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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05398

AB VARIABLE PRODUCTS SERIES FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

Alliance Bernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2023

Date of reporting period: June 30, 2023

ITEM 1. REPORTS TO STOCKHOLDERS.

JUN    ^06.30.23

SEMI-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
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,076.10	$	3.50		0.68	%	$	3.91		0.76	%
Hypothetical**	$	1,000	$	1,021.42	$	3.41		0.68	%	$	3.81		0.76	%
Class B
Actual	$	1,000	$	1,073.60	$	4.78		0.93	%	$	5.19		1.01	%
Hypothetical**	$	1,000	$	1,020.18	$	4.66		0.93	%	$	5.06		1.01	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 181/365 (to reflect the one-half year period).

1

BALANCED HEDGED ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
iShares Core S&P 500 ETF	$	54,656,080		30.8	%
Vanguard Total Bond Market ETF		27,745,773		15.6
iShares Core U.S. Aggregate Bond ETF		27,710,055		15.6
iShares Core MSCI EAFE ETF		21,141,000		11.9
iShares Core MSCI Emerging Markets ETF		11,770,452		6.6
Vanguard Mid-Cap ETF		5,900,288		3.3
S&P 500 Index		4,971,770		2.8
U.S. Treasury Inflation Index		4,690,551		2.6
Vanguard Small-Cap ETF		4,176,690		2.4
Vanguard Real Estate ETF		4,094,440		2.3
	$	166,857,099		93.9	%

SECURITY TYPE BREAKDOWN²

June 30, 2023 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	157,194,778		88.6	%
Inflation-Linked Securities		4,690,551		2.7
Purchased Options—Calls		2,582,770		1.5
Purchased Options—Puts		2,389,000		1.3
Corporates—Investment Grade		192,224		0.1
Short-Term Investments		10,274,585		5.8
Total Investments	$	177,323,908		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).

2

BALANCED HEDGED ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES–88.6%
FUNDS AND INVESTMENT TRUSTS–88.6%(a)
iShares Core MSCI EAFE ETF			313,200	$	21,141,000
iShares Core MSCI Emerging Markets ETF			238,800		11,770,452
iShares Core S&P 500 ETF			122,627		54,656,080
iShares Core U.S. Aggregate Bond ETF			282,900		27,710,055
Vanguard Mid-Cap ETF(b)			26,800		5,900,288
Vanguard Real Estate ETF(b)			49,000		4,094,440
Vanguard Small-Cap ETF(b)			21,000		4,176,690
Vanguard Total Bond Market ETF			381,700		27,745,773
Total Investment Companies (cost $158,287,597)					157,194,778
	Principal Amount (000)
INFLATION-LINKED SECURITIES–2.6%
UNITED STATES–2.6%
U.S. Treasury Inflation Index 0.125%, 01/15/2032(c) (cost $5,362,485)		U.S.$	5,334		4,690,551
	Notional Amount
PURCHASED OPTIONS–CALLS–1.5%
OPTIONS ON EQUITY INDICES–1.5%
S&P 500 Index Expiration: Dec 2024; Contracts: 15; Exercise Price: USD 4,200.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD	6,300,000		1,003,650

	Notional Amount			U.S. $ Value
S&P 500 Index Expiration: Dec 2024; Contracts: 12; Exercise Price: USD 4,000.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD	4,800,000	$	981,420
S&P 500 Index Expiration: Dec 2024; Contracts: 10; Exercise Price: USD 4,300.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD	4,300,000		597,700
Total Purchased Options–Calls (premiums paid $1,955,535)					2,582,770
PURCHASED OPTIONS–PUTS–1.4%
OPTIONS ON EQUITY INDICES–1.4%
S&P 500 Index Expiration: Dec 2024; Contracts: 50; Exercise Price: USD 4,200.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD	21,000,000		950,750
S&P 500 Index Expiration: Dec 2024; Contracts: 35; Exercise Price: USD 4,100.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD	14,350,000		601,125
S&P 500 Index Expiration: Dec 2024; Contracts: 27; Exercise Price: USD 4,000.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD	10,800,000		409,725

3

BALANCED HEDGED ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Notional Amount			U.S. $ Value
S&P 500 Index Expiration: Dec 2024; Contracts: 20; Exercise Price: USD 4,300.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD	8,600,000	$	427,400
Total Purchased Options–Puts (premiums paid $7,009,410)					2,389,000
	Principal Amount (000)
CORPORATES–INVESTMENT GRADE–0.1%
INDUSTRIAL–0.1%
SERVICES–0.1%
Chicago Parking Meters LLC 4.93%, 12/30/2025(e) (cost $200,000)		U.S.$	200		192,224
	Shares
COMMON STOCKS–0.0%
ENERGY–0.0%
OIL, GAS & CONSUMABLE FUELS–0.0%
Gazprom PJSC(e)(f)			31,460		–0	–
LUKOIL PJSC(e)(f)			790		–0	–
					–0	–
MATERIALS–0.0%
METALS & MINING–0.0%
MMC Norilsk Nickel PJSC (ADR)(d)(e)(f)			2,540		–0	–
Total Common Stocks (cost $272,623)					–0	–

	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–5.8%
INVESTMENT COMPANIES–5.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(a)(g)(h) (cost $10,274,585)		10,274,585	$	10,274,585
Total Investments Before Security Lending Collateral for Securities Loaned–100.0% (cost $183,362,235)				177,323,908
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.6%
INVESTMENT COMPANIES–1.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(a)(g)(h) (cost $2,937,000)		2,937,000		2,937,000
TOTAL INVESTMENTS–101.6%  (cost $186,299,235)				180,260,908
Other assets less liabilities–(1.6)%				(2,900,201	)
NET ASSETS–100.0%			$	177,360,707

4

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		10		September 2023	$	951,850	$	960
MSCI EAFE Futures		41		September 2023		4,418,775		30,660
MSCI Emerging Markets Futures		37		September 2023		1,846,115		(18,579	)
S&P 500 E-Mini Futures		82		September 2023		18,401,825		598,653
S&P Mid 400 E-Mini Futures		4		September 2023		1,057,640		24,825
U.S. Long Bond (CBT) Futures		50		September 2023		6,345,313		5,252
U.S. T-Note 10 Yr (CBT) Futures		536		September 2023		60,174,375		(1,171,802	)
							$	(530,031	)

(a) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

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

(c) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(d) Non-income producing security.

(e) Fair valued by the Adviser.

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

(g) Affiliated investments.

(h) 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.

5

BALANCED HEDGED ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $173,087,650)	$	167,049,323	(a)
Affiliated issuers (cost $13,211,585—including investment of cash collateral for securities loaned of $2,937,000)		13,211,585
Foreign currencies, at value (cost $6,722)		6,793
Receivable for variation margin on futures		403,424
Unaffiliated dividends and interest receivable		64,937
Affiliated dividends receivable		47,541
Receivable for capital stock sold		14,457
Receivable for investment securities sold		5
Total assets		180,798,065
LIABILITIES
Payable for collateral received on securities loaned		2,937,000
Payable for capital stock redeemed		130,802
Advisory fee payable		68,975
Distribution fee payable		35,397
Administrative fee payable		22,483
Foreign capital gains tax payable		8,989
Directors’ fees payable		310
Transfer Agent fee payable		150
Accrued expenses		233,252
Total liabilities		3,437,358
NET ASSETS	$	177,360,707
COMPOSITION OF NET ASSETS
Capital stock, at par	$	20,232
Additional paid-in capital		169,232,565
Distributable earnings		8,107,910
NET ASSETS	$	177,360,707

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	16,079,018		1,805,169	$	8.91
B	$	161,281,689		18,426,781	$	8.75

(a) Includes securities on loan with a value of $11,094,531 (see Note E).

See notes to financial statements.

6

BALANCED HEDGED ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $8,301)	$	1,711,426
Affiliated issuers		214,857
Interest		104,133
Securities lending income		15,494
		2,045,910
EXPENSES
Advisory fee (see Note B)		404,999
Distribution fee—Class B		204,662
Transfer agency—Class A		254
Transfer agency—Class B		2,555
Custody and accounting		66,506
Administrative		47,950
Audit and tax		44,554
Printing		19,400
Legal		17,555
Directors’ fees		9,883
Miscellaneous		7,026
Total expenses		825,344
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(5,394	)
Net expenses		819,950
Net investment income		1,225,960
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		(24,871	)
Futures		1,767,221
Foreign currency transactions		(117	)
Net change in unrealized appreciation (depreciation) of:
Investments		9,191,433
Futures		664,929
Foreign currency denominated assets and liabilities		2,079
Net gain on investment and foreign currency transactions		11,600,674
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	12,826,634

(a) Net of foreign realized capital gains taxes of $4,811.

See notes to financial statements.

7

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

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,225,960		$	2,576,399
Net realized gain on investment and foreign currency transactions		1,742,233			10,294,648
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		9,858,441			(58,310,497	)
Contributions from Affiliates (see Note B)		–0	–		2,636
Net increase (decrease) in net assets from operations		12,826,634			(45,436,814	)
Distributions to Shareholders
Class A		–0	–		(2,419,129	)
Class B		–0	–		(24,164,652	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(12,856,353	)		3,638,903
Total decrease		(29,719	)		(68,381,692	)
NET ASSETS
Beginning of period		177,390,426			245,772,118
End of period	$	177,360,707		$	177,390,426

See notes to financial statements.

8

BALANCED HEDGED ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	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

9

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

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

10

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 June 30, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

157,194,778

$

–0

–

$

–0

–

$

157,194,778

Inflation-Linked Securities

–0

–

4,690,551

–0

–

4,690,551

Purchased Options—Calls

–0

–

2,582,770

–0

–

2,582,770

Purchased Options—Puts

–0

–

2,389,000

–0

–

2,389,000

Corporates—Investment Grade

–0

–

192,224

–0

–

192,224

Common Stocks

–0

–

–0

–

0

(a)

–0

–

Short-Term Investments

10,274,585

–0

–

–0

–

10,274,585

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

2,937,000

–0

–

–0

–

2,937,000

Total Investments in Securities

170,406,363

9,854,545

0

(a)

180,260,908

Other Financial Instruments(b):

Assets:

Futures

660,350

–0

–

–0

–

660,350

(c)

Liabilities:

Futures

(1,190,381

)

–0

–

–0

–

(1,190,381

)(c)

Total

$

169,876,332

$

9,854,545

$

0

(a)

$

179,730,877

(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.

11

BALANCED HEDGED ALLOCATION 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 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 six months ended June 30, 2023, there was no such reimbursement. This fee waiver and/or expense reimbursement agreement extends through May 1, 2024 and then may be extended by the Adviser for additional one-year terms.

12

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 six months ended June 30, 2023, the reimbursement for such services amounted to $47,950.

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 $900 for the six months ended June 30, 2023.

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 six months ended June 30, 2023, such waiver amounted to $4,628.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	7,692	$	25,166	$	22,583	$	10,275	$	215
Government Money Market Portfolio*		1,978		71,467		70,508		2,937		8
Total							$	13,212	$	223

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

During the year ended December 31, 2022, the Adviser reimbursed the Portfolio $2,636 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 payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	–0	–	$	12,330,227
U.S. government securities		–0	–		–0	–

13

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

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

Gross unrealized appreciation	$	5,304,946
Gross unrealized depreciation		(11,873,304	)
Net unrealized depreciation	$	(6,568,358	)

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the six months ended June 30, 2023, the Portfolio held futures 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.

14

AB Variable Products Series Fund

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 six months ended June 30, 2023, the Portfolio held purchased options for hedging and non-hedging purposes.

During the six months ended June 30, 2023, 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 for variation margin on futures	$	5,252	*	Payable for variation margin on futures	$	1,171,802	*
Equity contracts	Receivable for variation margin on futures		655,098	*	Payable for variation margin on futures		18,579	*
Equity contracts	Investments in securities, at value		4,971,770
Total			$5,632,120			$	1,190,381

* 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	$	(908	)	$	(700,457	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		1,768,129			1,365,386
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		–0	–		(3,175,995	)
Total		$	1,767,221		$	(2,511,066	)

15

BALANCED HEDGED ALLOCATION 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 six months ended June 30, 2023:

Futures:
Average notional amount of buy contracts	$	94,279,891
Average notional amount of sale contracts	$	11,027,693	(a)
Purchased Options:
Average notional amount	$	70,150,000

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

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 six months ended June 30, 2023 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
$	11,094,531	$	2,937,000	$	8,396,834	$	7,990	$	7,504	$	766

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class A
Shares sold		10,046			124,450		$	88,311		$	1,307,388
Shares issued in reinvestment of dividends and distributions		–0	–		264,675			–0	–		2,419,127
Shares redeemed		(166,029	)		(289,813	)		(1,433,872	)		(2,886,339	)
Net increase (decrease)		(155,983	)		99,312		$	(1,345,561	)	$	840,176
Class B
Shares sold		290,863			888,386		$	2,504,184		$	8,974,615
Shares issued on reinvestment of dividends and distributions		–0	–		2,684,961			–0	–		24,164,652
Shares redeemed		(1,642,135	)		(3,131,166	)		(14,014,976	)		(30,340,540	)
Net increase (decrease)		(1,351,272	)		442,181		$	(11,510,792	)	$	2,798,727

At June 30, 2023, 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. It includes the risk that a particular style of investing may underperform the market generally.

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.

17

BALANCED HEDGED ALLOCATION 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 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 recent end of a 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 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 asset, 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—The 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. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financing 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

18

AB Variable Products Series Fund

benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. 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 six months ended June 30, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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

19

BALANCED HEDGED ALLOCATION 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 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.

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.

20

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
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$8.28			$11.75			$10.61			$10.24			$10.10			$11.86
Income From Investment Operations
Net investment income(a)(b)		.07			.15			.16			.13			.19			.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.56			(2.25	)		1.29			.78			1.58			(.87	)
Contributions from Affiliates		–0	–		.00	(c)		.00	(c)		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.63			(2.10	)		1.45			.91			1.77			(.64	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.35	)		(.06	)		(.24	)		(.29	)		(.23	)
Distributions from net realized gain on investment transactions		–0	–		(1.02	)		(.25	)		(.30	)		(1.34	)		(.89	)
Total dividends and distributions		–0	–		(1.37	)		(.31	)		(.54	)		(1.63	)		(1.12	)
Net asset value, end of period		$8.91			$8.28			$11.75			$10.61			$10.24			$10.10
Total Return
Total investment return based on net asset value(d)*		7.61	%		(18.99	)%		13.73	%		9.41	%		18.53	%		(6.17	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,079			$16,241			$21,879			$21,252			$24,347			$23,967
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.68	%^		.63	%		.56	%		.55	%		.55	%		.66	%
Expenses, before waivers/reimbursements(e)(f)‡		.69	%^		.71	%		.75	%		.77	%		.75	%		.75	%
Net investment income(b)		1.58	%^		1.50	%		1.43	%		1.38	%		1.81	%		2.05	%
Portfolio turnover rate		0	%		135	%**		63	%**		66	%**		63	%**		150	%**
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.08	%^		.09	%		.20	%		.22	%		.22	%		.11	%

See footnote summary on page 23.

21

BALANCED HEDGED ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$8.15			$11.58			$10.47			$10.10			$9.98			$11.73
Income From Investment Operations
Net investment income(a)(b)		.06			.12			.13			.11			.16			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.54			(2.22	)		1.26			.78			1.56			(.86	)
Contributions from Affiliates		–0	–		.00	(c)		.00	(c)		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.60			(2.10	)		1.39			.89			1.72			(.66	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.31	)		(.03	)		(.22	)		(.26	)		(.20	)
Distributions from net realized gain on investment transactions		–0	–		(1.02	)		(.25	)		(.30	)		(1.34	)		(.89	)
Total dividends and distributions		–0	–		(1.33	)		(.28	)		(.52	)		(1.60	)		(1.09	)
Net asset value, end of period		$8.75			$8.15			$11.58			$10.47			$10.10			$9.98
Total Return
Total investment return based on net asset value(d)*		7.36	%		(19.17	)%		13.36	%		9.25	%		18.20	%		(6.41	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$161,282			$161,149			$223,893			$222,427			$231,071			$220,274
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.93	%^		.88	%		.81	%		.80	%		.80	%		.91	%
Expenses, before waivers/reimbursements(e)(f)‡		.94	%^		.96	%		1.00	%		1.02	%		1.00	%		1.00	%
Net investment income(b)		1.34	%^		1.24	%		1.20	%		1.14	%		1.57	%		1.79	%
Portfolio turnover rate		0	%		135	%**		63	%**		66	%**		63	%**		150	%**
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.08	%^		.09	%		.20	%		.22	%		.22	%		.11	%

See footnote summary on page 23.

22

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2023 and the years ended December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018, such waiver amounted to .01% (annualized), .08%, .19%, ..20%, .20% and .09%, respectively.

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

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Class A
Net of waivers/reimbursements		.68	%^		.63	%		.56	%		.55	%		.54	%		.66	%
Before waivers/reimbursements		.69	%^		.71	%		.75	%		.77	%		.75	%		.75	%
Class B
Net of waivers/reimbursements		.93	%^		.88	%		.81	%		.80	%		.79	%		.91	%
Before waivers/reimbursements		.94	%^		.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.

^ Annualized.

See notes to financial statements.

23

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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

24

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

25

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

26

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.

27

VPS-BHA-0152-0623

JUN    ^06.30.23

SEMI-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
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,083.10	$	4.39		0.85	%
Hypothetical**	$	1,000	$	1,020.58	$	4.26		0.85	%
Class B
Actual	$	1,000	$	1,082.40	$	5.68		1.10	%
Hypothetical**	$	1,000	$	1,019.34	$	5.51		1.10	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

1

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Notes & Bonds	$	85,854,641		34.6	%
Apple, Inc.		8,499,572		3.4
Microsoft Corp.		6,669,476		2.7
Amazon.com, Inc.		3,333,044		1.3
NVIDIA Corp.		2,893,880		1.2
Tesla, Inc.		2,067,983		0.8
Alphabet, Inc.—Class A		1,974,452		0.8
Alphabet, Inc.—Class C		1,799,550		0.7
Meta Platforms, Inc.—Class A		1,760,335		0.7
UnitedHealth Group, Inc.		1,241,974		0.5
	$	116,094,907		46.7	%

PORTFOLIO BREAKDOWN²

June 30, 2023 (unaudited)

ASSET CLASSES	ALLOCATION
Equities
US Large Cap		42.7	%
International Large Cap		18.1
Emerging Market Equities		1.0
Sub-total		61.8
Fixed Income
U.S. Bonds		37.8
International Bonds		0.4
Sub-total		38.2
Total		100.0	%

SECURITY TYPE BREAKDOWN³

June 30, 2023 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	157,325,383		63.8	%
Governments—Treasuries		85,854,641		34.8
Options Purchased—Puts		760,473		0.3
Short-Term Investments		2,612,463		1.1
Total Investments	$	246,552,960		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).

2

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–63.3%
INFORMATION TECHNOLOGY–14.1%
COMMUNICATIONS EQUIPMENT–0.4%
Arista Networks, Inc.(a)		722	$	117,007
Cisco Systems, Inc.		11,343		586,887
F5, Inc.(a)		167		24,426
Juniper Networks, Inc.		890		27,884
Motorola Solutions, Inc.		464		136,082
Nokia Oyj		14,818		62,085
Telefonaktiebolaget LM Ericsson–Class B		8,083		43,917
				998,288
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Amphenol Corp.–Class A		1,649		140,083
Arrow Electronics, Inc.(a)		160		22,917
Azbil Corp.		299		9,463
CDW Corp./DE		375		68,812
Cognex Corp.		478		26,778
Corning, Inc.		2,229		78,104
Halma PLC		1,051		30,422
Hamamatsu Photonics KK		349		17,134
Hexagon AB–Class B		5,749		70,714
Hirose Electric Co., Ltd.		89		11,849
Ibiden Co., Ltd.		341		19,402
Keyence Corp.		624		296,498
Keysight Technologies, Inc.(a)		494		82,720
Kyocera Corp.		859		46,697
Murata Manufacturing Co., Ltd.		1,617		92,882
Omron Corp.		453		27,815
Shimadzu Corp.		578		17,865
TDK Corp.		1,062		41,423
TE Connectivity Ltd.		877		122,920
Teledyne Technologies, Inc.(a)		131		53,855
Trimble, Inc.(a)		684		36,211
Venture Corp., Ltd.		462		5,044
Yaskawa Electric Corp.(b)		638		29,414
Yokogawa Electric Corp.		534		9,885
Zebra Technologies Corp.–Class A(a)		143		42,304
				1,401,211
IT SERVICES–0.8%
Accenture PLC–Class A		1,749		539,706
Akamai Technologies, Inc.(a)		433		38,914
Bechtle AG		227		9,015
Capgemini SE		457		86,530
CGI, Inc.(a)		587		61,901
Cognizant Technology Solutions Corp.–Class A		1,411		92,110

Company	Shares		U.S. $ Value
EPAM Systems, Inc.(a)		160	$	35,960
Fujitsu Ltd.		551		71,345
Gartner, Inc.(a)		219		76,718
GoDaddy, Inc.–Class A(a)		404		30,352
International Business Machines Corp.		2,512		336,131
Itochu Techno-Solutions Corp.		255		6,462
MongoDB, Inc.(a)		194		79,732
NEC Corp.		709		34,395
Nomura Research Institute Ltd.		1,054		29,119
NTT Data Corp.		1,722		24,144
Obic Co., Ltd.		221		35,472
Okta, Inc.(a)		427		29,612
Otsuka Corp.		330		12,854
SCSK Corp.		392		6,169
Shopify, Inc.–Class A(a)		3,316		214,317
Snowflake, Inc.–Class A(a)		720		126,706
TIS, Inc.		594		14,883
Twilio, Inc.–Class A(a)		492		31,301
VeriSign, Inc.(a)		260		58,752
Wix.com Ltd.(a)		150		11,736
				2,094,336
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.8%
Advanced Micro Devices, Inc.(a)		4,457		507,697
Advantest Corp.		577		77,713
Analog Devices, Inc.		1,401		272,929
Applied Materials, Inc.		2,341		338,368
ASM International NV(b)		130		55,198
ASML Holding NV		1,117		810,192
Broadcom, Inc.		1,155		1,001,882
Disco Corp.		268		42,490
Enphase Energy, Inc.(a)		380		63,642
Entegris, Inc.		415		45,990
First Solar, Inc.(a)		281		53,415
Infineon Technologies AG		3,616		148,915
Intel Corp.		11,551		386,265
KLA Corp.		384		186,248
Lam Research Corp.		374		240,430
Lasertec Corp.(b)		271		40,953
Lattice Semiconductor Corp.(a)		381		36,603
Marvell Technology, Inc.		2,373		141,858
Microchip Technology, Inc.		1,517		135,908
Micron Technology, Inc.		3,031		191,286
Monolithic Power Systems, Inc.		125		67,529
NVIDIA Corp.		6,841		2,893,880
NXP Semiconductors NV		720		147,370
ON Semiconductor Corp.(a)		1,195		113,023
Qorvo, Inc.(a)		277		28,262
QUALCOMM, Inc.		3,088		367,595
Renesas Electronics Corp.(a)		3,517		66,374

3

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

Company	Shares		U.S. $ Value
Rohm Co., Ltd.		279	$	26,428
Skyworks Solutions, Inc.		441		48,814
SolarEdge Technologies, Inc.(a)		156		41,972
STMicroelectronics NV		1,893		94,410
SUMCO Corp.(b)		934		13,251
Teradyne, Inc.		432		48,095
Texas Instruments, Inc.		2,513		452,390
Tokyo Electron Ltd.(b)		1,290		185,797
Tower Semiconductor Ltd.(a)		304		11,229
Wolfspeed, Inc.(a)(b)		345		19,179
				9,403,580
SOFTWARE–4.9%
Adobe, Inc.(a)		1,271		621,506
ANSYS, Inc.(a)		241		79,595
Aspen Technology, Inc.(a)		81		13,576
Atlassian Corp., Ltd.–Class A(a)		416		69,809
Autodesk, Inc.(a)		595		121,743
Bentley Systems, Inc.– Class B		620		33,623
BILL Holdings, Inc.(a)(b)		265		30,965
Black Knight, Inc.(a)		429		25,624
Cadence Design Systems, Inc.(a)		757		177,532
Check Point Software Technologies Ltd.(a)		268		33,666
Cloudflare, Inc.–Class A(a)		755		49,354
Coinbase Global, Inc.–Class A(a)(b)		458		32,770
Constellation Software, Inc./Canada(b)		56		116,027
Crowdstrike Holdings, Inc.–Class A(a)		618		90,766
CyberArk Software Ltd.(a)		114		17,822
Dassault Systemes SE		1,849		81,931
Datadog, Inc.–Class A(a)		692		68,079
Descartes Systems Group, Inc. (The)(a)		235		18,825
DocuSign, Inc.(a)		559		28,559
Dropbox, Inc.–Class A(a)		725		19,336
Fair Isaac Corp.(a)		70		56,645
Fortinet, Inc.(a)		1,846		139,539
Gen Digital, Inc.		1,593		29,550
HubSpot, Inc.(a)		130		69,172
Intuit, Inc.		777		356,014
Microsoft Corp.		19,585		6,669,476
Monday.com Ltd.(a)		53		9,075
Nemetschek SE		160		11,945
Nice Ltd.(a)		176		36,224
Open Text Corp.(b)		745		30,987
Oracle Corp.		4,486		534,238
Oracle Corp. Japan		142		10,561
Palantir Technologies, Inc.–Class A(a)		4,979		76,328
Palo Alto Networks, Inc.(a)		838		214,117
PTC, Inc.(a)		311		44,255

Company	Shares		U.S. $ Value
Roper Technologies, Inc.		295	$	141,836
Sage Group PLC (The)		2,815		33,067
Salesforce, Inc.(a)		2,770		585,190
SAP SE		2,892		395,069
ServiceNow, Inc.(a)		565		317,513
Splunk, Inc.(a)		436		46,255
Synopsys, Inc.(a)		422		183,743
Temenos AG (REG)		177		14,094
Trend Micro, Inc./Japan		389		18,830
Tyler Technologies, Inc.(a)		116		48,310
UiPath, Inc.–Class A(a)		986		16,338
Unity Software, Inc.(a)		628		27,268
VMware, Inc.–Class A(a)		653		93,829
WiseTech Global Ltd.		459		24,620
Workday, Inc.–Class A(a)		565		127,628
Xero Ltd.(a)		398		31,888
Zoom Video Communications, Inc.–Class A(a)		650		44,122
Zscaler, Inc.(a)		241		35,258
				12,204,092
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.6%
Apple, Inc.		43,819		8,499,572
Brother Industries Ltd.		585		8,562
Canon, Inc.(b)		2,711		71,263
Dell Technologies, Inc.–Class C		713		38,581
FUJIFILM Holdings Corp.		1,009		60,119
Hewlett Packard Enterprise Co.		3,588		60,278
HP, Inc.		2,455		75,393
Logitech International SA (REG)		456		27,217
NetApp, Inc.		593		45,305
Ricoh Co., Ltd.		1,472		12,544
Seagate Technology Holdings PLC		515		31,863
Seiko Epson Corp.		792		12,365
Western Digital Corp.(a)		884		33,530
				8,976,592
				35,078,099
FINANCIALS–9.2%
BANKS–3.4%
ABN AMRO Bank NV(c)		1,118		17,377
AIB Group PLC		3,701		15,576
ANZ Group Holdings Ltd.		8,317		131,656
Banco Bilbao Vizcaya Argentaria SA		16,700		128,301
Banco Santander SA		45,568		168,699
Bank Hapoalim BM		3,449		28,442
Bank Leumi Le-Israel BM		4,275		32,035
Bank of America Corp.		19,783		567,574
Bank of Ireland Group PLC		2,963		28,289
Bank of Montreal(b)		1,966		177,552

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Bank of Nova Scotia (The)(b)		3,300	$	165,106
Banque Cantonale Vaudoise (REG)(b)		84		8,873
Barclays PLC		43,058		84,118
BNP Paribas SA		3,077		194,177
BOC Hong Kong Holdings Ltd.		10,031		30,728
CaixaBank SA		11,427		47,334
Canadian Imperial Bank of Commerce(b)		2,509		107,121
Chiba Bank Ltd. (The)		1,414		8,575
Citigroup, Inc.		5,391		248,202
Citizens Financial Group, Inc.		1,341		34,973
Commerzbank AG		2,887		32,005
Commonwealth Bank of Australia(b)		4,676		313,043
Concordia Financial Group Ltd.(b)		2,921		11,421
Credit Agricole SA		3,352		39,801
Danske Bank A/S(a)		1,910		46,521
DBS Group Holdings Ltd.		4,175		97,498
DNB Bank ASA		2,576		48,173
Erste Group Bank AG		952		33,394
Fifth Third Bancorp		1,879		49,249
FinecoBank Banca Fineco SpA		1,691		22,762
First Citizens BancShares, Inc./NC–Class A		30		38,503
First Horizon Corp.		1,488		16,770
Hang Seng Bank Ltd.		1,305		18,604
HSBC Holdings PLC		55,330		438,094
Huntington Bancshares, Inc./OH		3,996		43,077
ING Groep NV		10,024		135,139
Intesa Sanpaolo SpA		44,700		117,192
Israel Discount Bank Ltd.–Class A		3,425		17,111
Japan Post Bank Co., Ltd.		4,018		31,333
JPMorgan Chase & Co.		8,119		1,180,827
KBC Group NV		693		48,372
KeyCorp		2,561		23,664
Lloyds Banking Group PLC		183,505		101,726
M&T Bank Corp.		466		57,672
Mediobanca Banca di Credito Finanziario SpA		1,528		18,294
Mitsubishi UFJ Financial Group, Inc.		31,587		232,830
Mizrahi Tefahot Bank Ltd.		427		14,279
Mizuho Financial Group, Inc.		6,654		101,709
National Australia Bank Ltd.(b)		8,692		152,874
National Bank of Canada		935		69,662
NatWest Group PLC		15,881		48,540
Nordea Bank Abp (Stockholm)		8,985		97,871

Company	Shares		U.S. $ Value
Oversea-Chinese Banking Corp., Ltd.		9,327	$	84,848
PNC Financial Services Group, Inc. (The)		1,105		139,175
Regions Financial Corp.		2,559		45,601
Resona Holdings, Inc.		5,922		28,354
Royal Bank of Canada		3,838		366,547
Shizuoka Financial Group, Inc.		1,194		8,626
Skandinaviska Enskilda Banken AB–Class A		4,475		49,495
Societe Generale SA		2,014		52,377
Standard Chartered PLC		6,665		57,986
Sumitomo Mitsui Financial Group, Inc.		3,633		155,708
Sumitomo Mitsui Trust Holdings, Inc.		917		32,531
Svenska Handelsbanken AB–Class A		4,039		33,815
Swedbank AB–Class A		2,351		39,676
Toronto-Dominion Bank (The)		5,045		312,697
Truist Financial Corp.		3,678		111,627
UniCredit SpA		5,106		118,733
United Overseas Bank Ltd.		2,692		55,862
US Bancorp		4,242		140,156
Webster Financial Corp.		483		18,233
Wells Fargo & Co.		10,422		444,811
Westpac Banking Corp.(b)		9,718		138,371
				8,357,947
CAPITAL MARKETS–1.8%
3i Group PLC		2,695		66,801
Abrdn PLC		5,544		15,396
Ameriprise Financial, Inc.		292		96,991
Amundi SA(c)		169		9,984
Ares Management Corp.–Class A		439		42,298
ASX Ltd.(b)		536		22,556
Bank of New York Mellon Corp. (The)		2,227		99,146
BlackRock, Inc.		416		287,514
Blackstone, Inc.		1,956		181,849
Brookfield Asset Management Ltd.–Class A (Canada)		970		31,661
Brookfield Corp. (Canada)		3,903		131,401
Carlyle Group, Inc. (The)(b)		601		19,202
Cboe Global Markets, Inc.		293		40,437
Charles Schwab Corp. (The)		4,161		235,845
CME Group, Inc.		997		184,734
Daiwa Securities Group, Inc.		3,663		18,875
Deutsche Bank AG (REG)		5,367		56,422
Deutsche Boerse AG		527		97,292
EQT AB(b)		984		18,944
Euronext NV(c)		237		16,120
FactSet Research Systems, Inc.		107		42,870

5

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

Company	Shares		U.S. $ Value
Franklin Resources, Inc.		831	$	22,196
Futu Holdings Ltd. (ADR)(a)(b)		150		5,961
Goldman Sachs Group, Inc. (The)		925		298,349
Hargreaves Lansdown PLC		985		10,211
Hong Kong Exchanges & Clearing Ltd.		2,601		98,549
IGM Financial, Inc.(b)		230		7,002
Intercontinental Exchange, Inc.		1,550		175,274
Invesco Ltd.		952		16,003
Japan Exchange Group, Inc.(b)		1,388		24,288
Julius Baer Group Ltd.		592		37,360
KKR & Co., Inc.		1,669		93,464
London Stock Exchange Group PLC		1,112		118,354
LPL Financial Holdings, Inc.		218		47,400
Macquarie Group Ltd.		1,017		121,011
MarketAxess Holdings, Inc.		105		27,449
Moody’s Corp.		457		158,908
Morgan Stanley		3,474		296,680
MSCI, Inc.		222		104,182
Nasdaq, Inc.		948		47,258
Nomura Holdings, Inc.		8,021		30,580
Northern Trust Corp.		577		42,779
Onex Corp.(b)		190		10,494
Partners Group Holding AG		63		59,399
Raymond James Financial, Inc.		567		58,838
S&P Global, Inc.		909		364,409
SBI Holdings, Inc.		595		11,475
Schroders PLC		2,232		12,418
SEI Investments Co.		316		18,840
Singapore Exchange Ltd.		1,635		11,643
St. James’s Place PLC		1,517		20,979
State Street Corp.		932		68,204
T. Rowe Price Group, Inc.		622		69,676
TMX Group Ltd.		770		17,327
Tradeweb Markets, Inc.–Class A		308		21,092
UBS Group AG (REG)		8,785		178,060
				4,422,450
CONSUMER FINANCE–0.2%
Ally Financial, Inc.		749		20,231
American Express Co.		1,752		305,198
Capital One Financial Corp.		1,059		115,823
Discover Financial Services		719		84,015
Synchrony Financial		1,186		40,229
				565,496
FINANCIAL SERVICES–1.9%
Adyen NV(a)(b)(c)		61		105,632

Company	Shares		U.S. $ Value
Apollo Global Management, Inc.		1,106	$	84,952
Berkshire Hathaway, Inc.–Class B(a)		3,596		1,226,236
Block, Inc.(a)		1,499		99,788
Edenred		691		46,286
Element Fleet Management Corp.		1,086		16,543
Equitable Holdings, Inc.		994		26,997
Eurazeo SE		121		8,519
EXOR NV		301		26,872
Fidelity National Information Services, Inc.		1,641		89,763
Fiserv, Inc.(a)		1,726		217,735
FleetCor Technologies, Inc.(a)		194		48,710
Global Payments, Inc.		731		72,018
GMO Payment Gateway, Inc.		164		12,864
Groupe Bruxelles Lambert NV		276		21,758
Industrivarden AB–Class A		360		9,984
Industrivarden AB– Class C(b)		427		11,783
Investor AB–Class A		1,208		24,176
Investor AB–Class B		4,793		95,884
Jack Henry & Associates, Inc.		202		33,801
Kinnevik AB–Class B(a)		672		9,322
L E Lundbergforetagen AB–Class B		210		8,943
M&G PLC		6,209		15,111
Mastercard, Inc.–Class A		2,358		927,401
Mitsubishi HC Capital, Inc.		2,423		14,386
Nexi SpA(a)(b)(c)		1,634		12,820
Nuvei Corp.(a)(b)(c)		173		5,109
ORIX Corp.		3,231		58,921
PayPal Holdings, Inc.(a)		2,954		197,120
Sofina SA(b)		43		8,915
Toast, Inc.–Class A(a)(b)		847		19,117
Visa, Inc.–Class A		4,501		1,068,898
Wendel SE		74		7,600
Wise PLC–Class A(a)		1,702		14,226
Worldline SA/France(a)(c)		662		24,242
				4,672,432
INSURANCE–1.9%
Admiral Group PLC		587		15,546
Aegon NV(b)		4,673		23,722
Aflac, Inc.		1,609		112,308
Ageas SA/NV		447		18,121
AIA Group Ltd.		31,637		321,321
Allianz SE (REG)		1,117		260,176
Allstate Corp. (The)		723		78,836
American Financial Group, Inc./OH		201		23,869
American International Group, Inc.		2,032		116,921

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Aon PLC–Class A		569	$	196,419
Arch Capital Group Ltd.(a)		1,032		77,245
Arthur J Gallagher & Co.		592		129,985
Assicurazioni Generali SpA		2,806		57,063
Assurant, Inc.		147		18,481
Aviva PLC		7,714		38,811
AXA SA		5,080		150,121
Baloise Holding AG (REG)		127		18,681
Brown & Brown, Inc.		669		46,054
Chubb Ltd.		1,147		220,866
Cincinnati Financial Corp.		436		42,432
Dai-ichi Life Holdings, Inc.		2,513		47,797
Erie Indemnity Co.–Class A		71		14,911
Everest Re Group Ltd.		119		40,681
Fairfax Financial Holdings Ltd.		63		47,189
Fidelity National Financial, Inc.		716		25,776
Gjensidige Forsikring ASA		553		8,859
Globe Life, Inc.		254		27,843
Great-West Lifeco, Inc.		774		22,477
Hannover Rueck SE		167		35,454
Hartford Financial Services Group, Inc. (The)		865		62,297
Helvetia Holding AG (REG)		103		13,960
iA Financial Corp., Inc.		287		19,552
Insurance Australia Group Ltd.		6,784		25,799
Intact Financial Corp.		486		75,038
Japan Post Holdings Co., Ltd.		6,067		43,605
Japan Post Insurance Co., Ltd.		492		7,394
Legal & General Group PLC		16,542		47,894
Loews Corp.		544		32,303
Manulife Financial Corp.		5,123		96,833
Markel Group, Inc.(a)		36		49,794
Marsh & McLennan Cos., Inc.		1,371		257,858
Medibank Pvt Ltd.		7,627		17,916
MetLife, Inc.		1,823		103,054
MS&AD Insurance Group Holdings, Inc.		1,192		42,211
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		388		145,660
NN Group NV		694		25,690
Phoenix Group Holdings PLC		2,078		14,060
Poste Italiane SpA(b)(c)		1,446		15,664
Power Corp. of Canada(b)		1,608		43,285
Principal Financial Group, Inc.		673		51,040
Progressive Corp. (The)		1,622		214,704
Prudential Financial, Inc.		1,016		89,632

Company	Shares		U.S. $ Value
Prudential PLC		7,624	$	107,677
QBE Insurance Group Ltd.		4,122		43,037
Sampo Oyj–Class A		1,274		57,218
Sompo Holdings, Inc.		822		36,883
Sun Life Financial, Inc.		1,625		84,712
Suncorp Group Ltd.		3,507		31,511
Swiss Life Holding AG (REG)		86		50,369
Swiss Re AG		836		84,238
T&D Holdings, Inc.(b)		1,296		19,007
Talanx AG		175		10,047
Tokio Marine Holdings, Inc.		4,912		113,239
Travelers Cos., Inc. (The)		640		111,142
Tryg A/S		997		21,591
Willis Towers Watson PLC		295		69,473
WR Berkley Corp.		584		34,783
Zurich Insurance Group AG		417		198,362
				4,806,497
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)–0.0%
Annaly Capital Management, Inc.		1,367		27,354
				22,852,176
HEALTH CARE–8.1%
BIOTECHNOLOGY–1.1%
AbbVie, Inc.		4,886		658,291
Alnylam Pharmaceuticals, Inc.(a)		344		65,339
Amgen, Inc.		1,480		328,589
Argenx SE(a)		155		60,111
Biogen, Inc.(a)		401		114,225
BioMarin Pharmaceutical, Inc.(a)		520		45,074
CSL Ltd.		1,336		247,399
Exact Sciences Corp.(a)		494		46,386
Genmab A/S(a)		183		69,349
Gilead Sciences, Inc.		3,459		266,585
Grifols SA(a)(b)		826		10,597
Horizon Therapeutics PLC(a)		601		61,813
Incyte Corp.(a)		525		32,681
Moderna, Inc.(a)		908		110,322
Neurocrine Biosciences, Inc.(a)		270		25,461
Regeneron Pharmaceuticals, Inc.(a)		298		214,125
Seagen, Inc.(a)		389		74,867
Swedish Orphan Biovitrum AB(a)(b)		471		9,206
United Therapeutics Corp.(a)		129		28,477
Vertex Pharmaceuticals, Inc.(a)		714		251,264
				2,720,161

7

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

Company	Shares		U.S. $ Value
HEALTH CARE EQUIPMENT & SUPPLIES–1.6%
Abbott Laboratories		4,813	$	524,713
Alcon, Inc.		1,384		114,820
Align Technology, Inc.(a)		202		71,435
Asahi Intecc Co., Ltd.(b)		541		10,651
Avantor, Inc.(a)		1,869		38,389
Baxter International, Inc.		1,390		63,328
Becton Dickinson & Co.		787		207,776
BioMerieux		115		12,075
Boston Scientific Corp.(a)		3,981		215,332
Carl Zeiss Meditec AG		112		12,112
Cochlear Ltd.(b)		183		28,037
Coloplast A/S–Class B		329		41,170
Cooper Cos., Inc. (The)		137		52,530
Demant A/S(a)		255		10,793
DENTSPLY SIRONA, Inc.		588		23,532
Dexcom, Inc.(a)		1,074		138,020
DiaSorin SpA(b)		70		7,292
Edwards Lifesciences Corp.(a)		1,679		158,380
EssilorLuxottica SA		806		151,988
Fisher & Paykel Healthcare Corp., Ltd.		1,604		24,153
GE Healthcare, Inc.		1,007		81,809
Getinge AB–Class B(b)		633		11,105
Hologic, Inc.(a)		683		55,303
Hoya Corp.		1,048		125,410
IDEXX Laboratories, Inc.(a)		230		115,513
Insulet Corp.(a)		193		55,650
Intuitive Surgical, Inc.(a)		970		331,682
Koninklijke Philips NV(a)		2,555		55,361
Masimo Corp.(a)		124		20,404
Medtronic PLC		3,685		324,648
Novocure Ltd.(a)		263		10,915
Olympus Corp.		3,280		51,907
ResMed, Inc.		407		88,929
Siemens Healthineers AG(c)		781		44,263
Smith & Nephew PLC		2,418		39,010
Sonova Holding AG (REG)		144		38,425
STERIS PLC		275		61,869
Straumann Holding AG (REG)		309		50,245
Stryker Corp.		945		288,310
Sysmex Corp.		491		33,632
Teleflex, Inc.		130		31,464
Terumo Corp.		1,851		58,954
Zimmer Biomet Holdings, Inc.		581		84,594
				3,965,928
HEALTH CARE PROVIDERS & SERVICES–1.3%
AmerisourceBergen Corp.		476		91,597
Amplifon SpA(b)		345		12,655

