UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05398

AB VARIABLE PRODUCTS SERIES FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2020

Date of reporting period: December 31, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ BALANCED WEALTH STRATEGY PORTFOLIO

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

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

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

BALANCED WEALTH STRATEGY
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—Balanced Wealth Strategy Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to maximize total return consistent with the Adviser’s determination of reasonable risk. The Portfolio invests in a portfolio of equity and fixed-income securities that is designed as a solution for investors who seek a moderate tilt toward equity returns but also want the risk diversification offered by fixed-income securities and the broad diversification of their equity risk across styles, capitalization ranges and geographic regions. Under normal circumstances, the Portfolio invests at least 25% of its total assets in equity securities and at least 25% of its total assets in fixed-income securities with a goal of providing moderate upside potential without excessive volatility. The Portfolio also seeks exposure to real assets by investing in real estate-related equity securities (including real estate investment trusts “REITs”), natural resource equity securities and inflation-sensitive equity securities, which are equity securities of companies that the Adviser believes maintain or grow margins in rising inflation environments, including equity securities of utilities and infrastructure-related companies (“inflation-sensitive equities”). The Portfolio pursues a global strategy, typically investing in securities of issuers located in the United States and in other countries throughout the world, including emerging-market countries.

The Adviser expects that the Portfolio will normally invest a greater percentage of its total assets in equity securities than in fixed-income securities, and will generally invest in equity securities both directly and through underlying investment companies advised by the Adviser (“Underlying Portfolios”). A significant portion of the Portfolio’s assets are expected to be invested directly in US large-cap equity securities, primarily common stocks, in accordance with the Adviser’s US Strategic Equities investment strategy (“US Strategic Equities”). Under US Strategic Equities, portfolio managers of the Adviser that specialize in various investment disciplines identify high-conviction large-cap equity securities based on their fundamental investment research for potential investment by the Portfolio. These securities are then assessed in terms of both this fundamental research and quantitative analysis in creating the equity portion of the Portfolio’s portfolio. In applying the quantitative analysis, the Adviser considers a number of metrics that historically have provided some indication of favorable future returns, including metrics related to valuation, quality, investor behavior and corporate behavior.

In addition, the Portfolio seeks to achieve exposure to international large-cap equity securities through investments in other registered investment companies advised by the Adviser, which may include International Strategic Equities Portfolio of Bernstein Fund, Inc. (“Bernstein International Strategic Equities Portfolio”). Bernstein International Strategic Equities Portfolio focuses on investing in non-US large-cap and mid-cap equity securities. Bernstein International Strategic Equities Portfolio follows a strategy similar to US Strategic Equities, but in the international context. The Portfolio also invests in other Underlying Portfolios to efficiently gain exposure to certain other types of equity securities, including small- and mid-cap and emerging-market equity securities. The Adviser selects an Underlying Portfolio based on the segment of the equity market to which the Underlying Portfolio provides exposure, its investment philosophy, and how it complements and diversifies the Portfolio’s overall portfolio.

In selecting fixed-income investments, the Adviser may draw on the capabilities of separate investment teams that specialize in different areas that are generally defined by the maturity of the debt securities and/or their ratings, and which may include subspecialties (such as inflation-indexed securities). These fixed-income teams draw on the resources and expertise of the Adviser’s internal fixed-income research staff, which includes over 50 dedicated fixed-income research analysts and economists. The Portfolio’s fixed-income securities will primarily be investment-grade debt securities, but are expected to include lower-rated securities (“junk bonds”) and preferred stock.

The Portfolio expects to enter into derivative transactions, such as options, futures contracts, forwards and swaps. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Portfolio’s exposure. The Portfolio may, for example, use credit default, interest rate and total return swaps to establish exposure to the fixed-income markets or particular fixed-income securities and, as noted below, may use currency derivatives to hedge foreign currency exposure.

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

1

AB Variable Products Series Fund

employ currency-related hedging strategies more frequently in the fixed-income portion of the Portfolio than in the equity portion.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), and the Bloomberg Barclays Global Aggregate Bond Index (USD hedged), for the one-, five- and 10-year periods ended December 31, 2020.

For the annual period, all share classes of the Portfolio underperformed the primary benchmark, but outperformed the Bloomberg Barclays Global Aggregate Bond Index. The Portfolio’s more diversified approach, which balances exposures to equities, bonds, commodities and alternative strategies, underperformed the all-equity benchmark. During the period, equities, fixed-income assets and alternative strategies contributed to absolute performance. Security selection within equities and fixed income detracted from performance, while selection within alternative strategies was positive.

During the annual period, the Portfolio utilized derivatives for hedging and investment purposes, including futures and written swaptions, which added to absolute returns, while forwards, credit default swaps, interest rate swaps and inflation Consumer Price Index swaps detracted.

MARKET REVIEW AND INVESTMENT STRATEGY

US and international stocks recorded positive returns during the annual period ended December 31, 2020, erasing losses from lows reached in late March when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

Global fixed-income market returns were positive yet volatile over the annual period. Central banks and governments enacted an unprecedented amount of monetary and fiscal stimulus to combat market illiquidity and cushion the negative economic impact of COVID-19, setting the stage for a rebound in risk assets following the initial sell-off in March. Government bonds rallied as interest rates were slashed. Risk assets began to rally significantly in November when positive vaccine news extended the credit rally. Developed-market and emerging-market investment-grade corporate bonds and commercial mortgage-backed securities led gains as investors searched for higher yields in a period of falling interest rates. Global developed-market high-yield corporate bonds also had strong returns, particularly in the US. Agency mortgage-backed securities, along with emerging-market local-currency debt and high-yield hard-currency sovereign bonds, had positive returns but trailed global treasuries. The US dollar declined against all major developed-market currencies and was mixed against emerging-market currencies. Brent crude oil prices were volatile and fell about 21% due to an uncertain oil industry outlook. Copper prices advanced more than 25%, and gold rose 24% as a perceived inflation hedge.

The Portfolio’s Senior Investment Management Team seeks improved equity risk control by utilizing a blend of US, emerging- and international-market equities as well as diversifiers in the form of real estate, natural resources and pricing power equities. The Portfolio also features a global fixed-income component to benefit from international bond diversification and the low correlation of fixed income and equities. The blended equity and fixed-income exposures, combined with an emphasis on companies with historical and projected stable earnings and higher profitability, offer the potential to achieve higher risk-adjusted returns.

2

BALANCED WEALTH STRATEGY PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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

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

Investment in Other Investment Companies Risk: As with other investments, investments in other investment companies are subject to market and selection risk. In addition, Contractholders invested in 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).

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

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

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

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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

An Important Note About Historical Performance

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

Effective May 1, 2018, the Portfolio amended its principal strategies by eliminating the static targets for allocation of investments among asset classes, changing the securities selection strategies used for the equity portion of the Portfolio, and broadening the types of real asset securities in which the Portfolio will invest. The performance shown in the report for periods prior to May 1, 2018 is based on the Portfolio’s prior principal strategies and may not be representative of the Portfolio’s performance under its current principal strategies.

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

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

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

4

BALANCED WEALTH STRATEGY PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years1		10 Years1
Balanced Wealth Strategy Portfolio Class A		9.41%		8.09%		7.56%
Balanced Wealth Strategy Portfolio Class B		9.25%		7.85%		7.30%
Primary Benchmark: MSCI ACWI (net)		16.25%		12.26%		9.13%
Bloomberg Barclays Global Aggregate Bond Index (USD hedged)		5.58%		4.49%		4.18%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.97% and 1.22% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios exclusive of interest expense to 0.76% and 1.01% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2021, and may be extended by the Adviser for additional one-year terms. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2010 to 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Balanced Wealth Strategy Portfolio Class A shares (from 12/31/2010 to 12/31/2020) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,153.90	$	2.98		0.55	%	$	4.17		0.77	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.37	$	2.80		0.55	%	$	3.91		0.77	%
Class B
Actual	$	1,000	$	1,153.00	$	4.33		0.80	%	$	5.52		1.02	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.11	$	4.06		0.80	%	$	5.18		1.02	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

BALANCED WEALTH STRATEGY PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $  VALUE		PERCENT OF NET ASSETS
Bernstein Fund, Inc.—International Strategic Equities Portfolio—Class Z	$	42,917,274		17.6	%
Bernstein Fund, Inc.—International Small Cap Portfolio—Class Z		8,409,829		3.5
Microsoft Corp.		5,297,155		2.2
Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio—Class Z		3,964,568		1.6
Alphabet, Inc.—Class C		3,799,828		1.6
Apple, Inc.		3,775,030		1.5
AB Trust—AB Discovery Value Fund—Class Z		3,151,209		1.3
Bernstein Fund, Inc.—Small Cap Core Portfolio—Class Z		3,104,771		1.3
AB Discovery Growth Fund, Inc.—Class Z		3,073,324		1.3
Facebook, Inc.—Class A		2,799,344		1.1
	$	80,292,332		33.0	%

SECURITY TYPE BREAKDOWN²

December 31, 2020 (unaudited)

SECURITY TYPE	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Common Stocks	$	98,736,230		40.4	%
Investment Companies		64,620,975		26.4
Governments—Treasuries		29,076,965		11.9
Corporates—Investment Grade		22,792,366		9.3
Corporates—Non-Investment Grade		5,221,377		2.1
Quasi-Sovereigns		4,419,286		1.8
Collateralized Mortgage Obligations		3,785,675		1.6
Mortgage Pass-Throughs		3,765,978		1.5
Commercial Mortgage-Backed Securities		2,093,375		0.9
Emerging Markets—Corporate Bonds		927,177		0.4
Collateralized Loan Obligations		868,963		0.4
Governments—Sovereign Bonds		717,277		0.3
Emerging Markets—Sovereigns		709,046		0.3
Other3		1,321,012		0.5
Short-Term Investments		5,356,003		2.2
Total Investments	$	244,411,705		100.0	%

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

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

3 “Other” represents less than 0.2% weightings in the following security types: Asset-Backed Securities, Covered Bonds, Emerging Markets—Treasuries and Governments—Sovereign Agencies.

7

BALANCED WEALTH STRATEGY PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	173,238,750		70.9	%
Japan		10,631,602		4.3
United Kingdom		6,654,392		2.7
China		5,803,880		2.4
Australia		5,678,242		2.3
Canada		5,068,661		2.1
Italy		3,189,197		1.3
Switzerland		2,862,351		1.2
France		2,832,149		1.2
Germany		2,674,319		1.1
Netherlands		2,585,257		1.1
Spain		2,064,490		0.8
Ireland		2,025,997		0.8
Other		13,746,415		5.6
Short-Term Investments		5,356,003		2.2
Total Investments	$	244,411,705		100.0	%

1 All data are as of December 31, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. Table shown includes investments of Underlying Portfolios. “Other” country weightings represent 0.6% or less in the following: Austria, Belgium, Brazil, Chile, Colombia, Denmark, Finland, Greece, Hong Kong, India, Indonesia, Israel, Ivory Coast, Jersey (Channel Islands), Luxembourg, Malaysia, Mexico, New Zealand, Nigeria, Norway, Panama, Peru, Portugal, Russia, Saudi Arabia, Singapore, South Africa, Sweden, Turkey, United Arab Emirates and United Republic of Tanzania.

8

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–40.5%
INFORMATION TECHNOLOGY–9.4%
COMMUNICATIONS EQUIPMENT–0.0%
Telefonaktiebolaget LM Ericsson–Class B		1,571	$	18,688
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.3%
Arrow Electronics, Inc.(a)		874		85,040
CDW Corp./DE		4,758		627,057
				712,097
IT SERVICES–2.1%
Accenture PLC–Class A		151		39,443
Atos SE(a)		347		31,686
Automatic Data Processing, Inc.		4,163		733,520
Booz Allen Hamilton Holding Corp.		4,699		409,659
EPAM Systems, Inc.(a)		236		84,571
Genpact Ltd.		13,178		545,042
International Business Machines Corp.		168		21,148
Mastercard, Inc.–Class A		204		72,816
PayPal Holdings, Inc.(a)		4,024		942,421
Shopify, Inc.–Class A(a)		49		55,329
Visa, Inc.–Class A		10,123		2,214,204
				5,149,839
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.1%
Advanced Micro Devices, Inc.(a)		284		26,046
Applied Materials, Inc.		1,108		95,620
ASML Holding NV		139		67,301
Lam Research Corp.		32		15,113
NVIDIA Corp.		1,479		772,334
NXP Semiconductors NV		6,034		959,466
QUALCOMM, Inc.		9,188		1,399,699
STMicroelectronics NV		1,641		60,710
Teradyne, Inc.		194		23,259
Texas Instruments, Inc.		6,886		1,130,199
Xilinx, Inc.		4,488		636,264
				5,186,011
SOFTWARE–3.3%
Adobe, Inc.(a)		1,097		548,632
Autodesk, Inc.(a)		22		6,717
Cadence Design Systems, Inc.(a)		742		101,231
Citrix Systems, Inc.		4,648		604,705
Constellation Software, Inc./Canada		28		36,359
Dropbox, Inc.–Class A(a)		1,871		41,517
Fair Isaac Corp.(a)		67		34,240
Intuit, Inc.		65		24,690
Microsoft Corp.		23,816		5,297,155
Oracle Corp.		13,182		852,744
ServiceNow, Inc.(a)		188		103,481
Topicus.com, Inc.(a)(b)(c)		52		197
Trend Micro, Inc./Japan		800		46,058
VMware, Inc.–Class A(a)(d)		2,741		384,453
WiseTech Global Ltd.		151		3,588
Xero Ltd.(a)		176		19,976
Zoom Video Communications, Inc.–Class A(a)		35		11,806
				8,117,549
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.6%
Apple, Inc.		28,450		3,775,030
				22,959,214
HEALTH CARE–4.9%
BIOTECHNOLOGY–0.6%
AbbVie, Inc.		828		88,720
Amgen, Inc.		100		22,992
Regeneron Pharmaceuticals, Inc.(a)		805		388,904
Vertex Pharmaceuticals, Inc.(a)		3,955		934,724
				1,435,340
HEALTH CARE EQUIPMENT & SUPPLIES–1.0%
Align Technology, Inc.(a)		67		35,803
Edwards Lifesciences Corp.(a)		9,002		821,253
Medtronic PLC		13,797		1,616,181
				2,473,237
HEALTH CARE PROVIDERS & SERVICES–1.5%
AmerisourceBergen Corp.–Class A		681		66,575
Anthem, Inc.		3,359		1,078,541
McKesson Corp.		376		65,394
Molina Healthcare, Inc.(a)		280		59,550
UnitedHealth Group, Inc.		6,681		2,342,893
				3,612,953
HEALTH CARE TECHNOLOGY–0.0%
Cerner Corp.		1,009		79,186
Veeva Systems, Inc.–Class A(a)		107		29,131
				108,317
LIFE SCIENCES TOOLS & SERVICES–0.1%
Bio-Rad Laboratories, Inc.–Class A(a)		124		72,284
Lonza Group AG		17		10,951
Mettler-Toledo International, Inc.(a)		66		75,219
Sartorius Stedim Biotech		119		42,334
Waters Corp.(a)		91		22,515
				223,303

9

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

Company	Shares		U.S. $ Value
PHARMACEUTICALS–1.7%
AstraZeneca PLC		195	$	19,444
Eli Lilly & Co.		539		91,005
Johnson & Johnson		8,577		1,349,848
Merck & Co., Inc.		641		52,434
Novo Nordisk A/S–Class B		688		47,994
Roche Holding AG		223		77,671
Roche Holding AG (Sponsored ADR)		31,594		1,385,081
Takeda Pharmaceutical Co., Ltd.		1,900		68,760
Zoetis, Inc.		5,683		940,536
				4,032,773
				11,885,923
COMMUNICATION SERVICES–4.5%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.1%
Comcast Corp.–Class A		29,540		1,547,896
Telenor ASA		1,727		29,315
Verizon Communications, Inc.		17,313		1,017,139
				2,594,350
ENTERTAINMENT–0.6%
Electronic Arts, Inc.		9,007		1,293,405
Netflix, Inc.(a)		240		129,776
Nintendo Co., Ltd.		100		64,194
				1,487,375
INTERACTIVE MEDIA & SERVICES–2.8%
Alphabet, Inc.–Class A(a)		79		138,458
Alphabet, Inc.–Class C(a)		2,169		3,799,828
Facebook, Inc.–Class A(a)		10,248		2,799,344
				6,737,630
WIRELESS TELECOMMUNICATION SERVICES–0.0%
Softbank Corp.		2,200		27,614
				10,846,969
REAL ESTATE–4.2%
DIVERSIFIED REAL ESTATE ACTIVITIES–0.2%
Mitsubishi Estate Co., Ltd.		3,800		61,077
Mitsui Fudosan Co., Ltd.		10,400		217,771
New World Development Co., Ltd.		16,000		74,438
Sumitomo Realty & Development Co., Ltd.		1,300		40,135
Sun Hung Kai Properties Ltd.		11,000		140,679
UOL Group Ltd.		7,700		44,899
				578,999
DIVERSIFIED REITS–0.3%
Alexander & Baldwin, Inc.		3,260		56,007
Armada Hoffler Properties, Inc.		3,732		41,873
Broadstone Net Lease, Inc.–Class A		1,660		32,503
Daiwa House REIT Investment Corp.		14		34,634
Essential Properties Realty Trust, Inc.		3,604		76,405
Fibra Uno Administracion SA de CV		13,590		15,373
Gecina SA		310		48,205
Hulic Reit, Inc.		42		62,708
ICADE		570		43,825
Land Securities Group PLC		6,570		60,680
Merlin Properties Socimi SA		7,690		73,325
Nomura Real Estate Master Fund, Inc.		30		42,931
Stockland		36,410		117,552
				706,021
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.3%
American Campus Communities, Inc.		13,008		556,352
American Tower Corp.		15		3,367
Americold Realty Trust		15,987		596,795
Mid-America Apartment Communities, Inc.		8,259		1,046,333
Orix JREIT, Inc.		10		16,543
Prologis, Inc.		7,399		737,384
Scentre Group		2,055		4,414
VICI Properties, Inc.		2,049		52,250
Weyerhaeuser Co.		1,809		60,656
				3,074,094
HEALTH CARE REITS–0.3%
Assura PLC		64,070		67,432
Medical Properties Trust, Inc.		7,110		154,927
Omega Healthcare Investors, Inc.		3,617		131,370
Physicians Realty Trust		5,173		92,079
Welltower, Inc.		3,310		213,892
				659,700
HOTEL & RESORT REITS–0.1%
Japan Hotel REIT Investment Corp.		35		17,998
RLJ Lodging Trust		5,596		79,183
				97,181
INDUSTRIAL REITS–0.2%
Ascendas Real Estate Investment Trust		18,800		42,440
Dream Industrial Real Estate Investment Trust		4,045		41,788
GLP J-Reit		38		59,964
Industrial & Infrastructure Fund Investment Corp.		30		55,389
Mitsui Fudosan Logistics Park, Inc.		9		45,645

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Plymouth Industrial REIT, Inc.		1,112	$	16,680
Rexford Industrial Realty, Inc.		1,851		90,903
Segro PLC		8,586		111,410
STAG Industrial, Inc.		2,779		87,038
				551,257
OFFICE REITS–0.3%
Alexandria Real Estate Equities, Inc.		1,047		186,596
Allied Properties Real Estate Investment Trust		1,685		50,078
alstria office REIT-AG		2,390		43,483
Boston Properties, Inc.		1,065		100,675
Cousins Properties, Inc.		2,842		95,207
Covivio		380		34,870
Daiwa Office Investment Corp.		9		57,218
Derwent London PLC		720		30,599
Japan Prime Realty Investment Corp.		17		56,388
Japan Real Estate Investment Corp.		7		40,448
Kilroy Realty Corp.		1,339		76,859
Nippon Building Fund, Inc.		6		34,798
True North Commercial Real Estate Investment Trust		3,060		15,169
				822,388
REAL ESTATE DEVELOPMENT–0.1%
CIFI Holdings Group Co., Ltd.		38,000		32,202
CK Asset Holdings Ltd.		8,000		40,935
Instone Real Estate Group AG(a)(e)		2,115		53,997
				127,134
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.0%
CBRE Group, Inc.–Class A(a)		471		29,541
FirstService Corp.		90		12,318
				41,859
REAL ESTATE OPERATING COMPANIES–0.4%
ADLER Group SA(a)(e)		2,050		72,627
CA Immobilien Anlagen AG		1,868		71,189
Deutsche Wohnen SE		3,810		203,282
Entra ASA(e)		3,370		76,432
Grainger PLC		13,860		53,911
Kojamo Oyj		2,070		45,944
Kungsleden AB		3,610		39,572
LEG Immobilien AG		610		94,638
Samhallsbyggnadsbolaget i Norden AB		17,170		60,100
Swire Properties Ltd.		16,000		46,519
Vonovia SE		1,513		110,501
Wharf Real Estate Investment Co., Ltd.		6,000		31,183
				905,898
REAL ESTATE SERVICES–0.0%
Unibail-Rodamco-Westfield		327		25,509
RESIDENTIAL REITS–0.4%
American Homes 4 Rent–Class A		4,013		120,390
Bluerock Residential Growth REIT, Inc.(d)		1,800		22,806
Camden Property Trust		1,262		126,099
Daiwa Securities Living Investments Corp.		45		41,775
Essex Property Trust, Inc.		622		147,675
Independence Realty Trust, Inc.		7,657		102,833
Invitation Homes, Inc.		3,580		106,326
Killam Apartment Real Estate Investment Trust		6,151		82,680
Minto Apartment Real Estate Investment Trust		2,790		44,648
Sun Communities, Inc.		1,108		168,361
UDR, Inc.		2,000		76,860
				1,040,453
RETAIL REITS–0.4%
AEON REIT Investment Corp.		25		32,006
Brixmor Property Group, Inc.		7,564		125,184
CapitaLand Integrated Commercial Trust		48,880		79,940
Eurocommercial Properties NV(a)		3,100		58,021
Kenedix Retail REIT Corp.		8		19,522
Kimco Realty Corp.		2,040		30,620
Link REIT		12,768		115,956
Mercialys SA		3,980		34,992
National Retail Properties, Inc.		1,670		68,337
NETSTREIT Corp.		1,664		32,431
Realty Income Corp.		2,120		131,801
Simon Property Group, Inc.		679		57,905
SITE Centers Corp.		6,655		67,349
Vicinity Centres		75,236		93,027
				947,091
SPECIALIZED REITS–0.2%
CubeSmart		3,086		103,720
Digital Realty Trust, Inc.		1,690		235,772
MGM Growth Properties LLC–Class A		2,660		83,258
National Storage Affiliates Trust		3,172		114,287
Safestore Holdings PLC		3,520		37,622
				574,659
				10,152,243
CONSUMER DISCRETIONARY–4.1%
AUTO COMPONENTS–0.4%
Aisin Seiki Co., Ltd.		2,300		68,975
Lear Corp.		83		13,200
Magna International, Inc.–Class A (Canada)		530		37,519

11

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

Company	Shares		U.S. $ Value
Magna International, Inc.–Class A (United States)		10,592	$	749,914
				869,608
AUTOMOBILES–0.1%
Ford Motor Co.		915		8,043
General Motors Co.		908		37,809
Peugeot SA(a)		758		20,759
Tesla, Inc.(a)		81		57,159
				123,770
HOTELS, RESTAURANTS & LEISURE–0.0%
Aristocrat Leisure Ltd.		1,313		31,526
Domino’s Pizza, Inc.		20		7,669
La Francaise des Jeux SAEM(e)		411		18,839
McDonald’s Corp.		32		6,867
				64,901
HOUSEHOLD DURABLES–0.0%
Electrolux AB–Class B		1,974		45,929
SEB SA		41		7,455
Whirlpool Corp.		47		8,483
				61,867
INTERNET & DIRECT MARKETING RETAIL–1.2%
Amazon.com, Inc.(a)		836		2,722,793
eBay, Inc.		265		13,316
HelloFresh SE(a)		394		30,477
Zalando SE(a)(e)		562		62,512
				2,829,098
MULTILINE RETAIL–0.0%
Dollar General Corp.		83		17,455
Next PLC(a)		608		58,627
				76,082
SPECIALTY RETAIL–1.6%
AutoZone, Inc.(a)		780		924,643
Best Buy Co., Inc.		212		21,156
Home Depot, Inc. (The)		6,714		1,783,373
Lowe’s Cos., Inc.		22		3,531
O’Reilly Automotive, Inc.(a)		160		72,411
TJX Cos., Inc. (The)		15,060		1,028,447
				3,833,561
TEXTILES, APPAREL & LUXURY GOODS–0.8%
Deckers Outdoor Corp.(a)		2,007		575,568
LVMH Moet Hennessy Louis Vuitton SE		61		38,186
NIKE, Inc.–Class B		9,620		1,360,941
Pandora A/S		485		54,280
Ralph Lauren Corp.		91		9,440
				2,038,415
				9,897,302
FINANCIALS–3.7%
BANKS–1.8%
Bank of America Corp.		49,273		1,493,465
BNP Paribas SA(a)		1,470		77,605
Citigroup, Inc.		13,272		818,351
Fifth Third Bancorp		1,724		47,531
JPMorgan Chase & Co.		853		108,391
Mebuki Financial Group, Inc.		21,000		41,377
PNC Financial Services Group, Inc. (The)		5,690		847,810
Signature Bank/New York NY		197		26,652
Societe Generale SA(a)		2,160		44,903
SVB Financial Group(a)		218		84,547
Wells Fargo & Co.		26,949		813,321
				4,403,953
CAPITAL MARKETS–1.1%
Ameriprise Financial, Inc.		30		5,830
CME Group, Inc.–Class A		3,813		694,157
FactSet Research Systems, Inc.		97		32,252
Goldman Sachs Group, Inc. (The)		4,870		1,284,267
LPL Financial Holdings, Inc.		6,357		662,527
Moody’s Corp.		180		52,243
Nomura Holdings, Inc.		7,200		38,067
S&P Global, Inc.		109		35,832
				2,805,175
CONSUMER FINANCE–0.0%
Ally Financial, Inc.		145		5,171
DIVERSIFIED FINANCIAL SERVICES–0.1%
Kinnevik AB–Class B(a)		1,722		86,507
M&G PLC		24,177		65,258
				151,765
INSURANCE–0.7%
AIA Group Ltd.		400		4,875
Athene Holding Ltd.–Class A(a)		581		25,064
Aviva PLC		2,165		9,630
CNP Assurances(a)		4,892		79,481
iA Financial Corp., Inc.		1,539		66,715
Manulife Financial Corp.		1,020		18,150
MetLife, Inc.		1,474		69,204
Progressive Corp. (The)		8,073		798,258
Prudential Financial, Inc.		1,079		84,238
Reinsurance Group of America, Inc.–Class A		4,131		478,783
Sun Life Financial, Inc.		682		30,325
				1,664,723
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)–0.0%
Annaly Capital Management, Inc.		3,190		26,955
				9,057,742

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INDUSTRIALS–3.3%
AEROSPACE & DEFENSE–0.5%
L3Harris Technologies, Inc.		4,186	$	791,238
Raytheon Technologies Corp.		4,349		310,997
				1,102,235
AIR FREIGHT & LOGISTICS–0.0%
Kuehne & Nagel International AG		79		17,927
United Parcel Service, Inc.–Class B		475		79,990
				97,917
AIRLINES–0.2%
Southwest Airlines Co.		10,795		503,155
BUILDING PRODUCTS–0.1%
Carrier Global Corp.		1,332		50,243
Cie de Saint-Gobain(a)		710		32,654
Masco Corp.		826		45,372
Otis Worldwide Corp.		665		44,921
				173,190
COMMERCIAL SERVICES & SUPPLIES–0.0%
Cintas Corp.		13		4,595
Copart, Inc.(a)		173		22,014
				26,609
CONSTRUCTION & ENGINEERING–0.3%
ACS Actividades de Construccion y Servicios SA		256		8,505
AECOM(a)		14,402		716,932
Shimizu Corp.		6,700		48,771
				774,208
ELECTRICAL EQUIPMENT–0.5%
Acuity Brands, Inc.		667		80,767
Eaton Corp. PLC		7,559		908,138
Legrand SA		339		30,326
Prysmian SpA		1,379		49,082
Rockwell Automation, Inc.		133		33,358
Vestas Wind Systems A/S		292		68,979
				1,170,650
INDUSTRIAL CONGLOMERATES–0.4%
Honeywell International, Inc.		4,962		1,055,417
MACHINERY–0.1%
Deere & Co.		203		54,617
Mitsubishi Heavy Industries Ltd.		200		6,125
Snap-on, Inc.		466		79,751
Techtronic Industries Co., Ltd.		5,500		78,614
Volvo AB–Class B(a)		3,775		89,366
				308,473
MARINE–0.0%
Nippon Yusen KK		2,500		58,327
PROFESSIONAL SERVICES–0.0%
Randstad NV(a)		363		23,498
Robert Half International, Inc.		1,264		78,975
				102,473
ROAD & RAIL–0.9%
CSX Corp.		10,199		925,559
Knight-Swift Transportation Holdings, Inc.		12,504		522,918
Norfolk Southern Corp.		2,551		606,143
				2,054,620
TRADING COMPANIES & DISTRIBUTORS–0.3%
United Rentals, Inc.(a)		3,017		699,672
WW Grainger, Inc.		6		2,450
				702,122
				8,129,396
MATERIALS–1.8%
CHEMICALS–0.7%
Clariant AG		579		12,284
Covestro AG(e)		1,080		66,543
Daicel Corp.		2,600		19,004
Evonik Industries AG		2,148		70,206
FMC Corp.		37		4,252
Kuraray Co., Ltd.		1,700		18,100
LANXESS AG		507		38,558
LyondellBasell Industries NV–Class A		6,134		562,242
Mitsubishi Chemical Holdings Corp.		3,600		21,810
Mitsui Chemicals, Inc.		1,300		38,188
Orbia Advance Corp. SAB de CV		30,101		70,777
PPG Industries, Inc.		82		11,826
RPM International, Inc.		874		79,342
Sika AG		156		42,525
Umicore SA		725		34,847
Westlake Chemical Corp.		6,333		516,773
Yara International ASA		1,390		57,665
				1,664,942
CONSTRUCTION MATERIALS–0.0%
Fletcher Building Ltd.(a)		10,890		46,330
Grupo Cementos de Chihuahua SAB de CV		3,320		20,107
				66,437
CONTAINERS & PACKAGING–0.0%
Sealed Air Corp.		1,017		46,568
Smurfit Kappa Group PLC		602		27,976
				74,544

13

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

Company	Shares		U.S. $ Value
METALS & MINING–1.0%
Agnico Eagle Mines Ltd.		3,779	$	265,976
Alcoa Corp.(a)		3,460		79,753
Anglo American PLC		4,080		134,731
AngloGold Ashanti Ltd.		5,909		136,193
APERAM SA		2,580		107,368
ArcelorMittal SA(a)		7,087		162,079
BHP Group Ltd.		243		7,940
Boliden AB		2,635		93,483
First Quantum Minerals Ltd.		6,573		117,993
Fortescue Metals Group Ltd.		429		7,749
Glencore PLC(a)		91,129		289,407
Industrias Penoles SAB de CV		2,589		44,014
Lundin Mining Corp.		6,445		57,215
MMC Norilsk Nickel PJSC (ADR)		2,130		67,052
Northern Star Resources Ltd.		5,420		52,975
Orocobre Ltd.(a)		5,420		18,702
OZ Minerals Ltd.		2,685		39,224
Polyus PJSC (GDR)(e)		730		75,151
Regis Resources Ltd.		13,940		40,227
Rio Tinto PLC		4,641		349,342
St. Barbara Ltd.		23,750		43,202
Steel Dynamics, Inc.		125		4,609
Sumitomo Metal Mining Co., Ltd.		1,400		62,273
Vale SA (Sponsored ADR)–Class B		13,836		231,891
Yamana Gold, Inc.		4,751		27,135
				2,515,684
PAPER & FOREST PRODUCTS–0.1%
Suzano SA(a)		9,200		103,317
				4,424,924
CONSUMER STAPLES–1.8%
BEVERAGES–0.0%
Coca-Cola Amatil Ltd.		2,823		28,128
Kirin Holdings Co., Ltd.		3,600		85,007
				113,135
FOOD & STAPLES RETAILING–0.8%
Coles Group Ltd.		2,043		28,544
Costco Wholesale Corp.		1,143		430,660
Kroger Co. (The)		149		4,732
Walmart, Inc.		10,007		1,442,509
				1,906,445
FOOD PRODUCTS–0.2%
Bunge Ltd.		126		8,263
Kellogg Co.		659		41,010
Mowi ASA		7,060		157,268
Nestle SA		543		64,189
Tyson Foods, Inc.–Class A		1,760		113,414
				384,144
HOUSEHOLD PRODUCTS–0.8%
Kimberly-Clark Corp.		121		16,315
Procter & Gamble Co. (The)		12,980		1,806,037
				1,822,352
PERSONAL PRODUCTS–0.0%
Pola Orbis Holdings, Inc.		600		12,184
Unilever PLC		1,465		87,861
				100,045
TOBACCO–0.0%
Philip Morris International, Inc.		1,035		85,688
				4,411,809
ENERGY–1.8%
ENERGY EQUIPMENT & SERVICES–0.0%
Baker Hughes Co.–Class A		533		11,113
OIL, GAS & CONSUMABLE FUELS–1.8%
Aker BP ASA		5,338		134,699
BP PLC		90,841		313,469
Canadian Natural Resources Ltd.		671		16,125
Cheniere Energy, Inc.(a)		558		33,497
Chevron Corp.		12,161		1,026,996
ENEOS Holdings, Inc.		15,200		54,593
EOG Resources, Inc.		12,568		626,766
Exxon Mobil Corp.		4,501		185,531
Galp Energia SGPS SA		2,905		30,783
LUKOIL PJSC (Sponsored ADR)		850		58,106
Motor Oil Hellas Corinth Refineries SA		3,430		49,315
Neste Oyj		78		5,663
Parkland Corp./Canada		484		15,358
PetroChina Co., Ltd.–Class H		422,000		130,670
Petroleo Brasileiro SA (Preference Shares)		36,300		197,068
Repsol SA		21,435		215,939
Royal Dutch Shell PLC–Class A		1,579		27,690
Royal Dutch Shell PLC–Class B		47,949		812,674
TOTAL SE		9,279		400,502
Woodside Petroleum Ltd.		314		5,509
				4,340,953
				4,352,066
UTILITIES–1.0%
ELECTRIC UTILITIES–1.0%
American Electric Power Co., Inc.		10,917		909,059
Endesa SA		336		9,216
Enel SpA		20,742		211,044
NextEra Energy, Inc.		13,823		1,066,444
Red Electrica Corp. SA		1,728		35,478

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Terna Rete Elettrica Nazionale SpA		5,154	$	39,604
				2,270,845
GAS UTILITIES–0.0%
UGI Corp.		2,190		76,563
MULTI-UTILITIES–0.0%
Sempra Energy		141		17,965
				2,365,373
CONSUMER SERVICES–0.0%
HOTELS, RESORTS & CRUISE LINES–0.0%
Hilton Grand Vacations, Inc.(a)		1,690		52,981
LEISURE FACILITIES–0.0%
Planet Fitness, Inc.(a)		285		22,125
				75,106
TRANSPORTATION–0.0%
HIGHWAYS & RAILTRACKS–0.0%
Transurban Group		6,998		73,744
CONSUMER DURABLES & APPAREL–0.0%
HOMEBUILDING–0.0%
Persimmon PLC		950		35,856
PulteGroup, Inc.		830		35,789
				71,645
SOFTWARE & SERVICES–0.0%
INTERNET SERVICES & INFRASTRUCTURE–0.0%
GDS Holdings Ltd. (ADR)(a)		350		32,774
Total Common Stocks (cost $67,527,919)				98,736,230
INVESTMENT COMPANIES–26.5%
FUNDS AND INVESTMENT TRUSTS–26.5%(f)(g)
AB Discovery Growth Fund, Inc.–Class Z		200,740		3,073,324
AB Trust–AB Discovery Value Fund–Class Z		156,078		3,151,209
Bernstein Fund, Inc.–International Small Cap Portfolio–Class Z		701,404		8,409,829
Bernstein Fund, Inc.–International Strategic Equities Portfolio–Class Z		3,363,423		42,917,274
Bernstein Fund, Inc.–Small Cap Core Portfolio–Class Z		236,284		3,104,771
Sanford C. Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z		121,799		3,964,568
Total Investment Companies (cost $63,115,115)				64,620,975

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS–TREASURIES–11.9%
AUSTRALIA–1.7%
Australia Government Bond Series 144 3.75%, 04/21/2037(e)		AUD	620	$	636,882
Series 145 2.75%, 06/21/2035(e)			802		733,967
Series 150 3.00%, 03/21/2047(e)			1,430		1,356,399
Series 161 0.25%, 11/21/2025(e)			1,770		1,359,437
					4,086,685
AUSTRIA–0.3%
Republic of Austria Government Bond 0.75%, 02/20/2028(e)		EUR	510		683,059
BELGIUM–0.1%
Kingdom of Belgium Government Bond Series 76 1.90%, 06/22/2038(e)			180		292,300
CANADA–1.1%
Canadian Government Bond 1.25%, 03/01/2025– 06/01/2030		CAD	2,860		2,356,312
2.00%, 12/01/2051			359		339,215
					2,695,527
CHINA–0.8%
China Government Bond Series INBK 3.27%, 11/19/2030		CNY	5,690		880,899
3.39%, 03/16/2050			7,870		1,118,217
					1,999,116
COLOMBIA–0.4%
Colombian TES Series B 5.75%, 11/03/2027		COP	2,916,500		902,155
FINLAND–0.1%
Finland Government Bond 0.50%, 09/15/2028(e)		EUR	115		152,194
FRANCE–0.1%
French Republic Government Bond OAT 1.50%, 05/25/2050(e)			110		179,152
GERMANY–0.4%
Bundesrepublik Deutschland Bundesanleihe Zero Coupon, 08/15/2050(e)			275		352,933
Series 3 4.75%, 07/04/2034(e)			250		530,083
					883,016

15

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

	Principal Amount (000)			U.S. $ Value
ITALY–0.7%
Italy Buoni Poliennali Del Tesoro 1.80%, 03/01/2041(e)		EUR	1,235	$	1,668,921
JAPAN–3.5%
Japan Government Ten Year Bond Series 358 0.10%, 03/20/2030		JPY	205,850		2,013,006
Series 359 0.10%, 06/20/2030			277,550		2,711,042
Japan Government Thirty Year Bond Series 62 0.50%, 03/20/2049			63,600		598,131
Series 65 0.40%, 12/20/2049			62,950		572,674
Series 68 0.60%, 09/20/2050			69,900		669,464
Japan Government Twenty Year Bond Series 169 0.30%, 06/20/2039			31,650		302,550
Series 171 0.30%, 12/20/2039			44,850		427,425
Japan Government Two Year Bond Series 419 0.10%, 12/01/2022			126,950		1,234,792
					8,529,084
MALAYSIA–0.1%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	1,088		309,646
MEXICO–0.0%
Mexican Bonos Series M 8.00%, 11/07/2047		MXN	1,125		66,394
SPAIN–0.3%
Spain Government Bond 1.20%, 10/31/2040(e)		EUR	455		616,038
4.20%, 01/31/2037(e)			114		221,807
					837,845
UNITED KINGDOM–0.9%
United Kingdom Gilt 0.625%, 10/22/2050(e)		GBP	735		973,915
1.75%, 09/07/2037(e)			821		1,332,655
					2,306,570
UNITED STATES–1.4%
U.S. Treasury Bonds 1.125%, 05/15/2040–08/15/2040		U.S.$	2,780		2,633,725
4.50%, 08/15/2039			455		695,795
4.625%, 02/15/2040		U.S.$	100		155,781
					3,485,301
Total Governments–Treasuries (cost $27,659,743)					29,076,965
CORPORATES–INVESTMENT GRADE–9.4%
INDUSTRIAL–5.0%
BASIC–0.6%
AngloGold Ashanti Holdings PLC 3.75%, 10/01/2030			201		215,070
Glencore Finance Europe Ltd. 1.875%, 09/13/2023(e)		EUR	125		159,480
3.125%, 03/26/2026(e)		GBP	110		162,531
Inversiones CMPC SA 3.85%, 01/13/2030(e)		U.S.$	200		223,938
SABIC Capital II BV 4.00%, 10/10/2023(e)			335		360,544
SIG Combibloc PurchaseCo Sarl 1.875%, 06/18/2023(e)		EUR	140		176,670
Smurfit Kappa Acquisitions ULC 2.875%, 01/15/2026(e)			150		202,521
Suzano Austria GmbH 3.75%, 01/15/2031		U.S.$	32		33,920
					1,534,674
CAPITAL GOODS–0.1%
CNH Industrial Finance Europe SA 1.75%, 09/12/2025(e)		EUR	190		247,280
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025		U.S.$	10		10,780
4.40%, 03/15/2024			67		73,334
					331,394
COMMUNICATIONS–MEDIA–0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050			17		20,191
5.125%, 07/01/2049			84		102,281
5.375%, 05/01/2047			35		43,797
Comcast Corp. 0.75%, 02/20/2032		EUR	155		196,941
Fox Corp. 4.709%, 01/25/2029		U.S.$	215		261,051
Prosus NV 3.68%, 01/21/2030(e)			220		238,837
ViacomCBS, Inc. 3.70%, 06/01/2028			23		26,266

