

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Microchip Technology, Inc.		5,889	$	413,702
Micron Technology, Inc.		11,641		581,817
Monolithic Power Systems, Inc.		478		169,026
NVIDIA Corp.		26,662		3,896,385
NXP Semiconductors NV		2,775		438,533
ON Semiconductor Corp.(a)		4,630		288,773
Qorvo, Inc.(a)		1,086		98,435
QUALCOMM, Inc.		12,003		1,319,610
Renesas Electronics Corp.(a)		11,966		105,759
Rohm Co., Ltd.		951		68,177
Skyworks Solutions, Inc.		1,718		156,561
SolarEdge Technologies, Inc.(a)		599		169,679
STMicroelectronics NV		7,142		253,798
SUMCO Corp.(b)		3,351		44,396
Teradyne, Inc.		1,668		145,700
Texas Instruments, Inc.		9,718		1,605,608
Tokyo Electron Ltd.		1,552		456,022
Tower Semiconductor Ltd.(a)		1,109		48,408
				21,520,741
SOFTWARE–3.9%
Adobe, Inc.(a)		4,978		1,675,246
ANSYS, Inc.(a)		933		225,404
Autodesk, Inc.(a)		2,311		431,857
AVEVA Group PLC		1,215		47,029
Cadence Design Systems, Inc.(a)		2,937		471,800
Ceridian HCM Holding, Inc.(a)		1,645		105,527
Check Point Software Technologies Ltd.(a)		1,070		134,991
CyberArk Software Ltd.(a)		434		56,268
Dassault Systemes SE		6,957		250,171
Fortinet, Inc.(a)		6,943		339,443
Intuit, Inc.		3,018		1,174,666
Microsoft Corp.		79,821		19,142,672
Nemetschek SE		581		29,704
Nice Ltd.(a)		661		127,162
NortonLifeLock, Inc.		6,207		133,016
Oracle Corp.		16,456		1,345,114
Oracle Corp.Japan		387		25,163
Paycom Software, Inc.(a)		520		161,361
PTC, Inc.(a)		1,132		135,885
Roper Technologies, Inc.		1,136		490,854
Sage Group PLC (The)		10,307		92,812
Salesforce, Inc.(a)		10,708		1,419,774
SAP SE		10,817		1,116,754
ServiceNow, Inc.(a)		2,163		839,828
Synopsys, Inc.(a)		1,637		522,678
Temenos AG (REG)		677		37,244
Trend Micro, Inc./Japan(b)		1,437		67,205
Tyler Technologies, Inc.(a)		446		143,795
WiseTech Global Ltd.		1,608		55,303
Xero Ltd.(a)		1,438		68,569
				30,867,295
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.8%
Apple, Inc.		160,120		20,804,392
Brother Industries Ltd.		2,377		35,925
Canon, Inc.(b)		10,295		222,825
FUJIFILM Holdings Corp.		3,723		186,155
Hewlett Packard Enterprise Co.		13,778		219,897
HP, Inc.		9,479		254,701
Logitech International SA (REG)(b)		1,847		114,531
NetApp, Inc.		2,327		139,760
Ricoh Co., Ltd.		5,831		44,381
Seagate Technology Holdings PLC		2,056		108,166
Seiko Epson Corp.		2,818		40,999
Western Digital Corp.(a)		3,401		107, 302
				22,279,034
				100,061,768
HEALTH CARE–9.3%
BIOTECHNOLOGY–1.3%
AbbVie, Inc.		18,937		3,060,409
Amgen, Inc.		5,713		1,500,462
Argenx SE(a)		578		215,500
Biogen, Inc.(a)		1,542		427,011
CSL Ltd.		4,990		973,021
Genmab A/S(a)		690		291,728
Gilead Sciences, Inc.		13,430		1,152,965
Grifols SA(a)(b)		3,005		34,703
Incyte Corp.(a)		1,977		158,793
Moderna, Inc.(a)		3,538		635,495
Regeneron Pharmaceuticals, Inc.(a)		1,147		827,549
Swedish Orphan Biovitrum AB(a)		1,717		35,537
Vertex Pharmaceuticals, Inc.(a)		2,749		793,856
				10,107,029
HEALTH CARE EQUIPMENT & SUPPLIES–1.6%
Abbott Laboratories		18,670		2,049,779
Alcon, Inc.		5,179		355,378
Align Technology, Inc.(a)		778		164,080
Asahi Intecc Co., Ltd.		2,189		35,708
Baxter International, Inc.		5,398		275,136
Becton Dickinson and Co.		3,054		776,632
BioMerieux		475		49,905
Boston Scientific Corp.(a)		15,337		709,643
Carl Zeiss Meditec AG		450		56,562
Cochlear Ltd.		695		95,985
Coloplast A/S–Class B		1,240		145,269
Cooper Cos., Inc. (The)		528		174,594
Demant A/S(a)		964		26,882

9

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

Company	Shares		U.S. $ Value
DENTSPLY SIRONA, Inc.		2,301	$	73,264
Dexcom, Inc.(a)		4,136		468,361
DiaSorin SpA		292		40,858
Edwards Lifesciences Corp.(a)		6,620		493,918
EssilorLuxottica SA		3,013		545,151
Fisher & Paykel Healthcare Corp., Ltd.		5,813		83,173
Getinge AB–Class B		2,304		47,902
Hologic, Inc.(a)		2,673		199,967
Hoya Corp.		3,772		361,277
IDEXX Laboratories, Inc.(a)		887		361,861
Intuitive Surgical, Inc.(a)		3,784		1,004,084
Koninklijke Philips NV		8,984		135,184
Medtronic PLC		14,232		1,106,111
Olympus Corp.		12,545		221,263
ResMed, Inc.		1,569		326,556
Siemens Healthineers AG(c)		2,928		146,053
Smith & Nephew PLC		8,859		118,310
Sonova Holding AG (REG)		556		132,049
STERIS PLC		1,069		197,434
Straumann Holding AG (REG)		1,185		135,885
Stryker Corp.		3,606		881,631
Sysmex Corp.		1,777		107,279
Teleflex, Inc.		502		125,314
Terumo Corp.		6,668		189,042
Zimmer Biomet Holdings, Inc.		2,247		286,492
				12,703,972
HEALTH CARE PROVIDERS & SERVICES–1.6%
AmerisourceBergen Corp.		1,734		287,341
Amplifon SpA		1,254		37,444
Cardinal Health, Inc.		2,807		215,774
Centene Corp.(a)		6,063		497,227
Cigna Corp.		3,274		1,084,807
CVS Health Corp.		14,070		1,311,183
DaVita, Inc.(a)		589		43,981
Elevance Health, Inc.		2,557		1,311,664
Fresenius Medical Care AG & Co. KGaA		2,066		67,481
Fresenius SE & Co. KGaA		4,406		123,068
HCA Healthcare, Inc.		2,270		544,709
Henry Schein, Inc.(a)		1,451		115,891
Humana, Inc.		1,356		694,530
Laboratory Corp. of America Holdings		949		223,471
McKesson Corp.		1,518		569,432
Molina Healthcare, Inc.(a)		625		206,387
Quest Diagnostics, Inc.		1,219		190,700
Ramsay Health Care Ltd.(b)		1,960		86,066
Sonic Healthcare Ltd.		4,591		93,432
UnitedHealth Group, Inc.		10,005		5,304,451
Universal Health Services, Inc.–Class B		687		96,791
				13,105,830
HEALTH CARE TECHNOLOGY–0.0%
M3, Inc.		4,607		125,141
LIFE SCIENCES TOOLS & SERVICES–0.9%
Agilent Technologies, Inc.		3,170		474,390
Bachem Holding AG (REG)(b)		344		29,849
Bio-Rad Laboratories, Inc.–Class A(a)		231		97,133
Bio-Techne Corp.		1,681		139,321
Charles River Laboratories International, Inc.(a)		545		118,756
Danaher Corp.		7,015		1,861,921
Eurofins Scientific SE		1,409		101,164
Illumina, Inc.(a)		1,684		340,505
IQVIA Holdings, Inc.(a)		1,989		407,526
Lonza Group AG (REG)		777		381,410
Mettler-Toledo International, Inc.(a)		239		345,463
PerkinElmer, Inc.		1,352		189,577
QIAGEN NV(a)		2,427		122,006
Sartorius AG (Preference Shares)		261		103,063
Sartorius Stedim Biotech		294		95,541
Thermo Fisher Scientific, Inc.		4,200		2,312,898
Waters Corp.(a)		636		217,881
West Pharmaceutical Services, Inc.		793		186,633
				7,525,037
PHARMACEUTICALS–3.9%
Astellas Pharma, Inc.		18,758		285,227
AstraZeneca PLC		16,050		2,171,876
Bayer AG (REG)		10,176		523,759
Bristol-Myers Squibb Co.		22,767		1,638,086
Catalent, Inc.(a)		1,927		86,734
Chugai Pharmaceutical Co., Ltd.		6,969		177,757
Daiichi Sankyo Co., Ltd.		18,161		584,543
Eisai Co., Ltd.		2,635		173,784
Eli Lilly & Co.		8,445		3,089,519
GSK PLC		42,130		728,143
Hikma Pharmaceuticals PLC		1,710		31,867
Ipsen SA		387		41,626
Johnson & Johnson		27,995		4,945,317
Kyowa Kirin Co., Ltd.		2,720		62,299
Merck & Co., Inc.		27,148		3,012,071
Merck KGaA		1,357		261,820
Nippon Shinyaku Co., Ltd.		495		28,091
Novartis AG (REG)		22,408		2,027,866
Novo Nordisk A/S–Class B		17,147		2,328,829
Ono Pharmaceutical Co., Ltd.		3,726		87,090
Organon & Co.		2,724		76,081
Orion Oyj–Class B		1,167		63,978
Otsuka Holdings Co., Ltd.		4,092		133,451
Pfizer, Inc.		60,106		3,079,831

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Recordati Industria Chimica e Farmaceutica SpA		1,053	$	43,771
Roche Holding AG (BR)		285		110,436
Roche Holding AG (Genusschein)		7,278		2,287,019
Sanofi		11,816		1,139,376
Shionogi & Co., Ltd.		2,770		138,204
Takeda Pharmaceutical Co., Ltd.		15,635		488,542
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		11,113		101,351
UCB SA		1,330		104,795
Viatris, Inc.		12,985		144,523
Zoetis, Inc.		4,991		731,431
				30,929,093
				74,496,102
FINANCIALS–8.5%
BANKS–3.4%
ABN AMRO Bank NV(c)		3,859		53,439
AIB Group PLC		11,076		42,514
ANZ Group Holdings Ltd.		30,969		498,877
Banco Bilbao Vizcaya Argentaria SA		62,845		378,532
Banco Santander SA		172,996		517,277
Bank Hapoalim BM		12,904		116,187
Bank Leumi Le-Israel BM		15,840		131,928
Bank of America Corp.		74,735		2,475,223
Bank of Ireland Group PLC		11,086		105,642
Banque Cantonale Vaudoise (REG)		312		29,914
Barclays PLC		166,502		316,822
BNP Paribas SA		11,526		656,280
BOC Hong Kong Holdings Ltd.		37,283		126,568
CaixaBank SA		44,667		175,130
Chiba Bank Ltd. (The)		5,340		38,961
Citigroup, Inc.		20,739		938,025
Citizens Financial Group, Inc.		5,273		207,598
Comerica, Inc.		1,402		93,724
Commerzbank AG(a)		10,819		101,153
Commonwealth Bank of Australia(b)		17,625		1,224,141
Concordia Financial Group Ltd.		10,968		45,796
Credit Agricole SA		12,536		131,870
Danske Bank A/S		6,949		137,056
DBS Group Holdings Ltd.		18,681		472,846
DNB Bank ASA		9,637		190,332
Erste Group Bank AG		3,629		116,111
Fifth Third Bancorp		7,350		241,153
FinecoBank Banca Fineco SpA		6,144		102,028
First Republic Bank/CA		1,959		238,782
Hang Seng Bank Ltd.		7,704		127,782
HSBC Holdings PLC		206,829		1,281,830
Huntington Bancshares, Inc./OH		15,448		217,817
ING Groep NV		39,021		475,321
Intesa Sanpaolo SpA		173,045		383,365
Israel Discount Bank Ltd.–Class A		12,463		65,430
Japan Post Bank Co., Ltd.(b)		4,155		35,621
JPMorgan Chase & Co.		31,408		4,211,813
KBC Group NV		2,598		167,273
KeyCorp		9,990		174,026
Lloyds Banking Group PLC		706,247		385,408
M&T Bank Corp.		1,848		268,071
Mediobanca Banca di Credito Finanziario SpA(b)		5,771		55,454
Mitsubishi UFJ Financial Group, Inc.		123,817		831,235
Mizrahi Tefahot Bank Ltd.		1,577		50,898
Mizuho Financial Group, Inc.		24,751		348,699
National Australia Bank Ltd.		32,757		665,085
NatWest Group PLC		54,918		175,146
Nordea Bank Abp (Stockholm)		34,511		369,680
Oversea-Chinese Banking Corp., Ltd.		34,743		316,023
PNC Financial Services Group, Inc. (The)		4,319		682,143
Regions Financial Corp.		10,006		215,729
Resona Holdings, Inc.		22,172		121,778
Shizuoka Financial Group, Inc.		4,497		36,037
Signature Bank/New York NY		674		77,658
Skandinaviska Enskilda Banken AB–Class A		16,397		188,776
Societe Generale SA		8,389		210,427
Standard Chartered PLC		25,642		191,251
Sumitomo Mitsui Financial Group, Inc.		13,480		542,333
Sumitomo Mitsui Trust Holdings, Inc.		3,561		124,263
SVB Financial Group(a)		633		145,679
Svenska Handelsbanken AB–Class A		14,695		147,949
Swedbank AB–Class A		9,124		155,191
Truist Financial Corp.		14,207		611,327
UniCredit SpA		19,898		282,344
United Overseas Bank Ltd.		12,149		278,283
US Bancorp		14,478		631,386
Wells Fargo & Co.		40,802		1,684,715
Westpac Banking Corp.		36,265		574,130
Zions Bancorp NA		1,602		78,754
				27,490,039
CAPITAL MARKETS–1.9%
3i Group PLC		9,805		158,129
Abrdn PLC(b)		21,971		49,927
Ameriprise Financial, Inc.		1,139		354,650
Amundi SA(c)		613		34,763

11

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

Company	Shares		U.S. $ Value
ASX Ltd.(b)		2,054	$	94,599
Bank of New York Mellon Corp. (The)		7,876		358,515
BlackRock, Inc.		1,608		1,139,477
Cboe Global Markets, Inc.		1,136		142,534
Charles Schwab Corp. (The)		16,333		1,359,886
CME Group, Inc.		3,852		647,752
Credit Suisse Group AG (REG)		44,885		134,002
Daiwa Securities Group, Inc.		13,519		59,738
Deutsche Bank AG (REG)		21,407		240,648
Deutsche Boerse AG		1,973		339,731
EQT AB(b)		2,981		63,332
Euronext NV(c)		936		69,293
FactSet Research Systems, Inc.		408		163,694
Franklin Resources, Inc.		3,042		80,248
Futu Holdings Ltd. (ADR)(a)(b)		656		26,666
Goldman Sachs Group, Inc. (The)		3,626		1,245,096
Hargreaves Lansdown PLC		3,584		36,908
Hong Kong Exchanges & Clearing Ltd.		12,530		538,417
Intercontinental Exchange, Inc.		5,981		613,591
Invesco Ltd.		4,870		87,611
Japan Exchange Group, Inc.		5,165		74,442
Julius Baer Group Ltd.		2,215		128,915
London Stock Exchange Group PLC		3,426		294,366
Macquarie Group Ltd.		3,803		429,315
MarketAxess Holdings, Inc.		403		112,393
Moody’s Corp.		1,687		470,032
Morgan Stanley		14,116		1,200,142
MSCI, Inc.		856		398,185
Nasdaq, Inc.		3,630		222,700
Nomura Holdings, Inc.		29,578		109,601
Northern Trust Corp.		2,232		197,510
Partners Group Holding AG		239		211,630
Raymond James Financial, Inc.		2,073		221,500
S&P Global, Inc.		3,566		1,194,396
SBI Holdings, Inc./Japan(b)		2,467		47,003
Schroders PLC		7,364		38,694
Singapore Exchange Ltd.		8,880		59,379
St. James’s Place PLC		5,443		71,703
State Street Corp.		3,929		304,773
T. Rowe Price Group, Inc.		2,393		260,981
UBS Group AG (REG)		34,683		644,626
				14,731,493
CONSUMER FINANCE–0.2%
American Express Co.		6,401		945,748
Capital One Financial Corp.		4,087		379,927
Discover Financial Services		2,926		286,251
Synchrony Financial		4,824		158,517
				1,770,443
DIVERSIFIED FINANCIAL SERVICES–0.9%
Berkshire Hathaway, Inc.–Class B(a)		19,292		5,959,299
Eurazeo SE		464		28,888
EXOR NV(a)		1,169		85,588
Groupe Bruxelles Lambert NV		1,033		82,555
Industrivarden AB–Class A		1,313		31,936
Industrivarden AB–Class C		1,637		39,718
Investor AB–Class A		5,024		93,470
Investor AB–Class B		18,694		338,379
Kinnevik AB–Class B(a)		2,439		33,571
L E Lundbergforetagen AB–Class B		765		32,614
M&G PLC		24,038		54,356
Mitsubishi HC Capital, Inc.		6,650		32,708
ORIX Corp.		12,381		198,178
Sofina SA		177		39,082
Wendel SE		270		25,220
				7,075,562
INSURANCE–2.1%
Admiral Group PLC		1,781		45,720
Aegon NV(b)		18,038		91,393
Aflac, Inc.		6,059		435,884
Ageas SA/NV		1,677		74,412
AIA Group Ltd.		123,589		1,364,841
Allianz SE (REG)		4,231		903,562
Allstate Corp. (The)		2,840		385,104
American International Group, Inc.		7,956		503,137
Aon PLC–Class A		2,215		664,810
Arch Capital Group Ltd.(a)		3,961		248,672
Arthur J Gallagher & Co.		2,258		425,723
Assicurazioni Generali SpA		11,505		204,588
Assurant, Inc.		566		70,784
Aviva PLC		28,121		149,172
AXA SA		19,360		539,283
Baloise Holding AG (REG)		490		75,561
Brown & Brown, Inc.		2,517		143,394
Chubb Ltd.		4,444		980,346
Cincinnati Financial Corp.		1,683		172,322
Dai-ichi Life Holdings, Inc.		9,968		225,111
Everest Re Group Ltd.		419		138,802
Gjensidige Forsikring ASA		2,015		39,522
Globe Life, Inc.		969		116,813
Hannover Rueck SE		641		126,474
Hartford Financial Services Group, Inc. (The)		3,406		258,277
Insurance Australia Group Ltd.		24,836		79,840
Japan Post Holdings Co., Ltd.		24,626		207,202
Japan Post Insurance Co., Ltd.		2,013		35,403
Legal & General Group PLC		61,865		185,479
Lincoln National Corp.		1,649		50,657
Loews Corp.		2,110		123,076

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Marsh & McLennan Cos., Inc.		5,311	$	878,864
Medibank Pvt Ltd.		27,747		55,356
MetLife, Inc.		7,057		510,715
MS&AD Insurance Group Holdings, Inc.		4,657		148,884
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,452		469,679
NN Group NV		2,908		118,915
Phoenix Group Holdings PLC		7,768		56,904
Poste Italiane SpA(c)		5,263		51,348
Principal Financial Group, Inc.		2,437		204,513
Progressive Corp. (The)		6,265		812,633
Prudential Financial, Inc.		3,940		391,872
Prudential PLC		28,209		384,638
QBE Insurance Group Ltd.		14,876		134,951
Sampo Oyj–Class A		5,015		261,931
Sompo Holdings, Inc.		3,270		144,675
Suncorp Group Ltd.		12,721		103,661
Swiss Life Holding AG (REG)		326		168,040
Swiss Re AG		3,156		295,090
T&D Holdings, Inc.		5,340		76,441
Tokio Marine Holdings, Inc.		19,081		407,616
Travelers Cos., Inc. (The)		2,509		470,412
Tryg A/S		3,627		86,198
Willis Towers Watson PLC		1,159		283,468
WR Berkley Corp.		2,189		158,856
Zurich Insurance Group AG		1,559		745,322
				16,486,346
				67,553,883
INDUSTRIALS–6.5%
AEROSPACE & DEFENSE–1.1%
Airbus SE		6,123		728,039
BAE Systems PLC		31,961		330,106
Boeing Co. (The)(a)		5,999		1,142,750
Dassault Aviation SA		258		43,755
Elbit Systems Ltd.		293		47,651
General Dynamics Corp.		2,411		598,193
Howmet Aerospace, Inc.		3,943		155,394
Huntington Ingalls Industries, Inc.		427		98,500
Kongsberg Gruppen ASA		909		38,691
L3Harris Technologies, Inc.		2,039		424,540
Lockheed Martin Corp.		2,498		1,215,252
MTU Aero Engines AG		564		121,336
Northrop Grumman Corp.		1,549		845,150
Raytheon Technologies Corp.		15,741		1,588,582
Rheinmetall AG		452		89,982
Rolls-Royce Holdings PLC(a)		84,306		94,168
Safran SA		3,542		443,649
Singapore Technologies Engineering Ltd.		15,730		39,361
Textron, Inc.		2,235		158,238
Thales SA		1,114		142,334
TransDigm Group, Inc.		553		348,197
				8,693,868
AIR FREIGHT & LOGISTICS–0.4%
CH Robinson Worldwide, Inc.		1,260		115,366
Deutsche Post AG (REG)		10,261		384,035
DSV A/S		1,952		308,684
Expeditors International of Washington, Inc.		1,704		177,080
FedEx Corp.		2,563		443,911
Kuehne & Nagel International AG (REG)		566		131,585
Nippon Express Holdings, Inc.		859		49,057
SG Holdings Co., Ltd.		2,929		40,612
United Parcel Service, Inc.–Class B		7,815		1,358,559
Yamato Holdings Co., Ltd.(b)		2,936		46,525
				3,055,414
AIRLINES–0.1%
Alaska Air Group, Inc.(a)		1,358		58,312
American Airlines Group, Inc.(a)		6,959		88,518
ANA Holdings, Inc.(a)		1,610		34,096
Delta Air Lines, Inc.(a)		6,866		225,617
Deutsche Lufthansa AG (REG)(a)		6,022		49,640
Japan Airlines Co., Ltd.(a)		1,453		29,594
Qantas Airways Ltd.(a)		9,311		37,688
Singapore Airlines Ltd.(b)		13,499		55,736
Southwest Airlines Co.		6,358		214,074
United Airlines Holdings, Inc.(a)		3,501		131,988
				925,263
BUILDING PRODUCTS–0.4%
A O Smith Corp.		1,358		77,732
AGC, Inc.(b)		1,947		64,613
Allegion PLC		941		99,050
Assa Abloy AB–Class B		10,352		222,664
Carrier Global Corp.		8,954		369,352
Cie de Saint-Gobain		5,097		249,349
Daikin Industries Ltd.(b)		2,604		395,062
Geberit AG (REG)		382		180,335
Johnson Controls International PLC		7,374		471,936
Kingspan Group PLC		1,616		87,496
Lixil Corp.		2,697		40,660
Masco Corp.		2,415		112,708

13

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

Company	Shares		U.S. $ Value
Nibe Industrier AB–Class B		15,403	$	143,768
Otis Worldwide Corp.		4,461		349,341
ROCKWOOL A/S–Class B		103		24,113
TOTO Ltd.(b)		1,426		48,369
Xinyi Glass Holdings Ltd.		18,257		33,731
				2,970,279
COMMERCIAL SERVICES & SUPPLIES–0.3%
Brambles Ltd.		13,827		113,390
Cintas Corp.		924		417,297
Copart, Inc.(a)		4,589		279,424
Dai Nippon Printing Co., Ltd.		2,237		44,940
Rentokil Initial PLC		25,987		159,658
Republic Services, Inc.		2,199		283,649
Rollins, Inc.		2,478		90,546
Secom Co., Ltd.		2,191		125,014
Securitas AB–Class B		4,956		41,355
TOPPAN, Inc.		2,642		39,016
Waste Management, Inc.		4,000		627,520
				2,221,809
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA(b)		2,313		66,183
Bouygues SA		2,312		69,341
Eiffage SA		896		88,134
Epiroc AB–Class A		6,819		124,168
Epiroc AB–Class B		3,929		63,207
Ferrovial SA		5,030		131,699
Kajima Corp.		4,067		47,329
Obayashi Corp.		6,542		49,416
Quanta Services, Inc.		1,530		218,025
Shimizu Corp.		5,561		29,673
Skanska AB–Class B		3,427		54,326
Taisei Corp.		1,922		61,975
Vinci SA		5,571		555,356
				1,558,832
ELECTRICAL EQUIPMENT–0.5%
ABB Ltd. (REG)		16,281		496,204
AMETEK, Inc.		2,459		343,572
Eaton Corp. PLC		4,258		668,293
Emerson Electric Co.		6,332		608,252
Fuji Electric Co., Ltd.		1,278		48,231
Generac Holdings, Inc.(a)		678		68,248
Legrand SA		2,813		225,551
Mitsubishi Electric Corp.		19,641		194,621
Nidec Corp.		4,664		240,006
Prysmian SpA		2,709		100,654
Rockwell Automation, Inc.		1,230		316,811
Schneider Electric SE		5,620		789,242
Siemens Energy AG(a)		4,431		83,197
Vestas Wind Systems A/S		10,402		303,433
				4,486,315
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.0%
First Solar, Inc.(a)		1,062		159,077
INDUSTRIAL CONGLOMERATES–0.7%
3M Co.		5,919		709,806
CK Hutchison Holdings Ltd.		27,053		162,070
DCC PLC		1,088		53,499
General Electric Co.		11,700		980,343
Hitachi Ltd.		10,053		505,830
Honeywell International, Inc.		7,199		1,542,746
Investment AB Latour–Class B(b)		1,491		28,198
Jardine Cycle & Carriage Ltd.		1,023		21,843
Jardine Matheson Holdings Ltd.		1,634		83,123
Keppel Corp., Ltd.		14,674		79,580
Lifco AB–Class B		2,348		39,301
Melrose Industries PLC		40,856		65,823
Siemens AG (REG)		7,924		1,092,333
Smiths Group PLC		3,730		71,586
Toshiba Corp.		4,068		141,360
				5,577,441
MACHINERY–1.3%
Alfa Laval AB		2,958		85,567
Alstom SA		3,393		83,015
Atlas Copco AB–Class A		27,822		329,646
Atlas Copco AB–Class B		15,724		167,770
Caterpillar, Inc.		5,572		1,334,828
CNH Industrial NV		10,624		170,430
Cummins, Inc.		1,510		365,858
Daifuku Co., Ltd.		1,118		52,115
Daimler Truck Holding AG(a)		4,757		146,238
Deere & Co.		2,941		1,260,983
Dover Corp.		1,503		203,521
FANUC Corp.		1,998		298,994
Fortive Corp.		3,788		243,379
GEA Group AG		1,545		62,831
Hitachi Construction Machinery Co., Ltd.		1,083		24,136
Hoshizaki Corp.(b)		1,094		38,467
Husqvarna AB–Class B		4,217		29,618
IDEX Corp.		808		184,491
Illinois Tool Works, Inc.		2,993		659,358
Indutrade AB		2,776		56,296
Ingersoll Rand, Inc.		4,336		226,556
Knorr-Bremse AG		820		44,610
Komatsu Ltd.		9,617		207,863
Kone Oyj–Class B		3,540		183,272
Kubota Corp.		10,350		141,396
Kurita Water Industries Ltd.(b)		1,130		46,674
Makita Corp.(b)		2,257		52,577
MINEBEA MITSUMI, Inc.		3,657		54,182

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MISUMI Group, Inc.		2,864	$	62,247
Mitsubishi Heavy Industries Ltd.		3,370		133,171
NGK Insulators Ltd.		2,207		27,980
Nordson Corp.		576		136,927
PACCAR, Inc.		3,724		368,564
Parker-Hannifin Corp.		1,375		400,125
Pentair PLC		1,761		79,210
Rational AG		60		35,630
Sandvik AB		11,112		200,811
Schindler Holding AG		435		81,816
Schindler Holding AG (REG)		268		48,334
SKF AB–Class B		3,852		58,834
SMC Corp.		598		249,697
Snap-on, Inc.		569		130,011
Spirax-Sarco Engineering PLC		782		99,885
Stanley Black & Decker, Inc.		1,584		118,990
Techtronic Industries Co., Ltd.		13,862		153,963
Toyota Industries Corp.		1,574		85,509
Trane Technologies PLC		2,466		414,510
VAT Group AG(c)		291		79,885
Volvo AB–Class A		2,017		38,295
Volvo AB–Class B		15,630		282,334
Wartsila OYJ Abp		4,769		40,212
Westinghouse Air Brake Technologies Corp.		1,947		194,330
Xylem, Inc./NY		1,930		213,400
				10,489,341
MARINE–0.1%
AP Moller–Maersk A/S–Class A		33		72,727
AP Moller–Maersk A/S–Class B		55		123,123
Mitsui OSK Lines Ltd.(b)		3,463		86,533
Nippon Yusen KK(b)		5,061		119,342
SITC International Holdings Co., Ltd.		13,511		29,946
ZIM Integrated Shipping Services Ltd.(b)		853		14,663
				446,334
PROFESSIONAL SERVICES–0.4%
Adecco Group AG (REG)		1,610		52,961
Bureau Veritas SA		2,962		78,061
CoStar Group, Inc.(a)		4,355		336,554
Equifax, Inc.		1,311		254,806
Experian PLC		9,591		324,831
Intertek Group PLC		1,729		84,120
Jacobs Solutions, Inc.		1,366		164,016
Leidos Holdings, Inc.		1,464		153,998
Nihon M&A Center Holdings, Inc.		3,051		37,542
Persol Holdings Co., Ltd.		1,788		38,030
Randstad NV(b)		1,290		78,822
Recruit Holdings Co., Ltd.		14,972		468,653
RELX PLC (London)		19,883		549,726
Robert Half International, Inc.		1,162		85,790
SGS SA (REG)		68		158,395
Teleperformance		630		150,611
Verisk Analytics, Inc.		1,675		295,503
Wolters Kluwer NV		2,742		286,910
				3,599,329
ROAD & RAIL–0.5%
Aurizon Holdings Ltd.		18,545		46,983
Central Japan Railway Co.		1,491		183,064
CSX Corp.		22,512		697,422
East Japan Railway Co.(b)		3,140		178,848
Grab Holdings Ltd.–Class A(a)		13,321		42,894
Hankyu Hanshin Holdings, Inc.		2,305		68,292
JB Hunt Transport Services, Inc.		887		154,657
Keio Corp.(b)		1,036		37,948
Keisei Electric Railway Co., Ltd.(b)		1,302		36,991
Kintetsu Group Holdings Co., Ltd.(b)		1,728		57,052
MTR Corp., Ltd.		15,600		82,506
Norfolk Southern Corp.		2,479		610,875
Odakyu Electric Railway Co., Ltd.(b)		2,970		38,463
Old Dominion Freight Line, Inc.		970		275,267
Tobu Railway Co., Ltd.(b)		1,902		44,364
Tokyu Corp.(b)		5,501		69,279
Union Pacific Corp.		6,583		1,363,142
West Japan Railway Co.		2,337		101,471
				4,089,518
TRADING COMPANIES & DISTRIBUTORS–0.4%
AerCap Holdings NV(a)		1,441		84,039
Ashtead Group PLC		4,598		261,188
Brenntag SE		1,621		103,379
Bunzl PLC		3,534		117,577
Fastenal Co.		6,133		290,214
ITOCHU Corp.		12,312		386,261
Marubeni Corp.		15,764		180,592
Mitsubishi Corp.		13,031		423,048
Mitsui & Co., Ltd.		14,845		432,371
MonotaRO Co., Ltd.(b)		2,525		35,567
Reece Ltd.(b)		2,297		21,956
Sumitomo Corp.		11,667		193,942
Toyota Tsusho Corp.		2,273		83,611
United Rentals, Inc.(a)		742		263,722
WW Grainger, Inc.		482		268,112
				3,145,579