Company	Shares		U.S. $ Value
Cardinal Health, Inc.		714	$	67,523
Centene Corp.(a)		1,525		102,861
Cigna Group (The)		823		230,934
CVS Health Corp.		3,545		245,066
DaVita, Inc.(a)		150		15,070
EBOS Group Ltd.(b)		424		9,580
Elevance Health, Inc.		658		292,343
Fresenius Medical Care AG & Co. KGaA		569		27,193
Fresenius SE & Co. KGaA		1,169		32,424
HCA Healthcare, Inc.		576		174,804
Henry Schein, Inc.(a)		363		29,439
Humana, Inc.		347		155,154
Laboratory Corp. of America Holdings		245		59,126
McKesson Corp.		380		162,378
Molina Healthcare, Inc.(a)		161		48,500
Quest Diagnostics, Inc.		310		43,574
Ramsay Health Care Ltd.(b)		508		19,086
Sonic Healthcare Ltd.		1,235		29,370
UnitedHealth Group, Inc.		2,584		1,241,974
Universal Health Services, Inc.–Class B		174		27,452
				3,118,103
HEALTH CARE TECHNOLOGY–0.0%
M3, Inc.		1,130		24,639
Veeva Systems, Inc.–Class A(a)		403		79,685
				104,324
LIFE SCIENCES TOOLS & SERVICES–0.8%
Agilent Technologies, Inc.		819		98,485
Bachem Holding AG (REG)(b)		94		8,208
Bio-Rad Laboratories, Inc.–Class A(a)		62		23,505
Bio-Techne Corp.		436		35,591
Charles River Laboratories International, Inc.(a)		142		29,855
Danaher Corp.		1,919		460,560
Eurofins Scientific SE		374		23,767
Illumina, Inc.(a)		438		82,121
IQVIA Holdings, Inc.(a)		516		115,981
Lonza Group AG (REG)		207		123,726
Mettler-Toledo International, Inc.(a)		62		81,322
QIAGEN NV(a)		631		28,363
Repligen Corp.(a)		147		20,795
Revvity, Inc.		350		41,576
Sartorius AG		73		25,291
Sartorius Stedim Biotech		77		19,231
Thermo Fisher Scientific, Inc.		1,069		557,751
Waters Corp.(a)		164		43,713
West Pharmaceutical Services, Inc.		206		78,789
				1,898,630

8

AB Variable Products Series Fund

Company		Shares		U.S. $ Value
PHARMACEUTICALS–3.3%
Astellas Pharma, Inc.			4,985	$	74,239
AstraZeneca PLC			4,293		615,420
Bayer AG (REG)			2,721		150,621
Bristol-Myers Squibb Co.			5,825		372,509
Catalent, Inc.(a)			499		21,637
Chugai Pharmaceutical Co., Ltd.(b)			1,783		50,778
Daiichi Sankyo Co., Ltd.			5,058		160,714
Eisai Co., Ltd.			745		50,492
Eli Lilly & Co.			2,237		1,049,108
GSK PLC			11,340		200,974
Hikma Pharmaceuticals PLC			458		11,022
Ipsen SA			105		12,639
Jazz Pharmaceuticals PLC(a)			176		21,819
Johnson & Johnson			7,196		1,191,082
Kyowa Kirin Co., Ltd.(b)			705		13,067
Merck & Co., Inc.			7,028		810,961
Merck KGaA			358		59,260
Nippon Shinyaku Co., Ltd.			106		4,337
Novartis AG (REG)			5,677		572,352
Novo Nordisk A/S–Class B			4,585		740,659
Ono Pharmaceutical Co., Ltd.			994		17,935
Orion Oyj–Class B			296		12,284
Otsuka Holdings Co., Ltd.(b)			1,078		39,543
Pfizer, Inc.			15,632		573,382
Recordati Industria Chimica e Farmaceutica SpA			289		13,806
Roche Holding AG (BR)			89		29,226
Roche Holding AG (Genusschein)			1,946		594,444
Royalty Pharma PLC– Class A			1,043		32,062
Sanofi			3,143		338,362
Shionogi & Co., Ltd.			759		32,014
Takeda Pharmaceutical Co., Ltd.			4,343		136,468
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)			3,076		23,162
UCB SA			350		31,030
Viatris, Inc.			3,314		33,074
Zoetis, Inc.			1,281		220,601
	��				8,311,083
					20,118,229
CONSUMER DISCRETIONARY–7.1%
AUTOMOBILE COMPONENTS–0.2%
Aisin Corp.			343		10,592
Aptiv PLC(a)			751		76,670
BorgWarner, Inc.			647		31,645
Bridgestone Corp.(b)			1,568		64,416

Company	Shares		U.S. $ Value
Cie Generale des Etablissements Michelin SCA		1,878	$	55,554
Continental AG		305		23,043
Denso Corp.(b)		1,160		78,244
Koito Manufacturing Co., Ltd.		562		10,199
Lear Corp.		164		23,542
Magna International, Inc.		753		42,511
Sumitomo Electric Industries Ltd.		1,919		23,512
Valeo		573		12,313
				452,241
AUTOMOBILES–1.6%
Bayerische Motoren Werke AG		917		112,797
Bayerische Motoren Werke AG (Preference Shares)		165		18,803
Dr Ing hc F Porsche AG (Preference Shares)(a)(c)		316		39,256
Ferrari NV		349		114,105
Ford Motor Co.		10,881		164,629
General Motors Co.		3,852		148,533
Honda Motor Co., Ltd.		4,223		127,931
Isuzu Motors Ltd.		1,612		19,556
Lucid Group, Inc.(a)(b)		1,774		12,223
Mazda Motor Corp.		1,565		15,124
Mercedes-Benz Group AG		2,370		190,764
Nissan Motor Co., Ltd.		6,379		26,180
Porsche Automobil Holding SE (Preference Shares)(a)		424		25,554
Renault SA		532		22,447
Rivian Automotive, Inc.–Class A(a)(b)		1,782		29,688
Stellantis NV (Italy)		6,229		109,511
Subaru Corp.		1,681		31,660
Suzuki Motor Corp.		981		35,574
Tesla, Inc.(a)		7,900		2,067,983
Toyota Motor Corp.(b)		29,270		470,430
Volkswagen AG		82		13,706
Volkswagen AG (Preference Shares)		571		76,784
Volvo Car AB– Class B(a)(b)		1,650		6,565
Yamaha Motor Co., Ltd.(b)		795		22,855
				3,902,658
BROADLINE RETAIL–1.7%
Amazon.com, Inc.(a)		25,568		3,333,044
Canadian Tire Corp., Ltd.–Class A(b)		149		20,371
Cie Financiere Richemont SA (REG)		1,446		245,629
Dollarama, Inc.(b)		790		53,504
eBay, Inc.		1,487		66,454
Etsy, Inc.(a)		345		29,190
MercadoLibre, Inc.(a)		126		149,260

9

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

Company	Shares		U.S. $ Value
Next PLC		338	$	29,638
Pan Pacific International Holdings Corp.		971		17,390
Prosus NV(a)		2,220		162,580
Rakuten Group, Inc.(b)		2,613		9,105
Wesfarmers Ltd.(b)		3,142		103,590
				4,219,755
DISTRIBUTORS–0.1%
D’ieteren Group		61		10,796
Genuine Parts Co.		388		65,661
LKQ Corp.		740		43,120
Pool Corp.		109		40,836
				160,413
DIVERSIFIED CONSUMER SERVICES–0.0%
IDP Education Ltd.(b)		693		10,263
Pearson PLC		1,784		18,703
				28,966
HOTELS, RESTAURANTS & LEISURE–1.3%
Accor SA		510		18,978
Airbnb, Inc.–Class A(a)		1,145		146,743
Amadeus IT Group SA(a)		1,248		95,036
Aramark		649		27,939
Aristocrat Leisure Ltd.		1,634		42,276
Booking Holdings, Inc.(a)		105		283,535
Caesars Entertainment, Inc.(a)		596		30,378
Carnival Corp.(a)		2,781		52,366
Chipotle Mexican Grill, Inc.(a)		77		164,703
Compass Group PLC		4,832		135,311
Darden Restaurants, Inc.		335		55,972
Delivery Hero SE(a)(c)		480		21,178
Domino’s Pizza, Inc.		98		33,025
DoorDash, Inc.–Class A(a)		706		53,952
Entain PLC		1,630		26,357
Evolution AB(c)		508		64,376
Expedia Group, Inc.(a)		410		44,850
Flutter Entertainment PLC(a)		489		98,416
Galaxy Entertainment Group Ltd.(a)		5,343		34,039
Genting Singapore Ltd.		15,869		11,065
Hilton Worldwide Holdings, Inc.		736		107,125
Hyatt Hotels Corp.–Class A		132		15,124
InterContinental Hotels Group PLC		480		33,181
Just Eat Takeaway.com NV(a)(b)(c)		578		8,860
La Francaise des Jeux SAEM(c)		291		11,453
Las Vegas Sands Corp.(a)		952		55,216
Lottery Corp., Ltd. (The)		6,164		21,132
Marriott International, Inc./MD–Class A		727		133,543

Company	Shares		U.S. $ Value
McDonald’s Corp.		2,022	$	603,385
McDonald’s Holdings Co. Japan Ltd.(b)		192		7,465
MGM Resorts International		826		36,278
Oriental Land Co., Ltd./Japan(b)		3,005		117,153
Restaurant Brands International, Inc.(b)		819		63,498
Royal Caribbean Cruises Ltd.(a)		637		66,082
Sands China Ltd.(a)		6,020		20,617
Sodexo SA		245		26,979
Starbucks Corp.		3,183		315,308
Vail Resorts, Inc.		112		28,197
Whitbread PLC		559		24,063
Wynn Resorts Ltd.		284		29,993
Yum! Brands, Inc.		776		107,515
				3,272,662
HOUSEHOLD DURABLES–0.3%
Barratt Developments PLC		2,725		14,322
Berkeley Group Holdings PLC		298		14,855
DR Horton, Inc.		856		104,167
Garmin Ltd.		424		44,219
Iida Group Holdings Co., Ltd.		411		6,945
Lennar Corp.–Class A		703		88,093
Mohawk Industries, Inc.(a)		150		15,474
NVR, Inc.(a)		9		57,155
Open House Group Co., Ltd.		200		7,220
Panasonic Holdings Corp.		6,071		74,442
Persimmon PLC		884		11,518
PulteGroup, Inc.		621		48,239
SEB SA		69		7,136
Sekisui Chemical Co., Ltd.		983		14,202
Sekisui House Ltd.		1,689		34,117
Sharp Corp./Japan(a)(b)		597		3,348
Sony Group Corp.		3,534		319,015
Taylor Wimpey PLC		9,781		12,778
Whirlpool Corp.		151		22,467
				899,712
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		1,637		37,909
BRP, Inc.(b)		101		8,538
Hasbro, Inc.		365		23,641
Shimano, Inc.(b)		260		43,526
Yamaha Corp.(b)		394		15,177
				128,791
SPECIALTY RETAIL–1.1%
Advance Auto Parts, Inc.		165		11,600
AutoZone, Inc.(a)		51		127,161
Bath & Body Works, Inc.		598		22,425
Best Buy Co., Inc.		544		44,581

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Burlington Stores, Inc.(a)		180	$	28,330
CarMax, Inc.(a)		438		36,661
Chewy, Inc.–Class A(a)		272		10,736
Dick’s Sporting Goods, Inc.		172		22,737
Dufry AG (REG)(a)		273		12,452
Dynatrace, Inc.(a)		600		30,882
Fast Retailing Co., Ltd.		557		142,856
H & M Hennes & Mauritz AB–Class B		1,820		31,299
Home Depot, Inc. (The)		2,805		871,345
Industria de Diseno Textil SA		3,021		117,178
JD Sports Fashion PLC		7,177		13,332
Kingfisher PLC		5,369		15,824
Lowe’s Cos., Inc.		1,652		372,856
Nitori Holdings Co., Ltd.		213		23,919
O’Reilly Automotive, Inc.(a)		171		163,356
Ross Stores, Inc.		948		106,299
TJX Cos., Inc. (The)		3,192		270,650
Tractor Supply Co.		305		67,435
Ulta Beauty, Inc.(a)		139		65,413
USS Co., Ltd.		553		9,155
Zalando SE(a)(c)		620		17,880
ZOZO, Inc.		271		5,622
				2,641,984
TEXTILES, APPAREL & LUXURY GOODS–0.7%
adidas AG		449		87,164
Burberry Group PLC		1,047		28,252
Deckers Outdoor Corp.(a)		73		38,519
Gildan Activewear, Inc.		497		16,023
Hermes International		88		191,287
Kering SA		207		114,305
Lululemon Athletica, Inc.(a)		322		121,877
LVMH Moet Hennessy Louis Vuitton SE		765		721,328
Moncler SpA		571		39,506
NIKE, Inc.–Class B		3,412		376,583
Pandora A/S		251		22,435
Puma SE		292		17,596
Swatch Group AG (The)		81		23,684
Swatch Group AG (The) (REG)		146		8,029
VF Corp.		914		17,448
				1,824,036
				17,531,218
INDUSTRIALS–7.0%
AEROSPACE & DEFENSE–1.0%
Airbus SE		1,642		237,403
Axon Enterprise, Inc.(a)		192		37,463
BAE Systems PLC		8,456		99,707
Boeing Co. (The)(a)		1,577		332,999
CAE, Inc.(a)		880		19,696
Dassault Aviation SA		69		13,824
Elbit Systems Ltd.		74		15,489

Company	Shares		U.S. $ Value
General Dynamics Corp.		647	$	139,202
HEICO Corp.		121		21,410
HEICO Corp.–Class A		205		28,823
Howmet Aerospace, Inc.		1,083		53,673
Huntington Ingalls Industries, Inc.		111		25,264
Kongsberg Gruppen ASA		245		11,136
L3Harris Technologies, Inc.		523		102,388
Lockheed Martin Corp.		632		290,960
MTU Aero Engines AG		149		38,646
Northrop Grumman Corp.		401		182,776
Raytheon Technologies Corp.		4,052		396,934
Rheinmetall AG		121		33,148
Rolls-Royce Holdings PLC(a)		23,173		44,562
Saab AB–Class B		222		12,018
Safran SA		947		148,404
Singapore Technologies Engineering Ltd.		3,908		10,664
Textron, Inc.		568		38,414
Thales SA		291		43,600
TransDigm Group, Inc.		152		135,914
				2,514,517
AIR FREIGHT & LOGISTICS–0.4%
CH Robinson Worldwide, Inc.		321		30,286
Deutsche Post AG (REG)		2,787		136,179
DSV A/S		516		108,381
Expeditors International of Washington, Inc.		428		51,844
FedEx Corp.		662		164,110
Nippon Express Holdings, Inc.(b)		241		13,594
SG Holdings Co., Ltd.		852		12,153
United Parcel Service, Inc.–Class B		2,003		359,038
Yamato Holdings Co., Ltd.		696		12,616
				888,201
BUILDING PRODUCTS–0.5%
A O Smith Corp.		346		25,182
AGC, Inc.(b)		522		18,779
Allegion PLC		244		29,285
Assa Abloy AB–Class B		2,775		66,703
Builders FirstSource, Inc.(a)		382		51,952
Carlisle Cos., Inc.		142		36,427
Carrier Global Corp.		2,312		114,930
Cie de Saint-Gobain		1,357		82,623
Daikin Industries Ltd.(b)		719		147,327
Fortune Brands Innovations, Inc.		352		25,326
Geberit AG (REG)		95		49,788
Johnson Controls International PLC		1,903		129,670
Kingspan Group PLC		428		28,489

11

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

Company		Shares		U.S. $ Value
Lennox International, Inc.			89	$	29,020
Lixil Corp.			772		9,826
Masco Corp.			624		35,805
Nibe Industrier AB–Class B			4,197		39,907
Otis Worldwide Corp.			1,145		101,917
Owens Corning			252		32,886
ROCKWOOL A/S–Class B			26		6,724
TOTO Ltd.			361		10,915
Trane Technologies PLC			632		120,876
Xinyi Glass Holdings Ltd.			4,186		6,544
					1,200,901
COMMERCIAL SERVICES & SUPPLIES–0.4%
Brambles Ltd.			3,848		37,001
Cintas Corp.			254		126,258
Copart, Inc.(a)			1,188		108,357
Dai Nippon Printing Co., Ltd.(b)			566		16,078
GFL Environmental, Inc.(b)			643		24,968
RB Global, Inc.			503		30,186
Rentokil Initial PLC			6,979		54,567
Republic Services, Inc.			613		93,893
Rollins, Inc.			682		29,210
Secom Co., Ltd.			570		38,577
Securitas AB–Class B	��		1,362		11,187
TOPPAN, Inc.			636		13,745
Waste Connections, Inc.			714		102,052
Waste Management, Inc.			1,122		194,577
					880,656
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA(b)			577		20,289
AECOM			366		30,996
Bouygues SA			570		19,148
Eiffage SA			204		21,299
Epiroc AB–Class A			1,825		34,569
Epiroc AB–Class B			1,080		17,480
Ferrovial SE(b)			1,410		44,573
Kajima Corp.			1,103		16,654
Obayashi Corp.			1,784		15,429
Quanta Services, Inc.			402		78,973
Shimizu Corp.			1,517		9,605
Skanska AB–Class B(b)			942		13,217
Taisei Corp.			400		13,975
Vinci SA			1,472		171,040
WSP Global, Inc.(b)			345		45,580
					552,827
ELECTRICAL EQUIPMENT–0.6%
ABB Ltd. (REG)			4,353		171,251
AMETEK, Inc.			638		103,280
Eaton Corp. PLC			1,103		221,813
Emerson Electric Co.			1,583		143,087
Fuji Electric Co., Ltd.			330		14,528

Company	Shares		U.S. $ Value
Generac Holdings, Inc.(a)		172	$	25,650
Hubbell, Inc.		149		49,402
Legrand SA		739		73,312
Mitsubishi Electric Corp.		5,258		74,332
Nidec Corp.		1,183		65,190
Prysmian SpA		705		29,486
Rockwell Automation, Inc.		318		104,765
Schneider Electric SE		1,503		273,060
Sensata Technologies Holding PLC		422		18,986
Siemens Energy AG(a)		1,438		25,426
Vestas Wind Systems A/S(a)		2,796		74,338
				1,467,906
GROUND TRANSPORTATION–0.7%
Aurizon Holdings Ltd.(b)		5,097		13,335
Canadian National Railway Co.		1,574		190,603
Canadian Pacific Kansas City Ltd. (Canada)(b)		2,578		208,225
Central Japan Railway Co.		407		50,994
CSX Corp.		5,673		193,449
East Japan Railway Co.(b)		793		43,975
Grab Holdings Ltd.–Class A(a)(b)		4,203		14,416
Hankyu Hanshin Holdings, Inc.		638		21,095
JB Hunt Transport Services, Inc.		230		41,637
Keio Corp.(b)		216		6,795
Keisei Electric Railway Co., Ltd.(b)		351		14,549
Kintetsu Group Holdings Co., Ltd.(b)		428		14,823
Knight-Swift Transportation Holdings, Inc.		446		24,780
MTR Corp., Ltd.		3,764		17,328
Norfolk Southern Corp.		631		143,085
Odakyu Electric Railway Co., Ltd.(b)		726		9,728
Old Dominion Freight Line, Inc.		274		101,311
TFI International, Inc.		217		24,723
Tobu Railway Co., Ltd.(b)		482		12,924
Tokyu Corp.(b)		1,453		17,524
U-Haul Holding Co. (Non voting)		269		13,630
Uber Technologies, Inc.(a)		5,019		216,670
Union Pacific Corp.		1,690		345,808
West Japan Railway Co.		548		22,792
				1,764,199
INDUSTRIAL CONGLOMERATES–0.6%
3M Co.		1,527		152,837
CK Hutchison Holdings Ltd.		7,047		43,010

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
DCC PLC		274	$	15,328
General Electric Co.		3,020		331,747
Hikari Tsushin, Inc.		86		12,344
Hitachi Ltd.		2,622		163,027
Honeywell International, Inc.		1,844		382,630
Investment AB Latour–Class B(b)		410		8,140
Jardine Cycle & Carriage Ltd.		1,000		25,786
Jardine Matheson Holdings Ltd.		640		32,454
Keppel Corp., Ltd.		3,974		19,778
Lifco AB–Class B		645		14,047
Siemens AG (REG)		2,105		350,905
Smiths Group PLC		975		20,399
Toshiba Corp.(b)		1,145		35,929
				1,608,361
MACHINERY–1.2%
Alfa Laval AB		802		29,255
Alstom SA		895		26,716
Atlas Copco AB–Class A		7,438		107,381
Atlas Copco AB–Class B		4,322		53,889
Caterpillar, Inc.		1,430		351,851
CNH Industrial NV		2,833		40,859
Cummins, Inc.		392		96,103
Daifuku Co., Ltd.		806		16,600
Daimler Truck Holding AG		1,367		49,270
Deere & Co.		780		316,048
Dover Corp.		387		57,141
FANUC Corp.		2,670		93,732
Fortive Corp.		978		73,125
GEA Group AG		419		17,542
Graco, Inc.		465		40,153
Hitachi Construction Machinery Co., Ltd.		258		7,254
Hoshizaki Corp.(b)		302		10,843
Husqvarna AB–Class B(b)		1,162		10,543
IDEX Corp.		210		45,205
Illinois Tool Works, Inc.		845		211,385
Indutrade AB		756		17,063
Ingersoll Rand, Inc.		1,122		73,334
Knorr-Bremse AG		201		15,365
Komatsu Ltd.		2,500		67,620
Kone Oyj–Class B		941		49,162
Kubota Corp.(b)		2,751		40,272
Kurita Water Industries Ltd.(b)		279		10,711
Makita Corp.(b)		595		16,818
Metso Oyj		1,836		22,155
MINEBEA MITSUMI, Inc.(b)		933		17,696
MISUMI Group, Inc.		730		14,697
Mitsubishi Heavy Industries Ltd.		863		40,307
NGK Insulators Ltd.		596		7,121
Nordson Corp.		143		35,490

Company	Shares		U.S. $ Value
PACCAR, Inc.		1,447	$	121,042
Parker-Hannifin Corp.		356		138,854
Pentair PLC		457		29,522
Rational AG		15		10,862
Sandvik AB		2,952		57,635
Schindler Holding AG		113		26,533
Schindler Holding AG (REG)		65		14,632
Seatrium Ltd.(a)		112,843		10,466
SKF AB–Class B		943		16,432
SMC Corp.		210		116,710
Snap-on, Inc.		148		42,652
Spirax-Sarco Engineering PLC		205		27,020
Stanley Black & Decker, Inc.		424		39,733
Techtronic Industries Co., Ltd.		3,244		35,475
Toro Co. (The)		289		29,377
Toyota Industries Corp.		406		29,088
VAT Group AG(c)		75		31,066
Volvo AB–Class A		554		11,808
Volvo AB–Class B		4,179		86,484
Wartsila OYJ Abp(b)		1,311		14,783
Westinghouse Air Brake Technologies Corp.		499		54,725
Xylem, Inc./NY		663		74,667
				3,102,272
MARINE TRANSPORTATION–0.1%
AP Moller–Maersk A/S–Class A		9		15,693
AP Moller–Maersk A/S–Class B		14		24,616
Kawasaki Kisen Kaisha Ltd.(b)		300		7,356
Kuehne & Nagel International AG (REG)		151		44,730
Mitsui OSK Lines Ltd.(b)		917		22,062
Nippon Yusen KK(b)		1,289		28,627
SITC International Holdings Co., Ltd.		3,000		5,494
				148,578
PASSENGER AIRLINES–0.0%
Air Canada(a)		486		9,168
ANA Holdings, Inc.(a)		395		9,409
Delta Air Lines, Inc.(a)		445		21,155
Deutsche Lufthansa AG (REG)(a)		1,655		16,970
Japan Airlines Co., Ltd.		358		7,763
Qantas Airways Ltd.(a)		2,465		10,215
Singapore Airlines Ltd.(b)		2,936		15,555
Southwest Airlines Co.		411		14,882
				105,117

13

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

Company	Shares		U.S. $ Value
PROFESSIONAL SERVICES–0.7%
Adecco Group AG (REG)(b)		443	$	14,509
Automatic Data Processing, Inc.		1,148		252,319
BayCurrent Consulting, Inc.		300		11,281
Booz Allen Hamilton Holding Corp.		367		40,957
Broadridge Financial Solutions, Inc.		326		53,995
Bureau Veritas SA		814		22,332
Ceridian HCM Holding, Inc.(a)		406		27,190
Clarivate PLC(a)(b)		1,028		9,797
Computershare Ltd.(b)		1,588		24,782
CoStar Group, Inc.(a)		1,127		100,303
Equifax, Inc.		342		80,473
Experian PLC		2,545		97,680
Intertek Group PLC		447		24,231
Jacobs Solutions, Inc.		351		41,730
Leidos Holdings, Inc.		361		31,941
Paychex, Inc.		899		100,571
Paycom Software, Inc.		151		48,507
Paylocity Holding Corp.(a)		116		21,406
Persol Holdings Co., Ltd.		481		8,705
Randstad NV		306		16,138
Recruit Holdings Co., Ltd.		3,886		124,023
RELX PLC (London)		5,270		175,811
Robert Half International, Inc.		299		22,491
SGS SA (REG)		415		39,259
SS&C Technologies Holdings, Inc.		622		37,693
Teleperformance		164		27,512
Thomson Reuters Corp.		453		61,161
TransUnion		535		41,907
Verisk Analytics, Inc.		400		90,412
Wolters Kluwer NV		713		90,532
				1,739,648
TRADING COMPANIES & DISTRIBUTORS–0.5%
AerCap Holdings NV(a)		460		29,219
Ashtead Group PLC		1,215		84,237
Beijer Ref AB(b)		932		11,905
Brenntag SE		428		33,392
Bunzl PLC		935		35,631
Fastenal Co.		1,581		93,263
Ferguson PLC		569		89,509
ITOCHU Corp.		3,301		131,121
Marubeni Corp.		4,208		71,721
Mitsubishi Corp.		3,411		164,911
Mitsui & Co., Ltd.		3,631		137,426
MonotaRO Co., Ltd.(b)		632		8,071
Reece Ltd.(b)		626		7,798
Sumitomo Corp.		3,089		65,533
Toromont Industries Ltd.		228		18,731

Company	Shares		U.S. $ Value
Toyota Tsusho Corp.		592	$	29,586
United Rentals, Inc.		193		85,956
Watsco, Inc.(b)		93		35,477
WW Grainger, Inc.		126		99,362
				1,232,849
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(c)		208		33,664
Aeroports de Paris		83		11,926
Auckland International Airport Ltd.(a)		3,467		18,221
Getlink SE		990		16,848
Transurban Group(b)		8,531		81,227
				161,886
				17,367,918
CONSUMER STAPLES–4.7%
BEVERAGES–1.1%
Anheuser-Busch InBev SA/NV		2,406		136,366
Asahi Group Holdings Ltd.(b)		1,264		49,043
Brown-Forman Corp.– Class B		859		57,364
Budweiser Brewing Co. APAC Ltd.(c)		4,137		10,705
Carlsberg AS–Class B		273		43,716
Coca-Cola Co. (The)		11,382		685,424
Coca-Cola Europacific Partners PLC		570		36,725
Coca-Cola HBC AG(a)		610		18,196
Constellation Brands, Inc.–Class A		460		113,220
Davide Campari-Milano NV(b)		1,447		20,054
Diageo PLC		6,244		268,435
Heineken Holding NV		319		27,760
Heineken NV		718		73,837
Keurig Dr Pepper, Inc.		2,531		79,144
Kirin Holdings Co., Ltd.(b)		2,128		31,075
Molson Coors Beverage Co.–Class B		522		34,368
Monster Beverage Corp.(a)		2,174		124,875
PepsiCo, Inc.		3,788		701,613
Pernod Ricard SA		572		126,398
Remy Cointreau SA		64		10,273
Suntory Beverage & Food Ltd.(b)		338		12,253
Treasury Wine Estates Ltd.(b)		1,999		14,991
				2,675,835
CONSUMER STAPLES DISTRIBUTION & RETAIL–1.1%
Aeon Co., Ltd.		1,725		35,322
Albertsons Cos., Inc.– Class A		794		17,325

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Alimentation Couche-Tard, Inc.		2,176	$	111,580
Carrefour SA		1,644		31,155
Coles Group Ltd.		3,706		45,506
Costco Wholesale Corp.		1,229		661,669
Dollar General Corp.		607		103,057
Dollar Tree, Inc.(a)		613		87,966
Empire Co., Ltd.–Class A		433		12,300
Endeavour Group Ltd./Australia(b)		3,968		16,700
George Weston Ltd.		174		20,571
HelloFresh SE(a)		453		11,204
J Sainsbury PLC		4,567		15,612
Jeronimo Martins SGPS SA		784		21,598
Kesko Oyj–Class B		756		14,237
Kobe Bussan Co., Ltd.		396		10,278
Koninklijke Ahold Delhaize NV		2,702		92,119
Kroger Co. (The)		1,888		88,736
Loblaw Cos., Ltd.		445		40,739
MatsukiyoCocokara & Co.		300		16,851
Metro, Inc./CN		646		36,485
Ocado Group PLC(a)(b)		1,602		11,593
Seven & i Holdings Co., Ltd.		2,112		91,243
Sysco Corp.		1,406		104,325
Target Corp.		1,275		168,173
Tesco PLC		20,267		63,933
Walgreens Boots Alliance, Inc.		2,031		57,863
Walmart, Inc.		4,106		645,381
Welcia Holdings Co., Ltd.		240		4,999
Woolworths Group Ltd.		3,375		89,425
				2,727,945
FOOD PRODUCTS–1.0%
Ajinomoto Co., Inc.		1,258		50,115
Archer-Daniels-Midland Co.		1,513		114,322
Associated British Foods PLC		964		24,411
Barry Callebaut AG (REG)		10		19,321
Bunge Ltd.		415		39,155
Campbell Soup Co.		539		24,638
Chocoladefabriken Lindt & Spruengli AG		3		37,719
Chocoladefabriken Lindt & Spruengli AG (REG)		1		124,119
Conagra Brands, Inc.		1,320		44,510
Danone SA		1,778		108,962
Darling Ingredients, Inc.(a)		443		28,259
General Mills, Inc.		1,627		124,791
Hershey Co. (The)		408		101,878
Hormel Foods Corp.		832		33,463
J M Smucker Co. (The)		296		43,710
JDE Peet’s NV(b)		348		10,352
Kellogg Co.		759		51,157
Kerry Group PLC–Class A		442		43,141

Company	Shares		U.S. $ Value
Kikkoman Corp.		395	$	22,558
Kraft Heinz Co. (The)		2,209		78,419
Lamb Weston Holdings, Inc.		404		46,440
McCormick & Co., Inc./MD		695		60,625
MEIJI Holdings Co., Ltd.		540		12,059
Mondelez International, Inc.–Class A		3,775		275,348
Mowi ASA(b)		1,217		19,309
Nestle SA (REG)		7,616		916,140
Nisshin Seifun Group, Inc.		462		5,711
Nissin Foods Holdings Co., Ltd.		164		13,560
Orkla ASA		2,080		14,956
Salmar ASA		201		8,100
Saputo, Inc.		698		15,638
Tyson Foods, Inc.–Class A		791		40,373
WH Group Ltd.(c)		22,359		11,908
Wilmar International Ltd.		5,113		14,404
Yakult Honsha Co., Ltd.		342		21,630
				2,601,201
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		676		67,755
Clorox Co. (The)		342		54,392
Colgate-Palmolive Co.		2,189		168,641
Essity AB–Class B		1,686		44,901
Henkel AG & Co. KGaA		288		20,274
Henkel AG & Co. KGaA (Preference Shares)		469		37,509
Kimberly-Clark Corp.		935		129,086
Procter & Gamble Co. (The)		6,534		991,469
Reckitt Benckiser Group PLC		1,984		149,099
Unicharm Corp.(b)		1,094		40,680
				1,703,806
PERSONAL CARE PRODUCTS–0.4%
Beiersdorf AG		279		36,946
Estee Lauder Cos., Inc. (The)–Class A		642		126,076
Haleon PLC		14,066		57,733
Kao Corp.(b)		1,293		46,923
Kobayashi Pharmaceutical Co., Ltd.		138		7,504
Kose Corp.		96		9,228
L’Oreal SA		667		311,140
Shiseido Co., Ltd.(b)		1,063		48,185
Unilever PLC (London)		6,996		364,311
				1,008,046
TOBACCO–0.4%
Altria Group, Inc.		4,947		224,099
British American Tobacco PLC		5,882		195,432

15

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

Company	Shares		U.S. $ Value
Imperial Brands PLC		2,431	$	53,809
Japan Tobacco, Inc.(b)		3,290		72,071
Philip Morris International, Inc.		4,299		419,668
				965,079
				11,681,912
COMMUNICATION SERVICES–4.4%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.9%
AT&T, Inc.		19,745		314,933
BCE, Inc.		202		9,210
BT Group PLC		19,254		29,962
Cellnex Telecom SA(a)(c)		1,565		63,232
Charter Communications, Inc.– Class A(a)		273		100,292
Comcast Corp.–Class A		11,650		484,057
Deutsche Telekom AG (REG)		8,976		195,843
Elisa Oyj		394		21,033
HKT Trust & HKT Ltd.		9,744		11,346
Infrastrutture Wireless Italiane SpA(c)		930		12,276
Koninklijke KPN NV		8,944		31,930
Liberty Global PLC–Class A(a)		452		7,621
Liberty Global PLC–Class C(a)		713		12,670
Nippon Telegraph & Telephone Corp.		81,675		96,646
Orange SA		5,156		60,255
Quebecor, Inc.–Class B(b)		426		10,499
Singapore Telecommunications Ltd.		22,333		41,364
Sirius XM Holdings, Inc.(b)		2,154		9,758
Spark New Zealand Ltd.		5,182		16,216
Swisscom AG (REG)		72		44,938
Telecom Italia SpA/Milano(a)(b)		27,595		7,780
Telefonica Deutschland Holding AG		2,471		6,955
Telefonica SA		14,394		58,439
Telenor ASA(b)		1,937		19,640
Telia Co. AB		6,795		14,907
Telstra Group Ltd.		11,199		32,127
TELUS Corp.		1,303		25,357
Verizon Communications, Inc.		11,631		432,557
Washington H Soul Pattinson & Co., Ltd.(b)		649		13,778
				2,185,621
ENTERTAINMENT–0.7%
Activision Blizzard, Inc.(a)		2,064		173,995
Bollore SE		2,451		15,285
Capcom Co., Ltd.		468		18,552

Company	Shares		U.S. $ Value
Electronic Arts, Inc.		760	$	98,572
Embracer Group AB(a)(b)		1,816		4,541
Koei Tecmo Holdings Co., Ltd.		246		4,261
Konami Group Corp.		230		12,061
Liberty Media Corp-Liberty Formula One–Class C(a)		546		41,103
Live Nation Entertainment, Inc.(a)		449		40,908
Netflix, Inc.(a)		1,234		543,565
Nexon Co., Ltd.		1,040		19,944
Nintendo Co., Ltd.		2,860		130,383
ROBLOX Corp.–Class A(a)		1,164		46,909
Roku, Inc.(a)		340		21,746
Sea Ltd. (ADR)(a)		944		54,790
Square Enix Holdings Co., Ltd.		218		10,143
Take-Two Interactive Software, Inc.(a)		467		68,724
Toho Co., Ltd./Tokyo		296		11,275
Universal Music Group NV		2,269		50,405
Walt Disney Co. (The)(a)		5,059		451,668
Warner Bros Discovery, Inc.(a)		6,408		80,356
				1,899,186
INTERACTIVE MEDIA & SERVICES–2.3%
Adevinta ASA(a)		807		5,303
Alphabet, Inc.–Class A(a)		16,495		1,974,452
Alphabet, Inc.–Class C(a)		14,876		1,799,550
Auto Trader Group PLC(c)		2,544		19,753
Match Group, Inc.(a)		773		32,350
Meta Platforms, Inc.–Class A(a)		6,134		1,760,335
Pinterest, Inc.–Class A(a)		1,647		45,029
REA Group Ltd.(b)		147		14,121
Scout24 SE(c)		208		13,180
SEEK Ltd.		933		13,630
Snap, Inc.–Class A(a)		2,756		32,631
Z Holdings Corp.(b)		7,335		17,678
ZoomInfo Technologies, Inc.(a)		783		19,880
				5,747,892
MEDIA–0.2%
CyberAgent, Inc.(b)		1,104		8,070
Dentsu Group, Inc.(b)		526		17,299
Fox Corp.–Class A		822		27,948
Fox Corp.–Class B		394		12,565
Hakuhodo DY Holdings, Inc.		581		6,133
Informa PLC		3,817		35,243
Interpublic Group of Cos., Inc. (The)		1,070		41,281
Liberty Broadband Corp.–Class C(a)		332		26,596
Liberty Media Corp.–Liberty SiriusXM–Class C(a)		454		14,859

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
News Corp.–Class A		1,058	$	20,631
Omnicom Group, Inc.		558		53,094
Paramount Global–Class B		1,353		21,526
Publicis Groupe SA		634		50,882
Trade Desk, Inc. (The)–Class A(a)		1,230		94,981
Vivendi SE		1,985		18,223
WPP PLC		2,976		31,194
				480,525
WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		4,068		125,633
Rogers Communications, Inc.–Class B		982		44,802
SoftBank Corp.		7,887		84,275
SoftBank Group Corp.(b)		2,862		134,971
T-Mobile US, Inc.(a)		1,669		231,824
Tele2 AB–Class B		1,479		12,232
Vodafone Group PLC		63,541		59,908
				693,645
				11,006,869
ENERGY–2.9%
ENERGY EQUIPMENT & SERVICES–0.2%
Baker Hughes Co.		2,802		88,571
Halliburton Co.		2,500		82,475
Schlumberger NV		3,933		193,189
Tenaris SA		1,307		19,552
				383,787
OIL, GAS & CONSUMABLE FUELS–2.7%
Aker BP ASA		875		20,529
Ampol Ltd.		659		13,164
APA Corp.		861		29,420
ARC Resources Ltd.(b)		1,695		22,609
BP PLC		49,004		285,320
Cameco Corp.(b)		1,199		37,552
Canadian Natural Resources Ltd.		3,067		172,433
Cenovus Energy, Inc.		3,962		67,292
Cheniere Energy, Inc.		675		102,843
Chesapeake Energy Corp.(b)		317		26,527
Chevron Corp.		4,985		784,390
ConocoPhillips		3,356		347,715
Coterra Energy, Inc.		2,127		53,813
Devon Energy Corp.		1,811		87,544
Diamondback Energy, Inc.		478		62,790
Enbridge, Inc.		5,608		208,445
ENEOS Holdings, Inc.		7,937		27,281
Eni SpA		6,429		92,554
EOG Resources, Inc.		1,628		186,308
EQT Corp.		998		41,048
Equinor ASA		2,638		76,815

Company	Shares		U.S. $ Value
Exxon Mobil Corp.		11,242	$	1,205,704
Galp Energia SGPS SA		1,362		15,916
Hess Corp.		766		104,138
HF Sinclair Corp.		427		19,048
Idemitsu Kosan Co., Ltd.		524		10,514
Imperial Oil Ltd.(b)		562		28,754
Inpex Corp.(b)		2,618		28,763
Keyera Corp.(b)		634		14,621
Kinder Morgan, Inc.		5,603		96,484
Marathon Oil Corp.		1,725		39,709
Marathon Petroleum Corp.		1,223		142,602
Neste Oyj		1,171		45,087
Occidental Petroleum Corp.		1,990		117,012
OMV AG		408		17,325
ONEOK, Inc.		1,239		76,471
Ovintiv, Inc. (New York)		673		25,621
Parkland Corp.(b)		388		9,665
Pembina Pipeline Corp.		1,524		47,914
Phillips 66		1,277		121,800
Pioneer Natural Resources Co.		648		134,253
Repsol SA(b)		3,676		53,464
Santos Ltd.		9,143		45,747
Shell PLC		18,964		565,728
Suncor Energy, Inc.(b)		3,687		108,154
Targa Resources Corp.		595		45,279
TC Energy Corp.(b)		2,819		113,930
Texas Pacific Land Corp.		18		23,697
TotalEnergies SE		6,552		376,115
Tourmaline Oil Corp.(b)		891		41,982
Valero Energy Corp.		1,019		119,529
Williams Cos., Inc. (The)		3,374		110,094
Woodside Energy Group Ltd.(b)		5,258		121,626
				6,773,138
				7,156,925
MATERIALS–2.6%
CHEMICALS–1.3%
Air Liquide SA		1,450		260,036
Air Products and Chemicals, Inc.		615		184,211
Akzo Nobel NV		472		38,588
Albemarle Corp.		325		72,504
Arkema SA		156		14,710
Asahi Kasei Corp.		3,375		22,852
BASF SE		2,475		120,244
Celanese Corp.		292		33,814
CF Industries Holdings, Inc.		543		37,695
Chr Hansen Holding A/S		292		20,299
Clariant AG (REG)(a)		597		8,637
Corteva, Inc.		1,974		113,110
Covestro AG(a)(c)		535		27,837
Croda International PLC		387		27,664
Dow, Inc.		1,961		104,443
DSM-Firmenich AG(a)		484		52,085
DuPont de Nemours, Inc.		1,271		90,800
Eastman Chemical Co.		330		27,628

17

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

Company	Shares		U.S. $ Value
Ecolab, Inc.		710	$	132,550
EMS-Chemie Holding AG (REG)		20		15,156
Evonik Industries AG		546		10,404
FMC Corp.		347		36,206
Givaudan SA (REG)		26		86,240
ICL Group Ltd.		2,142		11,757
IMCD NV(b)		158		22,738
International Flavors & Fragrances, Inc.		707		56,270
Johnson Matthey PLC		508		11,277
JSR Corp.		412		11,839
Linde PLC		1,354		515,982
LyondellBasell Industries NV–Class A		721		66,209
Mitsubishi Chemical Group Corp.		3,505		21,081
Mitsui Chemicals, Inc.		440		12,969
Mosaic Co. (The)		919		32,165
Nippon Paint Holdings Co., Ltd.(b)		2,622		21,700
Nippon Sanso Holdings Corp.(b)		450		9,777
Nissan Chemical Corp.		297		12,807
Nitto Denko Corp.		414		30,729
Novozymes A/S–Class B		566		26,409
Nutrien Ltd.(b)		1,384		81,708
OCI NV(a)		292		7,014
Orica Ltd.		1,257		12,453
PPG Industries, Inc.		652		96,692
RPM International, Inc.		357		32,034
Sherwin-Williams Co. (The)		680		180,554
Shin-Etsu Chemical Co., Ltd.		5,045		168,593
Sika AG (REG)		405		115,992
Solvay SA		206		23,035
Sumitomo Chemical Co., Ltd.		3,872		11,769
Symrise AG		368		38,586
Toray Industries, Inc.		3,753		20,925
Tosoh Corp.		716		8,469
Umicore SA(b)		580		16,216
Wacker Chemie AG		51		7,006
Westlake Corp.		106		12,664
Yara International ASA		458		16,182
				3,251,314
CONSTRUCTION MATERIALS–0.2%
CRH PLC		2,050		113,093
Heidelberg Materials AG		401		32,978
Holcim AG(a)		1,535		103,470
James Hardie Industries PLC(a)		1,224		32,651
Martin Marietta Materials, Inc.		172		79,411
Vulcan Materials Co.		369		83,187
				444,790

Company	Shares		U.S. $ Value
CONTAINERS & PACKAGING–0.1%
Amcor PLC		4,114	$	41,058
Avery Dennison Corp.		225		38,655
Ball Corp.		871		50,701
CCL Industries, Inc.– Class B		412		20,253
Crown Holdings, Inc.		333		28,928
International Paper Co.		919		29,233
Packaging Corp. of America		249		32,908
Sealed Air Corp.		400		16,000
SIG Group AG(a)		846		23,372
Smurfit Kappa Group PLC		720		24,030
Westrock Co.		705		20,494
				325,632
METALS & MINING–0.9%
Agnico Eagle Mines Ltd.		1,363		68,060
Alcoa Corp.		494		16,761
Anglo American PLC		3,519		100,198
Antofagasta PLC		1,092		20,307
ArcelorMittal SA		1,337		36,479
Barrick Gold Corp. (Toronto)		4,878		82,518
BHP Group Ltd.(b)		14,029		421,739
BlueScope Steel Ltd.		1,276		17,561
Boliden AB		757		21,936
Cleveland-Cliffs, Inc.(a)		1,426		23,900
Endeavour Mining PLC		514		12,344
First Quantum Minerals Ltd.		1,630		38,561
Fortescue Metals Group Ltd.(b)		4,689		69,579
Franco-Nevada Corp.		531		75,681
Freeport-McMoRan, Inc.		3,962		158,480
Glencore PLC		29,559		167,596
IGO Ltd.(b)		1,887		19,260
Ivanhoe Mines Ltd.–Class A(a)(b)		1,686		15,400
JFE Holdings, Inc.		1,278		18,271
Kinross Gold Corp.(b)		3,478		16,593
Lundin Mining Corp.		1,798		14,088
Mineral Resources Ltd.(b)		481		23,036
Newcrest Mining Ltd.		2,476		44,168
Newmont Corp. (New York)		2,200		93,852
Nippon Steel Corp.(b)		2,195		45,940
Norsk Hydro ASA		3,724		22,200
Northern Star Resources Ltd.(b)		3,184		25,940
Nucor Corp.		698		114,458
Pan American Silver Corp.(b)		1,008		14,685
Pilbara Minerals Ltd.(b)		7,472		24,558
Reliance Steel & Aluminum Co.		163		44,269
Rio Tinto Ltd.(b)		1,028		78,724