16

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
4.20%, 05/19/2032		U.S.$	56	$	67,315
4.95%, 01/15/2031			114		143,043
Walt Disney Co. (The) 3.60%, 01/13/2051			35		42,425
					1,142,147
COMMUNICATIONS– TELECOMMUNICATIONS–0.3%
AT&T, Inc. 3.50%, 09/15/2053(e)			200		201,110
Series B 2.875%, 03/02/2025(h)		EUR	100		123,123
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	145		240,276
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 03/20/2025(e)			200		217,122
					781,631
CONSUMER CYCLICAL–AUTOMOTIVE–0.4%
Harley-Davidson Financial Services, Inc. 0.90%, 11/19/2024(e)		EUR	200		247,941
3.35%, 06/08/2025(e)		U.S.$	30		32,471
Lear Corp. 3.50%, 05/30/2030			25		27,316
3.80%, 09/15/2027			127		142,203
4.25%, 05/15/2029			33		37,633
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(e)			200		219,908
Volkswagen Bank GmbH 1.25%, 06/10/2024(e)		EUR	100		126,496
Volkswagen Leasing GmbH 2.625%, 01/15/2024(e)			73		95,939
					929,907
CONSUMER CYCLICAL–OTHER–0.1%
Las Vegas Sands Corp. 3.50%, 08/18/2026		U.S.$	89		95,419
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025			109		127,530
					222,949
CONSUMER CYCLICAL–RETAILERS–0.1%
AutoNation, Inc. 4.75%, 06/01/2030			12		14,456
Ralph Lauren Corp. 2.95%, 06/15/2030			162		175,387
Ross Stores, Inc. 4.70%, 04/15/2027			24		28,374
					218,217
CONSUMER NON-CYCLICAL–0.9%
Altria Group, Inc. 3.125%, 06/15/2031		EUR	270		393,298
Amgen, Inc. 4.663%, 06/15/2051		U.S.$	150		203,659
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049			145		205,655
BAT Capital Corp. 4.906%, 04/02/2030			55		66,421
BAT Netherlands Finance BV 3.125%, 04/07/2028(e)		EUR	200		284,984
Biogen, Inc. 3.15%, 05/01/2050		U.S.$	202		208,630
CommonSpirit Health 3.91%, 10/01/2050			120		133,812
CVS Health Corp. 5.05%, 03/25/2048			125		169,003
DH Europe Finance II SARL 0.45%, 03/18/2028		EUR	143		177,978
Gilead Sciences, Inc. 2.80%, 10/01/2050		U.S.$	200		199,704
Takeda Pharmaceutical Co., Ltd. 0.75%, 07/09/2027		EUR	131		166,230
					2,209,374
ENERGY–0.9%
Boardwalk Pipelines LP 4.80%, 05/03/2029		U.S.$	125		143,124
BP Capital Markets PLC 1.573%, 02/16/2027(e)		EUR	175		232,358
3.25%, 03/22/2026(e)(h)			135		175,854
Energy Transfer Operating LP 3.75%, 05/15/2030		U.S.$	101		108,847
5.50%, 06/01/2027			190		222,648
Eni SpA 4.25%, 05/09/2029(e)			270		319,232
Husky Energy, Inc. 4.40%, 04/15/2029			220		244,928
ONEOK, Inc. 4.55%, 07/15/2028			104		118,940
6.35%, 01/15/2031			130		166,907
Plains All American Pipeline LP/PAA Finance Corp. 3.80%, 09/15/2030			42		44,998
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			16		16,752
4.50%, 12/15/2026			29		32,504
Saudi Arabian Oil Co. 2.25%, 11/24/2030(e)			200		202,750
2.875%, 04/16/2024(e)			200		212,500

17

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

	Principal Amount (000)			U.S. $ Value
Valero Energy Corp. 6.625%, 06/15/2037		U.S.$	32	$	42,437
					2,284,779
OTHER INDUSTRIAL–0.1%
Alfa SAB de CV 5.25%, 03/25/2024(e)			200		220,375
SERVICES–0.0%
Expedia Group, Inc. 6.25%, 05/01/2025(e)			6		6,959
Global Payments, Inc. 4.45%, 06/01/2028			70		82,913
					89,872
TECHNOLOGY–0.5%
Baidu, Inc. 3.075%, 04/07/2025			205		218,291
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/2028			19		20,913
Broadcom, Inc. 4.11%, 09/15/2028			156		178,427
Fidelity National Information Services, Inc. 1.00%, 12/03/2028		EUR	165		211,498
Fiserv, Inc. 1.125%, 07/01/2027			200		258,721
Leidos, Inc. 4.375%, 05/15/2030(e)		U.S.$	109		130,659
Oracle Corp. 3.60%, 04/01/2050			185		215,962
					1,234,471
TRANSPORTATION–AIRLINES–0.2%
Delta Air Lines, Inc. 7.00%, 05/01/2025(e)			99		114,664
Southwest Airlines Co. 5.25%, 05/04/2025			199		230,694
					345,358
TRANSPORTATION–SERVICES–0.3%
Adani Ports & Special Economic Zone Ltd. 3.95%, 01/19/2022(e)			200		204,500
ENA Master Trust 4.00%, 05/19/2048(e)			200		215,187
Heathrow Funding Ltd. 6.75%, 12/03/2026(e)		GBP	135		237,715
					657,402
					12,202,550
FINANCIAL INSTITUTIONS–4.0%
BANKING–2.7%
ABN AMRO Bank NV 4.75%, 07/28/2025(e)		U.S.$	225		259,693
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(e)			215		247,448
Bankia SA 1.125%, 11/12/2026(e)		EUR	100		127,278
BNP Paribas SA 2.219%, 06/09/2026(e)		U.S.$	200		209,288
BPCE SA 4.625%, 07/11/2024(e)			200		223,686
Capital One Financial Corp. 1.65%, 06/12/2029		EUR	270		353,644
Citigroup, Inc. 1.50%, 07/24/2026(e)			155		201,145
5.95%, 01/30/2023(h)		U.S.$	90		94,611
Commonwealth Bank of Australia 4.50%, 12/09/2025(e)			205		236,183
Cooperatieve Rabobank UA 3.25%, 12/29/2026(e)(h)		EUR	200		246,773
Credit Suisse Group AG 4.194%, 04/01/2031(e)		U.S.$	250		294,142
Danske Bank A/S 3.244%, 12/20/2025(e)			350		374,885
5.375%, 01/12/2024(e)			200		225,744
Deutsche Bank AG/New York NY 3.961%, 11/26/2025			225		246,037
DNB Bank ASA 6.50%, 03/26/2022(e)(h)			210		219,878
Fifth Third Bancorp Series L 4.50%, 09/30/2025(h)			41		43,759
Goldman Sachs Group, Inc. (The) 1.25%, 05/01/2025(e)		EUR	190		241,215
Series O 5.30%, 11/10/2026(h)		U.S.$	10		10,999
HSBC Holdings PLC 6.375%, 03/30/2025(h)			200		218,768
ING Groep NV 3.00%, 02/18/2026(e)		GBP	200		303,872
6.50%, 04/16/2025(h)		U.S.$	232		255,293
JPMorgan Chase & Co. 1.09%, 03/11/2027(e)		EUR	170		218,281
Morgan Stanley Series G 1.375%, 10/27/2026			100		131,230
Series J 4.047% (LIBOR 3 Month + 3.81%), 04/15/2021(h)(i)		U.S.$	55		54,876
Natwest Group PLC Series U 2.574% (LIBOR 3 Month + 2.32%), 09/30/2027(h)(i)			200		193,216
Societe Generale SA 4.25%, 04/14/2025(e)			205		226,095

18

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Standard Chartered PLC 1.724% (LIBOR 3 Month + 1.51%), 01/30/2027(e)(h)(i)		U.S.$	200	$	185,154
Truist Financial Corp. Series Q 5.10%, 03/01/2030(h)			75		85,661
UBS Group AG 7.125%, 08/10/2021(e)(h)			230		236,242
UniCredit SpA 2.569%, 09/22/2026(e)			350		357,003
Wells Fargo & Co. 0.625%, 08/14/2030(e)		EUR	245		304,461
					6,626,560
FINANCE–0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 6.50%, 07/15/2025		U.S.$	150		179,319
Air Lease Corp. 2.875%, 01/15/2026			67		70,887
3.625%, 04/01/2027			14		15,086
3.875%, 07/03/2023			6		6,393
4.25%, 02/01/2024			21		22,785
Aircastle Ltd. 4.40%, 09/25/2023			67		71,496
5.25%, 08/11/2025(e)			69		75,921
Aviation Capital Group LLC 2.875%, 01/20/2022(e)			11		11,159
3.50%, 11/01/2027(e)			18		18,025
3.875%, 05/01/2023(e)			44		45,878
4.125%, 08/01/2025(e)			2		2,089
4.375%, 01/30/2024(e)			13		13,717
4.875%, 10/01/2025(e)			23		24,631
5.50%, 12/15/2024(e)			47		51,904
GE Capital European Funding Unlimited Co. 4.625%, 02/22/2027		EUR	100		152,693
GE Capital Funding LLC 4.40%, 05/15/2030(e)		U.S.$	200		235,622
Synchrony Financial 3.95%, 12/01/2027			25		28,092
4.50%, 07/23/2025			51		57,398
					1,083,095
INSURANCE–0.5%
Alleghany Corp. 3.625%, 05/15/2030			172		194,669
ASR Nederland NV 3.375%, 05/02/2049(e)		EUR	100		136,519
Centene Corp. 4.25%, 12/15/2027		U.S.$	28		29,802
4.625%, 12/15/2029			37		41,031
CNP Assurances 4.50%, 06/10/2047(e)		EUR	200		294,102
Credit Agricole Assurances SA 4.25%, 01/13/2025(e)(h)		EUR	200		273,650
Voya Financial, Inc. 5.65%, 05/15/2053		U.S.$	153		161,625
					1,131,398
REITS–0.3%
CyrusOne LP/CyrusOne Finance Corp. 1.45%, 01/22/2027		EUR	100		123,658
Digital Euro Finco LLC 2.50%, 01/16/2026(e)			220		299,313
Equinix, Inc. 2.875%, 02/01/2026			58		71,284
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023		U.S.$	10		10,542
Rexford Industrial Realty LP 2.125%, 12/01/2030			91		91,365
WPC Eurobond BV 2.125%, 04/15/2027		EUR	148		197,048
					793,210
					9,634,263
UTILITY–0.4%
ELECTRIC–0.4%
Abu Dhabi National Energy Co. PJSC 4.375%, 04/23/2025(e)		U.S.$	250		282,500
Enel Finance International NV 2.65%, 09/10/2024(e)			308		328,097
Enel SpA 3.50%, 05/24/2080(e)		EUR	162		216,214
Naturgy Finance BV 4.125%, 11/18/2022(e)(h)			100		128,742
					955,553
Total Corporates–Investment Grade (cost $20,893,692)					22,792,366
CORPORATES–NON-INVESTMENT GRADE–2.1%
INDUSTRIAL–1.6%
BASIC–0.3%
Axalta Coating Systems LLC 3.375%, 02/15/2029(e)		U.S.$	150		150,630
Ingevity Corp. 3.875%, 11/01/2028(e)			88		88,431
OCI NV 3.625%, 10/15/2025(e)		EUR	100		126,746
Solvay SA 2.50%, 12/02/2025(h)			100		125,574

19

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

	Principal Amount (000)			U.S. $ Value
SPCM SA 4.875%, 09/15/2025(e)		U.S.$	200	$	206,190
WEPA Hygieneprodukte GmbH 2.875%, 12/15/2027(e)		EUR	120		148,502
					846,073
CAPITAL GOODS–0.2%
Rolls-Royce PLC 0.875%, 05/09/2024(e)			160		184,225
TransDigm, Inc. 6.25%, 03/15/2026(e)		U.S.$	110		117,220
Vertical Midco GmbH 4.375%, 07/15/2027(e)		EUR	140		180,482
					481,927
COMMUNICATIONS–MEDIA–0.0%
Cable One, Inc. 4.00%, 11/15/2030(e)		U.S.$	53		55,100
CSC Holdings LLC 6.75%, 11/15/2021			45		46,817
					101,917
COMMUNICATIONS–TELECOMMUNICATIONS–0.1%
CenturyLink, Inc. 4.50%, 01/15/2029(e)			103		104,792
Telefonica Europe BV 3.75%, 03/15/2022(e)(h)		EUR	100		125,219
					230,011
CONSUMER CYCLICAL–AUTOMOTIVE–0.2%
Allison Transmission, Inc. 3.75%, 01/30/2031(e)		U.S.$	105		107,415
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(e)		EUR	120		151,990
Ford Motor Co. 8.50%, 04/21/2023		U.S.$	108		121,448
Tenneco, Inc. 5.00%, 07/15/2024(e)		EUR	100		123,999
					504,852
CONSUMER CYCLICAL–ENTERTAINMENT–0.1%
Carnival PLC 1.00%, 10/28/2029			200		174,696
CONSUMER CYCLICAL–RESTAURANTS–0.0%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(e)		U.S.$	116		116,267
CONSUMER CYCLICAL–RETAILERS–0.1%
Dufry One BV 2.50%, 10/15/2024(e)		EUR	105		123,142
CONSUMER NON-CYCLICAL–0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(e)		U.S.$	61		62,489
4.625%, 01/15/2027(e)			46		48,876
Avantor Funding, Inc. 2.625%, 11/01/2025(e)		EUR	102		127,603
Catalent Pharma Solutions, Inc. 2.375%, 03/01/2028(e)			165		202,427
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(e)			120		147,023
Grifols SA 1.625%, 02/15/2025(e)			200		244,870
Tenet Healthcare Corp. 4.625%, 07/15/2024		U.S.$	102		104,499
					937,787
OTHER INDUSTRIAL–0.1%
H&E Equipment Services, Inc. 3.875%, 12/15/2028(e)			118		119,233
Rexel SA 2.125%, 06/15/2025(e)		EUR	120		147,148
					266,381
TECHNOLOGY–0.0%
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(e)		U.S.$	14		14,526
TRANSPORTATION–SERVICES–0.1%
Chicago Parking Meters LLC 4.93%, 12/30/2025(c)			200		230,127
					4,027,706
FINANCIAL INSTITUTIONS–0.5%
BANKING–0.3%
Banco Santander SA 6.75%, 04/25/2022(e)(h)		EUR	200		258,074
Credit Suisse Group AG 7.50%, 12/11/2023(e)(h)		U.S.$	200		222,326
Discover Financial Services Series D 6.125%, 06/23/2025(h)			117		132,018
					612,418
FINANCE–0.2%
Lincoln Financing SARL 3.625%, 04/01/2024(e)		EUR	120		148,074

20

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Navient Corp. 6.625%, 07/26/2021		U.S.$	170	$	174,129
SLM Corp. 4.20%, 10/29/2025			96		101,495
					423,698
INSURANCE–0.0%
Molina Healthcare, Inc. 3.875%, 11/15/2030(e)			89		95,460
REITS–0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(e)			58		62,095
					1,193,671
Total Corporates–Non-Investment Grade (cost $4,905,782)					5,221,377
QUASI-SOVEREIGNS–1.8%
QUASI-SOVEREIGN BONDS–1.8%
CHILE–0.1%
Corp. Nacional del Cobre de Chile 3.75%, 01/15/2031(e)			200		227,250
CHINA–1.3%
China Development Bank Series 1805 4.88%, 02/09/2028		CNY	14,390		2,395,958
Series 1910 3.65%, 05/21/2029			2,040		311,566
Series 2004 3.43%, 01/14/2027			1,780		271,295
Series 2009 3.39%, 07/10/2027			1,140		173,171
					3,151,990
INDONESIA–0.2%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/2025(e)		U.S.$	200		220,750
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.375%, 02/05/2030(e)			210		222,403
					443,153
MEXICO–0.1%
Petroleos Mexicanos 5.95%, 01/28/2031			39		38,903
7.69%, 01/23/2050			120		120,990
					159,893
UNITED ARAB EMIRATES–0.1%
DP World Crescent Ltd. 3.75%, 01/30/2030(e)			200		217,500
3.875%, 07/18/2029(e)		U.S.$	200		219,500
					437,000
Total Quasi-Sovereigns (cost $4,132,156)					4,419,286
COLLATERALIZED MORTGAGE OBLIGATIONS–1.6%
RISK SHARE FLOATING RATE–1.0%
Bellemeade Re Ltd. Series 2019-1A, Class M1B 1.898% (LIBOR 1 Month + 1.75%), 03/25/2029(e)(i)			220		219,914
Series 2019-2A, Class M2 3.248% (LIBOR 1 Month + 3.10%), 04/25/2029(e)(i)			150		150,136
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 2.448% (LIBOR 1 Month + 2.30%), 08/25/2031(e)(i)			56		55,809
Series 2019-R03, Class 1M2 2.298% (LIBOR 1 Month + 2.15%), 09/25/2031(e)(i)			41		40,947
Series 2019-R04, Class 2M2 2.248% (LIBOR 1 Month + 2.10%), 06/25/2039(e)(i)			75		75,126
Series 2019-R05, Class 1M2 2.148% (LIBOR 1 Month + 2.00%), 07/25/2039(e)(i)			45		45,234
Series 2019-R06, Class 2M2 2.248% (LIBOR 1 Month + 2.10%), 09/25/2039(e)(i)			87		87,268
Series 2019-R07, Class 1M2 2.248% (LIBOR 1 Month + 2.10%), 10/25/2039(e)(i)			58		57,801
Eagle RE Ltd. Series 2018-1, Class M1 1.848% (LIBOR 1 Month + 1.70%), 11/25/2028(e)(i)			56		55,731

21

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

	Principal Amount (000)			U.S. $ Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 4.148% (LIBOR 1 Month + 4.00%), 08/25/2024(i)		U.S.$	136	$	138,487
Series 2014-HQ3, Class M3 4.898% (LIBOR 1 Month + 4.75%), 10/25/2024(i)			66		66,978
Series 2019-DNA3, Class M2 2.198% (LIBOR 1 Month + 2.05%), 07/25/2049(e)(i)			20		20,331
Series 2019-HQA1, Class M2 2.498% (LIBOR 1 Month + 2.35%), 02/25/2049(e)(i)			46		45,491
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C01, Class 1M2 4.448% (LIBOR 1 Month + 4.30%), 02/25/2025(i)			50		51,164
Series 2015-C02, Class 1M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025(i)			70		71,587
Series 2015-C02, Class 2M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025(i)			37		37,405
Series 2015-C03, Class 1M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(i)			34		34,773
Series 2015-C03, Class 2M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(i)			56		56,749
Series 2015-C04, Class 1M2 5.848% (LIBOR 1 Month + 5.70%), 04/25/2028(i)			34		36,484
Series 2015-C04, Class 2M2 5.698% (LIBOR 1 Month + 5.55%), 04/25/2028(i)		U.S.$	121		127,151
Series 2016-C01, Class 1M2 6.898% (LIBOR 1 Month + 6.75%), 08/25/2028(i)			40		43,234
Series 2016-C02, Class 1M2 6.148% (LIBOR 1 Month + 6.00%), 09/25/2028(i)			75		79,475
Series 2016-C06, Class 1M2 4.398% (LIBOR 1 Month + 4.25%), 04/25/2029(i)			88		92,454
Series 2017-C01, Class 1M2 3.698% (LIBOR 1 Month + 3.55%), 07/25/2029(i)			59		60,270
Series 2017-C02, Class 2M2 3.798% (LIBOR 1 Month + 3.65%), 09/25/2029(i)			125		127,480
Series 2017-C05, Class 1M2 2.348% (LIBOR 1 Month + 2.20%), 01/25/2030(i)			109		109,258
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.398% (LIBOR 1 Month + 4.25%), 11/25/2024(i)(j)			16		15,088
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.145% (LIBOR 1 Month + 2.00%), 03/27/2024(i)(j)			85		80,697
Radnor Re Ltd. Series 2019-1, Class M1B 2.098% (LIBOR 1 Month + 1.95%), 02/25/2029(e)(i)			140		140,500

22

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
STACR Trust Series 2018-DNA3, Class M2 2.248% (LIBOR 1 Month + 2.10%), 09/25/2048(e)(i)		U.S.$	174	$	172,022
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.398% (LIBOR 1 Month + 5.25%), 11/25/2025(i)(j)			73		71,383
Series 2015-WF1, Class 2M2 5.648% (LIBOR 1 Month + 5.50%), 11/25/2025(i)(j)			21		20,501
					2,486,928
AGENCY FLOATING RATE–0.4%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 5.941% (6.10%–LIBOR 1 Month), 12/15/2044(i)(k)			423		84,254
Series 4693, Class SL 5.991% (6.15%–LIBOR 1 Month), 06/15/2047(i)(k)			425		97,684
Series 4719, Class JS 5.991% (6.15%–LIBOR 1 Month), 09/15/2047(i)(k)			301		51,909
Series 4727, Class SA 6.041% (6.20%–LIBOR 1 Month), 11/15/2047(i)(k)			445		90,996
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.392% (6.54%–LIBOR 1 Month), 12/25/2041(i)(k)			213		51,202
Series 2016-106, Class ES 5.852% (6.00%–LIBOR 1 Month), 01/25/2047(i)(k)			399		74,308
Series 2017-16, Class SG 5.902% (6.05%–LIBOR 1 Month), 03/25/2047(i)(k)			400		81,464
Series 2017-81, Class SA 6.052% (6.20%–LIBOR 1 Month), 10/25/2047(i)(k)		U.S.$	429		96,463
Series 2017-97, Class LS 6.052% (6.20%–LIBOR 1 Month), 12/25/2047(i)(k)			349		86,583
Government National Mortgage Association Series 2017-134, Class SE 6.048% (6.20%–LIBOR 1 Month), 09/20/2047(i)(k)			272		46,729
Series 2017-65, Class ST 5.998% (6.15%–LIBOR 1 Month), 04/20/2047(i)(k)			390		83,204
					844,796
NON-AGENCY FIXED RATE–0.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035			19		16,945
Series 2006-24CB, Class A16 5.75%, 08/25/2036			91		72,449
Series 2006-28CB, Class A14 6.25%, 10/25/2036			66		48,769
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			43		39,916
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037			30		21,649
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036			42		31,142
Series 2006-13, Class 1A19 6.25%, 09/25/2036			21		13,752
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036			81		55,404
					300,026

23

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

	Principal Amount (000)			U.S. $ Value
NON-AGENCY FLOATING RATE–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.528% (LIBOR 1 Month + 0.19%), 12/25/2036(i)		U.S.$	212	$	107,054
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.648% (LIBOR 1 Month + 0.25%), 03/25/2035(i)			52		46,871
					153,925
Total Collateralized Mortgage Obligations (cost $3,781,478)					3,785,675
MORTGAGE PASS-THROUGHS–1.6%
AGENCY FIXED RATE 30-YEAR–1.6%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 06/01/2049-10/01/2049			719		779,339
Series 2020 2.50%, 07/01/2050			136		146,089
Federal Home Loan Mortgage Corp. Gold Series 2018 4.00%, 08/01/2048			53		57,301
Series 2019 4.50%, 02/01/2049			183		202,589
Federal National Mortgage Association Series 2012 3.50%, 11/01/2042			298		328,964
Series 2013 3.50%, 04/01/2043			192		212,120
Series 2018 3.50%, 02/01/2048			175		185,477
4.50%, 09/01/2048			390		428,794
Series 2019 3.50%, 11/01/2049			175		188,388
Series 2020 2.50%, 07/01/2050			773		833,740
Uniform Mortgage-Backed Security Series 2021 1.50%, 01/01/2051, TBA			399		403,177
Total Mortgage Pass-Throughs (cost $3,650,758)					3,765,978
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.9%
NON-AGENCY FLOATING RATE CMBS–0.6%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.159% (LIBOR 1 Month + 1.00%), 06/15/2035(e)(i)		U.S.$	200		193,895
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.159% (LIBOR 1 Month + 1.00%), 11/15/2033(e)(i)			375		358,665
BHMS Series 2018-ATLS, Class A 1.409% (LIBOR 1 Month + 1.25%), 07/15/2035(e)(i)			158		153,688
BX Trust Series 2018-EXCL, Class A 1.246% (LIBOR 1 Month + 1.09%), 09/15/2037(e)(i)			163		150,779
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.182% (LIBOR 1 Month + 1.03%), 12/19/2030(e)(i)			166		163,544
Invitation Homes Trust Series 2018-SFR4, Class A 1.253% (LIBOR 1 Month + 1.10%), 01/17/2038(e)(i)			213		214,090
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.109% (LIBOR 1 Month + 1.95%), 11/15/2026(i)(j)			90		79,891
Starwood Retail Property Trust Series 2014-STAR, Class A 1.629% (LIBOR 1 Month + 1.47%), 11/15/2027(e)(i)			176		115,987
					1,430,539

24

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
NON-AGENCY FIXED RATE CMBS–0.3%
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 04/10/2031(e)		U.S.$	276	$	274,006
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.152%, 05/15/2045(e)			119		70,757
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(e)			143		145,473
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.462%, 09/15/2048			197		172,600
					662,836
Total Commercial Mortgage-Backed Securities (cost $2,268,259)					2,093,375
EMERGING MARKETS–CORPORATE BONDS–0.4%
INDUSTRIAL–0.4%
CAPITAL GOODS–0.1%
Embraer Netherlands Finance BV 6.95%, 01/17/2028(e)			200		226,000
COMMUNICATIONS–MEDIA–0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(e)			200		214,062
CONSUMER NON-CYCLICAL–0.1%
BRF GmbH 4.35%, 09/29/2026(e)			200		210,750
ENERGY–0.0%
Leviathan Bond Ltd. 6.125%, 06/30/2025(e)			46		50,427
TRANSPORTATION–SERVICES–0.1%
Rumo Luxembourg SARL 5.875%, 01/18/2025(e)			200		211,563
					912,802
UTILITY–0.0%
ELECTRIC–0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(j)			14		14,375
Total Emerging Markets–Corporate Bonds (cost $893,196)					927,177
COLLATERALIZED LOAN OBLIGATIONS–0.4%
CLO–FLOATING RATE–0.4%
ICG US CLO Ltd. Series 2015-1A, Class A1R 1.358% (LIBOR 3 Month + 1.14%), 10/19/2028(e)(i)		U.S.$	300		299,999
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 1.40% (LIBOR 3 Month + 1.18%), 11/18/2031(e)(i)			320		320,003
TIAA CLO IV Ltd. Series 2018-1A, Class A1A 1.448% (LIBOR 3 Month + 1.23%), 01/20/2032(e)(i)			250		248,961
Total Collateralized Loan Obligations (cost $870,000)					868,963
GOVERNMENTS–SOVEREIGN BONDS–0.3%
CHILE–0.1%
Chile Government International Bond 1.625%, 01/30/2025		EUR	125		162,632
MEXICO–0.1%
Mexico Government International Bond 4.75%, 04/27/2032		U.S.$	280		336,525
PERU–0.1%
Peruvian Government International Bond 2.392%, 01/23/2026			205		218,120
Total Governments–Sovereign Bonds (cost $665,585)					717,277
EMERGING MARKETS–SOVEREIGNS–0.3%
IVORY COAST–0.1%
Ivory Coast Government International Bond 5.875%, 10/17/2031(e)		EUR	200		269,908
NIGERIA–0.1%
Nigeria Government International Bond 6.75%, 01/28/2021(e)		U.S.$	200		199,938

25

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

	Principal Amount (000)				U.S. $ Value
SOUTH AFRICA–0.1%
Republic of South Africa Government International Bond 4.30%, 10/12/2028(d)		U.S.$		230	$	239,200
Total Emerging Markets–Sovereigns (cost $603,913)						709,046
COVERED BONDS–0.2%
Turkiye Vakiflar Bankasi TAO 2.375%, 05/04/2021(e)		EUR		140		170,597
UBS AG/London 4.00%, 04/08/2022(e)				158		203,934
1.375%, 04/16/2021(e)				140		171,937
Total Covered Bonds (cost $502,554)						546,468
EMERGING MARKETS–TREASURIES–0.1%
SOUTH AFRICA–0.1%
Republic of South Africa Government Bond Series 2030 8.00%, 01/31/2030 (cost $251,095)		ZAR		5,315		344,860
GOVERNMENTS–SOVEREIGN AGENCIES–0.1%
CANADA–0.1%
Canada Housing Trust No. 1 1.80%, 12/15/2024(e)		CAD		200		165,066
1.95%, 12/15/2025(e)				195		163,097
Total Governments–Sovereign Agencies (cost $325,981)						328,163
ASSET-BACKED SECURITIES–0.0%
AUTOS–FIXED RATE–0.0%
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022(e)(cost $99,994)		U.S.$		100		101,521
SHORT-TERM INVESTMENTS–2.2%
GOVERNMENTS–TREASURIES–1.5%
JAPAN–1.5%
Japan Treasury Discount Bill Series 953 Zero Coupon, 03/01/2021		JPY		295,200		2,859,399
Series 956 Zero Coupon, 03/15/2021				85,000		823,369
Total Governments–Treasuries (cost $3,642,650)						3,682,768
			Shares
INVESTMENT COMPANIES–0.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(f)(g)(l) (cost $1,673,235)				1,673,235		1,673,235
Total Short-Term Investments (cost $5,315,885)						5,356,003
TOTAL INVESTMENTS–100.3% (cost $207,463,105)						244,411,705
Other assets less liabilities–(0.3)%						(732,381	)
NET ASSETS–100.0%					$	243,679,324

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-BOBL Futures		26		March 2021	$	4,293,709	$	4,733
Euro-Schatz Futures		5		March 2021		685,804		(311	)
U.S. T-Note 5 Yr (CBT) Futures		14		March 2021		1,766,297		4,029
Sold Contracts
Euro-Bund Futures		11		March 2021		2,387,153		(6,109	)
U.S. 10 Yr Ultra Futures		8		March 2021		1,250,875		3,927
U.S. Ultra Bond (CBT) Futures		5		March 2021		1,067,813		5,290
							$	11,559

26

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		RUB	40,785		USD	552		01/22/2021	$	1,386
Barclays Bank PLC		USD	575		CNY	3,766		02/10/2021		1,839
Barclays Bank PLC		USD	238		IDR	3,531,771		01/15/2021		15,610
BNP Paribas SA		NOK	3,888		USD	408		01/15/2021		(45,480	)
BNP Paribas SA		AUD	879		USD	644		01/12/2021		(34,038	)
BNP Paribas SA		SGD	818		USD	613		01/07/2021		(5,211	)
BNP Paribas SA		USD	1,457		SGD	1,961		01/07/2021		26,666
BNP Paribas SA		USD	662		SEK	5,611		01/15/2021		20,077
BNP Paribas SA		USD	552		ZAR	8,104		02/04/2021		(2,893	)
BNP Paribas SA		USD	571		ZAR	8,702		02/04/2021		18,900
Citibank, NA		IDR	9,172,354		USD	651		01/15/2021		(7,993	)
Citibank, NA		COP	1,976,748		USD	556		01/14/2021		(22,921	)
Citibank, NA		JPY	1,055,879		USD	10,145		02/26/2021		(86,685	)
Citibank, NA		KRW	896,039		USD	820		01/14/2021		(4,114	)
Citibank, NA		CLP	1,471,700		USD	1,937		01/14/2021		(134,193	)
Citibank, NA		CNY	43,138		USD	6,582		02/10/2021		(23,086	)
Citibank, NA		PEN	499		USD	139		01/14/2021		1,020
Citibank, NA		USD	233		PEN	839		01/14/2021		(1,741	)
Citibank, NA		USD	881		CNY	5,746		02/10/2021		(1,118	)
Citibank, NA		USD	1,630		CLP	1,226,062		01/14/2021		95,689
Citibank, NA		USD	409		KRW	465,430		01/14/2021		18,655
Citibank, NA		USD	732		COP	2,548,046		01/14/2021		13,668
Credit Suisse International		SGD	981		USD	718		01/07/2021		(24,591	)
Credit Suisse International		USD	730		SGD	984		01/07/2021		14,969
Credit Suisse International		USD	203		TRY	1,604		01/21/2021		11,910
Goldman Sachs Bank USA		TWD	18,390		USD	655		01/27/2021		(2,006	)
Goldman Sachs Bank USA		NOK	8,844		USD	963		01/15/2021		(68,906	)
Goldman Sachs Bank USA		USD	722		SGD	981		01/07/2021		20,587
Goldman Sachs Bank USA		USD	1,311		RUB	100,998		01/22/2021		52,855
JPMorgan Chase Bank, NA		SEK	8,164		USD	947		01/15/2021		(45,360	)
JPMorgan Chase Bank, NA		SGD	1,856		USD	1,376		01/07/2021		(28,254	)
JPMorgan Chase Bank, NA		GBP	651		USD	870		01/21/2021		(21,029	)
JPMorgan Chase Bank, NA		USD	759		CHF	675		01/29/2021		4,464
JPMorgan Chase Bank, NA		USD	669		AUD	905		01/12/2021		28,885
JPMorgan Chase Bank, NA		USD	826		CNY	5,400		02/10/2021		343
JPMorgan Chase Bank, NA		USD	657		NOK	5,810		01/15/2021		20,924
JPMorgan Chase Bank, NA		USD	729		SEK	6,286		01/15/2021		35,173
Morgan Stanley & Co., Inc.		JPY	150,922		USD	1,449		02/26/2021		(13,826	)
Morgan Stanley & Co., Inc.		NOK	7,813		USD	878		01/15/2021		(32,976	)
Morgan Stanley & Co., Inc.		SEK	10,070		USD	1,148		01/15/2021		(76,577	)
Morgan Stanley & Co., Inc.		BRL	4,023		USD	774		01/05/2021		(373	)
Morgan Stanley & Co., Inc.		GBP	3,128		USD	4,148		01/21/2021		(130,138	)
Morgan Stanley & Co., Inc.		MYR	1,237		USD	297		03/25/2021		(12,146	)
Morgan Stanley & Co., Inc.		NZD	1,158		USD	826		03/05/2021		(7,824	)
Morgan Stanley & Co., Inc.		AUD	1,091		USD	828		01/12/2021		(13,218	)
Morgan Stanley & Co., Inc.		USD	751		BRL	4,023		01/05/2021		23,503
Morgan Stanley & Co., Inc.		USD	1,607		NOK	14,733		01/15/2021		110,953
Natwest Markets PLC		CNY	1,026		USD	156		02/10/2021		(588	)

27

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

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Natwest Markets PLC		USD	652		INR	48,735		01/15/2021	$	14,972
Standard Chartered Bank		INR	29,773		USD	401		01/15/2021		(5,987	)
Standard Chartered Bank		USD	663		TWD	18,661		01/27/2021		3,731
Standard Chartered Bank		USD	558		INR	41,450		01/15/2021		8,838
Standard Chartered Bank		USD	789		KRW	878,905		01/14/2021		19,183
Standard Chartered Bank		USD	1,202		IDR	17,283,590		01/15/2021		39,342
State Street Bank & Trust Co.		JPY	89,756		USD	866		02/26/2021		(3,897	)
State Street Bank & Trust Co.		ZAR	19,197		USD	1,239		02/04/2021		(61,424	)
State Street Bank & Trust Co.		AUD	4,429		USD	3,193		01/12/2021		(221,616	)
State Street Bank & Trust Co.		JPY	4,562		USD	44		02/26/2021		152
State Street Bank & Trust Co.		CHF	1,346		USD	1,483		01/29/2021		(38,060	)
State Street Bank & Trust Co.		MXN	1,634		USD	82		02/25/2021		506
State Street Bank & Trust Co.		SEK	1,200		USD	139		01/15/2021		(7,367	)
State Street Bank & Trust Co.		DKK	559		USD	88		01/15/2021		(3,323	)
State Street Bank & Trust Co.		NOK	328		USD	36		01/15/2021		(2,742	)
State Street Bank & Trust Co.		SGD	297		USD	223		01/07/2021		(1,834	)
State Street Bank & Trust Co.		CAD	271		USD	212		02/18/2021		(457	)
State Street Bank & Trust Co.		EUR	183		USD	224		03/17/2021		(208	)
State Street Bank & Trust Co.		ILS	38		USD	11		01/21/2021		(497	)
State Street Bank & Trust Co.		GBP	34		USD	46		01/21/2021		(221	)
State Street Bank & Trust Co.		NZD	9		USD	6		03/05/2021		(64	)
State Street Bank & Trust Co.		USD	124		AUD	173		01/12/2021		9,432
State Street Bank & Trust Co.		USD	1,310		GBP	980		01/21/2021		30,831
State Street Bank & Trust Co.		USD	11		ILS	38		01/21/2021		503
State Street Bank & Trust Co.		USD	205		CAD	262		02/18/2021		141
State Street Bank & Trust Co.		USD	573		CHF	511		01/29/2021		4,478
State Street Bank & Trust Co.		USD	12		HKD	96		02/24/2021		0
State Street Bank & Trust Co.		USD	823		SEK	6,940		01/15/2021		20,258
State Street Bank & Trust Co.		USD	124		SGD	169		01/07/2021		3,419
State Street Bank & Trust Co.		USD	457		EUR	375		03/17/2021		1,146
State Street Bank & Trust Co.		USD	488		PLN	1,797		03/24/2021		(6,573	)
State Street Bank & Trust Co.		USD	92		JPY	9,558		02/26/2021		560
State Street Bank & Trust Co.		USD	765		BRL	4,023		02/02/2021		9,117
State Street Bank & Trust Co.		USD	598		ZAR	9,012		02/04/2021		12,660
State Street Bank & Trust Co.		USD	400		MXN	8,103		02/25/2021		5,257
UBS AG		COP	2,237,895		USD	597		01/14/2021		(57,812	)
UBS AG		EUR	11,290		USD	13,792		03/17/2021		(23,429	)
UBS AG		CAD	4,308		USD	3,365		02/18/2021		(19,823	)
									$	(580,017	)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

Rate Type

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid (Received)

Unrealized Appreciation/ (Depreciation)

BRL

2,816

01/02/2023

1 Day CDI

3.975%

Maturity

$

1,429

$

–0–

$

1,429

BRL

2,815

01/02/2023

1 Day CDI

4.590%

Maturity

7,757

–0–

7,757

BRL

2,592

01/02/2023

1 Day CDI

4.175%

Maturity

3,339

–0–

3,339

28

AB Variable Products Series Fund

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
BRL	2,577		01/02/2023		1 Day CDI		4.053%	Maturity	$	2,104		$	–0–	$	2,104
CAD	3,780		05/22/2024		3 Month CDOR		1.980%	Semi-Annual/ Semi-Annual		139,416			2		139,414
USD	2,420		10/01/2025		0.329%		3 Month LIBOR	Semi-Annual/ Quarterly		7,474			–0–		7,474
EUR	540		09/30/2050		6 Month EURIBOR		(0.017)%	Semi-Annual/ Annual		1,302			–0–		1,302
EUR	540		09/30/2050		0.122%		6 Month EURIBOR	Annual/ Semi-Annual		(29,503	)		–0–		(29,503	)
EUR	550		11/10/2050		6 Month EURIBOR		(0.043)%	Semi-Annual/ Annual		(4,318	)		–0–		(4,318	)
EUR	550		11/10/2050		0.022%		6 Month EURIBOR	Annual/ Semi-Annual		(8,898	)		6,597		(15,495	)
									$	120,102		$	6,599	$	113,503

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		15.00	%		USD	60	$	(15,990	)	$	(7,769	)	$	(8,221	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	55		(14,657	)		(7,291	)		(7,366	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	69		(18,382	)		(10,342	)		(8,040	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	11		(2,931	)		(1,730	)		(1,201	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	70		(18,650	)		(10,186	)		(8,464	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	9		(2,398	)		(504	)		(1,894	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	8		(2,132	)		(916	)		(1,216	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	53		(14,124	)		(5,919	)		(8,205	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	52		(13,858	)		(5,805	)		(8,053	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	4		(1,066	)		(350	)		(716	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	8		(2,132	)		(713	)		(1,419	)

29

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

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		15.00	%		USD	8	$	(2,133	)	$	(772	)	$	(1,361	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	15		(3,997	)		(1,581	)		(2,416	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	78		(20,787	)		(10,365	)		(10,422	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	53		(14,124	)		(5,513	)		(8,611	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	75		(19,982	)		(11,257	)		(8,725	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	58		(15,452	)		(9,256	)		(6,196	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	82		(21,846	)		(13,274	)		(8,572	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	5		(1,332	)		(741	)		(591	)
													$  (205,973)			$  (104,284)			$  (101,689)

* Termination date

INFLATION (CPI) SWAPS (see Note D)

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid Received

Market Value

Upfront Premiums Paid (Received)

Unrealized Appreciation/ (Depreciation)

Bank of America, NA

USD

10,000

07/11/2024

2.416

%

CPI

#

Maturity

$

(310,311

)

$

–0–

$

(310,311

)

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

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

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the aggregate market value of these securities amounted to $35,715,851 or 14.7% of net assets.