15

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

Company	Shares		U.S. $ Value
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(a)(c)		788	$	98,782
Aeroports de Paris(a)		305		40,861
Auckland International Airport Ltd.(a)		12,611		62,546
Getlink SE		4,433		70,986
Transurban Group		31,507		277,194
				550,369
				51,968,768
CONSUMER DISCRETIONARY–6.3%
AUTO COMPONENTS–0.2%
Aisin Corp.		1,484		39,348
Aptiv PLC(a)		2,901		270,170
BorgWarner, Inc.		2,507		100,907
Bridgestone Corp.(b)		5,879		208,158
Cie Generale des Etablissements Michelin SCA		6,988		194,667
Continental AG		1,197		71,358
Denso Corp.		4,542		222,739
Koito Manufacturing Co., Ltd.		2,104		31,367
Sumitomo Electric Industries Ltd.		7,148		80,761
Valeo		2,088		37,308
				1,256,783
AUTOMOBILES–1.1%
Bayerische Motoren Werke AG		3,452		305,623
Bayerische Motoren Werke AG (Preference Shares)		653		55,107
Dr Ing hc F Porsche AG (Preference Shares)(a)		1,214		122,509
Ferrari NV		1,318		282,630
Ford Motor Co.		42,292		491,856
General Motors Co.		15,212		511,732
Honda Motor Co., Ltd.		16,887		385,176
Isuzu Motors Ltd.		5,874		68,097
Mazda Motor Corp.		5,729		42,945
Mercedes-Benz Group AG		8,323		544,282
Nissan Motor Co., Ltd.		23,388		73,191
Porsche Automobil Holding SE (Preference Shares)		1,606		87,585
Renault SA(a)		2,081		69,440
Stellantis NV (Milan)		22,795		323,925
Subaru Corp.		6,199		93,853
Suzuki Motor Corp.		3,856		123,497
Tesla, Inc.(a)		28,741		3,540,316
Toyota Motor Corp.(b)		109,844		1,498,551
Volkswagen AG		326		51,141
Volkswagen AG (Preference Shares)		1,935		240,036
Volvo Car AB–Class B(a)(b)		6,056		27,575
Yamaha Motor Co., Ltd.(b)		2,999		67,781
				9,006,848
DISTRIBUTORS–0.1%
D’ieteren Group		280		53,735
Genuine Parts Co.		1,509		261,827
LKQ Corp.		2,718		145,168
Pool Corp.		418		126,374
				587,104
DIVERSIFIED CONSUMER SERVICES–0.0%
IDP Education Ltd.(b)		2,103		38,757
HOTELS, RESTAURANTS & LEISURE–1.1%
Accor SA(a)		1,714		42,760
Aristocrat Leisure Ltd.		6,281		129,425
Booking Holdings, Inc.(a)		415		836,341
Caesars Entertainment, Inc.(a)		2,298		95,597
Carnival Corp.(a)(b)		10,723		86,427
Chipotle Mexican Grill, Inc.(a)		297		412,085
Compass Group PLC		18,199		420,252
Darden Restaurants, Inc.		1,310		181,212
Domino’s Pizza, Inc.		379		131,286
Entain PLC		5,908		94,085
Evolution AB(c)		1,922		187,211
Expedia Group, Inc.(a)		1,612		141,211
Flutter Entertainment PLC(a)		1,757		240,764
Galaxy Entertainment Group Ltd.		21,942		144,261
Genting Singapore Ltd.		60,925		43,480
Hilton Worldwide Holdings, Inc.		2,896		365,939
InterContinental Hotels Group PLC		1,927		110,569
La Francaise des Jeux SAEM(c)		1,096		44,101
Las Vegas Sands Corp.(a)		3,518		169,110
Lottery Corp. Ltd. (The)(a)		22,425		68,353
Marriott International, Inc./MD–Class A		2,881		428,952
McDonald’s Corp.		7,843		2,066,866
McDonald’s Holdings Co. Japan Ltd.(b)		929		35,308
MGM Resorts International		3,413		114,438
Norwegian Cruise Line Holdings Ltd.(a)		4,512		55,227
Oriental Land Co., Ltd./Japan(b)		2,084		303,272
Royal Caribbean Cruises Ltd.(a)		2,350		116,161
Sands China Ltd.(a)		24,462		80,241
Sodexo SA		953		91,182
Starbucks Corp.		12,291		1,219,267
Whitbread PLC		2,035		62,919
Wynn Resorts Ltd.(a)		1,104		91,047
Yum! Brands, Inc.		3,016		386,289
				8,995,638

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HOUSEHOLD DURABLES–0.3%
Barratt Developments PLC		10,300	$	49,196
Berkeley Group Holdings PLC		1,131		51,562
DR Horton, Inc.		3,351		298,708
Electrolux AB–Class B(b)		2,277		30,764
Garmin Ltd.		1,642		151,540
Iida Group Holdings Co., Ltd.		1,483		22,516
Lennar Corp.–Class A		2,728		246,884
Mohawk Industries, Inc.(a)		565		57,754
Newell Brands, Inc.		4,030		52,712
NVR, Inc.(a)		32		147,603
Open House Group Co., Ltd.		825		30,038
Panasonic Holdings Corp.(b)		22,877		191,458
Persimmon PLC		3,215		47,140
PulteGroup, Inc.		2,439		111,048
SEB SA		278		23,325
Sekisui Chemical Co., Ltd.		3,800		52,966
Sekisui House Ltd.		6,208		110,062
Sharp Corp./Japan(b)		2,157		15,494
Sony Group Corp.		13,063		995,682
Taylor Wimpey PLC		32,673		40,015
Whirlpool Corp.		583		82,471
				2,808,938
INTERNET & DIRECT MARKETING RETAIL–1.2%
Amazon.com, Inc.(a)		95,036		7,983,024
Delivery Hero SE(a)(c)		1,764		84,654
eBay, Inc.		5,811		240,982
Etsy, Inc.(a)		1,346		161,224
Just Eat Takeaway.com NV(a)(b)(c)		1,820		38,738
Prosus NV		8,598		593,635
Rakuten Group, Inc.(a)(b)		8,758		39,473
Zalando SE(a)(c)		2,410		84,843
ZOZO, Inc.		1,255		30,993
				9,257,566
LEISURE PRODUCTS–0.0%
Bandai Namco Holdings, Inc.		2,080		130,373
Hasbro, Inc.		1,390		84,804
Shimano, Inc.(b)		773		122,149
Yamaha Corp.		1,474		54,697
				392,023
MULTILINE RETAIL–0.4%
Cie Financiere Richemont SA (REG)		5,407		701,071
Dollar General Corp.		2,415		594,694
Dollar Tree, Inc.(a)		2,254		318,806
Next PLC		1,339		93,825
Pan Pacific International Holdings Corp.		3,794		70,470
Target Corp.		4,928		734,469
Wesfarmers Ltd.(b)		11,748		366,388
				2,879,723
SPECIALTY RETAIL–1.2%
Advance Auto Parts, Inc.		644		94,687
AutoZone, Inc.(a)		203		500,635
Bath & Body Works, Inc.		2,445		103,032
Best Buy Co., Inc.		2,145		172,050
CarMax, Inc.(a)		1,692		103,026
Fast Retailing Co., Ltd.		607		369,380
H & M Hennes & Mauritz AB–Class B(b)		7,358		79,293
Hikari Tsushin, Inc.		211		29,699
Home Depot, Inc. (The)		10,962		3,462,457
Industria de Diseno Textil SA		11,213		297,829
JD Sports Fashion PLC		25,984		39,486
Kingfisher PLC		19,545		55,532
Lowe’s Cos., Inc.		6,646		1,324,149
Nitori Holdings Co., Ltd.(b)		863		112,762
O’Reilly Automotive, Inc.(a)		670		565,500
Ross Stores, Inc.		3,716		431,316
TJX Cos., Inc. (The)		12,432		989,587
Tractor Supply Co.		1,183		266,140
Ulta Beauty, Inc.(a)		548		257,050
USS Co., Ltd.		1,906		30,243
				9,283,853
TEXTILES, APPAREL & LUXURY GOODS–0.7%
adidas AG		1,795		243,270
Burberry Group PLC		4,080		99,193
Hermes International		329		509,243
Kering SA		776		394,928
LVMH Moet Hennessy Louis Vuitton SE		2,849		2,073,195
Moncler SpA		2,183		115,998
NIKE, Inc–Class B		13,488		1,578,231
Pandora A/S		987		69,763
Puma SE		1,150		69,510
Ralph Lauren Corp.		440		46,495
Swatch Group AG (The)		313		88,961
Swatch Group AG (The) (REG)		530		27,558
Tapestry, Inc.		2,580		98,246
VF Corp.		3,537		97,657
				5,512,248
				50,019,481
CONSUMER STAPLES–5.0%
BEVERAGES–1.2%
Anheuser-Busch InBev SA/NV		9,027		543,705
Asahi Group Holdings Ltd.(b)		4,750		147,856
Brown-Forman Corp-Class B		1,958		128,601
Budweiser Brewing Co. APAC Ltd.(c)		17,346		54,224

17

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

Company	Shares		U.S. $ Value
Carlsberg AS–Class B		1,039	$	137,820
Coca-Cola Co. (The)		41,675		2,650,947
Coca-Cola Europacific Partners PLC		2,174		120,266
Coca-Cola HBC AG		2,025		47,869
Constellation Brands, Inc–Class A		1,738		402,781
Davide Campari-Milano NV		5,266		53,462
Diageo PLC		23,586		1,032,403
Heineken Holding NV		1,092		84,336
Heineken NV		2,717		255,920
Ito En Ltd.		539		19,616
Keurig Dr Pepper, Inc.		9,099		324,470
Kirin Holdings Co., Ltd.(b)		8,287		126,306
Molson Coors Beverage Co.–Class B		2,013		103,710
Monster Beverage Corp.(a)		4,078		414,039
PepsiCo, Inc.		14,752		2,665,096
Pernod Ricard SA		2,138		420,593
Remy Cointreau SA		258		43,502
Suntory Beverage & Food Ltd.		1,400		47,673
Treasury Wine Estates Ltd.		7,272		67,182
				9,892,377
FOOD & STAPLES RETAILING–0.9%
Aeon Co., Ltd.		6,832		144,261
Carrefour SA		5,961		99,703
Coles Group Ltd.		13,439		152,339
Costco Wholesale Corp.		4,739		2,163,353
Endeavour Group Ltd./Australia(b)		13,513		58,808
HelloFresh SE(a)		1,664		36,317
J Sainsbury PLC		17,625		46,227
Jeronimo Martins SGPS SA		2,853		61,726
Kesko Oyj–Class B		2,751		60,787
Kobe Bussan Co., Ltd.		1,597		46,027
Koninklijke Ahold Delhaize NV		10,902		313,446
Kroger Co. (The)		6,975		310,946
Ocado Group PLC(a)(b)		5,923		43,967
Seven & i Holdings Co., Ltd.		7,835		335,779
Sysco Corp.		5,426		414,818
Tesco PLC		75,669		203,918
Walgreens Boots Alliance, Inc.		7,686		287,149
Walmart, Inc.		15,113		2,142,872
Welcia Holdings Co., Ltd.		950		22,145
Woolworths Group Ltd.(b)		12,455		284,415
				7,229,003
FOOD PRODUCTS–1.1%
Ajinomoto Co., Inc.(b)		4,703		143,739
Archer-Daniels-Midland Co.		5,882		546,144
Associated British Foods PLC		3,589		68,043
Barry Callebaut AG (REG)		38		75,040
Campbell Soup Co.		2,151		122,069
Chocoladefabriken Lindt & Spruengli AG		11		112,090
Chocoladefabriken Lindt & Spruengli AG (REG)		2		205,767
Conagra Brands, Inc.		5,132		198,608
Danone SA		6,663		351,178
General Mills, Inc.		6,355		532,867
Hershey Co. (The)		1,574		364,491
Hormel Foods Corp.		3,100		141,205
JDE Peet’s NV		1,011		29,243
JM Smucker Co. (The)		1,141		180,803
Kellogg Co.		2,741		195,269
Kerry Group PLC–Class A		1,652		149,226
Kikkoman Corp.(b)		1,552		81,692
Kraft Heinz Co. (The)		8,526		347,093
Lamb Weston Holdings, Inc.		1,540		137,614
McCormick & Co., Inc./MD		2,683		222,394
MEIJI Holdings Co., Ltd.		1,219		62,484
Mondelez International, Inc.–Class A		14,623		974,623
Mowi ASA		4,205		71,654
Nestle SA (REG)		28,485		3,290,284
Nisshin Seifun Group, Inc.		1,993		25,048
Nissin Foods Holdings Co., Ltd.		638		50,526
Orkla ASA		7,567		54,614
Salmar ASA		747		29,295
Tyson Foods, Inc.–Class A		3,101		193,037
WH Group Ltd.(c)		84,024		49,006
Wilmar International Ltd.		19,354		60,295
Yakult Honsha Co., Ltd.		1,381		89,900
				9,155,341
HOUSEHOLD PRODUCTS–0.8%
Church & Dwight Co., Inc.		2,611		210,473
Clorox Co. (The)		1,321		185,376
Colgate-Palmolive Co.		8,943		704,619
Essity AB–Class B		6,338		165,974
Henkel AG & Co. KGaA		1,131		72,683
Henkel AG & Co. KGaA (Preference Shares)		1,875		129,961
Kimberly-Clark Corp.		3,614		490,601
Procter & Gamble Co. (The)		25,374		3,845,683
Reckitt Benckiser Group PLC		7,412		513,773
Unicharm Corp.		4,216		161,415
				6,480,558
PERSONAL PRODUCTS–0.5%
Beiersdorf AG		1,065		121,700
Estee Lauder Cos., Inc. (The)–Class A		2,476		614,320
Haleon PLC(a)		51,669		204,434
Kao Corp.(b)		4,903		194,651
Kobayashi Pharmaceutical Co., Ltd.(b)		537		36,807
Kose Corp.		385		41,832

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
L’Oreal SA		2,502	$	895,960
Shiseido Co., Ltd.(b)		4,168		204,289
Unilever PLC (London)		26,365		1,331,111
				3,645,104
TOBACCO–0.5%
Altria Group, Inc.		19,190		877,175
British American Tobacco PLC		22,128		875,343
Imperial Brands PLC		9,372		233,467
Japan Tobacco, Inc.(b)		12,430		250,591
Philip Morris International, Inc.		16,599		1,679,985
				3,916,561
				40,318,944
COMMUNICATION SERVICES–4.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.0%
AT&T, Inc.		76,314		1,404,941
Bezeq The Israeli Telecommunication Corp., Ltd.		21,484		36,856
BT Group PLC		70,623		95,360
Cellnex Telecom SA(c)		5,667		187,981
Charter Communications, Inc.–Class A(a)		1,150		389,965
Comcast Corp.–Class A		46,193		1,615,369
Deutsche Telekom AG (REG)		33,572		667,968
Elisa Oyj		1,530		81,098
HKT Trust & HKT Ltd.		38,163		46,716
Infrastrutture Wireless Italiane SpA(c)		3,386		34,159
Koninklijke KPN NV		34,215		105,904
Lumen Technologies, Inc.		10,192		53,202
Nippon Telegraph & Telephone Corp.		12,381		353,088
Orange SA		20,664		205,031
Singapore Telecommunications Ltd.		83,194		159,507
Spark New Zealand Ltd.		18,834		64,483
Swisscom AG (REG)		269		147,361
Telecom Italia SpA/Milano(a)		100,391		23,266
Telefonica Deutschland Holding AG		10,489		25,761
Telefonica SA		52,536		190,186
Telenor ASA		7,049		65,859
Telia Co. AB		26,782		68,435
Telstra Group Ltd.		41,888		113,284
United Internet AG (REG)		977		19,701
Verizon Communications, Inc.		44,971		1,771,857
Washington H Soul Pattinson & Co., Ltd.(b)		2,181		40,918
				7,968,256
ENTERTAINMENT–0.7%
Activision Blizzard, Inc.		7,626		583,770
Bollore SE		8,908		49,781
Capcom Co., Ltd.(b)		1,774		56,627
Electronic Arts, Inc.		2,808		343,081
Embracer Group AB(a)(b)		6,492		29,473
Koei Tecmo Holdings Co., Ltd.(b)		1,184		21,414
Konami Group Corp.		939		42,596
Live Nation Entertainment, Inc.(a)		1,529		106,633
Netflix, Inc.(a)		4,765		1,405,103
Nexon Co., Ltd.(b)		4,977		111,737
Nintendo Co., Ltd.		11,478		482,611
Sea Ltd. (ADR)(a)		3,730		194,072
Square Enix Holdings Co., Ltd.		864		40,112
Take-Two Interactive Software, Inc.(a)		1,689		175,876
Toho Co., Ltd./Tokyo(b)		1,127		43,441
Ubisoft Entertainment SA(a)		945		26,697
Universal Music Group NV		7,524		181,950
Walt Disney Co. (The)(a)		19,521		1,695,985
Warner Bros Discovery, Inc.(a)		23,662		224,316
				5,815,275
INTERACTIVE MEDIA & SERVICES–1.8%
Adevinta ASA(a)		2,936		19,441
Alphabet, Inc.–Class A(a)		63,957		5,642,926
Alphabet, Inc.–Class C(a)		56,696		5,030,636
Auto Trader Group PLC(c)		9,578		59,646
Kakaku.com, Inc.		1,344		21,565
Match Group, Inc.(a)		2,991		124,097
Meta Platforms, Inc.–Class A(a)		24,078		2,897,547
REA Group Ltd.(b)		593		44,597
Scout24 SE(c)		842		42,381
SEEK Ltd.(b)		3,387		48,152
Z Holdings Corp.		26,998		67,428
				13,998,416
MEDIA–0.2%
CyberAgent, Inc.		4,076		36,288
Dentsu Group, Inc.(b)		2,179		68,357
DISH Network Corp.–Class A(a)		2,691		37,782
Fox Corp.–Class A		3,239		98,368
Fox Corp.–Class B		1,492		42,447
Hakuhodo DY Holdings, Inc.		2,354		23,625
Informa PLC		14,350		107,048
Interpublic Group of Cos., Inc. (The)		4,160		138,570
News Corp.–Class A		4,094		74,511
News Corp.–Class B		1,262		23,271
Omnicom Group, Inc.		2,183		178,067
Paramount Global–Class B		5,408		91,287
Pearson PLC		6,861		77,473

19

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

Company	Shares		U.S. $ Value
Publicis Groupe SA		2,394	$	152,934
Vivendi SE		7,323		69,956
WPP PLC		11,311		111,752
				1,331,736
WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		16,730		507,369
SoftBank Corp.		29,471		333,425
SoftBank Group Corp.		12,521		529,550
T-Mobile US, Inc.(a)		6,395		895,300
Tele2 AB–Class B		5,769		47,062
Vodafone Group PLC		271,895		275,353
				2,588,059
				31,701,742
ENERGY–3.2%
ENERGY EQUIPMENT & SERVICES–0.2%
Baker Hughes Co.		10,723		316,650
Halliburton Co.		9,723		382,600
Schlumberger NV		15,184		811,737
Tenaris SA		4,757		83,427
				1,594,414
OIL, GAS & CONSUMABLE FUELS–3.0%
Aker BP ASA		3,337		103,724
Ampol Ltd.		2,400		46,134
APA Corp.		3,443		160,719
BP PLC		194,895		1,124,533
Chevron Corp.		19,049		3,419,105
ConocoPhillips		13,343		1,574,474
Coterra Energy, Inc.		8,443		207,444
Devon Energy Corp.		7,000		430,570
Diamondback Energy, Inc.		1,885		257,830
ENEOS Holdings, Inc.		30,918		105,289
Eni SpA		25,897		368,241
EOG Resources, Inc.		6,290		814,681
EQT Corp.		3,930		132,952
Equinor ASA		9,844		353,796
Exxon Mobil Corp.		44,098		4,864,009
Galp Energia SGPS SA		5,050		68,128
Hess Corp.		2,971		421,347
Idemitsu Kosan Co., Ltd.(b)		2,100		49,164
Inpex Corp.(b)		10,772		115,750
Kinder Morgan, Inc.		21,180		382,934
Marathon Oil Corp.		6,800		184,076
Marathon Petroleum Corp.		5,018		584,045
Neste Oyj		4,372		201,623
Occidental Petroleum Corp.		7,786		490,440
OMV AG		1,582		81,380
ONEOK, Inc.		4,786		314,440
Phillips 66		5,061		526,749
Pioneer Natural Resources Co.		2,544		581,024
Repsol SA		14,284		227,359
Santos Ltd.(b)		32,417		159,433
Shell PLC		75,245		2,121,218
Targa Resources Corp.		2,424		178,164
TotalEnergies SE		25,773		1,617,852
Valero Energy Corp.		4,128		523,678
Williams Cos., Inc. (The)		13,042		429,082
Woodside Energy Group Ltd.(b)		19,685		476,735
				23,698,122
				25,292,536
MATERIALS–2.6%
CHEMICALS–1.4%
Air Liquide SA		5,421		769,431
Air Products and Chemicals, Inc.		2,375		732,117
Akzo Nobel NV		1,888		126,690
Albemarle Corp.		1,254		271,942
Arkema SA		618		55,586
Asahi Kasei Corp.		12,639		89,972
BASF SE		9,565		470,967
Celanese Corp.		1,068		109,192
CF Industries Holdings, Inc.		2,101		179,005
Chr Hansen Holding A/S		1,143		82,219
Clariant AG (REG)		2,173		34,510
Corteva, Inc.		7,651		449,726
Covestro AG(c)		2,076		80,873
Croda International PLC		1,464		116,503
Dow, Inc.		7,536		379,739
DuPont de Nemours, Inc.		5,319		365,043
Eastman Chemical Co.		1,285		104,650
Ecolab, Inc.		2,653		386,171
EMS-Chemie Holding AG (REG)		77		52,152
Evonik Industries AG		2,112		40,284
FMC Corp.		1,349		168,355
Givaudan SA (REG)		97		297,102
ICL Group Ltd.		7,263		52,479
IMCD NV		609		87,112
International Flavors & Fragrances, Inc.		2,730		286,213
Johnson Matthey PLC		1,949		49,811
JSR Corp.(b)		1,839		36,010
Koninklijke DSM NV		1,834		225,205
Linde PLC		5,294		1,726,797
LyondellBasell Industries NV–Class A		2,720		225,842
Mitsubishi Chemical Group Corp.		12,899		66,778
Mitsui Chemicals, Inc.		1,855		41,665
Mosaic Co. (The)		3,646		159,950
Nippon Paint Holdings Co., Ltd.(b)		8,359		65,652
Nippon Sanso Holdings Corp.		1,792		25,958
Nissan Chemical Corp.		1,313		57,256
Nitto Denko Corp.		1,516		87,314
Novozymes A/S–Class B		2,164		109,788
OCI NV		1,071		38,291

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Orica Ltd.		4,655	$	47,595
PPG Industries, Inc.		2,517		316,488
Sherwin-Williams Co. (The)		2,525		599,258
Shin-Etsu Chemical Co., Ltd.		3,897		475,871
Sika AG (REG)		1,523		366,134
Solvay SA		809		81,795
Sumitomo Chemical Co., Ltd.		15,011		53,824
Symrise AG		1,383		150,201
Toray Industries, Inc.		13,972		77,703
Tosoh Corp.		2,620		31,156
Umicore SA		2,129		78,304
Yara International ASA		1,775		77,953
				11,060,632
CONSTRUCTION MATERIALS–0.1%
CRH PLC		7,783		309,531
HeidelbergCement AG		1,499		84,941
Holcim AG		5,743		297,276
James Hardie Industries PLC		4,484		80,704
Martin Marietta Materials, Inc.		665		224,750
Vulcan Materials Co.		1,423		249,182
				1,246,384
CONTAINERS & PACKAGING–0.1%
Amcor PLC		15,944		189,893
Avery Dennison Corp.		867		156,927
Ball Corp.		3,361		171,881
International Paper Co.		3,808		131,871
Packaging Corp. of America		991		126,759
Sealed Air Corp.		1,549		77,264
SIG Group AG		3,105		67,848
Smurfit Kappa Group PLC		2,618		97,024
Westrock Co.		2,723		95,741
				1,115,208
METALS & MINING–0.9%
Anglo American PLC		13,176		515,970
Antofagasta PLC		3,973		74,166
ArcelorMittal SA		5,404		142,569
BHP Group Ltd.		52,472		1,625,422
BlueScope Steel Ltd.		4,518		51,493
Boliden AB		2,899		108,893
Fortescue Metals Group Ltd.(b)		17,540		245,159
Freeport-McMoRan, Inc.		15,305		581,590
Glencore PLC		101,163		674,620
IGO Ltd.		7,059		64,571
JFE Holdings, Inc.		4,952		57,461
Mineral Resources Ltd.(b)		1,825		95,733
Newcrest Mining Ltd.		8,969		125,766
Newmont Corp. (New York)		8,499		401,153
Nippon Steel Corp.		8,210		142,453
Norsk Hydro ASA		13,549		101,243
Northern Star Resources Ltd.(b)		12,068		90,309
Nucor Corp.		2,747		362,082
Pilbara Minerals Ltd.(a)		26,278		66,542
Rio Tinto Ltd.		3,876		305,916
Rio Tinto PLC		11,647		819,762
South32 Ltd.		46,987		128,821
Steel Dynamics, Inc.		1,786		174,492
Sumitomo Metal Mining Co., Ltd.		2,644		92,907
voestalpine AG		1,169		30,966
				7,080,059
PAPER & FOREST PRODUCTS–0.1%
Holmen AB–Class B		954		37,917
Mondi PLC		4,892		82,728
Oji Holdings Corp.		8,176		33,023
Stora Enso Oyj–Class R		5,601		78,971
Svenska Cellulosa AB SCA–Class B		6,104		77,305
UPM-Kymmene Oyj		5,520		206,566
				516,510
				21,018,793
UTILITIES–2.0%
ELECTRIC UTILITIES–1.3%
Acciona SA		276		50,793
Alliant Energy Corp.		2,688		148,405
American Electric Power Co., Inc.		5,502		522,415
BKW AG		219		29,964
Chubu Electric Power Co., Inc.		6,491		67,120
CK Infrastructure Holdings Ltd.		5,927		30,927
CLP Holdings Ltd.		16,545		120,540
Constellation Energy Corp.		3,502		301,907
Duke Energy Corp.		8,246		849,256
Edison International		4,089		260,142
EDP–Energias de Portugal SA		27,968		139,415
Electricite de France SA		6,038		77,518
Elia Group SA/NV		363		51,605
Endesa SA		3,200		60,309
Enel SpA		83,453		448,822
Entergy Corp.		2,179		245,138
Evergy, Inc.		2,458		154,682
Eversource Energy		3,730		312,723
Exelon Corp.		10,641		460,010
FirstEnergy Corp.		5,816		243,923
Fortum Oyj		4,474		74,510
HK Electric Investments & HK Electric Investments Ltd.–Class SS(c)		26,708		17,659
Iberdrola SA		62,603		730,795
Kansai Electric Power Co., Inc. (The)(b)		7,093		68,879
Mercury NZ Ltd.		6,864		24,249
NextEra Energy, Inc.		21,278		1,778,841

21

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

Company	Shares		U.S. $ Value
NRG Energy, Inc.		2,467	$	78,500
Origin Energy Ltd.		17,744		92,871
Orsted AS(c)		2,009		181,625
PG&E Corp.(a)		17,240		280,322
Pinnacle West Capital Corp.		1,211		92,084
Power Assets Holdings Ltd.		13,977		76,391
PPL Corp.		7,884		230,371
Red Electrica Corp. SA(b)		4,124		71,709
Southern Co. (The)		11,657		832,426
SSE PLC		10,988		225,990
Terna–Rete Elettrica Nazionale		14,175		104,685
Tokyo Electric Power Co. Holdings, Inc.(a)		15,381		55,393
Verbund AG		742		62,372
Xcel Energy, Inc.		5,860		410,845
				10,066,131
GAS UTILITIES–0.1%
APA Group(b)		11,887		86,887
Atmos Energy Corp.		1,498		167,881
Enagas SA		2,507		41,688
Hong Kong & China Gas Co., Ltd.		112,802		106,982
Naturgy Energy Group SA		1,478		38,412
Osaka Gas Co., Ltd.		3,778		60,875
Snam SpA		20,316		98,509
Tokyo Gas Co., Ltd.		4,034		78,985
				680,219
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		7,152		205,692
Corp. ACCIONA Energias Renovables SA		682		26,353
EDP Renovaveis SA		2,903		63,969
Meridian Energy Ltd.		12,972		43,147
RWE AG		6,698		296,103
				635,264
MULTI-UTILITIES–0.5%
Ameren Corp.		2,768		246,130
CenterPoint Energy, Inc.		6,741		202,163
CMS Energy Corp.		3,108		196,830
Consolidated Edison, Inc.		3,800		362,178
Dominion Energy, Inc.		8,923		547,158
DTE Energy Co.		2,075		243,875
E.ON SE		23,255		231,201
Engie SA		18,918		270,642
National Grid PLC		37,911		454,149
NiSource, Inc.		4,349		119,249
Public Service Enterprise Group, Inc.		5,343		327,366
Sempra Energy		3,366		520,182
United Utilities Group PLC		6,870		82,085
Veolia Environnement SA		6,977		179,270
WEC Energy Group, Inc.		3,378		316,721
				4,299,199
WATER UTILITIES–0.0%
American Water Works Co., Inc.		1,947		296,762
Severn Trent PLC		2,521		80,541
				377,303
				16,058,116
REAL ESTATE–1.6%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.3%
Alexandria Real Estate Equities, Inc.		1,599		232,926
American Tower Corp.		4,986		1,056,334
AvalonBay Communities, Inc.		1,498		241,957
Boston Properties, Inc.		1,527		103,195
British Land Co. PLC (The)		8,871		42,117
Camden Property Trust		1,141		127,655
CapitaLand Ascendas REIT		33,812		69,249
CapitaLand Integrated Commercial Trust		53,735		81,957
Covivio		524		31,104
Crown Castle, Inc.		4,637		628,963
Daiwa House REIT Investment Corp.		25		55,742
Dexus		10,836		56,890
Digital Realty Trust, Inc.		3,079		308,731
Equinix, Inc.		991		649,135
Equity Residential		3,642		214,878
Essex Property Trust, Inc.		693		146,861
Extra Space Storage, Inc.		1,434		211,056
Federal Realty Investment Trust		783		79,114
Gecina SA		518		52,774
GLP J-REIT		46		52,977
Goodman Group		17,530		206,159
GPT Group (The)(b)		19,300		55,044
Healthpeak Properties, Inc.		5,756		144,303
Host Hotels & Resorts, Inc.		7,656		122,879
Invitation Homes, Inc.		6,219		184,331
Iron Mountain, Inc.		3,113		155,183
Japan Metropolitan Fund Invest		77		61,255
Japan Real Estate Investment Corp.		13		57,100
Kimco Realty Corp.		6,622		140,254
Klepierre SA		2,286		52,762
Land Securities Group PLC		7,097		53,023
Link REIT		21,874		160,059
Mapletree Logistics Trust		31,227		37,132
Mapletree Pan Asia Commercial Trust		21,757		27,184
Mid-America Apartment Communities, Inc.		1,236		194,040

22

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Mirvac Group		39,723	$	57,468
Nippon Building Fund, Inc.(b)		16		71,549
Nippon Prologis REIT, Inc.		25		58,614
Nomura Real Estate Master Fund, Inc.		46		56,989
Prologis, Inc.		9,884		1,114,223
Public Storage		1,693		474,362
Realty Income Corp.		6,715		425,933
Regency Centers Corp.		1,649		103,063
SBA Communications Corp.		1,156		324,038
Scentre Group		52,294		101,793
Segro PLC		12,114		111,597
Simon Property Group, Inc.		3,501		411,298
Stockland		24,051		59,234
UDR, Inc.		3,277		126,918
Ventas, Inc.		4,280		192,814
VICI Properties, Inc.		10,313		334,141
Vicinity Centres(b)		38,985		52,641
Vornado Realty Trust		1,725		35,897
Warehouses De Pauw CVA		1,696		48,585
Welltower, Inc.		5,060		331,683
Weyerhaeuser Co.		7,880		244,280
				10,831,443
REAL ESTATE MANAGEMENT & DEVELOPMENT– 0.3%
Aroundtown SA		10,065		23,446
Azrieli Group Ltd.		427		28,476
Capitaland Investment Ltd./Singapore		26,947		74,473
CBRE Group, Inc.–Class A(a)		3,383		260,356
City Developments Ltd.		4,093		25,161
CK Asset Holdings Ltd.		20,190		123,829
Daito Trust Construction Co., Ltd.		659		67,470
Daiwa House Industry Co., Ltd.		6,094		140,383
ESR Group Ltd.(c)		19,958		41,723
Fastighets AB Balder–Class B(a)		6,354		29,656
Hang Lung Properties Ltd.		20,399		39,737
Henderson Land Development Co., Ltd.		14,633		50,940
Hongkong Land Holdings Ltd.		10,310		47,434
Hulic Co., Ltd.		3,868		30,374
LEG Immobilien SE		808		52,697
Lendlease Corp., Ltd.(b)		6,939		36,833
Mitsubishi Estate Co., Ltd.(b)		12,273		158,979
Mitsui Fudosan Co., Ltd.		9,241		168,897
New World Development Co., Ltd.		15,213		42,675
Nomura Real Estate Holdings, Inc.		1,195		25,552
Sagax AB–Class B		1,934		43,941
Sino Land Co., Ltd.		33,532		41,824
Sumitomo Realty & Development Co., Ltd.		3,117		73,461
Sun Hung Kai Properties Ltd.		14,726		201,148
Swire Pacific Ltd.–Class A		5,016		43,970
Swire Properties Ltd.		11,788		29,858
Swiss Prime Site AG (REG)		814		70,552
Unibail-Rodamco-Westfield(a)		1,282		66,736
UOL Group Ltd.		4,678		23,520
Vonovia SE		7,349		173,116
Wharf Real Estate Investment Co., Ltd.		16,824		97,985
				2,335,202
				13,166,645
Total Common Stocks (cost $556,917,497)				491,656,778