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Rio Tinto PLC		3,118	$	198,148
South32 Ltd.		12,632		31,802
Steel Dynamics, Inc.		452		49,236
Sumitomo Metal Mining Co., Ltd.		672		21,694
Teck Resources Ltd.– Class B		1,262		53,100
voestalpine AG		321		11,536
Wheaton Precious Metals Corp.		1,251		54,101
				2,366,759
PAPER & FOREST PRODUCTS–0.1%
Holmen AB–Class B		260		9,344
Mondi PLC		1,344		20,504
Oji Holdings Corp.		2,381		8,903
Stora Enso Oyj–Class R		1,611		18,691
Svenska Cellulosa AB SCA–Class B(b)		1,677		21,407
UPM-Kymmene Oyj		1,478		44,040
West Fraser Timber Co., Ltd.(b)		158		13,574
				136,463
				6,524,958
UTILITIES–1.7%
ELECTRIC UTILITIES–1.0%
Acciona SA(b)		69		11,715
Alliant Energy Corp.		695		36,474
American Electric Power Co., Inc.		1,425		119,985
BKW AG		59		10,431
Chubu Electric Power Co., Inc.		1,739		21,215
CK Infrastructure Holdings Ltd.		903		4,790
CLP Holdings Ltd.		3,629		28,265
Constellation Energy Corp.		907		83,036
Duke Energy Corp.		2,134		191,505
Edison International		1,060		73,617
EDP–Energias de Portugal SA		8,111		39,644
Elia Group SA/NV		82		10,418
Emera, Inc.(b)		751		30,930
Endesa SA(b)		879		18,888
Enel SpA		22,524		151,866
Entergy Corp.		588		57,253
Evergy, Inc.		636		37,155
Eversource Energy		966		68,509
Exelon Corp.		2,753		112,157
FirstEnergy Corp.		1,507		58,592
Fortis, Inc./Canada(b)		1,341		57,790
Fortum Oyj		1,242		16,621
Hydro One Ltd.(b)(c)		911		26,029
Iberdrola SA		16,121		210,521
Kansai Electric Power Co., Inc. (The)(b)		1,871		23,474

Company	Shares			U.S. $ Value
Mercury NZ Ltd.		1,920		$	7,674
NextEra Energy, Inc.		5,604			415,817
NRG Energy, Inc.		643			24,042
Origin Energy Ltd.		4,771			26,816
Orsted AS(c)		524			49,676
PG&E Corp.(a)		4,974			85,951
Power Assets Holdings Ltd.		2,858			15,003
PPL Corp.		2,041			54,005
Red Electrica Corp. SA(b)		1,123			18,885
Southern Co. (The)		3,023			212,366
SSE PLC		3,019			70,796
Terna–Rete Elettrica Nazionale		3,896			33,230
Tokyo Electric Power Co. Holdings, Inc.(a)		4,184			15,346
Verbund AG		189			15,163
Xcel Energy, Inc.		1,524			94,747
					2,640,397
GAS UTILITIES–0.1%
AltaGas Ltd.(b)		779			13,995
APA Group		3,267			21,137
Atmos Energy Corp.		400			46,536
Enagas SA(b)		689			13,541
Hong Kong & China Gas Co., Ltd.		30,787			26,661
Naturgy Energy Group SA(b)		349			10,404
Osaka Gas Co., Ltd.		940			14,408
Snam SpA(b)		5,584			29,184
Tokyo Gas Co., Ltd.		1,050			22,909
UGI Corp.		580			15,643
					214,418
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		1,852			38,392
Brookfield Renewable Corp.–Class A		357			11,262
Corp. ACCIONA Energias Renovables SA(b)		182			6,089
EDP Renovaveis SA(b)		719	��		14,368
Meridian Energy Ltd.		3,576			12,314
Northland Power, Inc.		694			14,475
RWE AG		1,751			76,302
Vistra Corp.		946			24,832
					198,034
MULTI-UTILITIES–0.4%
Algonquin Power & Utilities Corp.(b)		1,892			15,639
Ameren Corp.		727			59,374
Canadian Utilities Ltd.–Class A		362			9,376
CenterPoint Energy, Inc.		1,744			50,838
Centrica PLC		15,747			24,829
CMS Energy Corp.		808			47,470

19

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

Company	Shares		U.S. $ Value
Consolidated Edison, Inc.		960	$	86,784
Dominion Energy, Inc.		2,282		118,185
DTE Energy Co.		571		62,821
E.ON SE		6,217		79,418
Engie SA		5,058		84,231
National Grid PLC		9,832		130,356
NiSource, Inc.		1,143		31,261
Public Service Enterprise Group, Inc.		1,381		86,464
Sempra Energy		872		126,954
Veolia Environnement SA		1,880		59,512
WEC Energy Group, Inc.		874		77,122
				1,150,634
WATER UTILITIES–0.1%
American Water Works Co., Inc.		539		76,942
Essential Utilities, Inc.		695		27,738
Severn Trent PLC		680		22,168
United Utilities Group PLC		1,888		23,086
				149,934
				4,353,417
REAL ESTATE–1.5%
DIVERSIFIED REITs–0.1%
British Land Co. PLC (The)		2,439		9,406
Daiwa House REIT Investment Corp.		7		13,421
GPT Group (The)(b)		5,305		14,679
Land Securities Group PLC		1,950		14,258
Mirvac Group(b)		10,927		16,501
Nomura Real Estate Master Fund, Inc.		13		14,994
Stockland		6,611		17,772
WP Carey, Inc.		592		39,996
				141,027
HEALTH CARE REITs–0.1%
Healthcare Realty Trust, Inc.		1,054		19,879
Healthpeak Properties, Inc.		1,514		30,431
Ventas, Inc.		1,108		52,375
Welltower, Inc.		1,375		111,224
				213,909
HOTEL & RESORT REITs–0.0%
Host Hotels & Resorts, Inc.		1,975		33,239
INDUSTRIAL REITs–0.2%
CapitaLand Ascendas REIT		8,639		17,437
GLP J-Reit		13		12,822
Goodman Group		4,687		63,007
Mapletree Logistics Trust		9,093		10,937
Nippon Prologis REIT, Inc.		6		12,059
Prologis, Inc.		2,558		313,687
Segro PLC		3,349		30,542
Warehouses De Pauw CVA		451		12,386
				472,877

Company	Shares		U.S. $ Value
OFFICE REITs–0.1%
Alexandria Real Estate Equities, Inc.		455	$	51,638
Boston Properties, Inc.		413		23,785
Covivio SA/France		131		6,188
Dexus(b)		2,978		15,509
Gecina SA		128		13,655
Japan Real Estate Investment Corp.		4		15,222
Nippon Building Fund, Inc.(b)		5		19,661
				145,658
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.2%
Azrieli Group Ltd.		118		6,667
Capitaland Investment Ltd./Singapore(b)		6,504		15,980
CBRE Group, Inc.– Class A(a)		861		69,491
City Developments Ltd.		1,050		5,237
CK Asset Holdings Ltd.		5,031		27,956
Daito Trust Construction Co., Ltd.		183		18,539
Daiwa House Industry Co., Ltd.		1,644		43,438
ESR Group Ltd.(c)		4,748		8,177
Fastighets AB Balder–Class B(a)		1,805		6,609
FirstService Corp.(b)		111		17,095
Hang Lung Properties Ltd.		4,030		6,236
Henderson Land Development Co., Ltd.		3,938		11,727
Hongkong Land Holdings Ltd.		2,395		9,365
Hulic Co., Ltd.(b)		1,001		8,577
LEG Immobilien SE(a)		205		11,828
Lendlease Corp., Ltd.(b)		1,909		9,905
Mitsubishi Estate Co., Ltd.		3,035		36,057
Mitsui Fudosan Co., Ltd.		2,469		49,211
New World Development Co., Ltd.(b)		3,625		8,959
Nomura Real Estate Holdings, Inc.		231		5,492
Sagax AB–Class B		528		10,441
Sino Land Co., Ltd.		9,242		11,378
Sumitomo Realty & Development Co., Ltd.		756		18,734
Sun Hung Kai Properties Ltd.		3,616		45,687
Swire Pacific Ltd.–Class A		435		3,342
Swire Properties Ltd.		2,422		5,968
Swiss Prime Site AG (REG)		213		18,503
Unibail-Rodamco-Westfield(a)		327		17,247
UOL Group Ltd.		370		1,764
Vonovia SE		1,983		38,727
Wharf Real Estate Investment Co., Ltd.		3,876		19,447

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Zillow Group, Inc.– Class C(a)		425	$	21,361
				589,145
RESIDENTIAL REITs–0.2%
American Homes 4 Rent–Class A		900		31,905
AvalonBay Communities, Inc.		388		73,437
Camden Property Trust		296		32,225
Canadian Apartment Properties REIT		229		8,792
Equity LifeStyle Properties, Inc.		490		32,776
Equity Residential		997		65,772
Essex Property Trust, Inc.		179		41,940
Invitation Homes, Inc.		1,694		58,273
Mid-America Apartment Communities, Inc.		323		49,051
Sun Communities, Inc.		345		45,009
UDR, Inc.		866		37,203
				476,383
RETAIL REITs–0.1%
CapitaLand Integrated Commercial Trust		14,593		20,680
Japan Metropolitan Fund Invest		21		14,051
Kimco Realty Corp.		1,716		33,839
Klepierre SA		595		14,782
Link REIT		6,173		34,366
Mapletree Pan Asia Commercial Trust(b)		6,196		7,454
Realty Income Corp.		1,829		109,356
Regency Centers Corp.		427		26,376
RioCan Real Estate Investment Trust		406		5,909
Scentre Group		14,374		25,421
Simon Property Group, Inc.		905		104,509
Vicinity Ltd.		10,716		13,197
				409,940
SPECIALIZED REITs–0.5%
American Tower Corp.		1,291		250,377
Crown Castle, Inc.		1,201		136,842
Digital Realty Trust, Inc.		807		91,893
Equinix, Inc.		259		203,040
Extra Space Storage, Inc.		374		55,670
Gaming and Leisure Properties, Inc.		726		35,182
Iron Mountain, Inc.		807		45,854
Public Storage		439		128,135
SBA Communications Corp.		300		69,528
VICI Properties, Inc.		2,781		87,407
Weyerhaeuser Co.		2,016		67,556
				1,171,484
				3,653,662
Total Common Stocks (cost $93,464,731)				157,325,383

Company		Principal Amount (000)		U.S. $ Value
GOVERNMENTS–TREASURIES–34.6%
UNITED STATES–34.6%
U.S. Treasury Bonds
1.25%, 05/15/2050	$		552	$	309,806
2.25%, 08/15/2046			3,477		2,533,791
2.25%, 08/15/2049			287		208,165
2.25%, 02/15/2052			2,286		1,648,774
2.375%, 11/15/2049			584		434,890
2.375%, 05/15/2051			1,859		1,379,652
2.50%, 02/15/2045			288		222,216
2.50%, 05/15/2046			42		32,452
2.75%, 08/15/2047			143		115,043
2.875%, 05/15/2043			300		249,849
2.875%, 08/15/2045			2,897		2,386,733
2.875%, 11/15/2046			187		153,449
2.875%, 05/15/2049			313		258,521
2.875%, 05/15/2052			417		345,316
3.00%, 05/15/2045			265		223,345
3.00%, 02/15/2047			238		199,705
3.00%, 05/15/2047			409		343,940
3.00%, 02/15/2048			350		294,690
3.00%, 08/15/2048			792		667,349
3.00%, 02/15/2049			257		216,751
3.125%, 02/15/2043			521		453,003
3.50%, 02/15/2039			12		11,678
3.625%, 08/15/2043			1,869		1,750,154
3.625%, 05/15/2053			362		347,734
3.75%, 11/15/2043			98		92,960
4.00%, 11/15/2052			208		213,125
4.25%, 05/15/2039			134		139,737
4.375%, 11/15/2039			502		530,763
4.50%, 08/15/2039			179		192,014
4.75%, 02/15/2037			465		514,049
4.75%, 02/15/2041			37		40,885
5.25%, 11/15/2028			1,257		1,319,051
5.375%, 02/15/2031			359		391,537
5.50%, 08/15/2028			762		805,392
6.00%, 02/15/2026			1,336		1,376,606
6.125%, 11/15/2027			1,389		1,489,917
6.25%, 05/15/2030			374		423,544
6.875%, 08/15/2025			471		489,295
U.S. Treasury Notes
0.25%, 08/31/2025			2,242		2,034,978
0.25%, 09/30/2025			1,168		1,057,225
0.375%, 01/31/2026			2,433		2,184,267
0.50%, 02/28/2026			1,120		1,005,720
0.625%, 05/15/2030			934		747,609
0.625%, 08/15/2030			997		793,944
0.75%, 04/30/2026			908		817,394
0.75%, 05/31/2026			1,952		1,752,386
0.75%, 08/31/2026			1,015		904,847
0.875%, 09/30/2026			1,513		1,353,336
1.00%, 07/31/2028			1,145		981,480
1.125%, 10/31/2026			1,163		1,045,428
1.25%, 12/31/2026			919		826,453
1.375%, 11/15/2031			73		59,745
1.50%, 08/15/2026			1,541		1,408,089

21

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

Company		Principal Amount (000)		U.S. $ Value
1.50%, 02/15/2030	$		523	$	447,566
1.625%, 02/15/2026			2,203		2,040,873
1.625%, 08/15/2029			937		817,121
1.625%, 05/15/2031			3,081		2,617,406
1.75%, 11/15/2029			984		862,471
1.875%, 02/15/2032			1,787		1,529,560
2.00%, 02/15/2025			1,108		1,054,141
2.00%, 08/15/2025			811		764,939
2.00%, 11/15/2026			4,808		4,446,082
2.125%, 05/15/2025			2,550		2,420,432
2.25%, 11/15/2025			909		859,004
2.25%, 08/15/2027			2,292		2,117,674
2.25%, 11/15/2027			3,588		3,303,571
2.375%, 05/15/2027			4,367		4,065,497
2.375%, 05/15/2029			1,327		1,209,320
2.625%, 12/31/2023			3,619		3,570,541
2.625%, 02/15/2029			451		417,461
2.75%, 02/15/2024			3,213		3,160,582
2.75%, 02/15/2028			129		120,898
2.75%, 08/15/2032			949		869,155
2.875%, 05/15/2028			400		377,470
2.875%, 05/15/2032			2,242		2,077,631
3.125%, 11/15/2028			912		868,300
3.125%, 08/31/2029			727		690,138
3.375%, 05/15/2033			655		631,545
3.50%, 04/30/2028			794		771,270
3.50%, 02/15/2033			1,420		1,382,601
3.625%, 03/31/2028			1,209		1,180,085
4.125%, 10/31/2027			603		599,210
4.125%, 11/15/2032			787		803,315
Total Governments–Treasuries (cost $94,494,792)					85,854,641
		Notional Amount
PURCHASED OPTIONS–PUTS–0.3%
OPTIONS ON EQUITY INDICES–0.3%
Euro STOXX 50 Index Expiration: Jun 2024; Contracts: 1,070; Exercise Price: EUR 3,600.00; Counterparty: UBS AG(a)	EUR		3,852,000		85,156
FTSE 100 Index Expiration: Apr 2024; Contracts: 240; Exercise Price: GBP 6,600.00; Counterparty: UBS AG(a)	GBP		1,584,000		29,580
Company		Notional Amount		U.S. $ Value
Nikkei 225 Index Expiration: May 2024; Contracts: 15,000; Exercise Price: JPY 27,000.00; Counterparty: UBS AG(a)	JPY		405,000,000	$	62,097
S&P 500 Index Expiration: Jun 2024; Contracts: 8,400; Exercise Price: USD 3,675.00; Counterparty: UBS AG(a)	USD		30,870,000		583,640
Total Purchased Options–Puts (premiums paid $974,149)					760,473
		Shares
SHORT-TERM INVESTMENTS–1.1%
INVESTMENT COMPANIES–1.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $2,612,463)			2,612,463		2,612,463
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.3% (cost $191,546,135)					246,552,960
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.6%
INVESTMENT COMPANIES–0.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $1,490,734)			1,490,734		1,490,734
TOTAL INVESTMENTS–99.9% (cost $193,036,869)					248,043,694
Other assets less liabilities–0.1%					305,935
NET ASSETS–100.0%				$	248,349,629

22

AB Variable Products Series Fund

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		4		September 2023	$	369,972	$	(3,298	)
FTSE 100 Index Futures		13		September 2023		1,245,101		11,100
Hang Seng Index Futures		9		July 2023		1,080,034		121
Long Gilt Futures		4		September 2023		484,124		(4,665	)
MSCI EAFE Futures		1		September 2023		107,775		386
MSCI Emerging Markets Futures		48		September 2023		2,394,960		(80,470	)
Nikkei 225 (OSE) Futures		2		September 2023		459,753		13,596
OMXS 30 Index Futures		47		July 2023		1,009,367		55
S&P 500 E-Mini Futures		7		September 2023		1,570,888		24,067
TOPIX Index Futures		7		September 2023		1,109,948		35,379
U.S. T-Note 2 Yr (CBT) Futures		54		September 2023		10,980,563		(129,878	)
U.S. T-Note 5 Yr (CBT) Futures		15		September 2023		1,606,406		(9,621	)
U.S. T-Note 10 Yr (CBT) Futures		107		September 2023		12,012,422		(176,108	)
U.S. Ultra Bond (CBT) Futures		40		September 2023		5,448,750		68,231
Sold Contracts
Euro STOXX 50 Index Futures		35		September 2023		1,690,760		(26,830	)
MSCI Singapore IX ETS Futures		22		July 2023		469,965		(984	)
S&P/TSX 60 Index Futures		10		September 2023		1,839,743		(29,833	)
SPI 200 Futures		25		September 2023		2,981,438		(37,870	)
							$	(346,622	)

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	482		USD	596		07/21/2023	$	(15,919	)
Bank of America, NA		USD	2,029		GBP	1,629		07/21/2023		39,501
Bank of America, NA		EUR	1,331		USD	1,468		07/31/2023		13,802
Bank of America, NA		JPY	403,578		USD	2,899		08/25/2023		79,937
Barclays Capital		USD	3,932		CAD	5,193		08/24/2023		(8,565	)
Barclays Capital		USD	1,180		SEK	12,463		09/13/2023		(20,908	)
BNP Paribas SA		USD	2,085		NZD	3,384		08/24/2023		(8,004	)
Citibank, NA		JPY	71,847		USD	513		08/25/2023		10,701
Citibank, NA		USD	4,005		AUD	5,873		08/25/2023		(86,911	)
Deutsche Bank AG		USD	6,522		EUR	6,007		07/31/2023		41,060
Deutsche Bank AG		USD	691		CAD	925		08/24/2023		7,576
Goldman Sachs Bank USA		USD	625		GBP	494		07/21/2023		2,326
Goldman Sachs Bank USA		USD	1,495		GBP	1,171		07/21/2023		(7,563	)
Goldman Sachs Bank USA		EUR	678		USD	746		07/31/2023		5,406
Goldman Sachs Bank USA		EUR	839		USD	912		07/31/2023		(4,570	)
Goldman Sachs Bank USA		AUD	5,336		USD	3,629		08/25/2023		69,882
HSBC Bank USA		USD	925		EUR	846		07/31/2023		(966	)
HSBC Bank USA		USD	1,088		NOK	11,429		09/13/2023		(21,065	)
HSBC Bank USA		USD	874		SEK	9,312		09/13/2023		(7,575	)
JPMorgan Chase Bank, NA		EUR	4,354		USD	4,762		07/31/2023		4,663

23

DYNAMIC ASSET ALLOCATION 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.		CHF	3,919		USD	4,391		07/21/2023	$	6,040
Morgan Stanley Capital Services, Inc.		GBP	1,966		USD	2,503		07/21/2023		5,280
Morgan Stanley Capital Services, Inc.		CAD	6,746		USD	5,064		08/24/2023		(32,759	)
State Street Bank & Trust Co.		SEK	3,516		USD	328		09/13/2023		959
UBS AG		USD	4,666		JPY	642,582		08/25/2023		(177,581	)
									$	(105,253	)

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

340

09/15/2023

$

48

(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 June 30, 2023, the aggregate market value of these securities amounted to $721,717 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.

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

EAFE—Europe, Australia, and Far East

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

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.

24

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $188,933,672)	$	243,940,497	(a)
Affiliated issuers (cost $4,103,197—including investment of cash collateral for securities loaned of $1,490,734)		4,103,197
Cash		1,743
Cash collateral due from broker		1,573,898
Foreign currencies, at value (cost $528,738)		525,765
Unaffiliated interest and dividends receivable		912,593
Receivable for investment securities sold		429,830
Receivable for capital stock sold		402,491
Unrealized appreciation on forward currency exchange contracts		287,133
Receivable for variation margin on futures		80,896
Affiliated dividends receivable		11,077
Receivable for variation margin on centrally cleared swaps		810
Unrealized appreciation on total return swaps		48
Total assets		252,269,978
LIABILITIES
Payable for collateral received on securities loaned		1,381,699
Cash collateral due to broker		900,000
Payable for investment securities purchased and foreign currency transactions		635,448
Unrealized depreciation on forward currency exchange contracts		392,386
Custody and accounting fees payable		223,694
Advisory fee payable		133,365
Collateral due to securities lending agent		109,035
Distribution fee payable		53,693
Payable for capital stock redeemed		31,489
Administrative fee payable		21,320
Payable for terminated centrally cleared credit default swaps		3,226
Directors’ fees payable		296
Transfer Agent fee payable		154
Accrued expenses		34,544
Total liabilities		3,920,349
NET ASSETS	$	248,349,629
COMPOSITION OF NET ASSETS
Capital stock, at par	$	29,089
Additional paid-in capital		204,135,421
Distributable earnings		44,185,119
NET ASSETS	$	248,349,629

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	214,046		24,902	$	8.60
B	$	248,135,583		29,064,384	$	8.54

(a) Includes securities on loan with a value of $6,411,653 (see Note E).

See notes to financial statements.

25

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $186,935)	$	1,636,891
Affiliated issuers		63,175
Interest		1,120,244
Securities lending income		8,643
		2,828,953
EXPENSES
Advisory fee (see Note B)		849,789
Distribution fee—Class B		303,227
Transfer agency—Class B		1,310
Custody and accounting		92,836
Audit and tax		53,550
Administrative		47,089
Legal		19,357
Printing		13,180
Directors’ fees		10,260
Miscellaneous		20,671
Total expenses		1,411,269
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(76,312	)
Net expenses		1,334,957
Net investment income		1,493,996
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(4,025,706	)
Forward currency exchange contracts		(229,667	)
Futures		(750,202	)
Swaps		16,175
Foreign currency transactions		8,285
Net change in unrealized appreciation (depreciation) of:
Investments		22,958,358
Forward currency exchange contracts		(214,306	)
Futures		(259,458	)
Swaps		(6,579	)
Foreign currency denominated assets and liabilities		(12,242	)
Net gain on investment and foreign currency transactions		17,484,658
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	18,978,654

See notes to financial statements.

26

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

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,493,996		$	2,229,545
Net realized loss on investment and foreign currency transactions		(4,981,115	)		(6,155,550	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		22,465,773			(51,515,846	)
Net increase (decrease) in net assets from operations		18,978,654			(55,441,851	)
Distributions to Shareholders
Class A		–0	–		(82,065	)
Class B		–0	–		(88,612,765	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(6,226,292	)		77,402,279
Total increase (decrease)		12,752,362			(66,734,402	)
NET ASSETS
Beginning of period		235,597,267			302,331,669
End of period	$	248,349,629		$	235,597,267

See notes to financial statements.

27

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Dynamic Asset Allocation Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to maximize total return consistent with 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

28

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

29

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 June 30, 2023:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	31,491,953		$	3,586,146		$	–0	–	$	35,078,099
Financials		15,089,363			7,762,813			–0	–		22,852,176
Health Care		14,515,056			5,603,173			–0	–		20,118,229
Consumer Discretionary		12,095,966			5,435,252			–0	–		17,531,218
Industrials		10,496,609			6,871,309			–0	–		17,367,918
Consumer Staples		7,303,167			4,378,745			–0	–		11,681,912
Communication Services		9,283,624			1,723,245			–0	–		11,006,869
Energy		5,341,425			1,815,500			–0	–		7,156,925
Materials		3,347,469			3,177,489			–0	–		6,524,958
Utilities		2,882,063			1,471,354			–0	–		4,353,417
Real Estate		2,712,057			941,605			–0	–		3,653,662
Governments—Treasuries		–0	–		85,854,641			–0	–		85,854,641
Purchased Options—Puts		–0	–		760,473			–0	–		760,473
Short-Term Investments		2,612,463			–0	–		–0	–		2,612,463
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,490,734			–0	–		–0	–		1,490,734
Total Investments in Securities		118,661,949			129,381,745			–0	–		248,043,694
Other Financial Instruments(a):
Assets:
Futures		152,935			–0	–		–0	–		152,935	(b)
Forward Currency Exchange Contracts		–0	–		287,133			–0	–		287,133
Total Return Swaps		–0	–		48			–0	–		48
Liabilities:
Futures		(499,557	)		–0	–		–0	–		(499,557	)(b)
Forward Currency Exchange Contracts		–0	–		(392,386	)		–0	–		(392,386	)
Total	$	118,315,327		$	129,276,540		$	–0	–	$	247,591,867

(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

30

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, 2024 and then may be extended by the Adviser for additional one-year terms. For the six months ended June 30, 2023, such reimbursements/waivers amounted to $74,869.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2023, the reimbursement for such services amounted to $47,089.

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 $900 for the six months ended June 30, 2023.

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

31

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 six months ended June 30, 2023, such waiver amounted to $1,351.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	3,658	$	21,458	$	22,504	$	2,612	$	63
Government Money Market Portfolio*		165		6,208		4,882		1,491		2
Total							$	4,103	$	65

* 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 six months ended June 30, 2023 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	3,848,836	$	10,134,279
U.S. government securities		11,894,511		15,491,681

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

Gross unrealized appreciation	$	71,128,812
Gross unrealized depreciation		(16,573,814	)
Net unrealized appreciation	$	54,554,998

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.

32

AB Variable Products Series Fund

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

• Futures

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

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

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

During the six months ended June 30, 2023, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2023, 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

33

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

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 six months ended June 30, 2023, 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 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

34

AB Variable Products Series Fund

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

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

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

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

During the six months ended June 30, 2023, 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

35

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

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 six months ended June 30, 2023, 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 six months ended June 30, 2023, 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 for variation margin on futures	$	68,231	*	Payable for variation margin on futures	$	323,570	*
Equity contracts	Receivable for variation margin on futures		84,704	*	Payable for variation margin on futures		175,987	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		287,133		Unrealized depreciation on forward currency exchange contracts		392,386
Equity contracts	Investments in securities, at value		760,473
Equity contracts	Unrealized appreciation on total return swaps		48
Total		$	1,200,589			$	891,943

* 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.

36

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	$	(429,674	)	$	(90,896	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(320,528	)		(168,562	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(229,667	)		(214,306	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(1,252,293	)		(198,771	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		18,432			–0	–
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(2,257	)		(6,579	)
Total		$	(2,215,987	)	$	(679,114	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2023:

Futures:
Average notional amount of buy contracts	$	26,846,870
Average notional amount of sale contracts	$	8,204,444
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	24,943,109
Average principal amount of sale contracts	$	21,336,175
Purchased Options:
Average notional amount	$	33,861,208
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	2,437,750	(a)
Total Return Swaps:
Average notional amount	$	705,413

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

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

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

37

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

(“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2023. 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

$

133,240

$

(15,919

)

$

–0

–

$

–0

–

$

117,321

Citibank, NA

10,701

(10,701

)

–0

–

–0

–

–0

–

Deutsche Bank AG

48,636

–0

–

–0

–

–0

–

48,636

Goldman Sachs Bank USA

77,614

(12,133

)

–0

–

–0

–

65,481

JPMorgan Chase Bank, NA

4,663

–0

–

–0

–

–0

–

4,663

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

11,368

(11,368

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

959

–0

–

–0

–

–0

–

959

Total

$

287,181

$

(50,121

)

$

–0

–

$

–0

–

$

237,060

^

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

$

15,919

$

(15,919

)

$

–0

–

$

–0

–

$

–0

–

Barclays Capital

29,473

–0

–

–0

–

–0

–

29,473

BNP Paribas SA

8,004

–0

–

–0

–

–0

–

8,004

Citibank, NA

86,911

(10,701

)

–0

–

–0

–

76,210

Goldman Sachs Bank USA

12,133

(12,133

)

–0

–

–0

–

–0

–

HSBC Bank USA

29,606

–0

–

–0

–

–0

–

29,606

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

32,759

(11,368

)

–0

–

–0

–

21,391

UBS AG

177,581

–0

–

–0

–

–0

–

177,581

Total

$

392,386

$

(50,121

)

$

–0

–

$

–0

–

$

342,265

^

* 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

38

AB Variable Products Series Fund

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 six months ended June 30, 2023 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
$	6,411,653	$	1,490,734	$	5,306,919	$	6,764	$	1,879	$	92

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class A
Shares sold		1,577			5,959		$	13,118		$	70,320
Shares issued in reinvestment of dividends and distributions		–0	–		9,643			–0	–		82,060
Shares redeemed		(5,744	)		(14,092	)		(47,735	)		(183,919	)
Net increase (decrease)		(4,167	)		1,510		$	(34,617	)	$	(31,539	)
Class B
Shares sold		795,546			1,391,617		$	6,673,006		$	14,302,037
Shares issued on reinvestment of dividends and distributions		–0	–		10,461,956			–0	–		88,612,765
Shares redeemed		(1,557,977	)		(2,353,134	)		(12,864,681	)		(25,480,984	)
Net increase (decrease)		(762,431	)		9,500,439		$	(6,191,675	)	$	77,433,818

At June 30, 2023, 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.

39

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. It includes the risk that a particular style of investing may underperform the market generally.

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 recent end of a period of historically low rates and the effects 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 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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, 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

40

AB Variable Products Series Fund

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, or REITs, may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in taxes. Some REITs may utilize leverage, which increases investment risk and may potentially increase the Portfolio’s losses.

LIBOR Transition and Associated Risk—The 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. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financing 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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. 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,

41

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 six months ended June 30, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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.

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.

42

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$7.94			$14.94			$13.89			$13.46			$11.91			$13.07
Income From Investment Operations
Net investment income(a)(b)		.06			.12			.14			.15			.23			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.60			(2.57	)		1.20			.51			1.60			(1.11	)
Net increase (decrease) in net asset value from operations		.66			(2.45	)		1.34			.66			1.83			(.91	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.38	)		(.29	)		(.23	)		(.27	)		(.23	)
Distributions from net realized gain on investment transactions		–0	–		(4.17	)		–0	–		–0	–		(.01	)		(.02	)
Total dividends and distributions		–0	–		(4.55	)		(.29	)		(.23	)		(.28	)		(.25	)
Net asset value, end of period		$8.60			$7.94			$14.94			$13.89			$13.46			$11.91
Total Return
Total investment return based on net asset value(c)		8.31	%		(18.45	)%		9.67	%		5.02	%		15.51	%		(7.07	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$214			$231			$412			$364			$383			$355
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.85	%^		.84	%		.82	%		.80	%		.80	%		.78	%
Expenses, before waivers/reimbursements(d)‡		.91	%^		.91	%		.83	%		.80	%		.80	%		.79	%
Net investment income(b)		1.46	%^		1.10	%		.98	%		1.18	%		1.78	%		1.60	%
Portfolio turnover rate		7	%		16	%		32	%		13	%		19	%		24	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.01	%		.01	%		.01	%		.02	%		.03	%

See footnote summary on page 44.

43

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

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$7.89			$14.85			$13.80			$13.36			$11.82			$12.98
Income From Investment Operations
Net investment income(a)(b)		.05			.09			.12			.12			.19			.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.60			(2.56	)		1.16			.51			1.60			(1.11	)
Net increase (decrease) in net asset value from operations		.65			(2.47	)		1.28			.63			1.79			(.94	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.32	)		(.23	)		(.19	)		(.24	)		(.20	)
Distributions from net realized gain on investment transactions		–0	–		(4.17	)		–0	–		–0	–		(.01	)		(.02	)
Total dividends and distributions		–0	–		(4.49	)		(.23	)		(.19	)		(.25	)		(.22	)
Net asset value, end of period		$8.54			$7.89			$14.85			$13.80			$13.36			$11.82
Total Return
Total investment return based on net asset value(c)		8.24	%		(18.68	)%		9.28	%		4.86	%		15.24	%		(7.35	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$248,136			$235,366			$301,920			$548,422			$568,985			$533,467
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.10	%^		1.09	%		1.06	%		1.05	%		1.05	%		1.03	%
Expenses, before waivers/reimbursements(d)‡		1.16	%^		1.17	%		1.07	%		1.06	%		1.05	%		1.04	%
Net investment income(b)		1.23	%^		.87	%		.80	%		.93	%		1.51	%		1.35	%
Portfolio turnover rate		7	%		16	%		32	%		13	%		19	%		24	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.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.

^ Annualized.

See notes to financial statements.

44

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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

45

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

46

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

47

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.

48

VPS-DAA-0152-0623

JUN    ^06.30.23

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ DISCOVERY VALUE PORTFOLIO

(formerly, 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.

DISCOVERY VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,069.20	$	4.16		0.81	%
Hypothetical**	$	1,000	$	1,020.78	$	4.06		0.81	%
Class B
Actual	$	1,000	$	1,067.70	$	5.43		1.06	%
Hypothetical**	$	1,000	$	1,019.54	$	5.31		1.06	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

1

DISCOVERY VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET  ASSETS
Dycom Industries, Inc.	$	12,214,306		1.8	%
Berry Global Group, Inc.		11,526,511		1.7
First Citizens BancShares, Inc./NC—Class A		11,012,001		1.6
Herc Holdings, Inc.		10,938,421		1.6
Regal Rexnord Corp.		10,913,049		1.6
PulteGroup, Inc.		10,635,169		1.6
Cameco Corp.		10,559,463		1.6
Knight-Swift Transportation Holdings, Inc.		10,545,232		1.5
Vertiv Holdings Co.		10,357,328		1.5
IDACORP, Inc.		10,292,217		1.5
	$	108,993,697		16.0	%

SECTOR BREAKDOWN²

June 30, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Industrials	$	173,106,234		25.5	%
Financials		136,782,388		20.2
Consumer Discretionary		102,957,338		15.2
Information Technology		74,359,934		11.0
Real Estate		43,480,397		6.4
Health Care		40,701,265		6.0
Energy		32,954,206		4.9
Materials		27,918,530		4.1
Utilities		19,225,976		2.8
Consumer Staples		14,329,135		2.1
Communication Services		8,867,850		1.3
Short-Term Investments		3,272,903		0.5
Total Investments	$	677,956,156		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

DISCOVERY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.1%
INDUSTRIALS–25.4%
AEROSPACE & DEFENSE–0.9%
Spirit AeroSystems Holdings, Inc.–Class A(a)		200,640	$	5,856,682
BUILDING PRODUCTS–2.6%
Builders FirstSource, Inc.(b)		75,260		10,235,360
Masonite International Corp.(b)		70,269		7,198,356
				17,433,716
CONSTRUCTION & ENGINEERING–4.8%
Arcosa, Inc.		42,537		3,223,029
Dycom Industries, Inc.(b)		107,473		12,214,306
Fluor Corp.(b)		295,300		8,740,880
MasTec, Inc.(b)		71,790		8,469,066
				32,647,281
ELECTRICAL EQUIPMENT–4.2%
Regal Rexnord Corp.		70,910		10,913,049
Sensata Technologies Holding PLC		166,520		7,491,735
Vertiv Holdings Co.		418,140		10,357,328
				28,762,112
GROUND TRANSPORTATION–3.0%
Knight-Swift Transportation Holdings, Inc.		189,799		10,545,232
XPO, Inc.(b)		172,300		10,165,700
				20,710,932
MACHINERY–3.4%
Crane NXT Co.		98,735		5,572,604
Oshkosh Corp.		106,080		9,185,467
Timken Co. (The)		96,010		8,787,795
				23,545,866
MARINE TRANSPORTATION–0.8%
Star Bulk Carriers Corp.		308,340		5,457,618
PASSENGER AIRLINES–1.3%
Alaska Air Group, Inc.(b)		168,630		8,967,743
PROFESSIONAL SERVICES–2.8%
Genpact Ltd.		180,181		6,769,400
Korn Ferry		91,020		4,509,131
Robert Half International, Inc.		99,805		7,507,332
				18,785,863
TRADING COMPANIES & DISTRIBUTORS–1.6%
Herc Holdings, Inc.		79,930		10,938,421
				173,106,234
FINANCIALS–20.1%
BANKS–10.5%
BankUnited, Inc.		152,861		3,294,155
Company	Shares		U.S. $ Value
Comerica, Inc.		200,713	$	8,502,203
First BanCorp./Puerto Rico		678,544		8,291,808
First Citizens BancShares, Inc./NC–Class A		8,580		11,012,001
First Hawaiian, Inc.		433,638		7,809,820
Synovus Financial Corp.		183,872		5,562,128
Texas Capital Bancshares, Inc.(b)		141,452		7,284,778
Webster Financial Corp.		160,029		6,041,095
Wintrust Financial Corp.		115,270		8,370,907
Zions Bancorp NA(a)		205,418		5,517,527
				71,686,422
CAPITAL MARKETS–3.5%
Cboe Global Markets, Inc.		61,770		8,524,878
Moelis & Co.–Class A(a)		141,937		6,435,423
Stifel Financial Corp.		149,587		8,925,856
				23,886,157
INSURANCE–6.1%
American Financial Group, Inc./OH		61,860		7,345,875
Everest Re Group Ltd.		29,457		10,070,170
Hanover Insurance Group, Inc. (The)		57,790		6,532,004
Kemper Corp.		116,460		5,620,360
Reinsurance Group of America, Inc.		42,847		5,942,450
Selective Insurance Group, Inc.		59,395		5,698,950
				41,209,809
				136,782,388
CONSUMER DISCRETIONARY–15.1%
AUTOMOBILE COMPONENTS–1.6%
Dana, Inc.		300,675		5,111,475
Goodyear Tire & Rubber Co. (The)(b)		439,420		6,011,265
				11,122,740
DIVERSIFIED CONSUMER SERVICES–1.1%
ADT, Inc.		1,230,393		7,419,270
HOTELS, RESTAURANTS & LEISURE–3.1%
Dine Brands Global, Inc.(a)		109,780		6,370,533
Hilton Grand Vacations, Inc.(b)		211,710		9,620,103
Papa John’s International, Inc.(a)		73,482		5,425,176
				21,415,812
HOUSEHOLD DURABLES–2.6%
PulteGroup, Inc.		136,910		10,635,169
Taylor Morrison Home Corp.(b)		140,859		6,869,693
				17,504,862

3

DISCOVERY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SPECIALTY RETAIL–2.8%
Bath & Body Works, Inc.		192,210	$	7,207,875
Sally Beauty Holdings, Inc.(b)		442,040		5,459,194
Williams-Sonoma, Inc.(a)		51,469		6,440,831
				19,107,900
TEXTILES, APPAREL & LUXURY GOODS–3.9%
PVH Corp.		113,170		9,616,055
Ralph Lauren Corp.		73,190		9,024,327
Tapestry, Inc.		180,990		7,746,372
				26,386,754
				102,957,338
INFORMATION TECHNOLOGY–10.9%
COMMUNICATIONS EQUIPMENT–1.1%
Lumentum Holdings, Inc.(a)(b)		132,870		7,537,715
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.6%
Avnet, Inc.		186,010		9,384,205
Belden, Inc.		85,314		8,160,284
				17,544,489
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.3%
Amkor Technology, Inc.		252,468		7,510,923
FormFactor, Inc.(b)		239,050		8,180,291
Kulicke & Soffa Industries, Inc.		116,158		6,905,593
Synaptics, Inc.(b)		76,067		6,494,601
				29,091,408
SOFTWARE–2.9%
ACI Worldwide, Inc.(b)		249,840		5,788,793
CommVault Systems, Inc.(b)		110,676		8,037,291
Gen Digital, Inc.		342,870		6,360,238
				20,186,322
				74,359,934
REAL ESTATE–6.4%
DIVERSIFIED REITS–0.8%
Broadstone Net Lease, Inc.–Class A		337,471		5,210,552
HEALTH CARE REITs–1.1%
Physicians Realty Trust		522,491		7,309,649
INDUSTRIAL REITs–2.1%
First Industrial Realty Trust, Inc.		86,201		4,537,621
STAG Industrial, Inc.		274,898		9,863,340
				14,400,961
RESIDENTIAL REITs–1.1%
Apartment Income REIT Corp.		216,992		7,831,242
Company	Shares		U.S. $ Value
SPECIALIZED REITs–1.3%
CubeSmart		195,432	$	8,727,993
				43,480,397
HEALTH CARE–6.0%
HEALTH CARE EQUIPMENT & SUPPLIES–3.6%
Avantor, Inc.(b)		343,730		7,060,214
Envista Holdings Corp.(b)		288,770		9,771,977
Integra LifeSciences Holdings Corp.(b)		189,200		7,781,796
				24,613,987
HEALTH CARE PROVIDERS & SERVICES–2.4%
Acadia Healthcare Co., Inc.(b)		111,380		8,870,303
Pediatrix Medical Group, Inc.(b)		507,880		7,216,975
				16,087,278
				40,701,265
ENERGY–4.9%
ENERGY EQUIPMENT & SERVICES–1.3%
ChampionX Corp.		271,960		8,441,638
OIL, GAS & CONSUMABLE FUELS–3.6%
Cameco Corp.		337,040		10,559,463
HF Sinclair Corp.		127,785		5,700,489
Magnolia Oil & Gas Corp.–Class A		394,862		8,252,616
				24,512,568
				32,954,206
MATERIALS–4.1%
CHEMICALS–1.0%
Huntsman Corp.		258,370		6,981,158
CONTAINERS & PACKAGING–1.7%
Berry Global Group, Inc.		179,150		11,526,511
METALS & MINING–1.4%
ATI, Inc.(b)		212,771		9,410,861
				27,918,530
UTILITIES–2.8%
ELECTRIC UTILITIES–2.8%
IDACORP, Inc.		100,314		10,292,217
Portland General Electric Co.		190,770		8,933,759
				19,225,976
CONSUMER STAPLES–2.1%
FOOD PRODUCTS–2.1%
Hain Celestial Group, Inc. (The)(b)		463,014		5,792,305
Nomad Foods Ltd.(b)		487,262		8,536,830
				14,329,135

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMUNICATION SERVICES–1.3%
MEDIA–1.3%
Criteo SA (Sponsored ADR)(b)		262,829	$	8,867,850
Total Common Stocks (cost $613,214,197)				674,683,253
SHORT-TERM INVESTMENTS–0.5%
INVESTMENT COMPANIES–0.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(c)(d)(e) (cost $3,272,903)		3,272,903		3,272,903
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.6% (cost $616,487,100)				677,956,156
Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.8%
INVESTMENT COMPANIES–0.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(c)(d)(e) (cost $5,694,164)		5,694,164	$	5,694,164
TOTAL INVESTMENTS–100.4% (cost $622,181,264)				683,650,320
Other assets less liabilities–(0.4)%				(2,616,820	)
NET ASSETS–100.0%			$	681,033,500

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

(b) Non-income producing security.