(f) Affiliated investments.

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

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

(i) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2020.

(j) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.12% of net assets as of December 31, 2020, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.398%, 11/25/2024		11/06/2015	$	15,596	$	15,088		0.01	%

30

AB Variable Products Series Fund

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.109%, 11/15/2026		11/16/2015	$	89,652	$	79,891		0.03	%
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.145%, 03/27/2024		03/21/2019		84,673		80,697		0.03	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		14,000		14,375		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.398%, 11/25/2025		09/28/2015		73,154		71,383		0.03	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.648%, 11/25/2025		09/28/2015		20,732		20,501		0.01	%

(k) Inverse interest only security.

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNY—Chinese Yuan Renminbi

COP—Colombian Peso

DKK—Danish Krone

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Sol

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

CDI—Brazil CETIP Interbank Deposit Rate

CDOR—Canadian Dealer Offered Rate

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

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

31

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

CPI—Consumer Price Index

EURIBOR—Euro Interbank Offered Rate

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rate

OAT—Obligations Assimilables du Trésor

PJSC—Public Joint Stock Company

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

TBA—To Be Announced

See notes to financial statements.

32

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $142,674,755)	$	178,117,495	(a)
Affiliated issuers (cost $64,788,350)		66,294,210
Cash		2,926
Cash collateral due from broker		623,074
Foreign currencies, at value (cost $165,972)		167,008
Receivable for investment securities sold and foreign currency transactions		1,861,673
Unaffiliated interest and dividends receivable		727,104
Unrealized appreciation on forward currency exchange contracts		722,602
Receivable for variation margin on centrally cleared swaps		737
Affiliated dividends receivable		18
Total assets		248,516,847
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		2,629,738
Unrealized depreciation on forward currency exchange contracts		1,302,619
Unrealized depreciation on inflation swaps		310,311
Market value on credit default swaps (net premiums received $104,284)		205,973
Advisory fee payable		68,661
Payable for capital stock redeemed		64,380
Distribution fee payable		46,744
Administrative fee payable		20,475
Payable for variation margin on futures		4,587
Transfer Agent fee payable		146
Accrued expenses and other liabilities		183,889
Total liabilities		4,837,523
NET ASSETS	$	243,679,324
COMPOSITION OF NET ASSETS
Capital stock, at par	$	23,255
Additional paid-in capital		201,311,416
Distributable earnings		42,344,653
	$	243,679,324

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	21,252,348		2,002,120	$	10.61
B	$	222,426,976		21,253,018	$	10.47

(a) Includes securities on loan with a value of $646,459 (see Note E).

See notes to financial statements.

33

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $39,067)	$	1,777,202
Affiliated issuers		685,624
Interest (net of foreign taxes withheld of $3,306)		2,020,484
Securities lending income		2,298
		4,485,608
EXPENSES
Advisory fee (see Note B)		1,274,223
Distribution fee—Class B		526,074
Transfer agency—Class A		547
Transfer agency—Class B		5,438
Custody and accounting		177,826
Audit and tax		101,259
Administrative		73,979
Printing		67,896
Legal		32,880
Directors’ fees		19,473
Miscellaneous		26,167
Total expenses		2,305,762
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(505,784	)
Net expenses		1,799,978
Net investment income		2,685,630
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Affiliated Underlying Portfolios		(242,354	)
Investment transactions(a)		5,602,505
Forward currency exchange contracts		(846,012	)
Futures		1,261,034
Swaps		(1,329,291	)
Swaptions written		70,092
Foreign currency transactions		(1,525,040	)
Net realized gain distributions from Affiliated Underlying Portfolios		412,213
Net change in unrealized appreciation/depreciation of:
Affiliated Underlying Portfolios		4,127,222
Investments(b)		8,449,885
Forward currency exchange contracts		157,549
Futures		173,913
Swaps		398,772
Foreign currency denominated assets and liabilities		21,709
Net gain on investment and foreign currency transactions		16,732,197
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	19,417,827

(a) Net of foreign capital gains taxes of $3,327.

(b) Net of increase in accrued foreign capital gains taxes of $2,061.

See notes to financial statements.

34

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

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,685,630		$	4,063,721
Net realized gain on investment and foreign currency transactions		2,990,934			8,220,863
Net realized gain distributions from Affiliated Underlying Portfolios		412,213			303,518
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		13,329,050			29,876,573
Net increase in net assets from operations		19,417,827			42,464,675
Distributions to Shareholders
Class A		(1,115,680	)		(3,532,547	)
Class B		(10,939,126	)		(32,838,881	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(19,101,220	)		5,082,781
Total increase (decrease)		(11,738,199	)		11,176,028
NET ASSETS
Beginning of period		255,417,523			244,241,495
End of period	$	243,679,324		$	255,417,523

See notes to financial statements.

35

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Balanced Wealth Strategy Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to maximize total return consistent with the determination of AllianceBernstein L.P. (the “Adviser”) of reasonable risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

36

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

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

37

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

22,711,010

$

248,007

$

197

$

22,959,214

Health Care

11,661,103

224,820

–0

–

11,885,923

Communication Services

10,725,846

121,123

–0

–

10,846,969

Real Estate

6,874,726

3,277,517

–0

–

10,152,243

Consumer Discretionary

9,459,737

437,565

–0

–

9,897,302

Financials

8,610,039

447,703

–0

–

9,057,742

Industrials

7,617,222

512,174

–0

–

8,129,396

Materials

2,310,652

2,114,272

–0

–

4,424,924

Consumer Staples

4,105,896

305,913

–0

–

4,411,809

Energy

1,973,492

2,378,574

–0

–

4,352,066

Utilities

2,070,031

295,342

–0

–

2,365,373

Consumer Services

75,106

–0

–

–0

–

75,106

Transportation

–0

–

73,744

–0

–

73,744

Consumer Durables & Apparel

35,789

35,856

–0

–

71,645

Software & Services

32,774

–0

–

–0

–

32,774

Investment Companies

64,620,975

–0

–

–0

–

64,620,975

Governments—Treasuries

–0

–

29,076,965

–0

–

29,076,965

Corporates—Investment Grade

–0

–

22,792,366

–0

–

22,792,366

Corporates—Non-Investment Grade

–0

–

5,221,377

–0

–

5,221,377

Quasi-Sovereigns

–0

–

4,419,286

–0

–

4,419,286

Collateralized Mortgage Obligations

–0

–

3,785,675

–0

–

3,785,675

Mortgage Pass-Throughs

–0

–

3,765,978

–0

–

3,765,978

Commercial Mortgage-Backed Securities

–0

–

2,093,375

–0

–

2,093,375

Emerging Markets—Corporate Bonds

–0

–

927,177

–0

–

927,177

Collateralized Loan Obligations

–0

–

868,963

–0

–

868,963

Governments—Sovereign Bonds

–0

–

717,277

–0

–

717,277

Emerging Markets—Sovereigns

–0

–

709,046

–0

–

709,046

Covered Bonds

–0

–

546,468

–0

–

546,468

Emerging Markets—Treasuries

–0

–

344,860

–0

–

344,860

Governments—Sovereign Agencies

–0

–

328,163

–0

–

328,163

Asset-Backed Securities

–0

–

101,521

–0

–

101,521

Short-Term Investments:

Governments—Treasuries

–0

–

3,682,768

–0

–

3,682,768

Investment Companies

1,673,235

–0

–

–0

–

1,673,235

Total Investments in Securities

154,557,633

89,853,875

197

244,411,705

Other Financial Instruments(a):

Assets:

Futures

17,979

–0

–

–0

–

17,979

(b)

Forward Currency Exchange Contracts

–0

–

722,602

–0

–

722,602

Centrally Cleared Interest Rate Swaps

–0

–

162,821

–0

–

162,821

(b)

Liabilities:

Futures

(6,420

)

–0

–

–0

–

(6,420

)(b)

Forward Currency Exchange Contracts

–0

–

(1,302,619

)

–0

–

(1,302,619

)

Centrally Cleared Interest Rate Swaps

–0

–

(42,719

)

–0

–

(42,719

)(b)

38

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Credit Default Swaps	$	–0	–	$	(205,973	)	$	–0	–	$	(205,973	)
Inflation (CPI) Swaps		–0	–		(310,311	)		–0	–		(310,311	)
Total	$	154,569,192		$	88,877,676		$	197		$	243,447,065

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

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

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

39

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

with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2020, such reimbursements/waivers amounted to $38,509.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $73,979.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the Portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $1,471.

In connection with the Portfolio’s investments in other AB mutual funds, the Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fees of AB mutual funds, as paid by the Portfolio as an acquired fund fee and expense. These fee waivers and/or expense reimbursements will remain in effect until May 1, 2021. For the year ended December 31, 2020, such waivers and/or reimbursements amounted to $465,768.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

																Distributions
Fund	Market Value 12/31/19 (000)		Purchases at Cost (000)			Sales Proceeds (000)			Realized Gain (Loss) (000)			Change in Unrealized Appr./(Depr.) (000)		Market Value 12/31/20 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	1,821	$	49,763		$	49,911		$	0		$	0	$	1,673	$	5	$	0
AB Discovery Growth Fund, Inc.		3,307		423			1,631			91			883		3,073		11		412
AB Trust—AB Discovery Value Fund		3,319		27			280			(41	)		126		3,151		28		0
Bernstein Fund, Inc.:
International Small Cap Portfolio		8,771		97			1,005			(131	)		678		8,410		97		0
International Strategic Equities Portfolio		28,723		15,738	†		2,592			(76	)		1,124		42,917		363		0
Small Cap Core Portfolio		3,312		17			590			(1	)		367		3,105		17		0
Sanford C. Bernstein Fund, Inc.:
Emerging Markets Portfolio		4,116		75			724			7			491		3,965		75		0
International Portfolio		16,145		90			16,602	†		(91	)		458		0		90		0

40

AB Variable Products Series Fund

														Distributions
Fund	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./(Depr.) (000)		Market Value 12/31/20 (000)		Dividend Income (000)			Realized Gains (000)
Government Money Market Portfolio*	$	258	$	3,486	$	3,744	$	0		$	0	$	0	$	0	**	$	0
Total							$	(242	)	$	4,127	$	66,294	$	686		$	412

† Includes $15,376,822 of purchases / sales resulting from the merger of the International Portfolio into the International Strategic Equities Portfolio, which took place on December 4, 2020.

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

** Amount is less than $500.

Brokerage commissions paid on investment transactions for the year ended December 31, 2020 amounted to $22,183, of which $76 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

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

NOTE C: Distribution Plan

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

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

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

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

41

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	125,763,001	$	149,997,092
U.S. government securities		26,557,041		32,509,745

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

Cost	$	208,114,864
Gross unrealized appreciation	$	41,705,219
Gross unrealized depreciation		(5,562,148	)
Net unrealized appreciation	$	36,143,071

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2020, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

42

AB Variable Products Series Fund

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

During the year ended December 31, 2020, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

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

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

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

During the year ended December 31, 2020, the Portfolio held written swaptions for hedging and non-hedging purposes.

43

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

• Swaps

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

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

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

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

Interest Rate Swaps:

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

44

AB Variable Products Series Fund

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

During the year ended December 31, 2020, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

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

During the year ended December 31, 2020, the Portfolio held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

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

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

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

During the year ended December 31, 2020, the Portfolio held credit default swaps for hedging and non-hedging purposes.

45

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

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

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

During the year ended December 31, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	17,979	*	Receivable/Payable for variation margin on futures	$	6,420	*
Interest rate contracts	Receivable/Payable for variation margin on centrally cleared swaps		162,819	*	Receivable/Payable for variation margin on centrally cleared swaps		49,316	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		722,602		Unrealized depreciation on forward currency exchange contracts		1,302,619
Interest rate contracts					Unrealized depreciation on inflation swaps		310,311
Credit contracts					Market value on credit default swaps		205,973
Total		$	903,400			$	1,874,639

* 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	$	1,261,034		$	173,913
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(846,012	)		157,549
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		70,092			–0	–
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(1,188,146	)		548,337

46

AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	(141,145	)	$	(149,565	)
Total		$	(844,177	)	$	730,234

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2020:

Futures:
Average notional amount of buy contracts	$	14,330,974
Average notional amount of sale contracts	$	7,650,431
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	23,792,772
Average principal amount of sale contracts	$	63,768,993
Swaptions Written:
Average notional amount	$	2,687,583	(a)
Inflation Swaps:
Average notional amount	$	10,000,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	8,793,878
Credit Default Swaps:
Average notional amount of sale contracts	$	1,356,769
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	1,731,510	(b)

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

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Bank of America, NA

$

1,386

$

(1,386

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

17,449

–0

–

–0

–

–0

–

17,449

BNP Paribas SA

65,643

(65,643

)

–0

–

–0

–

–0

–

Citibank, NA/Citigroup Global Markets, Inc

129,032

(129,032

)

–0

–

–0

–

–0

–

Credit Suisse International

26,879

(24,591

)

–0

–

–0

–

2,288

Goldman Sachs Bank USA

73,442

(73,442

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

89,789

(89,789

)

–0

–

–0

–

–0

–

Morgan Stanley & Co., Inc.

134,456

(134,456

)

–0

–

–0

–

–0

–

Natwest Markets PLC

14,972

(588

)

–0

–

–0

–

14,384

Standard Chartered Bank

71,094

(5,987

)

–0

–

–0

–

65,107

State Street Bank & Trust Co.

98,460

(98,460

)

–0

–

–0

–

–0

–

Total

$

722,602

$

(623,374

)

$

–0

–

$

–0

–

$

99,228

^

47

BALANCED WEALTH STRATEGY 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	$	310,311	$	(1,386	)	$	(308,925	)	$	–0	–	$	–0	–
BNP Paribas SA		87,622		(65,643	)		–0	–		–0	–		21,979
Citibank, NA/Citigroup Global Markets, Inc		352,461		(129,032	)		–0	–		–0	–		223,429
Credit Suisse International		24,591		(24,591	)		–0	–		–0	–		–0	–
Deutsche Bank AG		32,512		–0	–		–0	–		–0	–		32,512
Goldman Sachs Bank USA/Goldman Sachs International		173,763		(73,442	)		–0	–		–0	–		100,321
JPMorgan Chase Bank, NA		94,643		(89,789	)		–0	–		–0	–		4,854
Morgan Stanley & Co., Inc.		287,078		(134,456	)		–0	–		–0	–		152,622
Natwest Markets PLC		588		(588	)		–0	–		–0	–		–0	–
Standard Chartered Bank		5,987		(5,987	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		348,283		(98,460	)		–0	–		–0	–		249,823
UBS AG		101,064		–0	–		–0	–		–0	–		101,064
Total	$	1,818,903	$	(623,374	)	$	(308,925	)	$	–0	–	$	886,604	^

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

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

2. Currency Transactions

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

3. TBA and Dollar Rolls

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

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended December 31, 2020, the Portfolio earned drop income of $3,298 which is included in interest income in the accompanying statement of operations.

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities

48

AB Variable Products Series Fund

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

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*			Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
									Income Earned		Advisory Fee Waived
$	646,459	$	–0	–	$	655,064	$	2,055	$	243	$	36

* As of December 31, 2020.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		77,220			78,265		$	757,635		$	848,106
Shares issued in reinvestment of dividends and distributions		114,782			367,208			1,115,680			3,532,547
Shares redeemed		(567,977	)		(441,090	)		(5,567,327	)		(4,638,019	)
Net increase (decrease)		(375,975	)		4,383		$	(3,694,012	)	$	(257,366	)
Class B
Shares sold		1,282,047			1,141,276		$	11,968,828		$	12,135,176
Shares issued in reinvestment of dividends		1,140,680			3,456,725			10,939,126			32,838,881
Shares redeemed		(4,048,921	)		(3,799,936	)		(38,315,162	)		(39,633,910	)
Net increase (decrease)		(1,626,194	)		798,065		$	(15,407,208	)	$	5,340,147

49

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

At December 31, 2020, certain shareholders of the Portfolio owned 67% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The 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), that affect large portions of the market.

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

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

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

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

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

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 or dispose of than other types of securities.

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

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

Real Asset Risk—The Portfolio’s investments in securities linked to real assets involve significant risks, including financial, operating, and competitive risks. Investments in securities linked to real assets expose the Portfolio to adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located. Changes in

50

AB Variable Products Series Fund

inflation rates or in the market’s inflation expectations may adversely affect the market value of inflation-sensitive equities. The Portfolio’s investments in real estate securities have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in real estate investment trusts (“REITs”) may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in tax laws.

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

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions 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, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

51

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

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	5,219,650	$	5,933,950
Net long-term capital gains		6,835,156		30,437,478
Total taxable distributions paid	$	12,054,806	$	36,371,428

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,491,465
Undistributed capital gains		3,784,545
Other losses		(40,119	)(a)
Unrealized appreciation/(depreciation)		36,131,875	(b)
Total accumulated earnings/(deficit)	$	42,367,766	(c)

(a) As of December 31, 2020, the cumulative deferred loss on straddles was $40,119

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

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

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, 2020, the Portfolio did not have any capital loss carryforwards.

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

NOTE J: 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.

52

BALANCED WEALTH STRATEGY PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.24			$10.10			$11.86			$10.54			$10.99
Income From Investment Operations
Net investment income (a)(b)		.13			.19			.23			.17			.19	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.78			1.58			(.87	)		1.48			.34
Contributions from Affiliates		–0	–		–0	–		.00	(c)		.00	(c)		.00	(c)
Net increase (decrease) in net asset value from operations		.91			1.77			(.64	)		1.65			.53
Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.29	)		(.23	)		(.24	)		(.24	)
Distributions from net realized gain on investment transactions		(.30	)		(1.34	)		(.89	)		(.09	)		(.74	)
Total dividends and distributions		(.54	)		(1.63	)		(1.12	)		(.33	)		(.98	)
Net asset value, end of period		$10.61			$10.24			$10.10			$11.86			$10.54
Total Return
Total investment return based on net asset value (d)*		9.41	%		18.53	%		(6.17	)%		15.84	%		4.69	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$21,252			$24,347			$23,967			$29,328			$30,132
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)(f)‡		.55	%		.55	%		.66	%		.73	%		.73	%
Expenses, before waivers/reimbursements (e)(f)‡		.77	%		.75	%		.75	%		.73	%		.73	%
Net investment income (b)		1.38	%		1.81	%		2.05	%		1.51	%		1.74	%†
Portfolio turnover rate**		66	%		63	%		150	%		108	%		106	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.22	%		.22	%		.11	%		.00	%		.00	%

See footnote summary on page 55.

53

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

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

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.10			$9.98			$11.73			$10.42			$10.87
Income From Investment Operations
Net investment income (a)(b)		.11			.16			.20			.14			.16	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.78			1.56			(.86	)		1.47			.33
Contributions from Affiliates		–0	–		–0	–		.00	(c)		.00	(c)		.00	(c)
Net increase (decrease) in net asset value from operations		.89			1.72			(.66	)		1.61			.49
Less: Dividends and Distributions
Dividends from net investment income		(.22	)		(.26	)		(.20	)		(.21	)		(.20	)
Distributions from net realized gain on investment transactions		(.30	)		(1.34	)		(.89	)		(.09	)		(.74	)
Total dividends and distributions		(.52	)		(1.60	)		(1.09	)		(.30	)		(.94	)
Net asset value, end of period		$10.47			$10.10			$9.98			$11.73			$10.42
Total Return
Total investment return based on net asset value (d)*		9.25	%		18.20	%		(6.41	)%		15.62	%		4.44	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$222,427			$231,071			$220,274			$274,070			$272,733
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)(f)‡		.80	%		.80	%		.91	%		.98	%		.98	%
Expenses, before waivers/reimbursements (e)(f)‡		1.02	%		1.00	%		1.00	%		.98	%		.98	%
Net investment income (b)		1.14	%		1.57	%		1.79	%		1.26	%		1.49	%†
Portfolio turnover rate**		66	%		63	%		150	%		108	%		106	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.22	%		.22	%		.11	%		.00	%		.00	%

See footnote summary on page 55.

54

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

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

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

	Year Ended December 31,
	2020		2019			2018		2017		2016
Class A
Net of waivers/reimbursements		N/A		.54	%		N/A		N/A		N/A
Before waivers/reimbursements		N/A		.75	%		N/A		N/A		N/A
Class B
Net of waivers/reimbursements		N/A		.79	%		N/A		N/A		N/A
Before waivers/reimbursements		N/A		1.00	%		N/A		N/A		N/A

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

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

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

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

See notes to financial statements.

55

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

To the Shareholders and the Board of Directors of AB Balanced Wealth Strategy Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Balanced Wealth Strategy Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 12, 2021

56

2020 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2020. For corporate shareholders, 30.76% of dividends paid qualify for the dividends received deduction. The Portfolio designates $6,835,156 of dividends paid as long-term capital gain dividends.

57

BALANCED WEALTH STRATEGY
PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Daniel J. Loewy(2), Vice President Jess Gaspar(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

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

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

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

58

BALANCED WEALTH STRATEGY PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he had been associated since prior to 2004.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None
Jorge A. Bermudez,## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011

59

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Michael J. Downey,## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None
Jeanette W. Loeb,## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011

60

BALANCED WEALTH STRATEGY PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Carol C . McMullen,## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S . and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

61

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Earl D. Weiner,## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

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

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

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

# Mr. Keith is an “interested person”, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

62

BALANCED WEALTH STRATEGY PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Daniel J. Loewy 46	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Jess Gaspar 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since December 2016.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of the ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

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

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

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

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BALANCED WEALTH STRATEGY PORTFOLIO AB Variable Products Series Fund

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

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

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

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

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

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

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BALANCED WEALTH STRATEGY PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Balanced Wealth Strategy Portfolio (the “Fund”) at a meeting held by video conference on August 4-5, 2020 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the

65

AB Variable Products Series Fund

Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in 2019. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund in 2018 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 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 recent unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

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

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

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

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

Economies of Scale

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

67

VPS-BW-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ DYNAMIC ASSET ALLOCATION PORTFOLIO

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

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

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

DYNAMIC ASSET ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—Dynamic Asset Allocation Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index, the Bloomberg Barclays US Treasury Index and its blended benchmark, a 60%/40% blend of the MSCI World Index and the Bloomberg Barclays US Treasury Index, respectively, for the one- and five-year periods ended December 31, 2020, and since the Portfolio’s inception on April 1, 2011.

All share classes of the Portfolio underperformed the primary benchmark as well as the blended benchmark and the Bloomberg Barclays US Treasury Index for the annual period. Throughout most of 2020, the Portfolio maintained a significant underweight to risk assets. The Portfolio

1

AB Variable Products Series Fund

started the year with a modest overweight to equities, which was reduced in January, influenced by the sudden surge in COVID-19 cases outside China. The Portfolio further de-risked to a significant equity underweight as economic closures and quarantines became more extreme. It was the largest underweight and the fastest five-day reduction since inception. Due to heightened market volatility and ongoing concerns around the COVID-19 pandemic, the Portfolio maintained a defensive posture through the second and third quarters of 2020.

After establishing an equity overweight in November, the Portfolio modestly added to the equity overweight in December due to an improved risk outlook supported by growth and momentum indicators, as well as an elevated return outlook from improving corporate quality indicators and ongoing stimulus support. In a robust year for equity returns following the rapid recovery off March lows, the underweight equity positioning detracted from performance, relative to the primary benchmark, specifically in the month of April, as equity markets strongly advanced following a meaningful sell-off in February and March.

In fixed income, the Portfolio held an overweight to the US, which detracted from performance. The Portfolio ended the period with an overweight to duration. In currency management, the Portfolio held an overweight to the US dollar, relative to the Portfolio’s strategic allocation for most of the year, but moved to an underweight in the fourth quarter.

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

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market equities recorded positive returns for the annual period ended December 31, 2020, erasing losses from lows reached in late March when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

Global fixed-income market returns were positive yet volatile over the annual period. Central banks and governments enacted an unprecedented amount of monetary and fiscal stimulus to combat market illiquidity and cushion the negative economic impact of COVID-19, setting the stage for a rebound in risk assets following the initial sell-off in March. Government bonds rallied as interest rates were slashed. Risk assets began to rally significantly in November when positive vaccine news extended the credit rally. Developed-market and emerging-market investment-grade corporate bonds and commercial mortgage-backed securities led gains as investors searched for higher yields in a period of falling interest rates. Global developed-market high-yield corporate bonds also had strong returns, particularly in the US. Agency mortgage-backed securities, along with emerging-market local-currency debt and high-yield hard-currency sovereign bonds, had positive returns but trailed global treasuries. The US dollar declined against all major developed-market currencies and was mixed against emerging-market currencies. Brent crude oil prices were volatile and fell about 21% due to an uncertain oil industry outlook. Copper prices advanced more than 25%, and gold rose 24% as a perceived inflation hedge.

2

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

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

Foreign (Non-US) Risk: The Portfolio’s investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

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

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

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

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

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

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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

An Important Note About Historical Performance

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

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

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

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

4

DYNAMIC ASSET ALLOCATION PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years		Since  Inception1
Dynamic Asset Allocation Portfolio Class A		5.02%		6.02%		5.20%
Dynamic Asset Allocation Portfolio Class B		4.86%		5.76%		4.95%
Primary Benchmark: MSCI World Index		15.90%		12.19%		9.54%
Bloomberg Barclays US Treasury Index		8.00%		3.77%		3.44%
Blended Benchmark: 60% MSCI World Index/ 40% Bloomberg Barclays US Treasury Index		13.76%		9.13%		7.39%
1   Inception date: 4/1/2011.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.82% and 1.07% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

4/1/2011¹ TO 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Dynamic Asset Allocation Portfolio Class A shares (from 4/1/2011¹ to 12/31/2020) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 4/1/2011.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,121.90	$	4.27		0.80	%	$	4.32		0.81	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.11	$	4.06		0.80	%	$	4.12		0.81	%
Class B
Actual	$	1,000	$	1,121.70	$	5.60		1.05	%	$	5.65		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.86	$	5.33		1.05	%	$	5.38		1.06	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $  VALUE		PERCENT OF  NET ASSETS
U.S. Treasury Bonds & Notes	$	201,593,715		36.7	%
Vanguard Global ex-U.S. Real Estate ETF		13,759,058		2.5
Vanguard Real Estate ETF		13,477,032		2.5
Apple, Inc.		9,442,088		1.7
Microsoft Corp.		7,489,549		1.4
Amazon.com, Inc.		6,263,076		1.1
Alphabet, Inc.—Class A & Class C		4,648,771		0.8
Nestle SA		3,659,230		0.7
Facebook, Inc.—Class A		2,927,456		0.5
Roche Holding AG		2,545,365		0.5
	$	265,805,340		48.4	%

PORTFOLIO BREAKDOWN²

December 31, 2020 (unaudited)

ASSET CLASSES	ALLOCATION
Equities
US Large-Cap		24.9	%
International Large-Cap		24.2
Emerging Market Equities		5.2
Real Equities		5.0
US Small-Cap		2.8
US Mid-Cap		2.7
Subtotal		64.8
Fixed Income
U.S. Bonds		32.3
International Bonds		2.9
Subtotal		35.2
Total		100.0	%

SECURITY TYPE BREAKDOWN³

December 31, 2020 (unaudited)

SECURITY TYPE	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Common Stocks	$	307,056,802		56.9	%
Governments—Treasuries		201,593,715		37.3
Investment Companies		27,236,090		5.0
Rights		5,200		0.0
Short-Term Investments		4,201,162		0.8
Total Investments	$	540,092,969		100.0	%

1 Long-term investments.

2 All data are as of December 31, 2020. The Portfolio breakdown is expressed as an approximate percentage of the Portfolio’s total investments inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

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

7

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–55.9%
INFORMATION TECHNOLOGY–9.8%
COMMUNICATIONS EQUIPMENT–0.3%
Arista Networks, Inc.(a)		235	$	68,284
Cisco Systems, Inc.		18,790		840,852
F5 Networks, Inc.(a)		280		49,263
Juniper Networks, Inc.		1,460		32,865
Motorola Solutions, Inc.		725		123,294
Nokia Oyj(a)		65,083		251,372
Telefonaktiebolaget LM Ericsson–Class B		24,588		292,485
				1,658,415
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.8%
Amphenol Corp.–Class A		1,310		171,309
CDW Corp./DE		632		83,291
Corning, Inc.		3,365		121,140
FLIR Systems, Inc.		560		24,545
Halma PLC		3,559		119,192
Hamamatsu Photonics KK		1,600		91,542
Hexagon AB–Class B		3,240		297,050
Hitachi Ltd.		11,135		439,491
IPG Photonics Corp.(a)		173		38,716
Keyence Corp.		1,897		1,067,094
Keysight Technologies, Inc.(a)		828		109,370
Kyocera Corp.		3,732		229,064
Murata Manufacturing Co., Ltd.		6,673		604,103
Omron Corp.		2,137		190,773
Shimadzu Corp.		2,556		99,352
TDK Corp.		1,492		225,118
TE Connectivity Ltd.		1,460		176,762
Venture Corp., Ltd.		3,169		46,596
Vontier Corp.(a)		578		19,305
Yaskawa Electric Corp.		2,723		135,756
Yokogawa Electric Corp.		2,628		52,416
Zebra Technologies Corp.–Class A(a)		262		100,694
				4,442,679
IT SERVICES–2.0%
Accenture PLC–Class A		2,825		737,918
Adyen NV(a)(b)		87		202,148
Afterpay Ltd.(a)		2,459		223,537
Akamai Technologies, Inc.(a)		705		74,018
Amadeus IT Group SA–Class A		4,486		331,144
Atos SE(a)		1,132		103,369
Automatic Data Processing, Inc.		1,880		331,256
Bechtle AG		272		59,280
Broadridge Financial Solutions, Inc.		519		79,511
Capgemini SE		1,852		288,083
Cognizant Technology Solutions Corp.–Class A		2,340		191,763
Computershare Ltd.		5,603		63,051
DXC Technology Co.		1,118		28,789
Edenred		2,787		158,277
Fidelity National Information Services, Inc.		2,749		388,874
Fiserv, Inc.(a)		2,438		277,591
FleetCor Technologies, Inc.(a)		361		98,492
Fujitsu Ltd.		2,278		329,252
Gartner, Inc.(a)		390		62,474
Global Payments, Inc.		1,327		285,862
International Business Machines Corp.		3,938		495,715
Itochu Techno-Solutions Corp.		1,105		39,457
Jack Henry & Associates, Inc.		347		56,211
Leidos Holdings, Inc.		595		62,546
Mastercard, Inc.–Class A		3,910		1,395,635
NEC Corp.		2,849		153,019
Nexi SpA(a)(b)		4,335		86,263
Nomura Research Institute Ltd.		3,684		131,790
NTT Data Corp.		7,265		99,446
Obic Co., Ltd.		803		161,385
Otsuka Corp.		1,200		63,296
Paychex, Inc.		1,395		129,986
PayPal Holdings, Inc.(a)		5,235		1,226,037
SCSK Corp.		600		34,311
VeriSign, Inc.(a)		425		91,970
Visa, Inc.–Class A		7,550		1,651,411
Western Union Co. (The)–Class W		1,790		39,273
Wix.com Ltd.(a)		579		144,727
Worldline SA/France(a)(b)		2,512		244,036
				10,621,203
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.1%
Advanced Micro Devices, Inc.(a)		5,353		490,924
Advantest Corp.		2,363		176,993
Analog Devices, Inc.		1,610		237,845
Applied Materials, Inc.		4,025		347,357
ASM Pacific Technology Ltd.		3,530		46,620
ASML Holding NV		4,900		2,372,467
Broadcom, Inc.		1,809		792,071
Disco Corp.		332		111,895
Infineon Technologies AG		14,329		547,205
Intel Corp.		18,210		907,222
KLA Corp.		710		183,826
Lam Research Corp.		679		320,671
Lasertec Corp.		869		101,997
Maxim Integrated Products, Inc.		1,175		104,164

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Microchip Technology, Inc.		1,145	$	158,136
Micron Technology, Inc.(a)		4,930		370,637
NVIDIA Corp.		2,765		1,443,883
Qorvo, Inc.(a)		518		86,128
QUALCOMM, Inc.		5,014		763,833
Renesas Electronics Corp.(a)		8,127		85,065
Rohm Co., Ltd.		1,013		98,201
Skyworks Solutions, Inc.		724		110,685
STMicroelectronics NV		7,342		271,623
Teradyne, Inc.		700		83,923
Texas Instruments, Inc.		4,095		672,112
Tokyo Electron Ltd.		1,720		642,528
Xilinx, Inc.		1,085		153,820
				11,681,831
SOFTWARE–2.7%
Adobe, Inc.(a)		2,130		1,065,256
ANSYS, Inc.(a)		412		149,886
Autodesk, Inc.(a)		985		300,760
AVEVA Group PLC		1,315		57,411
Cadence Design Systems, Inc.(a)		1,214		165,626
Check Point Software Technologies Ltd.(a)(c)		1,177		156,435
Citrix Systems, Inc.		530		68,953
CyberArk Software Ltd.(a)		412		66,575
Dassault Systemes SE		1,514		307,069
Fortinet, Inc.(a)		569		84,514
Intuit, Inc.		1,180		448,223
Microsoft Corp.		33,673		7,489,549
Nice Ltd.(a)		604		170,882
NortonLifeLock, Inc.		2,625		54,547
Oracle Corp.		8,432		545,466
Oracle Corp./Japan		530		69,088
Paycom Software, Inc.(a)		234		105,826
Sage Group PLC (The)		12,240		97,188
salesforce.com, Inc.(a)		4,053		901,914
SAP SE		10,861		1,406,702
ServiceNow, Inc.(a)		879		483,828
Synopsys, Inc.(a)		672		174,209
TeamViewer AG(a)(b)		1,497		80,415
Temenos AG		397		55,314
Trend Micro, Inc./Japan		1,600		92,117
Tyler Technologies, Inc.(a)		179		78,137
WiseTech Global Ltd.		1,649		39,189
Xero Ltd.(a)		1,274		144,598
				14,859,677
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.9%
Apple, Inc.		71,159		9,442,088
Canon, Inc.		11,400		220,847
FUJIFILM Holdings Corp.		4,200		221,558
Hewlett Packard Enterprise Co.		5,730		67,900
HP, Inc.		6,070		149,261
Logitech International SA		1,893		183,801
NetApp, Inc.		990		65,578
Ricoh Co., Ltd.		7,717		50,746
Seagate Technology PLC		950		59,052
Western Digital Corp.		1,313		72,727
Xerox Holdings Corp.		716		16,604
				10,550,162
				53,813,967
FINANCIALS–7.6%
BANKS–3.3%
Australia & New Zealand Banking Group Ltd.		32,648		572,911
Banco Bilbao Vizcaya Argentaria SA		71,998		356,865
Banco Santander SA(a)		180,367		562,445
Bank Hapoalim BM(a)		13,064		89,727
Bank Leumi Le-Israel BM		16,778		99,036
Bank of America Corp.		33,856		1,026,175
Bank of Kyoto Ltd. (The)		655		34,151
Barclays PLC(a)		179,647		360,389
BNP Paribas SA(a)		12,948		683,553
CaixaBank SA		39,919		102,603
Citigroup, Inc.		9,249		570,293
Citizens Financial Group, Inc.		1,879		67,193
Comerica, Inc.		600		33,516
Commonwealth Bank of Australia		18,413		1,170,367
Credit Agricole SA(a)		13,282		167,910
Danske Bank A/S(a)		7,538		124,584
DBS Group Holdings Ltd.		17,778		336,906
DNB ASA(a)		10,914		213,867
Erste Group Bank AG(a)		2,832		86,270
Fifth Third Bancorp		3,140		86,570
First Republic Bank/CA		773		113,577
Hang Seng Bank Ltd.		8,803		151,923
HSBC Holdings PLC(a)		211,291		1,091,369
Huntington Bancshares, Inc./OH		4,495		56,772
ING Groep NV(a)		44,857		417,073
Intesa Sanpaolo SpA(a)		171,325		404,964
Israel Discount Bank Ltd.–Class A		13,191		50,931
JPMorgan Chase & Co.		13,555		1,722,434
KBC Group NV(a)		2,475		173,203
KeyCorp		4,315		70,809
Lloyds Banking Group PLC(a)		731,066		364,479
M&T Bank Corp.		565		71,925
Mediobanca Banca di Credito Finanziario SpA		7,149		66,177
Mitsubishi UFJ Financial Group, Inc.		127,145		562,949
Mizrahi Tefahot Bank Ltd.		529		12,272
Mizuho Financial Group, Inc.		27,768		352,436
National Australia Bank Ltd.		36,792		641,426
Natwest Group PLC(a)		53,666		122,680
Nordea Bank Abp(a)		37,296		305,655