		Principal Amount (000)
INFLATION-LINKED SECURITIES–0.8%
JAPAN–0.8%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027 (cost $7,537,371)	JPY		811,607	6,461,004
		Notional Amount
OPTIONS PURCHASED– PUTS–0.4%
OPTIONS ON INDICES–0.4%
Euro STOXX 50 Index Expiration: Jan 2023; Contracts: 553; Exercise Price: EUR 3,700.00; Counterparty: Morgan Stanley & Co., Inc.(a)	EUR		20,461,000	221,392
FTSE 100 Index Expiration: Jan 2023; Contracts: 84; Exercise Price: GBP 7,150.00; Counterparty: Morgan Stanley & Co., Inc.(a)	GBP		6,006,000	15,741

23

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

Company	Notional Amount			U.S. $ Value
Nikkei 225 Index Expiration: Jan 2023; Contracts: 78; Exercise Price: JPY 27,250.00; Counterparty: Morgan Stanley & Co., Inc.(a)		JPY	2,125,500,000	$	892,685
S&P 500 Index Expiration: Jan 2023; Contracts: 271; Exercise Price: USD 3,840.00; Counterparty: Morgan Stanley & Co., Inc. (a)		USD	104,064,000		1,949,845
Total Options Purchased–Puts (premiums paid $2,372,599)					3,079,663

	Shares
SHORT-TERM INVESTMENTS–30.6%
INVESTMENT COMPANIES–30.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(d)(e)(f) (cost $244,271,081)		244,271,081		$	244,271,081
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–93.3% (cost $811,098,548)					745,468,526
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0%
INVESTMENT COMPANIES–0.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(d)(e)(f) (cost $63,804)		63,804			63,804
			��
TOTAL INVESTMENTS–93.3% (cost $811,162,352)					745,532,330
Other assets less liabilities–6.7%					53,869,304
NET ASSETS–100.0%				$	799,401,634

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		43		March 2023	$	3,891,913	$	(76,596	)
10 Yr Mini Japan Government Bond Futures		93		March 2023		10,308,374		(178,999	)
Euro STOXX 50 Index Futures		100		March 2023		4,051,651		(23,694	)
Euro-BTP Futures		139		March 2023		16,206,477		(1,285,492	)
Euro-Bund Futures		39		March 2023		5,549,499		(345,720	)
Euro-OAT Futures		72		March 2023		9,811,312		(678,352	)

24

AB Variable Products Series Fund

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts (continued)
FTSE 100 Index Futures		16		March 2023	$	1,444,163	$	29,805
Hang Seng Futures		8		January 2023		1,020,569		7,442
Japan 10 Yr Bond (OSE) Futures		31		March 2023		34,358,885		(597,763	)
Long Gilt Futures		159		March 2023		19,203,084		(745,925	)
MSCI EAFE Futures		6		March 2023		584,820		(4,711	)
MSCI Emerging Markets Futures		566		March 2023		27,151,020		(452,959	)
Nikkei 225 (CME) Futures		22		March 2023		2,834,700		(224,320	)
S&P 500 E-Mini Futures		1		March 2023		193,050		(6,835	)
S&P Mid 400 E-Mini Futures		5		March 2023		1,221,300		(35,889	)
S&P/TSX 60 Index Futures		66		March 2023		11,405,229		(406,832	)
TOPIX Index Futures		6		March 2023		864,752		(22,206	)
U.S. T-Note 5 Yr (CBT) Futures		284		March 2023		30,652,031		(9,346	)
U.S. T-Note 10 Yr (CBT) Futures		805		March 2023		90,398,984		(242,531	)
U.S. Ultra Bond (CBT) Futures		79		March 2023		10,610,688		22,739
Sold Contracts
Euro STOXX 50 Index Futures		218		March 2023		8,832,600		400,042
FTSE 100 Index Futures		62		March 2023		5,596,133		23,194
MSCI Singapore IX ETS Futures		78		January 2023		1,692,019		15,866
Nikkei 225 (CME) Futures		62		March 2023		7,988,700		560,813
OMXS 30 Index Futures		49		January 2023		958,883		56,088
S&P 500 E-Mini Futures		194		March 2023		37,451,700		938,521
SPI 200 Futures		38		March 2023		4,522,479		113,766
							$	(3,169,894	)

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	19,204		USD	22,827		01/18/2023	$	(398,339	)
Bank of America, NA		USD	825		AUD	1,214		01/19/2023		2,414
Bank of America, NA		EUR	9,409		USD	9,907		02/27/2023		(202,352	)
BNP Paribas SA		CHF	2,246		USD	2,407		03/01/2023		(36,969	)
Citibank, NA		CHF	7,597		USD	8,154		03/01/2023		(112,685	)
Deutsche Bank AG		USD	2,226		CAD	3,010		01/19/2023		(2,294	)
Deutsche Bank AG		SEK	37,573		USD	3,551		02/03/2023		(55,460	)
Goldman Sachs Bank USA		AUD	3,319		USD	2,223		01/19/2023		(37,932	)
Goldman Sachs Bank USA		USD	4,676		AUD	7,198		01/19/2023		227,741
HSBC Bank USA		AUD	15,661		USD	9,883		01/19/2023		(785,853	)
HSBC Bank USA		CAD	11,235		USD	8,237		01/19/2023		(61,386	)
HSBC Bank USA		JPY	3,733,900		USD	27,039		02/09/2023		(1,543,307	)
HSBC Bank USA		EUR	36,560		USD	38,591		02/27/2023		(687,875	)
JPMorgan Chase Bank, NA		USD	1,649		CAD	2,246		01/19/2023		10,443
JPMorgan Chase Bank, NA		USD	827		JPY	112,241		02/09/2023		32,071
Morgan Stanley Capital Services, Inc.		USD	1,607		AUD	2,381		01/19/2023		15,488
Morgan Stanley Capital Services, Inc.		USD	1,606		CAD	2,167		01/19/2023		(5,244	)
Morgan Stanley Capital Services, Inc.		USD	2,422		JPY	321,155		02/09/2023		36,119
Morgan Stanley Capital Services, Inc.		CNH	16,765		USD	2,417		02/16/2023		(13,839	)

25

GLOBAL RISK ALLOCATION—MODERATE 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 Capital Services, Inc.		USD	5,795		EUR	5,468		02/27/2023	$	79,023
State Street Bank & Trust Co.		NOK	3,521		USD	354		02/03/2023		(5,481	)
UBS AG		USD	1,650		GBP	1,341		01/18/2023		(27,648	)
UBS AG		USD	2,318		EUR	2,191		02/27/2023		35,869
									$	(3,537,496	)

PUT OPTIONS WRITTEN (see Note D)

Description	Counterparty		Contracts		Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index(g)		Morgan Stanley & Co., Inc.		553		EUR	3,525.00		January 2023		EUR	19,493	$	128,007	$	(53,868	)
FTSE 100 Index(g)		Morgan Stanley & Co., Inc.		84		GBP	6,800.00		January 2023		GBP	5,712		20,833		(5,840	)
Nikkei 225 Index(h)		Morgan Stanley & Co., Inc.		78		JPY	26,000.00		January 2023		JPY	2,028,000		70,462		(205,044	)
S&P 500 Index(i)		Morgan Stanley & Co., Inc.		271		USD	3,640.00		January 2023		USD	98,644		573,963		(453,925	)
													$	793,265	$	(718,677	)

(a) Non-income producing security.

(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 or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $2,181,610 or 0.3% 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) The rate shown represents the 7-day yield as of period end.

(g) One contract relates to 10 shares.

(h) One contract relates to 1000 shares.

(i) One contract relates to 100 shares.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

BTP—Buoni del Tesoro Poliennali

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

CPI—Consumer Price Index

EAFE—Europe, Australia, and Far East

26

AB Variable Products Series Fund

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

27

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $566,827,467)	$	501,197,445	(a)
Affiliated issuers (cost $244,334,885—including investment of cash collateral for securities loaned of $63,804)		244,334,885
Cash		2,034
Cash collateral due from broker		45,229,113
Foreign currencies, at value (cost $13,273,160)		13,071,898
Affiliated dividends receivable		838,892
Unaffiliated dividends and interest receivable		598,666
Unrealized appreciation on forward currency exchange contracts		439,168
Receivable for capital stock sold		89,409
Total assets		805,801,510
LIABILITIES
Options written, at value (premiums received $793,265)		718,677
Unrealized depreciation on forward currency exchange contracts		3,976,664
Payable for variation margin on futures		701,826
Advisory fee payable		300,843
Distribution fee payable		173,163
Payable for capital stock redeemed		162,407
Payable for collateral received on securities loaned		63,804
Administrative fee payable		24,067
Transfer Agent fee payable		150
Accrued expenses		278,275
Total liabilities		6,399,876
NET ASSETS	$	799,401,634
COMPOSITION OF NET ASSETS
Capital stock, at par	$	78,400
Additional paid-in capital		903,297,731
Accumulated loss		(103,974,497	)
NET ASSETS	$	799,401,634

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	11,331		1,100	$	10.30
B	$	799,390,303		78,398,629	$	10.20

(a) Includes securities on loan with a value of $9,147,976 (see Note E).

See notes to financial statements.

28

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $453,395)	$	10,567,755
Affiliated issuers		4,289,601
Interest		160,246
Securities lending income		24,287
		15,041,889
EXPENSES
Advisory fee (see Note B)		4,200,975
Distribution fee—Class B		2,250,512
Transfer agency—Class B		2,193
Custody and accounting		309,681
Administrative		92,141
Audit and tax		85,465
Legal		71,320
Directors’ fees		29,074
Printing		27,834
Miscellaneous		63,410
Total expenses		7,132,605
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(350,908	)
Net expenses		6,781,697
Net investment income		8,260,192
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(1,575,139	)
Forward currency exchange contracts		13,616,826
Futures		(56,180,760	)
Written options		3,430,685
Swaps		(15,806	)
Foreign currency transactions		2,851,925
Net change in unrealized appreciation (depreciation) of:
Investments		(106,468,741	)
Forward currency exchange contracts		(5,220,091	)
Futures		(2,931,597	)
Written options		(1,328,811	)
Swaps		53,550
Foreign currency denominated assets and liabilities		(86,877	)
Net loss on investment and foreign currency transactions		(153,854,836	)
Contributions from Affiliates (see Note B)		242,720
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(145,351,924	)

See notes to financial statements.

29

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

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	8,260,192		$	517,926
Net realized gain (loss) on investment transactions and foreign currency transactions		(37,872,269	)		26,020,040
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(115,982,567	)		29,986,430
Contributions from Affiliates (see Note B)		242,720			1,736
Net increase (decrease) in net assets from operations		(145,351,924	)		56,526,132
Distributions to Shareholders
Class A		(400	)		–0	–
Class B		(27,864,579	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(93,224,440	)		919,608,907
Total increase (decrease)		(266,441,343	)		976,135,039
NET ASSETS
Beginning of period		1,065,842,977			89,707,938
End of period	$	799,401,634		$	1,065,842,977

See notes to financial statements.

30

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	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 as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. At December 31, 2022 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Portfolio’s Board of Directors (the “Board”). Pursuant to these procedures, the Adviser serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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.

31

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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)

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 an 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.

32

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 December 31, 2022:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	88,637,862		$	11,423,906		$	–0	–	$	100,061,768
Health Care		54,742,184			19,753,918			–0	–		74,496,102
Financials		40,653,708			26,900,175			–0	–		67,553,883
Industrials		30,072,664			21,896,104			–0	–		51,968,768
Consumer Discretionary		33,702,786			16,316,695			–0	–		50,019,481
Consumer Staples		24,893,497			15,425,447			–0	–		40,318,944
Communication Services		25,238,979			6,462,763			–0	–		31,701,742
Energy		17,988,750			7,303,786			–0	–		25,292,536
Materials		9,404,073			11,614,720			–0	–		21,018,793
Utilities		10,954,177			5,103,939			–0	–		16,058,116
Real Estate		9,387,537			3,779,108			–0	–		13,166,645
Inflation-Linked Securities		–0	–		6,461,004			–0	–		6,461,004
Options Purchased—Puts		–0	–		3,079,663			–0	–		3,079,663
Short-Term Investments		244,271,081			–0	–		–0	–		244,271,081
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		63,804			–0	–		–0	–		63,804
Total Investments in Securities		590,011,102			155,521,228			–0	–		745,532,330
Other Financial Instruments(a):
Assets:
Futures		2,168,276			–0	–		–0	–		2,168,276	(b)
Forward Currency Exchange Contracts		–0	–		439,168			–0	–		439,168
Liabilities:
Futures		(5,338,170	)		–0	–		–0	–		(5,338,170	)(b)
Forward Currency Exchange Contracts		–0	–		(3,976,664	)		–0	–		(3,976,664	)
Put Options Written		–0	–		(718,677	)		–0	–		(718,677	)
Total	$	586,841,208		$	151,265,055		$	–0	–	$	738,106,263

(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, written options and written swaptions 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.

33

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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, 2023. For the year ended December 31, 2022, there were no such operating expenses waived by the Adviser. For the year ended December 31, 2022, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $350,446 and $0, respectively.

34

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

Portfolio	Market Value 12/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/22 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	443,533	$	182,347	$	381,609	$	244,271	$	4,290
AB Government Money Market Portfolio*		3,248		21,144		24,328		64		2
Total							$	244,335	$	4,292

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

During the year ended December 31, 2022 and the year ended December 31, 2021, the Adviser reimbursed the Portfolio $242,720 and $1,736, respectively, for trading losses incurred due to a trade entry error.

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 year ended December 31, 2022, the reimbursement for such services amounted to $92,141.

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 $1,773 for the year ended December 31, 2022.

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 year ended December 31, 2022 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	19,484,133		$	9,896,876
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	811,294,966
Gross unrealized appreciation	$	41,188,521
Gross unrealized depreciation		(107,965,803	)
Net unrealized depreciation	$	(66,777,282	)

35

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 year ended December 31, 2022, 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 year ended December 31, 2022, 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

36

AB Variable Products Series Fund

“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 purchased option by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio. Put and call purchased options 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 written option. 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 written options. 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 the written option by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

During the year ended December 31, 2022, the Portfolio held purchased options for hedging and non-hedging purposes.

During the year ended December 31, 2022, the Portfolio held written options 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 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,

37

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

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 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.

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 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 year ended December 31, 2022, 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 year ended December 31, 2022, 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	$	22,739	*	Receivable/Payable for variation margin on futures	$	4,160,724	*

38

AB Variable Products Series Fund

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Receivable/Payable for variation margin on futures	$	2,145,537	*	Receivable/Payable for variation margin on futures	$	1,177,446	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		439,168		Unrealized depreciation on forward currency exchange contracts		3,976,664
Equity contracts	Investments in securities, at value		3,079,663
Equity contracts					Options written, at value		718,677
Total		$	5,687,107			$	10,033,511

* 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	$	(43,945,405)		$	(2,841,911)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(12,235,355	)		(89,686	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		13,616,826			(5,220,091	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		428,649			3,450,696
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation (depreciation) of options written		3,430,685			(1,328,811	)
Foreign exchange contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(15,806	)		53,550
Total		$	(38,720,406	)		$(5,976,253)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2022:

Futures:
Average notional amount of buy contracts	$	412,495,957
Average notional amount of sale contracts	$	44,322,584
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	50,240,969
Average principal amount of sale contracts	$	167,713,639

39

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

Purchased Options:
Average notional amount	$	169,857,579
Written Options:
Average notional amount	$	184,888,844
Variance Swaps:
Average notional amount	$	342,500	(a)

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

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 December 31, 2022. 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

$

2,414

$

(2,414

)

$

–0

–

$

–0

–

$

–0

–

Goldman Sachs Bank USA

227,741

(37,932

)

–0

–

–0

–

189,809

JPMorgan Chase Bank, NA

42,514

–0

–

–0

–

–0

–

42,514

Morgan Stanley Capital Services, Inc.

130,630

(19,083

)

–0

–

–0

–

111,547

UBS AG

35,869

(27,648

)

–0

–

–0

–

8,221

Total

$

439,168

$

(87,077

)

$

–0

–

$

–0

–

$

352,091

^

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

$

600,691

$

(2,414

)

$

–0

–

$

–0

–

$

598,277

BNP Paribas SA

36,969

–0

–

–0

–

–0

–

36,969

Citibank, NA

112,685

–0

–

–0

–

–0

–

112,685

Deutsche Bank AG

57,754

–0

–

–0

–

–0

–

57,754

Goldman Sachs Bank USA

37,932

(37,932

)

–0

–

–0

–

–0

–

HSBC Bank USA

3,078,421

–0

–

–0

–

–0

–

3,078,421

Morgan Stanley Capital Services, Inc.

19,083

(19,083

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

5,481

–0

–

–0

–

–0

–

5,481

UBS AG

27,648

(27,648

)

–0

–

–0

–

–0

–

Total

$

3,976,664

$

(87,077

)

$

–0

–

$

–0

–

$

3,889,587

^

* 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).

40

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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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 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 year ended December 31, 2022 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
$	9,147,976	$	63,804	$	9,581,365	$	22,509	$	1,778	$	462

* As of December 31, 2022.

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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class B
Shares sold		1,710,854			86,522,189		$	18,775,444		$	1,011,606,507
Shares issued on reinvestment of dividends and distributions		2,584,840			–0	–		27,864,579			–0	–
Shares redeemed		(12,899,724	)		(7,720,431	)		(139,864,463	)		(91,997,600	)
Net increase (decrease)		(8,604,030	)		78,801,758		$	(93,224,440	)	$	919,608,907

41

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

There were no transactions in capital shares for Class A for the year ended December 31, 2022 and the year ended December 31, 2021.

At December 31, 2022, a shareholder of the Portfolio owned 97% 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 value of the Portfolio’s investments will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

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 ETFs, are subject to market and selection risk. In addition, Contractholders of the Portfolio bear both their proportionate share of expenses in the Portfolio (including advisory fees) and, indirectly, the expenses of the investment companies in which the Portfolio invests (to the extent these expenses are not waived or reimbursed by the Adviser).

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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

42

AB Variable Products Series Fund

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 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.

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 Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022		2021
Distributions paid from:
Ordinary income	$	5,569,110	$	–0	–
Net long-term capital gains		22,295,869		–0	–
Total taxable distributions paid	$	27,864,979	$	–0	–

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	17,046,420
Accumulated capital and other losses		(54,182,072	)(a)
Unrealized appreciation (depreciation)		(66,838,845	)(b)
Total accumulated earnings (deficit)	$	(103,974,497	)

(a) As of December 31, 2022, the Portfolio had a net capital loss carryforward of $53,988,910. As of December 31, 2022, the cumulative deferred loss on straddles was $193,162.

(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 deferral of losses on wash sales, and the tax treatment of partnership investments.

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, 2022, the Portfolio had a net short-term capital loss carryforward of $20,444,327 and a net long-term capital loss carryforward of $33,544,583, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to contributions from the Adviser and a prior year true-up resulted in a net decrease in accumulated loss and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

44

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
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$12.36			$11.02			$11.27			$9.79			$10.83
Income From Investment Operations
Net investment income (loss)(a)(b)		.13			(.01	)		.03			.11			.09
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		(1.83	)		1.35			.23			1.61			(.55	)
Contributions from Affiliates		.00	(c)		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(1.70	)		1.34			.26			1.72			(.46	)
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		–0	–		(.17	)		(.24	)		–0	–
Distributions from net realized gain on investment transactions		(.28	)		–0	–		(.34	)		–0	–		(.58	)
Total dividends and distributions		(.36	)		–0	–		(.51	)		(.24	)		(.58	)
Net asset value, end of period		$10.30			$12.36			$11.02			$11.27			$9.79
Total Return
Total investment return based on net asset value(d)		(13.88	)%		12.16	%		2.72	%		17.61	%		(4.62	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11			$14			$12			$12			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.49	%		.68	%		.69	%		.68	%		.67	%
Expenses, before waivers/reimbursements(e)(f)‡		.52	%		.72	%		.95	%		.95	%		.92	%
Net investment income (loss)(b)		1.19	%		(.09	)%		.27	%		1.05	%		.88	%
Portfolio turnover rate		2	%		18	%		31	%		29	%		67	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.04	%		.03	%		.06	%		.07	%		.08	%

See footnote summary on page 47.

45

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

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

	CLASS B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$12.25			$10.94			$11.19			$9.72			$10.78
Income From Investment Operations
Net investment income(a)(b)		.10			.01			.00	(c)		.08			.07
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		(1.80	)		1.30			.23			1.60			(.55	)
Contributions from Affiliates		.00	(c)		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(1.70	)		1.31			.23			1.68			(.48	)
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		–0	–		(.14	)		(.21	)		–0	–
Distributions from net realized gain on investment transactions		(.28	)		–0	–		(.34	)		–0	–		(.58	)
Total dividends and distributions		(.35	)		–0	–		(.48	)		(.21	)		(.58	)
Net asset value, end of period		$10.20			$12.25			$10.94			$11.19			$9.72
Total Return
Total investment return based on net asset value(d)		(14.07	)%		11.97	%		2.45	%		17.32	%		(4.84	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$799,391			$1,065,829			$89,696			$95,350			$89,127
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.75	%		.75	%		.94	%		.94	%		.92	%
Expenses, before waivers/reimbursements(e)(f)‡		.79	%		.78	%		1.20	%		1.20	%		1.16	%
Net investment income(b)		.92	%		.09	%		.01	%		.78	%		.64	%
Portfolio turnover rate		2	%		18	%		31	%		29	%		67	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.04	%		.03	%		.06	%		.07	%		.08	%

See footnote summary on page 47.

46

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, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018, such waiver amounted to .04%, .03%, .06%, .07% and .08%, respectively.

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

	Year Ended December 31,
	2022			2021			2020			2019			2018
Class A
Net of waivers/reimbursements		.49	%		.68	%		.69	%		.68	%		.67	%
Before waivers/reimbursements		.52	%		.72	%		.95	%		.94	%		.92	%
Class B
Net of waivers/reimbursements		.75	%		.75	%		.94	%		.93	%		.92	%
Before waivers/reimbursements		.79	%		.78	%		1.20	%		1.19	%		1.16	%

See notes to financial statements.

47

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Global Risk Allocation—Moderate Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Global Risk Allocation - Moderate Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

48

2022 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2022. For corporate shareholders, 46.93% of dividends paid qualify for the dividends received deduction. The Portfolio designates $22,295,869 of dividends paid as long-term capital gain dividends.

49

GLOBAL RISK ALLOCATION—
MODERATE PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
Daniel J. Loewy(2), Vice President Leon Zhu(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001
PRINCIPAL UNDERWRITER AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Fund are made by the Adviser’s Quantitative Investment Team. Messrs. Loewy and Zhu are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

50

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 47 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		73	None
DISINTERESTED DIRECTORS
Garry L. Moody## Chairman of the Board 70 (2015)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2011–February 2023.		73	None
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		73	Moody’s Corporation since April 2011

51

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey,## 79 (2015)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		73	None
Nancy P. Jacklin,## 74 (2015)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		73	None
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		73	Apollo Investment Corp. (business development company) since August 2011

52

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		73	None
Marshall C. Turner, Jr.## 81 (2015)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		73	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

53

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Fund’s Officers is listed below.

NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
Daniel J. Loewy 48	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Leon Zhu 55	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Fund’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

54

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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

55

GLOBAL RISK ALLOCATION—MODERATE 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 Risk Allocation—Moderate Portfolio (the “Fund”) at a meeting held in-person on August 2-3, 2022 (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 Vice President 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 money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

56

AB Variable Products Series Fund

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 2020. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund in 2021 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 money market 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 recent 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, 2022 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 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 Vice President 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 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.

57

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	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 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 and that the Fund’s net assets were higher than a breakpoint level. Accordingly, the Fund’s current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. 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 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 breakpoint arrangements were acceptable and provide a means for sharing any economies of scale.

58

VPS-GRA-0151-1222

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ SUSTAINABLE GLOBAL THEMATIC PORTFOLIO

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 [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.

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—Sustainable Global Thematic Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022. Prior to May 1, 2022, the Portfolio was named Global Thematic Growth Portfolio.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio pursues opportunistic growth by investing in a global universe of companies whose business activities the Adviser believes position the company to benefit from certain sustainable investment themes that align with one or more of the United Nations Sustainable Development Goals (“SDGs”). These themes principally include the advancement of climate, health and empowerment. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of issuers located throughout the world that satisfy the Portfolio’s sustainable thematic criteria. An issuer that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets such criteria, although many of the issuers in which the Portfolio invests will derive a much greater portion of their revenues from such activities.

The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying, based on its internal research and analysis, securities of companies worldwide that fit into sustainable investment themes. First, the Adviser identifies through its “top-down” process the sustainable investment themes. In addition to this “top-down” thematic approach, the Adviser then uses a “bottom-up” analysis of individual companies that focuses on prospective earnings growth, valuation, and quality of company management and on evaluating a company’s risks, including those related to environmental, social and corporate governance (“ESG”) factors. ESG factors, which can vary across companies and industries, may include environmental impact, corporate governance, ethical business practices, diversity and employee practices, product safety, supply-chain management and community impact. Eligible investments include securities of issuers that the Adviser believes will maximize total return while also contributing to positive societal impact aligned with one or more SDGs. While the Adviser emphasizes focusing on individual companies with favorable ESG attributes over the use of broad-based negative screens (e.g., disqualifying business activities) in assessing a company’s exposure to ESG factors, the Portfolio will not invest in companies that derive revenue from direct involvement in alcohol, coal, gambling, pornography, prisons, tobacco or weapons.

The Adviser considers a large universe of companies worldwide for investment. The Portfolio typically invests primarily in mid- to large-capitalization companies and invests, to a lesser degree, in small-capitalization companies.

The Portfolio invests in securities issued by US and non-US companies from multiple industry sectors in an attempt to maximize opportunity, which should also tend to reduce risk. The Portfolio invests in both developed- and emerging-market countries. Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Adviser) in securities of non-US companies. In addition, the Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries. The percentage of the Portfolio’s assets invested in securities of companies in a particular country or denominated in a particular currency varies in accordance with the Adviser’s assessment of the appreciation potential of such securities.

Currency exposures can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. The Adviser may seek to hedge the currency exposure resulting from a securities position when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Portfolio, from time to time, invests in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. Decisions regarding portfolio investments and whether or not to hedge foreign currency exposures are evaluated separately by the Adviser. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), for the one-, five- and 10-year periods ended December 31, 2022.

All share classes of the Portfolio underperformed the benchmark for the annual period. Security selection drove underperformance, relative to the benchmark. Selection within the health care and financials sectors detracted the most, while selection within technology and consumer staples contributed. Sector allocation was positive. Underweights to communication services and consumer discretionary helped offset losses from an underweight to energy and an overweight to technology. Country selection (a result of bottom-up security analysis driven by fundamental research) was positive; losses from an underweight to Australia detracted most

1

AB Variable Products Series Fund

but were offset by an overweight to Denmark, which contributed. From a theme perspective, Health detracted most, followed by Empowerment and Climate.

The Climate theme consists of companies that improve overall resource efficiency and provide environmentally positive solutions in fields such as energy production, manufacturing, construction, transportation, agriculture and sanitation. The Health theme consists of companies that develop innovative health treatments and therapies, broaden access to high-quality and affordable care, ensure a steady supply of nutritious food and clean water, and promote overall physical and emotional well-being. The Empowerment theme consists of companies that provide the physical, financial and technological infrastructure and services that allow more people to gain control of their lives by enabling sustainable economic development, employment growth, poverty eradication, knowledge sharing and social inclusion.

The Portfolio used derivatives in the form of currency forwards for hedging purposes, which had no material impact on absolute returns for the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

The Portfolio’s exposures remain focused on secular growth themes, particularly those related to providing solutions to some of the world’s largest and most persistent sustainability challenges. This has helped the Portfolio’s Senior Investment Management Team (the “Team”) to identify financially strong companies that the Team believes are less dependent on overall macroeconomic strength for success, leading to more resilient earnings growth. The Team also believes higher quality attributes like lower leverage, durable earnings growth and profitability are more likely to hold up well during challenging economic periods. The Portfolio is positioned particularly well in this regard.

2

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI ACWI is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI ACWI (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns reflect the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

Sector Risk: The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Portfolio may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Portfolio’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, “sustainability” is not a uniformly defined characteristic, and the Portfolio’s sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the investment adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US 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, 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 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 may have limited product lines, markets or financial resources.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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 (“NAV”), than would be the case if the Portfolio were invested in a larger number of companies.

(Disclosures, Risks and Note About Historical Performance continued on next page)

3

DISCLOSURES AND RISKS
(continued)	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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5 Years1		10 Years1
Sustainable Global Thematic Portfolio Class A		-26.98%		7.99%		10.27%
Sustainable Global Thematic Portfolio Class B		-27.17%		7.72%		9.99%
MSCI ACWI (net)		-18.36%		5.23%		7.98%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.93% and 1.18% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expense ratios to 0.88% and 1.13% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2012 TO 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Sustainable Global Thematic Portfolio Class A shares (from 12/31/2012 to 12/31/2022) as compared with the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

5

SUSTAINABLE GLOBAL THEMATIC 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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,038.00	$	4.78		0.93	%	$	4.83		0.94	%
Hypothetical**	$	1,000	$	1,020.52	$	4.74		0.93	%	$	4.79		0.94	%
Class B
Actual	$	1,000	$	1,036.70	$	6.06		1.18	%	$	6.11		1.19	%
Hypothetical**	$	1,000	$	1,019.26	$	6.01		1.18	%	$	6.06		1.19	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

+ 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 184/365 (to reflect the one-half year period).

6

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Deere & Co.	$	4,944,461		3.2	%
Flex Ltd.		4,547,889		3.0
Waste Management, Inc.		4,371,461		2.9
Danaher Corp.		4,068,889		2.7
NextEra Energy, Inc.		3,755,479		2.5
MSCI, Inc.		3,719,964		2.4
Microsoft Corp.		3,597,060		2.4
Visa, Inc.—Class A		3,470,215		2.3
Becton Dickinson and Co.		3,456,954		2.3
Aflac, Inc.		3,399,525		2.2
	$	39,331,897		25.9	%

SECTOR BREAKDOWN²

December 31, 2022 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	45,554,264		30.0	%
Health Care		26,815,081		17.6
Financials		25,312,550		16.7
Industrials		23,415,243		15.4
Consumer Staples		8,348,362		5.5
Utilities		8,064,584		5.3
Materials		4,529,062		3.0
Consumer Discretionary		4,354,255		2.9
Short-Term Investments		5,497,349		3.6
Total Investments	$	151,890,750		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.