(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.

5

DISCOVERY VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $613,214,197)	$	674,683,253	(a)
Affiliated issuers (cost $8,967,067—including investment of cash collateral for securities loaned of $5,694,164)		8,967,067
Cash		58
Receivable for investment securities sold		3,466,158
Unaffiliated dividends receivable		781,969
Receivable for capital stock sold		118,843
Affiliated dividends receivable		27,581
Total assets		688,044,929
LIABILITIES
Payable for collateral received on securities loaned		5,694,164
Advisory fee payable		436,797
Payable for capital stock redeemed		326,877
Payable for investment securities purchased		251,815
Distribution fee payable		95,283
Administrative fee payable		21,835
Directors’ fees payable		428
Transfer Agent fee payable		150
Accrued expenses		184,080
Total liabilities		7,011,429
NET ASSETS	$	681,033,500
COMPOSITION OF NET ASSETS
Capital stock, at par	$	38,714
Additional paid-in capital		545,798,395
Distributable earnings		135,196,391
NET ASSETS	$	681,033,500

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	237,127,541		13,344,970	$	17.77
B	$	443,905,959		25,368,555	$	17.50

(a) Includes securities on loan with a value of $32,361,633 (see Note E).

See notes to financial statements.

6

DISCOVERY VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $19,107)	$	4,958,009
Affiliated issuers		120,253
Interest		81
Securities lending income		35,529
		5,113,872
EXPENSES
Advisory fee (see Note B)		2,526,050
Distribution fee—Class B		548,668
Transfer agency—Class A		1,140
Transfer agency—Class B		2,134
Administrative		47,445
Custody and accounting		47,029
Legal		31,374
Audit and tax		23,441
Printing		19,154
Directors’ fees		13,215
Miscellaneous		13,594
Total expenses		3,273,244
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(2,714	)
Net expenses		3,270,530
Net investment income		1,843,342
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		11,858,711
Foreign currency transactions		(652	)
Net change in unrealized appreciation (depreciation) of investments		30,580,479
Net gain on investment and foreign currency transactions		42,438,538
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	44,281,880

See notes to financial statements.

7

DISCOVERY VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,843,342		$	5,968,602
Net realized gain on investment transactions		11,858,059			56,176,032
Net change in unrealized appreciation (depreciation) of investments		30,580,479			(192,080,807	)
Net increase (decrease) in net assets from operations		44,281,880			(129,936,173	)
Distributions to Shareholders
Class A		–0	–		(39,063,484	)
Class B		–0	–		(74,247,640	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(22,920,244	)		52,787,833
Total increase (decrease)		21,361,636			(190,459,464	)
NET ASSETS
Beginning of period		659,671,864			850,131,328
End of period	$	681,033,500		$	659,671,864

See notes to financial statements.

8

DISCOVERY VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Discovery Value Portfolio (the “Portfolio”) (formerly known as AB Small/Mid Cap Value 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

9

DISCOVERY VALUE 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 June 30, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

674,683,253

$

–0

–

$

–0

–

$

674,683,253

Short-Term Investments

3,272,903

–0

–

–0

–

3,272,903

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

5,694,164

–0

–

–0

–

5,694,164

Total Investments in Securities

683,650,320

–0

–

–0

–

683,650,320

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

683,650,320

$

–0

–

$

–0

–

$

683,650,320

(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.

10

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 six months ended June 30, 2023, there were no expenses waived by the Adviser.

11

DISCOVERY VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 six months ended June 30, 2023, the reimbursement for such services amounted to $47,445.

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 $900 for the six months ended June 30, 2023.

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 six months ended June 30, 2023, such waiver amounted to $2,474.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	4,206	$	66,292	$	67,225	$	3,273	$	120
Government Money Market Portfolio*		207		31,415		25,928		5,694		11
Total							$	8,967	$	131

* 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 six months ended June 30, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	151,488,165		$	173,519,603
U.S. government securities		–0	–		–0	–

12

AB Variable Products Series Fund

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

Gross unrealized appreciation	$	115,311,073
Gross unrealized depreciation		(53,842,017	)
Net unrealized appreciation	$	61,469,056

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2023.

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.

13

DISCOVERY VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2023 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
$32,361,633	$	5,694,164	$	27,673,260	$	24,179	$	11,350	$	240

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class A
Shares sold		711,293			914,008		$	12,090,087		$	18,069,372
Shares issued in reinvestment of dividends and distributions		–0	–		2,264,550			–0	–		39,063,484
Shares redeemed		(1,116,216	)		(1,637,209	)		(18,707,826	)		(32,043,197	)
Net increase (decrease)		(404,923	)		1,541,349		$	(6,617,739	)	$	25,089,659
Class B
Shares sold		993,816			1,801,924		$	16,614,942		$	35,459,120
Shares issued on reinvestment of dividends and distributions		–0	–		4,359,814			–0	–		74,247,640
Shares redeemed		(1,924,460	)		(4,193,215	)		(32,917,447	)		(82,008,586	)
Net increase (decrease)		(930,644	)		1,968,523		$	(16,302,505	)	$	27,698,174

At June 30, 2023, certain shareholders of the Portfolio owned 72% 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.

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 asset, 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 counter-

14

AB Variable Products Series Fund

party (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—The 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. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financing 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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. 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, 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 six months ended June 30, 2023.

15

DISCOVERY VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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.

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.

16

DISCOVERY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$16.62			$23.46			$17.39			$17.91			$16.93			$21.68
Income From Investment Operations
Net investment income(a)(b)		.06			.19			.21			.17			.16			.13
Net realized and unrealized gain (loss) on investment transactions		1.09			(3.74	)		6.03			.20			3.04			(3.04	)
Net increase (decrease) in net asset value from operations		1.15			(3.55	)		6.24			.37			3.20			(2.91	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.22	)		(.17	)		(.16	)		(.11	)		(.11	)
Distributions from net realized gain on investment transactions		–0	–		(3.07	)		–0	–		(.73	)		(2.11	)		(1.73	)
Total dividends and distributions		–0	–		(3.29	)		(.17	)		(.89	)		(2.22	)		(1.84	)
Net asset value, end of period		$17.77			$16.62			$23.46			$17.39			$17.91			$16.93
Total Return
Total investment return based on net asset value(c)*		6.92	%		(15.63	)%		35.95	%		3.37	%		20.10	%		(15.03	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$237,128			$228,586			$286,390			$222,441			$211,046			$188,052
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.81	%^		.80	%		.80	%		.83	%		.82	%		.81	%
Expenses, before waivers/reimbursements		.81	%^		.80	%		.80	%		.83	%		.83	%		.81	%
Net investment income(b)		.71	%^		1.00	%		.98	%		1.17	%		.90	%		.61	%
Portfolio turnover rate		23	%		42	%		54	%		58	%		33	%		39	%

See footnote summary on page 18.

17

DISCOVERY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$16.39			$23.17			$17.19			$17.72			$16.75			$21.48
Income From Investment Operations
Net investment income(a)(b)		.04			.14			.16			.13			.12			.07
Net realized and unrealized gain (loss) on investment transactions		1.07			(3.68	)		5.95			.18			3.02			(3.02	)
Net increase (decrease) in net asset value from operations		1.11			(3.54	)		6.11			.31			3.14			(2.95	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.17	)		(.13	)		(.11	)		(.06	)		(.05	)
Distributions from net realized gain on investment transactions		–0	–		(3.07	)		–0	–		(.73	)		(2.11	)		(1.73	)
Total dividends and distributions		–0	–		(3.24	)		(.13	)		(.84	)		(2.17	)		(1.78	)
Net asset value, end of period		$17.50			$16.39			$23.17			$17.19			$17.72			$16.75
Total Return
Total investment return based on net asset value(c)*		6.77	%		(15.82	)%		35.60	%		3.05	%		19.90	%		(15.29	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$443,906			$431,086			$563,741			$432,719			$423,246			$374,941
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.06	%^		1.05	%		1.05	%		1.08	%		1.07	%		1.06	%
Expenses, before waivers/reimbursements		1.06	%^		1.05	%		1.05	%		1.08	%		1.08	%		1.06	%
Net investment income(b)		.46	%^		.74	%		.73	%		.91	%		.65	%		.36	%
Portfolio turnover rate.		23	%		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%.

^ Annualized.

See notes to financial statements.

18

DISCOVERY 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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

19

DISCOVERY 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 Discovery Value Portfolio (formerly AB Small/Mid Cap Value Portfolio) (the “Fund”) at a meeting held in person on May 2-4, 2023 (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 of 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 2021 and 2022 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

20

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, 2023 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 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

21

DISCOVERY VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to the medians for 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 equal to a median. 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.

22

VPS-DV-0152-0623

JUN    ^06.30.23

SEMI-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
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,092.20	$	2.44		0.47	%	$	2.59		0.50	%
Hypothetical**	$	1,000	$	1,022.46	$	2.36		0.47	%	$	2.51		0.50	%
Class B
Actual	$	1,000	$	1,090.20	$	3.94		0.76	%	$	4.09		0.79	%
Hypothetical**	$	1,000	$	1,021.03	$	3.81		0.76	%	$	3.96		0.79	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 181/365 (to reflect the one-half year period).

1

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S.$ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	566,237,542		72.5	%
Purchased Options—Puts		508,836		0.1
Short-Term Investments		213,952,918		27.4
Total Investments	$	780,699,296		100.0	%

COUNTRY BREAKDOWN²

June 30, 2023 (unaudited)

COUNTRY	U.S.$ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	411,426,610		52.7	%
Japan		37,128,552		4.8
United Kingdom		21,540,591		2.8
France		19,197,172		2.4
Germany		14,166,394		1.8
Australia		12,978,478		1.7
Switzerland		10,120,178		1.3
Netherlands		7,215,615		0.9
Denmark		5,060,347		0.6
Sweden		4,933,782		0.6
Spain		4,192,464		0.5
Hong Kong		3,825,051		0.5
Italy		3,599,864		0.5
Other		11,361,280		1.5
Short-Term Investments		213,952,918		27.4
Total Investments	$	780,699,296		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 South Korea.

2

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–69.9%
INFORMATION TECHNOLOGY–15.7%
COMMUNICATIONS EQUIPMENT–0.5%
Arista Networks, Inc.(a)		2,696	$	436,914
Cisco Systems, Inc.		44,227		2,288,305
F5, Inc.(a)		653		95,508
Juniper Networks, Inc.		3,473		108,809
Motorola Solutions, Inc.		1,811		531,130
Nokia Oyj		55,560		232,788
Telefonaktiebolaget LM Ericsson–Class B		30,232		164,260
				3,857,714
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Amphenol Corp.–Class A		6,428		546,059
Azbil Corp.		1,243		39,341
CDW Corp./DE		1,455		266,992
Corning, Inc.		8,262		289,500
Halma PLC		4,008		116,013
Hamamatsu Photonics KK		1,510		74,131
Hexagon AB–Class B		21,950		269,992
Hirose Electric Co., Ltd.		326		43,402
Ibiden Co., Ltd.		1,205		68,561
Keyence Corp.		2,058		977,872
Keysight Technologies, Inc.(a)		1,924		322,174
Kyocera Corp.		3,417		185,755
Murata Manufacturing Co., Ltd.		6,138		352,572
Omron Corp.		1,854		113,839
Shimadzu Corp.		2,567		79,342
TDK Corp.		4,191		163,469
TE Connectivity Ltd.		3,403		476,964
Teledyne Technologies, Inc.(a)		508		208,844
Trimble, Inc.(a)		2,675		141,615
Venture Corp., Ltd.		2,790		30,461
Yaskawa Electric Corp.(b)		2,574		118,669
Yokogawa Electric Corp.		2,300		42,576
Zebra Technologies Corp.–Class A(a)		555		164,186
				5,092,329
IT SERVICES–0.7%
Accenture PLC–Class A		6,819		2,104,207
Akamai Technologies, Inc.(a)		1,643		147,656
Bechtle AG		933		37,052
Capgemini SE		1,767		334,568

Company	Shares		U.S. $ Value
Cognizant Technology Solutions Corp.–Class A		5,480	$	357,734
DXC Technology Co.(a)		2,459		65,705
EPAM Systems, Inc.(a)		625		140,469
Fujitsu Ltd.		1,861		240,967
Gartner, Inc.(a)		854		299,165
International Business Machines Corp.		9,805		1,312,007
Itochu Techno-Solutions Corp.		967		24,504
NEC Corp.		2,617		126,957
Nomura Research Institute Ltd.		4,139		114,350
NTT Data Corp.		6,709		94,066
Obic Co., Ltd.(b)		736		118,134
Otsuka Corp.		1,284		50,014
SCSK Corp.		1,574		24,770
TIS, Inc.		2,330		58,379
VeriSign, Inc.(a)		978		220,999
Wix.com Ltd.(a)		571		44,675
				5,916,378
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.4%
Advanced Micro Devices, Inc.(a)		17,389		1,980,781
Advantest Corp.		2,026		272,870
Analog Devices, Inc.		5,462		1,064,052
Applied Materials, Inc.		9,126		1,319,072
ASM International NV(b)		502		213,151
ASML Holding NV		4,263		3,092,076
Broadcom, Inc.		4,502		3,905,170
Disco Corp.		974		154,424
Enphase Energy, Inc.(a)		1,480		247,870
First Solar, Inc.(a)		1,073		203,967
Infineon Technologies AG		13,807		568,603
Intel Corp.		45,039		1,506,104
KLA Corp.		1,481		718,315
Lam Research Corp.		1,451		932,790
Lasertec Corp.(b)		797		120,440
Microchip Technology, Inc.		5,915		529,925
Micron Technology, Inc.		11,817		745,771
Monolithic Power Systems, Inc.		486		262,552
NVIDIA Corp.		26,705		11,296,749
NXP Semiconductors NV		2,805		574,127
ON Semiconductor Corp.(a)		4,663		441,027
Qorvo, Inc.(a)		1,079		110,090
QUALCOMM, Inc.		12,029		1,431,932
Renesas Electronics Corp.(a)		13,459		254,002
Rohm Co., Ltd.		951		90,083

3

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

Company	Shares		U.S. $ Value
Skyworks Solutions, Inc.		1,719	$	190,276
SolarEdge Technologies, Inc.(a)		608		163,582
STMicroelectronics NV		7,259		362,031
SUMCO Corp.(b)		3,702		52,521
Teradyne, Inc.		1,674		186,366
Texas Instruments, Inc.		9,801		1,764,376
Tokyo Electron Ltd.		4,738		682,407
Tower Semiconductor Ltd.(a)		1,221		45,103
				35,482,605
SOFTWARE–5.5%
Adobe, Inc.(a)		4,953		2,421,967
ANSYS, Inc.(a)		936		309,133
Autodesk, Inc.(a)		2,312		473,058
Cadence Design Systems, Inc.(a)		2,944		690,427
Check Point Software Technologies Ltd.(a)		1,022		128,384
CyberArk Software Ltd.(a)		434		67,847
Dassault Systemes SE		7,073		313,411
Fair Isaac Corp.(a)		270		218,487
Fortinet, Inc.(a)		7,037		531,927
Gen Digital, Inc.		6,142		113,934
Intuit, Inc.		3,029		1,387,858
Microsoft Corp.		80,289		27,341,616
Monday.com Ltd.(a)		202		34,586
Nemetschek SE		648		48,378
Nice Ltd.(a)		687		141,396
Oracle Corp.		16,617		1,978,919
Oracle Corp. Japan(b)		456		33,914
Palo Alto Networks, Inc.(a)		3,268		835,007
PTC, Inc.(a)		1,150		163,645
Roper Technologies, Inc.		1,151		553,401
Sage Group PLC (The)		10,307		121,075
Salesforce, Inc.(a)		10,572		2,233,441
SAP SE		11,041		1,508,283
ServiceNow, Inc.(a)		2,200		1,236,334
Synopsys, Inc.(a)		1,645		716,249
Temenos AG (REG)		677		53,907
Trend Micro, Inc./Japan		1,437		69,560
Tyler Technologies, Inc.(a)		453		188,661
WiseTech Global Ltd.		1,755		94,135
Xero Ltd.(a)		1,518		121,622
				44,130,562
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–4.0%
Apple, Inc.		159,648		30,966,923
Brother Industries Ltd.		2,377		34,791
Canon, Inc.(b)		10,505		276,141
FUJIFILM Holdings Corp.		3,946		235,115

Company	Shares		U.S. $ Value
Hewlett Packard Enterprise Co.		13,993	$	235,082
HP, Inc.		9,361		287,476
Logitech International SA (REG)		1,739		103,793
NetApp, Inc.		2,310		176,484
Ricoh Co., Ltd.		5,799		49,418
Seagate Technology Holdings PLC		2,080		128,690
Seiko Epson Corp.		2,818		43,995
Western Digital Corp.(a)		3,455		131,048
				32,668,956
				127,148,544
FINANCIALS–9.9%
BANKS–3.4%
ABN AMRO Bank NV(c)		4,207		65,390
AIB Group PLC		14,132		59,476
ANZ Group Holdings Ltd.		31,754		502,659
Banco Bilbao Vizcaya Argentaria SA		63,278		486,146
Banco Santander SA		173,445		642,117
Bank Hapoalim BM		12,904		106,414
Bank Leumi Le-Israel BM		15,840		118,699
Bank of America Corp.		74,865		2,147,877
Bank of Ireland Group PLC		11,086		105,843
Banque Cantonale Vaudoise (REG)(b)		363		38,342
Barclays PLC		164,047		320,480
BNP Paribas SA		11,766		742,505
BOC Hong Kong Holdings Ltd.		39,083		119,724
CaixaBank SA		43,625		180,708
Chiba Bank Ltd. (The)		5,340		32,383
Citigroup, Inc.		21,021		967,807
Citizens Financial Group, Inc.		5,226		136,294
Comerica, Inc.		1,422		60,236
Commerzbank AG		10,819		119,938
Commonwealth Bank of Australia(b)		17,859		1,195,602
Concordia Financial Group Ltd.		10,968		42,883
Credit Agricole SA		12,536		148,851
Danske Bank A/S(a)		7,184		174,976
DBS Group Holdings Ltd.		19,178		447,859
DNB Bank ASA		9,637		180,219
Erste Group Bank AG		3,629		127,298
Fifth Third Bancorp		7,350		192,643
FinecoBank Banca Fineco SpA		6,144		82,702
Hang Seng Bank Ltd.		8,009		114,173
HSBC Holdings PLC		211,230		1,672,484

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Huntington Bancshares, Inc./OH		15,588	$	168,039
ING Groep NV		38,268		515,914
Intesa Sanpaolo SpA		170,649		447,399
Israel Discount Bank Ltd.–Class A		12,463		62,263
Japan Post Bank Co., Ltd.		15,605		121,691
JPMorgan Chase & Co.		31,555		4,589,359
KBC Group NV		2,670		186,368
KeyCorp		10,099		93,315
Lloyds Banking Group PLC		698,140		387,013
M&T Bank Corp.		1,791		221,654
Mediobanca Banca di Credito Finanziario SpA		5,771		69,093
Mitsubishi UFJ Financial Group, Inc.		120,729		889,902
Mizrahi Tefahot Bank Ltd.		1,725		57,684
Mizuho Financial Group, Inc.		25,504		389,841
National Australia Bank Ltd.		33,083		581,859
NatWest Group PLC		60,628		185,309
Nordea Bank Abp (Stockholm)		34,219		372,737
Oversea-Chinese Banking Corp., Ltd.		35,443		322,425
PNC Financial Services Group, Inc. (The)		4,310		542,844
Regions Financial Corp.		10,132		180,552
Resona Holdings, Inc.		22,172		106,159
Shizuoka Financial Group, Inc.		4,497		32,489
Skandinaviska Enskilda Banken AB–Class A		16,831		186,155
Societe Generale SA		7,691		200,014
Standard Chartered PLC		25,196		219,207
Sumitomo Mitsui Financial Group, Inc.		13,849		593,560
Sumitomo Mitsui Trust Holdings, Inc.		3,559		126,258
Svenska Handelsbanken AB–Class A		15,192		127,191
Swedbank AB–Class A		8,976		151,480
Truist Financial Corp.		14,382		436,494
UniCredit SpA		19,493		453,282
United Overseas Bank Ltd.		13,375		277,548
US Bancorp		15,063		497,682
Wells Fargo & Co.		40,517		1,729,266
Westpac Banking Corp.		37,102		528,281
Zions Bancorp NA		1,599		42,949
				27,426,004

Company	Shares		U.S. $ Value
CAPITAL MARKETS–1.8%
3i Group PLC		10,347	$	256,471
Abrdn PLC		19,986		55,501
Ameriprise Financial, Inc.		1,125		373,680
Amundi SA(c)		691		40,823
ASX Ltd.(b)		2,054		86,438
Bank of New York Mellon Corp. (The)		7,754		345,208
BlackRock, Inc.		1,617		1,117,573
Cboe Global Markets, Inc.		1,140		157,331
Charles Schwab Corp. (The)		16,047		909,544
CME Group, Inc.		3,884		719,666
Daiwa Securities Group, Inc.		13,519		69,664
Deutsche Bank AG (REG)		20,492		215,428
Deutsche Boerse AG		2,031		374,952
EQT AB(b)		3,703		71,289
Euronext NV(c)		936		63,662
FactSet Research Systems, Inc.		414		165,869
Franklin Resources, Inc.		3,083		82,347
Futu Holdings Ltd. (ADR)(a)(b)		656		26,069
Goldman Sachs Group, Inc. (The)		3,590		1,157,919
Hargreaves Lansdown PLC		3,584		37,153
Hong Kong Exchanges & Clearing Ltd.		12,730		482,327
Intercontinental Exchange, Inc.		6,045		683,569
Invesco Ltd.		4,947		83,159
Japan Exchange Group, Inc.(b)		5,165		90,380
Julius Baer Group Ltd.		2,286		144,264
London Stock Exchange Group PLC		4,246		451,916
Macquarie Group Ltd.		3,885		462,268
MarketAxess Holdings, Inc.		407		106,398
Moody’s Corp.		1,704		592,515
Morgan Stanley		14,066		1,201,236
MSCI, Inc.		865		405,936
Nasdaq, Inc.		3,657		182,301
Nomura Holdings, Inc.		29,578		112,767
Northern Trust Corp.		2,250		166,815
Partners Group Holding AG		245		230,996
Raymond James Financial, Inc.		2,059		213,662
S&P Global, Inc.		3,542		1,419,952
SBI Holdings, Inc.		2,467		47,578
Schroders PLC		8,348		46,445

5

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

Company	Shares		U.S. $ Value
Singapore Exchange Ltd.		8,880	$	63,236
St. James’s Place PLC		5,807		80,308
State Street Corp.		3,609		264,107
T. Rowe Price Group, Inc.		2,425		271,649
UBS Group AG (REG)(a)		33,538		679,770
				14,810,141
CONSUMER FINANCE–0.3%
American Express Co.		6,420		1,118,364
Capital One Financial Corp.		4,123		450,932
Discover Financial Services		2,742		320,403
Synchrony Financial		4,628		156,982
				2,046,681
FINANCIAL SERVICES–2.3%
Adyen NV(a)(b)(c)		233		403,479
Berkshire Hathaway, Inc.–Class B(a)		19,256		6,566,296
Edenred		2,691		180,255
Eurazeo SE		464		32,668
EXOR NV		1,169		104,362
Fidelity National Information Services, Inc.		6,397		349,916
Fiserv, Inc.(a)		6,666		840,916
FleetCor Technologies, Inc.(a)		797		200,111
Global Payments, Inc.		2,829		278,713
GMO Payment Gateway, Inc.		481		37,729
Groupe Bruxelles Lambert NV		1,090		85,929
Industrivarden AB–Class A		1,313		36,415
Industrivarden AB–Class C(b)		1,637		45,172
Investor AB–Class A		4,614		92,341
Investor AB–Class B		18,300		366,093
Jack Henry & Associates, Inc.		787		131,689
Kinnevik AB–Class B(a)(b)		2,439		33,833
L E Lundbergforetagen AB–Class B		871		37,091
M&G PLC		22,056		53,677
Mastercard, Inc.–Class A		9,035		3,553,465
Mitsubishi HC Capital, Inc.		9,305		55,248
Nexi SpA(a)(b)(c)		6,113		47,961
ORIX Corp.		12,381		225,782
PayPal Holdings, Inc.(a)		12,048		803,963
Sofina SA(b)		177		36,696
Visa, Inc.–Class A		17,474		4,149,725

Company	Shares		U.S. $ Value
Wendel SE		317	$	32,558
Wise PLC–Class A(a)		6,500		54,331
Worldline SA/France(a)(c)		2,518		92,209
				18,928,623
INSURANCE–2.1%
Admiral Group PLC		2,244		59,429
Aegon NV(b)		16,934		85,964
Aflac, Inc.		5,937		414,403
Ageas SA/NV		1,677		67,984
AIA Group Ltd.		123,105		1,250,316
Allianz SE (REG)		4,265		993,420
Allstate Corp. (The)		2,838		309,456
American International Group, Inc.		7,815		449,675
Aon PLC–Class A		2,205		761,166
Arch Capital Group Ltd.(a)		4,021		300,972
Arthur J Gallagher & Co.		2,313		507,865
Assicurazioni Generali SpA		10,716		217,920
Assurant, Inc.		574		72,163
Aviva PLC		29,197		146,897
AXA SA		19,396		573,178
Baloise Holding AG (REG)		490		72,075
Brown & Brown, Inc.		2,542		174,991
Chubb Ltd.		4,472		861,128
Cincinnati Financial Corp.		1,698		165,249
Dai-ichi Life Holdings, Inc.		9,921		188,696
Everest Re Group Ltd.		463		158,281
Gjensidige Forsikring ASA		2,015		32,280
Globe Life, Inc.		960		105,235
Hannover Rueck SE		641		136,083
Hartford Financial Services Group, Inc. (The)		3,350		241,267
Helvetia Holding AG (REG)		393		53,265
Insurance Australia Group Ltd.		24,836		94,448
Japan Post Holdings Co., Ltd.		23,203		166,766
Japan Post Insurance Co., Ltd.		2,013		30,253
Legal & General Group PLC		61,865		179,118
Lincoln National Corp.		1,666		42,916
Loews Corp.		2,043		121,313
Marsh & McLennan Cos., Inc.		5,342		1,004,723
Medibank Pvt Ltd.		27,747		65,177
MetLife, Inc.		6,946		392,657
MS&AD Insurance Group Holdings, Inc.		4,612		163,322

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,481	$	555,986
NN Group NV		2,651		98,134
Phoenix Group Holdings PLC		7,768		52,558
Poste Italiane SpA(b)(c)		5,263		57,014
Principal Financial Group, Inc.		2,438		184,898
Progressive Corp. (The)		6,321		836,711
Prudential Financial, Inc.		3,941		347,675
Prudential PLC		29,109		411,118
QBE Insurance Group Ltd.		15,464		161,457
Sampo Oyj–Class A		4,862		218,364
Sompo Holdings, Inc.		3,390		152,107
Suncorp Group Ltd.		13,390		120,312
Swiss Life Holding AG (REG)		326		190,934
Swiss Re AG		3,206		323,046
T&D Holdings, Inc.(b)		4,974		72,948
Talanx AG(a)		670		38,465
Tokio Marine Holdings, Inc.		19,055		439,286
Travelers Cos., Inc. (The)		2,494		433,108
Tryg A/S		3,843		83,224
Willis Towers Watson PLC		1,149		270,590
WR Berkley Corp.		2,168		129,126
Zurich Insurance Group AG		1,592		757,296
				16,594,408
				79,805,857
HEALTH CARE–9.3%
BIOTECHNOLOGY–1.1%
AbbVie, Inc.		19,051		2,566,741
Amgen, Inc.		5,770		1,281,055
Argenx SE(a)		591		229,197
Biogen, Inc.(a)		1,563		445,221
CSL Ltd.		5,100		944,412
Genmab A/S(a)		703		266,407
Gilead Sciences, Inc.		13,469		1,038,056
Grifols SA(a)(b)		3,005		38,551
Incyte Corp.(a)		1,999		124,438
Moderna, Inc.(a)		3,540		430,110
Regeneron Pharmaceuticals, Inc.(a)		1,165		837,099
Swedish Orphan Biovitrum AB(a)(b)		1,717		33,559
Vertex Pharmaceuticals, Inc.(a)		2,781		978,662
				9,213,508
HEALTH CARE EQUIPMENT & SUPPLIES–1.9%
Abbott Laboratories		18,777		2,047,068

Company	Shares		U.S. $ Value
Alcon, Inc.		5,314	$	440,862
Align Technology, Inc.(a)		768		271,595
Asahi Intecc Co., Ltd.(b)		2,189		43,097
Baxter International, Inc.		5,462		248,849
Becton Dickinson & Co.		3,067		809,719
BioMerieux		475		49,874
Boston Scientific Corp.(a)		15,524		839,693
Carl Zeiss Meditec AG		450		48,665
Cochlear Ltd.		695		106,480
Coloplast A/S–Class B		1,275		159,549
Cooper Cos., Inc. (The)		534		204,752
Demant A/S(a)		964		40,803
DENTSPLY SIRONA, Inc.		2,294		91,806
Dexcom, Inc.(a)		4,186		537,943
DiaSorin SpA(b)		292		30,417
Edwards Lifesciences Corp.(a)		6,546		617,484
EssilorLuxottica SA		3,094		583,436
Fisher & Paykel Healthcare Corp., Ltd.		6,105		91,927
GE Healthcare, Inc.(a)		3,928		319,111
Getinge AB–Class B		2,520		44,210
Hologic, Inc.(a)		2,658		215,218
Hoya Corp.		3,805		455,330
IDEXX Laboratories, Inc.(a)		896		449,998
Insulet Corp.(a)		753		217,120
Intuitive Surgical, Inc.(a)		3,784		1,293,901
Koninklijke Philips NV		9,704		210,263
Medtronic PLC		14,366		1,265,645
Olympus Corp.		12,496		197,754
ResMed, Inc.		1,587		346,759
Siemens Healthineers AG(c)		3,007		170,423
Smith & Nephew PLC		9,172		147,975
Sonova Holding AG (REG)		556		148,361
STERIS PLC		1,072		241,179
Straumann Holding AG (REG)		1,185		192,688
Stryker Corp.		3,648		1,112,968
Sysmex Corp.		1,777		121,719
Teleflex, Inc.		507		122,709
Terumo Corp.		7,115		226,610
Zimmer Biomet Holdings, Inc.		2,252		327,891
				15,091,851
HEALTH CARE PROVIDERS & SERVICES–1.5%
AmerisourceBergen Corp.		1,749		336,560
Amplifon SpA(b)		1,382		50,691
Cardinal Health, Inc.		2,749		259,973
Centene Corp.(a)		5,926		399,709

7

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

Company	Shares		U.S. $ Value
Cigna Group (The)		3,195	$	896,517
CVS Health Corp.		13,843		956,967
DaVita, Inc.(a)		597		59,981
EBOS Group Ltd.(b)		1,688		38,140
Elevance Health, Inc.		2,560		1,137,382
Fresenius Medical Care AG & Co. KGaA		2,193		104,806
Fresenius SE & Co. KGaA		4,406		122,208
HCA Healthcare, Inc.		2,228		676,153
Henry Schein, Inc.(a)		1,415		114,756
Humana, Inc.		1,349		603,178
Laboratory Corp. of America Holdings		957		230,953
McKesson Corp.		1,464		625,582
Molina Healthcare, Inc.(a)		630		189,781
Quest Diagnostics, Inc.		1,209		169,937
Ramsay Health Care Ltd.(b)		1,960		73,638
Sonic Healthcare Ltd.		4,801		114,176
UnitedHealth Group, Inc.		10,053		4,831,874
Universal Health Services, Inc.–Class B		680		107,284
				12,100,246
HEALTH CARE TECHNOLOGY–0.0%
M3, Inc.		4,607		100,454
LIFE SCIENCES TOOLS & SERVICES–0.9%
Agilent Technologies, Inc.		3,193		383,958
Bachem Holding AG (REG)(b)		393		34,315
Bio-Rad Laboratories, Inc.–Class A(a)		230		87,198
Bio-Techne Corp.		1,700		138,771
Charles River Laboratories International, Inc.(a)		553		116,268
Danaher Corp.		7,171		1,721,040
Eurofins Scientific SE		1,485		94,369
Illumina, Inc.(a)		1,707		320,045
IQVIA Holdings, Inc.(a)		2,004		450,439
Lonza Group AG (REG)		788		470,997
Mettler-Toledo International, Inc.(a)		238		312,170
QIAGEN NV(a)		2,427		109,094
Revvity, Inc.		1,355		160,960
Sartorius AG		278		96,316
Sartorius Stedim Biotech		294		73,428
Thermo Fisher Scientific, Inc.		4,165		2,173,089
Waters Corp.(a)		637		169,786
West Pharmaceutical Services, Inc.		802		306,741
				7,218,984

Company	Shares		U.S. $ Value
PHARMACEUTICALS–3.9%
Astellas Pharma, Inc.		19,122	$	284,774
AstraZeneca PLC		16,387		2,349,145
Bayer AG (REG)		10,423		576,966
Bristol-Myers Squibb Co.		22,685		1,450,706
Catalent, Inc.(a)		1,945		84,335
Chugai Pharmaceutical Co., Ltd.(b)		7,154		203,739
Daiichi Sankyo Co., Ltd.		19,556		621,377
Eisai Co., Ltd.		2,714		183,939
Eli Lilly & Co.		8,508		3,990,082
GSK PLC		43,295		767,298
Hikma Pharmaceuticals PLC		1,710		41,151
Ipsen SA		431		51,882
Johnson & Johnson		28,061		4,644,657
Kyowa Kirin Co., Ltd.(b)		2,720		50,416
Merck & Co., Inc.		27,399		3,161,571
Merck KGaA		1,386		229,424
Nippon Shinyaku Co., Ltd.		605		24,753
Novartis AG (REG)		21,672		2,184,958
Novo Nordisk A/S–Class B		17,503		2,827,429
Ono Pharmaceutical Co., Ltd.		4,103		74,032
Organon & Co.		2,754		57,311
Orion Oyj–Class B		1,167		48,432
Otsuka Holdings Co., Ltd.(b)		4,092		150,101
Pfizer, Inc.		60,958		2,235,939
Recordati Industria Chimica e Farmaceutica SpA		1,163		55,560
Roche Holding AG (BR)		339		111,320
Roche Holding AG (Genusschein)		7,428		2,269,030
Sanofi		12,019		1,293,914
Shionogi & Co., Ltd.		2,770		116,837
Takeda Pharmaceutical Co., Ltd.		16,729		525,668
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		11,113		83,681
UCB SA		1,330		117,916
Viatris, Inc.		12,947		129,211
Zoetis, Inc.		4,990		859,328
				31,856,882
				75,581,925
CONSUMER DISCRETIONARY–7.8%
AUTOMOBILE COMPONENTS–0.2%
Aisin Corp.		1,484		45,827
Aptiv PLC(a)		2,921		298,205
BorgWarner, Inc.		2,531		123,791
Bridgestone Corp.(b)		6,010		246,901

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Cie Generale des Etablissements Michelin SCA		7,150	$	211,506
Continental AG		1,197		90,434
Denso Corp.		4,622		311,764
Koito Manufacturing Co., Ltd.		2,104		38,181
Sumitomo Electric Industries Ltd.		7,148		87,579
Valeo		2,088		44,870
				1,499,058
AUTOMOBILES–1.8%
Bayerische Motoren Werke AG		3,497		430,156
Bayerische Motoren Werke AG (Preference Shares)		653		74,413
Dr Ing hc F Porsche AG (Preference Shares)(c)		1,214		150,814
Ferrari NV		1,336		436,802
Ford Motor Co.		42,436		642,057
General Motors Co.		15,011		578,824
Honda Motor Co., Ltd.		16,279		493,154
Isuzu Motors Ltd.		5,874		71,259
Mazda Motor Corp.		5,729		55,366
Mercedes-Benz Group AG		9,049		728,366
Nissan Motor Co., Ltd.		23,388		95,987
Porsche Automobil Holding SE (Preference Shares)		1,606		96,793
Renault SA		2,081		87,805
Stellantis NV (Italy)		23,782		418,107
Subaru Corp.		6,506		122,532
Suzuki Motor Corp.		3,856		139,829
Tesla, Inc.(a)		29,091		7,615,151
Toyota Motor Corp.(b)		112,121		1,802,018
Volkswagen AG		326		54,490
Volkswagen AG (Preference Shares)		2,181		293,285
Volvo Car AB–Class B(a)(b)		6,056		24,095
Yamaha Motor Co., Ltd.(b)		3,192		91,764
				14,503,067
BROADLINE RETAIL–1.8%
Amazon.com, Inc.(a)		96,389		12,565,270
Cie Financiere Richemont SA (REG)		5,519		937,501
eBay, Inc.		5,774		258,040
Etsy, Inc.(a)		1,332		112,701
Next PLC		1,291		113,203
Pan Pacific International Holdings Corp.		4,058		72,678
Prosus NV(a)		8,492		621,904
Rakuten Group, Inc.(b)		10,095		35,176

Company	Shares		U.S. $ Value
Wesfarmers Ltd.		12,057	$	397,511
				15,113,984
DISTRIBUTORS–0.1%
D’ieteren Group		230		40,707
Genuine Parts Co.		1,517		256,722
LKQ Corp.		2,742		159,776
Pool Corp.		422		158,098
				615,303
DIVERSIFIED CONSUMER SERVICES–0.0%
IDP Education Ltd.(b)		2,648		39,214
Pearson PLC		6,404		67,138
				106,352
HOTELS, RESTAURANTS & LEISURE–1.4%
Accor SA		2,014		74,944
Amadeus IT Group SA(a)		4,784		364,303
Aristocrat Leisure Ltd.		6,278		162,430
Booking Holdings, Inc.(a)		399		1,077,432
Caesars Entertainment, Inc.(a)		2,324		118,454
Carnival Corp.(a)		10,846		204,230
Chipotle Mexican Grill, Inc.(a)		298		637,422
Compass Group PLC		18,435		516,237
Darden Restaurants, Inc.		1,306		218,207
Delivery Hero SE(a)(c)		1,890		83,387
Domino’s Pizza, Inc.		382		128,730
Entain PLC		6,179		99,913
Evolution AB(c)		1,961		248,505
Expedia Group, Inc.(a)		1,540		168,461
Flutter Entertainment PLC(a)		1,866		375,553
Galaxy Entertainment Group Ltd.(a)		22,738		144,857
Genting Singapore Ltd.		60,925		42,481
Hilton Worldwide Holdings, Inc.		2,857		415,836
InterContinental Hotels Group PLC		1,827		126,294
Just Eat Takeaway.com NV(a)(b)(c)		2,209		33,861
La Francaise des Jeux SAEM(c)		1,096		43,137
Las Vegas Sands Corp.(a)		3,549		205,842
Lottery Corp., Ltd. (The)		22,425		76,879
Marriott International, Inc./MD–Class A		2,784		511,393
McDonald’s Corp.		7,884		2,352,664
McDonald’s Holdings Co. Japan Ltd.(b)		929		36,118
MGM Resorts International		3,261		143,223

9

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

��             Company	Shares		U.S. $ Value
Norwegian Cruise Line Holdings Ltd.(a)		4,580	$	99,707
Oriental Land Co., Ltd./Japan(b)		11,536		449,742
Royal Caribbean Cruises Ltd.(a)		2,375		246,383
Sands China Ltd.(a)		24,462		83,775
Sodexo SA		953		104,942
Starbucks Corp.		12,379		1,226,264
Whitbread PLC		2,170		93,411
Wynn Resorts Ltd.		1,118		118,072
Yum! Brands, Inc.		3,024		418,975
				11,452,064
HOUSEHOLD DURABLES–0.4%
Barratt Developments PLC		10,300		54,134
Berkeley Group Holdings PLC		1,131		56,380
DR Horton, Inc.		3,351		407,783
Garmin Ltd.		1,652		172,287
Iida Group Holdings Co., Ltd.		1,483		25,061
Lennar Corp.–Class A		2,740		343,349
Mohawk Industries, Inc.(a)		571		58,904
Newell Brands, Inc.		4,069		35,400
NVR, Inc.(a)		33		209,571
Open House Group Co., Ltd.		825		29,784
Panasonic Holdings Corp.		22,877		280,516
Persimmon PLC		3,215		41,891
PulteGroup, Inc.		2,410		187,209
SEB SA		278		28,749
Sekisui Chemical Co., Ltd.		3,800		54,899
Sekisui House Ltd.		6,477		130,833
Sharp Corp./Japan(a)(b)		2,157		12,095
Sony Group Corp.		13,333		1,203,572
Taylor Wimpey PLC		36,789		48,061
Whirlpool Corp.		591		87,935
				3,468,413
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		6,240		144,502
Hasbro, Inc.		1,407		91,131
Shimano, Inc.(b)		820		137,274
Yamaha Corp.(b)		1,474		56,780
				429,687
SPECIALTY RETAIL–1.2%
Advance Auto Parts, Inc.		642		45,133
AutoZone, Inc.(a)		199		496,179
Bath & Body Works, Inc.		2,472		92,700

Company	Shares		U.S. $ Value
Best Buy Co., Inc.		2,101	$	172,177
CarMax, Inc.(a)		1,708		142,959
Dufry AG (REG)(a)		1,042		47,528
Fast Retailing Co., Ltd.		1,870		479,608
H & M Hennes & Mauritz AB–Class B		6,949		119,504
Home Depot, Inc. (The)		10,935		3,396,848
Industria de Diseno Textil SA		11,528		447,146
JD Sports Fashion PLC		25,984		48,268
Kingfisher PLC		19,545		57,604
Lowe’s Cos., Inc.		6,439		1,453,282
Nitori Holdings Co., Ltd.		863		96,910
O’Reilly Automotive, Inc.(a)		657		627,632
Ross Stores, Inc.		3,694		414,208
TJX Cos., Inc. (The)		12,434		1,054,279
Tractor Supply Co.		1,183		261,561
Ulta Beauty, Inc.(a)		541		254,592
USS Co., Ltd.		2,202		36,456
Zalando SE(a)(c)		2,410		69,502
ZOZO, Inc.		1,255		26,034
				9,840,110
TEXTILES, APPAREL & LUXURY GOODS–0.8%
adidas AG		1,717		333,318
Burberry Group PLC		4,080		110,092
Hermes International		335		728,196
Kering SA		793		437,894
LVMH Moet Hennessy Louis Vuitton SE		2,920		2,753,304
Moncler SpA		2,183		151,037
NIKE, Inc.–Class B		13,304		1,468,362
Pandora A/S		987		88,220
Puma SE		1,150		69,299
Ralph Lauren Corp.		444		54,745
Swatch Group AG (The)		313		91,519
Swatch Group AG (The) (REG)		610		33,547
Tapestry, Inc.		2,503		107,128
VF Corp.		3,567		68,094
				6,494,755
				63,522,793
INDUSTRIALS–7.5%
AEROSPACE & DEFENSE–1.2%
Airbus SE		6,268		906,238
Axon Enterprise, Inc.(a)		758		147,901
BAE Systems PLC		31,989		377,190
Boeing Co. (The)(a)		6,106		1,289,343
Dassault Aviation SA		290		58,102
Elbit Systems Ltd.		293		61,329
General Dynamics Corp.		2,429		522,599
Howmet Aerospace, Inc.		3,972		196,852
Huntington Ingalls Industries, Inc.		431		98,096