9

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

Company	Shares		U.S. $ Value
Oversea-Chinese Banking Corp., Ltd.		38,061	$	290,043
People’s United Financial, Inc.		1,875		24,244
PNC Financial Services Group, Inc. (The)		1,880		280,120
Raiffeisen Bank International AG(a)		1,704		34,628
Regions Financial Corp.		4,265		68,752
Resona Holdings, Inc.		24,078		84,292
Shinsei Bank Ltd.		1,789		22,101
Shizuoka Bank Ltd. (The)		904		6,636
Skandinaviska Enskilda Banken AB–Class A(a)		18,734		192,913
Societe Generale SA(a)		9,127		189,738
Standard Chartered PLC(a)		25,714		163,282
Sumitomo Mitsui Financial Group, Inc.		15,017		465,499
Sumitomo Mitsui Trust Holdings, Inc.		3,888		119,963
SVB Financial Group(a)		236		91,528
Svenska Handelsbanken AB–Class A SHS(a)		17,909		180,523
Swedbank AB–Class A(a)		1,293		22,680
Truist Financial Corp.		5,998		287,484
UniCredit SpA(a)		24,423		228,829
United Overseas Bank Ltd.		13,541		230,798
US Bancorp		6,105		284,432
Wells Fargo & Co.		18,408		555,553
Westpac Banking Corp.		37,065		551,576
Zions Bancorp NA		730		31,711
				17,905,710
CAPITAL MARKETS–1.6%
3i Group PLC		10,554		166,932
Ameriprise Financial, Inc.		545		105,910
Amundi SA(a)(b)		698		56,888
ASX Ltd.		2,229		123,703
Bank of New York Mellon Corp. (The)		3,615		153,421
BlackRock, Inc.–Class A		633		456,735
Cboe Global Markets, Inc.		446		41,531
Charles Schwab Corp. (The)		6,642		352,292
CME Group, Inc.–Class A		1,600		291,280
Credit Suisse Group AG		27,544		355,617
Daiwa Securities Group, Inc.		16,000		72,877
Deutsche Bank AG(a)		22,601		248,588
Deutsche Boerse AG		2,188		372,556
EQT AB		7,706		195,606
Franklin Resources, Inc.		1,190		29,738
Goldman Sachs Group, Inc. (The)		1,538		405,586
Hargreaves Lansdown PLC		3,794		78,999
Hong Kong Exchanges & Clearing Ltd.		13,792		756,514
Intercontinental Exchange, Inc.		2,500		288,225
Invesco Ltd.		1,630		28,411
Japan Exchange Group, Inc.		5,865		149,861
Julius Baer Group Ltd.		2,348		135,272
London Stock Exchange Group PLC		3,274		404,131
Macquarie Group Ltd.		3,876		413,722
Magellan Financial Group Ltd.		946		39,182
MarketAxess Holdings, Inc.		160		91,290
Moody’s Corp.		745		216,229
Morgan Stanley		6,321		433,178
MSCI, Inc.–Class A		357		159,411
Nasdaq, Inc.		510		67,697
Natixis SA(a)		10,888		37,308
Nomura Holdings, Inc.		36,193		191,355
Northern Trust Corp.		910		84,757
Partners Group Holding AG		216		253,809
Raymond James Financial, Inc.		509		48,696
S&P Global, Inc.		1,100		361,603
SBI Holdings, Inc./Japan		2,482		59,045
Schroders PLC		1,431		65,248
St. James’s Place PLC		6,158		95,289
Standard Life Aberdeen PLC		26,804		102,740
State Street Corp.		1,565		113,901
T. Rowe Price Group, Inc.		975		147,605
UBS Group AG		41,887		589,762
				8,842,500
CONSUMER FINANCE–0.2%
Acom Co., Ltd.		4,593		19,611
American Express Co.		2,900		350,639
Capital One Financial Corp.		2,003		197,996
Discover Financial Services		1,360		123,121
Isracard Ltd.		0		1
Synchrony Financial		2,378		82,540
				773,908
DIVERSIFIED FINANCIAL SERVICES–0.6%
Berkshire Hathaway, Inc.–Class B(a)		8,684		2,013,559
EXOR NV		1,249		101,453
Groupe Bruxelles Lambert SA		1,185		119,441
IHS Markit Ltd.		1,611		144,716
Industrivarden AB–Class C(a)		1,826		59,020
Investor AB–Class B		5,243		381,603
Kinnevik AB–Class B(a)		2,785		139,909
L E Lundbergforetagen AB–Class B(a)		875		46,943
M&G PLC		27,397		73,949
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,640		22,281
ORIX Corp.		15,248		234,577
Sofina SA		178		60,213
Tokyo Century Corp.		496		39,362
Wendel SE		309		36,876
				3,473,902

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INSURANCE–1.9%
Admiral Group PLC		2,197	$	86,873
Aegon NV		20,597		82,159
Aflac, Inc.		2,890		128,518
Ageas SA/NV		2,085		110,728
AIA Group Ltd.		132,118		1,610,006
Allianz SE		4,336		1,065,237
Allstate Corp. (The)		1,350		148,406
American International Group, Inc.		3,833		145,117
Aon PLC		1,025		216,552
Arthur J Gallagher & Co.		852		105,401
Assicurazioni Generali SpA		12,649		221,464
Assurant, Inc.		260		35,417
Aviva PLC		41,214		183,321
Chubb Ltd.		2,012		309,687
Cincinnati Financial Corp.		660		57,664
CNP Assurances(a)		1,975		32,088
Dai-ichi Life Holdings, Inc.		12,416		187,052
Direct Line Insurance Group PLC		15,828		69,227
Everest Re Group Ltd.		194		45,413
Gjensidige Forsikring ASA		358		7,990
Globe Life, Inc.		402		38,174
Hannover Rueck SE		695		110,753
Hartford Financial Services Group, Inc. (The)		1,565		76,654
Insurance Australia Group Ltd.		26,603		96,544
Japan Post Holdings Co., Ltd.		18,130		141,217
Legal & General Group PLC		58,066		211,617
Lincoln National Corp.		790		39,745
Loews Corp.		1,040		46,821
Marsh & McLennan Cos., Inc.		2,220		259,740
MetLife, Inc.		3,390		159,160
MS&AD Insurance Group Holdings, Inc.		5,122		155,837
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,425		423,405
NN Group NV		3,362		145,340
Phoenix Group Holdings PLC		5,766		55,256
Poste Italiane SpA(b)		6,014		61,516
Principal Financial Group, Inc.		1,090		54,075
Progressive Corp. (The)		2,565		253,627
Prudential Financial, Inc.		1,755		137,013
Prudential PLC		27,057		497,523
QBE Insurance Group Ltd.		16,701		108,864
RSA Insurance Group PLC		11,875		110,068
Sampo Oyj–Class A		5,422		231,810
SCOR SE(a)		1,825		59,197
Sompo Holdings, Inc.		3,853		156,211
Suncorp Group Ltd.		14,515		109,232
Swiss Life Holding AG		368		171,661
Swiss Re AG		3,392		319,571
T&D Holdings, Inc.		5,646		66,786
Tokio Marine Holdings, Inc.		7,416		382,084
Travelers Cos., Inc. (The)		1,090		153,003
Tryg A/S		1,391		43,749
Unum Group		890		20,417
Willis Towers Watson PLC		587		123,669
WR Berkley Corp.		584		38,789
Zurich Insurance Group AG		1,555		655,309
				10,562,757
				41,558,777
HEALTH CARE–7.4%
BIOTECHNOLOGY–0.8%
AbbVie, Inc.		7,816		837,484
Alexion Pharmaceuticals, Inc.(a)		980		153,115
Amgen, Inc.		2,578		592,734
Argenx SE(a)		467		138,064
Biogen, Inc.(a)		665		162,832
CSL Ltd.		4,721		1,031,503
Genmab A/S(a)		763		309,392
Gilead Sciences, Inc.		5,575		324,799
Grifols SA		2,899		84,641
Incyte Corp.(a)		790		68,714
Regeneron Pharmaceuticals, Inc.(a)		502		242,521
Vertex Pharmaceuticals, Inc.(a)		1,167		275,809
				4,221,608
HEALTH CARE EQUIPMENT & SUPPLIES–1.7%
Abbott Laboratories		7,876		862,343
ABIOMED, Inc.(a)		208		67,434
Alcon, Inc.(a)		5,660		375,802
Align Technology, Inc.(a)		340		181,689
Asahi Intecc Co., Ltd.		2,248		82,109
Baxter International, Inc.		2,240		179,738
Becton Dickinson and Co.		1,288		322,283
BioMerieux		477		67,135
Boston Scientific Corp.(a)		6,360		228,642
Cochlear Ltd.		738		107,685
Coloplast A/S–Class B		1,368		209,207
Cooper Cos., Inc. (The)		211		76,661
Danaher Corp.		2,840		630,878
Demant A/S(a)		1,271		50,237
DENTSPLY SIRONA, Inc.		946		49,533
DexCom, Inc.(a)		459		169,701
DiaSorin SpA		290		60,549
Edwards Lifesciences Corp.(a)		2,770		252,707
Fisher & Paykel Healthcare Corp., Ltd.		6,614		157,074
GN Store Nord A/S		1,474		117,499
Hologic, Inc.(a)		1,120		81,570
Hoya Corp.		4,090		566,444
IDEXX Laboratories, Inc.(a)		383		191,450
Intuitive Surgical, Inc.(a)		555		454,045

11

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

Company	Shares		U.S. $ Value
Koninklijke Philips NV(a)		10,532	$	567,333
Medtronic PLC		5,979		700,380
Olympus Corp.		13,355		292,393
ResMed, Inc.		666		141,565
Sartorius AG (Preference Shares)		410		172,684
Siemens Healthineers AG(b)		2,811		144,658
Smith & Nephew PLC		8,855		183,940
Sonova Holding AG(a)		635		165,159
STERIS PLC		391		74,110
Straumann Holding AG		108		126,513
Stryker Corp.		1,465		358,984
Sysmex Corp.		1,927		231,869
Teleflex, Inc.		211		86,841
Terumo Corp.		7,432		311,001
Varian Medical Systems, Inc.(a)		395		69,129
West Pharmaceutical Services, Inc.		331		93,776
Zimmer Biomet Holdings, Inc.		925		142,533
				9,405,283
HEALTH CARE PROVIDERS & SERVICES–0.8%
AmerisourceBergen Corp.–Class A		635		62,078
Anthem, Inc.		1,110		356,410
Cardinal Health, Inc.		1,265		67,753
Centene Corp.(a)		2,536		152,236
Cigna Corp.		1,611		335,378
CVS Health Corp.		5,789		395,389
DaVita, Inc.(a)		300		35,220
Fresenius Medical Care AG & Co. KGaA		2,453		204,549
Fresenius SE & Co. KGaA		4,812		222,516
HCA Healthcare, Inc.		1,170		192,418
Henry Schein, Inc.(a)		590		39,447
Humana, Inc.		585		240,008
Laboratory Corp. of America Holdings(a)		425		86,509
McKesson Corp.		715		124,353
NMC Health PLC(a)(d)(e)		1,143		–0	–
Orpea SA(a)		595		78,024
Quest Diagnostics, Inc.		600		71,502
Ramsay Health Care Ltd.		2,058		98,888
Ryman Healthcare Ltd.		936		10,269
Sonic Healthcare Ltd.		5,188		128,542
UnitedHealth Group, Inc.		4,255		1,492,143
Universal Health Services, Inc.–Class B		350		48,125
				4,441,757
HEALTH CARE TECHNOLOGY–0.1%
Cerner Corp.		1,330		104,379
M3, Inc.		5,078		479,705
				584,084
LIFE SCIENCES TOOLS & SERVICES–0.5%
Agilent Technologies, Inc.		1,345		159,369
Bio-Rad Laboratories, Inc.–Class A(a)		96		55,962
Eurofins Scientific SE(a)		1,520		127,440
Illumina, Inc.(a)		681		251,970
IQVIA Holdings, Inc.(a)		846		151,578
Lonza Group AG		858		552,695
Mettler-Toledo International, Inc.(a)		120		136,762
PerkinElmer, Inc.		505		72,467
QIAGEN NV(a)		2,703		140,175
Sartorius Stedim Biotech		319		113,482
Thermo Fisher Scientific, Inc.		1,785		831,417
Waters Corp.(a)		295		72,989
				2,666,306
PHARMACEUTICALS–3.5%
Astellas Pharma, Inc.		21,431		331,832
AstraZeneca PLC		13,871		1,383,123
Bayer AG		10,648		627,286
Bristol-Myers Squibb Co.		10,015		621,230
Catalent, Inc.(a)		691		71,912
Chugai Pharmaceutical Co., Ltd.		7,731		412,489
Daiichi Sankyo Co., Ltd.		17,685		606,068
Eisai Co., Ltd.		2,933		209,748
Eli Lilly & Co.		3,523		594,823
GlaxoSmithKline PLC		52,178		954,751
H Lundbeck A/S		802		27,456
Hikma Pharmaceuticals PLC		1,674		57,536
Johnson & Johnson		11,695		1,840,559
Kyowa Kirin Co., Ltd.		3,108		84,873
Merck & Co., Inc.		11,235		919,023
Merck KGaA		1,488		255,213
Novartis AG		23,227		2,187,005
Novo Nordisk A/S–Class B		18,405		1,283,917
Ono Pharmaceutical Co., Ltd.		4,257		128,284
Orion Oyj–Class B		1,211		55,627
Otsuka Holdings Co., Ltd.		4,495		192,595
Perrigo Co. PLC		572		25,580
Pfizer, Inc.		24,754		911,195
Recordati Industria Chimica e Farmaceutica SpA		1,204		66,953
Roche Holding AG		7,308		2,545,365
Sanofi		11,738		1,137,682
Santen Pharmaceutical Co., Ltd.		4,106		66,687
Shionogi & Co., Ltd.		3,100		169,482
Takeda Pharmaceutical Co., Ltd.		16,396		593,361
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		11,367		109,692
UCB SA		1,307		135,010
Viatris, Inc.(a)		5,326		99,809
Zoetis, Inc.		2,126		351,853
				19,058,019
				40,377,057

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–7.1%
AUTO COMPONENTS–0.3%
Aisin Seiki Co., Ltd.		1,800	$	53,981
Aptiv PLC		1,191		155,175
BorgWarner, Inc.		1,070		41,345
Bridgestone Corp.		6,162		202,088
Cie Generale des Etablissements Michelin SCA–Class B		1,954		251,591
Continental AG		1,267		188,574
Denso Corp.		4,989		296,949
Faurecia SE(a)		874		44,781
Koito Manufacturing Co., Ltd.		1,097		74,657
NGK Spark Plug Co., Ltd.		1,803		30,790
Stanley Electric Co., Ltd.		1,395		45,002
Sumitomo Electric Industries Ltd.		8,682		115,043
Toyoda Gosei Co., Ltd.		748		21,703
Toyota Industries Corp.		1,698		134,908
Valeo SA		2,636		103,975
				1,760,562
AUTOMOBILES–1.4%
Bayerische Motoren Werke AG		3,812		336,434
Daimler AG		9,852		698,303
Ferrari NV		1,451		336,547
Fiat Chrysler Automobiles NV(a)		12,630		228,174
Ford Motor Co.		17,370		152,682
General Motors Co.		5,586		232,601
Honda Motor Co., Ltd.		18,767		529,535
Isuzu Motors Ltd.		6,348		60,431
Nissan Motor Co., Ltd.(a)		26,300		142,557
Peugeot SA(a)		6,171		168,997
Renault SA(a)		2,213		96,867
Subaru Corp.		7,083		141,723
Suzuki Motor Corp.		4,318		200,163
Tesla, Inc.(a)		3,400		2,399,278
Toyota Motor Corp.		22,061		1,702,449
Volkswagen AG		374		77,980
Volkswagen AG (Preference Shares)		2,137		399,371
				7,904,092
DISTRIBUTORS–0.0%
Genuine Parts Co.		610		61,262
LKQ Corp.(a)		1,214		42,781
Pool Corp.		181		67,423
				171,466
HOTELS, RESTAURANTS & LEISURE–0.9%
Accor SA(a)		2,181		79,128
Aristocrat Leisure Ltd.		6,615		158,833
Carnival Corp.		3,305		71,586
Chipotle Mexican Grill, Inc.–Class A(a)		154		213,553
Compass Group PLC		18,425		343,651
Crown Resorts Ltd.		4,287		31,906
Darden Restaurants, Inc.		570		67,898
Domino’s Pizza, Inc.		173		66,339
Entain PLC(a)		6,708		104,047
Evolution Gaming Group AB(b)		1,464		147,183
Flutter Entertainment PLC(a)		1,614		328,183
Galaxy Entertainment Group Ltd.		24,949		194,216
Genting Singapore Ltd.		69,609		44,831
Hilton Worldwide Holdings, Inc.		1,216		135,292
InterContinental Hotels Group PLC(a)		1,821		118,028
La Francaise des Jeux SAEM(b)		989		45,332
Las Vegas Sands Corp.		1,447		86,241
Marriott International, Inc./MD–Class A		1,171		154,478
McDonald’s Corp.		3,300		708,114
Melco Resorts & Entertainment Ltd. (ADR)		2,272		42,146
MGM Resorts International		1,790		56,403
Norwegian Cruise Line Holdings Ltd.(a)		1,381		35,119
Oriental Land Co., Ltd./Japan		2,303		380,528
Royal Caribbean Cruises Ltd.		827		61,769
Sands China Ltd.		27,932		121,990
SJM Holdings Ltd.		22,833		25,600
Sodexo SA		221		18,691
Starbucks Corp.		5,191		555,333
Whitbread PLC(a)		2,096		88,780
Wynn Resorts Ltd.		410		46,260
Yum! Brands, Inc.		1,315		142,756
				4,674,214
HOUSEHOLD DURABLES–0.6%
Barratt Developments PLC(a)		11,070		101,203
Berkeley Group Holdings PLC		1,449		93,732
DR Horton, Inc.		1,435		98,900
Electrolux AB–Class B		2,430		56,539
Garmin Ltd.		620		74,189
Iida Group Holdings Co., Ltd.		1,694		34,250
Leggett & Platt, Inc.		575		25,473
Lennar Corp.–Class A		1,200		91,476
Mohawk Industries, Inc.(a)		250		35,237
Newell Brands, Inc.		1,675		35,560
NVR, Inc.(a)		20		81,597
Panasonic Corp.		25,416		296,280
Persimmon PLC		3,347		126,325
PulteGroup, Inc.		1,165		50,235
Rinnai Corp.		416		48,357
SEB SA		261		47,459
Sekisui Chemical Co., Ltd.		4,000		75,845

13

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

Company	Shares		U.S. $ Value
Sekisui House Ltd.		7,155	$	145,760
Sharp Corp./Japan		2,451		37,242
Sony Corp.		13,242		1,334,370
Taylor Wimpey PLC(a)		37,797		85,495
Whirlpool Corp.		300		54,147
				3,029,671
INTERNET & DIRECT MARKETING RETAIL–1.6%
Amazon.com, Inc.(a)		1,923		6,263,076
Booking Holdings, Inc.(a)		207		461,045
Delivery Hero SE(a)(b)		1,474		230,517
eBay, Inc.		2,915		146,479
Etsy, Inc.(a)		539		95,893
Expedia Group, Inc.		582		77,057
Just Eat Takeaway.com NV(a)(b)		1,397		157,516
Mercari, Inc.(a)		976		43,265
Ocado Group PLC(a)		5,101		159,509
Prosus NV(a)		5,634		608,352
Rakuten, Inc.		9,908		95,343
Zalando SE(a)(b)		1,747		194,321
ZOZO, Inc.		1,255		30,916
				8,563,289
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		2,300		199,182
Hasbro, Inc.		550		51,447
Sega Sammy Holdings, Inc.		1,992		31,445
Shimano, Inc.		854		199,903
Yamaha Corp.		1,600		94,279
				576,256
MULTILINE RETAIL–0.3%
Dollar General Corp.		1,110		233,433
Dollar Tree, Inc.(a)		1,038		112,146
Next PLC(a)		1,531		147,628
Pan Pacific International Holdings Corp.		4,742		109,558
Ryohin Keikaku Co., Ltd.		2,570		52,594
Target Corp.		2,215		391,014
Wesfarmers Ltd.		13,052		507,293
				1,553,666
SPECIALTY RETAIL–0.8%
ABC-Mart, Inc.		380		21,129
Advance Auto Parts, Inc.		281		44,260
AutoZone, Inc.(a)		105		124,471
Best Buy Co., Inc.		1,000		99,790
CarMax, Inc.(a)		720		68,011
Fast Retailing Co., Ltd.		672		602,568
Gap, Inc. (The)		905		18,272
Hennes & Mauritz AB–Class B(a)		9,038		189,726
Home Depot, Inc. (The)		4,820		1,280,288
Industria de Diseno Textil SA		11,346		360,120
JD Sports Fashion PLC(a)		5,019		58,964
Kingfisher PLC(a)		24,290		89,755
L Brands, Inc.		1,025		38,120
Lowe’s Cos., Inc.		3,260		523,263
Nitori Holdings Co., Ltd.		923		193,001
O’Reilly Automotive, Inc.(a)		340		153,874
Ross Stores, Inc.		1,550		190,356
Shimamura Co., Ltd.		273		28,685
Tiffany & Co.		455		59,810
TJX Cos., Inc. (The)		5,340		364,669
Tractor Supply Co.		515		72,399
Ulta Beauty, Inc.(a)		252		72,364
				4,653,895
TEXTILES, APPAREL & LUXURY GOODS–1.1%
adidas AG(a)		2,192		797,460
Burberry Group PLC(a)		4,658		113,749
Cie Financiere Richemont SA		6,009		542,865
EssilorLuxottica SA		3,274		510,202
Hanesbrands, Inc.		1,547		22,555
Hermes International		365		392,476
Kering SA		873		633,565
LVMH Moet Hennessy Louis Vuitton SE		2,889		1,808,517
Moncler SpA(a)		2,262		139,069
NIKE, Inc.–Class B		5,600		792,232
Pandora A/S		1,211		135,532
Puma SE(a)		1,036		116,578
PVH Corp.		295		27,698
Ralph Lauren Corp.		190		19,711
Swatch Group AG (The)		110		29,903
Tapestry, Inc.		1,230		38,228
Under Armour, Inc.–Class A(a)		827		14,200
Under Armour, Inc.–Class C(a)		854		12,707
VF Corp.		1,400		119,574
				6,266,821
				39,153,932
INDUSTRIALS–6.7%
AEROSPACE & DEFENSE–0.8%
Airbus SE(a)		6,762		742,090
BAE Systems PLC		32,056		213,774
Boeing Co. (The)		2,380		509,463
Dassault Aviation SA(a)		29		31,579
Elbit Systems Ltd.		350		46,138
General Dynamics Corp.		1,050		156,261
Howmet Aerospace, Inc.		1,716		48,975
Huntington Ingalls Industries, Inc.		179		30,516
L3Harris Technologies, Inc.		957		180,892
Lockheed Martin Corp.		1,110		394,028
MTU Aero Engines AG		612		159,529
Northrop Grumman Corp.		720		219,398
Raytheon Technologies Corp.		6,720		480,547

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Rolls-Royce Holdings PLC(a)		96,321	$	145,775
Safran SA(a)		3,689		522,856
Singapore Technologies Engineering Ltd.		17,972		52,012
Teledyne Technologies, Inc.(a)		165		64,677
Textron, Inc.		1,005		48,572
TransDigm Group, Inc.(a)		263		162,757
				4,209,839
AIR FREIGHT & LOGISTICS–0.4%
CH Robinson Worldwide, Inc.		565		53,037
Deutsche Post AG		11,387		564,064
DSV PANALPINA A/S		2,435		409,230
Expeditors International of Washington, Inc.		720		68,479
FedEx Corp.		1,065		276,495
Kuehne & Nagel International AG		622		141,143
SG Holdings Co., Ltd.		3,686		100,504
United Parcel Service, Inc.–Class B		3,165		532,986
Yamato Holdings Co., Ltd.		3,400		86,811
				2,232,749
AIRLINES–0.1%
Alaska Air Group, Inc.		543		28,236
American Airlines Group, Inc.(c)		2,682		42,295
ANA Holdings, Inc.(a)		1,324		29,255
Delta Air Lines, Inc.		2,792		112,266
Deutsche Lufthansa AG(a)		2,752		36,414
Japan Airlines Co., Ltd.(a)		1,304		25,147
Qantas Airways Ltd.(a)		8,408		31,528
Singapore Airlines Ltd.(a)		14,000		45,426
Southwest Airlines Co.		2,605		121,419
United Airlines Holdings, Inc.(a)		1,272		55,014
				527,000
BUILDING PRODUCTS–0.5%
AGC, Inc.		2,225		77,806
Allegion PLC		385		44,806
AO Smith Corp.		555		30,425
Assa Abloy AB–Class B		11,538		285,127
Carrier Global Corp.		4,125		155,595
Cie de Saint-Gobain(a)		5,957		273,977
Daikin Industries Ltd.		2,868		638,036
Fortune Brands Home & Security, Inc.		571		48,946
Geberit AG		427		267,289
Johnson Controls International PLC		3,192		148,715
Kingspan Group PLC(a)		1,771		124,187
LIXIL Group Corp.		2,795		60,614
Masco Corp.		1,135		62,346
Nibe Industrier AB		3,589		117,697
Otis Worldwide Corp.		1,812		122,401
TOTO Ltd.		1,651		99,371
				2,557,338
COMMERCIAL SERVICES & SUPPLIES–0.2%
Brambles Ltd.		17,764		145,705
Cintas Corp.		385		136,082
Copart, Inc.(a)		891		113,380
Dai Nippon Printing Co., Ltd.		2,799		50,347
Rentokil Initial PLC(a)		20,957		146,116
Republic Services, Inc.–Class A		900		86,670
Rollins, Inc.		981		38,328
Secom Co., Ltd.		2,417		222,972
Securitas AB–Class B		3,604		58,146
Waste Management, Inc.		1,715		202,250
				1,199,996
CONSTRUCTION & ENGINEERING–0.3%
ACS Actividades de Construccion y Servicios SA		3,203		106,414
CIMIC Group Ltd.(a)		1,118		21,030
Epiroc AB–Class A		7,586		137,873
Epiroc AB–Class B		4,489		75,782
Ferrovial SA		4,499		124,400
HOCHTIEF AG		285		27,734
Jacobs Engineering Group, Inc.		565		61,562
Kajima Corp.		5,172		69,382
Obayashi Corp.		7,474		64,535
Quanta Services, Inc.		615		44,292
Skanska AB–Class B		3,916		99,795
Taisei Corp.		2,197		75,793
Vinci SA		5,932		590,883
				1,499,475
ELECTRICAL EQUIPMENT–0.8%
ABB Ltd.		21,227		595,400
AMETEK, Inc.		999		120,819
Eaton Corp. PLC		1,764		211,927
Emerson Electric Co.		2,640		212,177
Legrand SA		3,005		268,817
Melrose Industries PLC(a)		52,623		128,210
Mitsubishi Electric Corp.		21,000		317,387
Nidec Corp.		5,134		649,492
Prysmian SpA		2,778		98,876
Rockwell Automation, Inc.		530		132,929
Schneider Electric SE		6,365		919,917
Siemens Energy AG(a)		3,978		145,792
Siemens Gamesa Renewable Energy SA		2,744		111,424
Vestas Wind Systems A/S		2,290		540,965
				4,454,132

15

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

Company	Shares		U.S. $ Value
INDUSTRIAL CONGLOMERATES–0.7%
3M Co.		2,575	$	450,084
CK Hutchison Holdings Ltd.		31,073		216,946
DCC PLC		1,133		80,174
General Electric Co.		39,079		422,053
Honeywell International, Inc.		3,145		668,942
Investment AB Latour–Class B		1,704		41,276
Jardine Matheson Holdings Ltd.		2,530		141,523
Jardine Strategic Holdings Ltd.		2,551		63,469
Keppel Corp., Ltd.		16,745		68,192
Roper Technologies, Inc.		495		213,390
Siemens AG		7,957		1,146,177
Smiths Group PLC		4,560		93,795
Toshiba Corp.		4,452		124,693
				3,730,714
MACHINERY–1.3%
Alfa Laval AB(a)		3,526		97,376
Alstom SA(a)		2,630		149,802
Amada Co. Ltd.		3,813		41,959
Atlas Copco AB–Class A		7,730		397,294
Caterpillar, Inc.		2,405		437,758
CNH Industrial NV(a)		11,779		148,067
Cummins, Inc.		650		147,615
Daifuku Co., Ltd.		1,166		144,287
Deere & Co.		1,405		378,015
Dover Corp.		635		80,169
FANUC Corp.		2,232		550,967
Flowserve Corp.		560		20,636
Fortive Corp.		1,470		104,105
GEA Group AG		1,741		62,271
Hino Motors Ltd.		3,307		28,231
Hitachi Construction Machinery Co., Ltd.		1,238		35,201
IDEX Corp.		322		64,142
Illinois Tool Works, Inc.		1,265		257,908
Ingersoll Rand, Inc.(a)		1,619		73,762
KION Group AG		831		72,066
Knorr-Bremse AG		557		75,994
Komatsu Ltd.		10,076		278,080
Kone Oyj–Class B		3,971		323,558
Kubota Corp.		11,872		259,375
Kurita Water Industries Ltd.		1,200		45,870
Makita Corp.		2,579		129,355
MINEBEA MITSUMI, Inc.		4,131		82,185
MISUMI Group, Inc.		3,268		107,280
Mitsubishi Heavy Industries Ltd.		3,689		112,979
NSK Ltd.		4,073		35,446
PACCAR, Inc.		1,510		130,283
Parker-Hannifin Corp.		595		162,084
Pentair PLC		730		38,756
Sandvik AB(a)		12,995		320,503
Schindler Holding AG		427		115,477
Schindler Holding AG (REG)		232		62,708
SKF AB–Class B		4,382		114,016
SMC Corp.		660		403,086
Snap-on, Inc.		220		37,651
Spirax-Sarco Engineering PLC		774		119,478
Stanley Black & Decker, Inc.		715		127,670
Techtronic Industries Co., Ltd.		15,799		225,822
Trane Technologies PLC		1,075		156,047
Volvo AB–Class B(a)		17,115		405,165
Wartsila Oyj Abp		5,108		51,123
Westinghouse Air Brake Technologies Corp.		765		55,998
Xylem, Inc./NY		785		79,905
				7,347,525
MARINE–0.0%
AP Moller–Maersk A/S–Class A		32		66,105
AP Moller–Maersk A/S–Class B		37		82,334
Nippon Yusen KK		1,761		41,086
				189,525
PROFESSIONAL SERVICES–0.5%
Bureau Veritas SA(a)		3,381		90,255
Equifax, Inc.		555		107,026
Experian PLC		9,447		358,879
Intertek Group PLC		1,627		125,670
Nielsen Holdings PLC		1,566		32,683
Nihon M&A Center, Inc.		1,721		115,089
Persol Holdings Co., Ltd.		2,043		36,910
Randstad NV(a)		1,372		88,813
Recruit Holdings Co., Ltd.		14,642		615,007
RELX PLC (London)		20,111		492,064
Robert Half International, Inc.		485		30,303
SGS SA		70		211,006
Teleperformance		676		224,419
Verisk Analytics, Inc.–Class A		700		145,313
Wolters Kluwer NV		3,143		265,166
				2,938,603
ROAD & RAIL–0.5%
Aurizon Holdings Ltd.		22,082		66,344
Central Japan Railway Co.		1,660		234,730
CSX Corp.		3,380		306,735
East Japan Railway Co.		3,481		232,236
Hankyu Hanshin Holdings, Inc.		2,635		87,646
JB Hunt Transport Services, Inc.		353		48,237
Kansas City Southern		420		85,735
Keio Corp.		1,200		93,102
Kintetsu Group Holdings Co., Ltd.		1,975		86,555

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MTR Corp., Ltd.		5,081	$	28,416
Norfolk Southern Corp.		1,120		266,123
Odakyu Electric Railway Co., Ltd.		3,393		106,568
Old Dominion Freight Line, Inc.		403		78,657
Seibu Holdings, Inc.		2,487		24,396
Tobu Railway Co., Ltd.		2,165		64,552
Tokyu Corp.		5,754		71,493
Union Pacific Corp.		2,990		622,578
West Japan Railway Co.		1,872		98,018
				2,602,121
TRADING COMPANIES & DISTRIBUTORS–0.5%
Ashtead Group PLC		4,715		222,081
Brenntag AG		1,621		126,051
Bunzl PLC		3,877		129,445
Fastenal Co.		2,530		123,540
Ferguson PLC		2,235		271,554
ITOCHU Corp.		15,507		445,983
Marubeni Corp.		19,005		126,619
Mitsubishi Corp.		15,558		383,533
Mitsui & Co., Ltd.		19,057		349,397
MonotaRO Co., Ltd.		1,315		66,787
Sumitomo Corp.		13,465		178,451
Toyota Tsusho Corp.		2,502		101,247
United Rentals, Inc.(a)		300		69,573
WW Grainger, Inc.		230		93,918
				2,688,179
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(a)(b)		780		135,602
Aeroports de Paris(a)		342		44,247
Atlantia SpA(a)		5,703		102,984
Auckland International Airport Ltd.(a)		13,988		76,495
Getlink SE(a)		5,064		87,613
Japan Airport Terminal Co., Ltd.		584		35,441
Transurban Group		31,483		331,762
				814,144
				36,991,340
CONSUMER STAPLES–5.0%
BEVERAGES–1.1%
Anheuser-Busch InBev SA/NV		7,925		552,901
Asahi Group Holdings Ltd.		4,453		183,384
Brown-Forman Corp.–Class B		792		62,909
Budweiser Brewing Co. APAC Ltd.(b)		19,818		65,465
Carlsberg AS–Class B		1,232		197,505
Coca-Cola Amatil Ltd.		5,833		58,121
Coca-Cola Bottlers Japan Holdings, Inc.		1,300		20,306
Coca-Cola Co. (The)		17,220		944,345
Coca-Cola European Partners PLC		2,134		106,337
Coca-Cola HBC AG		2,301		74,513
Constellation Brands, Inc.–Class A		770		168,669
Davide Campari-Milano NV		8,446		96,811
Diageo PLC		24,308		961,838
Heineken NV		2,984		332,534
Ito En Ltd.		616		39,006
Kirin Holdings Co., Ltd.		9,345		220,663
Molson Coors Beverage Co.–Class B		800		36,152
Monster Beverage Corp.(a)		1,620		149,818
PepsiCo, Inc.		6,125		908,337
Pernod Ricard SA		2,445		469,554
Remy Cointreau SA		260		48,531
Suntory Beverage & Food Ltd.		1,601		56,706
Treasury Wine Estates Ltd.		150		1,085
				5,755,490
FOOD & STAPLES RETAILING–0.8%
Aeon Co., Ltd.		7,528		246,966
Coles Group Ltd.		15,355		214,531
Cosmos Pharmaceutical Corp.		231		37,301
Costco Wholesale Corp.		1,965		740,373
Etablissements Franz Colruyt NV		638		37,778
J Sainsbury PLC		20,378		62,636
Jeronimo Martins SGPS SA		2,897		48,698
Kobe Bussan Co., Ltd.		1,418		43,568
Koninklijke Ahold Delhaize NV		12,671		357,466
Kroger Co. (The)		3,420		108,619
Lawson, Inc.		600		27,922
Seven & i Holdings Co., Ltd.		8,674		307,151
Sundrug Co., Ltd.		824		32,933
Sysco Corp.		2,225		165,229
Tesco PLC		101,866		321,465
Tsuruha Holdings, Inc.		426		60,579
Walgreens Boots Alliance, Inc.		3,175		126,619
Walmart, Inc.		6,163		888,396
Wm Morrison Supermarkets PLC		27,684		66,987
Woolworths Group Ltd.		14,518		440,047
				4,335,264
FOOD PRODUCTS–1.3%
a2 Milk Co., Ltd. (The)(a)		6,019		52,350
Ajinomoto Co., Inc.		5,373		121,751
Archer-Daniels-Midland Co.		2,475		124,765
Associated British Foods PLC(a)		3,365		103,893
Calbee, Inc.		1,002		30,205
Campbell Soup Co.		875		42,306
Chocoladefabriken Lindt & Spruengli AG (REG)		2		200,882

17

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

Company	Shares		U.S. $ Value
Conagra Brands, Inc.		2,165	$	78,503
Danone SA		7,109		467,816
General Mills, Inc.		2,705		159,054
Hershey Co. (The)		650		99,015
Hormel Foods Corp.		1,250		58,263
JM Smucker Co. (The)		495		57,222
Kellogg Co.		1,115		69,386
Kerry Group PLC–Class A		1,885		273,784
Kikkoman Corp.		1,724		119,985
Kraft Heinz Co. (The)		2,878		99,751
Lamb Weston Holdings, Inc.		640		50,394
McCormick & Co., Inc./MD		1,100		105,160
MEIJI Holdings Co., Ltd.		1,318		92,760
Mondelez International, Inc.–Class A		6,345		370,992
Mowi ASA		5,059		112,694
Nestle SA		30,955		3,659,230
NH Foods Ltd.		933		41,093
Nisshin Seifun Group, Inc.		2,277		36,272
Nissin Foods Holdings Co., Ltd.		730		62,572
Orkla ASA		4,449		45,168
Tyson Foods, Inc.–Class A		1,275		82,161
WH Group Ltd.(b)		110,196		92,405
Wilmar International Ltd.		22,113		77,856
Yakult Honsha Co., Ltd.		1,419		71,563
Yamazaki Baking Co., Ltd.		1,394		23,282
				7,082,533
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		1,076		93,860
Clorox Co. (The)		570		115,094
Colgate-Palmolive Co.		3,780		323,228
Essity AB–Class B		6,982		224,954
Henkel AG & Co. KGaA		638		61,478
Henkel AG & Co. KGaA (Preference Shares)		2,051		231,259
Kimberly-Clark Corp.		1,505		202,919
Lion Corp.		2,582		62,548
Procter & Gamble Co. (The)		11,020		1,533,323
Reckitt Benckiser Group PLC		7,382		658,875
Unicharm Corp.		4,645		220,294
				3,727,832
PERSONAL PRODUCTS–0.7%
Beiersdorf AG		1,161		133,468
Estee Lauder Cos., Inc. (The)–Class A		990		263,528
Kao Corp.		5,549		428,694
Kobayashi Pharmaceutical Co., Ltd.		262		32,023
L’Oreal SA		2,892		1,103,448
Shiseido Co., Ltd.		4,614		319,401
Unilever PLC		28,969		1,747,087
				4,027,649
TOBACCO–0.4%
Altria Group, Inc.		8,240		337,840
British American Tobacco PLC		23,860		886,086
Imperial Brands PLC		9,340		195,903
Japan Tobacco, Inc.		13,853		282,423
Philip Morris International, Inc.		6,900		571,251
Swedish Match AB		1,957		152,295
				2,425,798
				27,354,566
COMMUNICATION SERVICES–4.3%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.2%
Altice Europe NV–Class A(a)		7,169		46,431
AT&T, Inc.		31,727		912,469
BT Group PLC(a)		93,654		168,807
Cellnex Telecom SA(b)		3,059		183,702
CenturyLink, Inc.		4,362		42,529
Charter Communications, Inc.–Class A(a)		643		425,377
Comcast Corp.–Class A		20,302		1,063,825
Deutsche Telekom AG		34,771		634,661
Elisa Oyj		1,638		89,794
Eurazeo SE(a)		453		30,781
HKT Trust & HKT Ltd.–Class SS		43,580		56,520
Iliad SA		171		35,100
Infrastrutture Wireless Italiane SpA(b)		2,762		33,482
Koninklijke KPN NV		41,123		124,985
Nippon Telegraph & Telephone Corp.		14,800		379,753
Orange SA		22,965		273,399
PCCW Ltd.		48,874		29,432
Proximus SADP		1,581		31,230
Singapore Telecommunications Ltd.		71,734		125,258
Spark New Zealand Ltd.		21,146		71,626
Swisscom AG		299		161,023
Telecom Italia SpA/Milano		96,254		44,676
Telecom Italia SpA/Milano (Savings Shares)		69,387		36,155
Telefonica Deutschland Holding AG		11,986		33,013
Telefonica SA		57,953		230,476
Telenor ASA		8,302		140,924
Telia Co. AB		29,074		120,071
Telstra Corp., Ltd.		47,917		110,046
United Internet AG		1,180		49,672
Verizon Communications, Inc.		18,405		1,081,294
Washington H Soul Pattinson & Co., Ltd.		1,240		28,845
				6,795,356