7

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	86,343,784		56.8	%
United Kingdom		9,287,759		6.1
India		7,711,307		5.1
Germany		6,190,490		4.1
Switzerland		5,285,881		3.5
Netherlands		4,685,017		3.1
Denmark		4,651,938		3.1
Japan		3,977,719		2.6
Taiwan		3,578,750		2.4
Austria		3,381,829		2.2
Hong Kong		2,769,680		1.8
France		2,578,055		1.7
Norway		2,289,392		1.5
Other		3,661,800		2.4
Short-Term Investments		5,497,349		3.6
Total Investments	$	151,890,750		100.0	%

1 The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.4% or less in the following: China and Ireland.

8

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.6%
INFORMATION TECHNOLOGY–29.8%
COMMUNICATIONS EQUIPMENT–3.4%
Calix, Inc.(a)		38,575	$	2,639,687
Lumentum Holdings, Inc.(a)		49,045		2,558,678
				5,198,365
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–5.4%
Flex Ltd.(a)		211,924		4,547,889
Keyence Corp.		3,900		1,514,153
Keysight Technologies, Inc.(a)		12,909		2,208,343
				8,270,385
IT SERVICES–4.3%
Accenture PLC–Class A		11,896		3,174,329
Visa, Inc.–Class A		16,703		3,470,215
				6,644,544
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.7%
ASML Holding NV		4,631		2,525,060
Infineon Technologies AG		82,432		2,505,264
MediaTek, Inc.		75,000		1,516,419
NXP Semiconductors NV		16,494		2,606,547
ON Semiconductor Corp.(a)		33,619		2,096,817
Taiwan Semiconductor Manufacturing Co., Ltd.		142,000		2,062,331
				13,312,438
SOFTWARE–6.8%
Adobe, Inc.(a)		6,682		2,248,694
Dassault Systemes SE		71,693		2,578,055
Intuit, Inc.		4,882		1,900,172
Microsoft Corp.		14,999		3,597,060
				10,323,981
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.2%
Dell Technologies, Inc.–Class C		44,867		1,804,551
				45,554,264
HEALTH CARE–17.5%
BIOTECHNOLOGY–1.3%
Abcam PLC (Sponsored ADR)(a)		124,004		1,929,502
HEALTH CARE EQUIPMENT & SUPPLIES–5.6%
Alcon, Inc.		31,751		2,178,721
Becton Dickinson and Co.		13,594		3,456,954
STERIS PLC		16,241		2,999,550
				8,635,225

Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–1.6%
Apollo Hospitals Enterprise Ltd.		45,306	$	2,447,377
LIFE SCIENCES TOOLS & SERVICES–9.0%
Bio-Rad Laboratories, Inc.–Class A(a)		5,368		2,257,190
Bruker Corp.		32,467		2,219,119
Danaher Corp.		15,330		4,068,889
Gerresheimer AG		15,676		1,048,652
ICON PLC(a)		10,894		2,116,159
West Pharmaceutical Services, Inc.		8,893		2,092,968
				13,802,977
				26,815,081
FINANCIALS–16.5%
BANKS–5.3%
Erste Group Bank AG		105,698		3,381,829
HDFC Bank Ltd.		164,934		3,238,617
SVB Financial Group(a)		6,427		1,479,110
				8,099,556
CAPITAL MARKETS–7.2%
Deutsche Boerse AG		15,312		2,636,574
London Stock Exchange Group PLC		18,390		1,580,091
MSCI, Inc.		7,997		3,719,964
Partners Group Holding AG		3,509		3,107,160
				11,043,789
INSURANCE–4.0%
Aflac, Inc.		47,255		3,399,525
AIA GROUP LTD.		250,800		2,769,680
				6,169,205
				25,312,550
INDUSTRIALS–15.3%
AEROSPACE & DEFENSE–1.5%
Hexcel Corp.		39,659		2,333,932
COMMERCIAL SERVICES & SUPPLIES–6.5%
Tetra Tech, Inc.		21,986		3,192,147
TOMRA Systems ASA		135,738		2,289,392
Waste Management, Inc.		27,865		4,371,461
				9,853,000
MACHINERY–6.1%
Deere & Co.		11,532		4,944,461
SMC Corp.		5,900		2,463,565
Xylem, Inc./NY		17,609		1,947,027
				9,355,053
PROFESSIONAL SERVICES–1.2%
Experian PLC		55,310		1,873,258
				23,415,243

9

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

Company	Shares		U.S. $ Value
CONSUMER STAPLES–5.4%
HOUSEHOLD PRODUCTS–1.6%
Procter & Gamble Co. (The)		15,955	$	2,418,140
PERSONAL PRODUCTS–3.8%
Dabur India Ltd.		298,907		2,025,313
Haleon PLC(a)		395,234		1,563,789
Unilever PLC (London)		46,370		2,341,120
				5,930,222
				8,348,362
UTILITIES–5.3%
ELECTRIC UTILITIES–4.0%
NextEra Energy, Inc.		44,922		3,755,479
Orsted AS(b)		25,251		2,282,833
				6,038,312
WATER UTILITIES–1.3%
American Water Works Co., Inc.		13,294		2,026,272
				8,064,584
MATERIALS–3.0%
CHEMICALS–3.0%
Chr Hansen Holding A/S		32,935		2,369,106
Koninklijke DSM NV		17,590		2,159,956
				4,529,062

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–2.8%
AUTO COMPONENTS–1.0%
Aptiv PLC(a)		16,475	$	1,534,317
AUTOMOBILES–1.0%
BYD Co., Ltd.–Class H		63,000		1,545,640
HOUSEHOLD DURABLES–0.8%
TopBuild Corp.(a)		8,143		1,274,298
				4,354,255
Total Common Stocks (cost $127,678,558)				146,393,401
SHORT-TERM INVESTMENTS–3.6%
INVESTMENT COMPANIES–3.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(c)(d)(e) (cost $5,497,349)		5,497,349		5,497,349
TOTAL INVESTMENTS–99.2% (cost $133,175,907)				151,890,750
Other assets less liabilities–0.8%				1,166,960
NET ASSETS–100.0%			$	153,057,710

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	1,692		KRW	2,418,517		01/30/2023	$	229,179
Bank of America, NA		NOK	12,593		USD	1,266		02/03/2023		(20,870	)
Bank of America, NA		USD	1,132		SEK	11,865		02/03/2023		6,808
Bank of America, NA		USD	617		JPY	83,181		02/09/2023		19,868
Bank of America, NA		CHF	1,525		USD	1,646		03/01/2023		(13,108	)
Bank of America, NA		USD	278		TWD	8,419		03/16/2023		(1,969	)
Barclays Bank PLC		CNH	2,386		USD	331		02/16/2023		(15,289	)
Barclays Bank PLC		INR	26,276		USD	316		03/16/2023		342
Citibank, NA		USD	2,643		AUD	4,165		01/19/2023		194,807
Citibank, NA		USD	4,284		CAD	5,847		01/19/2023		34,161
Citibank, NA		USD	3,789		JPY	523,446		02/09/2023		217,647
Citibank, NA		USD	692		CNH	4,835		02/16/2023		9,357
Citibank, NA		EUR	610		USD	653		02/27/2023		(1,899	)
Citibank, NA		INR	376,828		USD	4,533		03/16/2023		(888	)
Deutsche Bank AG		CNH	1,734		USD	241		02/16/2023		(10,194	)
Morgan Stanley Capital Services, Inc.		BRL	7,702		USD	1,470		01/04/2023		10,995
Morgan Stanley Capital Services, Inc.		USD	710		BRL	3,851		01/04/2023		19,476
Morgan Stanley Capital Services, Inc.		USD	738		BRL	3,851		01/04/2023		(8,674	)
Morgan Stanley Capital Services, Inc.		HKD	9,037		USD	1,153		01/12/2023		(4,846	)

10

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		GBP	934		USD	1,123		01/18/2023	$	(6,166	)
Morgan Stanley Capital Services, Inc.		USD	728		BRL	3,851		02/02/2023		(2,292	)
Morgan Stanley Capital Services, Inc.		CNH	8,391		USD	1,196		02/16/2023		(20,787	)
Morgan Stanley Capital Services, Inc.		USD	375		CNH	2,586		02/16/2023		(463	)
Morgan Stanley Capital Services, Inc.		USD	1,089		EUR	1,018		02/27/2023		5,171
Natwest Markets PLC		GBP	759		USD	927		01/18/2023		8,634
Natwest Markets PLC		USD	4,672		CNH	33,426		02/16/2023		173,873
Standard Chartered Bank		USD	520		ZAR	9,091		02/16/2023		13,518
Standard Chartered Bank		INR	36,876		USD	443		03/16/2023		(684	)
Standard Chartered Bank		TWD	46,611		USD	1,551		03/16/2023		23,125
State Street Bank & Trust Co.		HKD	3,140		USD	401		01/12/2023		(1,370	)
State Street Bank & Trust Co.		USD	283		HKD	2,217		01/12/2023		1,454
State Street Bank & Trust Co.		GBP	955		USD	1,152		01/18/2023		(2,558	)
State Street Bank & Trust Co.		USD	343		CAD	468		01/19/2023		2,661
State Street Bank & Trust Co.		NOK	3,671		USD	374		02/03/2023		(1,586	)
State Street Bank & Trust Co.		USD	398		NOK	3,907		02/03/2023		1,123
State Street Bank & Trust Co.		JPY	123,833		USD	933		02/09/2023		(14,934	)
State Street Bank & Trust Co.		USD	798		JPY	104,823		02/09/2023		4,774
State Street Bank & Trust Co.		USD	1,564		EUR	1,473		02/27/2023		18,355
State Street Bank & Trust Co.		USD	333		CHF	309		03/01/2023		3,373
UBS AG		EUR	8,929		USD	9,426		02/27/2023		(167,345	)
									$	702,779

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2022, the market value of this security amounted to $2,282,833 or 1.5% of net assets.

(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.

11

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

12

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $127,678,558)	$	146,393,401
Affiliated issuers (cost $5,497,349)		5,497,349
Cash		16
Foreign currencies, at value (cost $1,131,165)		1,135,940
Unrealized appreciation on forward currency exchange contracts		998,701
Unaffiliated dividends receivable		204,792
Receivable for investment securities sold		40,389
Receivable for capital stock sold		19,309
Affiliated dividends receivable		14,316
Total assets		154,304,213
LIABILITIES
Payable for investment securities purchased		342,141
Unrealized depreciation on forward currency exchange contracts		295,922
Foreign capital gains tax payable		215,571
Payable for capital stock redeemed		106,482
Advisory fee payable		93,204
Administrative fee payable		24,126
Distribution fee payable		22,054
Transfer Agent fee payable		150
Accrued expenses		146,853
Total liabilities		1,246,503
NET ASSETS	$	153,057,710
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,244
Additional paid-in capital		125,116,470
Distributable earnings		27,935,996
NET ASSETS	$	153,057,710

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	52,543,325		1,727,344	$	30.42
B	$	100,514,385		3,516,211	$	28.59

See notes to financial statements.

13

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $179,028)	$	1,727,052
Affiliated issuers		110,632
Securities lending income		4,601
		1,842,285
EXPENSES
Advisory fee (see Note B)		1,255,015
Distribution fee—Class B		278,659
Transfer agency—Class A		1,842
Transfer agency—Class B		3,674
Administrative		91,480
Custody and accounting		72,890
Audit and tax		64,955
Legal		64,878
Directors’ fees		19,619
Printing		10,658
Miscellaneous		15,968
Total expenses		1,879,638
Less: expenses waived and reimbursed by the Adviser (see Note B)		(89,822	)
Net expenses		1,789,816
Net investment income		52,469
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		9,448,327
Forward currency exchange contracts		50,351
Foreign currency transactions		(249,154	)
Net change in unrealized appreciation (depreciation) of:
Investments(b)		(68,899,094	)
Forward currency exchange contracts		487,656
Foreign currency denominated assets and liabilities		(5,204	)
Net loss on investment and foreign currency transactions		(59,167,118	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(59,114,649	)

(a) Net of foreign realized capital gains taxes of $147,256.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $146,087.

See notes to financial statements.

14

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

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	52,469		$	(792,836	)
Net realized gain on investment and foreign currency transactions		9,249,524			18,109,516
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(68,416,642	)		24,070,256
Net increase (decrease) in net assets from operations		(59,114,649	)		41,386,936
Distributions to Shareholders
Class A		(5,619,793	)		(7,534,996	)
Class B		(11,762,309	)		(17,177,009	)
CAPITAL STOCK TRANSACTIONS
Net increase		9,023,323			18,478,020
Total increase (decrease)		(67,473,428	)		35,152,951
NET ASSETS
Beginning of period		220,531,138			185,378,187
End of period	$	153,057,710		$	220,531,138

See notes to financial statements.

15

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Sustainable Global Thematic Portfolio (the “Portfolio”) (formerly known as AB Global Thematic Growth 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 as an open-end series investment company. The Fund offers 10 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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

16

AB Variable Products Series Fund

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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2022:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	32,852,982		$	12,701,282		$	–0	–	$	45,554,264
Health Care		21,140,331			5,674,750			–0	–		26,815,081
Financials		8,598,599			16,713,951			–0	–		25,312,550
Industrials		16,789,028			6,626,215			–0	–		23,415,243
Consumer Staples		2,418,140			5,930,222			–0	–		8,348,362
Utilities		5,781,751			2,282,833			–0	–		8,064,584
Materials		–0	–		4,529,062			–0	–		4,529,062
Consumer Discretionary		2,808,615			1,545,640			–0	–		4,354,255
Short-Term Investments		5,497,349			–0	–		–0	–		5,497,349
Total Investments in Securities		95,886,795			56,003,955	(a)		–0	–		151,890,750

17

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

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	998,701		$	–0	–	$	998,701
Liabilities:
Forward Currency Exchange Contracts		–0	–		(295,922	)		–0	–		(295,922	)
Total	$	95,886,795		$	56,706,734		$	–0	–	$	152,593,529

(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, written options and written swaptions 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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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.

18

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 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 year ended December 31, 2022, such reimbursements/waivers amounted to $83,668. This fee waiver and/or expense reimbursement agreement extends through May 1, 2023 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 year ended December 31, 2022, the reimbursement for such services amounted to $91,480.

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 $1,773 for the year ended December 31, 2022.

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, 2023. 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 year ended December 31, 2022, such waiver amounted to $6,154.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

Portfolio	Market Value 12/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/22 (000)		Dividend Income (000)
Government Money Market Portfolio	$	6,674	$	44,295	$	45,472	$	5,497	$	111

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.

19

SUSTAINABLE GLOBAL THEMATIC 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 year ended December 31, 2022 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	70,761,004		$	78,697,707
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	133,537,167
Gross unrealized appreciation	$	30,940,706
Gross unrealized depreciation		(12,570,729	)
Net unrealized appreciation	$	18,369,977

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.

During the year ended December 31, 2022, 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.

20

AB Variable Products Series Fund

During the year ended December 31, 2022, 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	$	998,701	Unrealized depreciation on forward currency exchange contracts	$	295,922
Total		$	998,701		$	295,922

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	$	50,351	$	487,656
Total		$	50,351	$	487,656

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2022:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	32,307,454
Average principal amount of sale contracts	$	31,069,858

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 December 31, 2022. 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

$

255,855

$

(35,947

)

$

–0

–

$

–0

–

$

219,908

Barclays Bank PLC

342

(342

)

–0

–

–0

–

–0

–

Citibank, NA

455,972

(2,787

)

–0

–

–0

–

453,185

Morgan Stanley Capital Services, Inc.

35,642

(35,642

)

–0

–

–0

–

–0

–

Natwest Markets PLC

182,507

–0

–

–0

–

–0

–

182,507

Standard Chartered Bank

36,643

(684

)

–0

–

–0

–

35,959

State Street Bank & Trust Co.

31,740

(20,448

)

–0

–

–0

–

11,292

Total

$

998,701

$

(95,850

)

$

–0

–

$

–0

–

$

902,851

^

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

$

35,947

$

(35,947

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

15,289

(342

)

–0

–

–0

–

14,947

Citibank, NA

2,787

(2,787

)

–0

–

–0

–

–0

–

Deutsche Bank AG

10,194

–0

–

–0

–

–0

–

10,194

Morgan Stanley Capital Services, Inc.

43,228

(35,642

)

–0

–

–0

–

7,586

21

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

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Standard Chartered Bank	$	684	$	(684	)	$	–0	–	$	–0	–	$	–0	–
State Street Bank & Trust Co.		20,448		(20,448	)		–0	–		–0	–		–0	–
UBS AG		167,345		–0	–		–0	–		–0	–		167,345
Total	$	295,922	$	(95,850	)	$	–0	–	$	–0	–	$	200,072	^

* 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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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.

22

AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2022 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

$

–0

–

$

–0

–

$

–0

–

$

4,601

$

–0

–

$

–0

–

* As of December 31, 2022.

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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class A
Shares sold		203,270			168,391		$	7,169,402		$	7,542,892
Shares issued in reinvestment of distributions		170,090			173,059			5,619,793			7,534,996
Shares redeemed		(176,800	)		(186,103	)		(6,064,541	)		(8,388,232	)
Net increase		196,560			155,347		$	6,724,654		$	6,689,656
Class B
Shares sold		342,113			519,440		$	11,115,948		$	22,261,300
Shares issued on reinvestment of distributions		378,453			415,707			11,762,309			17,177,009
Shares redeemed		(624,992	)		(649,032	)		(20,579,588	)		(27,649,945	)
Net increase		95,574			286,115		$	2,298,669		$	11,788,364

At December 31, 2022, certain shareholders of the Portfolio owned 58% 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 value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

Sector Risk—The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

ESG Risk—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Portfolio may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Portfolio’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, “sustainability” is not a uniformly defined characteristic, and the Portfolio’s sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the investment adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

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, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.

23

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

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 may have limited product lines, markets or financial resources.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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, than would be the case if the Portfolio were invested in a larger number of companies.

LIBOR Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

24

AB Variable Products Series Fund

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022		2021
Distributions paid from:
Ordinary income	$	176,259	$	1,797,950
Net long-term capital gains		17,205,843		22,914,055
Total taxable distributions paid	$	17,382,102	$	24,712,005

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	186,160
Undistributed capital gains		9,594,126
Unrealized appreciation (depreciation)		18,155,710	(a)
Total accumulated earnings (deficit)	$	27,935,996

(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 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, 2022, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

25

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$46.20			$42.40			$33.52			$27.35			$30.32
Income From Investment Operations
Net investment income (loss)(a)(b)		.07			(.10	)		(.10	)		.08			.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(12.25	)		9.46			12.64			8.00			(3.08	)
Net increase (decrease) in net asset value from operations		(12.18	)		9.36			12.54			8.08			(2.97	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		(.24	)		(.13	)		–0	–
Distributions from net realized gain on investment transactions		(3.60	)		(5.56	)		(3.42	)		(1.78	)		–0	–
Total dividends and distributions		(3.60	)		(5.56	)		(3.66	)		(1.91	)		–0	–
Net asset value, end of period		$30.42			$46.20			$42.40			$33.52			$27.35
Total Return
Total investment return based on net asset value(c)		(26.98	)%		22.87	%		39.41	%		30.16	%		(9.79	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$52,543			$70,723			$58,316			$43,237			$35,799
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.90	%		.88	%		.94	%		.99	%		.99	%
Expenses, before waivers/reimbursements(d)‡		.96	%		.93	%		1.00	%		1.04	%		1.01	%
Net investment income (loss)(b)		.20	%		(.22	)%		(.29	)%		.27	%		.37	%
Portfolio turnover rate		43	%		24	%		44	%		43	%		32	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.01	%		.00	%		.00	%

See footnote summary on page 27.

26

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$43.80			$40.54			$32.19			$26.33			$29.25
Income From Investment Operations
Net investment income (loss)(a)(b)		(.02	)		(.20	)		(.18	)		.01			.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(11.59	)		9.02			12.11			7.68			(2.96	)
Net increase (decrease) in net asset value from operations		(11.61	)		8.82			11.93			7.69			(2.92	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		(.16	)		(.05	)		–0	–
Distributions from net realized gain on investment transactions		(3.60	)		(5.56	)		(3.42	)		(1.78	)		–0	–
Total dividends and distributions		(3.60	)		(5.56	)		(3.58	)		(1.83	)		–0	–
Net asset value, end of period		$28.59			$43.80			$40.54			$32.19			$26.33
Total Return
Total investment return based on net asset value(c)		(27.17	)%		22.57	%		39.08	%		29.78	%		(9.98	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$100,515			$149,808			$127,062			$93,645			$80,949
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.15	%		1.13	%		1.19	%		1.24	%		1.24	%
Expenses, before waivers/reimbursements(d)‡		1.21	%		1.18	%		1.25	%		1.29	%		1.25	%
Net investment income (loss)(b)		(.05	)%		(.47	)%		(.54	)%		.02	%		.13	%
Portfolio turnover rate		43	%		24	%		44	%		43	%		32	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.01	%		.00	%		.00	%

(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 year ended December 31, 2020, such waiver amounted to .01%.

See notes to financial statements.

27

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Sustainable Global Thematic Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Sustainable Global Thematic Portfolio (formerly known as AB Global Thematic Growth Portfolio) (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

28

2022 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2022. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. The Portfolio designates $17,205,843 of dividends paid as long-term capital gain dividends.

29

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
Daniel C. Roarty(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	One Battery Park Plaza New York, NY 10004
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
501 Commerce Street Nashville, TN 37203	P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP
One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Sustainable Thematic Equities Investment Team. Mr. Roarty is the investment professional with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

30

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 47 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		73	None
DISINTERESTED DIRECTORS
Garry L. Moody## Chairman of the Board 70 (2008)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2011-February 2023.		73	None
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		73	Moody’s Corporation since April 2011

31

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey,## 79 (2005)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		73	None
Nancy P. Jacklin,## 74 (2006)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		73	None
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		73	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		73	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Marshall C. Turner, Jr.## 81 (2005)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		73	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^## Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

33

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS,* AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Chief Investment Officer of Sustainable Thematic Equities.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

34

SUSTAINABLE GLOBAL THEMATIC 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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

35

SUSTAINABLE GLOBAL THEMATIC 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 Sustainable Global Thematic Portfolio (formerly AB Global Thematic Growth Portfolio) (the “Fund”) at a meeting held in-person on May 3-5, 2022 (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 Vice President 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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

36

AB Variable Products Series Fund

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 February 28, 2022. 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 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 Vice President 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 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

37

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as 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 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 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.

38

VPS-SGT-0151-1222

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GROWTH AND INCOME PORTFOLIO

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 [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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—Growth and Income Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in the equity securities of US companies that the Adviser believes are trading at attractive valuations that have strong or improving business models.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared with its benchmark, the Russell 1000 Value Index, for the one-, five- and 10-year periods ended December 31, 2022.

All share classes of the Portfolio outperformed the benchmark for the annual period. Security selection drove outperformance, relative to the benchmark. Selection within the materials and industrials sectors contributed the most, while selection within utilities and real estate detracted. Overall sector selection detracted from performance. Losses from an underweight to energy and an overweight to consumer discretionary offset gains from underweights to communication services and real estate.

The Portfolio did not use derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

The Portfolio’s Senior Investment Management Team (the “Team”) remains committed to using bottom-up research to build a Portfolio composed of well-managed companies that are attractively valued relative to their long-term earnings power. The Team’s objective is to find companies that stand out and deploy capital wisely, allowing these companies to grow dividends and enhance the long-term value of their shares.

1

GROWTH AND INCOME PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Value Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Value Index represents the performance of large-cap value companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may be underperforming the market generally.

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: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

GROWTH AND INCOME PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5 Years1			10 Years1
Growth and Income Portfolio Class A		-4.19%		8.09%			11.37%
Growth and Income Portfolio Class B		-4.42%		7.82%			11.09%
Russell 1000 Value Index		-7.54%		6.67%			10.29%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.59% and 0.85% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2012 to 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Growth and Income Portfolio Class A shares (from 12/31/2012 to 12/31/2022) as compared with the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,090.40	$	3.00		0.57	%	$	3.06		0.58	%
Hypothetical**	$	1,000	$	1,022.33	$	2.91		0.57	%	$	2.96		0.58	%
Class B
Actual	$	1,000	$	1,089.10	$	4.32		0.82	%	$	4.37		0.83	%
Hypothetical**	$	1,000	$	1,021.07	$	4.18		0.82	%	$	4.23		0.83	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

+ 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 184/365 (to reflect the one-half year period).

4

GROWTH AND INCOME PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Philip Morris International, Inc.	$	35,842,307		4.3	%
Elevance Health, Inc.		34,854,773		4.2
Berkshire Hathaway, Inc.—Class B		31,785,192		3.8
Wells Fargo & Co.		31,150,539		3.7
JPMorgan Chase & Co.		29,520,372		3.5
Mastercard, Inc.—Class A		26,894,482		3.2
Roche Holding AG (Sponsored ADR)		24,651,776		3.0
Amgen, Inc.		23,784,153		2.8
Weyerhaeuser Co.		20,216,247		2.4
Cigna Corp.		19,836,332		2.4
	$	278,536,173		33.3	%

SECTOR BREAKDOWN²

December 31, 2022 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Health Care	$	164,328,339		19.5	%
Financials		140,976,092		16.8
Information Technology		131,457,676		15.6
Industrials		122,456,425		14.5
Consumer Discretionary		82,497,732		9.8
Consumer Staples		42,830,668		5.1
Energy		42,555,320		5.1
Real Estate		27,724,310		3.3
Communication Services		26,367,949		3.1
Materials		10,265,763		1.2
Utilities		4,977,062		0.6
Short-Term Investments		45,582,768		5.4
Total Investments	$	842,020,104		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.

5

GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.4%
HEALTH CARE–19.7%
BIOTECHNOLOGY–6.6%
Amgen, Inc.		90,558	$	23,784,153
Gilead Sciences, Inc.		185,907		15,960,116
Regeneron Pharmaceuticals, Inc.(a)		21,637		15,610,879
				55,355,148
HEALTH CARE PROVIDERS & SERVICES–8.1%
Cigna Corp.		59,867		19,836,332
Elevance Health, Inc.		67,947		34,854,773
Quest Diagnostics, Inc.		81,380		12,731,087
				67,422,192
LIFE SCIENCES TOOLS & SERVICES–1.3%
PerkinElmer, Inc.		74,221		10,407,269
PHARMACEUTICALS–3.7%
Pfizer, Inc.		126,697		6,491,954
Roche Holding AG (Sponsored ADR)		629,675		24,651,776
				31,143,730
				164,328,339
FINANCIALS–16.9%
BANKS–8.3%
Bank OZK		204,704		8,200,442
JPMorgan Chase & Co.		220,137		29,520,372
Wells Fargo & Co.		754,433		31,150,539
				68,871,353
CAPITAL MARKETS–3.2%
Goldman Sachs Group, Inc. (The)		31,614		10,855,615
Houlihan Lokey, Inc.		73,790		6,431,536
Nasdaq, Inc.		107,639		6,603,653
Northern Trust Corp.		35,796		3,167,588
				27,058,392
DIVERSIFIED FINANCIAL SERVICES–3.8%
Berkshire Hathaway, Inc.–Class B(a)		102,898		31,785,192
INSURANCE–1.6%
Axis Capital Holdings Ltd.		119,458		6,471,040
MetLife, Inc.		93,825		6,790,115
				13,261,155
				140,976,092
INFORMATION TECHNOLOGY–15.7%
COMMUNICATIONS EQUIPMENT–1.6%
Cisco Systems, Inc.		280,569		13,366,307
Company	Shares		U.S. $ Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–3.0%
IPG Photonics Corp.(a)		82,156	$	7,777,709
Keysight Technologies, Inc.(a)		65,345		11,178,569
Littelfuse, Inc.		14,297		3,148,199
Zebra Technologies Corp.–Class A(a)		13,915		3,567,945
				25,672,422
IT SERVICES–8.5%
Accenture PLC–Class A		27,588		7,361,582
Cognizant Technology Solutions Corp.–Class A		72,769		4,161,659
FleetCor Technologies, Inc.(a)		53,421		9,812,369
Mastercard, Inc.–Class A		77,343		26,894,482
Maximus, Inc.		109,682		8,042,981
PayPal Holdings, Inc.(a)		204,331		14,552,454
				70,825,527
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.6%
MKS Instruments, Inc.(b)		86,074		7,293,050
NXP Semiconductors NV		43,575		6,886,157
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		99,533		7,414,213
				21,593,420
				131,457,676
INDUSTRIALS–14.7%
AEROSPACE & DEFENSE–3.5%
Curtiss-Wright Corp.		34,188		5,709,054
Raytheon Technologies Corp.		117,166		11,824,393
Textron, Inc.		170,376		12,062,621
				29,596,068
AIR FREIGHT & LOGISTICS–0.4%
Expeditors International of Washington, Inc.(b)		29,705		3,086,944
AIRLINES–1.9%
Alaska Air Group, Inc.(a)		169,566		7,281,164	��
Southwest Airlines Co.		260,512		8,771,439
				16,052,603
BUILDING PRODUCTS–0.9%
Builders FirstSource, Inc.(a)		108,992		7,071,401
CONSTRUCTION & ENGINEERING–0.7%
EMCOR Group, Inc.		38,511		5,703,864
ELECTRICAL EQUIPMENT–1.9%
Acuity Brands, Inc.		26,543		4,395,786

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Emerson Electric Co.		121,038	$	11,626,910
				16,022,696
MACHINERY–2.6%
Middleby Corp. (The)(a)		23,209		3,107,685
PACCAR, Inc.		132,648		13,128,173
Westinghouse Air Brake Technologies Corp.		51,405		5,130,733
				21,366,591
PROFESSIONAL SERVICES–0.9%
Robert Half International, Inc.		101,997		7,530,438
ROAD & RAIL–1.3%
Knight-Swift Transportation Holdings, Inc.		213,024		11,164,588
TRADING COMPANIES & DISTRIBUTORS–0.6%
MSC Industrial Direct Co., Inc.–Class A		59,501		4,861,232
				122,456,425
CONSUMER DISCRETIONARY–9.9%
AUTO COMPONENTS–0.9%
BorgWarner, Inc.		183,170		7,372,592
DISTRIBUTORS–1.4%
LKQ Corp.		220,668		11,785,878
HOTELS, RESTAURANTS & LEISURE–1.8%
Booking Holdings, Inc.(a)		4,099		8,260,633
Choice Hotels International, Inc.		58,417		6,580,091
				14,840,724
HOUSEHOLD DURABLES–0.7%
DR Horton, Inc.		64,669		5,764,595
MULTILINE RETAIL–1.9%
Target Corp.		109,754		16,357,736
SPECIALTY RETAIL–3.2%
AutoZone, Inc.(a)		2,662		6,564,971
Lowe’s Cos., Inc.		65,252		13,000,809
Ulta Beauty, Inc.(a)		14,519		6,810,427
				26,376,207
				82,497,732
CONSUMER STAPLES–5.1%
FOOD & STAPLES RETAILING–0.8%
Kroger Co. (The)		156,760		6,988,361
Company	Shares		U.S. $ Value
TOBACCO–4.3%
Philip Morris International, Inc.		354,138	$	35,842,307
				42,830,668
ENERGY–5.1%
ENERGY EQUIPMENT & SERVICES–0.8%
Helmerich & Payne, Inc.		139,445		6,912,288
OIL, GAS & CONSUMABLE FUELS–4.3%
Chevron Corp.		33,039		5,930,170
ConocoPhillips		43,697		5,156,246
EOG Resources, Inc.		86,483		11,201,278
Phillips 66		128,318		13,355,338
				35,643,032
				42,555,320
REAL ESTATE–3.3%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–2.4%
Weyerhaeuser Co.		652,137		20,216,247
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.9%
CBRE Group, Inc.–Class A(a)		97,558		7,508,063
				27,724,310
COMMUNICATION SERVICES–3.2%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.0%
Comcast Corp.–Class A		464,351		16,238,355
INTERACTIVE MEDIA & SERVICES–1.2%
Alphabet, Inc.–Class C(a)		114,162		10,129,594
				26,367,949
MATERIALS–1.2%
CHEMICALS–0.8%
Mosaic Co. (The)		149,219		6,546,238
METALS & MINING–0.4%
BHP Group Ltd. (Sponsored ADR)(b)		59,944		3,719,525
				10,265,763
UTILITIES–0.6%
ELECTRIC UTILITIES–0.6%
IDACORP, Inc.		46,148		4,977,062
Total Common Stocks (cost $679,888,468)				796,437,336

7

GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–5.5%
INVESTMENT COMPANIES–5.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(c)(d)(e) (cost $45,582,768)		45,582,768	$	45,582,768
TOTAL INVESTMENTS–100.9% (cost $725,471,236)				842,020,104
Other assets less liabilities–(0.9)%				(7,185,016	)
NET ASSETS–100.0%			$	834,835,088

(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

REIT—Real Estate Investment Trust

See notes to financial statements.

8

GROWTH AND INCOME PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $679,888,468)	$	796,437,336	(a)
Affiliated issuers (cost $45,582,768)		45,582,768
Unaffiliated dividends receivable		1,483,999
Affiliated dividends receivable		156,694
Receivable for capital stock sold		127,096
Total assets		843,787,893
LIABILITIES
Payable for investment securities purchased		7,382,732
Payable for capital stock redeemed		724,738
Advisory fee payable		391,515
Distribution fee payable		145,731
Administrative fee payable		23,089
Transfer Agent fee payable		150
Accrued expenses and other liabilities		284,850
Total liabilities		8,952,805
NET ASSETS	$	834,835,088
COMPOSITION OF NET ASSETS
Capital stock, at par	$	29,318
Additional paid-in capital		647,147,805
Distributable earnings		187,657,965
NET ASSETS	$	834,835,088

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	157,647,607		5,436,367	$	29.00
B	$	677,187,481		23,881,652	$	28.36

(a) Includes securities on loan with a value of $1,620,446 (see Note E).

See notes to financial statements.

9

GROWTH AND INCOME PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $94,474)	$	15,987,681
Affiliated issuers		688,899
Non-Cash Dividend Income		933,527
Securities lending income		25,397
		17,635,504
EXPENSES
Advisory fee (see Note B)		4,641,978
Distribution fee—Class B		1,716,417
Transfer agency—Class A		1,763
Transfer agency—Class B		7,675
Administrative		89,929
Legal		65,025
Custody and accounting		55,909
Audit and tax		46,713
Printing		30,360
Directors’ fees		28,391
Miscellaneous		30,712
Total expenses		6,714,872
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(37,881	)
Net expenses		6,676,991
Net investment income		10,958,513
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		64,196,924
Net change in unrealized appreciation (depreciation) of investments		(115,477,318	)
Net loss on investment transactions		(51,280,394	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(40,321,881	)

See notes to financial statements.

10

GROWTH AND INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	10,958,513		$	9,759,874
Net realized gain on investment transactions		64,196,924			232,012,332
Net change in unrealized appreciation (depreciation) of investments		(115,477,318	)		23,259,079
Net increase (decrease) in net assets from operations		(40,321,881	)		265,031,285
Distributions to Shareholders
Class A		(27,285,764	)		(1,352,804	)
Class B		(119,514,169	)		(6,060,547	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		99,205,085			(346,850,196	)
Total decrease		(87,916,729	)		(89,232,262	)
NET ASSETS
Beginning of period		922,751,817			1,011,984,079
End of period	$	834,835,088		$	922,751,817

See notes to financial statements.

11

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Growth and 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 as an open-end series investment company. The Fund offers 10 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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

12

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.

13

GROWTH AND INCOME 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 December 31, 2022:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Health Care

$

139,676,563

$

24,651,776

$

–0

–

$

164,328,339

Financials

140,976,092

–0

–

–0

–

140,976,092

Information Technology

131,457,676

–0

–

–0

–

131,457,676

Industrials

122,456,425

–0

–

–0

–

122,456,425

Consumer Discretionary

82,497,732

–0

–

–0

–

82,497,732

Consumer Staples

42,830,668

–0

–

–0

–

42,830,668

Energy

42,555,320

–0

–

–0

–

42,555,320

Real Estate

27,724,310

–0

–

–0

–

27,724,310

Communication Services

26,367,949

–0

–

–0

–

26,367,949

Materials

10,265,763

–0

–

–0

–

10,265,763

Utilities

4,977,062

–0

–

–0

–

4,977,062

Short-Term Investments

45,582,768

–0

–

–0

–

45,582,768

Total Investments in Securities

817,368,328

24,651,776

–0

–

842,020,104

Other Financial Instruments(a)

–0

–

–0

–

–0

–

–0

–

Total

$

817,368,328

$

24,651,776

$

–0

–

$

842,020,104

(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, written options and written swaptions 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.