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Kongsberg Gruppen ASA		909	$	41,318
L3Harris Technologies, Inc.		2,046		400,545
Lockheed Martin Corp.		2,434		1,120,565
MTU Aero Engines AG		585		151,731
Northrop Grumman Corp.		1,541		702,388
Raytheon Technologies Corp.		15,777		1,545,515
Rheinmetall AG		472		129,305
Rolls-Royce Holdings PLC(a)		87,807		168,853
Saab AB–Class B		847		45,853
Safran SA		3,645		571,207
Singapore Technologies Engineering Ltd.		15,730		42,922
Textron, Inc.		2,178		147,298
Thales SA		1,112		166,610
TransDigm Group, Inc.		563		503,418
				9,395,178
AIR FREIGHT & LOGISTICS–0.4%
CH Robinson Worldwide, Inc.		1,257		118,598
Deutsche Post AG (REG)		10,641		519,943
DSV A/S		1,979		415,672
Expeditors International of Washington, Inc.		1,650		199,865
FedEx Corp.		2,497		619,006
Nippon Express Holdings, Inc.(b)		767		43,265
SG Holdings Co., Ltd.		3,385		48,285
United Parcel Service, Inc.–Class B		7,826		1,402,811
Yamato Holdings Co., Ltd.		2,936		53,217
				3,420,662
BUILDING PRODUCTS–0.5%
A O Smith Corp.		1,345		97,889
AGC, Inc.(b)		2,219		79,831
ALLEGION PLC		950		114,019
Assa Abloy AB–Class B		10,563		253,902
Carrier Global Corp.		9,015		448,136
Cie de Saint-Gobain		5,185		315,696
Daikin Industries Ltd.(b)		2,790		571,686
Geberit AG (REG)		361		189,194
Johnson Controls International PLC		7,409		504,849
Kingspan Group PLC		1,690		112,493
Lixil Corp.		3,018		38,413
Masco Corp.		2,431		139,491
Nibe Industrier AB–Class B		15,903		151,211
Otis Worldwide Corp.		4,463		397,252
ROCKWOOL A/S–Class B		103		26,637

Company	Shares		U.S. $ Value
TOTO Ltd.		1,426	$	43,117
Trane Technologies PLC		2,463		471,073
Xinyi Glass Holdings Ltd.		14,857		23,226
				3,978,115
COMMERCIAL SERVICES & SUPPLIES–0.3%
Brambles Ltd.		14,464		139,080
Cintas Corp.		933		463,776
Copart, Inc.(a)		4,632		422,485
Dai Nippon Printing Co., Ltd.(b)		2,410		68,457
Rentokil Initial PLC		26,643		208,314
Republic Services, Inc.		2,220		340,037
Rollins, Inc.		2,501		107,118
Secom Co., Ltd.		2,267		153,427
Securitas AB–Class B		4,956		40,707
TOPPAN, Inc.		2,642		57,098
Waste Management, Inc.		3,997		693,160
				2,693,659
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA(b)		2,201		77,396
Bouygues SA		2,158		72,495
Eiffage SA		777		81,125
Epiroc AB–Class A		6,819		129,164
Epiroc AB–Class B		3,929		63,593
Ferrovial SE		5,384		170,199
Kajima Corp.		4,471		67,506
Obayashi Corp.		6,542		56,577
Quanta Services, Inc.		1,568		308,034
Shimizu Corp.		5,561		35,209
Skanska AB–Class B(b)		3,427		48,082
Taisei Corp.		1,770		61,841
Vinci SA		5,658		657,434
				1,828,655
ELECTRICAL EQUIPMENT–0.7%
ABB Ltd. (REG)		16,707		657,267
AMETEK, Inc.		2,489		402,919
Eaton Corp. PLC		4,304		865,535
Emerson Electric Co.		6,171		557,797
Fuji Electric Co., Ltd.		1,402		61,723
Generac Holdings, Inc.(a)		672		100,215
Legrand SA		2,866		284,318
Mitsubishi Electric Corp.		20,128		284,546
Nidec Corp.		4,413		243,180
Prysmian SpA		2,709		113,301
Rockwell Automation, Inc.		1,240		408,518
Schneider Electric SE		5,737		1,042,279
Siemens Energy AG(a)		5,452		96,401
Vestas Wind Systems A/S(a)		10,754		285,920
				5,403,919

11

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

Company	Shares		U.S. $ Value
GROUND TRANSPORTATION–0.5%
Aurizon Holdings Ltd.		18,545	$	48,517
Central Japan Railway Co.		1,537		192,573
CSX Corp.		21,953		748,597
East Japan Railway Co.(b)		3,226		178,893
Grab Holdings Ltd.–Class A(a)(b)		19,721		67,643
Hankyu Hanshin Holdings, Inc.		2,463		81,437
JB Hunt Transport Services, Inc.		895		162,022
Keio Corp.(b)		1,175		36,961
Keisei Electric Railway Co., Ltd.(b)		1,437		59,563
Kintetsu Group Holdings Co., Ltd.(b)		1,874		64,901
MTR Corp., Ltd.		15,600		71,816
Norfolk Southern Corp.		2,458		557,376
Odakyu Electric Railway Co., Ltd.(b)		2,970		39,797
Old Dominion Freight Line, Inc.		971		359,027
Tobu Railway Co., Ltd.(b)		2,094		56,147
Tokyu Corp.(b)		5,501		66,347
Union Pacific Corp.		6,584		1,347,218
West Japan Railway Co.		2,337		97,200
				4,236,035
INDUSTRIAL CONGLOMERATES–0.8%
3M Co.		5,957		596,236
CK Hutchison Holdings Ltd.		27,958		170,637
DCC PLC		1,088		60,864
General Electric Co.		11,759		1,291,726
Hikari Tsushin, Inc.		246		35,309
Hitachi Ltd.		9,918		616,667
Honeywell International, Inc.		7,185		1,490,887
Investment AB Latour–Class B(b)		1,491		29,601
Jardine Cycle & Carriage Ltd.		1,023		26,379
Jardine Matheson Holdings Ltd.		1,634		82,860
Keppel Corp., Ltd.		14,674		73,029
Lifco AB–Class B		2,348		51,134
Siemens AG (REG)		8,058		1,343,276
Smiths Group PLC		3,730		78,038
Toshiba Corp.(b)		4,351		136,532
				6,083,175
MACHINERY–1.4%
Alfa Laval AB		3,094		112,862

Company	Shares		U.S. $ Value
Alstom SA		3,393	$	101,284
Atlas Copco AB–Class A		28,187		406,932
Atlas Copco AB–Class B		16,258		202,712
Caterpillar, Inc.		5,565		1,369,268
CNH Industrial NV		10,624		153,226
Cummins, Inc.		1,529		374,850
Daifuku Co., Ltd.		3,087		63,579
Daimler Truck Holding AG		5,221		188,176
Deere & Co.		2,912		1,179,913
Dover Corp.		1,510		222,952
FANUC Corp.		10,136		355,831
Fortive Corp.		3,818		285,472
GEA Group AG		1,650		69,079
Hitachi Construction Machinery Co., Ltd.		1,083		30,451
Hoshizaki Corp.(b)		1,229		44,124
Husqvarna AB–Class B(b)		4,217		38,263
IDEX Corp.		816		175,652
Illinois Tool Works, Inc.		2,986		746,978
Indutrade AB		2,988		67,441
Ingersoll Rand, Inc.		4,368		285,492
Knorr-Bremse AG		819		62,607
Komatsu Ltd.		9,822		265,666
Kone Oyj–Class B		3,664		191,424
Kubota Corp.(b)		10,703		156,680
Kurita Water Industries Ltd.(b)		1,130		43,383
Makita Corp.(b)		2,435		68,828
Metso Oyj		6,907		83,345
MINEBEA MITSUMI, Inc.		3,918		74,311
MISUMI Group, Inc.		3,063		61,668
Mitsubishi Heavy Industries Ltd.		3,370		157,397
NGK Insulators Ltd.		2,207		26,368
Nordson Corp.		581		144,193
PACCAR, Inc.		5,643		472,037
Parker-Hannifin Corp.		1,385		540,205
Pentair PLC		1,781		115,053
Rational AG		60		43,446
Sandvik AB		11,112		216,953
Schindler Holding AG		435		102,141
Schindler Holding AG (REG)		268		60,329
Seatrium Ltd.(a)		430,453		39,924
SKF AB–Class B		3,550		61,861
SMC Corp.		608		337,903
Snap-on, Inc.		572		164,845
Spirax-Sarco Engineering PLC		782		103,071
Stanley Black & Decker, Inc.		1,654		154,996
Techtronic Industries Co., Ltd.		14,362		157,057
Toyota Industries Corp.		1,574		112,768
VAT Group AG(c)		291		120,536

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Volvo AB–Class A		2,017	$	42,989
Volvo AB–Class B		15,883		328,699
Wartsila OYJ Abp(b)		4,769		53,775
Westinghouse Air Brake Technologies Corp.		1,942		212,979
Xylem, Inc./NY		2,584		291,010
				11,542,984
MARINE TRANSPORTATION–0.1%
AP Moller–Maersk A/S–Class A		33		57,542
AP Moller–Maersk A/S–Class B		55		96,704
Kawasaki Kisen Kaisha Ltd.(b)		1,458		35,750
Kuehne & Nagel International AG (REG)		583		172,700
Mitsui OSK Lines Ltd.(b)		3,652		87,864
Nippon Yusen KK(b)		5,061		112,398
SITC International Holdings Co., Ltd.		13,511		24,741
				587,699
PASSENGER AIRLINES–0.1%
Alaska Air Group, Inc.(a)		1,381		73,441
American Airlines Group, Inc.(a)		7,050		126,477
ANA Holdings, Inc.(a)		1,610		38,351
Delta Air Lines, Inc.(a)		6,940		329,928
Deutsche Lufthansa AG (REG)(a)		6,022		61,747
Japan Airlines Co., Ltd.		1,453		31,506
Qantas Airways Ltd.(a)		9,311		38,586
Singapore Airlines Ltd.(b)		13,499		71,518
Southwest Airlines Co.		6,426		232,685
United Airlines Holdings, Inc.(a)		3,541		194,295
				1,198,534
PROFESSIONAL SERVICES–0.7%
Adecco Group AG (REG)(b)		1,749		57,282
Automatic Data Processing, Inc.		4,461		980,483
BayCurrent Consulting, Inc.		1,376		51,740
Broadridge Financial Solutions, Inc.		1,274		211,013
Bureau Veritas SA		3,139		86,119
Ceridian HCM Holding, Inc.(a)		1,681		112,577
Computershare Ltd.(b)		6,064		94,635
CoStar Group, Inc.(a)		4,411		392,579

Company	Shares		U.S. $ Value
Equifax, Inc.		1,324	$	311,537
Experian PLC		9,734		373,600
Intertek Group PLC		1,729		93,725
Jacobs Solutions, Inc.		1,370		162,879
Leidos Holdings, Inc.		1,481		131,039
Paychex, Inc.		3,465		387,630
Paycom Software, Inc.		525		168,651
Persol Holdings Co., Ltd.		1,788		32,359
Randstad NV		1,167		61,547
Recruit Holdings Co., Ltd.		15,309		488,592
RELX PLC (London)		20,099		670,516
Robert Half International, Inc.		1,164		87,556
SGS SA (REG)		1,585		149,942
Teleperformance		630		105,685
Verisk Analytics, Inc.		1,563		353,285
Wolters Kluwer NV		2,723		345,749
				5,910,720
TRADING COMPANIES & DISTRIBUTORS–0.5%
AerCap Holdings NV(a)		1,742		110,652
Ashtead Group PLC		4,681		324,538
Beijer Ref AB(b)		3,560		45,474
Brenntag SE		1,684		131,382
Bunzl PLC		3,534		134,674
Fastenal Co.		6,166		363,732
ITOCHU Corp.		12,616		501,127
Marubeni Corp.		15,894		270,897
Mitsubishi Corp.		13,166		636,535
Mitsui & Co., Ltd.		13,882		525,403
MonotaRO Co., Ltd.(b)		2,525		32,245
Reece Ltd.(b)		2,297		28,615
Sumitomo Corp.		11,922		252,925
Toyota Tsusho Corp.		2,273		113,596
United Rentals, Inc.		742		330,465
WW Grainger, Inc.		482		380,100
				4,182,360
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(c)		820		132,714
Aeroports de Paris		342		49,143
Auckland International Airport Ltd.(a)		12,611		66,277
Getlink SE		3,780		64,327
Transurban Group(b)		32,267		307,226
				619,687
				61,081,382
CONSUMER STAPLES–5.4%
BEVERAGES–1.2%
Anheuser-Busch InBev SA/NV		9,200		521,432
Asahi Group Holdings Ltd.(b)		5,093		197,607

13

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

Company	Shares		U.S. $ Value
Brown-Forman Corp.–Class B		1,975	$	131,891
Budweiser Brewing Co. APAC Ltd.(c)		17,346		44,886
Carlsberg AS–Class B		1,039		166,376
Coca-Cola Co. (The)		42,027		2,530,866
Coca-Cola Europacific Partners PLC		2,174		140,071
Coca-Cola HBC AG(a)		2,354		70,219
Constellation Brands, Inc.–Class A		1,741		428,512
Davide Campari-Milano NV(b)		5,266		72,983
Diageo PLC		23,839		1,024,861
Heineken Holding NV		1,252		108,952
Heineken NV		2,764		284,240
Keurig Dr Pepper, Inc.		9,095		284,401
Kirin Holdings Co., Ltd.(b)		8,214		119,946
Molson Coors Beverage Co.–Class B		2,027		133,458
Monster Beverage Corp.(a)		8,251		473,937
PepsiCo, Inc.		14,876		2,755,333
Pernod Ricard SA		2,184		482,609
Remy Cointreau SA		258		41,414
Suntory Beverage & Food Ltd.(b)		1,532		55,538
Treasury Wine Estates Ltd.		7,272		54,534
				10,124,066
CONSUMER STAPLES DISTRIBUTION & RETAIL–1.2%
Aeon Co., Ltd.		6,832		139,895
Carrefour SA		6,221		117,892
Coles Group Ltd.		13,940		171,168
Costco Wholesale Corp.		4,789		2,578,302
Dollar General Corp.		2,366		401,699
Dollar Tree, Inc.(a)		2,245		322,157
Endeavour Group Ltd./Australia(b)		14,923		62,806
HelloFresh SE(a)		1,664		41,155
J Sainsbury PLC		16,153		55,219
Jeronimo Martins SGPS SA		3,053		84,106
Kesko Oyj–Class B		2,751		51,808
Kobe Bussan Co., Ltd.		1,597		41,450
Koninklijke Ahold Delhaize NV		10,316		351,704
Kroger Co. (The)		7,052		331,444
MatsukiyoCocokara & Co.		1,192		66,956
Ocado Group PLC(a)(b)		5,923		42,861
Seven & i Holdings Co., Ltd.		7,944		343,198
Sysco Corp.		5,471		405,948
Target Corp.		4,984		657,390

Company	Shares		U.S. $ Value
Tesco PLC		76,139	$	240,184
Walgreens Boots Alliance, Inc.		7,733		220,313
Walmart, Inc.		15,146		2,380,648
Welcia Holdings Co., Ltd.		950		19,788
Woolworths Group Ltd.		12,885		341,404
				9,469,495
FOOD PRODUCTS–1.2%
Ajinomoto Co., Inc.		4,841		192,850
Archer-Daniels-Midland Co.		5,881		444,368
Associated British Foods PLC		3,579		90,631
Barry Callebaut AG (REG)		38		73,419
Bunge Ltd.		1,626		153,413
Campbell Soup Co.		2,167		99,054
Chocoladefabriken Lindt & Spruengli AG		11		138,303
Chocoladefabriken Lindt & Spruengli AG (REG)		2		248,238
Conagra Brands, Inc.		5,150		173,658
Danone SA		6,834		418,811
General Mills, Inc.		6,342		486,431
Hershey Co. (The)		1,590		397,023
Hormel Foods Corp.		3,128		125,808
J M Smucker Co. (The)		1,151		169,968
JDE Peet’s NV(b)		1,329		39,533
Kellogg Co.		2,776		187,102
Kerry Group PLC–Class A		1,700		165,925
Kikkoman Corp.		1,435		81,951
Kraft Heinz Co. (The)		8,614		305,797
Lamb Weston Holdings, Inc.		1,573		180,816
McCormick & Co., Inc./MD		2,709		236,306
MEIJI Holdings Co., Ltd.		2,235		49,910
Mondelez International, Inc.–Class A		14,705		1,072,583
Mowi ASA		4,647		73,729
Nestle SA (REG)		29,075		3,497,476
Nisshin Seifun Group, Inc.		1,993		24,635
Nissin Foods Holdings Co., Ltd.		690		57,053
Orkla ASA		7,567		54,410
Salmar ASA		747		30,103
Tyson Foods, Inc.–Class A		3,084		157,407
WH Group Ltd.(c)		84,024		44,749
Wilmar International Ltd.		19,354		54,524
Yakult Honsha Co., Ltd.		1,381		87,343
				9,613,327
HOUSEHOLD PRODUCTS–0.8%
Church & Dwight Co., Inc.		2,638		264,407

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Clorox Co. (The)		1,335	$	212,318
Colgate-Palmolive Co.		8,958		690,124
Essity AB–Class B		6,522		173,692
Henkel AG & Co. KGaA		1,131		79,616
Henkel AG & Co. KGaA (Preference Shares)		1,790		143,158
Kimberly-Clark Corp.		3,643		502,953
Procter & Gamble Co. (The)		25,451		3,861,935
Reckitt Benckiser Group PLC		7,611		571,972
Unicharm Corp.		4,352		161,828
				6,662,003
PERSONAL CARE PRODUCTS–0.5%
Beiersdorf AG		1,065		141,031
Estee Lauder Cos., Inc. (The)–Class A		2,504		491,735
Haleon PLC		53,298		218,760
Kao Corp.(b)		4,903		177,929
Kobayashi Pharmaceutical Co., Ltd.		537		29,199
Kose Corp.		385		37,010
L’Oreal SA		2,547		1,188,115
Shiseido Co., Ltd.		4,266		193,377
Unilever PLC (London)		26,707		1,390,745
				3,867,901
TOBACCO–0.5%
Altria Group, Inc.		19,275		873,157
British American Tobacco PLC		22,469		746,542
Imperial Brands PLC		9,372		207,444
Japan Tobacco, Inc.(b)		12,661		277,352
Philip Morris International, Inc.		16,761		1,636,209
				3,740,704
				43,477,496
COMMUNICATION SERVICES–5.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.0%
AT&T, Inc.		77,195		1,231,260
BT Group PLC		73,505		114,384
Cellnex Telecom SA(a)(c)		6,007		242,706
Charter Communications, Inc.–Class A(a)		1,122		412,189
Comcast Corp.–Class A		44,913		1,866,135
Deutsche Telekom AG (REG)		34,268		747,677
Elisa Oyj		1,530		81,678
HKT Trust & HKT Ltd.		38,163		44,436
Infrastrutture Wireless Italiane SpA(c)		3,386		44,696
Koninklijke KPN NV		32,773		116,999

Company	Shares		U.S. $ Value
Nippon Telegraph & Telephone Corp.		317,900	$	376,173
Orange SA		19,686		230,059
Singapore Telecommunications Ltd.		86,008		159,301
Spark New Zealand Ltd.		18,834		58,937
Swisscom AG (REG)		278		173,511
Telecom Italia SpA/Milano(a)(b)		100,391		28,303
Telefonica Deutschland Holding AG		8,740		24,599
Telefonica SA		54,139		219,802
Telenor ASA		7,049		71,474
Telia Co. AB		24,713		54,217
Telstra Group Ltd.		42,437		121,739
Verizon Communications, Inc.		45,395		1,688,240
Washington H Soul Pattinson & Co., Ltd.(b)		2,481		52,669
				8,161,184
ENTERTAINMENT–0.8%
Activision Blizzard, Inc.(a)		7,725		651,217
Bollore SE		8,908		55,553
Capcom Co., Ltd.		1,904		75,475
Electronic Arts, Inc.		2,813		364,846
Embracer Group AB(a)(b)		6,492		16,235
Koei Tecmo Holdings Co., Ltd.		1,184		20,509
Konami Group Corp.		1,050		55,063
Live Nation Entertainment, Inc.(a)		1,554		141,585
Netflix, Inc.(a)		4,800		2,114,352
Nexon Co., Ltd.		4,129		79,180
Nintendo Co., Ltd.		10,985		500,787
Sea Ltd. (ADR)(a)		3,914		227,169
Square Enix Holdings Co., Ltd.		966		44,946
Take-Two Interactive Software, Inc.(a)		1,712		251,938
Toho Co., Ltd./Tokyo		1,253		47,726
Universal Music Group NV		8,662		192,424
Walt Disney Co. (The)(a)		19,731		1,761,584
Warner Bros Discovery, Inc.(a)		23,938		300,183
				6,900,772
INTERACTIVE MEDIA & SERVICES–2.7%
Adevinta ASA(a)		2,936		19,293
Alphabet, Inc.–Class A(a)		64,151		7,678,875
Alphabet, Inc.–Class C(a)		55,182		6,675,367
Auto Trader Group PLC(c)		9,578		74,369

15

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

Company	Shares		U.S. $ Value
Match Group, Inc.(a)		3,007	$	125,843
Meta Platforms, Inc.–Class A(a)		23,887		6,855,091
REA Group Ltd.(b)		593		56,965
Scout24 SE(c)		842		53,354
SEEK Ltd.(b)		3,387		49,479
Z Holdings Corp.		26,998		65,068
				21,653,704
MEDIA–0.2%
CyberAgent, Inc.(b)		4,076		29,796
Dentsu Group, Inc.(b)		2,179		71,661
Fox Corp.–Class A		2,905		98,770
Fox Corp.–Class B		1,475		47,038
Hakuhodo DY Holdings, Inc.		2,354		24,849
Informa PLC		14,381		132,782
Interpublic Group of Cos., Inc. (The)		4,168		160,801
News Corp.–Class A		4,114		80,223
News Corp.–Class B		1,268		25,005
Omnicom Group, Inc.		2,154		204,953
Paramount Global–Class B		5,475		87,107
Publicis Groupe SA		2,461		197,511
Vivendi SE		7,323		67,229
WPP PLC		10,905		114,304
				1,342,029
WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		15,825		488,725
SoftBank Corp.		29,917		319,672
SoftBank Group Corp.		10,880		513,096
T-Mobile US, Inc.(a)		6,219		863,819
Tele2 AB–Class B		5,235		43,295
Vodafone Group PLC		242,578		228,710
				2,457,317
				40,515,006
ENERGY–2.9%
ENERGY EQUIPMENT & SERVICES–0.2%
Baker Hughes Co.		10,932		345,560
Halliburton Co.		9,742		321,389
Schlumberger NV		15,391		756,006
Tenaris SA		4,757		71,160
				1,494,115
OIL, GAS & CONSUMABLE FUELS–2.7%
Aker BP ASA		3,337		78,291
Ampol Ltd.		2,400		47,943
APA Corp.		3,332		113,854
BP PLC		187,082		1,089,261
Chevron Corp.		18,817		2,960,855
ConocoPhillips		13,066		1,353,768

Company	Shares		U.S. $ Value
Coterra Energy, Inc.		8,179	$	206,929
Devon Energy Corp.		6,929		334,948
Diamondback Energy, Inc.		1,955		256,809
ENEOS Holdings, Inc.		29,445		101,209
Eni SpA		24,544		353,345
EOG Resources, Inc.		6,315		722,689
EQT Corp.		3,905		160,613
Equinor ASA		10,006		291,363
Exxon Mobil Corp.		43,656		4,682,106
Galp Energia SGPS SA(b)		5,050		59,014
Hess Corp.		2,984		405,675
Idemitsu Kosan Co., Ltd.		2,100		42,137
Inpex Corp.(b)		10,262		112,743
Kinder Morgan, Inc.		21,297		366,734
Marathon Oil Corp.		6,669		153,520
Marathon Petroleum Corp.		4,581		534,145
Neste Oyj		4,479		172,456
Occidental Petroleum Corp.		7,758		456,170
OMV AG		1,582		67,175
ONEOK, Inc.		4,832		298,231
Phillips 66		4,955		472,608
Pioneer Natural Resources Co.		2,524		522,922
Repsol SA(b)		13,929		202,583
Santos Ltd.		34,905		174,647
Shell PLC		72,399		2,159,783
Targa Resources Corp.		2,441		185,760
TotalEnergies SE		25,013		1,435,862
Valero Energy Corp.		3,904		457,939
Williams Cos., Inc. (The)		13,154		429,215
Woodside Energy Group Ltd.		20,142		465,916
				21,929,218
				23,423,333
MATERIALS–2.8%
CHEMICALS–1.5%
Air Liquide SA		5,536		992,799
Air Products and Chemicals, Inc.		2,399		718,572
Akzo Nobel NV		1,802		147,319
Albemarle Corp.		1,267		282,655
Arkema SA		595		56,106
Asahi Kasei Corp.		12,639		85,580
BASF SE		9,451		459,160
Celanese Corp.		1,081		125,180
CF Industries Holdings, Inc.		2,105		146,129
Chr Hansen Holding A/S		1,143		79,460
Clariant AG (REG)(a)		2,173		31,436
Corteva, Inc.		7,676		439,835
Covestro AG(a)(c)		2,076		108,020
Croda International PLC		1,529		109,300
Dow, Inc.		7,638		406,800

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
DSM-Firmenich AG(a)		1,877	$	201,992
DuPont de Nemours, Inc.		4,957		354,128
Eastman Chemical Co.		1,287		107,748
Ecolab, Inc.		2,675		499,396
EMS-Chemie Holding AG (REG)		77		58,351
Evonik Industries AG		2,112		40,244
FMC Corp.		1,350		140,859
Givaudan SA (REG)		99		328,377
ICL Group Ltd.		7,440		40,836
IMCD NV(b)		609		87,642
International Flavors & Fragrances, Inc.		2,754		219,191
Johnson Matthey PLC		1,949		43,267
JSR Corp.		1,839		52,846
Linde PLC		5,287		2,014,770
LyondellBasell Industries NV–Class A		2,740		251,614
Mitsubishi Chemical Group Corp.		12,899		77,583
Mitsui Chemicals, Inc.		1,855		54,677
Mosaic Co. (The)		3,586		125,510
Nippon Paint Holdings Co., Ltd.(b)		10,025		82,967
Nippon Sanso Holdings Corp.(b)		1,792		38,933
Nissan Chemical Corp.		1,313		56,616
Nitto Denko Corp.		1,586		117,722
Novozymes A/S–Class B		2,164		100,970
OCI NV(a)		1,071		25,724
Orica Ltd.		4,655		46,116
PPG Industries, Inc.		2,542		376,978
Sherwin-Williams Co. (The)		2,534		672,828
Shin-Etsu Chemical Co., Ltd.		19,261		643,663
Sika AG (REG)		1,560		446,785
Solvay SA		809		90,462
Sumitomo Chemical Co., Ltd.		13,360		40,606
Symrise AG		1,425		149,415
Toray Industries, Inc.		13,972		77,900
Tosoh Corp.		2,620		30,990
Umicore SA		2,301		64,334
Wacker Chemie AG		193		26,513
Yara International ASA		1,775		62,714
				12,039,618
CONSTRUCTION MATERIALS–0.2%
CRH PLC		7,888		435,160
Heidelberg Materials AG		1,566		128,786
Holcim AG(a)		5,907		398,174
James Hardie Industries PLC(a)		4,721		125,937
Martin Marietta Materials, Inc.		669		308,871
Vulcan Materials Co.		1,437		323,957
				1,720,885

Company	Shares		U.S. $ Value
CONTAINERS & PACKAGING–0.1%
Amcor PLC		15,889	$	158,572
Avery Dennison Corp.		872		149,810
Ball Corp.		3,397		197,739
International Paper Co.		3,748		119,224
Packaging Corp. of America		971		128,327
Sealed Air Corp.		1,559		62,360
SIG Group AG(a)		3,290		90,892
Smurfit Kappa Group PLC		2,756		91,982
Westrock Co.		2,766		80,408
				1,079,314
METALS & MINING–0.9%
Anglo American PLC		13,499		384,364
Antofagasta PLC		3,973		73,884
ArcelorMittal SA		5,105		139,286
BHP Group Ltd.		53,560		1,610,118
BlueScope Steel Ltd.		4,518		62,180
Boliden AB(a)		2,899		84,008
Endeavour Mining PLC		1,963		47,143
Fortescue Metals Group Ltd.(b)		17,540		260,271
Freeport-McMoRan, Inc.		15,477		619,080
Glencore PLC(a)		112,848		639,834
IGO Ltd.(b)		7,059		72,050
JFE Holdings, Inc.		4,952		70,796
Mineral Resources Ltd.(b)		1,825		87,404
Newcrest Mining Ltd.		9,309		166,058
Newmont Corp. (New York)		8,581		366,065
Nippon Steel Corp.		8,433		176,497
Norsk Hydro ASA		13,549		80,769
Northern Star Resources Ltd.		12,068		98,316
Nucor Corp.		2,713		444,878
Pilbara Minerals Ltd.(b)		28,527		93,759
Rio Tinto Ltd.		3,945		302,107
Rio Tinto PLC		11,903		756,431
South32 Ltd.		46,987		118,294
Steel Dynamics, Inc.		1,734		188,885
Sumitomo Metal Mining Co., Ltd.		2,644		85,354
voestalpine AG		1,169		42,009
				7,069,840
PAPER & FOREST PRODUCTS–0.1%
Holmen AB–Class B		954		34,287
Mondi PLC		4,892		74,634
Oji Holdings Corp.		8,176		30,571
Stora Enso Oyj–Class R		6,150		71,352
Svenska Cellulosa AB SCA–Class B(b)		6,104		77,918
UPM-Kymmene Oyj		5,673		169,037
				457,799
				22,367,456

17

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

Company	Shares		U.S. $ Value
UTILITIES–2.0%
ELECTRIC UTILITIES–1.2%
Acciona SA(b)		276	$	46,862
Alliant Energy Corp.		2,715		142,483
American Electric Power Co., Inc.		5,559		468,068
BKW AG		248		43,846
Chubu Electric Power Co., Inc.		6,491		79,187
CK Infrastructure Holdings Ltd.		5,927		31,437
CLP Holdings Ltd.		17,345		135,093
Constellation Energy Corp.		3,503		320,700
Duke Energy Corp.		8,322		746,816
Edison International		4,135		287,176
EDP–Energias de Portugal SA		30,734		150,217
Elia Group SA/NV		311		39,514
Endesa SA(b)		3,434		73,788
Enel SpA		85,991		579,788
Entergy Corp.		2,283		222,296
Evergy, Inc.		2,480		144,882
Eversource Energy		3,767		267,156
Exelon Corp.		10,739		437,507
FirstEnergy Corp.		5,876		228,459
Fortum Oyj		4,474		59,873
Iberdrola SA		61,547		803,730
Kansai Electric Power Co., Inc. (The)(b)		7,093		88,992
Mercury NZ Ltd.		6,864		27,435
NextEra Energy, Inc.		21,849		1,621,196
NRG Energy, Inc.		2,486		92,952
Origin Energy Ltd.		17,744		99,731
Orsted AS(c)		2,009		190,458
PG&E Corp.(a)		17,456		301,640
Pinnacle West Capital Corp.		1,223		99,626
Power Assets Holdings Ltd.		13,977		73,372
PPL Corp.		7,959		210,595
Red Electrica Corp. SA(b)		4,124		69,353
Southern Co. (The)		11,774		827,123
SSE PLC		11,528		270,332
Terna–Rete Elettrica Nazionale		14,764		125,925
Tokyo Electric Power Co. Holdings, Inc.(a)		15,381		56,415
Verbund AG		742		59,527
Xcel Energy, Inc.		5,943		369,476
				9,893,026
GAS UTILITIES–0.1%
APA Group		11,887		76,908
Atmos Energy Corp.		1,560		181,490
Enagas SA(b)		2,507		49,272

Company	Shares		U.S. $ Value
Hong Kong & China Gas Co., Ltd.		118,302	$	102,448
Naturgy Energy Group SA(b)		1,300		38,754
Osaka Gas Co., Ltd.		3,778		57,909
Snam SpA(b)		21,320		111,426
Tokyo Gas Co., Ltd.		4,034		88,012
				706,219
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		7,228		149,836
Corp. ACCIONA Energias Renovables SA(b)		682		22,816
EDP Renovaveis SA(b)		2,688		53,716
Meridian Energy Ltd.		12,972		44,670
RWE AG		6,685		291,308
				562,346
MULTI-UTILITIES–0.5%
Ameren Corp.		2,836		231,616
CenterPoint Energy, Inc.		6,814		198,628
Centrica PLC		60,118		94,790
CMS Energy Corp.		3,149		185,004
Consolidated Edison, Inc.		3,742		338,277
Dominion Energy, Inc.		9,027		467,508
DTE Energy Co.		2,226		244,905
E.ON SE		23,737		303,226
Engie SA		19,310		321,568
National Grid PLC		37,538		497,692
NiSource, Inc.		4,460		121,981
Public Service Enterprise Group, Inc.		5,388		337,343
Sempra Energy		3,398		494,715
Veolia Environnement SA		7,177		227,191
WEC Energy Group, Inc.		3,406		300,545
				4,364,989
WATER UTILITIES–0.1%
American Water Works Co., Inc.		2,102		300,061
Severn Trent PLC		2,673		87,140
United Utilities Group PLC		6,870		84,003
				471,204
				15,997,784
REAL ESTATE–1.6%
DIVERSIFIED REITs–0.0%
British Land Co. PLC (The)		8,871		34,210
Daiwa House REIT Investment Corp.		25		47,934
GPT Group (The)(b)		19,300		53,405
Land Securities Group PLC		7,097		51,892

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Mirvac Group(b)		39,723	$	59,986
Nomura Real Estate Master Fund, Inc.		46		53,055
Stockland		24,051		64,656
				365,138
HEALTH CARE REITs–0.1%
Healthpeak Properties, Inc.		5,907		118,731
Ventas, Inc.		4,320		204,206
Welltower, Inc.		5,367		434,137
				757,074
HOTEL & RESORT REITs–0.0%
Host Hotels & Resorts, Inc.		7,680		129,254
INDUSTRIAL REITs–0.2%
CapitaLand Ascendas REIT		33,812		68,245
GLP J-Reit(a)		51		50,304
Goodman Group		17,910		240,761
Mapletree Logistics Trust		35,327		42,490
Nippon Prologis REIT, Inc.		25		50,245
Prologis, Inc.		9,972		1,222,866
Segro PLC		12,690		115,730
Warehouses De Pauw CVA		1,696		46,577
				1,837,218
OFFICE REITs–0.1%
Alexandria Real Estate Equities, Inc.		1,700		192,933
Boston Properties, Inc.		1,541		88,746
Covivio SA/France		524		24,754
Dexus		10,836		56,432
Gecina SA		518		55,259
Japan Real Estate Investment Corp.		15		57,084
Nippon Building Fund, Inc.(b)		18		70,779
				545,987
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Azrieli Group Ltd.		442		24,971
Capitaland Investment Ltd./Singapore		26,947		66,207
CBRE Group, Inc.–Class A(a)		3,356		270,863
City Developments Ltd.		5,193		25,902
CK Asset Holdings Ltd.		20,190		112,191
Daito Trust Construction Co., Ltd.		659		66,760
Daiwa House Industry Co., Ltd.		6,312		166,775

Company	Shares		U.S. $ Value
ESR Group Ltd.(c)		19,958	$	34,373
Fastighets AB Balder–Class B(a)		6,354		23,266
Hang Lung Properties Ltd.		17,199		26,615
Henderson Land Development Co., Ltd.		14,633		43,577
Hongkong Land Holdings Ltd.		11,598		45,351
Hulic Co., Ltd.(b)		3,868		33,143
LEG Immobilien SE(a)		808		46,621
Lendlease Corp., Ltd.(b)		6,939		36,003
Mitsubishi Estate Co., Ltd.		11,724		139,285
Mitsui Fudosan Co., Ltd.		9,510		189,548
New World Development Co., Ltd.		15,213		37,600
Nomura Real Estate Holdings, Inc.		1,195		28,411
Sagax AB–Class B		1,934		38,245
Sino Land Co., Ltd.		38,832		47,806
Sumitomo Realty & Development Co., Ltd.		3,117		77,242
Sun Hung Kai Properties Ltd.		15,091		190,669
Swire Pacific Ltd.–Class A		4,408		33,865
Swire Properties Ltd.		11,788		29,044
Swiss Prime Site AG (REG)		814		70,709
Unibail-Rodamco-Westfield(a)		1,282		67,618
UOL Group Ltd.		4,678		22,297
Vonovia SE		7,549		147,429
Wharf Real Estate Investment Co., Ltd.		16,824		84,412
				2,226,798
RESIDENTIAL REITs–0.2%
AvalonBay Communities, Inc.		1,533		290,151
Camden Property Trust		1,153		125,527
Equity Residential		3,682		242,901
Essex Property Trust, Inc.		693		162,370
Invitation Homes, Inc.		6,277		215,929
Mid-America Apartment Communities, Inc.		1,260		191,344
UDR, Inc.		3,341		143,529
				1,371,751
RETAIL REITs–0.2%
CapitaLand Integrated Commercial Trust		53,735		76,150
Federal Realty Investment Trust		792		76,642
Japan Metropolitan Fund Invest		77		51,519

19

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

Company	Shares		U.S. $ Value
Kimco Realty Corp.		6,694	$	132,006
Klepierre SA		2,286		56,794
Link REIT		26,342		146,649
Mapletree Pan Asia Commercial Trust		21,757		26,174
Realty Income Corp.		7,270		434,673
Regency Centers Corp.		1,662		102,662
Scentre Group		52,294		92,482
Simon Property Group, Inc.		3,531		407,760
Vicinity Ltd.		38,985		48,011
				1,651,522
SPECIALIZED REITs–0.5%
American Tower Corp.		5,032		975,906
Crown Castle, Inc.		4,683		533,581
Digital Realty Trust, Inc.		3,146		358,235
Equinix, Inc.		1,010		791,780
Extra Space Storage, Inc.		1,458		217,023
Iron Mountain, Inc.		3,149		178,926
Public Storage		1,709		498,823
SBA Communications Corp.		1,170		271,159
VICI Properties, Inc.		10,844		340,827
Weyerhaeuser Co.		7,907		264,964
				4,431,224
				13,315,966
Total Common Stocks (cost $559,735,092)				566,237,542

		Notional Amount
PURCHASED OPTIONS–PUTS–0.1%
OPTIONS ON INDICES–0.1%
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 565; Exercise Price: EUR 4,300.00; Counterparty: Morgan Stanley & Co., Inc.(a)	EUR		24,295,000	101,727
FTSE 100 Index Expiration: Jul 2023; Contracts: 97; Exercise Price: GBP 7,450.00; Counterparty: Morgan Stanley & Co., Inc.(a)	GBP		7,226,500	38,497

Company		Notional Amount		U.S. $ Value
Nikkei 225 Index Expiration: Jul 2023; Contracts: 76; Exercise Price: JPY 31,625.00; Counterparty: Morgan Stanley & Co., Inc.(a)	JPY		2,403,500,000	$	29,232
S&P 500 Index Expiration: Jul 2023; Contracts: 284; Exercise Price: USD 4,330.00; Counterparty: Morgan Stanley & Co., Inc.(a)	USD		122,972,000		339,380
Total Purchased Options–Puts (premiums paid $1,277,998)					508,836

	Shares
SHORT-TERM INVESTMENTS–26.4%
INVESTMENT COMPANIES–26.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $213,952,918)		213,952,918		213,952,918
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–96.4% (cost $774,966,008)				780,699,296
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.4%
INVESTMENT COMPANIES–0.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $3,508,670)		3,508,670		3,508,670
TOTAL INVESTMENTS–96.8% (cost $778,474,678)				784,207,966
Other assets less liabilities–3.2%				25,999,549
NET ASSETS–100.0%			$	810,207,515

20

AB Variable Products Series Fund

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		96		September 2023	$	8,879,321	$	(79,144	)
Euro STOXX 50 Index Futures		160		September 2023		7,729,190		89,997
Euro-BTP Futures		135		September 2023		17,104,402		99,604
Euro-Bund Futures		39		September 2023		5,691,548		(60,899	)
Euro-OAT Futures		71		September 2023		9,947,819		(86,073	)
FTSE 100 Index Futures		13		September 2023		1,245,101		(20,762	)
Long Gilt Futures		143		September 2023		17,307,424		(209,910	)
MSCI EAFE Futures		8		September 2023		862,200		6,862
MSCI Emerging Markets Futures		154		September 2023		7,683,830		(86,258	)
Nikkei 225 (CME) Futures		29		September 2023		4,857,500		153,658
OMXS 30 Index Futures		41		July 2023		880,512		1,198
S&P 500 E-Mini Futures		99		September 2023		22,216,838		84,893
S&P Mid 400 E-Mini Futures		5		September 2023		1,322,050		31,031
S&P/TSX 60 Index Futures		54		September 2023		9,934,614		144,263
TOPIX Index Futures		6		September 2023		951,384		30,325
U.S. T-Note 5 Yr (CBT) Futures		445		September 2023		47,656,719		(976,951	)
U.S. T-Note 10 Yr (CBT) Futures		786		September 2023		88,240,781		(1,560,882)
U.S. Ultra Bond (CBT) Futures		115		September 2023		15,665,156		287,284
Sold Contracts
FTSE 100 Index Futures		33		September 2023		3,160,641		31,363
Hang Seng Futures		16		July 2023		1,920,061		(5,544	)
MSCI Singapore IX ETS Futures		78		July 2023		1,666,238		(3,489	)
S&P 500 E-Mini Futures		174		September 2023		39,047,775		(887,949	)
SPI 200 Futures		37		September 2023		4,412,529		(57,375	)
							$	(3,074,758)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of New York (The)		CHF	726		USD	801		07/21/2023	$	(11,739	)
Bank of New York (The)		USD	9,223		EUR	8,435		07/31/2023		(6,495	)
Bank of New York (The)		USD	1,585		AUD	2,309		08/25/2023		(44,482	)
Barclays Bank PLC		JPY	408,572		USD	2,940		08/25/2023		86,332
Citibank, NA		AUD	13,262		USD	9,044		08/25/2023		196,253
Deutsche Bank AG		GBP	14,472		USD	17,998		07/21/2023		(383,350	)
Deutsche Bank AG		USD	2,649		CHF	2,360		07/21/2023		(7,896	)
Deutsche Bank AG		EUR	7,458		USD	7,983		07/31/2023		(166,187	)
Deutsche Bank AG		CAD	1,396		USD	1,055		08/24/2023		475
Deutsche Bank AG		CAD	5,330		USD	3,983		08/24/2023		(43,648	)
Goldman Sachs Bank USA		EUR	35,844		USD	39,449		07/31/2023		285,964
Goldman Sachs Bank USA		JPY	3,640,235		USD	26,459		08/25/2023		1,034,088
HSBC Bank USA		USD	4,684		CNH	33,384		07/07/2023		(91,073	)
HSBC Bank USA		USD	2,102		GBP	1,649		07/21/2023		(7,702	)
Morgan Stanley Capital Services, Inc.		CNH	33,506		USD	4,899		07/07/2023		289,413

21

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.		CHF	10,605		USD	11,884		07/21/2023	$	16,345
State Street Bank & Trust Co.		NZD	636		USD	392		08/24/2023		1,986
State Street Bank & Trust Co.		NOK	3,521		USD	331		09/13/2023		1,667
State Street Bank & Trust Co.		SEK	48,268		USD	4,506		09/13/2023		16,164
									$	1,166,115

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.		565		EUR	4,100.00		July 2023		EUR	23,165	$	58,381	$	(27,436	)
FTSE 100 Index(g)		Morgan Stanley & Co., Inc.		97		GBP	7,100.00		July 2023		GBP	6,887		11,684		(6,467	)
Nikkei 225 Index(h)		Morgan Stanley & Co., Inc.		76		JPY	30,125.00		July 2023		JPY	2,289,500		73,196		(5,004	)
S&P 500 Index(i)		Morgan Stanley & Co., Inc.		284		USD	4,120.00		July 2023		USD	117,008		249,344		(96,560	)
													$	392,605	$	(135,467)

(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 June 30, 2023, the aggregate market value of these securities amounted to $2,661,028 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

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

22

AB Variable Products Series Fund

Glossary:

ADR—American Depositary Receipt

BTP—Buoni del Tesoro Poliennali

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

OAT—Obligations Assimilables du Trésor

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.