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
ENTERTAINMENT–0.8%
Activision Blizzard, Inc.		3,415	$	317,083
Bollore SA		10,158		42,055
Electronic Arts, Inc.		1,265		181,654
Konami Holdings Corp.		1,074		60,430
Live Nation Entertainment, Inc.(a)(c)		616		45,264
Netflix, Inc.(a)		1,992		1,077,134
Nexon Co., Ltd.		5,577		172,078
Nintendo Co., Ltd.		1,164		747,219
Take-Two Interactive Software, Inc.(a)		535		111,168
Toho Co., Ltd./Tokyo		832		35,093
Ubisoft Entertainment SA(a)		81		7,806
Vivendi SA		9,545		307,869
Walt Disney Co. (The)(a)		8,059		1,460,129
				4,564,982
INTERACTIVE MEDIA & SERVICES–1.5%
Adevinta ASA–Class B(a)		6,032		101,398
Alphabet, Inc.–Class A(a)		1,359		2,381,838
Alphabet, Inc.–Class C(a)		1,294		2,266,933
Auto Trader Group PLC		11,120		90,514
Facebook, Inc.–Class A(a)		10,717		2,927,456
Kakaku.com, Inc.		1,547		42,347
REA Group Ltd.		607		69,530
Scout24 AG(b)		181		14,790
SEEK Ltd.		3,727		81,714
Twitter, Inc.(a)		3,536		191,474
Z Holdings Corp.		30,532		184,756
				8,352,750
MEDIA–0.2%
CyberAgent, Inc.		1,061		73,193
Dentsu Group, Inc.		2,490		74,107
Discovery, Inc.–Class A(a)(c)		685		20,612
Discovery, Inc.–Class C(a)		1,304		34,152
DISH Network Corp.–Class A(a)		1,056		34,151
Fox Corp.–Class A(c)		1,500		43,680
Fox Corp.–Class B(a)		682		19,696
Hakuhodo DY Holdings, Inc.		2,490		34,214
Informa PLC(a)		14,664		109,648
Interpublic Group of Cos., Inc. (The)		1,725		40,572
News Corp.–Class A		1,728		31,052
News Corp.–Class B		517		9,187
Omnicom Group, Inc.		910		56,757
Pearson PLC		8,837		81,108
Publicis Groupe SA		2,491		123,806
SES SA		3,959		37,156
ViacomCBS, Inc.–Class B		2,488		92,703
WPP PLC		13,761		149,114
				1,064,908
WIRELESS TELECOMMUNICATION SERVICES–0.6%
KDDI Corp.		17,149		508,472
Softbank Corp.		30,142		378,342
SoftBank Group Corp.		16,303		1,265,683
T-Mobile US, Inc.(a)		2,601		350,745
Tele2 AB–Class B		5,748		76,034
Vodafone Group PLC		278,458		457,364
				3,036,640
				23,814,636
MATERIALS–3.1%
CHEMICALS–1.7%
Air Liquide SA		4,936		809,242
Air Products & Chemicals, Inc.		1,000		273,220
Air Water, Inc.		2,115		37,633
Akzo Nobel NV		2,298		246,655
Albemarle Corp.		461		68,007
Arkema SA		794		90,851
Asahi Kasei Corp.		14,441		148,022
BASF SE		10,619		839,354
Celanese Corp.–Class A		508		66,009
CF Industries Holdings, Inc.		950		36,774
Chr Hansen Holding A/S(a)		1,215		125,536
Corteva, Inc.		3,306		128,008
Covestro AG(b)		2,001		123,288
Croda International PLC		1,484		133,456
Dow, Inc.		3,256		180,708
DuPont de Nemours, Inc.		3,266		232,245
Eastman Chemical Co.		580		58,162
Ecolab, Inc.		1,100		237,996
Evonik Industries AG		2,375		77,626
FMC Corp.		580		66,659
FUCHS PETROLUB SE (Preference Shares)		800		45,138
Givaudan SA		107		452,698
International Flavors & Fragrances, Inc.(c)		451		49,055
Israel Chemicals Ltd.		8,106		41,379
Johnson Matthey PLC		2,228		73,815
JSR Corp.		2,342		65,301
Kansai Paint Co., Ltd.		2,040		62,884
Koninklijke DSM NV		1,984		341,191
Kuraray Co., Ltd.		3,676		39,139
LANXESS AG		957		72,780
Linde PLC		2,340		616,613
LyondellBasell Industries NV–Class A		1,099		100,734
Mitsubishi Chemical Holdings Corp.		14,738		89,288
Mitsubishi Gas Chemical Co., Inc.		1,819		41,829
Mosaic Co. (The)		1,510		34,745
Nippon Paint Holdings Co., Ltd.		1,686		185,262
Nissan Chemical Corp.		1,429		89,605
Nitto Denko Corp.		1,828		163,752
Novozymes A/S–Class B		1,608		91,592
Orica Ltd.		4,656		54,456
PPG Industries, Inc.		1,050		151,431
Sherwin-Williams Co. (The)		375		275,591

19

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

Company	Shares		U.S. $ Value
Shin-Etsu Chemical Co., Ltd.		3,716	$	652,216
Sika AG		1,633		445,145
Solvay SA		853		100,598
Symrise AG		1,481		196,889
Taiyo Nippon Sanso Corp.		1,745		32,460
Teijin Ltd.		2,050		38,577
Toray Industries, Inc.		15,963		94,683
Tosoh Corp.		2,791		43,607
Umicore SA		1,906		91,612
Yara International ASA		2,038		84,548
				8,898,064
CONSTRUCTION MATERIALS–0.2%
CRH PLC(a)		9,039		384,398
HeidelbergCement AG		1,561		116,225
James Hardie Industries PLC(a)		5,099		151,119
LafargeHolcim Ltd.(a)		6,027		330,808
Martin Marietta Materials, Inc.		277		78,660
Taiheiyo Cement Corp.		1,304		32,664
Vulcan Materials Co.		565		83,795
				1,177,669
CONTAINERS & PACKAGING–0.1%
AMCOR PLC		6,943		81,719
Avery Dennison Corp.		385		59,718
Ball Corp.		1,410		131,384
International Paper Co.		1,725		85,767
Packaging Corp. of America		425		58,612
Sealed Air Corp.		690		31,595
Smurfit Kappa Group PLC		1,254		58,275
Westrock Co.		1,127		49,058
				556,128
METALS & MINING–1.0%
Anglo American PLC		12,776		421,892
Antofagasta PLC		4,539		89,051
BHP Group Ltd.		30,641		1,001,181
BHP Group PLC		21,969		580,078
BlueScope Steel Ltd.		5,081		68,618
Boliden AB		3,148		111,683
Evraz PLC		4,265		27,257
Fortescue Metals Group Ltd.		19,493		352,090
Freeport-McMoRan, Inc.		6,445		167,699
Fresnillo PLC		2,322		35,865
Glencore PLC(a)		101,307		321,730
Hitachi Metals Ltd.		2,468		37,523
JFE Holdings, Inc.(a)		5,000		48,007
Newcrest Mining Ltd.		9,300		185,607
Newmont Corp.		3,531		211,472
Nippon Steel Corp.(a)		9,298		119,918
Norsk Hydro ASA		14,486		67,419
Northern Star Resources Ltd.		8,518		83,255
Nucor Corp.		1,310		69,679
Rio Tinto Ltd.		4,273		375,774
Rio Tinto PLC		11,667		878,211
South32 Ltd.		52,892		101,085
Sumitomo Metal Mining Co., Ltd.		2,682		119,298
voestalpine AG		1,337		47,718
				5,522,110
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		5,565		130,398
Stora Enso Oyj–Class R		6,696		128,213
Svenska Cellulosa AB SCA–Class B(a)		6,974		121,935
UPM-Kymmene Oyj		6,144		229,120
				609,666
				16,763,637
UTILITIES–1.9%
ELECTRIC UTILITIES–1.1%
Alliant Energy Corp.		1,088		56,065
American Electric Power Co., Inc.		2,185		181,945
Chubu Electric Power Co., Inc.		7,416		89,496
Chugoku Electric Power Co., Inc. (The)		3,342		39,220
CLP Holdings Ltd.		18,903		174,789
Duke Energy Corp.		3,242		296,838
Edison International		1,685		105,852
EDP–Energias de Portugal SA		31,472		197,534
Electricite de France SA(a)		7,145		113,065
Elia Group SA/NV		356		42,492
Endesa SA		2,965		81,327
Enel SpA		93,625		952,609
Entergy Corp.		875		87,360
Evergy, Inc.		985		54,677
Eversource Energy		1,510		130,630
Exelon Corp.		4,317		182,264
FirstEnergy Corp.		2,375		72,699
Fortum Oyj		4,947		119,520
HK Electric Investments & HK Electric Investments Ltd.–Class SS(b)		30,514		30,032
Iberdrola SA		63,300		909,639
Kansai Electric Power Co., Inc. (The)		8,006		75,721
Kyushu Electric Power Co., Inc.		4,100		35,370
Mercury NZ Ltd.		7,840		36,896
NextEra Energy, Inc.		8,690		670,434
NRG Energy, Inc.		1,060		39,803
Orsted AS(b)		1,747		357,445
Pinnacle West Capital Corp.		485		38,776
Power Assets Holdings Ltd.		15,969		86,482
PPL Corp.		3,415		96,303
Red Electrica Corp. SA		4,542		93,252
Southern Co. (The)		4,660		286,264
SSE PLC		11,066		226,667
Terna Rete Elettrica Nazionale SpA		2,250		17,289

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Tohoku Electric Power Co., Inc.		4,920	$	40,606
Verbund AG		759		64,482
Xcel Energy, Inc.		2,330		155,341
				6,239,184
GAS UTILITIES–0.2%
APA Group		13,346		99,301
Atmos Energy Corp.		542		51,723
Enagas SA		2,865		63,029
Hong Kong & China Gas Co., Ltd.		122,741		183,634
Naturgy Energy Group SA		3,396		78,971
Osaka Gas Co., Ltd.		4,317		88,488
Snam SpA		23,447		132,419
Toho Gas Co., Ltd.		851		56,379
Tokyo Gas Co., Ltd.		4,329		100,195
				854,139
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		2,925		68,738
Meridian Energy Ltd.		14,751		79,000
Uniper SE		2,171		75,225
				222,963
MULTI-UTILITIES–0.5%
AGL Energy Ltd.		7,355		67,889
Ameren Corp.		1,060		82,744
CenterPoint Energy, Inc.		2,405		52,044
CMS Energy Corp.		1,270		77,483
Consolidated Edison, Inc.		1,490		107,682
Dominion Energy, Inc.		3,620		272,224
DTE Energy Co.		820		99,556
E.ON SE		25,844		286,177
Engie SA(a)		21,025		322,313
National Grid PLC		36,491		431,230
NiSource, Inc.		1,705		39,113
Public Service Enterprise Group, Inc.		2,245		130,884
RWE AG		6,723		284,432
Sempra Energy		1,250		159,262
United Utilities Group PLC		7,540		92,222
Veolia Environnement SA		6,203		152,949
WEC Energy Group, Inc.		1,368		125,897
				2,784,101
WATER UTILITIES–0.0%
American Water Works Co., Inc.		821		125,999
Severn Trent PLC		2,739		85,506
				211,505
				10,311,892
REAL ESTATE–1.5%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.0%
Alexandria Real Estate Equities, Inc.		532		94,813
American Tower Corp.		1,975		443,309
Ascendas Real Estate Investment Trust		36,711		82,874
AvalonBay Communities, Inc.		595		95,456
Boston Properties, Inc.		600		56,718
British Land Co. PLC (The)		9,308		62,340
CapitaLand Integrated Commercial Trust		29,724		48,611
Covivio		553		50,744
Crown Castle International Corp.		1,920		305,645
Dexus		12,575		91,206
Digital Realty Trust, Inc.		1,228		171,318
Duke Realty Corp.		1,628		65,071
Equinix, Inc.		430		307,097
Equity Residential		1,480		87,734
Essex Property Trust, Inc.		278		66,003
Extra Space Storage, Inc.		533		61,753
Federal Realty Investment Trust		272		23,153
Gecina SA		528		82,104
Goodman Group		18,942		276,884
GPT Group (The)		22,423		77,995
Healthpeak Properties, Inc.		2,380		71,947
Host Hotels & Resorts, Inc.		3,120		45,646
Iron Mountain, Inc.(c)		1,248		36,791
Japan Real Estate Investment Corp.		16		92,454
Japan Retail Fund Investment Corp.		31		56,418
Kimco Realty Corp.		1,910		28,669
Klepierre SA		2,231		50,318
Land Securities Group PLC		6,238		57,614
Link REIT		23,783		215,992
Mapletree Commercial Trust		24,747		39,891
Mapletree Logistics Trust		30,622		46,606
Mid-America Apartment Communities, Inc.		496		62,838
Mirvac Group		45,284		91,971
Nippon Building Fund, Inc.		15		86,995
Nippon Prologis REIT, Inc.		25		78,101
Nomura Real Estate Master Fund, Inc.		49		70,121
Orix JREIT, Inc.		1		1,654
Prologis, Inc.		3,279		326,785
Public Storage		700		161,651
Realty Income Corp.		1,558		96,861
Regency Centers Corp.		683		31,138
SBA Communications Corp.		490		138,244
Scentre Group		60,304		129,532
Segro PLC		12,623		163,793
Simon Property Group, Inc.		1,456		124,168
SL Green Realty Corp.(c)		276		16,444
Stockland		27,447		88,615
Suntec Real Estate Investment Trust		22,651		25,546
UDR, Inc.		1,278		49,114

21

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

Company	Shares		U.S. $ Value
United Urban Investment Corp.		35	$	43,331
Ventas, Inc.		1,661		81,455
Vicinity Centres		35,201		43,525
Vornado Realty Trust		685		25,578
Welltower, Inc.		1,835		118,578
Weyerhaeuser Co.		3,298		110,582
				5,459,794
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.5%
Aeon Mall Co., Ltd.		1,178		19,456
Aroundtown SA		1,933		14,412
Azrieli Group Ltd.		489		31,079
CapitaLand Ltd.		29,564		73,356
CBRE Group, Inc.–Class A(a)		1,465		91,885
City Developments Ltd.		5,233		31,545
CK Asset Holdings Ltd.		29,761		152,284
Daito Trust Construction Co., Ltd.		748		69,904
Daiwa House Industry Co., Ltd.		6,519		193,827
Deutsche Wohnen SE		3,934		209,898
Fastighets AB Balder–Class B(a)		121		6,318
Hang Lung Properties Ltd.		23,298		61,396
Henderson Land Development Co., Ltd.		34,727		134,902
Hongkong Land Holdings Ltd.		12,626		52,147
Hulic Co., Ltd.		3,490		38,391
LEG Immobilien AG		795		123,340
Lendlease Corp Ltd.		1,135		11,476
Mitsubishi Estate Co., Ltd.		13,612		218,783
Mitsui Fudosan Co., Ltd.		10,709		224,242
Nomura Real Estate Holdings, Inc.		1,331		29,513
Sino Land Co., Ltd.		36,047		46,908
Sumitomo Realty & Development Co., Ltd.		3,562		109,969
Sun Hung Kai Properties Ltd.		15,000		191,835
Swire Pacific Ltd.–Class A		5,731		31,569
Swire Properties Ltd.		13,468		39,157
Swiss Prime Site AG		875		85,778
Tokyu Fudosan Holdings Corp.		7,006		37,423
Unibail-Rodamco-Westfield		1,593		124,071
UOL Group Ltd.		5,340		31,138
Vonovia SE		5,930		433,092
Wharf Real Estate Investment Co., Ltd.		19,931		103,584
				3,022,678
				8,482,472
ENERGY–1.5%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.–Class A		3,050		63,593
Halliburton Co.		3,900		73,710
Schlumberger NV		6,170		134,691
TechnipFMC PLC		1,838		17,277
				289,271
OIL, GAS & CONSUMABLE FUELS–1.4%
Ampol Ltd.		2,812		61,663
Apache Corp.		1,665		23,626
BP PLC		210,663		726,944
Cabot Oil & Gas Corp.		1,740		28,327
Chevron Corp.		8,531		720,443
Concho Resources, Inc.		857		50,006
ConocoPhillips		4,730		189,153
Devon Energy Corp.		1,680		26,561
Diamondback Energy, Inc.		678		32,815
ENEOS Holdings, Inc.		35,325		126,877
Eni SpA		29,283		305,706
EOG Resources, Inc.		2,580		128,665
Equinor ASA		11,529		194,569
Exxon Mobil Corp.		18,800		774,936
Galp Energia SGPS SA		5,770		61,141
Hess Corp.		1,190		62,820
HollyFrontier Corp.		650		16,802
Idemitsu Kosan Co., Ltd.		1,072		23,602
Inpex Corp.		11,643		62,783
Kinder Morgan, Inc.		8,649		118,232
Koninklijke Vopak NV		810		42,540
Lundin Energy AB		2,139		57,973
Marathon Oil Corp.		3,485		23,245
Marathon Petroleum Corp.		2,851		117,917
Neste Oyj		4,921		357,283
NOV, Inc.		1,725		23,684
Occidental Petroleum Corp.		3,686		63,805
Oil Search Ltd.		4,787		13,719
OMV AG		1,396		55,761
ONEOK, Inc.		1,968		75,532
Origin Energy Ltd.		20,273		74,430
Phillips 66		1,940		135,684
Pioneer Natural Resources Co.		715		81,431
Repsol SA		15,165		152,774
Royal Dutch Shell PLC–Class A		42,811		750,750
Royal Dutch Shell PLC–Class B		38,736		656,525
Santos Ltd.		20,382		98,704
TOTAL SE		28,454		1,228,137
Valero Energy Corp.		1,795		101,543
Williams Cos., Inc. (The)		5,378		107,829
Woodside Petroleum Ltd.		10,847		190,318
				8,145,255
				8,434,526
Total Common Stocks (cost $184,519,301)				307,056,802

22

AB Variable Products Series Fund

Company	Principal Amount (000)		U.S. $ Value
GOVERNMENTS– TREASURIES–36.7%
UNITED STATES–36.7%
U.S. Treasury Bonds
1.25%, 05/15/2050	$	730	$	662,589
1.375%, 08/15/2050		1,065		997,273
1.625%, 11/15/2050		1,324		1,318,920
2.00%, 02/15/2050		915		994,062
2.25%, 08/15/2046–08/15/2049		7,073		8,080,122
2.375%, 11/15/2049		1,045		1,228,554
2.50%, 02/15/2045–05/15/2046		598		713,485
2.75%, 08/15/2042–08/15/2047		1,177		1,462,098
2.875%, 05/15/2043–05/15/2049		6,862		8,737,724
3.00%, 05/15/2045–02/15/2049		4,154		5,450,304
3.125%, 11/15/2041–02/15/2043		2,825		3,701,730
3.50%, 02/15/2039		23		31,215
3.625%, 08/15/2043		3,658		5,165,782
3.75%, 08/15/2041–11/15/2043		399		570,158
3.875%, 08/15/2040		280		401,188
4.25%, 05/15/2039		240		355,950
4.375%, 11/15/2039–05/15/2041		1,258		1,907,098
4.50%, 08/15/2039		317		484,762
4.75%, 02/15/2037–02/15/2041		1,127		1,738,478
5.25%, 11/15/2028		690		929,344
5.375%, 02/15/2031		650		932,648
5.50%, 08/15/2028		1,383		1,875,694
6.00%, 02/15/2026		2,846		3,652,663
6.125%, 11/15/2027		732		1,004,327
6.25%, 08/15/2023–05/15/2030		804		1,156,354
6.875%, 08/15/2025		849		1,102,771
7.25%, 08/15/2022		775		863,883
7.625%, 02/15/2025		295		383,684
8.00%, 11/15/2021		791		843,702
U.S. Treasury Notes
0.125%, 11/30/2022		1,419		1,418,900
0.25%, 06/30/2025–09/30/2025		11,518		11,479,855
0.375%, 04/30/2025–12/31/2025		4,640		4,651,138
0.50%, 03/31/2025		175		176,586
0.625%, 05/15/2030–08/15/2030		4,043		3,947,067
0.875%, 11/15/2030		2,024		2,017,042
1.25%, 08/31/2024		1,994		2,068,152
1.375%, 08/31/2023		1,651		1,704,657
1.50%, 09/30/2024–02/15/2030		9,529		10,017,607
1.625%, 08/15/2022–08/15/2029		15,079		15,732,113
1.75%, 03/31/2022–11/15/2029		15,661		16,266,629
1.875%, 11/30/2021–10/31/2022		6,713		6,887,006
2.00%, 11/15/2021–11/15/2026		23,993		25,292,448
2.125%, 11/30/2023–05/15/2025		13,005		13,877,762
2.25%, 04/30/2024–11/15/2027		8,410		9,218,026
2.375%, 08/15/2024–05/15/2029		4,221		4,710,579
2.50%, 08/15/2023–05/15/2024		5,883		6,302,990
2.625%, 02/15/2029		821		942,482
2.75%, 11/15/2023–02/15/2028		3,400		3,670,515
2.875%, 10/31/2023–05/15/2028		2,273		2,505,761
3.125%, 05/15/2021–11/15/2028		1,655		1,959,838
Total Governments–Treasuries (cost $185,671,514)				201,593,715
	Shares
INVESTMENT COMPANIES–5.0%
FUNDS AND INVESTMENT TRUSTS–5.0%(f)
Vanguard Global ex-U.S. Real Estate ETF		253,343		13,759,058
Vanguard Real Estate ETF		158,684		13,477,032
Total Investment Companies (cost $25,954,766)				27,236,090
RIGHTS–0.0%
ENERGY–0.0%
Repsol SA, expiring 01/08/2021(a) (cost $5,322)		15,165		5,200
SHORT-TERM INVESTMENTS–0.8%
INVESTMENT COMPANIES–0.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(f)(g)(h) (cost $4,201,162)		4,201,162		4,201,162
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.4% (cost $400,352,065)				540,092,969

23

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

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0%
INVESTMENT COMPANIES–0.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio Class AB, 0.03%(f)(g)(h) (cost $66,750)		66,750	$	66,750
TOTAL INVESTMENTS–98.4% (cost $400,418,815)			$	540,159,719
Other assets less liabilities–1.6%				8,626,354
NET ASSETS–100.0%			$	548,786,073

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		101		March 2021	$	11,464,210	$	20,407
10 Yr Canadian Bond Futures		26		March 2021		3,045,487		9,869
E-Mini Russell 2000 Futures		154		March 2021		15,205,960		562,645
Mini MSCI EAFE Futures		6		March 2021		639,240		8,791
MSCI Emerging Market Futures		447		March 2021		28,791,270		830,249
MSCI Singapore IX ETS Futures		299		January 2021		7,314,369		(44,338	)
S&P Mid 400 E Mini Futures		65		March 2021		14,972,750		442,123
U.S. T-Note 10 Yr (CBT) Futures		478		March 2021		66,001,344		2,074
Sold Contracts
Euro STOXX 50 Index Futures		443		March 2021		19,212,280		(266,222	)
FTSE 100 Index Futures		74		March 2021		6,496,723		56,774
Hang Seng Index Futures		27		January 2021		4,739,876		(147,852	)
S&P 500 E-Mini Futures		23		March 2021		4,311,120		(101,483	)
SPI 200 Futures		58		March 2021		7,307,565		42,354
TOPIX Index Futures		21		March 2021		3,669,992		(91,262	)
							$	1,324,129

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		CAD	1,003		USD	769		03/15/2021	$	(19,272	)
Barclays Bank PLC		GBP	821		USD	1,088		03/15/2021		(34,585	)
Barclays Bank PLC		USD	6,793		CAD	8,799		03/15/2021		121,134
BNP Paribas SA		AUD	1,551		USD	1,174		03/15/2021		(23,001)

24

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		GBP	3,282		USD	4,390		03/15/2021	$	(100,218)
BNP Paribas SA		JPY	780,952		USD	7,534		03/15/2021		(35,694	)
BNP Paribas SA		NZD	1,171		USD	831		03/15/2021		(11,972	)
BNP Paribas SA		SEK	20,544		USD	2,427		03/15/2021		(72,270	)
BNP Paribas SA		USD	6,161		EUR	5,046		03/15/2021		13,656
Citibank, NA		CHF	6,764		USD	7,618		03/15/2021		(38,164	)
Citibank, NA		SEK	21,956		USD	2,600		03/15/2021		(71,136	)
Credit Suisse International		CHF	962		USD	1,055		03/15/2021		(33,853	)
Goldman Sachs Bank USA		EUR	11,245		USD	13,598		03/15/2021		(161,548	)
Goldman Sachs Bank USA		USD	926		JPY	96,095		03/15/2021		5,778
Goldman Sachs Bank USA		USD	1,372		NZD	1,952		03/15/2021		32,901
JPMorgan Chase Bank, NA		EUR	2,294		USD	2,735		03/15/2021		(72,187	)
JPMorgan Chase Bank, NA		GBP	756		USD	1,004		03/15/2021		(29,564	)
JPMorgan Chase Bank, NA		JPY	324,240		USD	3,133		03/15/2021		(9,401	)
JPMorgan Chase Bank, NA		SEK	20,534		USD	2,454		03/15/2021		(44,076	)
JPMorgan Chase Bank, NA		USD	1,637		EUR	1,344		03/15/2021		7,001
JPMorgan Chase Bank, NA		USD	875		JPY	91,237		03/15/2021		9,776
JPMorgan Chase Bank, NA		USD	1,102		NOK	9,974		03/15/2021		61,228
JPMorgan Chase Bank, NA		USD	4,537		SEK	38,820		03/15/2021		184,972
Morgan Stanley Capital Services, Inc.		AUD	6,886		USD	5,113		03/15/2021		(199,296	)
Morgan Stanley Capital Services, Inc.		EUR	8,243		USD	9,963		03/15/2021		(123,488	)
Morgan Stanley Capital Services, Inc.		JPY	391,104		USD	3,720		03/15/2021		(70,827	)
Morgan Stanley Capital Services, Inc.		USD	1,832		GBP	1,363		03/15/2021		32,710
Morgan Stanley Capital Services, Inc.		USD	4,125		JPY	429,870		03/15/2021		41,959
Morgan Stanley Capital Services, Inc.		USD	2,804		SEK	24,215		03/15/2021		141,108
Natwest Markets PLC		JPY	249,348		USD	2,399		03/15/2021		(18,283	)
State Street Bank & Trust Co.		USD	81		GBP	60		03/15/2021		1,149
									$	(515,463)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the aggregate market value of these securities amounted to $2,687,004 or 0.5% of net assets.

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

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

(e) Fair valued by the Adviser.

(f) 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.

(g) Affiliated investments.

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

25

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

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

See notes to financial statements.

26

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $396,150,903)	$	535,891,807	(a)
Affiliated issuers (cost $4,267,912—including investment of cash collateral for securities loaned of $66,750)		4,267,912
Cash collateral due from broker		8,594,020
Foreign currencies, at value (cost $558,682)		568,446
Receivable for investment securities sold		4,287,609
Unaffiliated interest and dividends receivable		1,597,945
Unrealized appreciation on forward currency exchange contracts		653,372
Receivable for variation margin on futures		39,942
Receivable for capital stock sold		18,254
Affiliated dividends receivable		166
Total assets		555,919,473
LIABILITIES
Payable for investment securities purchased		4,892,015
Unrealized depreciation on forward currency exchange contracts		1,168,835
Payable for capital stock redeemed		387,226
Advisory fee payable		322,473
Distribution fee payable		115,256
Payable for collateral received on securities loaned		66,750
Administrative fee payable		20,350
Transfer Agent fee payable		146
Accrued expenses and other liabilities		160,349
Total liabilities		7,133,400
NET ASSETS	$	548,786,073
COMPOSITION OF NET ASSETS
Capital stock, at par	$	39,778
Additional paid-in capital		416,890,272
Distributable earnings		131,856,023
	$	548,786,073

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	364,034		26,200	$	13.89
B	$	548,422,039		39,751,803	$	13.80

(a) Includes securities on loan with a value of $410,499 (see Note E).

See notes to financial statements.

27

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $337,706)	$	6,620,074
Affiliated issuers		61,087
Interest		3,805,144
Securities lending income		11,124
		10,497,429
EXPENSES
Advisory fee (see Note B)		3,699,968
Distribution fee—Class B		1,320,485
Transfer agency—Class A		2
Transfer agency—Class B		3,011
Custody and accounting		195,082
Audit and tax		115,181
Administrative		73,581
Legal		50,143
Printing		34,085
Directors’ fees		23,946
Miscellaneous		60,690
Total expenses		5,576,174
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(13,618	)
Net expenses		5,562,556
Net investment income		4,934,873
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		2,427,646
Forward currency exchange contracts		(1,484,368	)
Futures		(13,930,447	)
Options written		238,227
Swaps		1,952,050
Foreign currency transactions		730,831
Net change in unrealized appreciation/depreciation of:
Investments(b)		28,037,755
Forward currency exchange contracts		(168,683	)
Futures		909,334
Foreign currency denominated assets and liabilities		105,311
Net gain on investment and foreign currency transactions		18,817,656
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	23,752,529

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

(b) Net of decrease in accrued foreign capital gains taxes of $4,724.

See notes to financial statements.

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

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,934,873		$	8,401,682
Net realized loss on investment and foreign currency transactions		(10,066,061	)		(3,231,753	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		28,883,717			73,276,621
Net increase in net assets from operations		23,752,529			78,446,550
Distributions to Shareholders
Class A		(6,470	)		(7,906	)
Class B		(7,947,724	)		(10,638,376	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(36,380,539	)		(32,253,889	)
Total increase (decrease)		(20,582,204	)		35,546,379
NET ASSETS
Beginning of period		569,368,277			533,821,898
End of period	$	548,786,073		$	569,368,277

See notes to financial statements.

29

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	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’s (the “Adviser’s”) 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 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

30

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread

31

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

comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	39,309,180		$	14,504,787		$	–0	–	$	53,813,967
Financials		14,826,217			26,732,560			–0	–		41,558,777
Health Care		19,674,699			20,702,358			0	(a)		40,377,057
Consumer Discretionary		18,131,090			21,022,842			–0	–		39,153,932
Industrials		12,351,965			24,639,375			–0	–		36,991,340
Consumer Staples		10,744,991			16,609,575			–0	–		27,354,566
Communication Services		15,231,026			8,583,610			–0	–		23,814,636
Materials		3,743,313			13,020,324			–0	–		16,763,637
Utilities		3,848,600			6,463,292			–0	–		10,311,892
Real Estate		3,396,444			5,086,028			–0	–		8,482,472
Energy		3,234,867			5,199,659			–0	–		8,434,526
Governments—Treasuries		–0	–		201,593,715			–0	–		201,593,715
Investment Companies		27,236,090			–0	–		–0	–		27,236,090
Rights		5,200			–0	–		–0	–		5,200
Short-Term Investments:
Investment Companies		4,201,162			–0	–		–0	–		4,201,162
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		66,750			–0	–		–0	–		66,750
Total Investments in Securities		176,001,594			364,158,125			–0	–		540,159,719
Other Financial Instruments(b):
Assets:
Futures		1,975,286			–0	–		–0	–		1,975,286	(c)
Forward Currency Exchange Contracts		–0	–		653,372			–0	–		653,372
Liabilities:
Futures		(458,967	)		(192,190	)		–0	–		(651,157	)(c)
Forward Currency Exchange Contracts		–0	–		(1,168,835	)		–0	–		(1,168,835	)
Total	$	177,517,913		$	363,450,472		$	–0	–	$	540,968,385

(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, options written and swaptions written 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.

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

32

AB Variable Products Series Fund

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The 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, 2021 and then may be extended by the Adviser for additional one-year terms. For the year ended December 31, 2020, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $73,581.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2020.

33

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

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $13,253.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	12,784	$	153,689	$	162,272	$	4,201	$	61
Government Money Market Portfolio*		0		70,835		70,768		67		1
Total							$	4,268	$	62

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

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

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

NOTE C: Distribution Plan

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

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

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

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AB Variable Products Series Fund

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	26,940,720	$	66,409,203
U.S. government securities		39,150,753		31,427,469

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

Cost	$	402,447,263
Gross unrealized appreciation	$	158,738,204
Gross unrealized depreciation		(21,236,571	)
Net unrealized appreciation	$	137,501,633

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2020, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

35

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

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

During the year ended December 31, 2020, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

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

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

During the year ended December 31, 2020, the Portfolio held written options for hedging and non-hedging purposes.

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions” 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.

36

AB Variable Products Series Fund

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

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

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

Credit Default Swaps:

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

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If

37

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

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 year ended December 31, 2020, the Portfolio held credit default swaps for hedging and non-hedging purposes.

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

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

During the year ended December 31, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	32,350	*
Equity contracts	Receivable/Payable for variation margin on futures		1,942,936	*	Receivable/Payable for variation margin on futures	$	651,157	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		653,372		Unrealized depreciation on forward currency exchange contracts		1,168,835
Total		$	2,628,658			$	1,819,992

* 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	$	995,299	$	557,967

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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)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(14,925,746	)	$	351,367
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(1,484,368	)		(168,683	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		238,227			–0	–
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		1,952,050			–0	–
Total		$	(13,224,538	)	$	740,651

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2020:

Futures:
Average notional amount of buy contracts	$	101,060,610
Average notional amount of sale contracts	$	78,158,386
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	60,893,633
Average principal amount of sale contracts	$	93,564,381
Options Written:
Average notional amount	$	28,400,000	(a)
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	17,648,038	(b)

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

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Barclays Bank PLC

$

121,134

$

(34,585

)

$

–0

–

$

–0

–

$

86,549

BNP Paribas SA

13,656

(13,656

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

38,679

(38,679

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

262,977

(155,228

)

–0

–

–0

–

107,749

Morgan Stanley Capital Services, Inc.

215,777

(215,777

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

1,149

–0

–

–0

–

–0

–

1,149

Total

$

653,372

$

(457,925

)

$

–0

–

$

–0

–

$

195,447

^

39

DYNAMIC ASSET ALLOCATION 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

$

19,272

$

–0

–

$

–0

–

$

–0

–

$

19,272

Barclays Bank PLC

34,585

(34,585

)

–0

–

–0

–

–0

–

BNP Paribas SA

243,155

(13,656

)

–0

–

–0

–

229,499

Citibank, NA

109,300

–0

–

–0

–

–0

–

109,300

Credit Suisse International

33,853

–0

–

–0

–

–0

–

33,853

Goldman Sachs Bank USA

161,548

(38,679

)

–0

–

–0

–

122,869

JPMorgan Chase Bank, NA

155,228

(155,228

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

393,611

(215,777

)

–0

–

–0

–

177,834

Natwest Markets PLC

18,283

–0

–

–0

–

–0

–

18,283

Total

$

1,168,835

$

(457,925

)

$

–0

–

$

–0

–

$

710,910

^

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

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

2. Currency Transactions

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

NOTE E: Securities Lending

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

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AB Variable Products Series Fund

Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value  of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	410,499	$	66,750	$	358,901	$	9,685	$	1,439	$	365

* As of December 31, 2020.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		6,869			3,650		$	86,958		$	46,170
Shares issued in reinvestment of dividends and distributions		502			618			6,470			7,906
Shares redeemed		(9,641	)		(5,604	)		(126,155	)		(71,327	)
Net decrease		(2,270	)		(1,336	)	$	(32,727	)	$	(17,251	)
Class B
Shares sold		1,311,598			2,194,218		$	16,672,485		$	28,084,156
Shares issued in reinvestment of dividends and distributions		619,947			837,008			7,947,724			10,638,376
Shares redeemed		(4,763,950	)		(5,568,513	)		(60,968,021	)		(70,959,170	)
Net decrease		(2,832,405	)		(2,537,287	)	$	(36,347,812	)	$	(32,236,638	)

At December 31, 2020, certain shareholders of the Portfolio owned 91% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The 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), that affect large portions of the market.

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

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.

41

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

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

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

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

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

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

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or

42

AB Variable Products Series Fund

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

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

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions 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, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020			2019
Distributions paid from:
Ordinary income	$	7,954,194		$	10,014,238
Net long-term capital gains		–0	–		632,044
Total taxable distributions paid	$	7,954,194		$	10,646,282

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	5,046,295
Accumulated capital and other losses		(10,830,539	)(a)
Unrealized appreciation/(depreciation)		137,640,267	(b)
Total accumulated earnings/(deficit)	$	131,856,023

(a) As of December 31, 2020, the Portfolio had a net capital loss carryforward of $9,767,499. As of December 31, 2020, the cumulative deferred loss on straddles was $1,063,040.

(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.

43

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2020, the Portfolio had a net short-term capital loss carryforward of $7,544,796 and a net long-term capital loss carryforward of $2,222,703, which may be carried forward for an indefinite period.

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

NOTE J: Subsequent Events

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

44

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.46			$11.91			$13.07			$11.63			$11.33
Income From Investment Operations
Net investment income (a)(b)		.15			.23			.20			.17			.13†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.51			1.60			(1.11	)		1.52			.27
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.66			1.83			(.91	)		1.69			.40
Less: Dividends and Distributions
Dividends from net investment income		(.23	)		(.27	)		(.23	)		(.25	)		(.10	)
Distributions from net realized gain on investment transactions		–0	–		(.01	)		(.02	)		–0	–		(.00	)(c)
Total dividends and distributions		(.23	)		(.28	)		(.25	)		(.25	)		(.10	)
Net asset value, end of period		$13.89			$13.46			$11.91			$13.07			$11.63
Total Return
Total investment return based on net asset value (d)		5.02	%		15.51	%		(7.07	)%		14.67	%		3.59	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$364			$383			$355			$328			$303
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.80	%		.80	%		.78	%		.77	%		.79	%
Expenses, before waivers/reimbursements (e)‡		.80	%		.80	%		.79	%		.78	%		.81	%
Net investment income (b)		1.18	%		1.78	%		1.60	%		1.39	%		1.11	%†
Portfolio turnover rate		13	%		19	%		24	%		20	%		64	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.02	%		.03	%		.04	%		.04	%

See footnote summary on page 46.

45

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

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

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.36			$11.82			$12.98			$11.56			$11.26
Income From Investment Operations
Net investment income (a)(b)		.12			.19			.17			.14			.10†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.51			1.60			(1.11	)		1.50			.27
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.63			1.79			(.94	)		1.64			.37
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.24	)		(.20	)		(.22	)		(.07	)
Distributions from net realized gain on investment transactions		–0	–		(.01	)		(.02	)		–0	–		(.00	)(c)
Total dividends and distributions		(.19	)		(.25	)		(.22	)		(.22	)		(.07	)
Net asset value, end of period		$13.80			$13.36			$11.82			$12.98			$11.56
Total Return
Total investment return based on net asset value (d)		4.86	%		15.24	%		(7.35	)%		14.32	%		3.37	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$548,422			$568,985			$533,467			$604,703			$558,725
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		1.05	%		1.05	%		1.03	%		1.03	%		1.05	%
Expenses, before waivers/reimbursements (e)‡		1.06	%		1.05	%		1.04	%		1.04	%		1.07	%
Net investment income (b)		.93	%		1.51	%		1.35	%		1.15	%		.89	%†
Portfolio turnover rate		13	%		19	%		24	%		20	%		64	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
Portfolios		.01	%		.02	%		.03	%		.04	%		.04	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

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

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

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

See notes to financial statements.

46

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Dynamic Asset Allocation Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 12, 2021

47

2020 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2020. For corporate shareholders, 35.60% of dividends paid qualify for the dividends received deduction.

48

DYNAMIC ASSET ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Brian T. Brugman(2), Vice President Daniel J. Loewy(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
State Street Corporation CCB/5 1 Iron Street	One Battery Park Plaza New York, NY 10004
Boston, MA 02210
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
1345 Avenue of the Americas	P.O. Box 786003
New York, NY 10105	San Antonio, TX 78278-6003
	Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
5 Times Square
New York, NY 10036

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

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

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

49

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

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004 . Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he had been associated since prior to 2004 .		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

50

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

51

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None

52

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody,## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None
Earl D. Weiner,## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

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

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

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

^#  Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

53

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

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE (5) YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Brian T. Brugman 40	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Daniel J. Loewy 46	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel, and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

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

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

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

54

DYNAMIC ASSET ALLOCATION PORTFOLIO AB Variable Products Series Fund

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

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

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

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

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

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

55

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 by video conference on August 4-5, 2020 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the

56

AB Variable Products Series Fund

Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the 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 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, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the periods reviewed, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

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

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

57

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

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

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

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. 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 previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level (which was well below the level at which they would anticipate adding an initial breakpoint) and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

58

VPS-DAA-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO

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

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

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—Global Risk Allocation—Moderate Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index (net, USD hedged) and a 60%/40% blend of the MSCI World Index (net, USD hedged) and the Bloomberg Barclays Global G7 Treasury Index (USD hedged), for the one- and five-year periods ended December 31, 2020, and the period since the Portfolio’s inception on April 28, 2015.

All share classes of the Portfolio underperformed the primary and blended benchmarks for the annual period. The Portfolio allocated most of its risk to global equity, with the balance allocated to government bonds. The Portfolio’s systematic equity downside protection strategy detracted from performance for the whole period. The Portfolio’s timing of equity relative to bond exposures detracted from performance versus the blended benchmark, mainly because of an underweight of equity exposure due to the risk cap, when the ex-ante risk measure post market crisis remained high during the equity rebound after March. Tactical currency hedging decisions contributed to relative performance.