14

AB Variable Products Series Fund

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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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 year ended December 31, 2022, the reimbursement for such services amounted to $89,929.

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 $1,773 for the year ended December 31, 2022.

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, 2023. 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 year ended December 31, 2022, such waiver amounted to $37,371.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

Portfolio	Market Value 12/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/22 (000)			Dividend Income (000)
Government Money Market Portfolio	$	16,507	$	355,703	$	326,627	$	45,583		$	689
Government Money Market Portfolio*		6,838		61,090		67,928		–0	–		2
Total							$	45,583		$	691

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

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

15

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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 year ended December 31, 2022 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	534,442,552		$	593,094,147
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	731,958,706
Gross unrealized appreciation	$	134,581,248
Gross unrealized depreciation		(24,519,850	)
Net unrealized appreciation	$	110,061,398

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 year ended December 31, 2022.

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

16

AB Variable Products Series Fund

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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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 year ended December 31, 2022 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
$	1,620,446	$	–0–	$	1,695,640	$	23,153	$	2,244	$	510

* As of December 31, 2022.

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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class A
Shares sold		726,184			519,539		$	22,884,961		$	17,715,000
Shares issued in reinvestment of dividends and distributions		968,955			38,563			27,285,764			1,352,804
Shares redeemed		(879,980	)		(881,629	)		(28,582,107	)		(29,886,720	)
Net increase (decrease)		815,159			(323,527	)	$	21,588,618		$	(10,818,916	)
Class B
Shares sold		2,020,177			1,732,963		$	62,982,072		$	57,304,403
Shares issued on reinvestment of dividends and distributions		4,336,508			175,974			119,514,169			6,060,547
Shares redeemed		(3,311,067	)		(11,625,535	)		(104,879,774	)		(399,396,230	)
Net increase (decrease)		3,045,618			(9,716,598	)	$	77,616,467		$	(336,031,280	)

At December 31, 2022, certain shareholders of the Portfolio owned 49% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

17

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 value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may be underperforming the market generally.

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—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

LIBOR Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon,

18

AB Variable Products Series Fund

quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022		2021
Distributions paid from:
Ordinary income	$	21,194,171	$	7,413,351
Net long-term capital gains		125,605,762		–0	–
Total taxable distributions paid	$	146,799,933	$	7,413,351

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	10,956,957
Undistributed capital gains		66,639,610
Unrealized appreciation (depreciation)		110,061,398	(a)
Total accumulated earnings (deficit)	$	187,657,965

(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, 2022, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

19

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
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$36.83			$28.97			$30.30			$27.78			$33.35
Income From Investment Operations
Net investment income(a)(b)		.48			.38			.40			.43			.41
Net realized and unrealized gain (loss) on investment transactions		(2.21	)		7.76			.13			5.84			(1.84	)
Net increase (decrease) in net asset value from operations		(1.73	)		8.14			.53			6.27			(1.43	)
Less: Dividends and Distributions
Dividends from net investment income		(.49	)		(.28	)		(.42	)		(.39	)		(.34	)
Distributions from net realized gain on investment transactions		(5.61	)		–0	–		(1.44	)		(3.36	)		(3.80	)
Total dividends and distributions		(6.10	)		(.28	)		(1.86	)		(3.75	)		(4.14	)
Net asset value, end of period		$29.00			$36.83			$28.97			$30.30			$27.78
Total Return
Total investment return based on net asset value(c)*		(4.19	)%		28.15	%		2.72	%		23.91	%		(5.61	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$157,648			$170,190			$143,269			$155,765			$133,188
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.59	%		.59	%		.61	%		.61	%		.59	%
Expenses, before waivers/reimbursements(d)‡		.59	%		.59	%		.62	%		.62	%		.60	%
Net investment income(b)		1.50	%		1.13	%		1.53	%		1.43	%		1.28	%
Portfolio turnover rate		66	%		51	%		54	%		66	%		96	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.01	%		.01	%		.01	%

See footnote summary on page 21.

20

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$36.12			$28.43			$29.76			$27.34			$32.88
Income From Investment Operations
Net investment income(a)(b)		.39			.29			.33			.35			.33
Net realized and unrealized gain (loss) on investment transactions		(2.16	)		7.61			.13			5.74			(1.81	)
Net increase (decrease) in net asset value from operations		(1.77	)		7.90			.46			6.09			(1.48	)
Less: Dividends and Distributions
Dividends from net investment income		(.38	)		(.21	)		(.35	)		(.31	)		(.26	)
Distributions from net realized gain on investment transactions		(5.61	)		–0	–		(1.44	)		(3.36	)		(3.80	)
Total dividends and distributions		(5.99	)		(.21	)		(1.79	)		(3.67	)		(4.06	)
Net asset value, end of period		$28.36			$36.12			$28.43			$29.76			$27.34
Total Return
Total investment return based on net asset value(c)*		(4.42	)%		27.84	%		2.47	%		23.61	%		(5.84	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$677,187			$752,562			$868,715			$922,603			$772,904
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.84	%		.84	%		.86	%		.86	%		.84	%
Expenses, before waivers/reimbursements(d)‡		.84	%		.85	%		.87	%		.87	%		.85	%
Net investment income(b)		1.25	%		.87	%		1.28	%		1.18	%		1.03	%
Portfolio turnover rate		66	%		51	%		54	%		66	%		96	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.01	%		.01	%		.01	%

(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 years ended December 31, 2020, December 31, 2019 and December 31, 2018, such waiver amounted to .01%, .01% and .01%, respectively.

* 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 and December 31, 2018 by .15% and .02%, respectively.

See notes to financial statements.

21

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Growth and Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Growth and Income Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

22

2022 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2022. For corporate shareholders, 78.00% of dividends paid qualify for the dividends received deduction. The Portfolio designates $125,605,762 of dividends paid as long-term capital gain dividends.

23

GROWTH AND INCOME PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
Frank V. Caruso(2), Vice President John H. Fogarty(2), Vice President Vinay Thapar(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 1000

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Relative Value Investment Team. Messrs. Caruso, Fogarty and Thapar are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

24

GROWTH AND INCOME PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 47 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		73	None
INDEPENDENT DIRECTORS
Garry L. Moody,## Chairman of the Board 70 (2008)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2011 - February 2023.		73	None

25

GROWTH AND INCOME PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		73	Moody’s Corporation since April 2011
Michael J. Downey,## 79 (2005)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		73	None
Nancy P. Jacklin,## 74 (2006)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		73	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		73	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		73	None
Marshall C. Turner, Jr.## 81 (2005)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		73	None

27

GROWTH AND INCOME PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

28

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS,* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
Frank V. Caruso 66	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Chief Investment Officer of US Growth Equities.
John H. Fogarty 53	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Co-Chief Investment Officer—US Growth Equites.
Vinay Thapar 44	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Co-Chief Investment Officer—US Growth Equities.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

29

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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

30

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 in-person on May 3-5, 2022 (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 Vice President 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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

31

GROWTH AND INCOME PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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 Fund’s profitability to the Adviser 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 28, 2022 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 Vice President 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 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 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.

32

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 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.

33

VPS-GI-0151-1222

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO

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 [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.

SUSTAINABLE INTERNATIONAL
THEMATIC PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—Sustainable International Thematic Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022. Prior to May 1, 2022, the Portfolio was named International Growth Portfolio.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a focused international portfolio of equity securities of companies whose business activities the Adviser believes position the company to benefit from certain sustainable investment themes that align with one or more of the United Nations Sustainable Development Goals (“SDGs”). These themes principally include the advancement of climate, health and empowerment. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of issuers located outside of the United States that satisfy the Portfolio’s sustainability thematic criteria and in derivative instruments related to such securities. An issuer that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets such criteria, although many of the issuers in which the Portfolio invests will derive a much greater portion of their revenues from such activities.

The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying, based on its internal research and analysis, securities of companies worldwide that fit into sustainable investment themes. First, the Adviser identifies through its “top-down” process the sustainable investment themes. In addition to this “top-down” thematic approach, the Adviser then uses a “bottom-up” analysis of individual companies that focuses on prospective earnings growth, valuation, and quality of company management and on evaluating a company’s risks, including those related to environmental, social and corporate governance (“ESG”) factors. ESG factors, which can vary across companies and industries, may include environmental impact, corporate governance, ethical business practices, diversity and employee practices, product safety, supply-chain management and community impact. Eligible investments include securities of issuers that the Adviser believes will maximize total return while also contributing to positive societal impact aligned with one or more SDGs. While the Adviser emphasizes focusing on individual companies with favorable ESG attributes over the use of broad-based negative screens (e.g., disqualifying business activities) in assessing a company’s exposure to ESG factors, the Portfolio will not invest in companies that derive revenue from direct involvement in alcohol, coal, gambling, pornography, prisons, tobacco or weapons.

The Adviser normally considers a large universe of mid- to large-capitalization companies worldwide for investment, but may invest in companies of any size. The Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries (and normally substantially more) other than the United States. The Portfolio invests in securities of companies in both developed- and emerging-market countries, with the stock selection process determining the geographic distribution of the Portfolio’s investments. The Portfolio also invests in the equity securities of companies located in the United States with exposure to international markets. The Portfolio may sell securities that no longer meet the investment criteria described above.

Currency exposures can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. The Adviser may seek to hedge the currency exposure resulting from a securities position when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Portfolio may, from time to time, invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. Equity positions and whether to hedge currency exposure are evaluated separately by the Adviser.

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices or futures contracts (including futures contracts on individual securities and stock indices). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its primary benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) ex USA (net), and the Morgan Stanley Capital International (“MSCI”) World Index ex USA (net), for the one-, five- and 10-year periods ended December 31, 2022.

All share classes of the Portfolio underperformed the primary benchmark and the MSCI ACWI ex USA (net)

1

AB Variable Products Series Fund

for the annual period. Overall security selection detracted, relative to the primary benchmark, especially within the health care and industrials sectors. Regarding sector allocation, an overweight to technology and an underweight to energy detracted, but were partially offset by gains from an overweight to health care and an underweight to communication services. Country selection (a result of bottom-up security analysis driven by fundamental research) detracted, mainly because of overweights to the US and Ireland, while underweights to China and Russia contributed. From a theme perspective, Health detracted most, followed by Climate and Empowerment.

The Climate theme consists of companies that improve overall resource efficiency and provide environmentally positive solutions in fields such as energy production, manufacturing, construction, transportation, agriculture and sanitation. The Health theme consists of companies that develop innovative health treatments and therapies, broaden access to high-quality and affordable care, ensure a steady supply of nutritious food and clean water, and promote overall physical and emotional well-being. The Empowerment theme consists of companies that provide the physical, financial and technological infrastructure and services that allow more people to gain control of their lives by enabling sustainable economic development, employment growth, poverty eradication, knowledge sharing and social inclusion.

The Portfolio used derivatives in the form of currency forwards for hedging purposes, which had no material impact on absolute returns for the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

The Portfolio’s exposures remain focused on secular growth themes, particularly those related to providing solutions to some of the world’s largest and most persistent sustainability challenges. This has helped the Portfolio’s Senior Investment Management Team (the “Team”) to identify financially strong companies that the Team believes are less dependent on overall macroeconomic strength for success, leading to more resilient earnings growth. The Team also believes higher quality attributes like lower leverage, durable earnings growth and profitability are more likely to hold up well during challenging economic periods. The Portfolio is positioned particularly well in this regard.

2

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

All indices are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI ACWI ex USA (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets, excluding the US. The MSCI World Index ex USA (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets, excluding the US. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

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 (“NAV”), than would be the case if the Portfolio were invested in a larger number of companies.

Sector Risk: The Portfolio may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology or financial services sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Portfolio may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Portfolio’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, “sustainability” is not a uniformly defined characteristic, and the Portfolio’s sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the investment adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US 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, 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 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: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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 for the Portfolio, but there is

3

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5 Years1		10 Years1
Sustainable International Thematic Portfolio Class A		-27.61%		1.41%		4.04%
Sustainable International Thematic Portfolio Class B		-27.81%		1.16%		3.78%
Primary Benchmark: MSCI ACWI ex USA (net)		-16.00%		0.88%		3.80%
MSCI World Index ex USA (net)		-14.29%		1.79%		4.59%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.28% and 1.53% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expense ratios to 1.23% and 1.48% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2012 TO 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Sustainable International Thematic Portfolio Class A shares (from 12/31/2012 to 12/31/2022) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

5

SUSTAINABLE INTERNATIONAL THEMATIC 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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,015.80	$	8.89		1.75	%	$	8.94		1.76	%
Hypothetical**	$	1,000	$	1,016.38	$	8.89		1.75	%	$	8.94		1.76	%
Class B
Actual	$	1,000	$	1,014.90	$	10.11		1.99	%	$	10.16		2.00	%
Hypothetical**	$	1,000	$	1,015.17	$	10.11		1.99	%	$	10.16		2.00	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

+ 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 184/365 (to reflect the one-half year period).

6

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
HDFC Bank Ltd.	$	1,156,335		3.0	%
Partners Group Holding AG		1,048,412		2.7
Aflac, Inc.		1,026,943		2.6
Svenska Handelsbanken AB—Class A		1,025,686		2.6
Erste Group Bank AG		1,025,606		2.6
Nestle SA (REG)		973,628		2.5
STERIS PLC		960,573		2.5
STMicroelectronics NV		958,087		2.5
ASML Holding NV		928,018		2.4
NXP Semiconductors NV		902,351		2.3
	$	10,005,639		25.7	%

SECTOR BREAKDOWN²

December 31, 2022 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	8,889,451		23.2	%
Financials		8,854,911		23.1
Health Care		7,043,158		18.4
Consumer Staples		3,862,169		10.1
Industrials		2,928,174		7.6
Materials		2,684,429		7.0
Consumer Discretionary		971,871		2.5
Utilities		807,503		2.1
Energy		755,534		2.0
Communication Services		387,971		1.0
Short-Term Investments		1,144,871		3.0
Total Investments	$	38,330,042		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.

7

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	5,110,351		13.3	%
Switzerland		4,488,937		11.7
United Kingdom		4,349,535		11.3
France		3,258,165		8.5
India		2,524,586		6.6
Ireland		1,982,613		5.2
Sweden		1,972,754		5.1
Germany		1,828,930		4.8
Netherlands		1,532,904		4.0
Denmark		1,511,437		3.9
Finland		1,378,189		3.6
Japan		1,259,245		3.3
Taiwan		1,254,998		3.3
Other		4,732,527		12.4
Short-Term Investments		1,144,871		3.0
Total Investments	$	38,330,042		100.0	%

1 The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.7% or less in the following: Austria, Canada, China, Hong Kong, Indonesia, Norway and Spain. 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).

8

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.6%
INFORMATION TECHNOLOGY–22.9%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.1%
Flex Ltd.(a)		21,216	$	455,295
Halma PLC		27,876		663,865
Keyence Corp.		1,200		465,894
				1,585,054
IT SERVICES–4.4%
Accenture PLC–Class A		3,280		875,235
Edenred		15,405		838,423
				1,713,658
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–12.4%
ASML Holding NV		1,702		928,018
Infineon Technologies AG		25,102		762,897
MediaTek, Inc.		24,000		485,254
NXP Semiconductors NV		5,710		902,351
STMicroelectronics NV		26,961		958,087
Taiwan Semiconductor Manufacturing Co., Ltd.		53,000		769,744
				4,806,351
SOFTWARE–2.0%
Dassault Systemes SE		21,813		784,388
				8,889,451
FINANCIALS–22.8%
BANKS–10.4%
Bank Mandiri Persero Tbk PT		1,272,500		811,466
Erste Group Bank AG		32,055		1,025,606
HDFC Bank Ltd.		58,889		1,156,335
Svenska Handelsbanken AB–Class A		101,876		1,025,686
				4,019,093
CAPITAL MARKETS–6.8%
Deutsche Boerse AG		4,564		785,876
London Stock Exchange Group PLC		9,556		821,063
Partners Group Holding AG		1,184		1,048,412
				2,655,351
INSURANCE–5.6%
Aflac, Inc.		14,275		1,026,943
AIA Group Ltd.		74,800		826,045
Prudential PLC		24,017		327,479
				2,180,467
				8,854,911
HEALTH CARE–18.1%
BIOTECHNOLOGY–1.5%
Abcam PLC (Sponsored ADR)(a)		37,467		582,987
Company	Shares		U.S. $ Value
HEALTH CARE EQUIPMENT & SUPPLIES–5.7%
Alcon, Inc.		11,522	$	790,627
ConvaTec Group PLC(b)		169,882		475,783
STERIS PLC		5,201		960,573
				2,226,983
HEALTH CARE PROVIDERS & SERVICES–2.2%
Apollo Hospitals Enterprise Ltd.		15,755		851,067
LIFE SCIENCES TOOLS & SERVICES–6.5%
Danaher Corp.		3,353		889,953
Gerresheimer AG		4,188		280,158
ICON PLC(a)		2,758		535,741
Tecan Group AG (REG)		1,810		810,231
				2,516,083
PHARMACEUTICALS–2.2%
Roche Holding AG (Genusschein)		2,756		866,038
				7,043,158
CONSUMER STAPLES–9.9%
FOOD PRODUCTS–6.0%
Danone SA		12,850		677,268
Kerry Group PLC–Class A		7,682		693,917
Nestle SA (REG)		8,429		973,628
				2,344,813
PERSONAL PRODUCTS–3.9%
Dabur India Ltd.		76,329		517,185
Haleon PLC(a)		100,745		398,609
Unilever PLC (London)		11,915		601,562
				1,517,356
				3,862,169
INDUSTRIALS–7.5%
COMMERCIAL SERVICES & SUPPLIES–1.7%
TOMRA Systems ASA		39,968		674,110
CONSTRUCTION & ENGINEERING–1.6%
WSP Global, Inc.(c)		5,299		614,786
MACHINERY–3.0%
Husqvarna AB–Class B		52,359		367,740
SMC Corp.		1,900		793,351
				1,161,091
PROFESSIONAL SERVICES–1.2%
Experian PLC		14,119		478,187
				2,928,174
MATERIALS–6.9%
CHEMICALS–3.4%
Chr Hansen Holding A/S		9,786		703,934
Koninklijke DSM NV		4,926		604,886
				1,308,820

9

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONTAINERS & PACKAGING–3.5%
Huhtamaki Oyj		18,176	$	622,654
Smurfit Kappa Group PLC		20,317		752,955
				1,375,609
				2,684,429
CONSUMER DISCRETIONARY–2.5%
AUTO COMPONENTS–1.5%
Autoliv, Inc.		7,565		579,328
AUTOMOBILES–1.0%
BYD Co., Ltd.–Class H		16,000		392,543
				971,871
UTILITIES–2.1%
ELECTRIC UTILITIES–2.1%
Orsted AS(b)		8,932		807,503
ENERGY–1.9%
OIL, GAS & CONSUMABLE FUELS–1.9%
Neste Oyj		16,383		755,534
Company	Shares		U.S. $ Value
COMMUNICATION SERVICES–1.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.0%
Cellnex Telecom SA(b)		11,696	$	387,971
Total Common Stocks (cost $34,531,589)				37,185,171
SHORT-TERM INVESTMENTS–3.0%
INVESTMENT COMPANIES–3.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(d)(e)(f) (cost $1,144,871)		1,144,871		1,144,871
TOTAL INVESTMENTS–98.6% (cost $35,676,460)				38,330,042
Other assets less liabilities–1.4%				556,976
NET ASSETS–100.0%			$	38,887,018

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	1,065		KRW	1,522,219		01/30/2023	$	144,246
Bank of America, NA		SEK	5,516		USD	526		02/03/2023		(3,165	)
Bank of America, NA		CNH	1,466		USD	204		02/16/2023		(8,221	)
Bank of America, NA		USD	221		CNH	1,553		02/16/2023		3,940
Bank of America, NA		CHF	1,875		USD	2,024		03/01/2023		(16,116	)
Barclays Bank PLC		KRW	79,617		USD	61		01/30/2023		(2,155	)
Barclays Bank PLC		USD	227		CNH	1,615		02/16/2023		6,882
Barclays Bank PLC		INR	12,352		USD	149		03/16/2023		161
Citibank, NA		USD	1,718		AUD	2,707		01/19/2023		126,613
Citibank, NA		USD	2,223		CAD	3,034		01/19/2023		17,726
Citibank, NA		USD	3,845		JPY	531,139		02/09/2023		220,846
Citibank, NA		CNH	823		USD	118		02/16/2023		(868	)
Citibank, NA		USD	135		CNH	945		02/16/2023		1,829
Citibank, NA		INR	55,594		USD	669		03/16/2023		(131	)
Deutsche Bank AG		CNH	610		USD	85		02/16/2023		(3,586	)
Goldman Sachs Bank USA		BRL	344		USD	65		01/04/2023		(329	)
Goldman Sachs Bank USA		USD	66		BRL	344		01/04/2023		(775	)
JPMorgan Chase Bank, NA		KRW	86,032		USD	67		01/30/2023		(1,356	)
Morgan Stanley Capital Services, Inc.		BRL	6,026		USD	1,150		01/04/2023		8,887
Morgan Stanley Capital Services, Inc.		USD	587		BRL	3,185		01/04/2023		16,108
Morgan Stanley Capital Services, Inc.		USD	544		BRL	2,841		01/04/2023		(6,399	)
Morgan Stanley Capital Services, Inc.		USD	537		BRL	2,841		02/02/2023		(1,691	)
Morgan Stanley Capital Services, Inc.		CNH	3,338		USD	477		02/16/2023		(7,116	)

10

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		USD	164		CNH	1,173		02/16/2023	$	5,693
Morgan Stanley Capital Services, Inc.		USD	107		CNH	740		02/16/2023		(132	)
Morgan Stanley Capital Services, Inc.		TWD	2,097		USD	69		03/16/2023		437
Morgan Stanley Capital Services, Inc.		USD	85		TWD	2,538		03/16/2023		(1,493	)
Natwest Markets PLC		USD	82		KRW	115,652		01/30/2023		10,174
Natwest Markets PLC		USD	3,068		CNH	21,949		02/16/2023		114,173
Standard Chartered Bank		CNH	370		USD	52		02/16/2023		(1,767	)
Standard Chartered Bank		INR	11,010		USD	132		03/16/2023		(204	)
Standard Chartered Bank		USD	188		TWD	5,648		03/16/2023		(2,802	)
State Street Bank & Trust Co.		GBP	399		USD	489		01/18/2023		6,013
State Street Bank & Trust Co.		GBP	560		USD	676		01/18/2023		(1,372	)
State Street Bank & Trust Co.		USD	495		GBP	399		01/18/2023		(12,936	)
State Street Bank & Trust Co.		AUD	106		USD	71		01/19/2023		(1,249	)
State Street Bank & Trust Co.		CAD	295		USD	220		01/19/2023		1,978
State Street Bank & Trust Co.		CAD	322		USD	237		01/19/2023		(1,197	)
State Street Bank & Trust Co.		USD	172		AUD	260		01/19/2023		5,130
State Street Bank & Trust Co.		USD	161		CAD	219		01/19/2023		1,020
State Street Bank & Trust Co.		USD	395		CAD	526		01/19/2023		(6,311	)
State Street Bank & Trust Co.		USD	173		ILS	602		01/19/2023		(1,734	)
State Street Bank & Trust Co.		USD	212		MXN	4,137		01/19/2023		(209	)
State Street Bank & Trust Co.		NOK	965		USD	99		02/03/2023		708
State Street Bank & Trust Co.		NOK	2,686		USD	270		02/03/2023		(4,385	)
State Street Bank & Trust Co.		USD	86		NOK	842		02/03/2023		93
State Street Bank & Trust Co.		USD	62		SEK	630		02/03/2023		(1,502	)
State Street Bank & Trust Co.		JPY	58,787		USD	439		02/09/2023		(10,923	)
State Street Bank & Trust Co.		USD	617		JPY	81,882		02/09/2023		9,927
State Street Bank & Trust Co.		USD	159		CNH	1,113		02/16/2023		2,582
State Street Bank & Trust Co.		USD	340		ZAR	5,981		02/16/2023		11,070
State Street Bank & Trust Co.		EUR	186		USD	199		02/27/2023		(482	)
State Street Bank & Trust Co.		USD	649		EUR	611		02/27/2023		7,473
State Street Bank & Trust Co.		USD	362		EUR	336		02/27/2023		(610	)
State Street Bank & Trust Co.		CHF	81		USD	88		03/01/2023		(378	)
State Street Bank & Trust Co.		USD	182		CHF	168		03/01/2023		558
State Street Bank & Trust Co.		USD	284		SGD	384		03/02/2023		3,007
UBS AG		USD	117		KRW	155,929		01/30/2023		6,396
UBS AG		EUR	3,869		USD	4,084		02/27/2023		(72,512	)
									$	559,564

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $1,671,257 or 4.3% 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.

11

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

12

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $34,531,589)	$	37,185,171	(a)
Affiliated issuers (cost $1,144,871)		1,144,871
Foreign currencies, at value (cost $245,090)		246,417
Unrealized appreciation on forward currency exchange contracts		733,670
Unaffiliated dividends receivable		102,602
Receivable for investment securities sold		10,990
Affiliated dividends receivable		4,544
Receivable for capital stock sold		492
Total assets		39,428,757
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		174,106
Payable for investment securities purchased		89,054
Foreign capital gains tax payable		68,740
Audit and tax fee payable		54,371
Custody and accounting fees payable		48,895
Payable for capital stock redeemed		36,559
Administrative fee payable		24,126
Advisory fee payable		23,646
Distribution fee payable		4,546
Transfer Agent fee payable		150
Accrued expenses		17,546
Total liabilities		541,739
NET ASSETS	$	38,887,018
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,398
Additional paid-in capital		34,957,901
Distributable earnings		3,926,719
NET ASSETS	$	38,887,018

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	18,149,478		1,102,846	$	16.46
B	$	20,737,540		1,294,699	$	16.02

(a) Includes securities on loan with a value of $602,488 (see Note E).

See notes to financial statements.

13

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $95,541)	$	671,122
Affiliated issuers		34,073
Interest (net of foreign taxes withheld of $219)		1,785
Securities lending income		5,643
		712,623
EXPENSES
Advisory fee (see Note B)		323,977
Distribution fee—Class B		57,886
Transfer agency—Class A		1,820
Transfer agency—Class B		2,102
Administrative		91,479
Legal		75,355
Audit and tax		70,830
Custody and accounting		64,747
Printing		23,261
Directors’ fees		18,013
Miscellaneous		14,939
Total expenses		744,409
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(23,666	)
Net expenses		720,743
Net investment loss		(8,120	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		1,389,544
Forward currency exchange contracts		(1,018,247	)
Foreign currency transactions		(23,468	)
Net change in unrealized appreciation (depreciation) of:
Investments(b)		(16,535,160	)
Forward currency exchange contracts		460,815
Foreign currency denominated assets and liabilities		(3,847	)
Net loss on investment and foreign currency transactions		(15,730,363	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(15,738,483	)

(a) Net of foreign realized capital gains taxes of $43,495.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $37,430.

See notes to financial statements.

14

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(8,120	)	$	(131,178	)
Net realized gain on investment and foreign currency transactions		347,829			7,230,514
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(16,078,192	)		(2,427,956	)
Net increase (decrease) in net assets from operations		(15,738,483	)		4,671,380
Distributions to Shareholders
Class A		(3,231,780	)		(2,543,196	)
Class B		(3,834,063	)		(3,008,549	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		4,146,604			(1,053,333	)
Total decrease		(18,657,722	)		(1,933,698	)
NET ASSETS
Beginning of period		57,544,740			59,478,438
End of period	$	38,887,018		$	57,544,740

See notes to financial statements.

15

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Sustainable International Thematic Portfolio (the “Portfolio”) (formerly known as AB International Growth 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 as an open-end series investment company. The Fund offers 10 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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

16

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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2022:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	2,232,881		$	6,656,570	$	–0	–	$	8,889,451
Financials		1,026,943			7,827,968		–0	–		8,854,911
Health Care		2,969,254			4,073,904		–0	–		7,043,158
Consumer Staples		–0	–		3,862,169		–0	–		3,862,169
Industrials		614,786			2,313,388		–0	–		2,928,174

17

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Materials

$

–0

–

$

2,684,429

$

–0

–

$

2,684,429

Consumer Discretionary

579,328

392,543

–0

–

971,871

Utilities

–0

–

807,503

–0

–

807,503

Energy

–0

–

755,534

–0

–

755,534

Communication Services

–0

–

387,971

–0

–

387,971

Short-Term Investments

1,144,871

–0

–

–0

–

1,144,871

Total Investments in Securities

8,568,063

29,761,979

(a)

–0

–

38,330,042

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

733,670

–0

–

733,670

Liabilities:

Forward Currency Exchange Contracts

–0

–

(174,106

)

–0

–

(174,106

)

Total

$

8,568,063

$

30,321,543

$

–0

–

$

38,889,606

(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, written options and written swaptions 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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

18

AB Variable Products Series Fund

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 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 year ended December 31, 2022, such reimbursements/waivers amounted to $21,599. This fee waiver and/or expense reimbursement agreement extends through May 1, 2023 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 year ended December 31, 2022, the reimbursement for such services amounted to $91,479.

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 $1,773 for the year ended December 31, 2022.

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, 2023. 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 year ended December 31, 2022, such waiver amounted to $2,011.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

Portfolio	Market Value 12/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/22 (000)			Dividend Income (000)
Government Money Market Portfolio	$	2,635	$	11,481	$	12,971	$	1,145		$	34
Government Money Market Portfolio*		1,024		5,811		6,835		–0	–		0	**
Total							$	1,145		$	34

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

** Amount is less than $500.

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.    

19

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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 year ended December 31, 2022 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	16,035,989		$	18,675,829
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	35,778,456
Gross unrealized appreciation	$	6,558,692
Gross unrealized depreciation		(4,007,957	)
Net unrealized appreciation	$	2,550,735

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.

During the year ended December 31, 2022, 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

20

AB Variable Products Series Fund

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 year ended December 31, 2022, 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	$	733,670	Unrealized depreciation on forward currency exchange contracts	$	174,106
Total		$	733,670		$	174,106

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	$	(1,018,247	)	$	460,815
Total			$(1,018,247)		$	460,815

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2022:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	21,897,415
Average principal amount of sale contracts	$	14,505,568

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 December 31, 2022. 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	$	148,186	$	(27,502	)	$	–0	–	$	–0	–	$	120,684
Barclays Bank PLC/Barclays Capital		7,043		(2,155	)		–0	–		–0	–		4,888
Citibank, NA		367,014		(999	)		–0	–		–0	–		366,015
Morgan Stanley Capital Services, Inc.		31,125		(16,831	)		–0	–		–0	–		14,294
Natwest Markets PLC		124,347		–0	–		–0	–		–0	–		124,347
State Street Bank & Trust Co.		49,559		(43,288	)		–0	–		–0	–		6,271
UBS AG		6,396		(6,396	)		–0	–		–0	–		–0	–
Total	$	733,670	$	(97,171	)	$	–0	–	$	–0	–	$	636,499	^

21

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

$

27,502

$

(27,502

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC/Barclays Capital

2,155

(2,155

)

–0

–

–0

–

–0

–

Citibank, NA

999

(999

)

–0

–

–0

–

–0

–

Deutsche Bank AG

3,586

–0

–

–0

–

–0

–

3,586

Goldman Sachs Bank USA

1,104

–0

–

–0

–

–0

–

1,104

JPMorgan Chase Bank

1,356

–0

–

–0

–

–0

–

1,356

Morgan Stanley Capital Services, Inc.

16,831

(16,831

)

–0

–

–0

–

–0

–

Standard Chartered Bank

4,773

–0

–

–0

–

–0

–

4,773

State Street Bank & Trust Co.

43,288

(43,288

)

–0

–

–0

–

–0

–

UBS AG

72,512

(6,396

)

–0

–

–0

–

66,116

Total

$

174,106

$

(97,171

)

$

–0

–

$

–0

–

$

76,935

^

* 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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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

22

AB Variable Products Series Fund

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 year ended December 31, 2022 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
$602,488	$–0–	$631,470	$5,440	$203	$56

* As of December 31, 2022.

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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class A
Shares sold		46,298			25,160		$	910,370		$	699,611
Shares issued in reinvestment of distributions		182,587			93,984			3,231,780			2,543,196
Shares redeemed		(108,658	)		(131,186	)		(2,111,779	)		(3,650,448	)
Net increase (decrease)		120,227			(12,042	)	$	2,030,371		$	(407,641	)
Class B
Shares sold		80,711			69,412		$	1,510,744		$	1,884,980
Shares issued on reinvestment of distributions		222,393			113,359			3,834,063			3,008,549
Shares redeemed		(171,634	)		(202,023	)		(3,228,574	)		(5,539,221	)
Net increase (decrease)		131,470			(19,252	)	$	2,116,233		$	(645,692	)

At December 31, 2022, certain shareholders of the Portfolio owned 78% 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 value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

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, than would be the case if the Portfolio were invested in a larger number of companies.