23

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $561,013,090)	$	566,746,378	(a)
Affiliated issuers (cost $217,461,588—including investment of cash collateral for securities loaned of $3,508,670)		217,461,588
Cash		3,561
Cash collateral due from broker		9,553,983
Foreign currencies, at value (cost $18,493,147)		18,481,301
Unrealized appreciation on forward currency exchange contracts		1,928,687
Affiliated dividends receivable		969,185
Unaffiliated dividends receivable		786,128
Receivable for variation margin on futures		369,238
Receivable for capital stock sold		13,001
Total assets		816,313,050
LIABILITIES
Options written, at value (premiums received $392,605)		135,467
Payable for collateral received on securities loaned		3,508,670
Payable for capital stock redeemed		853,511
Unrealized depreciation on forward currency exchange contracts		762,572
Advisory fee payable		309,838
Distribution fee payable		176,610
Administrative fee payable		21,965
Directors’ fees payable		629
Transfer Agent fee payable		150
Payable for investment securities purchased and foreign currency transactions		115
Accrued expenses		336,008
Total liabilities		6,105,535
NET ASSETS	$	810,207,515
COMPOSITION OF NET ASSETS
Capital stock, at par	$	72,872
Additional paid-in capital		844,277,340
Accumulated loss		(34,142,697	)
NET ASSETS	$	810,207,515

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	12,372		1,100	$	11.25
B	$	810,195,143		72,871,055	$	11.12

(a) Includes securities on loan with a value of $10,974,288 (see Note E).

See notes to financial statements.

24

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $381,017)	$	6,215,250
Affiliated issuers		5,471,484
Interest		231,060
Securities lending income		13,467
		11,931,261
EXPENSES
Advisory fee (see Note B)		1,898,240
Distribution fee—Class B		1,012,782
Transfer agency—Class B		901
Custody and accounting		113,804
Administrative		47,489
Audit and tax		35,859
Legal		35,853
Directors’ fees		14,222
Printing		12,792
Miscellaneous		42,927
Total expenses		3,214,869
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(130,995	)
Net expenses		3,083,874
Net investment income		8,847,387
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(11,782,804	)
Forward currency exchange contracts		(3,472,688	)
Futures		(3,681,545	)
Options written		4,414,330
Foreign currency transactions		(934,694	)
Net change in unrealized appreciation (depreciation) of:
Investments		71,363,310
Forward currency exchange contracts		4,703,611
Futures		95,136
Options written		182,550
Foreign currency denominated assets and liabilities		97,207
Net gain on investment and foreign currency transactions		60,984,413
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	69,831,800

See notes to financial statements.

25

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

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	8,847,387		$	8,260,192
Net realized loss on investment transactions and foreign currency transactions		(15,457,401	)		(37,872,269	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		76,441,814			(115,982,567	)
Contributions from Affiliates (see Note B)		–0	–		242,720
Net increase (decrease) in net assets from operations		69,831,800			(145,351,924	)
Distributions to Shareholders
Class A		–0	–		(400	)
Class B		–0	–		(27,864,579	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(59,025,919	)		(93,224,440	)
Total increase (decrease)		10,805,881			(266,441,343	)
NET ASSETS
Beginning of period		799,401,634			1,065,842,977
End of period	$	810,207,515		$	799,401,634

See notes to financial statements.

26

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Risk Allocation—Moderate Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the “Adviser”) considers undue risk. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland 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 June 30, 2023 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, 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.

27

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.

28

AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2023:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	113,695,095		$	13,453,449		$	–0	–	$	127,148,544
Financials		49,860,559			29,945,298			–0	–		79,805,857
Health Care		54,145,860			21,436,065			–0	–		75,581,925
Consumer Discretionary		42,799,496			20,723,297			–0	–		63,522,793
Industrials		34,824,933			26,256,449			–0	–		61,081,382
Consumer Staples		26,938,475			16,539,021			–0	–		43,477,496
Communication Services		33,913,590			6,601,416			–0	–		40,515,006
Energy		16,498,445			6,924,888			–0	–		23,423,333
Materials		10,232,361			12,135,095			–0	–		22,367,456
Utilities		10,340,060			5,657,724			–0	–		15,997,784
Real Estate		9,618,454			3,697,512			–0	–		13,315,966
Purchased Options—Puts		–0	–		508,836			–0	–		508,836
Short-Term Investments		213,952,918			–0	–		–0	–		213,952,918
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		3,508,670			–0	–		–0	–		3,508,670
Total Investments in Securities		620,328,916			163,879,050			–0	–		784,207,966
Other Financial Instruments(a):
Assets:
Futures		960,478			–0	–		–0	–		960,478	(b)
Forward Currency Exchange Contracts		–0	–		1,928,687			–0	–		1,928,687
Liabilities:
Futures		(4,035,236	)		–0	–		–0	–		(4,035,236	)(b)
Forward Currency Exchange Contracts		–0	–		(762,572	)		–0	–		(762,572	)
Put Written Options		–0	–		(135,467	)		–0	–		(135,467	)
Total	$	617,254,158		$	164,909,698		$	–0	–	$	782,163,856

(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.

29

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, 2024. For the six months ended June 30, 2023, there were no such operating expenses waived by the Adviser. For the six months ended June 30, 2023, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $130,820 and $0, respectively.

30

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	244,271	$	66,448	$	96,766	$	213,953	$	5,471
AB Government Money Market Portfolio*		64		11,919		8,474		3,509		3
Total							$	217,462	$	5,474

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

During the year ended December 31, 2022, the Adviser reimbursed the Portfolio $242,720, 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 six months ended June 30, 2023, the reimbursement for such services amounted to $47,489.

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 $900 for the six months ended June 30, 2023.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	9,124,968		$	10,607,025
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	70,410,772
Gross unrealized depreciation		(66,328,989	)
Net unrealized appreciation	$	4,081,783

31

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

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the six months ended June 30, 2023, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2023, 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

32

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 six months ended June 30, 2023, the Portfolio held purchased options for hedging and non-hedging purposes.

During the six months ended June 30, 2023, the Portfolio held written options for hedging and non-hedging purposes.

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

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

During the six months ended June 30, 2023, 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 for variation margin on futures	$	386,888	*	Payable for variation margin on futures	$	2,973,859	*
Equity contracts	Receivable for variation margin on futures		573,590	*	Payable for variation margin on futures		1,061,377	*

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GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	1,928,687	Unrealized depreciation on forward currency exchange contracts	$	762,572
Equity contracts	Investments in securities, at value		508,836
Equity contracts				Options written, at value		135,467
Total		$	3,398,001		$	4,933,275

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(1,892,624)		$	1,551,014
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(1,788,921	)		(1,455,878	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(3,472,688	)		4,703,611
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(9,828,381	)		(1,476,226	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation (depreciation) of options written		4,414,330			182,550
Total		$	(12,568,284	)		$3,505,071

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2023:

Futures:
Average notional amount of buy contracts	$	270,222,764
Average notional amount of sale contracts	$	59,562,185
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	19,766,175
Average principal amount of sale contracts	$	138,881,578
Purchased Options:
Average notional amount	$	159,801,473
Options Written:
Average notional amount	$	169,277,430

34

AB Variable Products Series Fund

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*		Security Collateral Received*		Net Amount of Derivative Assets
Barclays Bank PLC	$	86,332	$	–0	–	$	–0–	$	–0–	$	86,332
Citibank, NA		196,253		–0	–		–0–		–0–		196,253
Deutsche Bank AG		475		(475	)		–0–		–0–		–0	–
Goldman Sachs Bank USA		1,320,052		–0	–		–0–		–0–		1,320,052
Morgan Stanley Capital Services, Inc.		305,758		–0	–		–0–		–0–		305,758
State Street Bank & Trust Co.		19,817		–0	–		–0–		–0–		19,817
Total	$	1,928,687	$	(475	)	$	–0–	$	–0–	$	1,928,212	^
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*		Security Collateral Pledged*		Net Amount of Derivative Liabilities
Bank of New York (The)	$	62,716	$	–0	–	$	–0–	$	–0–	$	62,716
Deutsche Bank AG		601,081		(475	)		–0–		–0–		600,606
HSBC Bank USA		98,775		–0	–		–0–		–0–		98,775
Total	$	762,572	$	(475	)	$	–0–	$	–0–	$	762,097	^

* 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

35

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

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 six months ended June 30, 2023 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
$	10,974,288	$	3,508,670	$	7,935,216	$	10,580	$	2,887	$	175

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class B
Shares sold		560,496			1,710,854		$	5,947,464		$	18,775,444
Shares issued on reinvestment of dividends and distributions		–0	–		2,584,840			–0	–		27,864,579
Shares redeemed		(6,088,070	)		(12,899,724	)		(64,973,383	)		(139,864,463	)
Net decrease		(5,527,574	)		(8,604,030	)	$	(59,025,919	)	$	(93,224,440	)

There were no transactions in capital shares for Class A for the six months ended June 30, 2023 and the year ended December 31, 2022.

At June 30, 2023, 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. It includes the risk that a particular style of investing may underperform the market generally.

36

AB Variable Products Series Fund

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 recent end of a period of historically low rates and the effects 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 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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, 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 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.

37

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

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

LIBOR Transition and Associated Risk—The 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. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financing 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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. 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 six months ended June 30, 2023.

38

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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.

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.

39

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

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

	CLASS A
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$10.30			$12.36			$11.02			$11.27			$9.79			$10.83
Income From Investment Operations
Net investment income (loss)(a)(b)		.13			.13			(.01	)		.03			.11			.09
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.82			(1.83	)		1.35			.23			1.61			(.55	)
Contributions from Affiliates		–0	–		.00	(c)		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.95			(1.70	)		1.34			.26			1.72			(.46	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.08	)		–0	–		(.17	)		(.24	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(.28	)		–0	–		(.34	)		–0	–		(.58	)
Total dividends and distributions		–0	–		(.36	)		–0	–		(.51	)		(.24	)		(.58	)
Net asset value, end of period		$11.25			$10.30			$12.36			$11.02			$11.27			$9.79
Total Return
Total investment return based on net asset value(d)		9.22	%		(13.88	)%		12.16	%		2.72	%		17.61	%		(4.62	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$13			$11			$14			$12			$12			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.47	%^		.49	%		.68	%		.69	%		.68	%		.67	%
Expenses, before waivers/reimbursements(e)(f)‡		.50	%^		.52	%		.72	%		.95	%		.95	%		.92	%
Net investment income (loss)(b)		2.47	%^		1.19	%		(.09	)%		.27	%		1.05	%		.88	%
Portfolio turnover rate		2	%		2	%		18	%		31	%		29	%		67	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0.03	%^		.04	%		.03	%		.06	%		.07	%		.08	%

See footnote summary on page 42.

40

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$10.20			$12.25			$10.94			$11.19			$9.72			$10.78
Income From Investment Operations
Net investment income(a)(b)		.12			.10			.01			.00	(c)		.08			.07
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.80			(1.80	)		1.30			.23			1.60			(.55	)
Contributions from Affiliates		–0	–		.00	(c)		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.92			(1.70	)		1.31			.23			1.68			(.48	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.07	)		–0	–		(.14	)		(.21	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(.28	)		–0	–		(.34	)		–0	–		(.58	)
Total dividends and distributions		–0	–		(.35	)		–0	–		(.48	)		(.21	)		(.58	)
Net asset value, end of period		$11.12			$10.20			$12.25			$10.94			$11.19			$9.72
Total Return
Total investment return based on net asset value(d)		9.02	%		(14.07	)%		11.97	%		2.45	%		17.32	%		(4.84	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$810,195			$799,391			$1,065,829			$89,696			$95,350			$89,127
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.76	%^		.75	%		.75	%		.94	%		.94	%		.92	%
Expenses, before waivers/reimbursements(e)(f)‡		.79	%^		.79	%		.78	%		1.20	%		1.20	%		1.16	%
Net investment income(b)		2.18	%^		.92	%		.09	%		.01	%		.78	%		.64	%
Portfolio turnover rate		2	%		2	%		18	%		31	%		29	%		67	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0.03	%^		.04	%		.03	%		.06	%		.07	%		.08	%

See footnote summary on page 42.

41

GLOBAL RISK ALLOCATION—MODERATE 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 six months ended June 30, 2023 and the years ended December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018, such waiver amounted to .03% (annualized), .04%, .03%, ..06%, .07% and .08%, respectively.

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

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Class A
Net of waivers/reimbursements		.47	%^		.49	%		.68	%		.69	%		.68	%		.67	%
Before waivers/reimbursements		.50	%^		.52	%		.72	%		.95	%		.94	%		.92	%
Class B
Net of waivers/reimbursements		.76	%^		.75	%		.75	%		.94	%		.93	%		.92	%
Before waivers/reimbursements		.79	%^		.79	%		.78	%		1.20	%		1.19	%		1.16	%

^ Annualized.

See notes to financial statements.

42

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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

43

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

44

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.

45

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.

46

VPS-GRA-0152-0623

JUN    ^06.30.23

SEMI-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
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,130.50	$	4.75		0.90	%
Hypothetical**	$	1,000	$	1,020.33	$	4.51		0.90	%
Class B
Actual	$	1,000	$	1,128.70	$	6.07		1.15	%
Hypothetical**	$	1,000	$	1,019.09	$	5.76		1.15	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

1

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Nestle SA (REG)	$	10,242,823		3.7	%
Roche Holding AG (Genusschein)		9,903,334		3.6
Sanofi		7,575,736		2.8
Shell PLC		7,025,635		2.6
British American Tobacco PLC		6,228,105		2.3
Koninklijke Ahold Delhaize NV		5,951,959		2.2
Airbus SE		5,919,178		2.2
Repsol SA		5,592,531		2.0
Safran SA		5,574,164		2.0
Stellantis NV (France)		5,535,156		2.0
	$	69,548,621		25.4	%

SECTOR BREAKDOWN²

June 30, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Industrials	$	44,651,310		16.4	%
Financials		36,818,744		13.6
Consumer Discretionary		36,045,935		13.3
Consumer Staples		32,672,813		12.0
Health Care		29,167,437		10.7
Materials		23,862,770		8.8
Communication Services		19,412,044		7.1
Energy		16,265,277		6.0
Information Technology		14,747,547		5.4
Utilities		9,729,033		3.6
Real Estate		3,667,262		1.4
Short-Term Investments		4,562,648		1.7
Total Investments	$	271,602,820		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Japan	$	57,004,147		21.0	%
France		46,656,406		17.2
United Kingdom		46,312,781		17.0
United States		31,353,494		11.5
Netherlands		13,229,338		4.9
Ireland		8,755,857		3.2
Italy		8,140,607		3.0
Germany		8,079,749		3.0
South Korea		7,801,778		2.9
Spain		5,592,531		2.1
Portugal		5,013,787		1.8
Australia		4,920,304		1.8
Belgium		4,876,981		1.8
Other		19,302,412		7.1
Short-Term Investments		4,562,648		1.7
Total Investments	$	271,602,820		100.0	%

1 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 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, Israel, Luxembourg and South Africa.

3

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.7%
INDUSTRIALS–16.3%
AEROSPACE & DEFENSE–7.2%
Airbus SE		40,940	$	5,919,178
BAE Systems PLC		322,610		3,803,970
Melrose Industries PLC		692,960		4,464,800
Safran SA		35,570		5,574,164
				19,762,112
ELECTRICAL EQUIPMENT–2.7%
Fuji Electric Co., Ltd.		88,200		3,883,007
Prysmian SpA		81,900		3,425,361
				7,308,368
INDUSTRIAL CONGLOMERATES–1.0%
Hitachi Ltd.		45,700		2,841,466
MACHINERY–4.0%
Alstom SA		92,706		2,767,345
Amada Co., Ltd.		535,500		5,283,170
Kawasaki Heavy Industries Ltd.		109,200		2,795,796
				10,846,311
PROFESSIONAL SERVICES–1.4%
dip Corp.		69,600		1,738,521
UT Group Co., Ltd.(a)		101,900		2,154,532
				3,893,053
				44,651,310
FINANCIALS–13.5%
BANKS–9.2%
ABN AMRO Bank NV(b)		220,030		3,419,980
Bank Leumi Le-Israel BM		89,340		669,478
Bank of Ireland Group PLC		342,271		3,267,811
Erste Group Bank AG		116,350		4,081,309
KBC Group NV		69,870		4,876,981
NatWest Group PLC		1,677,740		5,127,993
Resona Holdings, Inc.		752,400		3,602,471
				25,046,023
FINANCIAL SERVICES–1.0%
ORIX Corp.		149,300		2,722,663
INSURANCE–3.3%
SCOR SE		140,480		4,129,754
Suncorp Group Ltd.(c)		547,600		4,920,304
				9,050,058
				36,818,744
CONSUMER DISCRETIONARY–13.2%
AUTOMOBILE COMPONENTS–1.0%
Forvia (Paris)(a)		119,124		2,811,457
AUTOMOBILES–3.5%
Stellantis NV (France)		314,878		5,535,156

Company	Shares		U.S. $ Value
Suzuki Motor Corp.		108,600	$	3,938,139
				9,473,295
HOTELS, RESTAURANTS & LEISURE–1.4%
Entain PLC		230,600		3,728,749
HOUSEHOLD DURABLES–2.7%
Persimmon PLC		190,360		2,480,332
Sony Group Corp.		53,200		4,802,373
				7,282,705
SPECIALTY RETAIL–0.8%
Kingfisher PLC		789,560		2,327,020
TEXTILES, APPAREL & LUXURY GOODS–3.8%
Burberry Group PLC		128,950		3,479,517
Kering SA		7,530		4,158,060
Pandora A/S		31,160		2,785,132
				10,422,709
				36,045,935
CONSUMER STAPLES–12.0%
BEVERAGES–1.4%
Heineken NV		37,510		3,857,399
CONSUMER STAPLES DISTRIBUTION & RETAIL–3.7%
Carrefour SA		211,730		4,012,435
Koninklijke Ahold Delhaize NV		174,580		5,951,959
				9,964,394
FOOD PRODUCTS–4.6%
Nestle SA (REG)		85,150		10,242,823
Nomad Foods Ltd.(a)		135,850		2,380,092
				12,622,915
TOBACCO–2.3%
British American Tobacco PLC		187,450		6,228,105
				32,672,813
HEALTH CARE–10.7%
HEALTH CARE EQUIPMENT & SUPPLIES–1.9%
ConvaTec Group PLC(b)		949,039		2,475,158
LivaNova PLC(a)		55,050		2,831,222
				5,306,380
HEALTH CARE PROVIDERS & SERVICES–1.6%
Fresenius SE & Co. KGaA		154,420		4,283,111
PHARMACEUTICALS–7.2%
Nippon Shinyaku Co., Ltd.		51,300		2,098,876
Roche Holding AG (Genusschein)		32,420		9,903,334

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Sanofi		70,370	$	7,575,736
				19,577,946
				29,167,437
MATERIALS–8.7%
CHEMICALS–2.7%
Arkema SA		39,140		3,690,761
Tosoh Corp.		319,000		3,773,171
				7,463,932
CONSTRUCTION MATERIALS–2.0%
CRH PLC		99,480		5,488,047
METALS & MINING–4.0%
Anglo American PLC		138,700		3,949,272
ArcelorMittal SA		152,840		4,170,109
Endeavour Mining PLC		116,233		2,791,410
				10,910,791
				23,862,770
COMMUNICATION SERVICES–7.1%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.4%
Deutsche Telekom AG (REG)		174,010		3,796,638
Nippon Telegraph & Telephone Corp.		2,295,000		2,715,688
				6,512,326
ENTERTAINMENT–3.6%
GungHo Online Entertainment, Inc.		124,200		2,445,692
Konami Group Corp.		84,600		4,436,510
Ubisoft Entertainment SA(a)		103,190		2,916,709
				9,798,911
MEDIA–1.1%
Criteo SA (Sponsored ADR)(a)		91,903		3,100,807
				19,412,044
ENERGY–5.9%
ENERGY EQUIPMENT & SERVICES–2.5%
Shell PLC		233,230		7,025,635
OIL, GAS & CONSUMABLE FUELS–3.4%
Cameco Corp.		116,450		3,647,111
Repsol SA(c)		384,525		5,592,531
				9,239,642
				16,265,277
INFORMATION TECHNOLOGY–5.4%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.8%
NXP Semiconductors NV		13,880		2,840,959

Company	Shares		U.S. $ Value
SK Hynix, Inc.		38,690	$	3,399,473
Tokyo Electron Ltd.		28,500		4,104,810
				10,345,242
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.6%
Samsung Electronics Co., Ltd.		79,950		4,402,305
				14,747,547
UTILITIES–3.6%
ELECTRIC UTILITIES–3.6%
EDP–Energias de Portugal SA		1,025,804		5,013,787
Enel SpA(c)		699,340		4,715,246
				9,729,033
REAL ESTATE–1.3%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.3%
Daito Trust Construction Co., Ltd.		36,200		3,667,262
Total Common Stocks (cost $242,734,047)				267,040,172
SHORT-TERM INVESTMENTS–1.6%
INVESTMENT COMPANIES–1.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $4,562,648)		4,562,648		4,562,648
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.3% (cost $247,296,695)				271,602,820
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $746,915)		746,915		746,915
TOTAL INVESTMENTS–99.6% (cost $248,043,610)				272,349,735
Other assets less liabilities–0.4%				980,117
NET ASSETS–100.0%			$	273,329,852

5

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	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		BRL	7,129		USD	1,479		07/05/2023	$	(9,577	)
Bank of America, NA		USD	1,401		BRL	7,129		07/05/2023		87,646
Bank of America, NA		GBP	3,533		USD	4,402		07/21/2023		(85,684	)
Bank of America, NA		KRW	8,744,242		USD	6,644		07/27/2023		1,650
Bank of America, NA		EUR	1,343		USD	1,441		07/31/2023		(25,475	)
Bank of America, NA		USD	15,408		AUD	22,688		08/25/2023		(272,346	)
Bank of America, NA		USD	835		JPY	114,844		08/25/2023		(32,386	)
Bank of America, NA		USD	1,768		NOK	18,581		09/13/2023		(33,125	)
Barclays Bank PLC		HKD	12,331		USD	1,585		07/12/2023		11,313
Barclays Bank PLC		USD	1,580		HKD	12,331		07/12/2023		(5,839	)
Barclays Bank PLC		EUR	13,594		USD	14,970		07/31/2023		117,898
Barclays Bank PLC		EUR	4,020		USD	4,344		07/31/2023		(48,848	)
Barclays Bank PLC		JPY	130,194		USD	930		08/25/2023		20,660
Barclays Bank PLC		USD	8,986		SEK	94,953		09/13/2023		(152,959	)
BNP Paribas SA		GBP	831		USD	1,057		07/21/2023		1,996
Citibank, NA		EUR	484		USD	531		07/31/2023		1,935
Citibank, NA		EUR	2,523		USD	2,752		07/31/2023		(4,744	)
Goldman Sachs Bank USA		USD	672		ILS	2,491		08/08/2023		549
JPMorgan Chase Bank, NA		KRW	943,823		USD	714		07/27/2023		(3,422	)
JPMorgan Chase Bank, NA		EUR	1,073		USD	1,169		07/31/2023		(3,197	)
Morgan Stanley Capital Services, Inc.		BRL	7,129		USD	1,488		07/05/2023		(870	)
Morgan Stanley Capital Services, Inc.		USD	1,479		BRL	7,129		07/05/2023		9,577
Morgan Stanley Capital Services, Inc.		USD	1,295		CNH	8,856		07/07/2023		(76,494	)
Morgan Stanley Capital Services, Inc.		USD	1,386		MXN	25,188		07/13/2023		83,052
Morgan Stanley Capital Services, Inc.		CHF	1,354		USD	1,513		07/21/2023		(1,964	)
Morgan Stanley Capital Services, Inc.		USD	7,680		CHF	6,854		07/21/2023		(10,564	)
Morgan Stanley Capital Services, Inc.		USD	1,352		GBP	1,090		07/21/2023		31,713
Morgan Stanley Capital Services, Inc.		USD	1,651		GBP	1,294		07/21/2023		(7,723	)
Morgan Stanley Capital Services, Inc.		KRW	680,591		USD	510		07/27/2023		(7,233	)
Morgan Stanley Capital Services, Inc.		USD	319		KRW	421,508		07/27/2023		927
Morgan Stanley Capital Services, Inc.		EUR	1,260		USD	1,356		07/31/2023		(20,505	)
Morgan Stanley Capital Services, Inc.		USD	1,480		BRL	7,129		08/02/2023		1,180
Morgan Stanley Capital Services, Inc.		USD	981		JPY	137,918		08/25/2023		(17,675	)
Natwest Markets PLC		USD	3,655		SGD	4,849		07/13/2023		(68,664	)
Standard Chartered Bank		USD	1,218		GBP	958		07/21/2023		(1,098	)
State Street Bank & Trust Co.		GBP	669		USD	834		07/21/2023		(15,417	)
State Street Bank & Trust Co.		USD	728		CHF	650		07/21/2023		(1,054	)
State Street Bank & Trust Co.		USD	124		GBP	97		07/21/2023		(52	)
State Street Bank & Trust Co.		EUR	954		USD	1,046		07/31/2023		3,904
State Street Bank & Trust Co.		EUR	1,871		USD	2,015		07/31/2023		(28,757	)
State Street Bank & Trust Co.		USD	957		EUR	884		07/31/2023		8,873
State Street Bank & Trust Co.		USD	3,181		EUR	2,911		07/31/2023		(494	)
State Street Bank & Trust Co.		USD	230		ILS	853		08/08/2023		247
State Street Bank & Trust Co.		USD	2,011		JPY	277,655		08/25/2023		(72,058	)
UBS AG		USD	1,308		GBP	1,053		07/21/2023		29,971
UBS AG		USD	857		EUR	794		07/31/2023		10,194
UBS AG		CAD	4,337		USD	3,241		08/24/2023		(34,994	)
UBS AG		USD	2,058		JPY	288,676		08/25/2023		(41,281	)
									$	(661,214	)

6

AB Variable Products Series Fund

(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 June 30, 2023, the aggregate market value of these securities amounted to $5,895,138 or 2.2% of net assets.

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

(d) Affiliated investments.

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

(f) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Currency Abbreviations:

AUD—Australian Dollar

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.

7

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $242,734,047)	$	267,040,172	(a)
Affiliated issuers (cost $5,309,563—including investment of cash collateral for securities loaned of $746,915)		5,309,563
Foreign currencies, at value (cost $240,071)		238,623
Receivable for investment securities sold		2,413,216
Unaffiliated dividends receivable		973,352
Unrealized appreciation on forward currency exchange contracts		423,285
Receivable for capital stock sold		66,837
Affiliated dividends receivable		18,725
Total assets		276,483,773
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		1,084,499
Payable for collateral received on securities loaned		746,915
Payable for investment securities purchased and foreign currency transactions		435,794
Payable for capital stock redeemed		419,125
Advisory fee payable		182,811
Distribution fee payable		51,440
Administrative fee payable		21,885
Transfer Agent fee payable		150
Directors’ fees payable		150
Accrued expenses		211,152
Total liabilities		3,153,921
NET ASSETS	$	273,329,852
COMPOSITION OF NET ASSETS
Capital stock, at par	$	18,756
Additional paid-in capital		261,143,840
Distributable earnings		12,167,256
NET ASSETS	$	273,329,852

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	44,811,822		3,060,604	$	14.64
B	$	228,518,030		15,694,938	$	14.56

(a) Includes securities on loan with a value of $5,825,053 (see Note E).

See notes to financial statements.

8

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,006,879)	$	5,219,322
Affiliated issuers		67,969
Interest		50,882
Foreign withholding tax reclaims (see Note A.4)		48,861
Securities lending income		12,779
		5,399,813
EXPENSES
Advisory fee (see Note B)		1,040,540
Distribution fee—Class B		293,011
Transfer agency—Class A		456
Transfer agency—Class B		2,482
Custody and accounting		54,737
Administrative		47,496
Audit and tax		35,965
Legal		19,808
Printing		16,511
Directors’ fees		10,350
Miscellaneous		11,540
Total expenses before bank overdraft expense		1,532,896
Bank overdraft expense		8,067
Total expenses		1,540,963
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(1,585	)
Net expenses		1,539,378
Net investment income		3,860,435
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		2,342,446
Forward currency exchange contracts		289,486
Foreign currency transactions		72,174
Net change in unrealized appreciation (depreciation) of:
Investments		27,270,033
Forward currency exchange contracts		(768,372	)
Foreign currency denominated assets and liabilities		39,544
Net gain on investment and foreign currency transactions		29,245,311
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	33,105,746

See notes to financial statements.

9

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,860,435		$	8,628,450
Net realized gain (loss) on investment and foreign currency transactions		2,704,106			(7,826,246	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		26,541,205			(49,220,620	)
Net increase (decrease) in net assets from operations		33,105,746			(48,418,416	)
Distributions to Shareholders
Class A		–0	–		(1,768,399	)
Class B		–0	–		(9,099,819	)
Return of capital
Class A		–0	–		(100,200	)
Class B		–0	–		(515,610	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(23,032,763	)		(26,752,504	)
Total increase (decrease)		10,072,983			(86,654,948	)
NET ASSETS
Beginning of period		263,256,869			349,911,817
End of period	$	273,329,852		$	263,256,869

See notes to financial statements.

10

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland 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

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

12

AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Industrials

$

–0

–

$

44,651,310

$

–0

–

$

44,651,310

Financials

–0

–

36,818,744

–0

–

36,818,744

Consumer Discretionary

–0

–

36,045,935

–0

–

36,045,935

Consumer Staples

2,380,092

30,292,721

–0

–

32,672,813

Health Care

2,831,222

26,336,215

–0

–

29,167,437

Materials

–0

–

23,862,770

–0

–

23,862,770

Communication Services

3,100,807

16,311,237

–0

–

19,412,044

Energy

3,647,111

12,618,166

–0

–

16,265,277

Information Technology

2,840,959

11,906,588

–0

–

14,747,547

Utilities

–0

–

9,729,033

–0

–

9,729,033

Real Estate

–0

–

3,667,262

–0

–

3,667,262

Short-Term Investments

4,562,648

–0

–

–0

–

4,562,648

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

746,915

–0

–

–0

–

746,915

Total Investments in Securities

20,109,754

252,239,981

(a)

–0

–

272,349,735

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

423,285

–0

–

423,285

Liabilities:

Forward Currency Exchange Contracts

–0

–

(1,084,499

)

–0

–

(1,084,499

)

Total

$

20,109,754

$

251,578,767

$

–0

–

$

271,688,521

(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

13

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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 year 2015. These filings are subject to various administrative and judicial proceedings within these countries. For the six months ended June 30, 2023, 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.

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 six months ended June 30, 2023, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2023, the reimbursement for such services amounted to $47,496.

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 $900 for the six months ended June 30, 2023.

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

14

AB Variable Products Series Fund

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 six months ended June 30, 2023, such waiver amounted to $1,448.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	4,934		$	47,755	$	48,126	$	4,563	$	68
Government Money Market Portfolio*		–0	–		17,833		17,086		747		2
Total								$	5,310	$	70

* 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 six months ended June 30, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	57,959,863		$	76,422,039
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	39,405,204
Gross unrealized depreciation		(15,760,293	)
Net unrealized appreciation	$	23,644,911

1. Derivative Financial Instruments

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

15

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2023, the Portfolio held forward currency exchange contracts for hedging purposes.

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

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

During the six months ended June 30, 2023, 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	$	423,285	Unrealized depreciation on forward currency exchange contracts	$	1,084,499
Total		$	423,285		$	1,084,499

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	$	289,486	$	(768,372	)
Total		$	289,486	$	(768,372	)

16

AB Variable Products Series Fund

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2023:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	55,281,385
Average principal amount of sale contracts	$	52,181,195

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2023. 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

$

89,296

$

(89,296

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

149,871

(149,871

)

–0

–

–0

–

–0

–

BNP Paribas SA

1,996

–0

–

–0

–

–0

–

1,996

Citibank, NA

1,935

(1,935

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

549

–0

–

–0

–

–0

–

549

Morgan Stanley Capital Services, Inc.

126,449

(126,449

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

13,024

(13,024

)

–0

–

–0

–

–0

–

UBS AG

40,165

(40,165

)

–0

–

–0

–

–0

–

Total

$

423,285

$

(420,740

)

$

–0

–

$

–0

–

$

2,545

^

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

$

458,593

$

(89,296

)

$

–0

–

$

–0

–

$

369,297

Barclays Bank PLC

207,646

(149,871

)

–0

–

–0

–

57,775

Citibank, NA

4,744

(1,935

)

–0

–

–0

–

2,809

JPMorgan Chase Bank, NA

6,619

–0

–

–0

–

–0

–

6,619

Morgan Stanley Capital Services, Inc.

143,028

(126,449

)

–0

–

–0

–

16,579

Natwest Markets PLC

68,664

–0

–

–0

–

–0

–

68,664

Standard Chartered Bank

1,098

–0

–

–0

–

–0

–

1,098

State Street Bank & Trust Co.

117,832

(13,024

)

–0

–

–0

–

104,808

UBS AG

76,275

(40,165

)

–0

–

–0

–

36,110

Total

$

1,084,499

$

(420,740

)

$

–0

–

$

–0

–

$

663,759

^

* 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).

17

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any 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 six months ended June 30, 2023 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
$	5,825,053	$	746,915	$	5,337,779	$	10,830	$	1,949	$	137

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class A
Shares sold		246,092			459,051		$	3,533,371		$	6,374,956
Shares issued in reinvestment of dividends		–0	–		143,446			–0	–		1,868,599
Shares redeemed		(289,056	)		(372,951	)		(4,067,075	)		(5,083,971	)
Net increase (decrease)		(42,964	)		229,546		$	(533,704	)	$	3,159,584

18

AB Variable Products Series Fund

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class B
Shares sold		958,783			1,107,715		$	13,568,816		$	14,215,373
Shares issued on reinvestment of dividends		–0	–		741,725			–0	–		9,615,429
Shares redeemed		(2,560,681	)		(4,064,954	)		(36,067,875	)		(53,742,890	)
Net decrease		(1,601,898	)		(2,215,514	)	$	(22,499,059	)	$	(29,912,088	)

At June 30, 2023, 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 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 asset, 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—The 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. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financ-

19

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

ing 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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. 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 six months ended June 30, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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	$	6,055,715

20

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	$	(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 Portfolio 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.

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.

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.

21

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$12.95			$15.72			$14.45			$14.37			$12.38			$16.30
Income From Investment Operations
Net investment income(a)(b)		.21			.44			.37			.18			.28			.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.48			(2.58	)		1.22			.14			1.84			(3.94	)
Net increase (decrease) in net asset value from operations		1.69			(2.14	)		1.59			.32			2.12			(3.69	)
Less: Dividends
Dividends from net investment income		–0	–		(.60	)		(.32	)		(.24	)		(.13	)		(.23	)
Return of capital		–0	–		(.03	)		–0	–		–0	–		–0	–		–0	–
Total dividends		–0	–		(.63	)		(.32	)		(.24	)		(.13	)		(.23	)
Net asset value, end of period		$14.64			$12.95			$15.72			$14.45			$14.37			$12.38
Total Return
Total investment return based on net asset value(c)*		13.05	%		(13.61	)%		11.08	%		2.46	%		17.14	%		(22.79	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$44,812			$40,197			$45,175			$41,994			$54,042			$57,234
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.90	%^		.88	%		.90	%		.91	%		.90	%		.86	%
Expenses, before waivers/reimbursements(d)		.90	%^		.89	%		.90	%		.92	%		.90	%		.87	%
Net investment income(b)		2.97	%^		3.24	%		2.34	%		1.47	%		2.10	%		1.65	%
Portfolio turnover rate		22	%		37	%		43	%		54	%		44	%		42	%

See footnote summary on page 24.

22

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$12.90			$15.62			$14.34			$14.24			$12.29			$16.15
Income From Investment Operations
Net investment income(a)(b)		.19			.40			.32			.14			.24			.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.47			(2.56	)		1.23			.15			1.82			(3.92	)
Net increase (decrease) in net asset value from operations		1.66			(2.16	)		1.55			.29			2.06			(3.69	)
Less: Dividends
Dividends from net investment income		–0	–		(.53	)		(.27	)		(.19	)		(.11	)		(.17	)
Return of capital		–0	–		(.03	)		–0	–		–0	–		–0	–		–0	–
Total dividends		–0	–		(.56	)		(.27	)		(.19	)		(.11	)		(.17	)
Net asset value, end of period		$14.56			$12.90			$15.62			$14.34			$14.24			$12.29
Total Return
Total investment return based on net asset value(c)*		12.87	%		(13.80	)%		10.86	%		2.21	%		16.79	%		(22.98	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$228,518			$223,060			$304,737			$299,415			$323,582			$309,576
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.15	%^		1.13	%		1.15	%		1.16	%		1.15	%		1.11	%
Expenses, before waivers/reimbursements(d)		1.15	%^		1.14	%		1.15	%		1.17	%		1.15	%		1.11	%
Net investment income(b)		2.75	%^		2.98	%		2.08	%		1.18	%		1.84	%		1.50	%
Portfolio turnover rate		22	%		37	%		43	%		54	%		44	%		42	%

See footnote summary on page 24.

23

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

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

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

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Class A
Net of waivers/reimbursements		.89	%^		.88	%		.90	%		.91	%		.90	%		.86	%
Before waivers/reimbursements		.89	%^		.89	%		.90	%		.92	%		.90	%		.87	%
Class B
Net of waivers/reimbursements		1.14	%^		1.13	%		1.15	%		1.16	%		1.15	%		1.11	%
Before waivers/reimbursements		1.14	%^		1.14	%		1.15	%		1.17	%		1.15	%		1.11	%

* 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.

^ Annualized.

See notes to financial statements.

24

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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

25

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 2-4, 2023 (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 of 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 2021 and 2022 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

26

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, 2023 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 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.

27

INTERNATIONAL VALUE 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 the medians for 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.

28

VPS-IV-0152-0623

JUN    ^06.30.23

SEMI-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
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,228.00	$	3.65		0.66	%
Hypothetical**	$	1,000	$	1,021.52	$	3.31		0.66	%
Class B
Actual	$	1,000	$	1,226.60	$	5.02		0.91	%
Hypothetical**	$	1,000	$	1,020.28	$	4.56		0.91	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

1

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Microsoft Corp.	$	68,279,292		9.5	%
Visa, Inc.—Class A		37,032,869		5.2
UnitedHealth Group, Inc.		36,827,117		5.1
Alphabet, Inc.—Class C		33,001,584		4.6
Amazon.com, Inc.		31,293,179		4.4
NVIDIA Corp.		29,662,585		4.1
Intuitive Surgical, Inc.		22,260,978		3.1
Fortinet, Inc.		22,119,146		3.1
Monster Beverage Corp.		22,090,218		3.1
Vertex Pharmaceuticals, Inc.		21,141,345		2.9
	$	323,708,313		45.1	%

SECTOR BREAKDOWN²

June 30, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	254,106,149		35.2	%
Health Care		179,045,587		24.8
Consumer Discretionary		81,759,155		11.3
Financials		46,175,577		6.4
Consumer Staples		41,629,105		5.8
Industrials		40,788,782		5.7
Communication Services		37,236,895		5.2
Materials		5,937,027		0.8
Short-Term Investments		34,933,267		4.8
Total Investments	$	721,611,544		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.8%
INFORMATION TECHNOLOGY–35.5%
COMMUNICATIONS EQUIPMENT–3.3%
Arista Networks, Inc.(a)		94,071	$	15,245,146
Motorola Solutions, Inc.		27,487		8,061,388
				23,306,534
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.3%
Amphenol Corp.–Class A		50,511		4,290,909
Cognex Corp.		49,179		2,755,008
Zebra Technologies Corp.–Class A(a)		8,152		2,411,606
				9,457,523
IT SERVICES–0.5%
EPAM Systems, Inc.(a)		16,118		3,622,520
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.1%
ASML Holding NV (REG)		7,552		5,473,312
Broadcom, Inc.		4,782		4,148,050
Entegris, Inc.		38,941		4,315,442
NVIDIA Corp.		70,121		29,662,585
QUALCOMM, Inc.		118,014		14,048,387
				57,647,776
SOFTWARE–22.3%
Adobe, Inc.(a)		26,479		12,947,966
Autodesk, Inc.(a)		23,651		4,839,231
Cadence Design Systems, Inc.(a)		26,723		6,267,078
Crowdstrike Holdings, Inc.–Class A(a)		26,801		3,936,263
Fortinet, Inc.(a)		292,620		22,119,146
Manhattan Associates, Inc.(a)		21,930		4,383,368
Microsoft Corp.		200,503		68,279,292
PTC, Inc.(a)		30,230		4,301,729
Roper Technologies, Inc.		28,373		13,641,738
ServiceNow, Inc.(a)		12,038		6,764,995
Synopsys, Inc.(a)		14,219		6,191,095
Tyler Technologies, Inc.(a)		15,367		6,399,895
				160,071,796
				254,106,149
HEALTH CARE–25.0%
BIOTECHNOLOGY–3.4%
Genmab A/S (Sponsored ADR)(a)		79,469		3,020,617
Vertex Pharmaceuticals, Inc.(a)		60,076		21,141,345
				24,161,962

Company	Shares		U.S. $ Value
HEALTH CARE EQUIPMENT & SUPPLIES–8.3%
Align Technology, Inc.(a)		9,202	$	3,254,195
Edwards Lifesciences Corp.(a)		175,609		16,565,197
IDEXX Laboratories, Inc.(a)		34,486		17,319,904
Intuitive Surgical, Inc.(a)		65,102		22,260,978
				59,400,274
HEALTH CARE PROVIDERS & SERVICES–5.2%
Abiomed, Inc.(a)(b)(c)		11,373		–0	–
UnitedHealth Group, Inc.		76,621		36,827,117
				36,827,117
HEALTH CARE TECHNOLOGY–2.0%
Veeva Systems, Inc.–Class A(a)		73,768		14,586,147
LIFE SCIENCES TOOLS & SERVICES–1.4%
Mettler-Toledo International, Inc.(a)		4,568		5,991,571
Waters Corp.(a)		15,935		4,247,315
				10,238,886
PHARMACEUTICALS–4.7%
Eli Lilly & Co.		28,536		13,382,813
Zoetis, Inc.		118,741		20,448,388
				33,831,201
				179,045,587
CONSUMER DISCRETIONARY–11.4%
AUTOMOBILES–0.7%
Ferrari NV		15,634		5,084,333
BROADLINE RETAIL–4.4%
Amazon.com, Inc.(a)		240,052		31,293,179
HOTELS, RESTAURANTS & LEISURE–1.3%
Chipotle Mexican Grill, Inc.(a)		4,214		9,013,746
SPECIALTY RETAIL–2.4%
Home Depot, Inc. (The)		35,938		11,163,780
Tractor Supply Co.		28,757		6,358,173
				17,521,953
TEXTILES, APPAREL & LUXURY GOODS–2.6%
Lululemon Athletica, Inc.(a)		10,847		4,105,589
NIKE, Inc.–Class B		133,554		14,740,355
				18,845,944
				81,759,155
FINANCIALS–6.4%
CAPITAL MARKETS–1.3%
MSCI, Inc.		19,482		9,142,708

3

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
FINANCIAL SERVICES–5.1%
Visa, Inc.–Class A		155,941	$	37,032,869
				46,175,577
CONSUMER STAPLES–5.8%
BEVERAGES–3.1%
Monster Beverage Corp.(a)		384,579		22,090,218
CONSUMER STAPLES DISTRIBUTION & RETAIL–2.7%
Costco Wholesale Corp.		36,292		19,538,887
				41,629,105
INDUSTRIALS–5.7%
BUILDING PRODUCTS–0.9%
Otis Worldwide Corp.		38,754		3,449,494
Trex Co., Inc.(a)		46,895		3,074,436
				6,523,930
COMMERCIAL SERVICES & SUPPLIES–2.4%
Copart, Inc.(a)		185,614		16,929,853
ELECTRICAL EQUIPMENT–0.9%
AMETEK, Inc.		38,690		6,263,137
MACHINERY–0.5%
IDEX Corp.		18,402		3,961,215
PROFESSIONAL SERVICES–1.0%
Paycom Software, Inc.		22,135		7,110,647
				40,788,782
COMMUNICATION SERVICES–5.2%
ENTERTAINMENT–0.6%
Netflix, Inc.(a)		9,615		4,235,311
INTERACTIVE MEDIA & SERVICES–4.6%
Alphabet, Inc.–Class C(a)		272,808		33,001,584
				37,236,895

Company	Shares		U.S. $ Value
MATERIALS–0.8%
CHEMICALS–0.8%
Sherwin-Williams Co. (The)		22,360	$	5,937,027
Total Common Stocks (cost $373,980,712)				686,678,277
SHORT-TERM INVESTMENTS–4.9%
INVESTMENT COMPANIES–4.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $34,933,267)		34,933,267		34,933,267
TOTAL INVESTMENTS–100.7% (cost $408,913,979)				721,611,544
Other assets less liabilities–(0.7)%				(4,853,219	)
NET ASSETS–100.0%			$	716,758,325

(a) Non-income producing security.