During the annual period, the Portfolio utilized derivatives for hedging and investment purposes, including futures, forwards, written options, written swaptions and interest rate swaps, which detracted from absolute returns, while variance swaps and purchased options added and purchased swaptions had no material impact.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market equities recorded positive returns for the annual period ended December 31, 2020, erasing losses from lows reached in late March

1

AB Variable Products Series Fund

when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

Global fixed-income market returns were positive yet volatile over the annual period. Central banks and governments enacted an unprecedented amount of monetary and fiscal stimulus to combat market illiquidity and cushion the negative economic impact of COVID-19, setting the stage for a rebound in risk assets following the initial sell-off in March. Government bonds rallied as interest rates were slashed. Risk assets began to rally significantly in November when positive vaccine news extended the credit rally. Developed-market and emerging-market investment-grade corporate bonds and commercial mortgage-backed securities led gains as investors searched for higher yields in a period of falling interest rates. Global developed-market high-yield corporate bonds also had strong returns, particularly in the US. Agency mortgage-backed securities, along with emerging-market local-currency debt and high-yield hard-currency sovereign bonds, had positive returns but trailed global treasuries. The US dollar declined against all major developed-market currencies and was mixed against emerging-market currencies. Brent crude oil prices were volatile and fell about 21% due to an uncertain oil industry outlook. Copper prices advanced more than 25%, and gold rose 24% as a perceived inflation hedge.

2

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

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

Investment in Other Investment Companies Risk: As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. In addition, Contractholders of the Portfolio bear both their proportionate share of expenses in the Portfolio (including management fees) and, indirectly, the expenses of the investment companies in which the Portfolio invests.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

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

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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

An Important Note About Historical Performance

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

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

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

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

4

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

THE PORTFOLIO VS. ITS BENCHMARKS PERIODS ENDED DECEMBER 31, 2020 (unaudited)	Net Asset Value Returns
	1 Year		5 Years		Since Inception1
Global Risk Allocation—Moderate Portfolio Class A		2.72%		6.12%		4.23%
Global Risk Allocation—Moderate Portfolio Class B		2.45%		5.86%		3.97%
Primary Benchmark: MSCI World Index (net, USD hedged)		14.27%		12.30%		9.71%
Blended Benchmark: 60% MSCI World Index (net, USD hedged)/ 40% Bloomberg Barclays Global G7 Treasury Index (USD hedged)		11.41%		9.26%		7.51%
1   Inception date: 4/28/2015.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 1.02% and 1.27% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios exclusive of interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs to 0.75% and 1.00% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2021, and may be extended by the Adviser for additional one-year terms. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

4/28/2015¹ TO 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Risk Allocation—Moderate Portfolio Class A shares (from 4/28/2015¹ to 12/31/2020) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 4/28/2015.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During  Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,101.50	$	3.64		0.69	%	$	3.96		0.75	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.67	$	3.51		0.69	%	$	3.81		0.75	%
Class B
Actual	$	1,000	$	1,100.30	$	4.96		0.94	%	$	5.28		1.00	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.41	$	4.77		0.94	%	$	5.08		1.00	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain affiliated/unaffiliated underlying portfolios acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Investment Companies	$	42,010,198		48.4	%
Inflation-Linked Securities		11,941,667		13.8
Options Purchased—Puts		108,971		0.1
Short-Term Investments		32,750,984		37.7
Total Investments	$	86,811,820		100.0	%

COUNTRY BREAKDOWN²

December 31, 2020 (unaudited)

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	46,442,079		53.5	%
Japan		7,585,147		8.8
Germany		20,072		0.0
United Kingdom		13,538		0.0
Short-Term Investments		32,750,984		37.7
Total Investments	$	86,811,820		100.0	%

1 All data are as of December 31, 2020. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivatives transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

2 All data are as of December 31, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

7

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company			Shares		U.S. $ Value
INVESTMENT COMPANIES–46.8%
FUNDS AND INVESTMENT TRUSTS–46.8%(a)
iShares Core MSCI EAFE ETF				76,670	$	5,297,131
iShares Core S&P 500 ETF				31,275		11,740,322
iShares MSCI EAFE ETF				75,980		5,543,501
SPDR S&P 500 ETF Trust				18,981		7,096,616
Vanguard S&P 500 ETF				35,883		12,332,628
Total Investment Companies (cost $28,914,512)						42,010,198
			Principal Amount (000)
INFLATION-LINKED SECURITIES–13.3%
JAPAN–8.4%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027		JPY		779,137		7,583,636
UNITED STATES–4.9%
U.S. Treasury Inflation Indexed Bonds 0.375%, 07/15/2025 (TIPS)(b)	$			3,969		4,358,031
Total Inflation-Linked Securities (cost $11,350,660)						11,941,667
			Notional Amount
OPTIONS PURCHASED–PUTS–0.1%
OPTIONS ON FUNDS AND INVESTMENT TRUSTS–0.1%
SPDR S&P 500 ETF Trust Expiration: Jan 2021; Contracts: 3,500; Exercise Price: USD 3,630.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD		12,705,000		73,850
OPTIONS ON EQUITY INDICES–0.0%
Euro STOXX 50 Index Expiration: Jan 2021; Contracts: 530; Exercise Price: EUR 3,475.00; Counterparty: Morgan Stanley & Co., Inc.(c)		EUR		1,841,750		20,072
Company			Notional Amount		U.S. $ Value
FTSE 100 Index Expiration: Jan 2021; Contracts: 110; Exercise Price: GBP 6,400.00; Counterparty: Morgan Stanley & Co., Inc.(c)		GBP		704,000	$	13,538
Nikkei 225 Index Expiration: Jan 2021; Contracts: 6,000; Exercise Price: JPY 26,000.00; Counterparty: Morgan Stanley & Co., Inc.(c)		JPY		156,000,000		1,511
						35,121
Total Options Purchased–Puts (premiums paid $250,160)						108,971
			Principal Amount (000)
SHORT-TERM INVESTMENTS–36.6%
GOVERNMENTS– TREASURIES–20.0%
GERMANY–20.0%
German Treasury Bill Zero Coupon, 03/03/2021(d) (cost $18,005,938)		EUR		14,665		17,937,534
			Shares
INVESTMENT COMPANIES–13.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(a)(e)(f) (cost $12,179,518)				12,179,518		12,179,518
			Principal Amount (000)
U.S. TREASURY BILLS–3.0%
U.S. Treasury Bill Zero Coupon, 01/21/2021 (cost $2,633,868)	$			2,634		2,633,932
Total Short-Term Investments (cost $32,819,324)						32,750,984
TOTAL INVESTMENTS–96.8% (cost $73,334,656)						86,811,820
Other assets less liabilities–3.2%						2,896,118
NET ASSETS–100.0%					$	89,707,938

8

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		5		March 2021	$	585,671	$	2,623
10 Yr Mini Japan Government Bond Futures		72		March 2021		10,587,846		(8,868	)
Euro STOXX 50 Index Futures		58		March 2021		2,515,377		16,752
Euro-BOBL Futures		8		March 2021		1,321,141		193
Euro-BTP Futures		12		March 2021		2,228,436		23,438
Euro-Bund Futures		4		March 2021		868,056		1,851
Euro-OAT Futures		14		March 2021		2,870,926		14,175
FTSE 100 Index Futures		11		March 2021		965,729		(14,250	)
Long Gilt Futures		27		March 2021		5,004,479		50,924
Mini MSCI Emerging Market Futures		10		January 2021		244,628		(1,318	)
Nikkei 225 (CME) Futures		7		March 2021		963,725		28,678
S&P 500 E-Mini Futures		28		March 2021		5,248,320		93,880
S&P Mid 400 E-Mini Futures		5		March 2021		1,151,750		30,715
S&P/TSX 60 Index Futures		13		March 2021		2,101,610		(25,416	)
SPI 200 Futures		3		March 2021		377,977		(6,155	)
TOPIX Index Futures		13		January 2021		296,772		(1,191	)
TOPIX Index Futures		6		March 2021		1,048,569		32,210
U.S. T-Note 5 Yr (CBT) Futures		19		March 2021		2,397,117		5,908
U.S. T-Note 10 Yr (CBT) Futures		37		March 2021		5,108,891		6,317
U.S. Ultra Bond (CBT) Futures		5		March 2021		1,067,813		(16,727	)
Sold Contracts
10 Yr Mini Japan Government Bond Futures		6		March 2021		882,320		78
							$	233,817

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		USD	679		AUD	963		01/12/2021	$	63,589
Citibank, NA		GBP	1,187		USD	1,584		01/21/2021		(39,925	)
Citibank, NA		USD	1,152		GBP	858		01/21/2021		21,078
Citibank, NA		CAD	514		USD	400		02/18/2021		(4,136	)
Citibank, NA		USD	1,780		EUR	1,457		03/17/2021		3,174
HSBC Bank USA		AUD	1,050		USD	749		01/12/2021		(60,423	)
HSBC Bank USA		CHF	913		USD	1,005		01/29/2021		(27,220	)
Morgan Stanley Capital Services, Inc.		EUR	876		USD	1,073		03/17/2021		722
Morgan Stanley Capital Services, Inc.		EUR	3,178		USD	3,885		03/17/2021		(3,363	)
Standard Chartered Bank		USD	717		AUD	979		01/12/2021		37,988
State Street Bank & Trust Co.		AUD	1,075		USD	797		01/12/2021		(31,961	)
State Street Bank & Trust Co.		SEK	5,151		USD	597		01/15/2021		(28,961	)
State Street Bank & Trust Co.		USD	347		SEK	2,941		01/15/2021		10,123
State Street Bank & Trust Co.		GBP	281		USD	376		01/21/2021		(8,169	)
State Street Bank & Trust Co.		USD	450		GBP	334		01/21/2021		6,463

9

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)
State Street Bank & Trust Co.		CAD	801		USD	621		02/18/2021	$	(8,486	)
State Street Bank & Trust Co.		USD	1,471		CAD	1,884		02/18/2021		9,316
State Street Bank & Trust Co.		JPY	2,150,475		USD	20,666		02/26/2021		(173,666	)
State Street Bank & Trust Co.		USD	9,124		JPY	944,579		02/26/2021		29,885
State Street Bank & Trust Co.		EUR	14,688		USD	18,064		03/17/2021		91,151
State Street Bank & Trust Co.		USD	898		EUR	736		03/17/2021		2,205
UBS AG		AUD	406		USD	307		01/12/2021		(6,381	)
UBS AG		GBP	577		USD	765		01/21/2021		(24,443	)
									$	(141,440	)

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.		53		EUR	3,325.00		January 2021		EUR	1,762	$	12,927	$	(8,320	)
FTSE 100 Index(g)		Morgan Stanley & Co., Inc.		11		GBP	6,050.00		January 2021		GBP	666		4,212		(4,062	)
Nikkei 225 Index(h)		Morgan Stanley & Co., Inc.		6		JPY	24,750.00		January 2021		JPY	148,500		6,038		(610	)
SPDR S&P 500 ETF Trust(i)		Morgan Stanley & Co., Inc.		35		USD	3,470.00		January 2021		USD	12,145		88,969		(28,525	)
													$	112,146	$	(41,517	)

10

AB Variable Products Series Fund

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

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

(c) Non-income producing security.

(d) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the market value of this security amounted to $17,937,534 or 20.0% of net assets.

(e) Affiliated investments.

(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 1,000 shares.

(i) One contract relates to 100 shares.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

SEK—Swedish Krona

USD—United States Dollar

Glossary:

BOBL—Bundesobligationen

BTP—Buoni del Tesoro Poliennali

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

CPI—Consumer Price Index

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TIPS—Treasury Inflation Protected Security

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

11

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $61,155,138)	$	74,632,302
Affiliated issuers (cost $12,179,518)		12,179,518
Cash collateral due from broker		1,383,495
Foreign currencies, at value (cost $1,465,595)		1,483,648
Receivable for capital stock sold		314,976
Unrealized appreciation on forward currency exchange contracts		275,694
Receivable for variation margin on futures		54,224
Unaffiliated dividends receivable		39,668
Receivable for investment securities sold		10,249
Affiliated dividends receivable		319
Total assets		90,374,093
LIABILITIES
Options written, at value (premiums received $112,146)		41,517
Unrealized depreciation on forward currency exchange contracts		417,134
Payable for investment securities purchased		50,094
Audit and tax fee payable		45,263
Advisory fee payable		25,444
Administrative fee payable		20,475
Payable for capital stock redeemed		19,339
Distribution fee payable		18,904
Transfer Agent fee payable		146
Accrued expenses		27,839
Total liabilities		666,155
NET ASSETS	$	89,707,938
COMPOSITION OF NET ASSETS
Capital stock, at par	$	8,202
Additional paid-in capital		76,983,462
Distributable earnings		12,716,274
	$	89,707,938

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	12,119		1,100	$	11.02
B	$	89,695,819		8,200,901	$	10.94

See notes to financial statements.

12

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	791,281
Affiliated issuers		67,562
Interest(a)		(31,408	)
Securities lending income		7,987
		835,422
EXPENSES
Advisory fee (see Note B)		525,678
Distribution fee—Class B		219,003
Transfer agency—Class B		2,124
Custody and accounting		88,333
Administrative		74,080
Audit and tax		57,521
Legal		22,418
Printing		18,781
Directors’ fees		17,286
Miscellaneous		26,343
Total expenses		1,051,567
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(228,708	)
Net expenses		822,859
Net investment income		12,563
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		5,096,935
Forward currency exchange contracts		(513,116	)
Futures		(2,676,175	)
Options written		(3,162,964	)
Swaps		189,651
Swaptions written		(336,262	)
Foreign currency transactions		420,116
Net change in unrealized appreciation/depreciation of:
Investments		2,503,142
Forward currency exchange contracts		(19,582	)
Futures		288,233
Options written		58,817
Swaps		12,695
Foreign currency denominated assets and liabilities		14,685
Net gain on investment and foreign currency transactions		1,876,175
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,888,738

(a) The negative interest income reflects coupon income adjusted for fluctuations in the inflation index related to inflation-indexed bonds and the amortization of premiums.

See notes to financial statements.

13

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

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	12,563		$	727,490
Net realized gain (loss) on investment transactions and foreign currency transactions		(981,815	)		3,587,136
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		2,857,990			10,646,497
Net increase in net assets from operations		1,888,738			14,961,123
Distributions to Shareholders
Class A		(565	)		(263	)
Class B		(3,956,811	)		(1,823,657	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(3,585,153	)		(6,913,088	)
Total increase (decrease)		(5,653,791	)		6,224,115
NET ASSETS
Beginning of period		95,361,729			89,137,614
End of period	$	89,707,938		$	95,361,729

See notes to financial statements.

14

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	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 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. At December 31, 2020 the Adviser was the sole shareholder of Class A shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

15

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

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

2. Fair Value Measurements

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

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

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

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

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

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

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

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

16

AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

42,010,198

$

–0

–

$

–0

–

$

42,010,198

Inflation-Linked Securities

–0

–

11,941,667

–0

–

11,941,667

Options Purchased—Puts

–0

–

108,971

–0

–

108,971

Short-Term Investments:

Governments—Treasuries

–0

–

17,937,534

–0

–

17,937,534

Investment Companies

12,179,518

–0

–

–0

–

12,179,518

U.S. Treasury Bills

–0

–

2,633,932

–0

–

2,633,932

Total Investments in Securities

54,189,716

32,622,104

–0

–

86,811,820

Other Financial Instruments(a):

Assets:

Futures

279,064

28,678

–0

–

307,742

(b)

Forward Currency Exchange Contracts

–0

–

275,694

–0

–

275,694

Liabilities:

Futures

(71,416

)

(2,509

)

–0

–

(73,925

)(b)

Forward Currency Exchange Contracts

–0

–

(417,134

)

–0

–

(417,134

)

Put Options Written

–0

–

(41,517

)

–0

–

(41,517

)

Total

$

54,397,364

$

32,465,316

$

–0

–

$

86,862,680

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

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

3. Currency Translation

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

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

4. Taxes

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

17

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. 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 $100 million, .45% of the excess over $100 million up to $1 billion and .40% of the excess over $1 billion of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. Prior to January 1, 2020, the Portfolio paid the Adviser an advisory fee at an annual rate of .60% of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses, to the extent necessary to limit total operating expenses (excluding interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs), inclusive of the Portfolio’s proportionate share of fees and expenses of registered investment companies or series thereof in which the Portfolio invests (“Acquired Fund Expenses”) on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B, respectively. The Expense Caps may not be terminated by the Adviser before May 1, 2021. For the year ended December 31, 2020, the reimbursements/waivers, exclusive of Acquired Fund Expenses, amounted to $174,167. For the year ended December 31, 2020, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $18,184 and $35,851, respectively.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/20 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	15,287	$	45,229	$	48,336	$	12,180	$	68
AB Government Money Market Portfolio*		1,040		51,991		53,031		0		4
Total							$	12,180	$	72

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

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $74,080.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2020.

18

AB Variable Products Series Fund

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

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

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	17,601,910		$	37,750,325
U.S. government securities		–0	–		–0	–

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

Cost	$	73,473,764
Gross unrealized appreciation	$	14,342,093
Gross unrealized depreciation		(941,444	)
Net unrealized appreciation	$	13,400,649

19

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

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2020, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2020, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

20

AB Variable Products Series Fund

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

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

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

During the year ended December 31, 2020, the Portfolio held purchased options for hedging and non-hedging purposes. During the year ended December 31, 2020, the Portfolio held purchased swaptions for hedging and non-hedging purposes.

During the year ended December 31, 2020, the Portfolio held written options for hedging and non-hedging purposes. During the year ended December 31, 2020, the Portfolio held written swaptions for hedging and non-hedging purposes.

• Swaps

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

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

21

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

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

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

Interest Rate Swaps:

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

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

During the year ended December 31, 2020, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Variance Swaps:

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

22

AB Variable Products Series Fund

During the year ended December 31, 2020, the Portfolio held variance swaps for hedging and non-hedging purposes.

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

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

During the year ended December 31, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	105,507	*	Receivable/Payable for variation margin on futures	$	25,595	*
Equity contracts	Receivable/Payable for variation margin on futures		202,235	*	Receivable/Payable for variation margin on futures		48,330	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		275,694		Unrealized depreciation on forward currency exchange contracts		417,134
Equity contracts	Investments in securities, at value		108,971
Equity contracts					Options written, at value		41,517
Total		$	692,407			$	532,576

* 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	$	458,562		$	208,753
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(3,134,737	)		79,480
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(513,116	)		(19,582	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		680,952			(119,350	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		(3,162,964	)		58,817

23

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

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written	$	(336,262	)	$	–0	–
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(45,621	)		–0	–
Foreign exchange contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		235,272			12,695
Total		$	(5,817,914	)	$	220,813

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2020:

Futures:
Average notional amount of buy contracts	$	36,578,291
Average notional amount of sale contracts	$	7,424,781
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	6,298,109
Average principal amount of sale contracts	$	31,640,762
Purchased Options:
Average notional amount	$	16,537,175
Purchased Swaptions:
Average notional amount	$	7,161,000	(a)
Options Written:
Average notional amount	$	16,466,236
Swaptions Written:
Average notional amount	$	16,709,000	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	9,909,286	(b)
Variance Swaps:
Average notional amount	$	358,581	(c)

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

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

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Barclays Bank PLC

$

63,589

$

–0

–

$

–0

–

$

–0

–

$

63,589

Citibank, NA

24,252

(24,252

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

722

(722

)

–0

–

–0

–

–0

–

Standard Chartered Bank

37,988

–0

–

–0

–

–0

–

37,988

State Street Bank & Trust Co.

149,143

(149,143

)

–0

–

–0

–

–0

–

Total

$

275,694

$

(174,117

)

$

–0

–

$

–0

–

$

101,577

^

24

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
Citibank, NA	$	44,061	$	(24,252	)	$	–0	–	$	–0	–	$	19,809
HSBC Bank USA		87,643		–0	–		–0	–		–0	–		87,643
Morgan Stanley Capital Services, Inc.		3,363		(722	)		–0	–		–0	–		2,641
State Street Bank & Trust Co.		251,243		(149,143	)		–0	–		–0	–		102,100
UBS AG		30,824		–0	–		–0	–		–0	–		30,824
Total	$	417,134	$	(174,117	)	$	–0	–	$	–0	–	$	243,017	^

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

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

2. Currency Transactions

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

NOTE E: Securities Lending

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

25

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

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		AB Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	0	$	0	$	0	$	3,604	$	4,383	$	506

* As of December 31, 2020.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class B
Shares sold		618,184			655,805		$	6,428,418		$	6,900,710
Shares issued in reinvestment of dividends and distributions		383,737			173,003			3,956,326			1,823,446
Shares redeemed		(1,324,181	)		(1,475,145	)		(13,969,897	)		(15,637,244	)
Net decrease		(322,260	)		(646,337	)	$	(3,585,153	)	$	(6,913,088	)

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

At December 31, 2020, 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), that affect large portions of the market.

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

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

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.

26

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.

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

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

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

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

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

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

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

27

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

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

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. 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, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	1,703,669	$	1,823,920
Net long-term capital gains		2,253,707		–0	–
Total taxable distributions	$	3,957,376	$	1,823,920

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Accumulated capital losses	$	(715,878	)(a)
Other losses		(77	)(b)
Unrealized appreciation/(depreciation)		13,432,229	(c)
Total accumulated earnings/(deficit)	$	12,716,274

(a) As of December 31, 2020, the Portfolio had a net capital loss carryforward of $715,878.

(b) As of December 31, 2020, the cumulative deferred loss on straddles was $77.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2020, the Portfolio had a net short-term capital loss carryforward of $715,878, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss and taxable overdistributions resulted in a net increase in distributable earnings and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Subsequent Events

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

28

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

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

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.27			$9.79			$10.83			$9.78			$9.40
Income From Investment Operations
Net investment income (a)(b)		.03			.11			.09			.06			.04
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.23			1.61			(.55	)		1.09			.37
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.26			1.72			(.46	)		1.15			.41
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.24	)		–0	–		(.05	)		(.03	)
Distributions from net realized gain on investment transactions		(.34	)		–0	–		(.58	)		(.05	)		–0	–
Total dividends and distributions		(.51	)		(.24	)		(.58	)		(.10	)		(.03	)
Net asset value, end of period		$11.02			$11.27			$9.79			$10.83			$9.78
Total Return
Total investment return based on net asset value (d)		2.72	%		17.61	%		(4.62	)%		11.87	%		4.39	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$12			$12			$11			$12			$11
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements (e)(f)‡		.69	%		.68	%		.67	%		.63	%		.63	%
Expenses, before waivers/ reimbursements (e)(f)‡		.95	%		.95	%		.92	%		.94	%		1.08	%
Net investment income (b)		.27	%		1.05	%		.88	%		.55	%		.46	%
Portfolio turnover rate		31	%		29	%		67	%		59	%		79	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.06	%		.07	%		.08	%		.11	%		.12	%

See footnote summary on page 31.

29

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

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

	ClASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.19			$9.72			$10.78			$9.75			$9.39
Income From Investment Operations
Net investment income (a)(b)		.00	(c)		.08			.07			.03			.02
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.23			1.60			(.55	)		1.09			.37
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.23			1.68			(.48	)		1.12			.39
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.21	)		–0	–		(.04	)		(.03	)
Distributions from net realized gain on investment transactions		(.34	)		–0	–		(.58	)		(.05	)		–0	–
Total dividends and distributions		(.48	)		(.21	)		(.58	)		(.09	)		(.03	)
Net asset value, end of period		$10.94			$11.19			$9.72			$10.78			$9.75
Total Return
Total investment return based on net asset value (d)		2.45	%		17.32	%		(4.84	)%		11.50	%		4.24	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$89,696			$95,350			$89,127			$98,502			$79,298
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements (e)(f)‡		.94	%		.94	%		.92	%		.89	%		.88	%
Expenses, before waivers/ reimbursements (e)(f)‡		1.20	%		1.20	%		1.16	%		1.17	%		1.33	%
Net investment income (b)		.01	%		.78	%		.64	%		.31	%		.24	%
Portfolio turnover rate		31	%		29	%		67	%		59	%		79	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.06	%		.07	%		.08	%		.11	%		.12	%

See footnote summary on page 31.

30

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

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

	Year Ended December 31,
	2020		2019			2018		2017		2016
Class A
Net of waivers/reimbursements		N/A		.68	%		N/A		N/A		N/A
Before waivers/reimbursements		N/A		.95	%		N/A		N/A		N/A
Class B
Net of waivers/reimbursements		N/A		.94	%		N/A		N/A		N/A
Before waivers/reimbursements		N/A		1.20	%		N/A		N/A		N/A

See notes to financial statements.

31

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Global Risk Allocation—Moderate Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 12, 2021

32

2020 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2020. For corporate shareholders, 33.85% of dividends paid qualify for the dividends received deduction. The Portfolio designates $2,253,707 of dividends paid as long-term capital gain dividends.

33

GLOBAL RISK ALLOCATION—
MODERATE PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief Executive Officer
	Jeanette W. Loeb(1)
	Carol C. McMullen(1)
	Garry L. Moody(1)
	Earl D. Weiner(1)
OFFICERS
Daniel J. Loewy(2), Vice President Leon Zhu(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036
PRINCIPAL UNDERWRITER AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672

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

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

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

34

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None
Jorge A. Bermudez,## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011

35

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin, ## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None
Jeanette W. Loeb,## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011

36

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen, ## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody, ## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody, and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		74	None

37

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Earl D. Weiner, ## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

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

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

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

^#  Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to this position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

38

AB Variable Products Series Fund

Officer Information

Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Daniel J. Loewy 46	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Leon Zhu 53	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

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

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

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

39

GLOBAL RISK ALLOCATION—
MODERATE PORTFOLIO AB Variable Products Series Fund

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

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

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

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

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

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

40

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 by video conference on August 4-5, 2020 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the

41

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

Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in 2019. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund in 2018 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 unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

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

The 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

42

AB Variable Products Series Fund

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

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

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

Economies of Scale

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

43

VPS-GRA-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ GLOBAL THEMATIC GROWTH PORTFOLIO

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

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

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

GLOBAL THEMATIC GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—Global Thematic Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio pursues opportunistic growth by investing in a global universe of companies in multiple industries that may benefit from innovation. The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying the most attractive securities worldwide, fitting into broader themes, which are developments that have broad effects across industries and companies. Drawing on its global fundamental research capabilities, the Adviser seeks to identify long-term secular growth trends that will affect multiple industries. The Adviser will assess the effects of these trends on entire industries and on individual companies. Through this process, the Adviser intends to identify key investment themes, which will be the focus of the Portfolio’s investments and which are expected to change over time based on the Adviser’s research.

In addition to this “top-down” thematic approach, the Adviser will also use a “bottom-up” analysis of individual companies that focuses on prospective earnings growth, valuation and quality of company management. The Adviser normally considers a large universe of mid- to large-capitalization companies worldwide for investment.

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

The Portfolio may invest in any company and industry and in any type of equity security, listed and unlisted, with potential for capital appreciation. It invests in well-known, established companies as well as new, smaller or less-seasoned companies. Investments in new, smaller or less-seasoned companies may offer more reward but may also entail more risk than is generally true of larger, established companies. The Portfolio may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities, real estate investment trusts and zero-coupon bonds.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), for the one-, five- and 10-year periods ended December 31, 2020.

All share classes of the Portfolio outperformed the benchmark for the annual period. Stock selection in all sectors was positive; selection within the technology and health-care sectors contributed most, relative to the benchmark. In terms of sector allocation, an underweight to energy and an

1

AB Variable Products Series Fund

overweight to technology contributed, while underweights to consumer discretionary and communication services detracted. Country selection (a result of bottom-up security analysis driven by fundamental research) was negative; an underweight to the US detracted most but was partially offset by an underweight to the UK.

The Portfolio used derivatives in the form of currency forwards for hedging purposes, which detracted from absolute returns for the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded positive returns for the annual period ended December 31, 2020, erasing losses from lows reached in late March when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

The Portfolio’s exposures remain focused on secular growth themes, particularly those promoting social and environmental sustainability. This has helped the Portfolio’s Senior Investment Management Team (the “Team”) to identify companies with strong competitive advantages and high returns on invested capital that the Team believes are more likely to sustain higher-than-average growth over the long term. The Team believes organic sales and earnings growth will be a key driver of returns going forward. The Portfolio is positioned particularly well in this regard.

2

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

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

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

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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

An Important Note About Historical Performance

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

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

4

GLOBAL THEMATIC GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years1		10 Years1
Global Thematic Growth Portfolio Class A		39.41%		17.32%		9.95%
Global Thematic Growth Portfolio Class B		39.08%		17.03%		9.67%
MSCI ACWI (net)		16.25%		12.26%		9.13%
1   Average annual returns.
Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.04% and 1.29% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios to 0.99% and 1.24% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2021, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2010 to 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Thematic Growth Portfolio Class A shares (from 12/31/2010 to 12/31/2020) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,306.80	$	5.33		0.92	%	$	5.39		0.93	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.51	$	4.67		0.92	%	$	4.72		0.93	%
Class B
Actual	$	1,000	$	1,305.30	$	6.78		1.17	%	$	6.84		1.18	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.25	$	5.94		1.17	%	$	5.99		1.18	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

GLOBAL THEMATIC GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Flex Ltd.	$	5,350,848		2.9	%
Infineon Technologies AG		5,187,158		2.8
Koninklijke Philips NV		4,658,464		2.5
Vestas Wind Systems A/S		4,646,631		2.5
Xylem, Inc./NY		4,071,600		2.2
Aptiv PLC		4,023,485		2.2
MSCI, Inc.—Class A		4,005,374		2.2
NIKE, Inc.—Class B		3,995,113		2.2
Bio-Rad Laboratories, Inc.—Class A		3,969,821		2.1
Chr Hansen Holding A/S		3,945,854		2.1
	$	43,854,348		23.7	%

SECTOR BREAKDOWN²

December 31, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Information Technology	$	47,950,697		25.9	%
Health Care		41,054,093		22.2
Industrials		33,559,882		18.1
Financials		21,236,704		11.5
Consumer Discretionary		11,400,700		6.2
Materials		7,338,846		4.0
Utilities		5,535,378		3.0
Consumer Staples		5,278,829		2.8
Communication Services		2,885,346		1.6
Short-Term Investments		8,794,504		4.7
Total Investments	$	185,034,979		100.0	%

1 Long-term investments.

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

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

7

GLOBAL THEMATIC GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	96,229,602		52.0	%
Netherlands		14,068,652		7.6
Denmark		8,592,485		4.7
Switzerland		7,934,056		4.3
Germany		7,619,779		4.1
India		7,482,876		4.0
France		6,551,364		3.5
Ireland		6,439,401		3.5
Japan		5,989,330		3.2
Austria		3,625,063		2.0
Norway		3,581,920		1.9
China		2,885,346		1.6
Hong Kong		2,719,942		1.5
United Kingdom		2,520,659		1.4
Short-Term Investments		8,794,504		4.7
Total Investments	$	185,034,979		100.0	%

1 All data are as of December 31, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

8

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.1%
INFORMATION TECHNOLOGY–25.9%
COMMUNICATIONS EQUIPMENT–2.4%
Calix, Inc.(a)		36,348	$	1,081,716
Lumentum Holdings, Inc.(a)		35,695		3,383,886
				4,465,602
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.8%
Flex Ltd.(a)		297,600		5,350,848
Keyence Corp.		6,100		3,431,351
				8,782,199
IT SERVICES–5.6%
Adyen NV(a)(b)		1,325		3,078,691
Square, Inc.–Class A(a)		11,779		2,563,582
Twilio, Inc.–Class A(a)		5,610		1,898,985
Visa, Inc.–Class A		13,190		2,885,049
				10,426,307
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.4%
Infineon Technologies AG		135,830		5,187,158
NXP Semiconductors NV		18,480		2,938,505
				8,125,663
SOFTWARE–6.8%
Dassault Systemes SE		16,090		3,263,365
Microsoft Corp.		14,540		3,233,987
Proofpoint, Inc.(a)		22,201		3,028,439
Zendesk, Inc.(a)		21,620		3,094,254
				12,620,045
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.9%
Apple, Inc.		26,610		3,530,881
				47,950,697
HEALTH CARE–22.1%
BIOTECHNOLOGY–1.3%
Abcam PLC		118,920		2,520,659
HEALTH CARE EQUIPMENT & SUPPLIES–8.6%
Alcon, Inc.(a)		41,710		2,769,381
Danaher Corp.		14,450		3,209,923
Koninklijke Philips NV(a)		86,480		4,658,464
STERIS PLC		18,201		3,449,818
West Pharmaceutical Services, Inc.		6,640		1,881,178
				15,968,764
Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–4.0%
Apollo Hospitals Enterprise Ltd.		117,027	$	3,850,636
Laboratory Corp. of America Holdings(a)		17,431		3,548,080
				7,398,716
LIFE SCIENCES TOOLS & SERVICES–8.2%
Bio-Rad Laboratories, Inc.–Class A(a)		6,810		3,969,821
Bruker Corp.		65,170		3,527,652
Gerresheimer AG		22,558		2,432,621
ICON PLC(a)		17,420		3,396,552
Tecan Group AG		3,750		1,839,308
				15,165,954
				41,054,093
INDUSTRIALS–18.1%
AEROSPACE & DEFENSE–1.7%
Hexcel Corp.		66,090		3,204,704
BUILDING PRODUCTS–2.0%
Trex Co., Inc.(a)		43,370		3,630,937
COMMERCIAL SERVICES & SUPPLIES–4.8%
Tetra Tech, Inc.		18,980		2,197,504
TOMRA Systems ASA		72,810		3,581,920
Waste Management, Inc.		27,010		3,185,289
				8,964,713
ELECTRICAL EQUIPMENT–6.0%
Rockwell Automation, Inc.		12,740		3,195,319
Schneider Electric SE		22,750		3,287,999
Vestas Wind Systems A/S		19,670		4,646,631
				11,129,949
MACHINERY–2.2%
Xylem, Inc./NY		40,000		4,071,600
PROFESSIONAL SERVICES–1.4%
Recruit Holdings Co., Ltd.		60,900		2,557,979
				33,559,882
FINANCIALS–11.5%
BANKS–6.0%
Erste Group Bank AG(a)		119,000		3,625,063
HDFC Bank Ltd.(a)		184,135		3,632,240
SVB Financial Group(a)		10,130		3,928,718
				11,186,021
CAPITAL MARKETS–4.0%
MSCI, Inc.–Class A		8,970		4,005,374
Partners Group Holding AG		2,830		3,325,367
				7,330,741

9

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

Company	Shares		U.S. $ Value
INSURANCE–1.5%
AIA Group Ltd.		223,200	$	2,719,942
				21,236,704
CONSUMER DISCRETIONARY–6.1%
AUTO COMPONENTS–2.2%
Aptiv PLC		30,881		4,023,485
HOUSEHOLD DURABLES–1.8%
TopBuild Corp.(a)		18,373		3,382,102
TEXTILES, APPAREL & LUXURY GOODS–2.1%
NIKE, Inc.–Class B		28,240		3,995,113
				11,400,700
MATERIALS–4.0%
CHEMICALS–4.0%
Chr Hansen Holding A/S(a)		38,190		3,945,854
Koninklijke DSM NV		19,730		3,392,992
				7,338,846
UTILITIES–3.0%
ELECTRIC UTILITIES–1.8%
NextEra Energy, Inc.		42,210		3,256,502
WATER UTILITIES–1.2%
American Water Works Co., Inc.		14,849		2,278,876
				5,535,378
Company	Shares		U.S. $ Value
CONSUMER STAPLES–2.8%
FOOD PRODUCTS–1.6%
Kerry Group PLC–Class A		20,950	$	3,042,849
HOUSEHOLD PRODUCTS–1.2%
Procter & Gamble Co. (The)		16,070		2,235,980
				5,278,829
COMMUNICATION SERVICES–1.6%
INTERACTIVE MEDIA & SERVICES–1.6%
Tencent Holdings Ltd.		40,100		2,885,346
Total Common Stocks (cost $112,763,594)				176,240,475
SHORT-TERM INVESTMENTS–4.7%
INVESTMENT COMPANIES–4.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(c)(d)(e) (cost $8,794,504)		8,794,504		8,794,504
TOTAL INVESTMENTS–99.8% (cost $121,558,098)				185,034,979
Other assets less liabilities–0.2%				343,208
NET ASSETS–100.0%			$	185,378,187

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		NOK	10,598		USD	1,226		01/15/2021	$	(10,425	)
Bank of America, NA		USD	385		CNY	2,519		02/10/2021		671
Bank of America, NA		USD	922		JPY	95,226		02/26/2021		867
Bank of America, NA		USD	618		EUR	504		03/15/2021		(1,627	)
Barclays Bank PLC		INR	109,250		USD	1,472		01/15/2021		(22,342	)
Barclays Bank PLC		USD	889		JPY	93,086		03/15/2021		13,273
BNP Paribas SA		USD	525		ZAR	7,927		03/15/2021		9,226
Citibank, NA		BRL	5,081		USD	978		01/05/2021		(471	)
Citibank, NA		USD	954		BRL	5,081		01/05/2021		24,359
Citibank, NA		USD	2,560		KRW	2,895,937		01/14/2021		101,501
Citibank, NA		USD	2,520		TWD	70,687		01/27/2021		3,403
Citibank, NA		USD	1,928		CNY	12,633		02/10/2021		6,342
Citibank, NA		EUR	1,632		USD	1,931		03/15/2021		(66,373	)
Citibank, NA		USD	3,547		CAD	4,534		03/15/2021		15,969
Citibank, NA		USD	563		EUR	459		03/15/2021		(1,451	)
Deutsche Bank AG		INR	229,312		USD	3,093		01/15/2021		(43,815	)
Deutsche Bank AG		USD	1,151		JPY	120,598		03/15/2021		18,309
Goldman Sachs Bank USA		USD	294		KRW	326,231		01/14/2021		5,427

10

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		USD	282		INR	20,838		01/15/2021	$	3,416
Goldman Sachs Bank USA		USD	335		RUB	25,789		01/22/2021		13,671
Goldman Sachs Bank USA		EUR	22,003		USD	26,725		03/15/2021		(197,626)
Goldman Sachs Bank USA		USD	2,771		AUD	3,701		03/15/2021		84,383
Goldman Sachs Bank USA		USD	425		CNY	2,826		03/15/2021		7,026
Goldman Sachs Bank USA		USD	3,091		EUR	2,525		03/15/2021		(1,677	)
Goldman Sachs Bank USA		USD	1,346		SEK	11,370		03/15/2021		36,855
Goldman Sachs Bank USA		EUR	633		USD	773		03/17/2021		(1,204	)
JPMorgan Chase Bank, NA		USD	273		TWD	7,595		01/27/2021		(2,169	)
JPMorgan Chase Bank, NA		USD	3,835		CNY	25,275		03/15/2021		26,641
Morgan Stanley Capital Services, Inc.		HKD	4,685		USD	604		03/15/2021		(107	)
Morgan Stanley Capital Services, Inc.		USD	799		CAD	1,044		03/15/2021		21,064
Natwest Markets PLC		USD	2,261		GBP	1,680		03/15/2021		37,712
Standard Chartered Bank		INR	25,267		USD	342		01/15/2021		(3,908	)
Standard Chartered Bank		USD	976		INR	73,324		01/15/2021		26,716
Standard Chartered Bank		USD	300		RUB	22,192		01/22/2021		(285	)
Standard Chartered Bank		USD	2,283		JPY	237,552		03/15/2021		19,648
State Street Bank & Trust Co.		INR	88,567		USD	1,193		01/15/2021		(18,340	)
State Street Bank & Trust Co.		USD	327		GBP	242		01/21/2021		4,100
State Street Bank & Trust Co.		USD	966		BRL	5,081		02/02/2021		11,516
State Street Bank & Trust Co.		USD	283		MXN	5,632		02/25/2021		(1,743	)
State Street Bank & Trust Co.		JPY	29,912		USD	290		02/26/2021		105
State Street Bank & Trust Co.		USD	361		JPY	37,324		02/26/2021		763
State Street Bank & Trust Co.		CHF	1,853		USD	2,050		03/15/2021		(47,013	)
State Street Bank & Trust Co.		EUR	1,706		USD	2,034		03/15/2021		(53,773	)
State Street Bank & Trust Co.		HKD	1,211		USD	156		03/15/2021		(15	)
State Street Bank & Trust Co.		NOK	9,066		USD	999		03/15/2021		(58,091	)
State Street Bank & Trust Co.		USD	312		AUD	427		03/15/2021		17,125
State Street Bank & Trust Co.		USD	260		CAD	340		03/15/2021		7,131
State Street Bank & Trust Co.		USD	561		CHF	495		03/15/2021		(694	)
State Street Bank & Trust Co.		USD	764		EUR	625		03/15/2021		1,008
State Street Bank & Trust Co.		USD	963		GBP	730		03/15/2021		35,842
State Street Bank & Trust Co.		USD	278		JPY	29,004		03/15/2021		3,004
UBS AG		CHF	1,045		USD	1,180		03/15/2021		(2,676	)
UBS AG		USD	999		GBP	770		03/15/2021		54,886
									$	76,134

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the market value of this security amounted to $3,078,691 or 1.7% of net assets.