Sector Risk—The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology or financial services sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

ESG Risk—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Portfolio may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Portfolio’s performance may at times be better or worse than the performance of

23

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

funds that do not use ESG or sustainability criteria. Furthermore, “sustainability” is not a uniformly defined characteristic, and the Portfolio’s sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the investment adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

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, 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 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—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

LIBOR Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

24

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022		2021
Distributions paid from:
Net long-term capital gains	$	7,065,843	$	5,551,745
Total taxable distributions paid	$	7,065,843	$	5,551,745

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed capital gains	$	1,447,149
Unrealized appreciation (depreciation)		2,479,570	(a)
Total accumulated earnings (deficit)	$	3,926,719

(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 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, 2022, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss resulted in a net increase in distributable earnings and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

25

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$27.11			$27.56			$23.49			$18.99			$23.15
Income From Investment Operations
Net investment income (loss)(a)(b)		.02			(.02	)		(.10	)		.08			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(7.27	)		2.29			6.65			5.08			(4.16	)
Net increase (decrease) in net asset value from operations		(7.25	)		2.27			6.55			5.16			(4.01	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		(.34	)		(.13	)		(.15	)
Distributions from net realized gain on investment transactions		(3.40	)		(2.72	)		(2.14	)		(.53	)		–0	–
Total dividends and distributions		(3.40	)		(2.72	)		(2.48	)		(.66	)		(.15	)
Net asset value, end of period		$16.46			$27.11			$27.56			$23.49			$18.99
Total Return
Total investment return based on net asset value(c)		(27.61	)%		8.25	%		29.94	%		27.53	%		(17.41	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$18,149			$26,641			$27,410			$24,123			$21,522
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.53	%		1.23	%		1.31	%		1.36	%		1.27	%
Expenses, before waivers/reimbursements(d)‡		1.59	%		1.28	%		1.37	%		1.41	%		1.29	%
Net investment income (loss)(b)		.12	%		(.09	)%		(.42	)%		.40	%		.69	%
Portfolio turnover rate		38	%		25	%		34	%		49	%		33	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 27.

26

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$26.57			$27.12			$23.15			$18.71			$22.80
Income From Investment Operations
Net investment income (loss)(a)(b)		(.03	)		(.09	)		(.15	)		.03			.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(7.12	)		2.26			6.54			5.00			(4.09	)
Net increase (decrease) in net asset value from operations		(7.15	)		2.17			6.39			5.03			(4.00	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		(.28	)		(.06	)		(.09	)
Distributions from net realized gain on investment transactions		(3.40	)		(2.72	)		(2.14	)		(.53	)		–0	–
Total dividends and distributions		(3.40	)		(2.72	)		(2.42	)		(.59	)		(.09	)
Net asset value, end of period		$16.02			$26.57			$27.12			$23.15			$18.71
Total Return
Total investment return based on net asset value(c)		(27.81	)%		8.01	%		29.60	%		27.23	%		(17.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$20,738			$30,904			$32,068			$29,756			$28,169
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.78	%		1.48	%		1.56	%		1.61	%		1.52	%
Expenses, before waivers/reimbursements(d)‡		1.84	%		1.53	%		1.62	%		1.66	%		1.54	%
Net investment income (loss)(b)		(.14	)%		(.34	)%		(.67	)%		.15	%		.43	%
Portfolio turnover rate		38	%		25	%		34	%		49	%		33	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.00	%		.00	%		.00	%		.00	%

(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 year ended December 31, 2022, such waiver amounted to .01%.

See notes to financial statements.

27

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Sustainable International Thematic Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Sustainable International Thematic Portfolio (formerly known as AB International Growth Portfolio) (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

28

2022 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2022. For Corporate shareholders, 47.07% of dividends paid qualify for the dividends received deduction. The Portfolio designates $7,065,843 of dividends paid as long-term capital gain dividends.

The portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2022, $110,510 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $714,585.

29

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
Daniel C. Roarty(2), Vice President William Johnston(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Sustainable Thematic Equities Investment Team. Messrs. Roarty and Johnston are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

30

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas 47 New York, NY 10105 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		73	None
DISINTERESTED DIRECTORS
Garry L. Moody,## Chairman of the Board 70 (2008)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2011 - February 2023.		73	None

31

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		73	Moody’s Corporation since April 2011
Michael J. Downey,## 79 (2005)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		73	None
Nancy P. Jacklin,## 74 (2006)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		73	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		73	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		73	None
Marshall C. Turner, Jr. ## 81 (2005)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		73	None

33

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

* The address for the Portfolio’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^## Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

34

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Chief Investment Officer of Sustainable Thematic Equities.
William Johnston 62	Vice President	Senior Vice President and Director of Quantitative Research of the Adviser** with which he has been associated since prior to 2018. He is a Senior Research Analyst for the Sustainable Thematic Equities Portfolios.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

35

SUSTAINABLE INTERNATIONAL THEMATIC 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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

36

SUSTAINABLE INTERNATIONAL THEMATIC 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 Sustainable International Thematic Portfolio (formerly AB International Growth Portfolio) (the “Fund”) at a meeting held in-person on May 3-5, 2022 (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 Vice President 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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

37

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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 28, 2022 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. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s total rate of compensation was above the median.

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 Vice President 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 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.

38

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 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.

39

VPS-SIT-0151-1222

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERNATIONAL VALUE PORTFOLIO

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 [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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—International Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and more than 40 developed- and emerging-market countries. These countries currently include the developed nations in Europe and the Far East, Canada, Australia and emerging-market countries worldwide. Under normal market conditions, the Portfolio invests significantly, at least 40%—unless market conditions are not deemed favorable by the Adviser—in securities of non-US companies. In addition, the Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using a fundamental value approach. In selecting securities for the Portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose stocks are priced low in relation to their perceived long-term earnings power.

Currency exposures can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. The Adviser may seek to hedge the currency exposure resulting from a securities position when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Portfolio, from time to time, invests in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. Decisions regarding portfolio investments and whether or not to hedge foreign currency exposures are evaluated separately by the Adviser. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may invest in depositary receipts, instruments of supranational entities denominated in the currency of any country, securities of multinational companies and “semi-governmental securities,” and enter into forward commitments.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its benchmark, the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (net), for the one-, five- and 10-year periods ended December 31, 2022.

During the annual period, all share classes of the Portfolio outperformed the benchmark. Sector selection drove outperformance, relative to the benchmark. Gains from an underweight to the technology sector and an overweight to energy contributed most, while an overweight to consumer discretionary and an underweight to health care detracted. Overall security selection was also positive. Selection within industrials and consumer staples contributed, offsetting losses from selection within consumer discretionary and materials. In terms of country positioning (a result of bottom-up security analysis driven by fundamental research), an overweight to South Korea detracted, while an underweight to Germany contributed.

The Portfolio used derivatives in the form of forwards for hedging purposes, which added to absolute returns during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism

1

AB Variable Products Series Fund

faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

The Portfolio’s Senior Investment Management Team (the “Team”) has continued to identify opportunities against a changing market backdrop. The Team has flexibility to adjust the Portfolio’s positions in real time when warranted, and to maintain conviction through short-term volatility. As markets face new uncertainties, the Team believes that this disciplined approach is the best way to capture the long-term potential for equities.

2

INTERNATIONAL VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI EAFE Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI EAFE Index (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets, excluding the US and Canada. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns reflect the reinvestment of dividends after the deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may underperform the market generally.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US 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, 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 its returns.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

Leverage Risk: When the Portfolio borrows money or otherwise leverages its portfolio, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase agreements, forward commitments, or by borrowing money.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

(Disclosures, Risks and Note About Historical Performance continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

INTERNATIONAL VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5  Years1		10  Years1
International Value Portfolio Class A2		-13.61%		-2.32%		2.76%
International Value Portfolio Class B2		-13.80%		-2.55%		2.51%
MSCI EAFE Index (net)		-14.45%		1.54%		4.67%
1   Average annual returns.
2   Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2022, by 0.01%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.90% and 1.15% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2012 TO 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in International Value Portfolio Class A shares (from 12/31/2012 to 12/31/2022) as compared with the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

5

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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,052.70	$	4.55		0.88	%
Hypothetical**	$	1,000	$	1,020.77	$	4.48		0.88	%
Class B
Actual	$	1,000	$	1,052.00	$	5.84		1.13	%
Hypothetical**	$	1,000	$	1,019.51	$	5.75		1.13	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

6

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Nestle SA (REG)	$	9,745,524		3.7	%
Roche Holding AG (Genusschein)		9,417,693		3.6
Shell PLC		7,142,933		2.7
Sanofi		6,806,749		2.6
Airbus SE		5,849,998		2.2
NatWest Group PLC		5,758,250		2.2
British American Tobacco PLC		5,615,676		2.1
Repsol SA		5,610,509		2.1
EDP—Energias de Portugal SA		5,564,508		2.1
Koninklijke Ahold Delhaize NV		5,506,729		2.1
	$	67,018,569		25.4	%

SECTOR BREAKDOWN²

December 31, 2022 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	49,678,889		19.0	%
Industrials		44,930,204		17.2
Consumer Discretionary		35,197,873		13.5
Consumer Staples		27,943,923		10.7
Materials		24,858,181		9.5
Health Care		21,292,640		8.2
Communication Services		15,682,227		6.0
Energy		15,100,751		5.8
Utilities		9,671,203		3.7
Information Technology		7,438,692		2.9
Real Estate		4,095,311		1.6
Short-Term Investments		4,933,775		1.9
Total Investments	$	260,823,669		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.

7

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Japan	$	60,118,760		23.1	%
United Kingdom		44,791,688		17.2
France		35,554,475		13.6
Switzerland		19,163,217		7.4
Netherlands		10,794,571		4.1
Spain		10,103,985		3.9
Ireland		8,745,150		3.4
Italy		7,375,636		2.8
United States		7,191,616		2.8
Portugal		5,564,508		2.1
South Korea		5,063,501		1.9
Belgium		5,006,599		1.9
Australia		4,805,841		1.8
Other		31,610,347		12.1
Short-Term Investments		4,933,775		1.9
Total Investments	$	260,823,669		100.0	%

1 The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.5% or less in the following: Austria, Canada, Denmark, Germany, Israel, Luxembourg, Macau, Norway, South Africa and Sweden.

8

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.2%
FINANCIALS–18.9%
BANKS–15.5%
ABN AMRO Bank NV(a)		381,850	$	5,287,842
Banco Bilbao Vizcaya Argentaria SA		746,020		4,493,476
Bank Leumi Le-Israel BM		344,190		2,866,692
Bank of Ireland Group PLC		363,601		3,464,868
BNP Paribas SA		95,180		5,419,467
Erste Group Bank AG		125,600		4,018,598
KBC Group NV		77,760		5,006,599
NatWest Group PLC		1,805,530		5,758,250
Resona Holdings, Inc.		830,800		4,563,097
				40,878,889
DIVERSIFIED FINANCIAL SERVICES–1.0%
ORIX Corp.		161,900		2,591,477
INSURANCE–2.4%
SCOR SE		60,877		1,402,682
Suncorp Group Ltd.(b)		589,760		4,805,841
				6,208,523
				49,678,889
INDUSTRIALS–17.1%
AEROSPACE & DEFENSE–5.3%
Airbus SE		49,200		5,849,998
Saab AB–Class B		81,880		3,226,689
Safran SA		38,390		4,808,494
				13,885,181
ELECTRICAL EQUIPMENT–2.6%
Fuji Electric Co., Ltd.		97,200		3,668,256
Prysmian SpA		87,980		3,268,941
				6,937,197
INDUSTRIAL CONGLOMERATES–3.0%
Hitachi Ltd.		74,000		3,723,405
Melrose Industries PLC		2,572,770		4,144,999
				7,868,404
MACHINERY–4.4%
Alstom SA		100,686		2,463,443
Amada Co., Ltd.		579,100		4,509,654
Kawasaki Heavy Industries Ltd.		200,300		4,649,272
				11,622,369
PROFESSIONAL SERVICES–1.8%
Dip Corp.		71,700		2,050,504
UT Group Co., Ltd.		149,900		2,566,549
				4,617,053
				44,930,204
CONSUMER DISCRETIONARY–13.4%
AUTO COMPONENTS–0.9%
Faurecia SE (Paris)(c)		159,364	$	2,412,029
AUTOMOBILES–3.3%
Stellantis NV (Paris)		339,008		4,816,424
Suzuki Motor Corp.		115,600		3,702,359
				8,518,783
HOTELS, RESTAURANTS & LEISURE–2.7%
Entain PLC		253,830		4,042,257
Galaxy Entertainment Group Ltd.		478,000		3,142,683
				7,184,940
HOUSEHOLD DURABLES–2.4%
Persimmon PLC		129,540		1,899,396
Sony Group Corp.		58,000		4,420,851
				6,320,247
SPECIALTY RETAIL–1.2%
Kingfisher PLC		1,095,390		3,112,248
TEXTILES, APPAREL & LUXURY GOODS–2.9%
Burberry Group PLC		200,300		4,869,724
Pandora A/S		39,330		2,779,902
				7,649,626
				35,197,873
CONSUMER STAPLES–10.6%
FOOD & STAPLES RETAILING–2.1%
Koninklijke Ahold Delhaize NV		191,530		5,506,729
FOOD PRODUCTS–6.4%
Morinaga & Co., Ltd./Japan		59,200		1,766,331
Nestle SA (REG)		84,370		9,745,524
Nomad Foods Ltd.(c)		155,760		2,685,302
Salmar ASA		66,920		2,624,361
				16,821,518
TOBACCO–2.1%
British American Tobacco PLC		141,960		5,615,676
				27,943,923
MATERIALS–9.4%
CHEMICALS–3.8%
Arkema SA		43,620		3,923,393
Tosoh Corp.		339,000		4,031,265
Zeon Corp.		219,200		2,205,770
				10,160,428
CONSTRUCTION MATERIALS–2.0%
CRH PLC		132,770		5,280,281

9

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
METALS & MINING–3.6%
Anglo American PLC		90,750	$	3,553,759
ArcelorMittal SA		121,640		3,209,123
Endeavour Mining PLC		125,513		2,654,590
				9,417,472
				24,858,181
HEALTH CARE–8.1%
HEALTH CARE EQUIPMENT & SUPPLIES–1.1%
ConvaTec Group PLC(a)		1,023,439		2,866,313
PHARMACEUTICALS–7.0%
Nippon Shinyaku Co., Ltd.		38,800		2,201,885
Roche Holding AG (Genusschein)		29,970		9,417,693
Sanofi		70,590		6,806,749
				18,426,327
				21,292,640
COMMUNICATION SERVICES–6.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.9%
Deutsche Telekom AG (REG)		193,060		3,841,232
Nippon Telegraph & Telephone Corp.		132,900		3,790,109
				7,631,341
ENTERTAINMENT–2.1%
GungHo Online Entertainment, Inc.(b)		136,400		2,203,139
Konami Group Corp.		74,500		3,379,526
				5,582,665
MEDIA–1.0%
Criteo SA (Sponsored ADR)(c)		94,713		2,468,221
				15,682,227
ENERGY–5.7%
ENERGY EQUIPMENT & SERVICES–2.7%
Shell PLC		251,890		7,142,933
OIL, GAS & CONSUMABLE FUELS–3.0%
Cameco Corp.(b)		103,560		2,347,309
Repsol SA		352,485		5,610,509
				7,957,818
				15,100,751
UTILITIES–3.7%
ELECTRIC UTILITIES–3.7%
EDP–Energias de Portugal SA		1,116,294		5,564,508
Enel SpA		763,590		4,106,695
				9,671,203
INFORMATION TECHNOLOGY–2.8%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.8%
NXP Semiconductors NV		15,030		2,375,191
SK Hynix, Inc.		39,520		2,357,921
				4,733,112
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.0%
Samsung Electronics Co., Ltd.		61,640		2,705,580
				7,438,692
REAL ESTATE–1.5%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.5%
Daito Trust Construction Co., Ltd.		40,000		4,095,311
Total Common Stocks (cost $258,853,802)				255,889,894
SHORT-TERM INVESTMENTS–1.9%
INVESTMENT COMPANIES–1.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(d)(e)(f) (cost $4,933,775)		4,933,775		4,933,775
TOTAL INVESTMENTS–99.1% (cost $263,787,577)				260,823,669
Other assets less liabilities–0.9%				2,433,200
NET ASSETS–100.0%			$	263,256,869

10

AB Variable Products Series Fund

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		KRW	6,113,486		USD	4,277		01/30/2023	$	(579,315	)
Bank of America, NA		USD	270		KRW	354,715		01/30/2023		12,284
Bank of America, NA		USD	793		NOK	7,891		02/03/2023		13,078
Bank of America, NA		USD	6,428		SEK	67,367		02/03/2023		38,653
Bank of America, NA		USD	859		JPY	112,538		02/09/2023		2,531
Bank of America, NA		EUR	797		USD	843		02/27/2023		(13,730	)
BNP Paribas SA		USD	1,155		MXN	22,560		01/19/2023		(5	)
Citibank, NA		GBP	1,678		USD	1,999		01/18/2023		(30,624	)
Citibank, NA		CAD	2,354		USD	1,725		01/19/2023		(13,753	)
Citibank, NA		USD	14,398		AUD	22,693		01/19/2023		1,061,404
Goldman Sachs Bank USA		USD	759		AUD	1,126		01/19/2023		8,327
Goldman Sachs Bank USA		JPY	95,131		USD	704		02/09/2023		(24,287	)
Morgan Stanley Capital Services, Inc.		BRL	12,100		USD	2,309		01/04/2023		17,274
Morgan Stanley Capital Services, Inc.		USD	1,115		BRL	6,050		01/04/2023		30,598
Morgan Stanley Capital Services, Inc.		USD	1,160		BRL	6,050		01/04/2023		(13,627	)
Morgan Stanley Capital Services, Inc.		HKD	6,833		USD	872		01/12/2023		(3,665	)
Morgan Stanley Capital Services, Inc.		GBP	697		USD	844		01/18/2023		1,382
Morgan Stanley Capital Services, Inc.		USD	842		GBP	713		01/18/2023		20,492
Morgan Stanley Capital Services, Inc.		ILS	4,967		USD	1,424		01/19/2023		10,304
Morgan Stanley Capital Services, Inc.		USD	1,143		BRL	6,050		02/02/2023		(3,601	)
Morgan Stanley Capital Services, Inc.		SEK	7,216		USD	686		02/03/2023		(7,049	)
Morgan Stanley Capital Services, Inc.		JPY	253,730		USD	1,839		02/09/2023		(103,533	)
Morgan Stanley Capital Services, Inc.		USD	756		EUR	713		02/27/2023		9,879
Morgan Stanley Capital Services, Inc.		USD	5,627		CHF	5,206		03/01/2023		36,919
Morgan Stanley Capital Services, Inc.		USD	3,602		SGD	4,849		03/02/2023		21,722
Natwest Markets PLC		KRW	817,459		USD	574		01/30/2023		(74,994	)
Natwest Markets PLC		USD	1,238		CNH	8,856		02/16/2023		46,067
Standard Chartered Bank		USD	336		KRW	425,607		01/30/2023		2,276
State Street Bank & Trust Co.		JPY	23,913		USD	177		02/09/2023		(5,549	)
State Street Bank & Trust Co.		USD	1,273		JPY	171,331		02/09/2023		38,191
State Street Bank & Trust Co.		USD	999		EUR	938		02/27/2023		9,076
UBS AG		HKD	5,498		USD	701		01/12/2023		(3,601	)
UBS AG		USD	779		GBP	646		01/18/2023		2,452
UBS AG		JPY	284,524		USD	2,128		02/09/2023		(49,717	)
UBS AG		EUR	18,606		USD	19,640		02/27/2023		(348,701	)
									$	107,158

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $8,154,155 or 3.1% of net assets.

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

(c) Non-income producing security.

(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.

11

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

SEK—Swedish Krona

SGD—Singapore Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

12

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $258,853,802)	$	255,889,894	(a)
Affiliated issuers (cost $4,933,775)		4,933,775
Cash collateral due from broker		360,000
Foreign currencies, at value (cost $2,023,750)		2,042,204
Unrealized appreciation on forward currency exchange contracts		1,382,909
Unaffiliated dividends receivable		1,072,882
Affiliated dividends receivable		8,282
Receivable for capital stock sold		2,301
Total assets		265,692,247
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		1,275,751
Payable for capital stock redeemed		430,000
Payable for investment securities purchased		269,580
Advisory fee payable		167,853
Distribution fee payable		47,518
Administrative fee payable		23,813
Transfer Agent fee payable		150
Accrued expenses		220,713
Total liabilities		2,435,378
NET ASSETS	$	263,256,869
COMPOSITION OF NET ASSETS
Capital stock, at par	$	20,400
Additional paid-in capital		284,174,959
Accumulated loss		(20,938,490	)
NET ASSETS	$	263,256,869

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	40,196,730		3,103,568	$	12.95
B	$	223,060,139		17,296,836	$	12.90

(a) Includes securities on loan with a value of $2,758,071 (see Note E).

See notes to financial statements.

13

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,174,473)	$	9,404,597
Affiliated issuers		70,079
Foreign withholding tax reclaims (see Note A.4)		2,207,208
Securities lending income		90,171
		11,772,055
EXPENSES
Advisory fee (see Note B)		2,146,146
Distribution fee—Class B		615,141
Transfer agency—Class A		814
Transfer agency—Class B		4,958
Custody and accounting		96,290
Administrative		91,560
Audit and tax		67,598
Legal		39,021
Printing		35,943
Directors’ fees		21,124
Miscellaneous		30,417
Total expenses		3,149,012
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(5,407	)
Net expenses		3,143,605
Net investment income		8,628,450
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		(8,719,745	)
Forward currency exchange contracts		1,088,349
Foreign currency transactions		(194,850	)
Net change in unrealized appreciation (depreciation) of:
Investments		(49,024,681	)
Forward currency exchange contracts		(169,906	)
Foreign currency denominated assets and liabilities		(26,033	)
Net loss on investment and foreign currency transactions		(57,046,866	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(48,418,416	)

(a) Net of foreign realized capital gains taxes of $77,257.

See notes to financial statements.

14

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	8,628,450		$	7,387,127
Net realized gain (loss) on investment and foreign currency transactions		(7,826,246	)		30,673,480
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(49,220,620	)		(2,073,096	)
Net increase (decrease) in net assets from operations		(48,418,416	)		35,987,511
Distributions to Shareholders
Class A		(1,768,399	)		(884,118	)
Class B		(9,099,819	)		(5,171,597	)
Return of capital
Class A		(100,200	)		–0	–
Class B		(515,610	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net decrease		(26,752,504	)		(21,428,971	)
Total increase (decrease)		(86,654,948	)		8,502,825
NET ASSETS
Beginning of period		349,911,817			341,408,992
End of period	$	263,256,869		$	349,911,817

See notes to financial statements.

15

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	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 as an open-end series investment company. The Fund offers 10 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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.

16

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)

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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2022:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	–0	–	$	49,678,889	$	–0	–	$	49,678,889
Industrials		–0	–		44,930,204		–0	–		44,930,204
Consumer Discretionary		–0	–		35,197,873		–0	–		35,197,873

17

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Consumer Staples	$	2,685,302		$	25,258,621		$	–0	–	$	27,943,923
Materials		–0	–		24,858,181			–0	–		24,858,181
Health Care		–0	–		21,292,640			–0	–		21,292,640
Communication Services		2,468,221			13,214,006			–0	–		15,682,227
Energy		2,347,309			12,753,442			–0	–		15,100,751
Utilities		–0	–		9,671,203			–0	–		9,671,203
Information Technology		2,375,191			5,063,501			–0	–		7,438,692
Real Estate		–0	–		4,095,311			–0	–		4,095,311
Short-Term Investments		4,933,775			–0	–		–0	–		4,933,775
Total Investments in Securities		14,809,798			246,013,871	(a)		–0	–		260,823,669
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		1,382,909			–0	–		1,382,909
Liabilities:
Forward Currency Exchange Contracts		–0	–		(1,275,751	)		–0	–		(1,275,751	)
Total	$	14,809,798		$	246,121,029		$	–0	–	$	260,930,827

(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, written options and written swaptions 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. The Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Portfolio may record a reclaim receivable based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention.

In consideration of recent decisions rendered by the European courts, the Portfolio filed reclaims to recover taxes withheld on dividends earned from certain European Union countries during calendar years 2009 through 2012. These filings are subject to various administrative and judicial proceedings within these countries. For the year ended December 31, 2022, the Portfolio successfully recovered taxes withheld by France and is reflected in the statement of operations. No other amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

18

AB Variable Products Series Fund

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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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 year ended December 31, 2022, 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 year ended December 31, 2022, the reimbursement for such services amounted to $91,560.

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 $1,773 for the year ended December 31, 2022.

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, 2023. 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 year ended December 31, 2022, such waiver amounted to $4,573.

19

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

Portfolio	Market Value 12/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/22 (000)			Dividend Income (000)
Government Money Market Portfolio	$	2,076	$	78,281	$	75,423	$	4,934		$	70
Government Money Market Portfolio*		3,295		62,488		65,783		–0	–		4
Total							$	4,934		$	74

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

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 year ended December 31, 2022 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	105,047,217		$	137,792,748
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	266,672,496
Gross unrealized appreciation	$	24,072,483
Gross unrealized depreciation		(29,906,853	)
Net unrealized depreciation	$	(5,834,370	)

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.

20

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 year ended December 31, 2022, 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 year ended December 31, 2022, 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	$	1,382,909	Unrealized depreciation on forward currency exchange contracts	$	1,275,751
Total		$	1,382,909		$	1,275,751

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	$	1,088,349	$	(169,906	)
Total		$	1,088,349	$	(169,906	)

21

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2022:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	74,821,126
Average principal amount of sale contracts	$	72,054,174

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 December 31, 2022. 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	$	66,546	$	(66,546	)	$	–0	–	$	–0	–	$	–0	–
Citibank, NA		1,061,404		(44,377	)		–0	–		–0	–		1,017,027
Goldman Sachs Bank USA		8,327		(8,327	)		–0	–		–0	–		–0	–
Morgan Stanley Capital Services, Inc.		148,570		(131,475	)		–0	–		–0	–		17,095
Natwest Markets PLC		46,067		(46,067	)		–0	–		–0	–		–0	–
Standard Chartered Bank		2,276		–0	–		–0	–		–0	–		2,276
State Street Bank & Trust Co.		47,267		(5,549	)		–0	–		–0	–		41,718
UBS AG		2,452		(2,452	)		–0	–		–0	–		–0	–
Total	$	1,382,909	$	(304,793	)	$	–0	–	$	–0	–	$	1,078,116	^
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	$	593,045	$	(66,546	)	$	(360,000	)	$	–0	–	$	166,499
BNP Paribas SA		5		–0	–		–0	–		–0	–		5
Citibank, NA		44,377		(44,377	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA		24,287		(8,327	)		–0	–		–0	–		15,960
Morgan Stanley Capital Services, Inc.		131,475		(131,475	)		–0	–		–0	–		–0	–
Natwest Markets PLC		74,994		(46,067	)		–0	–		–0	–		28,927
State Street Bank & Trust Co.		5,549		(5,549	)		–0	–		–0	–		–0	–
UBS AG		402,019		(2,452	)		–0	–		–0	–		399,567
Total	$	1,275,751	$	(304,793	)	$	(360,000	)		–0	–	$	610,958	^

* 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).

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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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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 year ended December 31, 2022 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
$	2,758,071	$	–0	–	$	2,895,075	$	86,604	$	3,567	$	834

* As of December 31, 2022.

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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class A
Shares sold		459,051			303,835		$	6,374,956		$	4,730,676
Shares issued in reinvestment of dividends		143,446			57,915			1,868,599			884,118
Shares redeemed		(372,951	)		(394,359	)		(5,083,971	)		(6,206,137	)
Net increase (decrease)		229,546			(32,609	)	$	3,159,584		$	(591,343	)

23

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

	SHARES						AMOUNT
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class B
Shares sold		1,107,715			1,373,223		$	14,215,373		$	21,413,712
Shares issued on reinvestment of dividends		741,725			342,454			9,615,429			5,171,597
Shares redeemed		(4,064,954	)		(3,078,043	)		(53,742,890	)		(47,422,937	)
Net decrease		(2,215,514	)		(1,362,366	)	$	(29,912,088	)	$	(20,837,628	)

At December 31, 2022, certain shareholders of the Portfolio owned 56% 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 value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may underperform the market generally.

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, 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 its returns.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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 Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured

24

AB Variable Products Series Fund

overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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 for the portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022		2021
Distributions paid from:
Ordinary income	$	10,868,218	$	6,055,715
Total taxable distributions paid	$	10,868,218	$	6,055,715
Return of Capital		615,810		–0	–
Total Distribution Paid	$	11,484,028		–0	–

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses		(15,063,122	)(a)
Unrealized appreciation (depreciation)		(5,875,368	)(b)
Total accumulated earnings (deficit)	$	(20,938,490	)

(a) As of December 31, 2022, the Fund had a net capital loss carryforward of $15,063,122.

(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.

25

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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, 2022, the Fund had a net short-term capital loss carryforward of $12,222,950 and a net long-term capital loss carryforward of $2,840,172, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of refunded EU foreign tax reclaims, resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

26

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$15.72			$14.45			$14.37			$12.38			$16.30
Income From Investment Operations
Net investment income(a)(b)		.44			.37			.18			.28			.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.58	)		1.22			.14			1.84			(3.94	)
Net increase (decrease) in net asset value from operations		(2.14	)		1.59			.32			2.12			(3.69	)
Less: Dividends and Distributions
Dividends from net investment income		(.60	)		(.32	)		(.24	)		(.13	)		(.23	)
Return of capital		(.03	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		(.63	)		(.32	)		(.24	)		(.13	)		(.23	)
Net asset value, end of period		$12.95			$15.72			$14.45			$14.37			$12.38
Total Return
Total investment return based on net asset value(c)*		(13.61	)%		11.08	%		2.46	%		17.14	%		(22.79	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$40,197			$45,175			$41,994			$54,042			$57,234
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.88	%		.90	%		.91	%		.90	%		.86	%
Expenses, before waivers/reimbursements		.89	%		.90	%		.92	%		.90	%		.87	%
Net investment income(b)		3.24	%		2.34	%		1.47	%		2.10	%		1.65	%
Portfolio turnover rate		37	%		43	%		54	%		44	%		42	%

See footnote summary on page 28.

27

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$15.62			$14.34			$14.24			$12.29			$16.15
Income From Investment Operations
Net investment income(a)(b)		.40			.32			.14			.24			.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.56	)		1.23			.15			1.82			(3.92	)
Net increase (decrease) in net asset value from operations		(2.16	)		1.55			.29			2.06			(3.69	)
Less: Dividends
Dividends from net investment income		(.53	)		(.27	)		(.19	)		(.11	)		(.17	)
Return of capital		(.03	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		(.56	)		(.27	)		(.19	)		(.11	)		(.17	)
Net asset value, end of period		$12.90			$15.62			$14.34			$14.24			$12.29
Total Return
Total investment return based on net asset value(c)*		(13.80	)%		10.86	%		2.21	%		16.79	%		(22.98	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$223,060			$304,737			$299,415			$323,582			$309,576
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.13	%		1.15	%		1.16	%		1.15	%		1.11	%
Expenses, before waivers/reimbursements		1.14	%		1.15	%		1.17	%		1.15	%		1.11	%
Net investment income(b)		2.98	%		2.08	%		1.18	%		1.84	%		1.50	%
Portfolio turnover rate		37	%		43	%		54	%		44	%		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.

* 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, 2022, December 31, 2020 and December 31, 2019 by .01%, .04% and .18%, respectively.

See notes to financial statements.

28

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB International Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Value Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

29

2022 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2022.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2022, $647,242 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $10,579,068.

30

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
Justin Moreau(2), Vice President Avi Lavi(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s International Value Senior Investment Management Team. Messrs. Moreau and Lavi are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

31

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 47 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.	��	73	None
INDEPENDENT DIRECTORS
Garry L. Moody## Chairman of the Board 70 (2008)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such Funds from 2011–February 2023.		73	None

32

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		73	Moody’s Corporation since April 2011
Michael J. Downey,## 79 (2005)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		73	None
Nancy P. Jacklin,## 74 (2006)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		73	None
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		73	Apollo Investment Corp. (business development company) since August 2011

33

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Carol C. McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such Funds since February 2023.		73	None
Marshall C. Turner, Jr.## 81 (2005)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		73	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

34

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
Justin Moreau 37	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018.
Avi Lavi 56	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Chief Investment Officer of Global and International Value Equities.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Portfolio Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

35

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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

36

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 in-person on May 3-5, 2022 (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 Vice President 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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

37

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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 28, 2022 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 effective advisory fee rate with a peer group median. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s total compensation was equal to the median.

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 Vice President 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 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

38

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. The directors noted that the Fund’s expense ratio was above a 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 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.

39

VPS-IV-0151-1222

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ LARGE CAP GROWTH PORTFOLIO

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 [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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—Large Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in equity securities of a limited number of large, carefully selected, high-quality US companies. The Portfolio invests primarily in the domestic equity securities of companies selected by the Adviser for their growth potential within various market sectors. The Portfolio emphasizes investments in large, seasoned companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in common stocks of large-capitalization companies.

The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in securities issued by US companies, although it may invest in foreign securities. The Adviser’s research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared with its benchmark, the Russell 1000 Growth Index, as well as the broad market as measured by the Standard & Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2022.