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

(c) Fair valued by the Adviser.

(d) 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.

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

4

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $373,980,712)	$	686,678,277
Affiliated issuers (cost $34,933,267)		34,933,267
Receivable for investment securities sold		1,408,287
Affiliated dividends receivable		145,546
Unaffiliated dividends receivable		92,116
Receivable for capital stock sold		84,316
Total assets		723,341,809
LIABILITIES
Payable for investment securities purchased		5,382,388
Payable for capital stock redeemed		539,234
Advisory fee payable		364,573
Distribution fee payable		86,003
Administrative fee payable		21,320
Transfer Agent fee payable		150
Directors’ fees payable		141
Accrued expenses and other liabilities		189,675
Total liabilities		6,583,484
NET ASSETS	$	716,758,325
COMPOSITION OF NET ASSETS
Capital stock, at par	$	10,485
Additional paid-in capital		350,568,745
Distributable earnings		366,179,095
NET ASSETS	$	716,758,325

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	314,138,078		4,343,175	$	72.33
B	$	402,620,247		6,141,725	$	65.55

See notes to financial statements.

5

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $8,449)	$	1,757,752
Affiliated issuers		680,991
Interest		89
Securities lending income		1,569
		2,440,401
EXPENSES
Advisory fee (see Note B)		1,955,566
Distribution fee—Class B		455,848
Transfer agency—Class A		1,851
Transfer agency—Class B		2,350
Administrative		47,089
Custody and accounting		43,430
Legal		30,949
Printing		26,540
Audit and tax		20,992
Directors’ fees		12,676
Miscellaneous		12,162
Total expenses		2,609,453
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(14,696	)
Net expenses		2,594,757
Net investment loss		(154,356	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		8,439,760
Net change in unrealized appreciation (depreciation) of investments		125,142,911
Net gain on investment transactions		133,582,671
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	133,428,315

See notes to financial statements.

6

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(154,356	)	$	(1,400,113	)
Net realized gain on investment transactions		8,439,760			45,381,893
Net change in unrealized appreciation (depreciation) of investments		125,142,911			(289,990,519	)
Net increase (decrease) in net assets from operations		133,428,315			(246,008,739	)
Distributions to Shareholders
Class A		–0	–		(34,080,651	)
Class B		–0	–		(47,132,006	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(7,753,237	)		39,142,914
Total increase (decrease)		125,675,078			(288,078,482	)
NET ASSETS
Beginning of period		591,083,247			879,161,729
End of period	$	716,758,325		$	591,083,247

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Large Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland 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

8

AB Variable Products Series Fund

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

9

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

254,106,149

$

–0

–

$

–0

–

$

254,106,149

Health Care

179,045,587

–0

–

0

(a)

179,045,587

Consumer Discretionary

81,759,155

–0

–

–0

–

81,759,155

Financials

46,175,577

–0

–

–0

–

46,175,577

Consumer Staples

41,629,105

–0

–

–0

–

41,629,105

Industrials

40,788,782

–0

–

–0

–

40,788,782

Communication Services

37,236,895

–0

–

–0

–

37,236,895

Materials

5,937,027

–0

–

–0

–

5,937,027

Short-Term Investments

34,933,267

–0

–

–0

–

34,933,267

Total Investments in Securities

721,611,544

–0

–

0

(a)

721,611,544

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

721,611,544

$

–0

–

$

0

(a)

$

721,611,544

(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.

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

10

AB Variable Products Series Fund

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 six months ended June 30, 2023, the reimbursement for such services amounted to $47,089.

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 $900 for the six months ended June 30, 2023.

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 six months ended June 30, 2023, such waiver amounted to $14,691.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)			Dividend Income (000)
Government Money Market Portfolio	$	27,717		$	57,435	$	50,219	$	34,933		$	681
Government Money Market Portfolio*		–0	–		1,876		1,876		–0	–		–0	–
Total								$	34,933		$	681

* 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.

11

LARGE CAP GROWTH 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 six months ended June 30, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	101,517,800		$	113,498,909
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	316,894,862
Gross unrealized depreciation		(4,197,297	)
Net unrealized appreciation	$	312,697,565

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2023.

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

12

AB Variable Products Series Fund

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 six months ended June 30, 2023 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

–

$

1,569

$

–0

–

$

5

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class A
Shares sold		176,913			292,422		$	11,546,435		$	18,985,921
Shares issued in reinvestment of distributions		–0	–		510,954			–0	–		34,080,651
Shares redeemed		(258,374	)		(558,038	)		(16,950,759	)		(39,512,597	)
Net increase (decrease)		(81,461	)		245,338		$	(5,404,324	)	$	13,553,975
Class B
Shares sold		281,088			614,151		$	16,782,281		$	38,755,142
Shares issued on reinvestment of distributions		–0	–		777,885			–0	–		47,132,006
Shares redeemed		(322,787	)		(929,554	)		(19,131,194	)		(60,298,209	)
Net increase (decrease)		(41,699	)		462,482		$	(2,348,913	)	$	25,588,939

At June 30, 2023, 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 may underperform the market generally.

13

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV, 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 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 asset, 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—The 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. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financing 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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. 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

14

AB Variable Products Series Fund

had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. 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 six months ended June 30, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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

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.

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.

15

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$58.90			$93.09			$77.09			$61.26			$51.75			$56.34
Income From Investment Operations
Net investment income (loss)(a)(b)		.03			(.05	)		(.19	)		(.06	)		.05			.02
Net realized and unrealized gain (loss) on investment transactions		13.40			(25.48	)		22.16			21.18			17.18			2.09
Net increase (decrease) in net asset value from operations		13.43			(25.53	)		21.97			21.12			17.23			2.11
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(8.66	)		(5.97	)		(5.29	)		(7.72	)		(6.70	)
Net asset value, end of period		$72.33			$58.90			$93.09			$77.09			$61.26			$51.75
Total Return
Total investment return based on net asset value(c)*		22.80	%		(28.51	)%		28.98	%		35.49	%		34.70	%		2.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$314,138			$260,596			$389,051			$331,436			$264,234			$190,899
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.66	%^		.65	%		.65	%		.66	%		.67	%		.68	%
Expenses, before waivers/reimbursements(d)‡		.66	%^		.65	%		.65	%		.67	%		.68	%		.68	%
Net investment income (loss)(b)		.09	%^		(.07	)%		(.22	)%		(.08	)%		.09	%		.04	%
Portfolio turnover rate		16	%		34	%		17	%		33	%		38	%		46	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.00	%		.00	%		.01	%		.01	%		.00	%

See footnote summary on page 17.

16

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$53.45			$85.67			$71.51			$57.28			$48.91			$53.70
Income From Investment Operations
Net investment loss(a)(b)		(.05	)		(.20	)		(.37	)		(.21	)		(.09	)		(.12	)
Net realized and unrealized gain (loss) on investment transactions		12.15			(23.36	)		20.50			19.73			16.18			2.03
Net increase (decrease) in net asset value from operations		12.10			(23.56	)		20.13			19.52			16.09			1.91
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(8.66	)		(5.97	)		(5.29	)		(7.72	)		(6.70	)
Net asset value, end of period		$65.55			$53.45			$85.67			$71.51			$57.28			$48.91
Total Return
Total investment return based on net asset value(c)*		22.66	%		(28.69	)%		28.65	%		35.15	%		34.37	%		2.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$402,620			$330,487			$490,111			$413,127			$322,688			$218,027
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.91	%^		.90	%		.90	%		.91	%		.92	%		.93	%
Expenses, before waivers/reimbursements(d)‡		.91	%^		.90	%		.90	%		.92	%		.93	%		.93	%
Net investment loss(b)		(.16	)%^		(.32	)%		(.47	)%		(.33	)%		(.16	)%		(.21	)%
Portfolio turnover rate		16	%		34	%		17	%		33	%		38	%		46	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.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%.

^ Annualized.

See notes to financial statements.

17

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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

18

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 2-4, 2023 (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 of 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 2021 and 2022 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

19

LARGE 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, 2023 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.

20

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 the medians for 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.

21

VPS-LCG-0152-0623

JUN    ^06.30.23

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ RELATIVE VALUE PORTFOLIO (formerly, 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.

RELATIVE 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 classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A*
Actual	$	1,000	$	1,036.90	$	3.03		0.60	%	$	3.08		0.61	%
Hypothetical**	$	1,000	$	1,021.82	$	3.01		0.60	%	$	3.06		0.61	%
Class B
Actual	$	1,000	$	1,035.60	$	4.29		0.85	%	$	4.34		0.86	%
Hypothetical**	$	1,000	$	1,020.58	$	4.26		0.85	%	$	4.31		0.86	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 181/365 (to reflect the one-half year period).

1

RELATIVE VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Berkshire Hathaway, Inc.—Class B	$	34,863,158		4.2	%
Philip Morris International, Inc.		34,708,303		4.2
Elevance Health, Inc.		33,997,515		4.1
JPMorgan Chase & Co.		30,297,043		3.6
Alphabet, Inc.—Class C		29,430,429		3.5
Mastercard, Inc.—Class A		29,203,311		3.5
Gilead Sciences, Inc.		27,277,771		3.3
Roche Holding AG (Sponsored ADR)		26,472,027		3.2
Regeneron Pharmaceuticals, Inc.		22,860,350		2.7
Weyerhaeuser Co.		22,243,268		2.7
	$	291,353,175		35.0	%

SECTOR BREAKDOWN²

June 30, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	175,780,259		20.9	%
Health Care		155,654,892		18.5
Industrials		154,932,538		18.4
Information Technology		72,361,747		8.6
Consumer Staples		55,416,239		6.6
Energy		47,715,880		5.7
Communication Services		45,589,099		5.4
Consumer Discretionary		44,702,291		5.3
Real Estate		22,243,268		2.7
Materials		14,145,227		1.7
Utilities		3,968,055		0.5
Short-Term Investments		47,908,748		5.7
Total Investments	$	840,418,243		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

RELATIVE VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.2%
FINANCIALS–21.1%
BANKS–5.9%
Bank OZK(a)		121,782	$	4,890,765
JPMorgan Chase & Co.		208,313		30,297,043
Wells Fargo & Co.		327,332		13,970,530
				49,158,338
CAPITAL MARKETS–2.1%
Goldman Sachs Group, Inc. (The)		9,784		3,155,731
Houlihan Lokey, Inc.		111,391		10,950,849
Raymond James Financial, Inc.		34,619		3,592,414
				17,698,994
FINANCIAL SERVICES–9.5%
Berkshire Hathaway, Inc.–Class B(b)		102,238		34,863,158
Fiserv, Inc.(b)		58,920		7,432,758
Mastercard, Inc.–Class A		74,252		29,203,311
PayPal Holdings, Inc.(b)		111,027		7,408,832
				78,908,059
INSURANCE–3.6%
American International Group, Inc.		162,174		9,331,492
Axis Capital Holdings Ltd.		284,112		15,293,749
MetLife, Inc.		95,341		5,389,627
				30,014,868
				175,780,259
HEALTH CARE–18.7%
BIOTECHNOLOGY–7.8%
Amgen, Inc.		67,871		15,068,719
Gilead Sciences, Inc.		353,935		27,277,771
Regeneron Pharmaceuticals, Inc.(b)		31,815		22,860,350
				65,206,840
HEALTH CARE PROVIDERS & SERVICES–7.7%
AmerisourceBergen Corp.		29,944		5,762,124
Cigna Group (The)		39,452		11,070,231
Elevance Health, Inc.		76,521		33,997,515
Quest Diagnostics, Inc.		93,527		13,146,155
				63,976,025
PHARMACEUTICALS–3.2%
Roche Holding AG (Sponsored ADR)(a)		692,985		26,472,027
				155,654,892
INDUSTRIALS–18.6%
AEROSPACE & DEFENSE–4.1%
Curtiss-Wright Corp.		26,910		4,942,291

Company	Shares		U.S. $ Value
Raytheon Technologies Corp.		222,627	$	21,808,541
Textron, Inc.		109,866		7,430,237
				34,181,069
AIR FREIGHT & LOGISTICS–0.7%
Expeditors International of Washington, Inc.		47,595		5,765,182
BUILDING PRODUCTS–1.0%
Builders FirstSource, Inc.(b)		60,122		8,176,592
CONSTRUCTION & ENGINEERING–1.0%
EMCOR Group, Inc.		45,148		8,342,448
ELECTRICAL EQUIPMENT–4.7%
Acuity Brands, Inc.		19,490		3,178,429
Emerson Electric Co.		97,581		8,820,347
nVent Electric PLC		336,493		17,386,593
Sensata Technologies Holding PLC		218,277		9,820,282
				39,205,651
GROUND TRANSPORTATION–0.4%
Knight-Swift Transportation Holdings, Inc.		55,962		3,109,249
MACHINERY–3.4%
Dover Corp.		21,829		3,223,052
Middleby Corp. (The)(b)		21,689		3,206,285
PACCAR, Inc.		192,137		16,072,260
Westinghouse Air Brake Technologies Corp.		54,566		5,984,253
				28,485,850
PROFESSIONAL SERVICES–2.2%
Maximus, Inc.		140,870		11,904,924
Robert Half International, Inc.		89,205		6,710,000
				18,614,924
TRADING COMPANIES & DISTRIBUTORS–1.1%
Ferguson PLC		37,938		5,968,027
MSC Industrial Direct Co., Inc.–Class A		32,363		3,083,546
				9,051,573
				154,932,538
INFORMATION TECHNOLOGY–8.7%
COMMUNICATIONS EQUIPMENT–1.9%
Cisco Systems, Inc.		310,259		16,052,801

3

RELATIVE VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.5%
IPG Photonics Corp.(b)		42,451	$	5,765,695
Keysight Technologies, Inc.(b)		39,033		6,536,076
				12,301,771
IT SERVICES–1.6%
Accenture PLC–Class A		43,206		13,332,507
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.7%
NXP Semiconductors NV		34,554		7,072,513
QUALCOMM, Inc.		132,900		15,820,416
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		77,108		7,781,739
				30,674,668
				72,361,747
CONSUMER STAPLES–6.6%
CONSUMER STAPLES DISTRIBUTION & RETAIL–1.6%
BJ’s Wholesale Club Holdings, Inc.(b)		114,811		7,234,241
Kroger Co. (The)		137,097		6,443,559
				13,677,800
FOOD PRODUCTS–0.8%
Kraft Heinz Co. (The)		198,032		7,030,136
TOBACCO–4.2%
Philip Morris International, Inc.		355,545		34,708,303
				55,416,239
ENERGY–5.7%
ENERGY EQUIPMENT & SERVICES–0.7%
Helmerich & Payne, Inc.		165,741		5,875,518
OIL, GAS & CONSUMABLE FUELS–5.0%
Chevron Corp.		90,214		14,195,173
ConocoPhillips		62,816		6,508,366
EOG Resources, Inc.		87,951		10,065,113
Phillips 66		116,080		11,071,710
				41,840,362
				47,715,880
COMMUNICATION SERVICES–5.5%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.0%
Comcast Corp.–Class A		388,897		16,158,670

Company	Shares		U.S. $ Value
INTERACTIVE MEDIA & SERVICES–3.5%
Alphabet, Inc.–Class C(b)		243,287	$	29,430,429
				45,589,099
CONSUMER DISCRETIONARY–5.4%
AUTOMOBILE COMPONENTS–1.2%
BorgWarner, Inc.		194,920		9,533,537
DISTRIBUTORS–0.9%
LKQ Corp.		133,472		7,777,413
HOTELS, RESTAURANTS & LEISURE–1.0%
Booking Holdings, Inc.(b)		1,175		3,172,888
Choice Hotels International, Inc.(a)		42,342		4,976,032
				8,148,920
HOUSEHOLD DURABLES–0.4%
DR Horton, Inc.		29,128		3,544,586
SPECIALTY RETAIL–1.9%
Lowe’s Cos., Inc.		54,921		12,395,670
Ulta Beauty, Inc.(b)		7,017		3,302,165
				15,697,835
				44,702,291
REAL ESTATE–2.7%
SPECIALIZED REITs–2.7%
Weyerhaeuser Co.		663,780		22,243,268
MATERIALS–1.7%
CHEMICALS–1.2%
LyondellBasell Industries NV–Class A		108,153		9,931,690
METALS & MINING–0.5%
BHP Group Ltd. (Sponsored ADR)(a)		70,614		4,213,537
				14,145,227
UTILITIES–0.5%
ELECTRIC UTILITIES–0.5%
IDACORP, Inc.		38,675		3,968,055
Total Common Stocks (cost $663,765,137)				792,509,495
SHORT-TERM INVESTMENTS–5.8%
INVESTMENT COMPANIES–5.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(c)(d)(e) (cost $47,908,748)		47,908,748		47,908,748
Total Investments Before Security Lending Collateral for Securities Loaned–101.0% (cost $711,673,885)				840,418,243

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.4%
INVESTMENT COMPANIES–0.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(c)(d)(e) (cost $3,103,018)		3,103,018	$	3,103,018
TOTAL INVESTMENTS–101.4% (cost $714,776,903)				843,521,261
Other assets less liabilities–(1.4)%				(11,544,635	)
NET ASSETS–100.0%			$	831,976,626

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

(b) Non-income producing security.

(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.

5

RELATIVE VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $663,765,137)	$	792,509,495	(a)
Affiliated issuers (cost $51,011,766—including investment of cash collateral for securities loaned of $3,103,018)		51,011,766
Cash		14
Receivable for investment securities sold		4,948,574
Unaffiliated dividends receivable		1,406,697
Affiliated dividends receivable		193,802
Receivable for capital stock sold		181,485
Total assets		850,251,833
LIABILITIES
Payable for investment securities purchased		13,775,322
Payable for collateral received on securities loaned		3,103,018
Payable for capital stock redeemed		552,963
Advisory fee payable		389,513
Distribution fee payable		143,997
Administrative fee payable		21,320
Directors’ fees payable		423
Transfer Agent fee payable		154
Accrued expenses and other liabilities		288,497
Total liabilities		18,275,207
NET ASSETS	$	831,976,626
COMPOSITION OF NET ASSETS
Capital stock, at par	$	28,202
Additional paid-in capital		615,088,646
Distributable earnings		216,859,778
NET ASSETS	$	831,976,626

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	162,491,229		5,403,989	$	30.07
B	$	669,485,397		22,798,346	$	29.37

(a) Includes securities on loan with a value of $12,136,437 (see Note E).

See notes to financial statements.

6

RELATIVE VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $158,155)	$	8,650,325
Affiliated issuers		996,272
Interest		173
Securities lending income		8,095
		9,654,865
EXPENSES
Advisory fee (see Note B)		2,286,210
Distribution fee—Class B		840,076
Transfer agency—Class A		919
Transfer agency—Class B		3,869
Printing		48,224
Administrative		47,089
Custody and accounting		42,248
Legal		33,822
Audit and tax		21,597
Directors’ fees		14,221
Miscellaneous		13,640
Total expenses		3,351,915
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(22,111	)
Net expenses		3,329,804
Net investment income		6,325,061
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		10,681,262
Net change in unrealized appreciation (depreciation) of investments		12,195,490
Net gain on investment transactions		22,876,752
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	29,201,813

See notes to financial statements.

7

RELATIVE VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	6,325,061		$	10,958,513
Net realized gain on investment transactions		10,681,262			64,196,924
Net change in unrealized appreciation (depreciation) of investments		12,195,490			(115,477,318	)
Net increase (decrease) in net assets from operations		29,201,813			(40,321,881	)
Distributions to Shareholders
Class A		–0	–		(27,285,764	)
Class B		–0	–		(119,514,169	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(32,060,275	)		99,205,085
Total decrease		(2,858,462	)		(87,916,729	)
NET ASSETS
Beginning of period		834,835,088			922,751,817
End of period	$	831,976,626		$	834,835,088

See notes to financial statements.

8

RELATIVE VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Relative Value Portfolio (the “Portfolio”) (formerly known as AB Growth and Income 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

9

RELATIVE VALUE 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 June 30, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

792,509,495

$

–0

–

$

–0

–

$

792,509,495

Short-Term Investments

47,908,748

–0

–

–0

–

47,908,748

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

3,103,018

–0

–

–0

–

3,103,018

Total Investments in Securities

843,521,261

–0

–

–0

–

843,521,261

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

843,521,261

$

–0

–

$

–0

–

$

843,521,261

(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.

10

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 .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2023, the reimbursement for such services amounted to $47,089.

11

RELATIVE VALUE 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 $900 for the six months ended June 30, 2023.

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 six months ended June 30, 2023, such waiver amounted to $21,582.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	45,583		$	173,635	$	171,309	$	47,909	$	996
Government Money Market Portfolio*		–0	–		45,695		42,592		3,103		5
Total								$	51,012	$	1,001

* 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 six months ended June 30, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	286,456,646		$	312,561,876
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	132,125,062
Gross unrealized depreciation		(3,380,704	)
Net unrealized appreciation	$	128,744,358

12

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 six months ended June 30, 2023.

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.

13

RELATIVE VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2023 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
$	12,136,437	$	3,103,018	$	9,389,067	$	2,662	$	5,433	$	529

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class A
Shares sold		587,676			726,184		$	17,220,402		$	22,884,961
Shares issued in reinvestment of dividends and distributions		–0	–		968,955			–0	–		27,285,764
Shares redeemed		(620,054	)		(879,980	)		(18,203,067	)		(28,582,107	)
Net increase (decrease)		(32,378	)		815,159		$	(982,665	)	$	21,588,618
Class B
Shares sold		961,167			2,020,177		$	27,592,699		$	62,982,072
Shares issued on reinvestment of dividends and distributions		–0	–		4,336,508			–0	–		119,514,169
Shares redeemed		(2,044,473	)		(3,311,067	)		(58,670,309	)		(104,879,774	)
Net increase (decrease)		(1,083,306	)		3,045,618		$	(31,077,610	)	$	77,616,467

At June 30, 2023, certain shareholders of the Portfolio owned 48% 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.

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 asset, 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—The 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. As announced by the FCA and LIBOR’s

14

AB Variable Products Series Fund

administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financing 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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. 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 six months ended June 30, 2023.

15

RELATIVE VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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.

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.

16

RELATIVE VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$29.00			$36.83			$28.97			$30.30			$27.78			$33.35
Income From Investment Operations
Net investment income(a)(b)		.25			.48			.38			.40			.43			.41
Net realized and unrealized gain (loss) on investment transactions		.82			(2.21	)		7.76			.13			5.84			(1.84	)
Net increase (decrease) in net asset value from operations		1.07			(1.73	)		8.14			.53			6.27			(1.43	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.49	)		(.28	)		(.42	)		(.39	)		(.34	)
Distributions from net realized gain on investment transactions		–0	–		(5.61	)		–0	–		(1.44	)		(3.36	)		(3.80	)
Total dividends and distributions		–0	–		(6.10	)		(.28	)		(1.86	)		(3.75	)		(4.14	)
Net asset value, end of period		$30.07			$29.00			$36.83			$28.97			$30.30			$27.78
Total Return
Total investment return based on net asset value(c)*		3.69	%		(4.19	)%		28.15	%		2.72	%		23.91	%		(5.61	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$162,492			$157,648			$170,190			$143,269			$155,765			$133,188
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.60	%^		.59	%		.59	%		.61	%		.61	%		.59	%
Expenses, before waivers/reimbursements(d)‡		.60	%^		.59	%		.59	%		.62	%		.62	%		.60	%
Net investment income(b)		1.72	%^		1.50	%		1.13	%		1.53	%		1.43	%		1.28	%
Portfolio turnover rate		36	%		66	%		51	%		54	%		66	%		96	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.00	%		.00	%		.01	%		.01	%		.01	%

See footnote summary on page 19.

17

RELATIVE VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$28.36			$36.12			$28.43			$29.76			$27.34			$32.88
Income From Investment Operations
Net investment income(a)(b)		.21			.39			.29			.33			.35			.33
Net realized and unrealized gain (loss) on investment transactions		.80			(2.16	)		7.61			.13			5.74			(1.81	)
Net increase (decrease) in net asset value from operations		1.01			(1.77	)		7.90			.46			6.09			(1.48	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.38	)		(.21	)		(.35	)		(.31	)		(.26	)
Distributions from net realized gain on investment transactions		–0	–		(5.61	)		–0	–		(1.44	)		(3.36	)		(3.80	)
Total dividends and distributions		–0	–		(5.99	)		(.21	)		(1.79	)		(3.67	)		(4.06	)
Net asset value, end of period		$29.37			$28.36			$36.12			$28.43			$29.76			$27.34
Total Return
Total investment return based on net asset value(c)*		3.56	%		(4.42	)%		27.84	%		2.47	%		23.61	%		(5.84	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$669,485			$677,187			$752,562			$868,715			$922,603			$772,904
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.85	%^		.84	%		.84	%		.86	%		.86	%		.84	%
Expenses, before waivers/reimbursements(d)‡		.85	%^		.84	%		.85	%		.87	%		.87	%		.85	%
Net investment income(b)		1.47	%^		1.25	%		.87	%		1.28	%		1.18	%		1.03	%
Portfolio turnover rate		36	%		66	%		51	%		54	%		66	%		96	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.00	%		.00	%		.01	%		.01	%		.01	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

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

(d) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2023 and for the years ended December 31, 2020, December 31, 2019 and December 31, 2018, such waiver amounted to .01% (annualized), .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.

^ Annualized.

See notes to financial statements.

19

RELATIVE 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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

20

RELATIVE 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 Relative Value Portfolio (formerly AB Growth and Income Portfolio) (the “Fund”) at a meeting held in-person on May 2-4, 2023 (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 of 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 2021 and 2022 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

21

RELATIVE 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 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, 2023 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.

22

AB Variable Products Series Fund

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to the medians for 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.

23

VPS-RV-0152-0623

JUN    ^06.30.23

SEMI-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
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,163.70	$	4.83		0.90	%
Hypothetical (5% annual return before expenses)**	$	1,000	$	1,020.33	$	4.51		0.90	%
Class B
Actual	$	1,000	$	1,162.50	$	6.17		1.15	%
Hypothetical (5% annual return before expenses)**	$	1,000	$	1,019.09	$	5.76		1.15	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

1

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
SPS Commerce, Inc.	$	1,116,061		2.0	%
Lantheus Holdings, Inc.		993,697		1.8
Novanta, Inc.		992,299		1.8
Altair Engineering, Inc.—Class A		917,057		1.6
RLI Corp.		907,935		1.6
Comfort Systems USA, Inc.		907,041		1.6
Hilton Grand Vacations, Inc.		895,032		1.6
Onto Innovation, Inc.		890,995		1.6
Five9, Inc.		869,765		1.5
ChampionX Corp.		846,989		1.5
	$	9,336,871		16.6	%

SECTOR BREAKDOWN²

June 30, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	14,527,110		25.6	%
Health Care		11,919,425		21.0
Industrials		9,053,523		16.0
Consumer Discretionary		8,756,163		15.5
Financials		4,996,125		8.8
Energy		2,846,154		5.0
Consumer Staples		2,323,315		4.1
Materials		556,800		1.0
Short-Term Investments		1,724,282		3.0
Total Investments	$	56,702,897		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.0%
INFORMATION TECHNOLOGY–25.9%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–5.1%
Allegro MicroSystems, Inc.(a)		8,946	$	403,822
Littelfuse, Inc.		2,616		762,067
Novanta, Inc.(a)		5,390		992,299
Shoals Technologies Group, Inc.–Class A(a)		27,498		702,849
				2,861,037
IT SERVICES–1.1%
DigitalOcean Holdings, Inc.(a)(b)		15,855		636,420
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.6%
Lattice Semiconductor Corp.(a)		7,888		757,800
MACOM Technology Solutions Holdings, Inc.(a)		9,045		592,719
Onto Innovation, Inc.(a)		7,650		890,995
Silicon Laboratories, Inc.(a)		3,839		605,564
Universal Display Corp.		5,774		832,207
				3,679,285
SOFTWARE–11.8%
Altair Engineering, Inc.–Class A(a)		12,092		917,057
Blackline, Inc.(a)		10,152		546,381
Braze, Inc.–Class A(a)		17,839		781,170
Five9, Inc.(a)		10,549		869,765
Freshworks, Inc.–Class A(a)		6,863		120,651
Instructure Holdings, Inc.(a)		15,660		394,005
Manhattan Associates, Inc.(a)		3,746		748,750
Monday.com Ltd.(a)		3,494		598,243
Smartsheet, Inc.–Class A(a)		14,176		542,374
SPS Commerce, Inc.(a)		5,811		1,116,061
				6,634,457
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.3%
ACV Auctions, Inc.–Class A(a)		41,454		715,911
				14,527,110
HEALTH CARE–21.3%
BIOTECHNOLOGY–10.6%
Ascendis Pharma A/S (ADR)(a)		2,765		246,776
Blueprint Medicines Corp.(a)		7,712		487,398
Insmed, Inc.(a)		17,439		367,963
Intellia Therapeutics, Inc.(a)		7,747		315,923
IVERIC bio, Inc.(a)		4,842		190,484
Karuna Therapeutics, Inc.(a)		1,329		288,194
Legend Biotech Corp. (ADR)(a)		6,227		429,850
Madrigal Pharmaceuticals, Inc.(a)		1,718		396,858
Company	Shares		U.S. $ Value
MoonLake Immunotherapeutics(a)(b)		6,554	$	334,254
Morphic Holding, Inc.(a)		5,496		315,086
Natera, Inc.(a)		12,152		591,316
Relay Therapeutics, Inc.(a)		13,658		171,544
Ultragenyx Pharmaceutical, Inc.(a)		5,795		267,323
Vaxcyte, Inc.(a)		8,966		447,762
Viking Therapeutics, Inc.(a)		14,042		227,621
Vir Biotechnology, Inc.(a)		11,969		293,600
Viridian Therapeutics, Inc.(a)		11,677		277,796
Zentalis Pharmaceuticals, Inc.(a)(b)		10,172		286,952
				5,936,700
HEALTH CARE EQUIPMENT & SUPPLIES–6.0%
AtriCure, Inc.(a)		14,897		735,316
iRhythm Technologies, Inc.(a)		4,975		518,992
Lantheus Holdings, Inc.(a)		11,841		993,697
Silk Road Medical, Inc.(a)		11,624		377,664
Treace Medical Concepts, Inc.(a)		27,878		713,119
				3,338,788
HEALTH CARE PROVIDERS & SERVICES–2.4%
Guardant Health, Inc.(a)		20,307		726,991
Inari Medical, Inc.(a)		10,524		611,865
				1,338,856
LIFE SCIENCES TOOLS & SERVICES–0.7%
Repligen Corp.(a)		2,696		381,376
PHARMACEUTICALS–1.6%
Intra-Cellular Therapies, Inc.(a)		9,645		610,721
Revance Therapeutics, Inc.(a)		12,366		312,984
				923,705
				11,919,425
INDUSTRIALS–16.1%
AEROSPACE & DEFENSE–3.5%
Axon Enterprise, Inc.(a)		2,353		459,117
Curtiss-Wright Corp.		3,708		681,011
Hexcel Corp.		10,580		804,292
				1,944,420
BUILDING PRODUCTS–0.2%
AZEK Co., Inc. (The)(a)		2,829		85,690
COMMERCIAL SERVICES & SUPPLIES–1.2%
Tetra Tech, Inc.		4,146		678,866
CONSTRUCTION & ENGINEERING–1.6%
Comfort Systems USA, Inc.		5,524		907,041

3

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
ELECTRICAL EQUIPMENT–0.8%
Generac Holdings, Inc.(a)(b)		1,010	$	150,621
NEXTracker, Inc.–Class A(a)		7,718		307,254
				457,875
GROUND TRANSPORTATION–2.1%
Saia, Inc.(a)		2,158		738,921
XPO, Inc.(a)		7,458		440,022
				1,178,943
MACHINERY–3.6%
Esab Corp.		10,672		710,115
ITT, Inc.		7,137		665,240
Middleby Corp. (The)(a)		4,394		649,565
				2,024,920
PROFESSIONAL SERVICES–2.0%
FTI Consulting, Inc.(a)		2,933		557,857
Insperity, Inc.		4,989		593,491
				1,151,348
TRADING COMPANIES & DISTRIBUTORS–1.1%
SiteOne Landscape Supply, Inc.(a)		3,731		624,420
				9,053,523
CONSUMER DISCRETIONARY–15.6%
AUTOMOBILE COMPONENTS–1.3%
Fox Factory Holding Corp.(a)		6,724		729,621
BROADLINE RETAIL–2.0%
Driven Brands Holdings, Inc.(a)		24,039		650,495
Global-e Online Ltd.(a)		3,660		149,840
Savers Value Village, Inc.(a)		13,772		326,397
				1,126,732
DIVERSIFIED CONSUMER SERVICES–0.7%
European Wax Center, Inc.–Class A(a)		20,636		384,449
HOTELS, RESTAURANTS & LEISURE–6.5%
Hilton Grand Vacations, Inc.(a)		19,697		895,032
Life Time Group Holdings, Inc.(a)		33,738		663,626
Planet Fitness, Inc.–Class A(a)		7,892		532,236
Texas Roadhouse, Inc.		6,809		764,515
Wingstop, Inc.		3,817		764,011
				3,619,420
HOUSEHOLD DURABLES–2.5%
Meritage Homes Corp.		5,515		784,619
Skyline Champion Corp.(a)		9,692		634,341
				1,418,960
Company	Shares		U.S. $ Value
SPECIALTY RETAIL–2.6%
Five Below, Inc.(a)		3,621	$	711,671
Floor & Decor Holdings, Inc.–Class A(a)		300		31,188
Lithia Motors, Inc.		2,414		734,122
				1,476,981
				8,756,163
FINANCIALS–8.9%
CAPITAL MARKETS–3.6%
Houlihan Lokey, Inc.		7,931		779,697
P10, Inc.–Class A		21,321		240,927
StepStone Group, Inc.–Class A		20,071		497,962
Stifel Financial Corp.		8,526		508,746
				2,027,332
FINANCIAL SERVICES–2.5%
Flywire Corp.(a)		24,153		749,709
Shift4 Payments, Inc.–Class A(a)		9,304		631,835
				1,381,544
INSURANCE–2.8%
Kinsale Capital Group, Inc.		80		29,936
RLI Corp.		6,653		907,935
Ryan Specialty Holdings, Inc.(a)		14,466		649,378
				1,587,249
				4,996,125
ENERGY–5.1%
ENERGY EQUIPMENT & SERVICES–2.8%
ChampionX Corp.		27,287		846,989
TechnipFMC PLC(a)		41,639		692,040
				1,539,029
OIL, GAS & CONSUMABLE FUELS–2.3%
Matador Resources Co.		5,954		311,513
Permian Resources Corp.		47,875		524,710
Southwestern Energy Co.(a)		78,353		470,902
				1,307,125
				2,846,154
CONSUMER STAPLES–4.1%
CONSUMER STAPLES DISTRIBUTION & RETAIL–2.5%
Chefs’ Warehouse, Inc. (The)(a)		19,670		703,399
Grocery Outlet Holding Corp.(a)		23,515		719,794
				1,423,193
FOOD PRODUCTS–1.6%
Freshpet, Inc.(a)		9,972		656,257
Vital Farms, Inc.(a)		20,339		243,865
				900,122
				2,323,315

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MATERIALS–1.0%
CHEMICALS–1.0%
Element Solutions, Inc.		29,000	$	556,800
Total Common Stocks (cost $44,983,523)				54,978,615
SHORT-TERM INVESTMENTS–3.1%
INVESTMENT COMPANIES–3.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(c)(d)(e) (cost $1,724,282)		1,724,282		1,724,282
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–101.1% (cost $46,707,805)				56,702,897
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.0%
INVESTMENT COMPANIES–1.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(c)(d)(e) (cost $563,758)		563,758		563,758
TOTAL INVESTMENTS–102.1% (cost $47,271,563)				57,266,655
Other assets less liabilities–(2.1)%				(1,151,709	)
NET ASSETS–100.0%			$	56,114,946

(a) Non-income producing security.

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

(c) Affiliated investments.

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

(e) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

5

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $44,983,523)	$	54,978,615	(a)
Affiliated issuers (cost $2,288,040—including investment of cash collateral for securities loaned of $563,758)		2,288,040
Receivable for investment securities sold		702,729
Receivable for capital stock sold		46,512
Affiliated dividends receivable		6,071
Unaffiliated dividends receivable		4,664
Total assets		58,026,631
LIABILITIES
Payable for investment securities purchased		1,160,877
Payable for collateral received on securities loaned		563,758
Administrative fee payable		22,250
Payable for capital stock redeemed		20,062
Advisory fee payable		17,021
Distribution fee payable		7,860
Directors’ fees payable		238
Transfer Agent fee payable		161
Accrued expenses		119,458
Total liabilities		1,911,685
NET ASSETS	$	56,114,946
COMPOSITION OF NET ASSETS
Capital stock, at par	$	6,506
Additional paid-in capital		57,426,610
Accumulated loss		(1,318,170	)
NET ASSETS	$	56,114,946

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	19,203,042		1,814,137	$	10.59
B	$	36,911,904		4,691,968	$	7.87

(a) Includes securities on loan with a value of $1,250,199 (see Note E).

See notes to financial statements.

6

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	105,709
Affiliated issuers		32,088
Securities lending income		2,037
		139,834
EXPENSES
Advisory fee (see Note B)		201,179
Distribution fee—Class B		43,994
Transfer agency—Class A		734
Transfer agency—Class B		1,399
Administrative		47,346
Custody and accounting		34,449
Audit and tax		21,159
Legal		15,083
Printing		11,808
Directors’ fees		8,993
Miscellaneous		4,313
Total expenses		390,457
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(105,768	)
Net expenses		284,689
Net investment loss		(144,855	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions		(547,108	)
Net change in unrealized appreciation (depreciation) of investments		8,659,868
Net gain on investment transactions		8,112,760
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	7,967,905

See notes to financial statements.

7

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(144,855	)	$	(332,729	)
Net realized loss on investment transactions		(547,108	)		(9,386,634	)
Net change in unrealized appreciation (depreciation) of investments		8,659,868			(23,397,350	)
Net increase (decrease) in net assets from operations		7,967,905			(33,116,713	)
Distributions to Shareholders
Class A		–0	–		(8,363,912	)
Class B		–0	–		(17,518,976	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(1,556,680	)		22,329,390
Total increase (decrease)		6,411,225			(36,670,211	)
NET ASSETS
Beginning of period		49,703,721			86,373,932
End of period	$	56,114,946		$	49,703,721

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland 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

9

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 June 30, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

54,978,615

$

–0

–

$

–0

–

$

54,978,615

Short-Term Investments

1,724,282

–0

–

–0

–

1,724,282

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

563,758

–0

–

–0

–

563,758

Total Investments in Securities

57,266,655

–0

–

–0

–

57,266,655

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

57,266,655

$

–0

–

$

–0

–

$

57,266,655

(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.

10

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 six months ended June 30, 2023, such

11

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

reimbursements/waivers amounted to $105,048. This fee waiver and/or expense reimbursement agreement extends through May 1, 2024 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2023, the reimbursement for such services amounted to $47,346.

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 $900 for the six months ended June 30, 2023.

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 six months ended June 30, 2023, such waiver amounted to $696.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	707		$	6,326	$	5,309	$	1,724	$	32
Government Money Market Portfolio*		–0	–		2,228		1,664		564		1
Total								$	2,288	$	33

* 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 six months ended June 30, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	15,256,016		$	17,551,480
U.S. government securities		–0	–		–0	–

12

AB Variable Products Series Fund

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

Gross unrealized appreciation	$	11,951,978
Gross unrealized depreciation		(1,956,886	)
Net unrealized appreciation	$	9,995,092

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2023.

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.

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SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2023 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
$	1,250,199	$	563,758	$	705,852	$	964	$	1,073	$	24

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class A
Shares sold		41,920			108,682		$	415,221		$	1,527,332
Shares issued in reinvestment of distributions		–0	–		801,909			–0	–		8,363,912
Shares redeemed		(120,233	)		(303,311	)		(1,193,808	)		(4,515,651	)
Net increase (decrease)		(78,313	)		607,280		$	(778,587	)	$	5,375,593
Class B
Shares sold		290,116			977,425		$	2,163,364		$	10,088,393
Shares issued on reinvestment of distributions		–0	–		2,254,695			–0	–		17,518,976
Shares redeemed		(398,733	)		(964,903	)		(2,941,457	)		(10,653,572	)
Net increase (decrease)		(108,617	)		2,267,217		$	(778,093	)	$	16,953,797

At June 30, 2023, 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 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—The 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. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies

14

AB Variable Products Series Fund

over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financing 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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. 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 six months ended June 30, 2023.

15

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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

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.

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
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$9.10			$25.13			$28.76			$19.92			$16.58			$17.53
Income From Investment Operations
Net investment loss(a)(b)		(.02	)		(.06	)		(.20	)		(.13	)		(.08	)		(.13	)
Net realized and unrealized gain (loss) on investment transactions		1.51			(8.86	)		2.87			10.49			6.02			.14	(c)
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(d)		–0	–
Net increase (decrease) in net asset value from operations		1.49			(8.92	)		2.67			10.36			5.94			.01
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(7.11	)		(6.30	)		(1.52	)		(2.60	)		(.96	)
Net asset value, end of period		$10.59			$9.10			$25.13			$28.76			$19.92			$16.58
Total Return
Total investment return based on net asset value(e)*		16.37	%		(39.09	)%		9.46	%		53.98	%		36.40	%		(.89	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$19,203			$17,213			$32,295			$34,314			$27,167			$22,724
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		.90	%^		.90	%		.91	%		.90	%		.90	%		1.06	%
Expenses, before waivers/reimbursements(f)(g)		1.29	%^		1.22	%		1.08	%		1.09	%		1.16	%		1.15	%
Net investment loss(b)		(.38	)%^		(.42	)%		(.71	)%		(.60	)%		(.39	)%		(.65	)%
Portfolio turnover rate		29	%		67	%		67	%		103	%		69	%		73	%

See footnote summary on page 19.