(c) Affiliated investments.

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

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

11

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

See notes to financial statements.

12

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $112,763,594)	$	176,240,475
Affiliated issuers (cost $8,794,504)		8,794,504
Foreign currencies, at value (cost $402,903)		404,162
Unrealized appreciation on forward currency exchange contracts		611,959
Unaffiliated dividends receivable		95,733
Receivable for investment securities sold and foreign currency transactions		52,347
Receivable for capital stock sold		12,839
Affiliated dividends receivable		211
Total assets		186,212,230
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		535,825
Advisory fee payable		105,925
Audit and tax fee payable		50,511
Payable for capital stock redeemed		34,287
Distribution fee payable		26,025
Administrative fee payable		20,267
Payable for investment securities purchased and foreign currency transactions		11,391
Transfer Agent fee payable		146
Accrued expenses		49,666
Total liabilities		834,043
NET ASSETS	$	185,378,187
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,510
Additional paid-in capital		97,615,861
Distributable earnings		87,757,816
	$	185,378,187

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	58,315,717		1,375,437	$	42.40
B	$	127,062,470		3,134,522	$	40.54

See notes to financial statements.

13

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $61,607)	$	905,405
Affiliated issuers		33,181
Securities lending income		6,088
		944,674
EXPENSES
Advisory fee (see Note B)		1,085,910
Distribution fee—Class B		247,143
Transfer agency—Class A		2,019
Transfer agency—Class B		4,352
Custody and accounting		105,651
Administrative		75,347
Audit and tax		64,044
Printing		54,865
Legal		24,174
Directors’ fees		18,153
Miscellaneous		10,101
Total expenses		1,691,759
Less: expenses waived and reimbursed by the Adviser (see Note B)		(81,168	)
Net expenses		1,610,591
Net investment loss		(665,917	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		26,453,074
Forward currency exchange contracts		(1,217,590	)
Foreign currency transactions		(111,695	)
Net change in unrealized appreciation/depreciation of:
Investments		26,079,213
Forward currency exchange contracts		140,229
Foreign currency denominated assets and liabilities		(3,950	)
Net gain on investment and foreign currency transactions		51,339,281
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	50,673,364

See notes to financial statements.

14

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

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(665,917	)	$	127,416
Net realized gain on investment and foreign currency transactions		25,123,789			14,163,771
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		26,215,492			19,169,007
Net increase in net assets from operations		50,673,364			33,460,194
Distributions to Shareholders
Class A		(4,560,500	)		(2,381,432	)
Class B		(9,895,739	)		(5,188,929	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		12,279,122			(5,755,781	)
Total increase		48,496,247			20,134,052
NET ASSETS
Beginning of period		136,881,940			116,747,888
End of period	$	185,378,187		$	136,881,940

See notes to financial statements.

15

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Thematic Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

16

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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.

17

GLOBAL THEMATIC 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 December 31, 2020:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	32,990,132		$	14,960,565		$	–0	–	$	47,950,697
Health Care		25,503,683			15,550,410			–0	–		41,054,093
Industrials		19,485,353			14,074,529			–0	–		33,559,882
Financials		7,934,092			13,302,612			–0	–		21,236,704
Consumer Discretionary		11,400,700			–0	–		–0	–		11,400,700
Materials		–0	–		7,338,846			–0	–		7,338,846
Utilities		5,535,378			–0	–		–0	–		5,535,378
Consumer Staples		2,235,980			3,042,849			–0	–		5,278,829
Communication Services		–0	–		2,885,346			–0	–		2,885,346
Short-Term Investments		8,794,504			–0	–		–0	–		8,794,504
Total Investments in Securities		113,879,822			71,155,157	(a)		–0	–		185,034,979
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		611,959			–0	–		611,959
Liabilities:
Forward Currency Exchange Contracts		–0	–		(535,825	)		–0	–		(535,825	)
Total	$	113,879,822		$	71,231,291		$	–0	–	$	185,111,113

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

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

3. Currency Translation

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

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

4. Taxes

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

18

AB Variable Products Series Fund

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. 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 year ended December 31, 2020, such reimbursements/waivers amounted to $72,394. This fee waiver and/or expense reimbursement agreement extends through May 1, 2021 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $75,347.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $8,774.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,816	$	48,449	$	45,470	$	8,795	$	33

19

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

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

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

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	60,093,819		$	67,215,084
U.S. government securities		–0	–		–0	–

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

Cost	$	121,998,326
Gross unrealized appreciation	$	64,310,663
Gross unrealized depreciation		(1,261,507	)
Net unrealized appreciation	$	63,049,156

20

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

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2020, the Portfolio held forward currency exchange contracts for hedging purposes.

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

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

During the year ended December 31, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	611,959	Unrealized depreciation on forward currency exchange contracts	$	535,825
Total		$	611,959		$	535,825

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	(1,217,590	)	$	140,229
Total		$	(1,217,590	)	$	140,229

21

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

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2020:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	33,860,435
Average principal amount of sale contracts	$	42,573,188

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Bank of America, NA

$

1,538

$

(1,538

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

13,273

(13,273

)

–0

–

–0

–

–0

–

BNP Paribas SA

9,226

–0

–

–0

–

–0

–

9,226

Citibank, NA

151,574

(68,295

)

–0

–

–0

–

83,279

Deutsche Bank AG

18,309

(18,309

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

150,778

(150,778

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

26,641

(2,169

)

–0

–

–0

–

24,472

Morgan Stanley Capital Services, Inc.

21,064

(107

)

–0

–

–0

–

20,957

Natwest Markets PLC

37,712

–0

–

–0

–

–0

–

37,712

Standard Chartered Bank

46,364

(4,193

)

–0

–

–0

–

42,171

State Street Bank & Trust Co.

80,594

(80,594

)

–0

–

–0

–

–0

–

UBS AG

54,886

(2,676

)

–0

–

–0

–

52,210

Total

$

611,959

$

(341,932

)

$

–0

–

$

–0

–

$

270,027

^

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

$

12,052

$

(1,538

)

$

–0

–

$

–0

–

$

10,514

Barclays Bank PLC

22,342

(13,273

)

–0

–

–0

–

9,069

Citibank, NA

68,295

(68,295

)

–0

–

–0

–

–0

–

Deutsche Bank AG

43,815

(18,309

)

–0

–

–0

–

25,506

Goldman Sachs Bank USA

200,507

(150,778

)

–0

–

–0

–

49,729

JPMorgan Chase Bank, NA

2,169

(2,169

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

107

(107

)

–0

–

–0

–

–0

–

Standard Chartered Bank

4,193

(4,193

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

179,669

(80,594

)

–0

–

–0

–

99,075

UBS AG

2,676

(2,676

)

–0

–

–0

–

–0

–

Total

$

535,825

$

(341,932

)

$

–0

–

$

–0

–

$

193,893

^

* 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.

22

AB Variable Products Series Fund

2. Currency Transactions

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

NOTE E: Securities Lending

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

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	0	$	0	$	0	$	6,088	$	0	$	0

* As of December 31, 2020.

23

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

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		200,725			114,338		$	7,348,517		$	3,589,027
Shares issued in reinvestment of dividends		127,211			77,119			4,560,500			2,381,432
Shares redeemed		(242,399	)		(210,261	)		(8,398,976	)		(6,622,981	)
Net increase (decrease)		85,537			(18,804	)	$	3,510,041		$	(652,522	)
Class B
Shares sold		515,559			303,140		$	18,322,349		$	9,139,286
Shares issued in reinvestment of dividends		288,421			174,829			9,895,739			5,188,929
Shares redeemed		(578,470	)		(643,894	)		(19,449,007	)		(19,431,474	)
Net increase (decrease)		225,510			(165,925	)	$	8,769,081		$	(5,103,259	)

At December 31, 2020, certain shareholders of the Portfolio owned 57% 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), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

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

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

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

LIBOR Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks

24

AB Variable Products Series Fund

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

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

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. 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, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	1,036,748	$	316,132
Net long-term capital gains		13,419,491		7,254,229
Total taxable distributions paid	$	14,456,239	$	7,570,361

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,797,879
Undistributed capital gains		22,914,055
Unrealized appreciation/(depreciation)		63,045,882	(a)
Total accumulated earnings/(deficit)	$	87,757,816

(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.

25

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2020, the Portfolio did not have any capital loss carryforwards.

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

NOTE J: Subsequent Events

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

26

GLOBAL THEMATIC GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$33.52			$27.35			$30.32			$22.29			$22.43
Income From Investment Operations
Net investment income (loss) (a)(b)		(.10	)		.08			.11			.03			.04	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		12.64			8.00			(3.08	)		8.13			(.18	)
Net increase (decrease) in net asset value from operations		12.54			8.08			(2.97	)		8.16			(.14	)
Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.13	)		–0	–		(.13	)		–0	–
Distributions from net realized gain on investment transactions		(3.42	)		(1.78	)		–0	–		–0	–		–0	–
Total dividends and distributions		(3.66	)		(1.91	)		–0	–		(.13	)		–0	–
Net asset value, end of period		$42.40			$33.52			$27.35			$30.32			$22.29
Total Return
Total investment return based on net asset value (c)*		39.41	%		30.16	%		(9.79	)%		36.66	%		(.62	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$58,316			$43,237			$35,799			$40,121			$28,458
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)‡		.94	%		.99	%		.99	%		1.02	%		1.06	%
Expenses, before waivers/reimbursements (d)‡		1.00	%		1.04	%		1.01	%		1.02	%		1.06	%
Net investment income (loss) (b)		(.29	)%		.27	%		.37	%		.09	%		.17	%†
Portfolio turnover rate		44	%		43	%		32	%		40	%		54	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 29.

27

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

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

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$32.19			$26.33			$29.25			$21.52			$21.71
Income From Investment Operations
Net investment income (loss) (a)(b)		(.18	)		.01			.04			(.04	)		(.02	)†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		12.11			7.68			(2.96	)		7.84			(.17	)
Net increase (decrease) in net asset value from operations		11.93			7.69			(2.92	)		7.80			(.19	)
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.05	)		–0	–		(.07	)		–0	–
Distributions from net realized gain on investment transactions		(3.42	)		(1.78	)		–0	–		–0	–		–0	–
Total dividends and distributions		(3.58	)		(1.83	)		–0	–		(.07	)		–0	–
Net asset value, end of period		$40.54			$32.19			$26.33			$29.25			$21.52
Total Return
Total investment return based on net asset value (c)*		39.08	%		29.78	%		(9.98	)%		36.30	%		(.87	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$127,062			$93,645			$80,949			$106,331			$78,625
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements (d)‡		1.19	%		1.24	%		1.24	%		1.26	%		1.31	%
Expenses, before waivers/ reimbursements (d)‡		1.25	%		1.29	%		1.25	%		1.27	%		1.31	%
Net investment income (loss) (b)		(.54	)%		.02	%		.13	%		(.15	)%		(.07	)%†
Portfolio turnover rate		44	%		43	%		32	%		40	%		54	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
Portfolios		.01	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 29.

28

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

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

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.004	.02%	.02%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017 and December 31, 2016 by .04% and .28%, respectively.

See notes to financial statements.

29

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

To the Shareholders and the Board of Directors of AB Global Thematic Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Global Thematic Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 12, 2021

30

2020 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2020. For corporate shareholders, 46.07% of dividends paid qualify for the dividends received deduction. The Portfolio designates $13,419,491 of dividends paid as long-term capital gain dividends.

31

GLOBAL THEMATIC GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Daniel C. Roarty(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	One Battery Park Plaza New York, NY 10004
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
1345 Avenue of the Americas New York, NY 10105	P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP
5 Times Square New York, NY 10036

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

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

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

32

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

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None
Jorge A. Bermudez, ## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011

33

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin, ## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None
Jeanette W. Loeb, ## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen, ## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None

34

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, ## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995) where he was responsible for accounting, pricing, custody and reporting for the Fidelity Mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		74	None
Earl D. Weiner, ## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

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

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

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

^#  Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to this position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

35

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

Officer Information

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

NAME, ADDRESS,* AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer of Sustainable Thematic Equities.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

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

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

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

36

GLOBAL THEMATIC GROWTH PORTFOLIO AB Variable Products Series Fund

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

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

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

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

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

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

37

GLOBAL THEMATIC GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Global Thematic Growth Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and 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

38

AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

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

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

39

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

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

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

Economies of Scale

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

40

VPS-GTG-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GROWTH AND INCOME PORTFOLIO

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

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

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

GROWTH AND INCOME PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—Growth and Income Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

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

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

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 1000 Value Index, for the one-, five- and 10-year periods ended December 31, 2020.

All share classes of the Portfolio underperformed the benchmark for the annual period. Security selection detracted most, relative to the benchmark, due to selection within the financials and industrials sectors. Selection within technology and consumer staples contributed. Overall sector selection contributed to performance. Underweights to materials and consumer staples detracted, while an underweight to energy and an overweight to technology contributed.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded positive returns for the annual period ended December 31, 2020, erasing losses from lows reached in late March when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

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

1

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

Benchmark Disclosure

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

A Word About Risk

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

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

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

Industry/Sector Risk: Investments in a particular sector, industry or group of related industries may have more risk because market or economic factors affecting that sector or industry could have a significant effect on the value of the Portfolio’s investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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

An Important Note About Historical Performance

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

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

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

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

2

GROWTH AND INCOME PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years1		10 Years1
Growth and Income Portfolio Class A		2.72%		9.72%		11.57%
Growth and Income Portfolio Class B		2.47%		9.46%		11.29%
Russell 1000 Value Index		2.80%		9.74%		10.50%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.63% and 0.88% for Class A and Class B shares, respectively. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios to 0.62% and 0.87% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2021, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2010 TO 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the Growth and Income Portfolio Class A shares (from 12/31/2010 to 12/31/2020) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

3

GROWTH AND INCOME PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,224.00	$	3.47		0.62	%	$	3.52		0.63	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.02	$	3.15		0.62	%	$	3.20		0.63	%
Class B
Actual	$	1,000	$	1,222.30	$	4.86		0.87	%	$	4.92		0.88	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.76	$	4.42		0.87	%	$	4.47		0.88	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

GROWTH AND INCOME PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Berkshire Hathaway, Inc.	$	40,598,582		4.0	%
Comcast Corp.		38,690,064		3.8
Verizon Communications, Inc.		30,012,438		3.0
Roche Holding AG		30,001,027		3.0
Amgen, Inc.		29,852,813		2.9
Philip Morris International, Inc.		27,486,280		2.7
Leidos Holdings, Inc.		26,891,273		2.7
Walmart, Inc.		25,896,115		2.5
Allstate Corp. (The)		25,316,879		2.5
Emerson Electric Co.		25,161,838		2.5
	$	299,907,309		29.6	%

SECTOR BREAKDOWN²

December 31, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Financials	$	188,797,034		18.6	%
Industrials		169,610,587		16.8
Information Technology		144,077,942		14.2
Health Care		140,169,093		13.8
Consumer Discretionary		130,229,392		12.9
Communication Services		78,147,121		7.7
Consumer Staples		53,382,395		5.3
Energy		25,014,246		2.5
Materials		22,504,694		2.2
Real Estate		22,341,112		2.2
Short-Term Investments		38,261,606		3.8
Total Investments	$	1,012,535,222		100.0	%

1 Long-term investments.

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

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

5

GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–96.2%
FINANCIALS–18.6%
BANKS–6.3%
Citigroup, Inc.		271,560	$	16,744,390
JPMorgan Chase & Co.		184,890		23,493,972
Wells Fargo & Co.		801,860		24,200,135
				64,438,497
CAPITAL MARKETS–2.8%
Goldman Sachs Group, Inc. (The)		26,600		7,014,686
LPL Financial Holdings, Inc.		82,371		8,584,706
Northern Trust Corp.		140,450		13,081,513
				28,680,905
CONSUMER FINANCE–0.5%
Capital One Financial Corp.		48,346		4,779,002
DIVERSIFIED FINANCIAL SERVICES–4.0%
Berkshire Hathaway, Inc.–Class B(a)		175,092		40,598,582
INSURANCE–5.0%
Aflac, Inc.		142,500		6,336,975
Allstate Corp. (The)		230,300		25,316,879
Fidelity National Financial, Inc.		383,590		14,994,533
Reinsurance Group of America, Inc.–Class A		31,507		3,651,661
				50,300,048
				188,797,034
INDUSTRIALS–16.8%
AEROSPACE & DEFENSE–3.1%
Curtiss-Wright Corp.		67,160		7,814,066
Hexcel Corp.		169,684		8,227,977
Raytheon Technologies Corp.		220,643		15,778,181
				31,820,224
AIRLINES–0.4%
Southwest Airlines Co.		81,640		3,805,240
CONSTRUCTION & ENGINEERING–2.2%
EMCOR Group, Inc.		116,720		10,675,211
Valmont Industries, Inc.		65,352		11,432,026
				22,107,237
ELECTRICAL EQUIPMENT–3.6%
Emerson Electric Co.		313,075		25,161,838
Hubbell, Inc.		75,173		11,786,374
				36,948,212
INDUSTRIAL CONGLOMERATES–0.8%
3M Co.		43,840		7,662,794
MACHINERY–2.4%
Altra Industrial Motion Corp.		171,232		9,491,390
Crane Co.		107,479		8,346,819
Middleby Corp. (The)(a)		34,780		4,483,837
Westinghouse Air Brake Technologies Corp.		24,680		1,806,576
				24,128,622
PROFESSIONAL SERVICES–1.5%
Robert Half International, Inc.		242,470		15,149,526
ROAD & RAIL–2.1%
Kansas City Southern		59,890		12,225,346
Knight-Swift Transportation Holdings, Inc.		214,888		8,986,616
				21,211,962
TRADING COMPANIES & DISTRIBUTORS–0.7%
MSC Industrial Direct Co., Inc.–Class A		80,303		6,776,770
				169,610,587
INFORMATION TECHNOLOGY–14.2%
COMMUNICATIONS EQUIPMENT–4.3%
Ciena Corp.(a)		79,530		4,203,160
Cisco Systems, Inc.		314,340		14,066,715
F5 Networks, Inc.(a)		120,690		21,234,199
Lumentum Holdings, Inc.(a)		42,517		4,030,612
				43,534,686
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.0%
Dolby Laboratories, Inc.–Class A		63,799		6,196,797
Keysight Technologies, Inc.(a)		74,540		9,845,989
Littelfuse, Inc.		15,763		4,014,205
				20,056,991
IT SERVICES–6.3%
Akamai Technologies, Inc.(a)		84,940		8,917,851
Cognizant Technology Solutions Corp.–Class A		119,790		9,816,790
Leidos Holdings, Inc.		255,815		26,891,273
MAXIMUS, Inc.		251,854		18,433,194
				64,059,108
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.6%
Lam Research Corp.		19,970		9,431,232
MKS Instruments, Inc.		46,500		6,995,925
				16,427,157
				144,077,942
HEALTH CARE–13.8%
BIOTECHNOLOGY–5.3%
Alexion Pharmaceuticals, Inc.(a)		150,900		23,576,616
Amgen, Inc.		129,840		29,852,813
				53,429,429

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–4.2%
Anthem, Inc.		60,590	$	19,454,843
Cigna Corp.		96,171		20,020,879
Quest Diagnostics, Inc.		26,860		3,200,906
				42,676,628
PHARMACEUTICALS–4.3%
Pfizer, Inc.		382,016		14,062,009
Roche Holding AG (Sponsored ADR)		684,330		30,001,027
				44,063,036
				140,169,093
CONSUMER DISCRETIONARY–12.9%
AUTO COMPONENTS–2.4%
BorgWarner, Inc.		301,450		11,648,028
Gentex Corp.		357,280		12,122,510
				23,770,538
DISTRIBUTORS–2.1%
LKQ Corp.(a)		611,870		21,562,299
HOUSEHOLD DURABLES–2.7%
DR Horton, Inc.		276,920		19,085,327
Garmin Ltd.		67,690		8,099,785
				27,185,112
MULTILINE RETAIL–2.8%
Dollar General Corp.		41,260		8,676,978
Target Corp.		112,790		19,910,819
				28,587,797
SPECIALTY RETAIL–1.9%
AutoZone, Inc.(a)		6,540		7,752,777
Murphy USA, Inc.		87,040		11,390,925
				19,143,702
TEXTILES, APPAREL & LUXURY GOODS–1.0%
Deckers Outdoor Corp.(a)		34,800		9,979,944
				130,229,392
COMMUNICATION SERVICES–7.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–6.8%
Comcast Corp.–Class A		738,360		38,690,064
Verizon Communications, Inc.		510,850		30,012,438
				68,702,502
MEDIA–0.9%
Discovery, Inc.–Class A(a)(b)		313,879		9,444,619
				78,147,121
CONSUMER STAPLES–5.3%
FOOD & STAPLES RETAILING–2.6%
Walmart, Inc.		179,647		25,896,115
TOBACCO–2.7%
Philip Morris International, Inc.		332,000		27,486,280
				53,382,395
ENERGY–2.5%
ENERGY EQUIPMENT & SERVICES–0.4%
Helmerich & Payne, Inc.		155,809		3,608,536
OIL, GAS & CONSUMABLE FUELS–2.1%
Chevron Corp.		54,090		4,567,900
ConocoPhillips(b)		95,940		3,836,641
EOG Resources, Inc.		148,800		7,420,656
Phillips 66		79,790		5,580,513
				21,405,710
				25,014,246
MATERIALS–2.2%
CONTAINERS & PACKAGING–0.5%
Avery Dennison Corp.		30,760		4,771,184
METALS & MINING–1.7%
BHP Group Ltd. (Sponsored ADR)(b)		179,680		11,740,291
Steel Dynamics, Inc.		162,550		5,993,219
				17,733,510
				22,504,694
REAL ESTATE–2.2%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–0.4%
Mid-America Apartment Communities, Inc.		34,820		4,411,346
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.8%
CBRE Group, Inc.–Class A(a)		285,870		17,929,766
				22,341,112
Total Common Stocks (cost $765,506,509)				974,273,616
SHORT-TERM INVESTMENTS–3.8%
INVESTMENT COMPANIES–3.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(c)(d)(e) (cost $38,261,606)		38,261,606		38,261,606
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.0% (cost $803,768,115)				1,012,535,222

7

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

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.3%
INVESTMENT COMPANIES–1.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(c)(d)(e) (cost $13,100,982)		13,100,982	$	13,100,982
TOTAL INVESTMENTS–101.3% (cost $816,869,097)				1,025,636,204
Other assets less liabilities–(1.3)%				(13,652,125	)
NET ASSETS–100.0%			$	1,011,984,079

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See notes to financial statements.

8

GROWTH AND INCOME PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $765,506,509)	$	974,273,616	(a)
Affiliated issuers (cost $51,362,588—including investment of cash collateral for securities loaned of $13,100,982)		51,362,588
Unaffiliated dividends receivable		1,161,850
Receivable for capital stock sold		53,916
Affiliated dividends receivable		1,609
Total assets		1,026,853,579
LIABILITIES
Payable for collateral received on securities loaned		13,100,982
Payable for capital stock redeemed		803,741
Advisory fee payable		464,059
Distribution fee payable		182,715
Administrative fee payable		20,350
Transfer Agent fee payable		146
Accrued expenses and other liabilities		297,507
Total liabilities		14,869,500
NET ASSETS	$	1,011,984,079
COMPOSITION OF NET ASSETS
Capital stock, at par	$	35,497
Additional paid-in capital		836,081,392
Distributable earnings		175,867,190
	$	1,011,984,079

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	143,269,065		4,944,735	$	28.97
B	$	868,715,014		30,552,632	$	28.43

(a) Includes securities on loan with a value of $22,504,500 (see Note E).

See notes to financial statements.

9

GROWTH AND INCOME PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $154,220)	$	19,120,821
Affiliated issuers		418,251
Securities lending income		69,694
		19,608,766
EXPENSES
Advisory fee (see Note B)		5,042,274
Distribution fee—Class B		1,963,701
Transfer agency—Class A		1,357
Transfer agency—Class B		8,124
Custody and accounting		194,971
Printing		160,089
Legal		110,657
Administrative		58,253
Audit and tax		47,453
Directors’ fees		29,771
Miscellaneous		38,897
Total expenses		7,655,547
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(75,707	)
Net expenses		7,579,840
Net investment income		12,028,926
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions		(36,028,265	)
Net change in unrealized appreciation/depreciation of investments		38,846,348
Net gain on investment transactions		2,818,083
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	14,847,009

See notes to financial statements.

10

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

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	12,028,926		$	12,473,520
Net realized gain (loss) on investment transactions		(36,028,265	)		40,276,635
Net change in unrealized appreciation/depreciation of investments		38,846,348			159,345,540
Net increase in net assets from operations		14,847,009			212,095,695
Distributions to Shareholders
Class A		(9,106,244	)		(17,238,473	)
Class B		(53,075,328	)		(105,878,573	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(19,049,810	)		83,297,353
Total increase (decrease)		(66,384,373	)		172,276,002
NET ASSETS
Beginning of period		1,078,368,452			906,092,450
End of period	$	1,011,984,079		$	1,078,368,452

See notes to financial statements.

11

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Growth and Income Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Portfolio acquired the assets and liabilities of AB Value Portfolio (the “Acquired Portfolio”) a reorganization that was effective at the close of business April 26, 2019 (the “Reorganization”). The Reorganization was approved by the Fund’s Board of Directors pursuant to a Plan of Acquisition and Liquidation (the “Reorganization Agreement”) (see Note J for additional information). The Fund offers 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

12

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

974,273,616

$

–0

–

$

–0

–

$

974,273,616

Short-Term Investments

38,261,606

–0

–

–0

–

38,261,606

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

13,100,982

–0

–

–0

–

13,100,982

Total Investments in Securities

1,025,636,204

–0

–

–0

–

1,025,636,204

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

1,025,636,204

$

–0

–

$

–0

–

$

1,025,636,204

(a) See Portfolio of Investments for sector classifications.

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

13

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

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $58,253.

14

AB Variable Products Series Fund

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $73,880.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	128,696	$	284,982	$	375,416	$	38,262	$	418
Government Money Market Portfolio*		3,697		91,017		81,613		13,101		36
Total							$	51,363	$	454

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

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

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

NOTE C: Distribution Plan

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

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

15

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	481,983,360		$	460,794,311
U.S. government securities		–0	–		–0	–

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

Cost	$	822,022,797
Gross unrealized appreciation	$	226,367,554
Gross unrealized depreciation		(22,754,147	)
Net unrealized appreciation	$	203,613,407

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2020.

2. Currency Transactions

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

NOTE E: Securities Lending

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

16

AB Variable Products Series Fund

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

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value  of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	22,504,500	$	13,100,982	$	10,043,081	$	33,906	$	35,788	$	1,827

* As of December 31, 2020.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		711,385			661,146		$	18,355,193		$	19,709,589
Shares issued in reinvestment of dividends and distributions		361,798			625,489			9,106,244			17,238,473
Shares issued in connection with the Reorganization		–0	–		34,530			–0	–		1,088,086
Shares redeemed		(1,268,671	)		(976,078	)		(32,792,160	)		(29,114,576	)
Net increase (decrease)		(195,488	)		345,087		$	(5,330,723	)	$	8,921,572
Class B
Shares sold		2,404,541			1,565,254		$	60,446,536		$	46,221,157
Shares issued in reinvestment of dividends and distributions		2,145,887			3,906,958			53,075,328			105,878,573
Share issued in connection with the Reorganization		–0	–		1,788,938			–0	–		55,438,527
Shares redeemed		(4,994,251	)		(4,537,077	)		(127,240,951	)		(133,162,476	)
Net increase (decrease)		(443,823	)		2,724,073		$	(13,719,087	)	$	74,375,781

At December 31, 2020, certain shareholders of the Portfolio owned 60% 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), that affect large portions of the market. It includes the risk that a particular style of investing, such as Portfolio’s value approach, may be underperforming the market generally.

17

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

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

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

Industry/Sector Risk—Investments in a particular sector, industry or group of related industries may have more risk because market or economic factors affecting that sector or industry could have a significant effect on the value of the Portfolio’s investments.

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. 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, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

18

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	17,089,865	$	32,357,161
Net long-term capital gains		45,091,707		90,759,885
Total taxable distributions paid	$	62,181,572	$	123,117,046

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	7,412,106
Accumulated capital and other losses		(35,158,323	)(a)
Unrealized appreciation/(depreciation)		203,613,407	(b)
Total accumulated earnings/(deficit)	$	175,867,190

(a) As of December 31, 2020, the Portfolio had a net capital loss carryforward of $35,158,323.

(b) 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, 2020, the Portfolio had a net short-term capital loss carryforward of $28,209,154 and a net long-term capital loss carryforward of $6,949,169, which may be carried forward for an indefinite period.

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

NOTE J: Reorganization

At a meeting held on November 6-8, 2018, the Board of the Fund approved the acquisition of the assets and assumption of the liabilities of the Acquired Portfolio by the Portfolio, each a series of the Fund. The Portfolios have the same investment objective and certain similarities in investment strategies, as both Portfolios seek long-term growth of capital and invest in the securities of U.S. companies, using a value approach to investing. The Reorganization was completed at the close of business April 26, 2019. Pursuant to the Reorganization, the assets and liabilities of the Acquired Portfolio shares were transferred in exchange for the shares of the same class of the Portfolio, in a tax-free exchange as follows:

	Shares outstanding before the Reorganization		Shares outstanding immediately after the Reorganization			Aggregate net assets before the Reorganization			Aggregate net assets immediately after the Reorganization
The Acquired Portfolio		3,830,499		–0	–	$	56,526,613	+	$	–0	–
The Portfolio		32,453,079		34,276,547		$	1,008,129,745	++	$	1,064,656,358

+ Includes distributions in excess of net investment income of $9,338, accumulated realized gain on investments of $4,555,184 and unrealized appreciation on investments of $1,082,388, with a fair value of $49,044,206 and identified cost of $47,961,818.

++ Includes undistributed net investment income of $15,078,001, accumulated realized gain on investments of $114,156,821 and unrealized appreciation on investments of $119,935,920, with a fair value of $1,011,419,058 and identified cost of $891,483,138.

Assuming the acquisition of the Acquired Portfolio had been completed on January 1, 2019, the Portfolio’s pro forma results of operations for the year ended December 31, 2019, are as follows:

Net investment income	$	12,576,934
Net realized and unrealized gain on investments		206,217,063
Net increase in net assets resulting from operations	$	218,793,997

19

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

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Portfolio that have been included in the Portfolio’s Statement of Operations since April 26, 2019.

For financial reporting purposes, assets received and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio was carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

NOTE K: Subsequent Events

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

20

GROWTH AND INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$30.30			$27.78			$33.35			$31.21			$30.12
Income From Investment Operations
Net investment income (a)(b)		.40			.43			.41			.31			.43	†
Net realized and unrealized gain (loss) on investment transactions		.13			5.84			(1.84	)		5.21			2.84
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.53			6.27			(1.43	)		5.52			3.27
Less: Dividends and Distributions
Dividends from net investment income		(.42	)		(.39	)		(.34	)		(.49	)		(.32	)
Distributions from net realized gain on investment transactions		(1.44	)		(3.36	)		(3.80	)		(2.89	)		(1.86	)
Total dividends and distributions		(1.86	)		(3.75	)		(4.14	)		(3.38	)		(2.18	)
Net asset value, end of period		$28.97			$30.30			$27.78			$33.35			$31.21
Total Return
Total investment return based on net asset value (d)*		2.72	%		23.91	%		(5.61	)%		18.93	%		11.30	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$143,269			$155,765			$133,188			$159,324			$155,924
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.61	%		.61	%		.59	%		.60	%		.61	%
Expenses, before waivers/reimbursements (e)‡		.62	%		.62	%		.60	%		.60	%		.61	%
Net investment income (b)		1.53	%		1.43	%		1.28	%		.97	%		1.46	%†
Portfolio turnover rate		54	%		66	%		96	%		85	%		101	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 23.

21

GROWTH AND INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$29.76			$27.34			$32.88			$30.82			$29.78
Income From Investment Operations
Net investment income (a)(b)		.33			.35			.33			.23			.36	†
Net realized and unrealized gain (loss) on investment transactions		.13			5.74			(1.81	)		5.14			2.79
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.46			6.09			(1.48	)		5.37			3.15
Less: Dividends and Distributions
Dividends from net investment income		(.35	)		(.31	)		(.26	)		(.42	)		(.25	)
Distributions from net realized gain on investment transactions		(1.44	)		(3.36	)		(3.80	)		(2.89	)		(1.86	)
Total dividends and distributions		(1.79	)		(3.67	)		(4.06	)		(3.31	)		(2.11	)
Net asset value, end of period		$28.43			$29.76			$27.34			$32.88			$30.82
Total Return
Total investment return based on net asset value (d)*		2.47	%		23.61	%		(5.84	)%		18.59	%		11.07	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$868,715			$922,603			$772,904			$906,790			$886,666
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.86	%		.86	%		.84	%		.85	%		.86	%
Expenses, before waivers/reimbursements (e)‡		.87	%		.87	%		.85	%		.85	%		.86	%
Net investment income (b)		1.28	%		1.18	%		1.03	%		.72	%		1.21	%†
Portfolio turnover rate		54	%		66	%		96	%		85	%		101	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.01	%		.00	%		.00	%

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

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

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.002	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2019, December 31, 2018, December 31, 2017 and December 31, 2016 by .15%, .02%, .68% and .03%, respectively.

Includes the impact of a reimbursement from the Adviser as a result of an error made by the Adviser in processing a claim for class action settlement, which enhanced the Portfolio’s performance for the year ended December 31, 2017 by .01%.

See notes to financial statements.

23

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Growth and Income Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 12, 2021

24

2020 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2020. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. The Portfolio designates $45,091,707 of dividends paid as long-term capital gain dividends.

25

GROWTH AND INCOME PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Frank V. Caruso(2), Vice President John H. Fogarty(2), Vice President Vinay Thapar(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

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

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

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

26

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

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he had been associated since prior to 2004.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

27

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

28

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

29

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Earl D. Weiner,## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

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

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

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

^#  Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

30

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS,* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Frank V. Caruso 64	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer of US Growth Equities.
John H. Fogarty 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Vinay Thapar 42	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

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

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

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

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

31

GROWTH AND INCOME PORTFOLIO AB Variable Products Series Fund

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

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

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

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

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

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

32

GROWTH AND INCOME PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Growth and Income Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

33

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

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

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

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

34

AB Variable Products Series Fund

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

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

Economies of Scale

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

35

VPS-GI-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERMEDIATE BOND PORTFOLIO

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

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

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—Intermediate Bond Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to generate income and price appreciation without assuming what the Adviser considers undue risk. The Portfolio invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. The Portfolio expects to invest in readily marketable fixed-income securities with a range of maturities from short- to long-term and relatively attractive yields that do not involve undue risk of loss of capital. The Portfolio expects to invest in fixed-income securities with a dollar-weighted average maturity of between three and 10 years and an average duration of three to six years. The Portfolio may invest up to 25% of its net assets in below investment-grade bonds (commonly known as “junk bonds”). The Portfolio may use leverage for investment purposes.

The Portfolio may invest without limit in US dollar-denominated foreign fixed-income securities and may invest up to 25% of its assets in non-US dollar-denominated foreign fixed-income securities. These investments may include, in each case, developed- and emerging-market debt securities.

The Portfolio may invest in mortgage-related and other asset-backed securities, loan participations, inflation-indexed securities, structured securities, variable, floating and inverse floating-rate instruments, and preferred stock, and may use other investment techniques. The Portfolio intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Portfolio may invest, without limit, in derivatives, such as options, futures contracts, forwards and swaps.

INVESTMENT RESULTS

The table on page 4 shows the Portfolio’s performance compared to its benchmark, the Bloomberg Barclays US Aggregate Bond Index, for the one-, five- and 10-year periods ended December 31, 2020.

During the annual period, all share classes of the Portfolio underperformed the benchmark. Security selection was the largest detractor, relative to the benchmark, due to selection in commercial mortgage-backed securities and high-yield corporate bonds that were partially offset by gains within investment-grade corporate bonds. Country allocation to off-benchmark non-US countries including Japan, Sweden and the eurozone also detracted but were partially offset by allocations to South Africa and Canada. Sector allocation contributed, primarily from overweights to investment-grade and high-yield corporate bonds. Duration positioning on the yield-curve added to returns, as gains from overweights to the five- to 10-year parts of the yield curve offset losses from overweights to the 30-year part of the curve and underweights to the 20-year part of the yield curve. Currency decisions did not materially impact performance since contributions from long positions in the euro and Russian ruble were offset by shorts in the New Zealand dollar and Australian dollar.

During the annual period, the Portfolio utilized currency forwards to hedge currency risk and actively manage currency positions. Credit default swaps were utilized in the corporate and commercial mortgage-backed securities sectors for hedging and investment purposes. Treasury futures and interest rate swaps were utilized to manage duration, country exposure and yield-curve positioning. Total return swaps and written swaptions were utilized in the corporate sectors for hedging and investment purposes.

MARKET REVIEW AND INVESTMENT STRATEGY

Global fixed-income market returns were positive yet volatile over the annual period. Central banks and governments enacted an unprecedented amount of monetary and fiscal stimulus to combat market illiquidity and cushion the negative economic impact of COVID-19, setting the stage for a rebound in risk assets following the initial sell-off in March. Government bonds rallied as interest rates were slashed. Risk assets began to rally significantly in November when positive vaccine news extended the credit rally. Developed- and emerging-market investment-grade corporate bonds and commercial mortgage-backed securities led gains as investors searched for higher yields in a period of falling interest rates. Global developed-market high-yield corporate bonds also had strong returns, particularly in the US. Agency mortgage-backed securities, along with emerging-market local-currency debt and high-yield hard-currency sovereign bonds, had positive returns but trailed global treasuries. The US dollar declined against all major developed-market currencies and was mixed against emerging-market currencies. Brent crude oil prices were volatile and fell about 21% due to an uncertain oil industry outlook. Copper prices advanced more than 25%, and gold rose 24% as a perceived inflation hedge.

1

INTERMEDIATE BOND PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Bloomberg Barclays US Aggregate Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg Barclays US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

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

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

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

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

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater if the Portfolio invests a significant portion of its assets in fixed-income securities with longer maturities.

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

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

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

Mortgage-Related and/or Other Asset-Backed Securities Risk: Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Portfolio to a lower rate of return upon reinvestment of principal.

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

2

AB Variable Products Series Fund

Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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

Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally decline.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

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

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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

An Important Note About Historical Performance

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

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

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

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

3

INTERMEDIATE BOND PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years1		10 Years1
Intermediate Bond Portfolio Class A		5.96%		4.29%		3.81%
Intermediate Bond Portfolio Class B		5.64%		4.01%		3.56%
Bloomberg Barclays US Aggregate Bond Index		7.51%		4.44%		3.84%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 1.27% and 1.52% for Class A and Class B shares, respectively. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios to 1.26% and 1.51% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2021, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2010 to 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Intermediate Bond Portfolio Class A shares (from 12/31/2010 to 12/31/2020) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 2-3.