All share classes of the Portfolio outperformed the primary benchmark and underperformed the S&P 500 Index for the annual period. Sector selection contributed, relative to the benchmark, especially an overweight to health care and an underweight to consumer discretionary. Underweights to energy and industrials detracted. Overall security selection was negative. Contributions from selection within consumer discretionary and communication services were offset by losses within health care and technology.

The Portfolio did not use derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

The Portfolio’s Senior Investment Management Team (the “Team”) follows a bottom-up stock-picking methodology that seeks to identify companies that meet its investment criteria of healthy balance sheets, competitive advantages, strong cash-flow generation, transparent business models and sustainable growth. The Portfolio is conservatively positioned amid the current uncertainty in the global macro environment. The Team remains laser-focused on identifying companies that generate high return on assets with high reinvestment-rate opportunities.

1

LARGE CAP GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Growth Index and the S&P 500^® Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Growth Index represents the performance of large-cap growth companies within the US. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

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 (“NAV”), than would be the case if the Portfolio were invested in a larger number of companies.

Sector Risk: The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US 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: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

LARGE CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5 Years1		10  Years1
Large Cap Growth Portfolio Class A		-28.51%		11.54%		15.08%
Large Cap Growth Portfolio Class B		-28.69%		11.26%		14.79%
Primary Benchmark: Russell 1000 Growth Index		-29.14%		10.96%		14.10%
S&P 500 Index		-18.11%		9.42%		12.56%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.65% and 0.90% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2012 TO 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Large Cap Growth Portfolio Class A shares (from 12/31/2012 to 12/31/2022) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	999.30	$	3.28		0.65	%	$	3.33		0.66	%
Hypothetical**	$	1,000	$	1,021.93	$	3.31		0.65	%	$	3.36		0.66	%
Class B
Actual	$	1,000	$	998.00	$	4.53		0.90	%	$	4.58		0.91	%
Hypothetical**	$	1,000	$	1,020.67	$	4.58		0.90	%	$	4.63		0.91	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

+ 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 184/365 (to reflect the one-half year period).

4

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Microsoft Corp.	$	53,182,963		9.0	%
Visa, Inc.—Class A		32,686,258		5.5
UnitedHealth Group, Inc.		32,589,634		5.5
Alphabet, Inc.—Class C		28,360,770		4.8
Vertex Pharmaceuticals, Inc.		22,757,019		3.9
Monster Beverage Corp.		21,201,393		3.6
Home Depot, Inc. (The)		20,135,443		3.4
Zoetis, Inc.		20,124,832		3.4
Costco Wholesale Corp.		18,737,043		3.2
Intuitive Surgical, Inc.		18,595,728		3.1
	$	268,371,083		45.4	%

SECTOR BREAKDOWN²

December 31, 2022 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	240,144,867		40.5	%
Health Care		147,180,943		24.8
Consumer Discretionary		69,549,827		11.7
Consumer Staples		39,938,436		6.7
Communication Services		28,360,770		4.8
Industrials		25,288,363		4.3
Financials		8,217,228		1.4
Materials		6,396,281		1.1
Short-Term Investments		27,716,890		4.7
Total Investments	$	592,793,605		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.

5

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.6%
INFORMATION TECHNOLOGY–40.6%
COMMUNICATIONS EQUIPMENT–3.5%
Arista Networks, Inc.(a)		106,625	$	12,938,944
Motorola Solutions, Inc.		30,123		7,762,998
				20,701,942
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.4%
Amphenol Corp.–Class A		100,376		7,642,629
Cognex Corp.		56,506		2,661,998
Zebra Technologies Corp.–Class A(a)		13,967		3,581,278
				13,885,905
IT SERVICES–8.7%
EPAM Systems, Inc.(a)		36,206		11,866,154
PayPal Holdings, Inc.(a)		100,515		7,158,678
Visa, Inc.–Class A(b)		157,327		32,686,258
				51,711,090
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.1%
ASML Holding NV (REG)		10,275		5,614,260
Entegris, Inc.		62,842		4,121,807
NVIDIA Corp.		78,291		11,441,447
QUALCOMM, Inc.		135,197		14,863,558
				36,041,072
SOFTWARE–19.9%
Adobe, Inc.(a)		27,589		9,284,526
Autodesk, Inc.(a)		29,964		5,599,373
Cadence Design Systems, Inc.(a)		27,186		4,367,159
Fortinet, Inc.(a)		270,500		13,224,745
Manhattan Associates, Inc.(a)		21,380		2,595,532
Microsoft Corp.		221,762		53,182,963
Paycom Software, Inc.(a)		3,480		1,079,879
PTC, Inc.(a)		34,002		4,081,600
Roper Technologies, Inc.		25,174		10,877,433
ServiceNow, Inc.(a)		5,651		2,194,114
Synopsys, Inc.(a)		16,955		5,413,562
Tyler Technologies, Inc.(a)		18,312		5,903,972
				117,804,858
				240,144,867
HEALTH CARE–24.9%
BIOTECHNOLOGY–4.3%
Genmab A/S (Sponsored ADR)(a)		63,492		2,690,791
Vertex Pharmaceuticals, Inc.(a)		78,804		22,757,019
				25,447,810
HEALTH CARE EQUIPMENT & SUPPLIES–8.1%
Align Technology, Inc.(a)		10,074		2,124,607
Contra Abiomed, Inc.(a)(c)(d)		11,373		–0	–
Edwards Lifesciences Corp.(a)		195,953		14,620,053
IDEXX Laboratories, Inc.(a)		30,784		12,558,641
Intuitive Surgical, Inc.(a)		70,080		18,595,728
				47,899,029
HEALTH CARE PROVIDERS & SERVICES–5.5%
UnitedHealth Group, Inc.		61,469		32,589,634
HEALTH CARE TECHNOLOGY–1.9%
Veeva Systems, Inc.–Class A(a)		69,134		11,156,845
LIFE SCIENCES TOOLS & SERVICES–1.7%
Illumina, Inc.(a)		11,706		2,366,953
Mettler-Toledo International, Inc.(a)		5,255		7,595,840
				9,962,793
PHARMACEUTICALS–3.4%
Zoetis, Inc.		137,324		20,124,832
				147,180,943
CONSUMER DISCRETIONARY–11.8%
HOTELS, RESTAURANTS & LEISURE–1.0%
Chipotle Mexican Grill, Inc.(a)		4,102		5,691,484
INTERNET & DIRECT MARKETING RETAIL–3.7%
Amazon.com, Inc.(a)		203,960		17,132,640
Etsy, Inc.(a)		38,045		4,557,030
				21,689,670
MULTILINE RETAIL–1.3%
Dollar General Corp.		31,280		7,702,700
SPECIALTY RETAIL–4.2%
Home Depot, Inc. (The)		63,748		20,135,443
Tractor Supply Co.		22,113		4,974,762
				25,110,205
TEXTILES, APPAREL & LUXURY GOODS–1.6%
NIKE, Inc.–Class B		79,957		9,355,768
				69,549,827
CONSUMER STAPLES–6.7%
BEVERAGES–3.6%
Monster Beverage Corp.(a)		208,819		21,201,393

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
FOOD & STAPLES RETAILING–3.1%
Costco Wholesale Corp.		41,045	$	18,737,043
				39,938,436
COMMUNICATION SERVICES–4.8%
INTERACTIVE MEDIA & SERVICES–4.8%
Alphabet, Inc.–Class C(a)		319,630		28,360,770
INDUSTRIALS–4.3%
BUILDING PRODUCTS–0.3%
Trex Co., Inc.(a)		45,206		1,913,570
COMMERCIAL SERVICES & SUPPLIES–1.9%
Copart, Inc.(a)		184,839		11,254,846
ELECTRICAL EQUIPMENT–1.1%
AMETEK, Inc.		44,226		6,179,257
MACHINERY–1.0%
IDEX Corp.		26,018		5,940,690
				25,288,363
FINANCIALS–1.4%
CAPITAL MARKETS–1.4%
MSCI, Inc.		17,665		8,217,228
MATERIALS–1.1%
CHEMICALS–1.1%
Sherwin-Williams Co. (The)		26,951		6,396,281
Total Common Stocks (cost $377,522,061)				565,076,715
SHORT-TERM INVESTMENTS–4.7%
INVESTMENT COMPANIES–4.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(e)(f)(g) (cost $27,716,890)		27,716,890		27,716,890
TOTAL INVESTMENTS–100.3% (cost $405,238,951)				592,793,605
Other assets less liabilities–(0.3)%				(1,710,358	)
NET ASSETS–100.0%			$	591,083,247

(a) Non-income producing security.

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

(c) Fair valued by the Adviser.

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

(e) Affiliated investments.

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

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

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $377,522,061)	$	565,076,715	(a)
Affiliated issuers (cost $27,716,890)		27,716,890
Cash		1,040,367
Receivable for capital stock sold		183,457
Affiliated dividends receivable		98,970
Unaffiliated dividends receivable		64,902
Total assets		594,181,301
LIABILITIES
Payable for investment securities purchased		2,373,286
Advisory fee payable		307,727
Payable for capital stock redeemed		153,873
Distribution fee payable		72,315
Administrative fee payable		23,089
Transfer Agent fee payable		150
Accrued expenses and other liabilities		167,614
Total liabilities		3,098,054
NET ASSETS	$	591,083,247
COMPOSITION OF NET ASSETS
Capital stock, at par	$	10,608
Additional paid-in capital		358,321,859
Distributable earnings		232,750,780
NET ASSETS	$	591,083,247

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	260,596,141		4,424,636	$	58.90
B	$	330,487,106		6,183,424	$	53.45

(a) Includes securities on loan with a value of $977,926 (see Note E).

See notes to financial statements.

8

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $9,261)	$	3,350,259
Affiliated issuers		418,029
Interest		258
Securities lending income		28,551
		3,797,097
EXPENSES
Advisory fee (see Note B)		3,952,591
Distribution fee—Class B		920,082
Transfer agency—Class A		3,730
Transfer agency—Class B		4,727
Administrative		89,930
Custody and accounting		69,053
Legal		62,135
Audit and tax		43,369
Directors’ fees		26,080
Printing		24,560
Miscellaneous		26,310
Total expenses		5,222,567
Less: expenses waived and reimbursed by the Adviser (see Note B)		(25,357	)
Net expenses		5,197,210
Net investment loss		(1,400,113	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		45,381,893
Net change in unrealized appreciation (depreciation) of investments		(289,990,519	)
Net loss on investment transactions		(244,608,626	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(246,008,739	)

See notes to financial statements.

9

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(1,400,113	)	$	(2,891,775	)
Net realized gain on investment transactions		45,381,893			83,376,380
Net change in unrealized appreciation (depreciation) of investments		(289,990,519	)		123,567,078
Net increase (decrease) in net assets from operations		(246,008,739	)		204,051,683
Distributions to Shareholders
Class A		(34,080,651	)		(24,139,212	)
Class B		(47,132,006	)		(32,992,991	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		39,142,914			(12,320,424	)
Total increase (decrease)		(288,078,482	)		134,599,056
NET ASSETS
Beginning of period		879,161,729			744,562,673
End of period	$	591,083,247		$	879,161,729

See notes to financial statements.

10

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	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 as an open-end series investment company. The Fund offers 10 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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

11

LARGE CAP GROWTH 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)

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 December 31, 2022:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

565,076,715

$

–0

–

$

0

(b)

$

565,076,715

Short-Term Investments

27,716,890

–0

–

–0

–

27,716,890

Total Investments in Securities

592,793,605

–0

–

0

(b)

592,793,605

Other Financial Instruments(c)

–0

–

–0

–

–0

–

–0

–

Total

$

592,793,605

$

–0

–

$

0

(b)

$

592,793,605

(a) See Portfolio of Investments for sector classifications.

(b) The Portfolio held securities with zero market value at period end.

(c) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

12

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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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 year ended December 31, 2022, the reimbursement for such services amounted to $89,930.

13

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 $1,773 for the year ended December 31, 2022.

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, 2023. 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 year ended December 31, 2022, such waiver amounted to $25,357.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

Portfolio	Market Value 12/31/21 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/22 (000)			Dividend Income (000)
Government Money Market Portfolio	$	40,409		$	156,250	$	168,942	$	27,717		$	418
Government Money Market Portfolio*		–0	–		129		129		–0	–		–0	–
Total								$	27,717		$	418

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

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 year ended December 31, 2022 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	219,071,511		$	248,997,796
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	408,594,554
Gross unrealized appreciation	$	211,272,444
Gross unrealized depreciation		(27,073,393	)
Net unrealized appreciation	$	184,199,051

14

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 Portfolio did not engage in derivatives transactions for the year ended December 31, 2022.

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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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 year ended December 31, 2022 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
$	977,926	$	–0–	$	1,000,093	$	28,551	$	–0–	$	0	**

* As of December 31, 2022.

** Amount is less than $.50.

15

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class A
Shares sold		292,422			286,696		$	18,985,921		$	24,946,001
Shares issued in reinvestment of distributions		510,954			275,153			34,080,651			24,139,212
Shares redeemed		(558,038	)		(681,760	)		(39,512,597	)		(58,481,060	)
Net increase (decrease)		245,338			(119,911	)	$	13,553,975		$	(9,395,847	)
Class B
Shares sold		614,151			433,548		$	38,755,142		$	33,926,340
Shares issued on reinvestment of distributions		777,885			408,228			47,132,006			32,992,991
Shares redeemed		(929,554	)		(897,846	)		(60,298,209	)		(69,843,908	)
Net increase (decrease)		462,482			(56,070	)	$	25,588,939		$	(2,924,577	)

At December 31, 2022, 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 value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

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, than would be the case if the Portfolio were invested in a larger number of companies.

Sector Risk—The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

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—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

LIBOR Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used

16

AB Variable Products Series Fund

U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022			2021
Distributions paid from:
Ordinary income	$	–0	–	$	830,314
Net long-term capital gains		81,212,657			56,301,889
Total taxable distributions paid	$	81,212,657		$	57,132,203

17

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed capital gains	$	48,551,729
Unrealized appreciation (depreciation)		184,199,051	(a)
Total accumulated earnings (deficit)	$	232,750,780

(a) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are 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, 2022, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss resulted in a net increase in distributable earnings and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

18

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
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$93.09			$77.09			$61.26			$51.75			$56.34
Income From Investment Operations
Net investment income (loss)(a)(b)		(.05	)		(.19	)		(.06	)		.05			.02
Net realized and unrealized gain (loss) on investment transactions		(25.48	)		22.16			21.18			17.18			2.09
Net increase (decrease) in net asset value from operations		(25.53	)		21.97			21.12			17.23			2.11
Less: Distributions
Distributions from net realized gain on investment transactions		(8.66	)		(5.97	)		(5.29	)		(7.72	)		(6.70	)
Net asset value, end of period		$58.90			$93.09			$77.09			$61.26			$51.75
Total Return
Total investment return based on net asset value(c)*		(28.51	)%		28.98	%		35.49	%		34.70	%		2.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$260,596			$389,051			$331,436			$264,234			$190,899
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.65	%		.65	%		.66	%		.67	%		.68	%
Expenses, before waivers/reimbursements(d)‡		.65	%		.65	%		.67	%		.68	%		.68	%
Net investment income (loss)(b)		(.07	)%		(.22	)%		(.08	)%		.09	%		.04	%
Portfolio turnover rate		34	%		17	%		33	%		38	%		46	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.01	%		.01	%		.00	%

See footnote summary on page 20.

19

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
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$85.67			$71.51			$57.28			$48.91			$53.70
Income From Investment Operations
Net investment loss(a)(b)		(.20	)		(.37	)		(.21	)		(.09	)		(.12	)
Net realized and unrealized gain (loss) on investment transactions		(23.36	)		20.50			19.73			16.18			2.03
Net increase (decrease) in net asset value from operations		(23.56	)		20.13			19.52			16.09			1.91
Less: Distributions
Distributions from net realized gain on investment transactions		(8.66	)		(5.97	)		(5.29	)		(7.72	)		(6.70	)
Net asset value, end of period		$53.45			$85.67			$71.51			$57.28			$48.91
Total Return
Total investment return based on net asset value(c)*		(28.69	)%		28.65	%		35.15	%		34.37	%		2.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$330,487			$490,111			$413,127			$322,688			$218,027
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.90	%		.90	%		.91	%		.92	%		.93	%
Expenses, before waivers/reimbursements(d)‡		.90	%		.90	%		.92	%		.93	%		.93	%
Net investment loss(b)		(.32	)%		(.47	)%		(.33	)%		(.16	)%		(.21	)%
Portfolio turnover rate		34	%		17	%		33	%		38	%		46	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.01	%		.01	%		.00	%

(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 years ended December 31, 2020 and December 31, 2019, such waiver amounted to .01% and .01%, respectively.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the year ended December 31, 2019 by .04%.

See notes to financial statements.

20

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Large Cap Growth Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Large Cap Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

21

2022 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2022. The Portfolio designates $81,212,657 of dividends paid as long-term capital gain dividends.

22

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
Frank V. Caruso(2), Vice President John H. Fogarty(2), Vice President Vinay Thapar(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s U.S. Large Cap Growth Investment Team. Messrs. Caruso, Fogarty and Thapar are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

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LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 47 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		73	None
INDEPENDENT DIRECTORS
Garry L. Moody## Chairman of the Board 70 (2008)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2011-February 2023.		73	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007; and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		73	Moody’s Corporation since April 2011
Michael J. Downey,## 79 (2005)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		73	None
Nancy P. Jacklin,## 74 (2006)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		73	None

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LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		73	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		73	None
Marshall C. Turner, Jr.## 81 (2005)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		73	None

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AB Variable Products Series Fund

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

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LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
Frank V. Caruso 66	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Chief Investment Officer of US Growth Equities.
John H. Fogarty 53	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Co-Chief Investment Officer—US Growth Equites.
Vinay Thapar 44	Vice President	Senior Vice President of the Adviser**, with which he was associated since prior to 2018. He is also Co-Chief Investment Officer—US Growth Equites.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

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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 in-person on May 3-5, 2022 (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 Vice President 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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

30

AB Variable Products Series Fund

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 28, 2022 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 Vice President 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 also compared the advisory fee rate for the Fund with that for another 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.

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LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	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 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.

32

VPS-LCG-0151-1222

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ SMALL CAP GROWTH PORTFOLIO

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 [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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—Small Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022.

INVESTMENT OBJECTIVES AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall US market. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of smaller companies. For these purposes, “smaller companies” are those that, at the time of investment, fall within the lowest 20% of the total US equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). Because the Portfolio’s definition of smaller companies is dynamic, the limits on market capitalization will change with the markets.

The Portfolio may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Portfolio’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Portfolio may invest in foreign securities.

The Portfolio invests primarily in equity securities but may also invest in other types of securities, such as preferred stocks. The Portfolio invests, at times, in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may also invest up to 20% of its total assets in rights or warrants.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared with its benchmark, the Russell 2000 Growth Index, for the one-, five- and 10-year periods ended December 31, 2022.

All share classes of the Portfolio underperformed the benchmark for the annual period. Security selection drove underperformance, relative to the benchmark, led by selection within health care and technology. Security selection within the energy sector contributed. Sector selection was also negative, as overweights to energy and technology detracted from returns and offset gains from underweights to real estate and communication services.

The Portfolio did not use derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

The Portfolio continues to be built from the bottom up, with an emphasis on companies that can deliver fundamental outperformance. The Portfolio remains overweight in secular growth companies that have unique drivers or company-specific initiatives to support their future earnings growth, regardless of the macro backdrop. At the end of the reporting period, technology reflected the Portfolio’s largest overweight, with health care the largest underweight.

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SMALL CAP GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2000^® Growth Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2000 Growth Index represents the performance of small-cap growth companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

Sector Risk: The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

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-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US 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.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5 Years1		10 Years1
Small Cap Growth Portfolio Class A		-39.09%		6.77%		10.84%
Small Cap Growth Portfolio Class B		-39.26%		6.51%		10.56%
Russell 2000 Growth Index		-26.36%		3.51%		9.20%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.08% and 1.31% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Portfolio’s annual operating expense ratios (excluding expenses associated with 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) to 0.90% and 1.15% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2012 to 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Small Cap Growth Portfolio Class A shares (from 12/31/2012 to 12/31/2022) as compared with the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	997.80	$	4.53		0.90	%
Hypothetical**	$	1,000	$	1,020.67	$	4.58		0.90	%
Class B
Actual	$	1,000	$	996.70	$	5.79		1.15	%
Hypothetical**	$	1,000	$	1,019.41	$	5.85		1.15	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

4

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
ChampionX Corp.	$	950,524		1.9	%
Texas Roadhouse, Inc.		929,509		1.9
Herc Holdings, Inc.		881,914		1.8
Novanta, Inc.		842,666		1.7
Hilton Grand Vacations, Inc.		834,314		1.7
Saia, Inc.		831,591		1.7
Matador Resources Co.		827,862		1.7
MACOM Technology Solutions Holdings, Inc.		822,393		1.7
Magnolia Oil & Gas Corp.—Class A		814,067		1.6
Houlihan Lokey, Inc.		785,399		1.6
	$	8,520,239		17.3	%

SECTOR BREAKDOWN²

December 31, 2022 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	11,505,505		23.1	%
Health Care		9,675,172		19.4
Industrials		9,545,913		19.1
Consumer Discretionary		7,711,518		15.5
Energy		4,684,079		9.4
Financials		3,985,935		8.0
Consumer Staples		1,597,768		3.2
Materials		470,230		0.9
Short-Term Investments		707,221		1.4
Total Investments	$	49,883,341		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.

5

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.0%
INFORMATION TECHNOLOGY–23.2%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.1%
Allegro MicroSystems, Inc.(a)		20,721	$	622,045
Littelfuse, Inc.		2,647		582,869
Novanta, Inc.(a)		6,202		842,666
				2,047,580
IT SERVICES–3.3%
DigitalOcean Holdings, Inc.(a)		12,400		315,828
Flywire Corp.(a)		24,760		605,877
Shift4 Payments, Inc.–Class A(a)		12,412		694,203
				1,615,908
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.4%
Lattice Semiconductor Corp.(a)		9,810		636,473
MACOM Technology Solutions Holdings, Inc.(a)		13,058		822,393
Onto Innovation, Inc.(a)		7,734		526,608
Silicon Laboratories, Inc.(a)		4,908		665,868
Universal Display Corp.		4,740		512,110
				3,163,452
SOFTWARE–9.4%
Blackline, Inc.(a)		9,090		611,484
Braze, Inc.–Class A(a)		14,238		388,413
Elastic NV(a)		6,100		314,150
Enfusion, Inc.–Class A(a)		8,262		79,894
Five9, Inc.(a)		8,340		565,952
Instructure Holdings, Inc.(a)		17,080		400,355
Manhattan Associates, Inc.(a)		5,781		701,813
Monday.com Ltd.(a)		3,666		447,252
Smartsheet, Inc.–Class A(a)		13,816		543,798
SPS Commerce, Inc.(a)		4,870		625,454
				4,678,565
				11,505,505
HEALTH CARE–19.5%
BIOTECHNOLOGY–9.2%
ADC Therapeutics SA(a)		13,090		50,266
Arrowhead Pharmaceuticals, Inc.(a)		11,139		451,798
Ascendis Pharma A/S (ADR)(a)		2,165		264,411
Blueprint Medicines Corp.(a)		6,830		299,222
Coherus Biosciences, Inc.(a)		27,778		220,002
Erasca, Inc.(a)		8,000		34,480
Insmed, Inc.(a)		16,309		325,854
Intellia Therapeutics, Inc.(a)		7,442		259,651
IVERIC bio, Inc.(a)		18,970		406,148
Karuna Therapeutics, Inc.(a)		2,660		522,690
Legend Biotech Corp. (ADR)(a)		5,524		275,758
Natera, Inc.(a)		9,587		385,110
Relay Therapeutics, Inc.(a)		11,133		166,327
Ultragenyx Pharmaceutical, Inc.(a)		5,268		244,066
				��
Vir Biotechnology, Inc.(a)		9,789		247,760
Viridian Therapeutics, Inc.(a)		7,510		219,367
Zentalis Pharmaceuticals, Inc.(a)		10,347		208,388
				4,581,298
HEALTH CARE EQUIPMENT & SUPPLIES–6.2%
AtriCure, Inc.(a)		15,728		698,009
iRhythm Technologies, Inc.(a)		5,314		497,762
Lantheus Holdings, Inc.(a)		13,410		683,374
Silk Road Medical, Inc.(a)		11,686		617,605
Treace Medical Concepts, Inc.(a)		25,352		582,842
				3,079,592
HEALTH CARE PROVIDERS & SERVICES–1.8%
Guardant Health, Inc.(a)		9,850		267,920
Inari Medical, Inc.(a)		9,562		607,761
				875,681
LIFE SCIENCES TOOLS & SERVICES–1.3%
Repligen Corp.(a)		3,865		654,383
PHARMACEUTICALS–1.0%
Intra-Cellular Therapies, Inc.(a)		9,150		484,218
				9,675,172
INDUSTRIALS–19.2%
AEROSPACE & DEFENSE–3.8%
Axon Enterprise, Inc.(a)		3,363		558,022
Curtiss-Wright Corp.		3,830		639,572
Hexcel Corp.		11,920		701,492
				1,899,086
BUILDING PRODUCTS–0.8%
Armstrong World Industries, Inc.		5,560		381,360
COMMERCIAL SERVICES & SUPPLIES–1.3%
Tetra Tech, Inc.		4,502		653,645
CONSTRUCTION & ENGINEERING–0.8%
Comfort Systems USA, Inc.		3,600		414,288
ELECTRICAL EQUIPMENT–1.2%
Shoals Technologies Group, Inc.–Class A(a)		23,949		590,822
MACHINERY–3.9%
Esab Corp.		12,320		578,054
ITT, Inc.		8,895		721,385
Middleby Corp. (The)(a)		4,875		652,763
				1,952,202
PROFESSIONAL SERVICES–2.8%
FTI Consulting, Inc.(a)		3,970		630,436
Insperity, Inc.		6,721		763,506
				1,393,942

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
ROAD & RAIL–1.7%
Saia, Inc.(a)		3,966	$	831,591
TRADING COMPANIES & DISTRIBUTORS–2.9%
Herc Holdings, Inc.		6,703		881,914
SiteOne Landscape Supply, Inc.(a)		4,663		547,063
				1,428,977
				9,545,913
CONSUMER DISCRETIONARY–15.5%
AUTO COMPONENTS–1.5%
Fox Factory Holding Corp.(a)		8,201		748,177
DIVERSIFIED CONSUMER SERVICES–0.5%
European Wax Center, Inc.–Class A		21,436		266,878
HOTELS, RESTAURANTS & LEISURE–7.1%
Hilton Grand Vacations, Inc.(a)		21,648		834,314
Life Time Group Holdings, Inc.(a)		37,897		453,248
Planet Fitness, Inc.–Class A(a)		9,913		781,145
Texas Roadhouse, Inc.		10,220		929,509
Wingstop, Inc.		3,870		532,589
				3,530,805
HOUSEHOLD DURABLES–1.5%
Lovesac Co. (The)(a)		10,291		226,505
Skyline Champion Corp.(a)		9,615		495,269
				721,774
MULTILINE RETAIL–1.4%
Driven Brands Holdings, Inc.(a)		24,942		681,166
SPECIALTY RETAIL–3.5%
Five Below, Inc.(a)		3,107		549,535
Floor & Decor Holdings, Inc.–Class A(a)		322		22,421
Lithia Motors, Inc.		2,315		473,973
National Vision Holdings, Inc.(a)		18,493		716,789
				1,762,718
				7,711,518
ENERGY–9.4%
ENERGY EQUIPMENT & SERVICES–4.8%
ChampionX Corp.		32,788		950,524
Helmerich & Payne, Inc.		15,240		755,447
TechnipFMC PLC(a)		56,710		691,295
				2,397,266
OIL, GAS & CONSUMABLE FUELS–4.6%
DTE Midstream LLC		11,670		644,884
Magnolia Oil & Gas Corp.–Class A		34,715		814,067
Matador Resources Co.		14,463		827,862
				2,286,813
				4,684,079
FINANCIALS–8.0%
BANKS–1.3%
First Financial Bankshares, Inc.		19,721		678,402
CAPITAL MARKETS–4.6%
Houlihan Lokey, Inc.		9,011		785,399
P10, Inc.–Class A		22,451		239,552
StepStone Group, Inc.–Class A		24,006		604,471
Stifel Financial Corp.		11,084		646,973
				2,276,395
INSURANCE–2.1%
RLI Corp.		790		103,704
Ryan Specialty Holdings, Inc.(a)(b)		14,420		598,574
Trupanion, Inc.(a)(b)		6,919		328,860
				1,031,138
				3,985,935
CONSUMER STAPLES–3.2%
FOOD & STAPLES RETAILING–2.7%
Chefs’ Warehouse, Inc. (The)(a)		20,381		678,280
Grocery Outlet Holding Corp.(a)		22,060		643,931
				1,322,211
FOOD PRODUCTS–0.5%
Vital Farms, Inc.(a)		18,469		275,557
				1,597,768
MATERIALS–1.0%
CHEMICALS–1.0%
Element Solutions, Inc.		25,851		470,230
Total Common Stocks (cost $47,840,896)				49,176,120

7

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–1.4%
INVESTMENT COMPANIES–1.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(c)(d)(e) (cost $707,221)		707,221	$	707,221
TOTAL INVESTMENTS–100.4% (cost $48,548,117)				49,883,341
Other assets less liabilities–(0.4)%				(179,620	)
NET ASSETS–100.0%			$	49,703,721

(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.

8

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $47,840,896)	$	49,176,120	(a)
Affiliated issuers (cost $707,221)		707,221
Receivable for capital stock sold		39,210
Receivable for investment securities sold		18,248
Unaffiliated dividends receivable		11,552
Affiliated dividends receivable		4,251
Total assets		49,956,602
LIABILITIES
Payable for investment securities purchased		84,979
Custody and accounting fees payable		50,320
Audit and tax fee payable		41,538
Advisory fee payable		24,337
Administrative fee payable		24,159
Distribution fee payable		7,045
Payable for capital stock redeemed		4,910
Transfer Agent fee payable		150
Accrued expenses		15,443
Total liabilities		252,881
NET ASSETS	$	49,703,721
COMPOSITION OF NET ASSETS
Capital stock, at par	$	6,693
Additional paid-in capital		58,983,103
Accumulated loss		(9,286,075	)
NET ASSETS	$	49,703,721

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	17,212,519		1,892,450	$	9.10
B	$	32,491,202		4,800,585	$	6.77

(a) Includes securities on loan with a value of $918,088 (see Note E).

See notes to financial statements.

9

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	232,091
Affiliated issuers		24,549
Securities lending income		17,549
		274,189
EXPENSES
Advisory fee (see Note B)		430,112
Distribution fee—Class B		91,770
Transfer agency—Class A		1,406
Transfer agency—Class B		2,505
Administrative		91,828
Custody and accounting		51,159
Audit and tax		44,549
Legal		27,102
Printing		23,720
Directors’ fees		18,198
Miscellaneous		9,364
Total expenses		791,713
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(184,795	)
Net expenses		606,918
Net investment loss		(332,729	)
REALIZED AND UNREALIZED LOSS ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions		(9,386,634	)
Net change in unrealized appreciation (depreciation) of investments		(23,397,350	)
Net loss on investment transactions		(32,783,984	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(33,116,713	)

See notes to financial statements.

10

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(332,729	)	$	(923,010	)
Net realized gain (loss) on investment transactions		(9,386,634	)		27,157,393
Net change in unrealized appreciation (depreciation) of investments		(23,397,350	)		(16,424,739	)
Net increase (decrease) in net assets from operations		(33,116,713	)		9,809,644
Distributions to Shareholders
Class A		(8,363,912	)		(6,896,383	)
Class B		(17,518,976	)		(12,934,512	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		22,329,390			(22,734,728	)
Total decrease		(36,670,211	)		(32,755,979	)
NET ASSETS
Beginning of period		86,373,932			119,129,911
End of period	$	49,703,721		$	86,373,932

See notes to financial statements.

11

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	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 as an open-end series investment company. The Fund offers 10 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 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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

12

AB Variable Products Series Fund

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 December 31, 2022:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

49,176,120

$

–0

–

$

–0

–

$

49,176,120

Short-Term Investments

707,221

–0

–

–0

–

707,221

Total Investments in Securities

49,883,341

–0

–

–0

–

49,883,341

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

49,883,341

$

–0

–

$

–0

–

$

49,883,341

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

13

SMALL 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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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 (excluding expenses associated with 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 year ended December 31, 2022, such

14

AB Variable Products Series Fund

reimbursements/waivers amounted to $183,246. This fee waiver and/or expense reimbursement agreement extends through May 1, 2023 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 year ended December 31, 2022, the reimbursement for such services amounted to $91,828.

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 $1,773 for the year ended December 31, 2022.

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, 2023. 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 year ended December 31, 2022, such waiver amounted to $1,475.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

Portfolio	Market Value 12/31/21 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/22 (000)			Dividend Income (000)
Government Money Market Portfolio	$	540		$	18,289	$	18,122	$	707		$	25
Government Money Market Portfolio*		–0	–		5,936		5,936		–0	–		1
Total								$	707		$	26

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

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 year ended December 31, 2022 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	38,321,533		$	42,327,850
U.S. government securities		–0	–		–0	–

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SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	50,687,829
Gross unrealized appreciation	$	6,976,189
Gross unrealized depreciation		(7,780,677	)
Net unrealized depreciation	$	(804,488	)

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 year ended December 31, 2022.