17

SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$6.77			$21.35			$25.36			$17.75			$15.03			$16.00
Income From Investment Operations
Net investment loss(a)(b)		(.02	)		(.07	)		(.24	)		(.16	)		(.11	)		(.16	)
Net realized and unrealized gain (loss) on investment transactions		1.12			(7.40	)		2.53			9.29			5.43			.15	(c)
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(d)		–0	–
Net increase (decrease) in net asset value from operations		1.10			(7.47	)		2.29			9.13			5.32			(.01	)
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(7.11	)		(6.30	)		(1.52	)		(2.60	)		(.96	)
Net asset value, end of period		$7.87			$6.77			$21.35			$25.36			$17.75			$15.03
Total Return
Total investment return based on net asset value(e)*		16.25	%		(39.26	)%		9.20	%		53.64	%		36.01	%		(1.11	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$36,912			$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	%		1.15	%		1.30	%
Expenses, before waivers/reimbursements(f)(g)		1.54	%^		1.47	%		1.31	%		1.33	%		1.42	%		1.40	%
Net investment loss(b)		(.63	)%^		(.67	)%		(.96	)%		(.84	)%		(.64	)%		(.88	)%
Portfolio turnover rate		29	%		67	%		67	%		103	%		69	%		73	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

(c) 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:

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Class A
Net of waivers/reimbursements		.90	%^		.90	%		.90	%		.90	%		.90	%		1.06	%
Before waivers/reimbursements		1.29	%^		1.22	%		1.07	%		1.09	%		1.16	%		1.15	%
Class B
Net of waivers/reimbursements		1.15	%^		1.15	%		1.15	%		1.15	%		1.15	%		1.30	%
Before waivers/reimbursements		1.54	%^		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.

^ Annualized.

See notes to financial statements.

19

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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

20

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 2-4, 2023 (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 of 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 2021 and 2022 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

21

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, 2023 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 and discussed with the Adviser the reasons it 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 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

22

AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to the medians for 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 close to a median. 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.

23

VPS-SCG-0152-0623

JUN    ^06.30.23

SEMI-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
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,119.00	$	4.78		0.91	%
Hypothetical**	$	1,000	$	1,020.28	$	4.56		0.91	%
Class B
Actual	$	1,000	$	1,117.50	$	6.09		1.16	%
Hypothetical**	$	1,000	$	1,019.04	$	5.81		1.16	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

1

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Flex Ltd.	$	5,531,759		3.4	%
Microsoft Corp.		4,822,387		3.0
Waste Management, Inc.		4,564,241		2.8
Deere & Co.		4,411,709		2.7
Visa, Inc.—Class A		4,410,003		2.7
London Stock Exchange Group PLC		4,405,489		2.7
Adobe, Inc.		3,955,440		2.4
Accenture PLC—Class A		3,768,070		2.3
Deutsche Boerse AG		3,763,734		2.3
Infineon Technologies AG		3,711,672		2.3
	$	43,344,504		26.6	%

SECTOR BREAKDOWN²

June 30, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	52,556,649		32.3	%
Health Care		30,382,599		18.7
Industrials		26,108,784		16.0
Financials		24,770,641		15.2
Consumer Staples		11,394,639		7.0
Consumer Discretionary		6,279,103		3.9
Utilities		4,052,927		2.4
Materials		2,162,443		1.3
Short-Term Investments		5,173,146		3.2
Total Investments	$	162,880,931		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	105,439,467		64.7	%
United Kingdom		9,514,891		5.8
Germany		7,475,406		4.6
Switzerland		5,611,505		3.5
Japan		5,440,533		3.3
India		5,433,229		3.3
Taiwan		4,822,948		3.0
Denmark		4,423,572		2.7
Netherlands		3,171,137		1.9
Hong Kong		2,405,058		1.5
Norway		2,062,193		1.3
China		1,907,846		1.2
Short-Term Investments		5,173,146		3.2
Total Investments	$	162,880,931		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).

3

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2022 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–96.7%
INFORMATION TECHNOLOGY–32.2%
COMMUNICATIONS EQUIPMENT–2.3%
Calix, Inc.(a)		44,077	$	2,199,883
Lumentum Holdings, Inc.(a)(b)		27,721		1,572,612
				3,772,495
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–6.5%
Flex Ltd.(a)		200,136		5,531,759
Keyence Corp.		4,900		2,328,267
Keysight Technologies, Inc.(a)		16,620		2,783,019
				10,643,045
IT SERVICES–2.3%
Accenture PLC–Class A		12,211		3,768,070
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–11.6%
Advanced Micro Devices, Inc.(a)		14,637		1,667,301
ASML Holding NV		4,372		3,171,137
Infineon Technologies AG		90,128		3,711,672
MediaTek, Inc.		71,000		1,571,645
NXP Semiconductors NV		12,473		2,552,974
ON Semiconductor Corp.(a)		31,751		3,003,009
Taiwan Semiconductor Manufacturing Co., Ltd.		176,000		3,251,304
				18,929,042
SOFTWARE–9.5%
Adobe, Inc.(a)		8,089		3,955,440
Bentley Systems, Inc.–Class B		24,260		1,315,620
Intuit, Inc.		6,289		2,881,557
Microsoft Corp.		14,161		4,822,387
Palo Alto Networks, Inc.(a)		9,663		2,468,993
				15,443,997
				52,556,649
HEALTH CARE–18.6%
BIOTECHNOLOGY–1.3%
Abcam PLC (Sponsored ADR)(a)		83,448		2,041,973
HEALTH CARE EQUIPMENT & SUPPLIES–5.7%
Alcon, Inc.		29,988		2,487,875
Becton Dickinson and Co.		12,845		3,391,209
STERIS PLC		15,334		3,449,843
				9,328,927
Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–1.6%
Apollo Hospitals Enterprise Ltd.		42,786	$	2,664,092
LIFE SCIENCES TOOLS & SERVICES–8.5%
Bio-Rad Laboratories, Inc.–Class A(a)		5,069		1,921,759
Bruker Corp.		26,876		1,986,674
Danaher Corp.		14,484		3,476,160
ICON PLC(a)		13,350		3,340,170
West Pharmaceutical Services, Inc.		8,396		3,211,218
				13,935,981
PHARMACEUTICALS–1.5%
Johnson & Johnson		14,570		2,411,626
				30,382,599
INDUSTRIALS–16.0%
AEROSPACE & DEFENSE–1.7%
Hexcel Corp.		37,453		2,847,177
COMMERCIAL SERVICES & SUPPLIES–4.9%
Tetra Tech, Inc.		20,758		3,398,915
Waste Management, Inc.		26,319		4,564,241
				7,963,156
MACHINERY–7.5%
Deere & Co.		10,888		4,411,709
SMC Corp.		5,600		3,112,266
TOMRA Systems ASA		128,186		2,062,193
Xylem, Inc./NY		23,654		2,663,913
				12,250,081
PROFESSIONAL SERVICES–1.9%
Experian PLC		79,424		3,048,370
				26,108,784
FINANCIALS–15.2%
CAPITAL MARKETS–9.1%
Deutsche Boerse AG		20,387		3,763,734
London Stock Exchange Group PLC		41,392		4,405,489
MSCI, Inc.		7,560		3,547,832
Partners Group Holding AG		3,313		3,123,630
				14,840,685
FINANCIAL SERVICES–2.7%
Visa, Inc.–Class A		18,570		4,410,003
INSURANCE–3.4%
Aflac, Inc.		44,626		3,114,895
AIA Group Ltd.		236,800		2,405,058
				5,519,953
				24,770,641

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER STAPLES–7.0%
HOUSEHOLD PRODUCTS–1.7%
Procter & Gamble Co. (The)		18,339	$	2,782,760
PERSONAL CARE PRODUCTS–5.3%
Dabur India Ltd.		395,142		2,769,137
Haleon PLC		676,169		2,775,312
Unilever PLC (London)		58,905		3,067,430
				8,611,879
				11,394,639
CONSUMER DISCRETIONARY–3.9%
AUTOMOBILE COMPONENTS–1.4%
Aptiv PLC(a)		22,717		2,319,179
AUTOMOBILES–1.2%
BYD Co., Ltd.–Class H		59,500		1,907,846
HOUSEHOLD DURABLES–1.3%
TopBuild Corp.(a)		7,714		2,052,078
				6,279,103
UTILITIES–2.5%
ELECTRIC UTILITIES–1.4%
Orsted AS(c)		23,851		2,261,129
Company	Shares		U.S. $ Value
WATER UTILITIES–1.1%
American Water Works Co., Inc.		12,552	$	1,791,798
				4,052,927
MATERIALS–1.3%
CHEMICALS–1.3%
Chr Hansen Holding A/S		31,106		2,162,443
Total Common Stocks (cost $120,377,005)				157,707,785
SHORT-TERM INVESTMENTS–3.2%
INVESTMENT COMPANIES–3.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $5,173,146)		5,173,146		5,173,146
TOTAL INVESTMENTS–99.9% (cost $125,550,151)				162,880,931
Other assets less liabilities–0.1%				106,619
NET ASSETS–100.0%			$	162,987,550

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		BRL	3,851		USD	799		07/05/2023	$	(5,174	)
Bank of America, NA		USD	757		BRL	3,851		07/05/2023		47,345
Bank of America, NA		GBP	7,305		USD	9,101		07/21/2023		(177,165	)
Bank of America, NA		USD	2,829		AUD	4,165		08/25/2023		(49,996	)
Bank of America, NA		TWD	75,190		USD	2,460		09/14/2023		42,052
Barclays Bank PLC		HKD	9,960		USD	1,280		07/12/2023		9,138
Barclays Bank PLC		EUR	2,181		USD	2,402		07/31/2023		18,916
Barclays Bank PLC		USD	1,123		SEK	11,865		09/13/2023		(19,113	)
Barclays Bank PLC		INR	28,252		USD	344		09/25/2023		296
BNP Paribas SA		CNH	1,959		USD	276		07/07/2023		6,142
Citibank, NA		INR	209,613		USD	2,542		09/25/2023		(5,466	)
JPMorgan Chase Bank, NA		NOK	16,833		USD	1,602		09/13/2023		29,440
Morgan Stanley Capital Services, Inc.		BRL	3,851		USD	804		07/05/2023		(470	)
Morgan Stanley Capital Services, Inc.		USD	799		BRL	3,851		07/05/2023		5,174
Morgan Stanley Capital Services, Inc.		CNH	2,242		USD	324		07/07/2023		15,652
Morgan Stanley Capital Services, Inc.		USD	3,607		CNH	24,669		07/07/2023		(213,080	)
Morgan Stanley Capital Services, Inc.		CHF	1,161		USD	1,301		07/21/2023		1,789
Morgan Stanley Capital Services, Inc.		GBP	474		USD	607		07/21/2023		5,413
Morgan Stanley Capital Services, Inc.		USD	578		GBP	454		07/21/2023		(1,303	)
Morgan Stanley Capital Services, Inc.		USD	1,832		KRW	2,418,517		07/27/2023		4,765

5

SUSTAINABLE GLOBAL THEMATIC 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	800		BRL	3,851		08/02/2023	$	637
Standard Chartered Bank		USD	490		ZAR	9,091		08/23/2023		(9,505	)
State Street Bank & Trust Co.		USD	268		CNH	1,911		07/07/2023		(5,201	)
State Street Bank & Trust Co.		USD	1,887		EUR	1,759		07/31/2023		34,448
State Street Bank & Trust Co.		USD	320		EUR	293		07/31/2023		(70	)
State Street Bank & Trust Co.		USD	394		JPY	55,190		08/25/2023		(8,794	)
UBS AG		USD	4,456		CAD	5,962		08/24/2023		48,105
UBS AG		USD	3,134		JPY	431,579		08/25/2023		(119,269	)
UBS AG		USD	260		TWD	8,011		09/14/2023		(2,297	)
									$	(347,591	)

(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. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2023, the market value of this security amounted to $2,261,129 or 1.4% of net assets.

(d) Affiliated investments.

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

(f) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Currency Abbreviations:

AUD—Australian Dollar

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.

6

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $120,377,005)	$	157,707,785
Affiliated issuers (cost $5,173,146)		5,173,146
Foreign currencies, at value (cost $454,901)		450,853
Unaffiliated dividends receivable		402,651
Unrealized appreciation on forward currency exchange contracts		269,312
Receivable for capital stock sold		142,921
Affiliated dividends receivable		20,899
Total assets		164,167,567
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		616,903
Foreign capital gains tax payable		177,068
Advisory fee payable		97,652
Payable for capital stock redeemed		94,483
Custody and accounting fees payable		93,650
Distribution fee payable		22,730
Administrative fee payable		22,105
Transfer Agent fee payable		150
Directors’ fees payable		132
Accrued expenses		55,144
Total liabilities		1,180,017
NET ASSETS	$	162,987,550
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,991
Additional paid-in capital		117,419,648
Distributable earnings		45,562,911
NET ASSETS	$	162,987,550

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	57,269,575		1,682,252	$	34.04
B	$	105,717,975		3,308,604	$	31.95

See notes to financial statements.

7

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $114,251)	$	1,035,587
Affiliated issuers		124,583
Interest		1,359
Securities lending income		138
Other income		67
		1,161,734
EXPENSES
Advisory fee (see Note B)		588,764
Distribution fee—Class B		128,065
Transfer agency—Class A		974
Transfer agency—Class B		1,829
Administrative		47,013
Custody and accounting		40,415
Audit and tax		27,801
Legal		17,127
Printing		11,748
Directors’ fees		9,543
Miscellaneous		8,270
Total expenses		881,549
Less: expenses waived and reimbursed by the Adviser (see Note B)		(41,975	)
Net expenses		839,574
Net investment income		322,160
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		(397,130	)
Forward currency exchange contracts		94,087
Foreign currency transactions		10,414
Net change in unrealized appreciation (depreciation) of:
Investments(b)		18,650,955
Forward currency exchange contracts		(1,050,370	)
Foreign currency denominated assets and liabilities		(3,201	)
Net gain on investment and foreign currency transactions		17,304,755
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	17,626,915

(a) Net of foreign realized capital gains taxes of $60,163.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $35,018.

See notes to financial statements.

8

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

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	322,160		$	52,469
Net realized gain (loss) on investment and foreign currency transactions		(292,629	)		9,249,524
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		17,597,384			(68,416,642	)
Net increase (decrease) in net assets from operations		17,626,915			(59,114,649	)
Distributions to Shareholders
Class A		–0	–		(5,619,793	)
Class B		–0	–		(11,762,309	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(7,697,075	)		9,023,323
Total increase (decrease)		9,929,840			(67,473,428	)
NET ASSETS
Beginning of period		153,057,710			220,531,138
End of period	$	162,987,550		$	153,057,710

See notes to financial statements.

9

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	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

10

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.

11

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2023:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	38,522,624		$	14,034,025		$	–0	–	$	52,556,649
Health Care		25,230,632			5,151,967			–0	–		30,382,599
Industrials		17,885,955			8,222,829			–0	–		26,108,784
Financials		11,072,730			13,697,911			–0	–		24,770,641
Consumer Staples		2,782,760			8,611,879			–0	–		11,394,639
Consumer Discretionary		4,371,257			1,907,846			–0	–		6,279,103
Utilities		1,791,798			2,261,129			–0	–		4,052,927
Materials		–0	–		2,162,443			–0	–		2,162,443
Short-Term Investments		5,173,146			–0	–		–0	–		5,173,146
Total Investments in Securities		106,830,902			56,050,029	(a)		–0	–		162,880,931
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		269,312			–0	–		269,312
Liabilities:
Forward Currency Exchange Contracts		–0	–		(616,903	)		–0	–		(616,903	)
Total	$	106,830,902		$	55,702,438		$	–0	–	$	162,533,340

(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.

12

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 .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 six months ended June 30, 2023, such reimbursements/waivers amounted to $39,254. This fee waiver and/or expense reimbursement agreement extends through May 1, 2024 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2023, the reimbursement for such services amounted to $47,013.

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 $900 for the six months ended June 30, 2023.

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 six months ended June 30, 2023, such waiver amounted to $2,721.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,497	$	18,407	$	18,731	$	5,173	$	125

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

13

SUSTAINABLE GLOBAL THEMATIC 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 six months ended June 30, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	21,798,231		$	28,762,816
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	41,011,677
Gross unrealized depreciation		(4,028,488	)
Net unrealized appreciation	$	36,983,189

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 six months ended June 30, 2023, 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

14

AB Variable Products Series Fund

net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

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

During the six months ended June 30, 2023, 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	$	269,312	Unrealized depreciation on forward currency exchange contracts	$	616,903
Total		$	269,312		$	616,903

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	$	94,087	$	(1,050,370	)
Total		$	94,087	$	(1,050,370	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2023:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	26,581,644
Average principal amount of sale contracts	$	27,803,176

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2023. 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

$

89,397

$

(89,397

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

28,350

(19,113

)

–0

–

–0

–

9,237

BNP Paribas SA

6,142

–0

–

–0

–

–0

–

6,142

JPMorgan Chase Bank, NA

29,440

–0

–

–0

–

–0

–

29,440

Morgan Stanley Capital Services, Inc.

33,430

(33,430

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

34,448

(14,065

)

–0

–

–0

–

20,383

UBS AG

48,105

(48,105

)

–0

–

–0

–

–0

–

Total

$

269,312

$

(204,110

)

$

–0

–

$

–0

–

$

65,202

^

15

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

Bank of America, NA

$

232,335

$

(89,397

)

$

–0

–

$

–0

–

$

142,938

Barclays Bank PLC

19,113

(19,113

)

–0

–

–0

–

–0

–

Citibank, NA

5,466

–0

–

–0

–

–0

–

5,466

Morgan Stanley Capital Services, Inc.

214,853

(33,430

)

–0

–

–0

–

181,423

Standard Chartered Bank

9,505

–0

–

–0

–

–0

–

9,505

State Street Bank & Trust Co.

14,065

(14,065

)

–0

–

–0

–

–0

–

UBS AG

121,566

(48,105

)

–0

–

–0

–

73,461

Total

$

616,903

$

(204,110

)

$

–0

–

$

–0

–

$

412,793

^

* 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

16

AB Variable Products Series Fund

changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2023 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

–

$

1,608,591

$

138

$

–0

–

$

–0

–

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class A
Shares sold		42,715			203,270		$	1,367,509		$	7,169,402
Shares issued in reinvestment of distributions		–0	–		170,090			–0	–		5,619,793
Shares redeemed		(87,807	)		(176,800	)		(2,817,770	)		(6,064,541	)
Net increase (decrease)		(45,092	)		196,560		$	(1,450,261	)	$	6,724,654
Class B
Shares sold		76,417			342,113		$	2,275,204		$	11,115,948
Shares issued on reinvestment of distributions		–0	–		378,453			–0	–		11,762,309
Shares redeemed		(284,024	)		(624,992	)		(8,522,018	)		(20,579,588	)
Net increase (decrease)		(207,607	)		95,574		$	(6,246,814	)	$	2,298,669

At June 30, 2023, certain shareholders of the Portfolio owned 59% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

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 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, ESG and sustainability criteria are not uniformly defined, and the Portfolio’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the 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.

17

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

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

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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, 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—The 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. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financing 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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of

18

AB Variable Products Series Fund

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 six months ended June 30, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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.

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.

19

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

NOTE K: Subsequent Events

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

20

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
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$30.42			$46.20			$42.40			$33.52			$27.35			$30.32
Income From Investment Operations
Net investment income (loss)(a)(b)		.09			.07			(.10	)		(.10	)		.08			.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.53			(12.25	)		9.46			12.64			8.00			(3.08	)
Net increase (decrease) in net asset value from operations		3.62			(12.18	)		9.36			12.54			8.08			(2.97	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.24	)		(.13	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(3.60	)		(5.56	)		(3.42	)		(1.78	)		–0	–
Total dividends and distributions		–0	–		(3.60	)		(5.56	)		(3.66	)		(1.91	)		–0	–
Net asset value, end of period		$34.04			$30.42			$46.20			$42.40			$33.52			$27.35
Total Return
Total investment return based on net asset value(c)		11.90	%		(26.98	)%		22.87	%		39.41	%		30.16	%		(9.79	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$57,270			$52,543			$70,723			$58,316			$43,237			$35,799
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.91	%^		.90	%		.88	%		.94	%		.99	%		.99	%
Expenses, before waivers/reimbursements(d)‡		.96	%^		.96	%		.93	%		1.00	%		1.04	%		1.01	%
Net investment income (loss)(b)		.58	%^		.20	%		(.22	)%		(.29	)%		.27	%		.37	%
Portfolio turnover rate		14	%		43	%		24	%		44	%		43	%		32	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.00	%		.00	%		.01	%		.00	%		.00	%

See footnote summary on page 22.

21

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$28.59			$43.80			$40.54			$32.19			$26.33			$29.25
Income From Investment Operations
Net investment income (loss)(a)(b)		.05			(.02	)		(.20	)		(.18	)		.01			.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.31			(11.59	)		9.02			12.11			7.68			(2.96	)
Net increase (decrease) in net asset value from operations		3.36			(11.61	)		8.82			11.93			7.69			(2.92	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.16	)		(.05	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(3.60	)		(5.56	)		(3.42	)		(1.78	)		–0	–
Total dividends and distributions		–0	–		(3.60	)		(5.56	)		(3.58	)		(1.83	)		–0	–
Net asset value, end of period		$31.95			$28.59			$43.80			$40.54			$32.19			$26.33
Total Return
Total investment return based on net asset value(c)		11.75	%		(27.17	)%		22.57	%		39.08	%		29.78	%		(9.98	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$105,718			$100,515			$149,808			$127,062			$93,645			$80,949
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.16	%^		1.15	%		1.13	%		1.19	%		1.24	%		1.24	%
Expenses, before waivers/reimbursements(d)‡		1.21	%^		1.21	%		1.18	%		1.25	%		1.29	%		1.25	%
Net investment income (loss)(b)		.32	%^		(.05	)%		(.47	)%		(.54	)%		.02	%		.13	%
Portfolio turnover rate		14	%		43	%		24	%		44	%		43	%		32	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.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%.

^ Annualized.

See notes to financial statements.

22

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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

23

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 2-4, 2023 (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 of 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 2021 and 2022 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

24

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, 2023. 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 Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, and the different

25

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

risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to the medians for 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.

26

VPS-SGT-0152-0623

JUN    ^06.30.23

SEMI-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
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,094.80	$	7.58		1.46	%	$	7.64		1.47	%
Hypothetical**	$	1,000	$	1,017.55	$	7.30		1.46	%	$	7.35		1.47	%
Class B
Actual	$	1,000	$	1,093.00	$	8.87		1.71	%	$	8.93		1.72	%
Hypothetical**	$	1,000	$	1,016.31	$	8.55		1.71	%	$	8.60		1.72	%

+ 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 181/365 (to reflect the one-half year period).

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

1

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
London Stock Exchange Group PLC	$	1,242,290		3.1	%
ASML Holding NV		1,148,921		2.9
Roche Holding AG (Genusschein)		1,135,126		2.8
Accenture PLC—Class A		1,089,904		2.7
STERIS PLC		1,089,128		2.7
Infineon Technologies AG		1,085,358		2.7
Edenred		1,064,582		2.7
Deutsche Boerse AG		1,062,271		2.7
Partners Group Holding AG		1,039,010		2.6
SMC Corp.		1,000,371		2.5
	$	10,956,961		27.4	%

SECTOR BREAKDOWN²

June 30, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	9,172,682		22.7	%
Financials		8,047,435		19.9
Health Care		7,309,269		18.1
Consumer Staples		4,788,700		11.9
Industrials		3,576,257		8.9
Materials		1,819,826		4.5
Consumer Discretionary		1,594,435		3.9
Utilities		788,281		2.0
Energy		587,251		1.4
Short-Term Investments		2,711,434		6.7
Total Investments	$	40,395,570		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2023 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	10,000,188		24.8	%
United Kingdom		4,192,055		10.4
Switzerland		2,576,365		6.4
France		2,560,818		6.3
India		2,332,048		5.8
Germany		2,147,629		5.3
Japan		1,713,106		4.3
Taiwan		1,466,074		3.6
Denmark		1,421,595		3.5
Ireland		1,329,280		3.3
Canada		1,304,061		3.2
Sweden		1,299,203		3.2
Netherlands		1,148,921		2.8
Other		4,192,793		10.4
Short-Term Investments		2,711,434		6.7
Total Investments	$	40,395,570		100.0	%

1 The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 2.8% or less in the following: China, Finland, Hong Kong, Indonesia and Norway. 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).

3

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2023 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–94.1%
INFORMATION TECHNOLOGY–22.9%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–5.3%
Flex Ltd.(a)		19,750	$	545,890
Halma PLC		29,425		851,716
Keyence Corp.		1,500		712,735
				2,110,341
IT SERVICES–2.7%
Accenture PLC–Class A		3,532		1,089,904
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–13.3%
ASML Holding NV		1,584		1,148,921
Infineon Technologies AG		26,355		1,085,358
MediaTek, Inc.		22,000		486,988
NXP Semiconductors NV		4,185		856,586
STMicroelectronics NV		15,302		763,162
Taiwan Semiconductor Manufacturing Co., Ltd.		53,000		979,086
				5,320,101
SOFTWARE–1.6%
Descartes Systems Group, Inc. (The)(a)		8,143		652,336
				9,172,682
FINANCIALS–20.1%
BANKS–3.0%
Bank Mandiri Persero Tbk PT		1,725,000		600,312
HDFC Bank Ltd.		29,250		606,788
				1,207,100
CAPITAL MARKETS–8.3%
Deutsche Boerse AG		5,754		1,062,271
London Stock Exchange Group PLC		11,672		1,242,290
Partners Group Holding AG		1,102		1,039,010
				3,343,571
FINANCIAL SERVICES–2.7%
Edenred		15,893		1,064,582
INSURANCE–6.1%
Aflac, Inc.		13,289		927,572
AIA Group Ltd.		69,600		706,892
Beazley PLC		52,116		390,724
Prudential PLC		28,817		406,994
				2,432,182
				8,047,435
HEALTH CARE–18.2%
BIOTECHNOLOGY–1.2%
Abcam PLC (Sponsored ADR)(a)		20,738		507,459
HEALTH CARE EQUIPMENT & SUPPLIES–6.0%
Alcon, Inc.		10,726		889,854

Company	Shares		U.S. $ Value
ConvaTec Group PLC(b)		158,145	$	412,453
STERIS PLC		4,841		1,089,128
				2,391,435
HEALTH CARE PROVIDERS & SERVICES–2.3%
Apollo Hospitals Enterprise Ltd.		14,666		913,186
LIFE SCIENCES TOOLS & SERVICES–5.9%
Danaher Corp.		3,121		749,040
ICON PLC(a)		3,859		965,522
Tecan Group AG (REG)(a)		1,685		647,501
				2,362,063
PHARMACEUTICALS–2.8%
Roche Holding AG (Genusschein)		3,716		1,135,126
				7,309,269
CONSUMER STAPLES–12.0%
FOOD PRODUCTS–6.0%
Danone SA		11,962		733,073
Kerry Group PLC–Class A		7,152		698,057
Nestle SA (REG)		7,847		943,928
				2,375,058
PERSONAL CARE PRODUCTS–6.0%
Dabur India Ltd.		115,879		812,075
Haleon PLC		198,358		814,153
Unilever PLC (London)(c)		15,121		787,414
				2,413,642
				4,788,700
INDUSTRIALS–8.9%
CONSTRUCTION & ENGINEERING–1.6%
WSP Global, Inc.(c)		4,933		651,726
MACHINERY–5.1%
Husqvarna AB–Class B(c)		48,741		442,254
SMC Corp.		1,800		1,000,371
TOMRA Systems ASA		37,207		598,568
				2,041,193
PROFESSIONAL SERVICES–2.2%
Experian PLC		23,015		883,338
				3,576,257
MATERIALS–4.5%
CHEMICALS–1.6%
Chr Hansen Holding A/S		9,110		633,314
CONTAINERS & PACKAGING–2.9%
Huhtamaki Oyj(c)		16,920		555,289
Smurfit Kappa Group PLC		18,913		631,223
				1,186,512
				1,819,826

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–4.0%
AUTOMOBILE COMPONENTS–2.1%
Autoliv, Inc.		10,077	$	856,948
AUTOMOBILES–1.9%
BYD Co., Ltd.–Class H		23,000		737,487
				1,594,435
UTILITIES–2.0%
ELECTRIC UTILITIES–2.0%
Orsted AS(b)		8,315		788,281
ENERGY–1.5%
OIL, GAS & CONSUMABLE FUELS–1.5%
Neste Oyj		15,252		587,251
Total Common Stocks (cost $31,727,349)				37,684,136
SHORT-TERM INVESTMENTS–6.8%
INVESTMENT COMPANIES–6.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $2,711,434)		2,711,434		2,711,434
Total Investments Before Security Lending Collateral for Securities Loaned–100.9% (cost $34,438,783)				40,395,570

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.8%
INVESTMENT COMPANIES–2.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.02%(d)(e)(f) (cost $1,109,083)		1,109,083	$	1,109,083
TOTAL INVESTMENTS–103.7% (cost $35,547,866)				41,504,653
Other assets less liabilities–(3.7)%				(1,468,525	)
NET ASSETS–100.0%			$	40,036,128

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		BRL	2,841		USD	590		07/05/2023	$	(3,817	)
Bank of America, NA		USD	558		BRL	2,841		07/05/2023		34,928
Bank of America, NA		CNH	439		USD	64		07/07/2023		3,321
Bank of America, NA		GBP	1,880		USD	2,342		07/21/2023		(45,595	)
Bank of America, NA		KRW	78,459		USD	60		07/27/2023		220
Bank of America, NA		USD	1,900		AUD	2,798		08/25/2023		(33,587	)
Bank of America, NA		USD	154		TWD	4,695		09/14/2023		(2,626	)
Barclays Bank PLC		EUR	1,744		USD	1,921		07/31/2023		15,126
BNP Paribas SA		CNH	2,421		USD	341		07/07/2023		7,591
Citibank, NA		INR	51,772		USD	628		09/25/2023		(1,350	)
JPMorgan Chase Bank, NA		INR	7,275		USD	88		09/25/2023		–0	–
Morgan Stanley Capital Services, Inc.		BRL	2,841		USD	593		07/05/2023		(347	)
Morgan Stanley Capital Services, Inc.		USD	590		BRL	2,841		07/05/2023		3,817
Morgan Stanley Capital Services, Inc.		CNH	1,389		USD	196		07/07/2023		5,214

5

SUSTAINABLE INTERNATIONAL THEMATIC 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	3,323		CNH	22,790		07/07/2023	$	(187,402	)
Morgan Stanley Capital Services, Inc.		CHF	1,932		USD	2,165		07/21/2023		2,978
Morgan Stanley Capital Services, Inc.		USD	1,304		KRW	1,720,763		07/27/2023		3,390
Morgan Stanley Capital Services, Inc.		USD	590		BRL	2,841		08/02/2023		470
State Street Bank & Trust Co.		CNH	496		USD	72		07/07/2023		4,099
State Street Bank & Trust Co.		USD	191		CNH	1,362		07/07/2023		(3,274	)
State Street Bank & Trust Co.		USD	228		MXN	4,137		07/13/2023		13,480
State Street Bank & Trust Co.		USD	289		SGD	384		07/13/2023		(5,177	)
State Street Bank & Trust Co.		CHF	73		USD	82		07/21/2023		293
State Street Bank & Trust Co.		GBP	145		USD	186		07/21/2023		1,612
State Street Bank & Trust Co.		GBP	311		USD	387		07/21/2023		(7,671	)
State Street Bank & Trust Co.		USD	260		CHF	234		07/21/2023		1,556
State Street Bank & Trust Co.		USD	60		CHF	54		07/21/2023		(36	)
State Street Bank & Trust Co.		USD	120		GBP	97		07/21/2023		2,738
State Street Bank & Trust Co.		USD	366		GBP	288		07/21/2023		(670	)
State Street Bank & Trust Co.		EUR	373		USD	404		07/31/2023		(3,417	)
State Street Bank & Trust Co.		USD	1,625		EUR	1,509		07/31/2023		23,950
State Street Bank & Trust Co.		USD	429		EUR	391		07/31/2023		(1,633	)
State Street Bank & Trust Co.		USD	167		ILS	602		08/08/2023		(4,473	)
State Street Bank & Trust Co.		USD	324		ZAR	5,981		08/23/2023		(7,292	)
State Street Bank & Trust Co.		CAD	98		USD	74		08/24/2023		398
State Street Bank & Trust Co.		USD	88		CAD	116		08/24/2023		20
State Street Bank & Trust Co.		AUD	119		USD	81		08/25/2023		1,388
State Street Bank & Trust Co.		AUD	94		USD	62		08/25/2023		(458	)
State Street Bank & Trust Co.		JPY	19,364		USD	138		08/25/2023		2,333
State Street Bank & Trust Co.		USD	80		AUD	118		08/25/2023		(1,174	)
State Street Bank & Trust Co.		USD	190		JPY	26,340		08/25/2023		(5,611	)
State Street Bank & Trust Co.		NOK	4,107		USD	390		09/13/2023		6,570
State Street Bank & Trust Co.		USD	360		SEK	3,810		09/13/2023		(5,332	)
UBS AG		CNH	594		USD	82		07/07/2023		412
UBS AG		USD	83		KRW	108,756		07/27/2023		64
UBS AG		USD	1,598		CAD	2,138		08/24/2023		17,251
UBS AG		USD	4,100		JPY	564,655		08/25/2023		(156,046	)
									$	(323,769	)

(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 June 30, 2023, the aggregate market value of these securities amounted to $1,200,734 or 3.0% of net assets.

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

(d) Affiliated investments.

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

(f) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

6

AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

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.

7

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2023 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $31,727,349)	$	37,684,136	(a)
Affiliated issuers (cost $3,820,517—including investment of cash collateral for securities loaned of $1,109,083)		3,820,517
Cash		780
Foreign currencies, at value (cost $48,304)		48,219
Unaffiliated dividends receivable		170,729
Unrealized appreciation on forward currency exchange contracts		153,219
Receivable for capital stock sold		26,555
Affiliated dividends receivable		10,743
Total assets		41,914,898
LIABILITIES
Payable for collateral received on securities loaned		1,109,083
Unrealized depreciation on forward currency exchange contracts		476,988
Foreign capital gains tax payable		61,750
Payable for capital stock redeemed		60,326
Advisory fee payable		24,352
Administrative fee payable		22,263
Distribution fee payable		4,663
Directors’ fees payable		228
Transfer Agent fee payable		154
Accrued expenses		118,963
Total liabilities		1,878,770
NET ASSETS	$	40,036,128
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,256
Additional paid-in capital		32,503,347
Distributable earnings		7,530,525
NET ASSETS	$	40,036,128

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	18,852,824		1,046,359	$	18.02
B	$	21,183,304		1,209,491	$	17.51

(a) Includes securities on loan with a value of $1,824,515 (see Note E).

See notes to financial statements.

8

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2023 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $67,457)	$	438,071
Affiliated issuers		43,936
Interest		4,625
Securities lending income		752
		487,384
EXPENSES
Advisory fee (see Note B)		151,712
Distribution fee—Class B		26,940
Transfer agency—Class A		941
Transfer agency—Class B		1,073
Administrative		46,995
Custody and accounting		34,004
Audit and tax		28,359
Printing		13,780
Legal		13,396
Directors’ fees		8,903
Miscellaneous		8,099
Total expenses		334,202
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(11,088	)
Net expenses		323,114
Net investment income		164,270
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions(a)		973,596
Forward currency exchange contracts		25,437
Foreign currency transactions		11,049
Net change in unrealized appreciation (depreciation) of:
Investments(b)		3,310,195
Forward currency exchange contracts		(883,333	)
Foreign currency denominated assets and liabilities		2,592
Net gain on investment and foreign currency transactions		3,439,536
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	3,603,806

(a) Net of foreign realized capital gains taxes of $18,656.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $6,990.

See notes to financial statements.

9

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

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	164,270		$	(8,120	)
Net realized gain on investment and foreign currency transactions		1,010,082			347,829
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		2,429,454			(16,078,192	)
Net increase (decrease) in net assets from operations		3,603,806			(15,738,483	)
Distributions to Shareholders
Class A		–0	–		(3,231,780	)
Class B		–0	–		(3,834,063	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(2,454,696	)		4,146,604
Total increase (decrease)		1,149,110			(18,657,722	)
NET ASSETS
Beginning of period		38,887,018			57,544,740
End of period	$	40,036,128		$	38,887,018

See notes to financial statements.

10

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (unaudited)	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

11

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

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2023:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	3,144,716		$	6,027,966	$	–0	–	$	9,172,682
Financials		927,572			7,119,863		–0	–		8,047,435
Health Care		3,311,149			3,998,120		–0	–		7,309,269
Consumer Staples		–0	–		4,788,700		–0	–		4,788,700
Industrials		651,726			2,924,531		–0	–		3,576,257

12

AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Materials

$

–0

–

$

1,819,826

$

–0

–

$

1,819,826

Consumer Discretionary

856,948

737,487

–0

–

1,594,435

Utilities

–0

–

788,281

–0

–

788,281

Energy

–0

–

587,251

–0

–

587,251

Short-Term Investments

2,711,434

–0

–

–0

–

2,711,434

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

1,109,083

–0

–

–0

–

1,109,083

Total Investments in Securities

12,712,628

28,792,025

(a)

–0

–

41,504,653

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

153,219

–0

–

153,219

Liabilities:

Forward Currency Exchange Contracts

–0

–

(476,988

)

–0

–

(476,988

)

Total

$

12,712,628

$

28,468,256

$

–0

–

$

41,180,884

(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.

(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.

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.

13

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 six months ended June 30, 2023, such reimbursements/waivers amounted to $10,115. This fee waiver and/or expense reimbursement agreement extends through May 1, 2024 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2023, the reimbursement for such services amounted to $46,995.

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 $900 for the six months ended June 30, 2023.

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 six months ended June 30, 2023, such waiver amounted to $942.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,145		$	6,233	$	4,666	$	2,712	$	44
Government Money Market Portfolio*		–0	–		2,847		1,737		1,109		0	**
Total								$	3,821	$	44

* 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.

14

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 six months ended June 30, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	4,756,310		$	8,552,797
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	8,188,093
Gross unrealized depreciation		(2,555,075	)
Net unrealized appreciation	$	5,633,018

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 six months ended June 30, 2023, 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

15

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

return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

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

During the six months ended June 30, 2023, 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	$	153,219	Unrealized depreciation on forward currency exchange contracts	$	476,988
Total		$	153,219		$	476,988

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	$	25,437	$	(883,333	)
Total			$25,437	$	(883,333	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2023:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	19,028,652
Average principal amount of sale contracts	$	11,831,753

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2023. 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

$

38,469

$

(38,469

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

15,126

–0

–

–0

–

–0

–

15,126

BNP Paribas SA

7,591

–0

–

–0

–

–0

–

7,591

Morgan Stanley Capital Services, Inc.

15,869

(15,869

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

58,437

(46,218

)

–0

–

–0

–

12,219

UBS AG

17,727

(17,727

)

–0

–

–0

–

–0

–

Total

$

153,219

$

(118,283

)

$

–0

–

$

–0

–

$

34,936

^

16

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	$	85,625	$	(38,469	)	$	–0	–	$	–0	–	$	47,156
Citibank, NA		1,350		–0	–		–0	–		–0	–		1,350
Morgan Stanley Capital Services, Inc.		187,749		(15,869	)		–0	–		–0	–		171,880
State Street Bank & Trust Co.		46,218		(46,218	)		–0	–		–0	–		–0	–
UBS AG		156,046		(17,727	)		–0	–		–0	–		138,319
Total	$	476,988	$	(118,283	)	$	–0	–	$	–0	–	$	358,705	^

* 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.

17

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

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2023 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
$1,824,515	$1,109,083	$800,169	$371	$381	$31

* As of June 30, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
Class A
Shares sold		10,084			46,298		$	177,269		$	910,370
Shares issued in reinvestment of distributions		–0	–		182,587			–0	–		3,231,780
Shares redeemed		(66,571	)		(108,658	)		(1,171,159	)		(2,111,779	)
Net increase (decrease)		(56,487	)		120,227		$	(993,890	)	$	2,030,371
Class B
Shares sold		56,979			80,711		$	977,787		$	1,510,744
Shares issued on reinvestment of distributions		–0	–		222,393			–0	–		3,834,063
Shares redeemed		(142,187	)		(171,634	)		(2,438,593	)		(3,228,574	)
Net increase (decrease)		(85,208	)		131,470		$	(1,460,806	)	$	2,116,233

At June 30, 2023, certain shareholders of the Portfolio owned 79% 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.

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 funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Portfolio’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the 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.

18

AB Variable Products Series Fund

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

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 asset, 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—The 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. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to 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 Financing 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. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio’s performance and/or NAV. 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 the Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

19

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

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

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions 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 six months ended June 30, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2023 will be determined at the end of the current fiscal year. 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.

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.

20

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
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$16.46			$27.11			$27.56			$23.49			$18.99			$23.15
Income From Investment Operations
Net investment income (loss)(a)(b)		.08			.02			(.02	)		(.10	)		.08			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.88			(7.27	)		2.29			6.65			5.08			(4.16	)
Net increase (decrease) in net asset value from operations		4.96			(7.25	)		2.27			6.55			5.16			(4.01	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.34	)		(.13	)		(.15	)
Distributions from net realized gain on investment transactions		(3.40	)		(3.40	)		(2.72	)		(2.14	)		(.53	)		–0	–
Total dividends and distributions		(3.40	)		(3.40	)		(2.72	)		(2.48	)		(.66	)		(.15	)
Net asset value, end of period		$18.02			$16.46			$27.11			$27.56			$23.49			$18.99
Total Return
Total investment return based on net asset value(c)		9.48	%		(27.61	)%		8.25	%		29.94	%		27.53	%		(17.41	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$18,853			$18,149			$26,641			$27,410			$24,123			$21,522
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.46	%^		1.53	%		1.23	%		1.31	%		1.36	%		1.27	%
Expenses, before waivers/reimbursements(d)‡		1.52	%^		1.59	%		1.28	%		1.37	%		1.41	%		1.29	%
Net investment income (loss)(b)		.95	%^		.12	%		(.09	)%		(.42	)%		.40	%		.69	%
Portfolio turnover rate		12	%		38	%		25	%		34	%		49	%		33	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.01	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 22.

21

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period		$16.02			$26.57			$27.12			$23.15			$18.71			$22.80
Income From Investment Operations
Net investment income (loss)(a)(b)		.06			(.03	)		(.09	)		(.15	)		.03			.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.83			(7.12	)		2.26			6.54			5.00			(4.09	)
Net increase (decrease) in net asset value from operations		4.89			(7.15	)		2.17			6.39			5.03			(4.00	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.28	)		(.06	)		(.09	)
Distributions from net realized gain on investment transactions		(3.40	)		(3.40	)		(2.72	)		(2.14	)		(.53	)		–0	–
Total dividends and distributions		(3.40	)		(3.40	)		(2.72	)		(2.42	)		(.59	)		(.09	)
Net asset value, end of period		$17.51			$16.02			$26.57			$27.12			$23.15			$18.71
Total Return
Total investment return based on net asset value(c)		9.30	%		(27.81	)%		8.01	%		29.60	%		27.23	%		(17.60	)%��
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$21,183			$20,738			$30,904			$32,068			$29,756			$28,169
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.71	%^		1.78	%		1.48	%		1.56	%		1.61	%		1.52	%
Expenses, before waivers/reimbursements(d)‡		1.77	%^		1.84	%		1.53	%		1.62	%		1.66	%		1.54	%
Net investment income (loss)(b)		.69	%^		(.14	)%		(.34	)%		(.67	)%		.15	%		.43	%
Portfolio turnover rate		12	%		38	%		25	%		34	%		49	%		33	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.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%.

^ Annualized.

See notes to financial statements.

22

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 2023, which covered the period January 1, 2022 through December 31, 2022 (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 challenged due to rising rates and economic uncertainty. However, markets also remained orderly 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.

23

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 2-4, 2023 (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 of 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 2021 and 2022 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

24

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, 2023 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 and discussed with the Adviser the reasons it 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.

25

SUSTAINABLE INTERNATIONAL THEMATIC 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 the medians for 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.

26

VPS-SIT-0152-0623

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the 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(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: August 14, 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: August 14, 2023

By:	/s/Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer

Date: August 14, 2023