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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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.

16

AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2022 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
$	918,088	$	–0–	$	941,487	$	16,177	$	1,372	$	74

* As of December 31, 2022.

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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class A
Shares sold		108,682			66,661		$	1,527,332		$	1,842,053
Shares issued in reinvestment of distributions		801,909			276,519			8,363,912			6,896,383
Shares redeemed		(303,311	)		(251,156	)		(4,515,651	)		(7,040,357	)
Net increase		607,280			92,024		$	5,375,593		$	1,698,079
Class B
Shares sold		977,425			739,631		$	10,088,393		$	18,335,639
Shares issued on reinvestment of distributions		2,254,695			609,831			17,518,976			12,934,512
Shares redeemed		(964,903	)		(2,160,255	)		(10,653,572	)		(55,702,958	)
Net increase (decrease)		2,267,217			(810,793	)	$	16,953,797		$	(24,432,807	)

At December 31, 2022, 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 value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

Sector Risk—The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

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.

LIBOR Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different

17

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022		2021
Distributions paid from:
Ordinary income	$	3,792,639	$	2,673,240
Net long-term capital gains		22,090,249		17,157,655
Total taxable distributions paid	$	25,882,888	$	19,830,895

18

AB Variable Products Series Fund

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(8,487,162	)(a)
Unrealized appreciation (depreciation)		(798,913	)(b)
Total accumulated earnings (deficit)	$	(9,286,075	)

(a) As of December 31, 2022, the Portfolio had a net capital loss carryforward of $8,487,162.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of passive foreign investment companies (PFICs) 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, 2022, the Portfolio had a net short-term capital loss carryforward of $6,456,756 and a net long-term capital loss carryforward of $2,030,406, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss and taxable overdistributions resulted in a net decrease in accumulated loss and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

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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
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$25.13			$28.76			$19.92			$16.58			$17.53
Income From Investment Operations
Net investment loss(a)(b)		(.06	)		(.20	)		(.13	)		(.08	)		(.13	)
Net realized and unrealized gain (loss) on investment transactions		(8.86	)		2.87			10.49			6.02			.14	(c)
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(d)		–0	–
Net increase (decrease) in net asset value from operations		(8.92	)		2.67			10.36			5.94			.01
Less: Distributions
Distributions from net realized gain on investment transactions		(7.11	)		(6.30	)		(1.52	)		(2.60	)		(.96	)
Net asset value, end of period		$  9.10			$25.13			$28.76			$19.92			$16.58
Total Return
Total investment return based on net asset value(e)*		(39.09	)%		9.46	%		53.98	%		36.40	%		(.89	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$17,213			$32,295			$34,314			$27,167			$22,724
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		.90	%		.91	%		.90	%		.90	%		1.06	%
Expenses, before waivers/reimbursements(f)(g)		1.22	%		1.08	%		1.09	%		1.16	%		1.15	%
Net investment loss(b)		(.42	)%		(.71	)%		(.60	)%		(.39	)%		(.65	)%
Portfolio turnover rate		67	%		67	%		103	%		69	%		73	%

See footnote summary on page 22.

20

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$21.35			$25.36			$17.75			$15.03			$16.00
Income From Investment Operations
Net investment loss(a)(b)		(.07	)		(.24	)		(.16	)		(.11	)		(.16	)
Net realized and unrealized gain (loss) on investment transactions		(7.40	)		2.53			9.29			5.43			.15	(c)
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(d)		–0	–
Net increase (decrease) in net asset value from operations		(7.47	)		2.29			9.13			5.32			(.01	)
Less: Distributions
Distributions from net realized gain on investment transactions		(7.11	)		(6.30	)		(1.52	)		(2.60	)		(.96	)
Net asset value, end of period		$  6.77			$21.35			$25.36			$17.75			$15.03
Total Return
Total investment return based on net asset value(e)*		(39.26	)%		9.20	%		53.64	%		36.01	%		(1.11	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$32,491			$54,079			$84,816			$50,978			$40,096
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		1.15	%		1.15	%		1.15	%		1.15	%		1.30	%
Expenses, before waivers/reimbursements(f)(g)		1.47	%		1.31	%		1.33	%		1.42	%		1.40	%
Net investment loss(b)		(.67	)%		(.96	)%		(.84	)%		(.64	)%		(.88	)%
Portfolio turnover rate		67	%		67	%		103	%		69	%		73	%

See footnote summary on page 22.

21

SMALL CAP 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) 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 year ended December 31, 2018, such waiver amounted to .01%.

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

	Year Ended December 31,
	2022			2021			2020			2019			2018
Class A
Net of waivers/reimbursements		.90	%		.90	%		.90	%		.90	%		1.06	%
Before waivers/reimbursements		1.22	%		1.07	%		1.09	%		1.16	%		1.15	%
Class B
Net of waivers/reimbursements		1.15	%		1.15	%		1.15	%		1.15	%		1.30	%
Before waivers/reimbursements		1.47	%		1.31	%		1.33	%		1.42	%		1.40	%

* 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, 2021 and December 31, 2018 by .03% and .05%, respectively.

See notes to financial statements.

22

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Small Cap Growth Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Small Cap Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

23

2022 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2022. For corporate shareholders, 4.62% of dividends paid qualify for the dividends received deduction. The Portfolio designates $22,090,249 of dividends paid as long-term capital gain dividends.

24

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan*, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
Bruce K. Aronow(2)*, Vice President Esteban Gomez(2), Vice President Samantha S. Lau(2), Vice President Heather Pavlak(2), Vice President Wen-Tse Tseng(2), Vice President	Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Small Cap Growth Investment Team. Messrs. Aronow, Gomez and Tseng, and Mses. Lau and Pavlak are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

* Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.

25

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 47 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		73	None
DISINTERESTED DIRECTORS
Garry L. Moody## Chairman of the Board 70 (2008)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2011 - February 2023.		73	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		73	Moody’s Corporation since April 2011
Michael J. Downey,## 79 (2005)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		73	None
Nancy P. Jacklin,## 74 (2006)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		73	None
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		73	Apollo Investment Corp. (business development company) since August 2011

27

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		73	None
Marshall C. Turner, Jr. ## 81 (2005)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		73	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

28

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
Bruce K. Aronow# 56	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Co-Chief Investment Officer of Small and SMID Cap Growth Equities.
Esteban Gomez 39	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018.
Samantha S. Lau 50	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2018. She is also Co-Chief Investment Officer of US Small and SMID Cap Growth Equities.
Heather Pavlak 39	Vice President	Vice President of the Adviser**, with which she has been associated since 2018. Before joining the Adviser in 2018, she spent four years at Schroders Investment Management as an equity research analyst.
Wen-Tse Tseng 57	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (SAI) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www. abfunds.com, for a free prospectus or SAI.

^#  Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.

29

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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

30

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 in-person on May 3-5, 2022 (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 Vice President 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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

31

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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 28, 2022 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. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s total rate of compensation was equal to the median.

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 Vice President 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 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.

32

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 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 a median. After reviewing and discussing the Adviser’s explanation 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 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.

33

VPS-SCG 0151-1222

DEC    ^12.31.22

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ SMALL/MID CAP VALUE PORTFOLIO

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 [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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2023

The following is an update of AB Variable Products Series Fund—Small/Mid Cap Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2022.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization US companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in securities of small- to mid-capitalization companies. Because the Portfolio’s definition of small- to mid-capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Portfolio’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may invest in securities issued by non-US companies.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared with its primary benchmark, the Russell 2500 Value Index, as well as the Russell 2500 Index, which represents small-/mid-cap stocks, for the one-, five- and 10-year periods ended December 31, 2022.

All share classes of the Portfolio underperformed the primary benchmark and outperformed the Russell 2500 Index for the annual period. Security selection within consumer staples and industrials detracted most, relative to the primary benchmark, while selection within technology and consumer discretionary contributed. Overall sector selection also detracted from performance. An underweight to energy and an overweight to consumer discretionary detracted the most, while underweights to real estate and communication services contributed.

The Portfolio did not use derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the US Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

The Portfolio’s Senior Investment Management Team (the “Team”) seeks to invest opportunistically in what it believes are undervalued companies with solid fundamentals, without sacrificing the Portfolio’s deep-value discipline. The Team remains focused on attractively valued opportunities, which the Team believes are widespread across most industry sectors and regions. The Portfolio’s emphasis continues to be at the stock-specific level, as the Team looks for companies that offer compelling valuation, strong free cash flow and significant company-level catalysts.

1

SMALL/MID CAP VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2500^® Value Index and the Russell 2500^™ Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2500 Value Index represents the performance of small- to mid-cap value companies within the US. The Russell 2500 Index represents the performance of 2,500 small- to mid-cap companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may underperform the market generally.

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-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US 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: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain Portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL/MID CAP VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2022 (unaudited)	1 Year		5 Years1		10 Years1
Small/Mid Cap Value Portfolio Class A		-15.63%		3.88%		9.33%
Small/Mid Cap Value Portfolio Class B		-15.82%		3.62%		9.06%
Primary Benchmark: Russell 2500 Value Index		-13.08%		4.75%		8.93%
Russell 2500 Index		-18.37%		5.89%		10.03%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.80% and 1.05% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2012 TO 12/31/2022 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Small/Mid Cap Value Portfolio Class A shares (from 12/31/2012 to 12/31/2022) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

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 July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,051.20	$	4.14		0.80	%
Hypothetical**	$	1,000	$	1,021.17	$	4.08		0.80	%
Class B
Actual	$	1,000	$	1,049.80	$	5.42		1.05	%
Hypothetical**	$	1,000	$	1,019.91	$	5.35		1.05	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

4

SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2022 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Berry Global Group, Inc.	$	12,417,156		1.9	%
IDACORP, Inc.		11,116,531		1.7
First Citizens BancShares, Inc./NC—Class A		11,109,974		1.7
Comerica, Inc.		10,564,172		1.6
Zions Bancorp NA		10,428,704		1.6
Integra LifeSciences Holdings Corp.		10,137,456		1.5
Tapestry, Inc.		10,032,557		1.5
Envista Holdings Corp.		10,026,252		1.5
Vertiv Holdings Co.		9,992,700		1.5
Wintrust Financial Corp.		9,985,193		1.5
	$	105,810,695		16.0	%

SECTOR BREAKDOWN²

December 31, 2022 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	156,326,095		23.7	%
Industrials		140,989,162		21.4
Consumer Discretionary		104,963,469		15.9
Information Technology		63,450,554		9.6
Real Estate		41,423,224		6.3
Health Care		40,092,301		6.1
Materials		39,549,805		6.0
Energy		29,552,079		4.5
Utilities		16,188,835		2.4
Consumer Staples		15,623,066		2.4
Communication Services		7,267,326		1.1
Short-Term Investments		4,206,385		0.6
Total Investments	$	659,632,301		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.

5

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2022	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.4%
FINANCIALS–23.7%
BANKS–12.7%
Comerica, Inc.		158,028	$	10,564,172
First BanCorp./Puerto Rico		675,820		8,596,430
First Citizens BancShares, Inc./NC–Class A		14,650		11,109,974
First Hawaiian, Inc.		374,740		9,758,229
Synovus Financial Corp.		228,332		8,573,867
Texas Capital Bancshares, Inc.(a)		147,122		8,872,928
Webster Financial Corp.		129,552		6,132,992
Wintrust Financial Corp.		118,140		9,985,193
Zions Bancorp NA		212,138		10,428,704
				84,022,489
CAPITAL MARKETS–3.4%
Cboe Global Markets, Inc.		53,460		6,707,626
Moelis & Co.–Class A		165,797		6,361,631
Stifel Financial Corp.		154,997		9,047,175
				22,116,432
INSURANCE–6.7%
American Financial Group, Inc./OH		52,440		7,198,963
Everest Re Group Ltd.		22,257		7,373,076
Hanover Insurance Group, Inc. (The)		60,410		8,163,203
Kemper Corp.		129,070		6,350,244
Reinsurance Group of America, Inc.		54,157		7,695,168
Selective Insurance Group, Inc.		83,465		7,395,834
				44,176,488
THRIFTS & MORTGAGE FINANCE–0.9%
BankUnited, Inc.		176,941		6,010,686
				156,326,095
INDUSTRIALS–21.4%
AEROSPACE & DEFENSE–1.4%
Spirit AeroSystems Holdings, Inc.–Class A		307,220		9,093,712
AIRLINES–1.1%
Alaska Air Group, Inc.(a)		175,080		7,517,935
BUILDING PRODUCTS–1.1%
Masonite International Corp.(a)		89,759		7,235,473
CONSTRUCTION & ENGINEERING–4.9%
AECOM		105,400		8,951,622
Arcosa, Inc.		152,487		8,286,144
Dycom Industries, Inc.(a)		86,905		8,134,308
Fluor Corp.(a)		200,070		6,934,426
				32,306,500
ELECTRICAL EQUIPMENT–3.9%
Regal Rexnord Corp.		78,740		9,447,225

Company	Shares		U.S. $ Value
Sensata Technologies Holding PLC		160,740	$	6,490,681
Vertiv Holdings Co.		731,530		9,992,700
				25,930,606
MACHINERY–2.1%
Oshkosh Corp.		67,350		5,939,597
Timken Co. (The)		106,930		7,556,743
				13,496,340
MARINE–1.0%
Star Bulk Carriers Corp.(b)		322,910		6,209,559
PROFESSIONAL SERVICES–1.6%
Korn Ferry		85,230		4,314,343
Robert Half International, Inc.		84,145		6,212,425
				10,526,768
ROAD & RAIL–2.9%
Knight-Swift Transportation Holdings, Inc.		183,979		9,642,340
RXO, Inc.(a)		56,671		974,741
XPO, Inc.(a)		259,420		8,636,092
				19,253,173
TRADING COMPANIES & DISTRIBUTORS–1.4%
Herc Holdings, Inc.		71,590		9,419,096
				140,989,162
CONSUMER DISCRETIONARY–15.9%
AUTO COMPONENTS–1.7%
Dana, Inc.		320,205		4,844,702
Goodyear Tire & Rubber Co. (The)(a)		637,200		6,467,580
				11,312,282
DIVERSIFIED CONSUMER SERVICES–1.2%
ADT, Inc.		882,033		8,000,039
HOTELS, RESTAURANTS & LEISURE–3.2%
Dine Brands Global, Inc.		99,760		6,444,496
Hilton Grand Vacations, Inc.(a)		202,510		7,804,735
Papa John’s International, Inc.		85,782		7,060,717
				21,309,948
HOUSEHOLD DURABLES–3.3%
KB Home		197,480		6,289,738
PulteGroup, Inc.		214,820		9,780,754
Taylor Morrison Home Corp.(a)		178,739		5,424,729
				21,495,221
SPECIALTY RETAIL–2.8%
Bath & Body Works, Inc.		155,110		6,536,335
Sally Beauty Holdings, Inc.(a)		442,040		5,534,341

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Williams-Sonoma, Inc.(b)		54,089	$	6,215,908
				18,286,584
TEXTILES, APPAREL & LUXURY GOODS–3.7%
Carter’s, Inc.(b)		70,990		5,296,564
Ralph Lauren Corp.(b)		87,350		9,230,274
Tapestry, Inc.		263,460		10,032,557
				24,559,395
				104,963,469
INFORMATION TECHNOLOGY–9.6%
COMMUNICATIONS EQUIPMENT–0.8%
Lumentum Holdings, Inc.(a)		95,630		4,989,017
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.0%
Avnet, Inc.		174,990		7,276,084
Belden, Inc.		80,954		5,820,593
				13,096,677
IT SERVICES–1.0%
Genpact Ltd.		146,591		6,790,095
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.4%
Kulicke & Soffa Industries, Inc.(b)		125,988		5,576,229
ON Semiconductor Corp.(a)		52,230		3,257,585
Synaptics, Inc.(a)		73,507		6,994,926
				15,828,740
SOFTWARE–3.4%
ACI Worldwide, Inc.(a)		333,970		7,681,310
CommVault Systems, Inc.(a)		131,016		8,233,045
NortonLifeLock, Inc.		318,790		6,831,670
				22,746,025
				63,450,554
REAL ESTATE–6.3%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–6.3%
Broadstone Net Lease, Inc.–Class A		356,621		5,780,826
Camden Property Trust		71,003		7,943,816
Cousins Properties, Inc.		182,340		4,611,379
CubeSmart		215,162		8,660,271
Physicians Realty Trust		545,291		7,890,361
STAG Industrial, Inc.		202,308		6,536,571
				41,423,224
HEALTH CARE–6.1%
HEALTH CARE EQUIPMENT & SUPPLIES–3.1%
Envista Holdings Corp.(a)		297,780		10,026,252

Company	Shares		U.S. $ Value
Integra LifeSciences Holdings Corp.(a)		180,800	$	10,137,456
				20,163,708
HEALTH CARE PROVIDERS & SERVICES–2.3%
Acadia Healthcare Co., Inc.(a)		114,270		9,406,707
Pediatrix Medical Group, Inc.(a)		401,570		5,967,330
				15,374,037
LIFE SCIENCES TOOLS & SERVICES–0.7%
Syneos Health, Inc.(a)		124,170		4,554,556
				40,092,301
MATERIALS–6.0%
CHEMICALS–2.0%
Huntsman Corp.		321,740		8,841,415
Innospec, Inc.		41,140		4,231,661
				13,073,076
CONTAINERS & PACKAGING–1.9%
Berry Global Group, Inc.		205,480		12,417,156
METALS & MINING–2.1%
ATI, Inc.(a)		291,691	��	8,709,893
Reliance Steel & Aluminum Co.		26,426		5,349,680
				14,059,573
				39,549,805
ENERGY–4.5%
ENERGY EQUIPMENT & SERVICES–1.2%
Helmerich & Payne, Inc.		152,310		7,550,007
OIL, GAS & CONSUMABLE FUELS–3.3%
Cameco Corp.		300,030		6,801,680
HF Sinclair Corp.		134,085		6,957,670
Magnolia Oil & Gas Corp.–Class A		351,502		8,242,722
				22,002,072
				29,552,079
UTILITIES–2.4%
ELECTRIC UTILITIES–1.7%
IDACORP, Inc.		103,074		11,116,531
GAS UTILITIES–0.7%
Southwest Gas Holdings, Inc.		81,970		5,072,304
				16,188,835
CONSUMER STAPLES–2.4%
FOOD PRODUCTS–2.4%
Hain Celestial Group, Inc. (The)(a)		358,554		5,801,404
Nomad Foods Ltd.(a)		569,702		9,821,662
				15,623,066

7

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMUNICATION SERVICES–1.1%
MEDIA–1.1%
Criteo SA (Sponsored ADR)(a)		278,869	$	7,267,326
Total Common Stocks (cost $624,537,339)				655,425,916
SHORT-TERM INVESTMENTS–0.6%
INVESTMENT COMPANIES–0.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(c)(d)(e) (cost $4,206,385)		4,206,385		4,206,385
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.0% (cost $628,743,724)				659,632,301

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0%
INVESTMENT COMPANIES–0.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.12%(c)(d)(e) (cost $206,550)		206,550	$	206,550
TOTAL INVESTMENTS–100.0% (cost $628,950,274)				659,838,851
Other assets less liabilities–0.0%				(166,987	)
NET ASSETS–100.0%			$	659,671,864

(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

REIT—Real Estate Investment Trust

See notes to financial statements.

8

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2022	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $624,537,339)	$	655,425,916	(a)
Affiliated issuers (cost $4,412,935—including investment of cash collateral for securities loaned of $206,550)		4,412,935
Unaffiliated dividends receivable		739,270
Receivable for investment securities sold		163,097
Receivable for capital stock sold		155,068
Affiliated dividends receivable		15,479
Total assets		660,911,765
LIABILITIES
Advisory fee payable		424,914
Payable for collateral received on securities loaned		206,550
Payable for investment securities purchased		190,308
Payable for capital stock redeemed		142,445
Distribution fee payable		92,689
Custody and accounting fees payable		69,045
Administrative fee payable		23,813
Transfer Agent fee payable		150
Accrued expenses		89,987
Total liabilities		1,239,901
NET ASSETS	$	659,671,864
COMPOSITION OF NET ASSETS
Capital stock, at par	$	40,049
Additional paid-in capital		568,717,304
Distributable earnings		90,914,511
NET ASSETS	$	659,671,864

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	228,585,755		13,749,893	$	16.62
B	$	431,086,109		26,299,199	$	16.39

(a) Includes securities on loan with a value of $23,023,521 (see Note E).

See notes to financial statements.

9

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2022	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $28,414)	$	12,751,544
Affiliated issuers		53,295
Interest		436
Securities lending income		88,417
		12,893,692
EXPENSES
Advisory fee (see Note B)		5,377,044
Distribution fee—Class B		1,179,028
Transfer agency—Class A		2,212
Transfer agency—Class B		4,246
Administrative		91,559
Custody and accounting		89,619
Legal		61,595
Audit and tax		53,170
Directors’ fees		26,753
Printing		17,429
Miscellaneous		26,234
Total expenses		6,928,889
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(3,799	)
Net expenses		6,925,090
Net investment income		5,968,602
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		56,175,509
Foreign currency transactions		523
Net change in unrealized appreciation (depreciation) of investments		(192,080,807	)
Net loss on investment and foreign currency transactions		(135,904,775	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(129,936,173	)

See notes to financial statements.

10

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2022			Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	5,968,602		$	6,457,732
Net realized gain on investment transactions		56,176,032			128,124,776
Net change in unrealized appreciation (depreciation) of investments		(192,080,807	)		91,844,970
Net increase (decrease) in net assets from operations		(129,936,173	)		226,427,478
Distributions to Shareholders
Class A		(39,063,484	)		(2,074,675	)
Class B		(74,247,640	)		(3,152,352	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		52,787,833			(26,229,493	)
Total increase (decrease)		(190,459,464	)		194,970,958
NET ASSETS
Beginning of period		850,131,328			655,160,370
End of period	$	659,671,864		$	850,131,328

See notes to financial statements.

11

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022	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 as an open-end series investment company. The Fund offers 10 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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

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. 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

12

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 December 31, 2022:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

655,425,916

$

–0

–

$

–0

–

$

655,425,916

Short-Term Investments

4,206,385

–0

–

–0

–

4,206,385

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

206,550

–0

–

–0

–

206,550

Total Investments in Securities

659,838,851

–0

–

–0

–

659,838,851

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

659,838,851

$

–0

–

$

–0

–

$

659,838,851

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

13

SMALL/MID CAP VALUE 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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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 year ended December 31, 2022, there were no expenses waived by the Adviser.

14

AB Variable Products Series Fund

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 year ended December 31, 2022, the reimbursement for such services amounted to $91,559.

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 $1,773 for the year ended December 31, 2022.

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, 2023. 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 year ended December 31, 2022, such waiver amounted to $3,653.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2022 is as follows:

Portfolio	Market Value 12/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/22 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,852	$	168,981	$	166,627	$	4,206	$	53
Government Money Market Portfolio*		20		24,456		24,269		207		8
Total							$	4,413	$	61

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

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 year ended December 31, 2022 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	303,830,385		$	353,349,848
U.S. government securities		–0	–		–0	–

15

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	631,636,084
Gross unrealized appreciation	$	90,632,053
Gross unrealized depreciation		(62,429,286	)
Net unrealized appreciation	$	28,202,767

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 year ended December 31, 2022.

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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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.

16

AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2022 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
$23,023,521	$206,550	$23,471,669	$80,371	$8,046	$146

* As of December 31, 2022.

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
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
Class A
Shares sold		914,008			1,695,215		$	18,069,372		$	36,964,186
Shares issued in reinvestment of dividends and distributions		2,264,550			95,343			39,063,484			2,074,675
Shares redeemed		(1,637,209	)		(2,370,503	)		(32,043,197	)		(50,998,841	)
Net increase (decrease)		1,541,349			(579,945	)	$	25,089,659		$	(11,959,980	)
Class B
Shares sold		1,801,924			5,030,121		$	35,459,120		$	108,632,675
Shares issued on reinvestment of dividends and distributions		4,359,814			146,485			74,247,640			3,152,352
Shares redeemed		(4,193,215	)		(6,011,642	)		(82,008,586	)		(126,054,540	)
Net increase (decrease)		1,968,523			(835,036	)	$	27,698,174		$	(14,269,513	)

At December 31, 2022, certain shareholders of the Portfolio owned 71% 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 value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may underperform the market generally.

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—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

17

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

LIBOR Transition and Associated Risk—A Portfolio may be exposed to 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 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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 a 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 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, potentially adversely affecting a 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 year ended December 31, 2022.

18

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

	2022		2021
Distributions paid from:
Ordinary income	$	53,540,355	$	5,227,027
Net long-term capital gains		59,770,769		–0	–
Total taxable distributions paid	$	113,311,124	$	5,227,027

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	10,056,569
Undistributed capital gains		52,655,176
Unrealized appreciation (depreciation)		28,202,767	(a)
Total accumulated earnings (deficit)	$	90,914,512

(a) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are 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, 2022, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J:

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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.

19

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
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$23.46			$17.39			$17.91			$16.93			$21.68
Income From Investment Operations
Net investment income(a)(b)		.19			.21			.17			.16			.13
Net realized and unrealized gain (loss) on investment transactions		(3.74	)		6.03			.20			3.04			(3.04	)
Net increase (decrease) in net asset value from operations		(3.55	)		6.24			.37			3.20			(2.91	)
Less: Dividends and Distributions
Dividends from net investment income		(.22	)		(.17	)		(.16	)		(.11	)		(.11	)
Distributions from net realized gain on investment transactions		(3.07	)		–0	–		(.73	)		(2.11	)		(1.73	)
Total dividends and distributions		(3.29	)		(.17	)		(.89	)		(2.22	)		(1.84	)
Net asset value, end of period		$16.62			$23.46			$17.39			$17.91			$16.93
Total Return
Total investment return based on net asset value(c)*		(15.63	)%		35.95	%		3.37	%		20.10	%		(15.03	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$228,586			$286,390			$222,441			$211,046			$188,052
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.80	%		.80	%		.83	%		.82	%		.81	%
Expenses, before waivers/reimbursements		.80	%		.80	%		.83	%		.83	%		.81	%
Net investment income(b)		1.00	%		.98	%		1.17	%		.90	%		.61	%
Portfolio turnover rate		42	%		54	%		58	%		33	%		39	%

See footnote summary on page 21.

20

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period		$23.17			$17.19			$17.72			$16.75			$21.48
Income From Investment Operations
Net investment income(a)(b)		.14			.16			.13			.12			.07
Net realized and unrealized gain (loss) on investment transactions		(3.68	)		5.95			.18			3.02			(3.02	)
Net increase (decrease) in net asset value from operations		(3.54	)		6.11			.31			3.14			(2.95	)
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.13	)		(.11	)		(.06	)		(.05	)
Distributions from net realized gain on investment transactions		(3.07	)		–0	–		(.73	)		(2.11	)		(1.73	)
Total dividends and distributions		(3.24	)		(.13	)		(.84	)		(2.17	)		(1.78	)
Net asset value, end of period		$16.39			$23.17			$17.19			$17.72			$16.75
Total Return
Total investment return based on net asset value(c)*		(15.82	)%		35.60	%		3.05	%		19.90	%		(15.29	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$431,086			$563,741			$432,719			$423,246			$374,941
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.05	%		1.05	%		1.08	%		1.07	%		1.06	%
Expenses, before waivers/reimbursements		1.05	%		1.05	%		1.08	%		1.08	%		1.06	%
Net investment income(b)		.74	%		.73	%		.91	%		.65	%		.36	%
Portfolio turnover rate		42	%		54	%		58	%		33	%		39	%

(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.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the year ended December 31, 2018 by .07%.

See notes to financial statements.

21

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Small/Mid Cap Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Small/Mid Cap Value Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2023

22

2022 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2022. For corporate shareholders, 22.67% of dividends paid qualify for the dividends received deduction. The Portfolio designates $59,770,769 of dividends paid as long-term capital gain dividends.

23

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1)
OFFICERS
James W. MacGregor(2), Vice President Erik A. Turenchalk(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Small/Mid-Cap Value Senior Investment Management Team. Messrs. MacGregor and Turenchalk are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

24

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 47 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		73	None
INDEPENDENT DIRECTORS
Garry L. Moody## Chairman of the Board 70 (2008)	Private Investor since prior to 2018. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council, where he serves as Chairman of its Governance Committee. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2011–February 2023.		73	None

25

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 71 (2020)	Private Investor since prior to 2018. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		73	Moody’s Corporation since April 2011
Michael J. Downey,## 79 (2005)	Private Investor since prior to 2018. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		73	None
Nancy P. Jacklin,## 74 (2006)	Private Investor since prior to 2018. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		73	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 70 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		73	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 67 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		73	None
Marshall C. Turner, Jr.## 81 (2005)	Private Investor since prior to 2018. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		73	None

27

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

28

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 47	President and Chief Executive Officer	See biography above.
James W. MacGregor 55	Vice President	Senior Vice President and Chief Investment Officer of US Small and Mid-Cap Value Equities of the Adviser**, with which he has been associated since prior to 2018. He is also Head - US Value Equities since 2019.
Erik A. Turenchalk 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018.
Nancy E. Hay 50	Secretary	Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of ABI**.
Michael B. Reyes 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Joseph J. Mantineo 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland 48	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618 or visit www.abfunds.com, for a free prospectus or SAI.

29

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 2022, which covered the period January 1, 2021 through December 31, 2021 (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, incorporating 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. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

30

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 in person on May 3-5, 2022 (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 Vice President 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 at the request of the directors. 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 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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

31

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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 28, 2022 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. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s total rate of compensation was equal to the median.

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 Vice President 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 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 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.

32

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 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 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.

33

VPS-SMCV-0151-1222

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent auditor Ernst & Young LLP, for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include multi-class distribution testing, advice and education on accounting and auditing issues, and consent letters; and (iii) tax compliance, tax advice and tax return preparation.

		Audit Fees		Audit-Related Fees		Tax Fees
AB Balanced Hedged Allocation Portfolio	2021		72,197		—		34,220
	2022		75,807		—		13,457
AB Sustainable Global Thematic Portfolio	2021		41,926		—		24,819
	2022		44,022		—		1,816
AB Growth & Income Portfolio	2021		31,404		—		19,713
	2022		32,974		—		2,648
AB Sustainable International Thematic Portfolio	2021		41,926		—		28,698
	2022		44,022		—		3,551
AB International Value Portfolio	2021		41,926		—		26,898
	2022		44,022		—		20,557
AB Large Cap Growth Portfolio	2021		31,404		—		17,925
	2022		32,974		—		1,831
AB Small Cap Growth Portfolio	2021		31,404		—		17,664
	2022		32,974		—		2,696
AB Small/Mid Cap Value Portfolio	2021		35,613		—		22,877
	2022		37,394		—		6,897
AB Dynamic Asset Allocation Portfolio	2021		85,147		—		37,771
	2022		89,404		—		16,219
AB Global Risk Allocation-Moderate Portfolio	2021		36,029		—		22,497
	2022		58,830		—		14,577

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

		All Fees for Non-Audit Services Provided to the Portfolio, the  Adviser and Service Affiliates		Total Amount of Foregoing Column Pre- approved by the Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB Balanced Hedged Allocation Portfolio	2021	$	1,153,105	$	34,220
					—
				$	(34,220	)
	2022	$	1,998,140	$	13,457
					—
					(13,457	)
AB Sustainable Global Thematic Portfolio	2021	$	1,143,703	$	24,819
					—
				$	(24,819	)
	2022	$	1,986,499	$	1,816
					—
					(1,816	)
AB Growth & Income Portfolio	2021	$	1,138,598	$	19,713
				$	—
				$	(19,713	)
	2022	$	1,987,331	$	2,648
					—
					(2,648	)
AB Sustainable International Thematic Portfolio	2021	$	1,147,583	$	28,698
					—
				$	(28,698	)
	2022	$	1,988,234	$	3,551
					—
					(3,551	)
AB International Value Portfolio	2021	$	1,145,783	$	26,898
					—
				$	(26,898	)
	2022	$	2,005,240	$	20,557
					—
					(20,557	)
AB Large Cap Growth Portfolio	2021	$	1,136,810	$	17,925
					—
				$	(17,925	)
	2022	$	1,986,514	$	1,831
					—
					(1,831	)
AB Small Cap Growth Portfolio	2021	$	1,136,549	$	17,664
					—
				$	(17,664	)
	2022	$	1,987,379	$	2,696
					—
					(2,696	)
AB Small/Mid Cap Value Portfolio	2021	$	1,141,762	$	22,877
					—
				$	(22,877	)
	2022	$	1,991,580	$	6,897
					—
					(6,897	)
AB Dynamic Asset Allocation Portfolio	2021	$	1,156,656	$	37,771
					—
				$	(37,771	)
	2022	$	2,000,902	$	16,219
					—
					(16,219	)
AB Global Risk Allocation-Moderate Portfolio	2021	$	1,141,382	$	22,497
					—
				$	(22,497	)
	2022	$	1,999,260	$	14,577
					—
					(14,577	)

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

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-3(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 period covered by this report 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 (a) (1)	Code of ethics that is subject to the disclosure of Item 2 hereof
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/ Onur Erzan
	Onur Erzan
	President

Date: March 3, 2023

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/ Onur Erzan
	Onur Erzan
	President
Date: March 3, 2023
By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date: March 3, 2023