4

INTERMEDIATE BOND PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,029.80	$	6.43		1.26	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.80	$	6.39		1.26	%
Class B
Actual	$	1,000	$	1,028.40	$	7.70		1.51	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.55	$	7.66		1.51	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

5

INTERMEDIATE BOND PORTFOLIO
TOP TEN SECTORS (including derivatives)1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

Governments—Treasuries2	44.4	%
Corporates—Investment Grade	34.3
Interest Rate Swaps3	19.4
Mortgage Pass-Throughs	15.9
Commercial Mortgage-Backed Securities	14.8
Collateralized Mortgage Obligations	11.6
Corporates—Non-Investment Grade	5.6
Inflation-Linked Securities	4.6
Asset-Backed Securities	3.8
Investment Companies	1.8

SECTOR BREAKDOWN (excluding derivatives)⁴

December 31, 2020 (unaudited)

Corporates—Investment Grade	33.0	%
Mortgage Pass-Throughs	15.3
Commercial Mortgage-Backed Securities	14.2
Collateralized Mortgage Obligations	11.2
Governments—Treasuries	9.5
Inflation-Linked Securities	4.5
Corporates—Non-Investment Grade	4.0
Asset-Backed Securities	3.7
Local Governments—US Municipal Bonds	1.4
Governments—Sovereign Bonds	0.6
Emerging Markets—Treasuries	0.5
Emerging Markets—Corporate Bonds	0.2
Quasi-Sovereigns	0.1
Short-Term Investments	1.8

1 All data are as of December 31, 2020. The Portfolio’s sectors include derivative exposure and are expressed as approximate percentages of the Portfolio’s total net assets, based on the Adviser’s internal classification. The percentages will vary over time.

2 Includes Treasury Futures.

3 Represents the exposure of the Portfolio’s fixed-rate payments on the Interest Rate Swaps. Interest Rate Swaps involve the exchange by a fund with another party of payments calculated by reference to specified interest rates (e.g., an exchange of floating-rate payments for fixed-rate payments).

4 All data are as of December 31, 2020. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

6

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
CORPORATES–INVESTMENT GRADE–34.3%
INDUSTRIAL–19.7%
BASIC–1.3%
Alpek SAB de CV 4.25%, 09/18/2029(a)		U.S.$	200	$	218,562
DuPont de Nemours, Inc.
4.205%, 11/15/2023			65		71,770
4.493%, 11/15/2025			65		75,943
Eastman Chemical Co. 3.80%, 03/15/2025			50		55,620
Glencore Funding LLC 4.125%, 05/30/2023(a)			58		62,598
Nutrition & Biosciences, Inc. 1.832%, 10/15/2027(a)			24		24,727
Suzano Austria GmbH 3.75%, 01/15/2031			17		18,020
					527,240
CAPITAL GOODS–0.6%
General Electric Co. 3.45%, 05/01/2027			107		120,609
Raytheon Technologies Corp. 3.95%, 08/16/2025			90		103,191
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025			15		16,170
					239,970
COMMUNICATIONS– MEDIA–1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.20%, 03/15/2028			7		8,060
4.80%, 03/01/2050			15		17,815
5.125%, 07/01/2049			23		28,005
Comcast Corp.
3.45%, 02/01/2050			38		44,640
4.15%, 10/15/2028			95		113,934
Cox Communications, Inc. 2.95%, 06/30/2023(a)			51		53,688
Interpublic Group of Cos., Inc. (The) 4.75%, 03/30/2030			55		68,467
ViacomCBS, Inc.
4.20%, 05/19/2032			10		12,021
4.95%, 01/15/2031			22		27,605
Walt Disney Co. (The) 2.75%, 09/01/2049			44		46,367
					420,602
COMMUNICATIONS– TELECOMMUNICATIONS–0.8%
AT&T, Inc.
2.75%, 06/01/2031			33		35,262
3.50%, 09/15/2053(a)			55		55,305
3.65%, 09/15/2059(a)			74		74,607
	Principal Amount (000)			U.S. $ Value
Vodafone Group PLC 3.75%, 01/16/2024		U.S.$	168	$	183,661
					348,835
CONSUMER CYCLICAL– AUTOMOTIVE–1.2%
General Motors Co.
6.125%, 10/01/2025			25		30,354
6.80%, 10/01/2027			34		43,736
General Motors Financial Co., Inc.
2.70%, 08/20/2027			60		63,437
4.30%, 07/13/2025			30		33,644
5.10%, 01/17/2024			109		121,965
5.25%, 03/01/2026			21		24,693
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(a)			128		138,542
Lear Corp.
3.50%, 05/30/2030			36		39,335
3.80%, 09/15/2027			13		14,556
					510,262
CONSUMER CYCLICAL– OTHER–0.3%
Las Vegas Sands Corp.
2.90%, 06/25/2025			63		65,987
3.20%, 08/08/2024			30		31,812
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025			12		14,040
					111,839
CONSUMER CYCLICAL– RETAILERS–0.8%
Advance Auto Parts, Inc.
1.75%, 10/01/2027			26		26,501
3.90%, 04/15/2030			38		43,778
AutoNation, Inc. 4.75%, 06/01/2030			14		16,865
Ralph Lauren Corp. 2.95%, 06/15/2030			122		132,082
Ross Stores, Inc. 4.70%, 04/15/2027			113		133,594
					352,820
CONSUMER NON- CYCLICAL–5.1%
AbbVie, Inc.
2.95%, 11/21/2026			67		74,196
4.875%, 11/14/2048			47		63,908
Altria Group, Inc.
3.40%, 05/06/2030			85		94,988
4.80%, 02/14/2029			26		31,175
Anheuser-Busch InBev Worldwide, Inc.
4.60%, 06/01/2060			73		93,876
5.55%, 01/23/2049			120		170,197
Banner Health 1.897%, 01/01/2031			30		30,414

7

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Baptist Healthcare System Obligated Group Series 20B 3.54%, 08/15/2050		U.S.$	59	$	65,787
BAT Capital Corp.
2.259%, 03/25/2028			128		132,369
2.726%, 03/25/2031			50		51,761
4.70%, 04/02/2027			55		64,852
Biogen, Inc. 4.05%, 09/15/2025			144		165,008
Cigna Corp.
3.75%, 07/15/2023			25		27,002
4.125%, 11/15/2025			45		51,768
4.375%, 10/15/2028			58		70,026
Coca-Cola Femsa SAB de CV
1.85%, 09/01/2032			150		149,344
2.75%, 01/22/2030			150		162,047
CommonSpirit Health 1.547%, 10/01/2025			38		39,092
CVS Health Corp.
4.30%, 03/25/2028			8		9,482
5.05%, 03/25/2048			49		66,249
Royalty Pharma PLC 1.75%, 09/02/2027(a)			16		16,450
Sutter Health Series 20A 2.294%, 08/15/2030			84		87,557
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023			200		221,574
Tyson Foods, Inc.
3.95%, 08/15/2024			48		53,355
4.00%, 03/01/2026			12		13,792
Utah Acquisition Sub, Inc. 3.95%, 06/15/2026			85		97,261
Zimmer Biomet Holdings, Inc. 3.55%, 03/20/2030			25		28,336
					2,131,866
ENERGY–5.6%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. 3.337%, 12/15/2027			58		65,155
Boardwalk Pipelines LP 3.40%, 02/15/2031			47		48,902
BP Capital Markets America, Inc. 3.194%, 04/06/2025			81		89,093
Cenovus Energy, Inc. 4.25%, 04/15/2027			12		13,050
Energy Transfer Operating LP
3.75%, 05/15/2030			129		139,022
4.75%, 01/15/2026			175		198,175
Enterprise Products Operating LLC 3.70%, 02/15/2026			161		182,349
Husky Energy, Inc. 4.40%, 04/15/2029			161		179,243
Kinder Morgan, Inc. 3.15%, 01/15/2023			150		157,721
	Principal Amount (000)			U.S. $ Value
Marathon Oil Corp.
3.85%, 06/01/2025		U.S.$	19	$	20,362
6.80%, 03/15/2032			100		123,319
Marathon Petroleum Corp. 5.125%, 12/15/2026			30		35,780
Noble Energy, Inc.
3.85%, 01/15/2028			30		34,741
3.90%, 11/15/2024			107		118,938
ONEOK, Inc.
4.00%, 07/13/2027			87		96,906
4.35%, 03/15/2029			57		64,563
6.35%, 01/15/2031			27		34,665
Ovintiv Exploration, Inc. 5.625%, 07/01/2024			40		42,805
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/2029			8		8,376
3.60%, 11/01/2024			68		72,613
4.50%, 12/15/2026			16		17,933
Sabine Pass Liquefaction LLC 5.00%, 03/15/2027			80		94,415
Saudi Arabian Oil Co. 2.25%, 11/24/2030(a)			225		228,094
Shell International Finance BV 3.25%, 04/06/2050			80		90,650
TransCanada PipeLines Ltd. 9.875%, 01/01/2021			108		108,000
Valero Energy Corp. 2.70%, 04/15/2023			78		81,452
					2,346,322
SERVICES–0.6%
Booking Holdings, Inc. 4.625%, 04/13/2030			104		128,980
Expedia Group, Inc. 6.25%, 05/01/2025(a)			2		2,319
Mastercard, Inc.
3.30%, 03/26/2027			48		54,766
3.85%, 03/26/2050			50		64,625
					250,690
TECHNOLOGY–2.0%
Apple, Inc. 2.40%, 08/20/2050			86		87,744
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/2028			21		23,114
Broadcom, Inc.
4.11%, 09/15/2028			72		82,351
4.15%, 11/15/2030			126		145,693
5.00%, 04/15/2030			46		55,946
Dell International LLC/EMC Corp. 6.02%, 06/15/2026(a)			78		95,216
Infor, Inc. 1.75%, 07/15/2025(a)			34		35,263
Micron Technology, Inc. 4.185%, 02/15/2027			111		129,900

8

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.70%, 05/01/2025(a)		U.S.$	17	$	18,278
Oracle Corp. 3.60%, 04/01/2050			138		161,096
					834,601
TRANSPORTATION– AIRLINES–0.4%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025(a)			39		42,134
4.75%, 10/20/2028(a)			46		50,229
Southwest Airlines Co. 5.25%, 05/04/2025			80		92,742
					185,105
					8,260,152
FINANCIAL INSTITUTIONS–13.2%
BANKING–11.0%
American Express Co. Series C 3.501% (LIBOR 3 Month + 3.29%), 03/15/2021(b)(c)			15		14,697
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(a)			200		230,184
Banco de Credito del Peru 3.125%, 07/01/2030(a)			87		89,393
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025(a)			150		171,204
Banco Santander SA
2.749%, 12/03/2030			200		206,192
3.49%, 05/28/2030			200		224,340
Bank of America Corp.
Series DD 6.30%, 03/10/2026(b)			27		31,371
Series L 3.95%, 04/21/2025			360		405,634
Series Z 6.50%, 10/23/2024(b)			41		46,913
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025(b)			17		18,743
Barclays Bank PLC 6.86%, 06/15/2032(a)(b)			29		41,088
BNP Paribas SA 4.375%, 05/12/2026(a)			200		229,732
Capital One Financial Corp.
2.60%, 05/11/2023			68		71,269
3.30%, 10/30/2024			135		148,379
CIT Group, Inc. 5.25%, 03/07/2025			56		63,922
	Principal Amount (000)			U.S. $ Value
Citigroup, Inc.
4.45%, 09/29/2027		U.S.$	83	$	98,030
5.95%, 01/30/2023(b)			55		57,818
Series Q 4.316% (LIBOR 3 Month + 4.10%), 02/15/2021(b)(c)			90		89,943
Series R 4.699% (LIBOR 3 Month + 4.48%), 02/15/2021(b)(c)			39		39,053
Series W 4.00%, 12/10/2025(b)			37		38,010
Cooperatieve Rabobank UA 4.375%, 08/04/2025			250		285,518
Credit Suisse Group AG 3.80%, 06/09/2023			265		285,426
Fifth Third Bancorp Series L 4.50%, 09/30/2025(b)			24		25,615
Goldman Sachs Group, Inc. (The) Series M 4.127% (LIBOR 3 Month + 3.92%), 02/01/2021(b)(c)			45		44,865
HSBC Holdings PLC 4.25%, 08/18/2025			203		230,295
ING Groep NV 3.55%, 04/09/2024			200		218,470
JPMorgan Chase & Co.
2.083%, 04/22/2026			67		70,715
3.54%, 05/01/2028			74		84,405
Series Z 4.014% (LIBOR 3 Month + 3.80%), 02/01/2021(b)(c)			22		21,987
Morgan Stanley
3.591%, 07/22/2028			186		212,282
3.737%, 04/24/2024			75		80,690
5.00%, 11/24/2025			37		44,181
Series J 4.046% (LIBOR 3 Month + 3.81%), 04/15/2021(b)(c)			20		19,955
Santander Holdings USA, Inc. 4.40%, 07/13/2027			41		46,698
Standard Chartered PLC 1.724% (LIBOR 3 Month + 1.51%), 01/30/2027(a)(b)(c)			100		92,577
State Street Corp. 2.901%, 03/30/2026			11		11,977
Truist Financial Corp. Series Q 5.10%, 03/01/2030(b)			81		92,514
US Bancorp Series J 5.30%, 04/15/2027(b)			63		70,849
Wells Fargo & Co.
2.188%, 04/30/2026			62		65,257
3.069%, 01/24/2023			113		116,172
3.75%, 01/24/2024			110		120,029
Series G 4.30%, 07/22/2027			35		41,045
					4,597,437

9

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
BROKERAGE–0.1%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(b)		U.S.$	44	$	48,978
FINANCE–1.4%
Air Lease Corp.
2.875%, 01/15/2026			22		23,276
3.625%, 04/01/2027			8		8,621
3.875%, 07/03/2023			6		6,393
4.25%, 02/01/2024			25		27,125
Aircastle Ltd.
4.125%, 05/01/2024			18		19,131
4.25%, 06/15/2026			4		4,237
4.40%, 09/25/2023			41		43,751
5.00%, 04/01/2023			4		4,290
5.25%, 08/11/2025(a)			45		49,514
Aviation Capital Group LLC
2.875%, 01/20/2022(a)			10		10,145
3.50%, 11/01/2027(a)			17		17,024
3.875%, 05/01/2023(a)			38		39,622
4.125%, 08/01/2025(a)			2		2,089
4.375%, 01/30/2024(a)			14		14,773
4.875%, 10/01/2025(a)			20		21,418
5.50%, 12/15/2024(a)			46		50,800
GE Capital European Funding Unlimited Co. 4.625%, 02/22/2027		EUR	50		76,346
Synchrony Financial 4.50%, 07/23/2025		U.S.$	147		165,441
					583,996
INSURANCE–0.5%
Alleghany Corp. 3.625%, 05/15/2030			95		107,521
Centene Corp.
4.25%, 12/15/2027			14		14,901
4.625%, 12/15/2029			16		17,743
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)			35		60,635
Voya Financial, Inc. 5.65%, 05/15/2053			31		32,748
					233,548
REITS–0.2%
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023			6		6,325
Rexford Industrial Realty LP 2.125%, 12/01/2030			72		72,289
					78,614
					5,542,573
UTILITY–1.4%
ELECTRIC–1.4%
Colbun SA 3.15%, 03/06/2030(a)			200		215,688
Enel Chile SA 4.875%, 06/12/2028			68		80,134
	Principal Amount (000)			U.S. $ Value
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/2024(a)		U.S.$	200	$	225,750
Kentucky Utilities Co. 3.30%, 06/01/2050			38		43,054
					564,626
Total Corporates–Investment Grade (cost $13,210,558)					14,367,351
MORTGAGE PASS-THROUGHS–15.9%
AGENCY FIXED RATE 30-YEAR–13.9%
Federal Home Loan Mortgage Corp.
Series 2019 3.50%, 10/01/2049–11/01/2049			222		238,983
Series 2020 3.50%, 01/01/2050			99		108,541
Federal Home Loan Mortgage Corp. Gold
Series 2005 5.50%, 01/01/2035			49		56,872
Series 2007 5.50%, 07/01/2035			15		17,128
Series 2016 4.00%, 02/01/2046			139		154,350
Series 2017 4.00%, 07/01/2044			107		118,232
Series 2018 4.00%, 11/01/2048–12/01/2048			108		117,594
4.50%, 10/01/2048–11/01/2048			223		244,813
5.00%, 11/01/2048			56		63,066
Federal National Mortgage Association
Series 2003 5.50%, 04/01/2033–07/01/2033			46		52,792
Series 2004 5.50%, 04/01/2034–11/01/2034			41		47,102
Series 2005 5.50%, 02/01/2035			47		54,595
Series 2010 4.00%, 12/01/2040			64		70,464
Series 2012 3.50%, 02/01/2042–01/01/2043			184		202,935
Series 2013 3.50%, 04/01/2043			89		98,250
4.00%, 10/01/2043			247		273,046
Series 2018 3.50%, 04/01/2048–05/01/2048			809		874,491
4.00%, 08/01/2048–12/01/2048			240		259,840
4.50%, 09/01/2048			206		226,868

10

AB Variable Products Series Fund

	Principal Amount (000)				U.S. $ Value
Series 2019 3.50%, 09/01/2049–11/01/2049		U.S.$	379		$	408,504
4.00%, 06/01/2049			169			184,544
Series 2020 3.50%, 01/01/2050			95			103,336
Government National Mortgage Association
Series 1994 9.00%, 09/15/2024			0	**		251
Series 2016 3.00%, 04/20/2046			134			140,835
Uniform Mortgage-Backed Security
Series 2021 1.50%, 01/01/2051, TBA			635			641,648
2.00%, 01/01/2051, TBA			415			431,211
2.50%, 01/01/2051, TBA			610			643,073
						5,833,364
AGENCY FIXED RATE 15-YEAR–2.0%
Federal National Mortgage Association Series 2016 2.50%, 07/01/2031–01/01/2032			778			816,350
Total Mortgage Pass-Throughs (cost $6,355,622)						6,649,714
COMMERCIAL MORTGAGE- BACKED SECURITIES–14.7%
NON-AGENCY FIXED RATE CMBS–11.8%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.534%, 03/10/2037(a)			110			98,492
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048			100			110,984
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/2050			155			177,327
CFCRE Commercial Mortgage Trust
Series 2016-C4, Class A4 3.283%, 05/10/2058			115			124,886
Series 2016-C4, Class AM 3.691%, 05/10/2058			45			49,393
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 03/13/2035(a)			260			272,868
	Principal Amount (000)				U.S. $ Value
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class A5 3.137%, 02/10/2048		U.S.$	144		$	155,787
Series 2015-GC35, Class A4 3.818%, 11/10/2048			55			62,229
Series 2016-C1, Class A4 3.209%, 05/10/2049			192			212,650
Series 2016-GC36, Class A5 3.616%, 02/10/2049			65			73,053
Commercial Mortgage Trust
Series 2013-SFS, Class A1 1.873%, 04/12/2035(a)			34			34,110
Series 2014-UBS3, Class A4 3.819%, 06/10/2047			130			142,610
Series 2014-UBS5, Class A4 3.838%, 09/10/2047			130			143,460
Series 2014-UBS6, Class AM 4.048%, 12/10/2047			45			49,377
Series 2015-CR24, Class A5 3.696%, 08/10/2048			65			72,941
Series 2015-DC1, Class A5 3.35%, 02/10/2048			80			87,648
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4 3.504%, 06/15/2057			100			110,057
Series 2015-C3, Class A4 3.718%, 08/15/2048			117			129,663
Series 2015-C4, Class A4 3.808%, 11/15/2048			215			242,413
GS Mortgage Securities Trust
Series 2011-GC5, Class D 5.388%, 08/10/2044(a)			10			8,561
Series 2013-G1, Class A2 3.557%, 04/10/2031(a)			136			135,517
Series 2014-GC22, Class A5 3.862%, 06/10/2047			77			84,605
Series 2015-GC28, Class A5 3.396%, 02/10/2048			95			103,837
Series 2018-GS9, Class A4 3.992%, 03/10/2051			75			87,840
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2012-C6, Class D 5.152%, 05/15/2045			110			96,641
Series 2012-C6, Class E 5.152%, 05/15/2045(a)			132			78,389
JPMBB Commercial Mortgage Securities Trust
Series 2014-C21, Class A5 3.775%, 08/15/2047			100			109,717
Series 2014-C22, Class XA 0.83%, 09/15/2047(d)			2,507			63,757
Series 2014-C24, Class C 4.407%, 11/15/2047			110			104,066

11

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2015-C30, Class A5 3.822%, 07/15/2048		U.S.$	65	$	73,395
Series 2015-C31, Class A3 3.801%, 08/15/2048			195		219,055
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.492%, 09/15/2039			24		13,693
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)			141		144,074
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/2049			100		112,629
UBS Commercial Mortgage Trust
Series 2018-C10, Class A4 4.313%, 05/15/2051			125		146,796
Series 2018-C8, Class A4 3.983%, 02/15/2051			100		116,191
Series 2018-C9, Class A4 4.117%, 03/15/2051			125		146,437
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/2045			112		116,178
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class A4 3.789%, 09/15/2048			95		105,201
Series 2016-C35, Class XA 1.927%, 07/15/2048(d)			941		74,816
Series 2016-LC25, Class C 4.417%, 12/15/2059			85		85,078
Series 2016-NXS6, Class C 4.315%, 11/15/2049			100		98,802
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA 1.173%, 03/15/2045(a)(d)			1,224		24,373
Series 2014-C19, Class A5 4.101%, 03/15/2047			130		143,045
Series 2014-C24, Class AS 3.931%, 11/15/2047			110		113,102
					4,955,743
NON-AGENCY FLOATING RATE CMBS–2.9%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.159% (LIBOR 1 Month + 1.00%), 06/15/2035(a)(c)			100		96,948
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class A 1.109% (LIBOR 1 Month + 0.95%), 06/15/2035(a)(c)			100		97,874
	Principal Amount (000)			U.S. $ Value
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.159% (LIBOR 1 Month + 1.00%), 11/15/2033(a)(c)		U.S.$	185	$	176,942
BBCMS Mortgage Trust Series 2020-BID, Class A 2.299% (LIBOR 1 Month + 2.14%), 10/15/2037(a)(c)			71		71,022
BHMS Series 2018-ATLS, Class A 1.409% (LIBOR 1 Month + 1.25%), 07/15/2035(a)(c)			81		78,814
BX Trust Series 2018-EXCL, Class A 1.246% (LIBOR 1 Month + 1.09%), 09/15/2037(a)(c)			86		79,578
CLNY Trust Series 2019-IKPR, Class D 2.184% (LIBOR 1 Month + 2.03%), 11/15/2038(a)(c)			65		58,813
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.182% (LIBOR 1 Month + 1.03%), 12/19/2030(a)(c)			100		98,746
Great Wolf Trust Series 2019-WOLF, Class A 1.193% (LIBOR 1 Month + 1.03%), 12/15/2036(a)(c)			111		108,495
GS Mortgage Securities Corp. Trust
Series 2019-BOCA, Class A 1.359% (LIBOR 1 Month + 1.20%), 06/15/2038(a)(c)			115		114,134
Series 2019-SMP, Class A 1.309% (LIBOR 1 Month + 1.15%), 08/15/2032(a)(c)			100		99,383
JP Morgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class EFL 2.003% (LIBOR 1 Month + 1.85%), 01/16/2037(a)(c)			6		5,705
Starwood Retail Property Trust Series 2014-STAR, Class A 1.629% (LIBOR 1 Month + 1.47%), 11/15/2027(a)(c)			174		114,657
					1,201,111
Total Commercial Mortgage-Backed Securities (cost $6,068,421)					6,156,854
COLLATERALIZED MORTGAGE OBLIGATIONS–11.6%
RISK SHARE FLOATING RATE–8.9%
Bellemeade Re 2020-4 Ltd. Series 2020-4A, Class M2A 2.75% (LIBOR 1 Month + 2.60%), 06/25/2030(a)(c)			150		150,100

12

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Bellemeade Re Ltd.
Series 2018-3A, Class M1B 1.998% (LIBOR 1 Month + 1.85%), 10/25/2028(a)(c)		U.S.$	82	$	81,700
Series 2019-4A, Class M1B 2.148% (LIBOR 1 Month + 2.00%), 10/25/2029(a)(c)			150		149,324
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2 2.548% (LIBOR 1 Month + 2.40%), 04/25/2031(a)(c)			28		27,825
Series 2019-HRP1, Class M2 2.298% (LIBOR 1 Month + 2.15%), 11/25/2039(a)(c)			85		83,719
Series 2019-R02, Class 1M2
2.448% (LIBOR 1 Month + 2.30%), 08/25/2031(a)(c)			38		37,527
Series 2019-R03, Class 1M2 2.298% (LIBOR 1 Month + 2.15%), 09/25/2031(a)(c)			64		63,929
Series 2019-R04, Class 2M2 2.248% (LIBOR 1 Month + 2.10%), 06/25/2039(a)(c)			69		68,803
Series 2019-R05, Class 1M2 2.148% (LIBOR 1 Month + 2.00%), 07/25/2039(a)(c)			59		58,996
Series 2019-R06, Class 2M2 2.248% (LIBOR 1 Month + 2.10%), 09/25/2039(a)(c)			89		88,899
Series 2019-R07, Class 1M2 2.248% (LIBOR 1 Month + 2.10%), 10/25/2039(a)(c)			91		90,831
Series 2020-R01, Class 1M2 2.198% (LIBOR 1 Month + 2.05%), 01/25/2040(a)(c)			130		129,311
Series 2020-R02, Class 2M2 2.148% (LIBOR 1 Month + 2.00%), 01/25/2040(a)(c)			100		99,295
Eagle Re Ltd.
Series 2020-1, Class M1A 1.048% (LIBOR 1 Month + 0.90%), 01/25/2030(a)(c)			150		149,437
Series 2020-2, Class M1B 4.148% (LIBOR 1 Month + 4.00%), 10/25/2030(a)(c)			150		152,135
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2019-DNA3, Class M2 2.198% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(c)			75		74,405
Series 2019-DNA4, Class M2 2.098% (LIBOR 1 Month + 1.95%), 10/25/2049(a)(c)			92		92,230
	Principal Amount (000)			U.S. $ Value
Series 2019-FTR2, Class M2 2.298% (LIBOR 1 Month + 2.15%), 11/25/2048(a)(c)		U.S.$	115	$	113,860
Series 2019-HQA1, Class M2 2.498% (LIBOR 1 Month + 2.35%), 02/25/2049(a)(c)			65		64,987
Series 2020-DNA1, Class M2 1.848% (LIBOR 1 Month + 1.70%), 01/25/2050(a)(c)			110		109,173
Series 2020-DNA2, Class M2 1.998% (LIBOR 1 Month + 1.85%), 02/25/2050(a)(c)			60		59,632
Series 2020-DNA5, Class M2 2.882%, 10/25/2050(a)(c)			70		70,894
Federal National Mortgage Association Series 2017-C02, Class 2M2C 3.798% (LIBOR 1 Month + 3.65%), 09/25/2029(c)			68		68,110
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2 5.048% (LIBOR 1 Month + 4.90%), 11/25/2024(c)			58		59,028
Series 2014-C04, Class 2M2 5.148% (LIBOR 1 Month + 5.00%), 11/25/2024(c)			19		19,802
Series 2015-C01, Class 1M2 4.448% (LIBOR 1 Month + 4.30%), 02/25/2025(c)			43		43,346
Series 2015-C01, Class 2M2 4.698% (LIBOR 1 Month + 4.55%), 02/25/2025(c)			11		11,461
Series 2015-C02, Class 1M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025(c)			45		45,438
Series 2015-C02, Class 2M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025(c)			26		26,285
Series 2015-C03, Class 1M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(c)			49		50,228
Series 2015-C03, Class 2M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(c)			24		24,420
Series 2015-C04, Class 1M2 5.848% (LIBOR 1 Month + 5.70%), 04/25/2028(c)			67		71,428
Series 2016-C01, Class 1M2 6.898% (LIBOR 1 Month + 6.75%), 08/25/2028(c)			80		85,839

13

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2016-C02, Class 1M2 6.148% (LIBOR 1 Month + 6.00%), 09/25/2028(c)		U.S.$	61	$	64,295
Series 2016-C03, Class 2M2 6.048% (LIBOR 1 Month + 5.90%), 10/25/2028(c)			46		48,298
Series 2016-C05, Class 2M2 4.598% (LIBOR 1 Month + 4.45%), 01/25/2029(c)			52		53,990
Series 2016-C06, Class 1M2 4.398% (LIBOR 1 Month + 4.25%), 04/25/2029(c)			90		94,614
Series 2017-C01, Class 1M2 3.698% (LIBOR 1 Month + 3.55%), 07/25/2029(c)			70		72,035
Series 2017-C04, Class 2M2 2.998% (LIBOR 1 Month + 2.85%), 11/25/2029(c)			39		39,087
Oaktown Re V Ltd. Series 2020-2A, Class M1B 3.748% (LIBOR 1 Month + 3.60%), 10/25/2030(a)(c)			150		151,241
PMT Credit Risk Transfer Trust
Series 2019-1R, Class A 2.145% (LIBOR 1 Month + 2.00%), 03/27/2024(c)(e)			57		53,848
Series 2019-2R, Class A 2.895% (LIBOR 1 Month + 2.75%), 05/27/2023(c)(e)			79		75,867
Series 2019-3R, Class A 2.845% (LIBOR 1 Month + 2.70%), 10/27/2022(c)(e)			49		48,900
Radnor Re Ltd.
Series 2020-1, Class M1A 1.098% (LIBOR 1 Month + 0.95%), 02/25/2030(a)(c)			150		149,820
Series 2020-1, Class M2A 2.148% (LIBOR 1 Month + 2.00%), 02/25/2030(a)(c)			150		147,748
STACR Trust Series 2018-DNA3, Class M2 2.248% (LIBOR 1 Month + 2.10%), 09/25/2048(a)(c)			31		30,229
Traingle Re Ltd. Series 2020-1, Class M1B 4.048% (LIBOR 1 Month + 3.90%), 10/25/2030(a)(c)			150		151,110
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2 5.398% (LIBOR 1 Month + 5.25%), 11/25/2025(c)(e)			24		23,795
Series 2015-WF1, Class 2M2 5.648% (LIBOR 1 Month + 5.50%), 11/25/2025(c)(e)			10		10,325
					3,737,599
	Principal Amount (000)			U.S. $ Value
AGENCY FLOATING RATE–1.2%
Federal Home Loan Mortgage Corp. REMICs Series 4981, Class HS 5.952% (6.10%–LIBOR 1 Month), 06/25/2050(c)(f)		U.S.$	458	$	86,712
Federal National Mortgage Association REMICs
Series 2011-131, Class ST 6.392% (6.54%–LIBOR 1 Month), 12/25/2041(c)(f)			112		27,023
Series 2015-90, Class SL 6.002% (6.15%–LIBOR 1 Month), 12/25/2045(c)(f)			223		52,885
Series 2016-77, Class DS 5.852% (6.00%–LIBOR 1 Month), 10/25/2046(c)(f)			190		38,474
Series 2017-16, Class SG 5.902% (6.05%–LIBOR 1 Month), 03/25/2047(c)(f)			213		43,447
Series 2017-26, Class TS 5.802% (5.95%–LIBOR 1 Month), 04/25/2047(c)(f)			217		49,802
Series 2017-62, Class AS 6.002% (6.15%–LIBOR 1 Month), 08/25/2047(c)(f)			216		40,890
Series 2017-81, Class SA 6.052% (6.20%–LIBOR 1 Month), 10/25/2047(c)(f)			222		49,814
Series 2017-97, Class LS 6.052% (6.20%–LIBOR 1 Month), 12/25/2047(c)(f)			235		58,247
Government National Mortgage Association
Series 2017-134, Class SE 6.048% (6.20%–LIBOR 1 Month), 09/20/2047(c)(f)			163		28,037
Series 2017-65, Class ST 5.998% (6.15%–LIBOR 1 Month), 04/20/2047(c)(f)			203		43,312
					518,643
AGENCY FIXED RATE–0.7%
Federal Home Loan Mortgage Corp. Series 5049, Class CI 3.50%, 12/25/2050(d)			268		34,203
Federal Home Loan Mortgage Corp. REMICs
Series 4976, Class MI 4.50%, 05/25/2050(d)			331		52,733
Series 5015, Class BI 4.00%, 09/25/2050(d)			245		39,943
Series 5018, Class EI 4.00%, 10/25/2050(d)			205		28,678
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.69%, 05/28/2035			50		47,482

14

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Federal National Mortgage Association REMICs Series 2020-89, Class KI 4.00%, 12/25/2050(d)		U.S.$	518	$	80,877
					283,916
NON-AGENCY FIXED RATE–0.6%
Alternative Loan Trust
Series 2005-20CB, Class 3A6 5.50%, 07/25/2035			12		11,296
Series 2006-24CB, Class A16 5.75%, 08/25/2036			54		43,011
Series 2006-28CB, Class A14 6.25%, 10/25/2036			39		28,818
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			26		23,780
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037			19		13,274
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8 6.00%, 05/25/2036			25		18,685
Series 2006-13, Class 1A19 6.25%, 09/25/2036			12		8,162
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036			41		28,013
JP Morgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.649%, 07/25/2036			84		71,062
					246,101
NON-AGENCY FLOATING RATE–0.2%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.528% (LIBOR 1 Month + 0.19%), 12/25/2036(c)			107		53,942
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.648% (LIBOR 1 Month + 0.25%), 03/25/2035(c)			26		23,556
					77,498
Total Collateralized Mortgage Obligations (cost $4,912,855)					4,863,757
	Principal Amount (000)			U.S. $ Value
GOVERNMENTS– TREASURIES–9.9%
MALAYSIA–0.3%
Malaysia Government Bond Series 117 3.882%, 03/10/2022		MYR	474	$	120,606
UNITED STATES–9.6%
U.S. Treasury Bonds
1.25%, 05/15/2050		U.S.$	740		671,666
1.375%, 08/15/2050			55		51,502
1.625%, 11/15/2050			120		119,512
U.S. Treasury Notes
0.125%, 08/31/2022–10/31/2022			1,797		1,797,000
0.375%, 04/30/2025(g)			537		538,930
0.625%, 05/15/2030–08/15/2030			223		217,696
0.875%, 11/15/2030			218		217,251
1.50%, 02/15/2030			384		406,320
					4,019,877
Total Governments–Treasuries (cost $4,154,169)					4,140,483
INFLATION-LINKED SECURITIES–4.6%
CANADA–0.2%
Canadian Government Real Return Bond 0.50%, 12/01/2050		CAD	85		83,113
JAPAN–1.4%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027		JPY	60,394		587,840
UNITED STATES–3.0%
U.S. Treasury Inflation Index
0.125%, 07/15/2026 (TIPS)		U.S.$	381		419,298
0.375%, 07/15/2025 (TIPS)			671		736,346
0.75%, 07/15/2028 (TIPS)			93		108,617
					1,264,261
Total Inflation-Linked Securities (cost $1,780,469)					1,935,214
CORPORATES–NON-INVESTMENT GRADE–4.2%
INDUSTRIAL–2.7%
BASIC–0.3%
Ingevity Corp. 3.875%, 11/01/2028(a)			65		65,319
Sealed Air Corp. 4.00%, 12/01/2027(a)			47		50,166
					115,485
CAPITAL GOODS–0.3%
GFL Environmental, Inc. 3.50%, 09/01/2028(a)			82		83,458
TransDigm, Inc. 6.25%, 03/15/2026(a)			50		53,282
					136,740

15

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
COMMUNICATIONS– MEDIA–0.2%
Cable One, Inc. 4.00%, 11/15/2030(a)		U.S.$	37	$	38,466
CSC Holdings LLC 6.75%, 11/15/2021			30		31,211
					69,677
COMMUNICATIONS– TELECOMMUNICATIONS–0.2%
CenturyLink, Inc. 4.50%, 01/15/2029(a)			71		72,235
CONSUMER CYCLICAL– AUTOMOTIVE–0.3%
Allison Transmission, Inc. 3.75%, 01/30/2031(a)			110		112,530
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026(a)			20		21,456
					133,986
CONSUMER CYCLICAL– ENTERTAINMENT–0.3%
Royal Caribbean Cruises Ltd.
10.875%, 06/01/2023(a)			43		48,892
11.50%, 06/01/2025(a)			73		85,380
					134,272
CONSUMER CYCLICAL– OTHER–0.2%
Hilton Domestic Operating Co., Inc. 4.00%, 05/01/2031(a)			100		105,452
CONSUMER CYCLICAL– RESTAURANTS–0.2%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(a)			77		77,177
CONSUMER NON-CYCLICAL–0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029(a)			81		81,916
Spectrum Brands, Inc. 5.75%, 07/15/2025			69		71,241
					153,157
ENERGY–0.1%
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)			33		30,009
OTHER INDUSTRIAL–0.2%
H&E Equipment Services, Inc. 3.875%, 12/15/2028(a)			83		83,867
					1,112,057
	Principal Amount (000)			U.S. $ Value
FINANCIAL INSTITUTIONS–1.5%
BANKING–0.9%
Credit Suisse Group AG 7.50%, 07/17/2023(a)(b)		U.S.$	200	$	217,696
Discover Financial Services Series D 6.125%, 06/23/2025(b)			127		143,301
					360,997
FINANCE–0.4%
Navient Corp. 6.625%, 07/26/2021			95		97,308
SLM Corp. 4.20%, 10/29/2025			68		71,892
					169,200
INSURANCE–0.2%
Molina Healthcare, Inc. 3.875%, 11/15/2030(a)			93		99,751
					629,948
Total Corporates–Non-Investment Grade (cost $1,660,904)					1,742,005
ASSET-BACKED SECURITIES–3.9%
AUTOS–FIXED RATE–1.9%
Avis Budget Rental Car Funding AESOP LLC
Series 2016-1A, Class A 2.99%, 06/20/2022(a)			100		100,558
Series 2018-2A, Class A 4.00%, 03/20/2025(a)			105		113,768
Exeter Automobile Receivables Trust
Series 2016-3A, Class D 6.40%, 07/17/2023(a)			100		102,044
Series 2017-1A, Class D 6.20%, 11/15/2023(a)			100		103,377
Series 2017-3A, Class C 3.68%, 07/17/2023(a)			60		61,342
First Investors Auto Owner Trust Series 2020-1A, Class A 1.49%, 01/15/2025(a)			39		38,807
Flagship Credit Auto Trust
Series 2016-4, Class D 3.89%, 11/15/2022(a)			125		126,901
Series 2018-3, Class B 3.59%, 12/16/2024(a)			75		76,269
Hertz Vehicle Financing II LP
Series 2017-1A, Class A 2.96%, 10/25/2021(a)			29		28,537
Series 2019-1A, Class A 3.71%, 03/25/2023(a)			23		22,901
Hertz Vehicle Financing LLC Series 2018-2A, Class A 3.65%, 06/27/2022(a)			29		28,595
					803,099

16

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
OTHER ABS– FIXED RATE–1.2%
Affirm Asset Securitization Trust Series 2020-A, Class A 2.10%, 02/18/2025(a)		U.S.$	100	$	100,570
Hardee’s Funding LLC
Series 2018-1A, Class A23 5.71%, 06/20/2048(a)			37		40,025
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)			85		87,470
Marlette Funding Trust
Series 2018-4A, Class A 3.71%, 12/15/2028(a)			5		5,014
Series 2019-3A, Class A 2.69%, 09/17/2029(a)			27		27,602
Series 2020-1A, Class A 2.24%, 03/15/2030(a)			83		83,684
SoFi Consumer Loan Program LLC
Series 2017-3, Class A 2.77%, 05/25/2026(a)			4		3,781
Series 2017-4, Class B 3.59%, 05/26/2026(a)			130		132,365
Series 2017-5, Class A2 2.78%, 09/25/2026(a)			27		27,400
					507,911
CREDIT CARDS–FIXED RATE–0.7%
World Financial Network Credit Card Master Trust
Series 2018-A, Class A 3.07%, 12/16/2024			130		130,421
Series 2018-B, Class M 3.81%, 07/15/2025			70		70,756
Series 2019-B, Class M 3.04%, 04/15/2026			80		82,448
					283,625
HOME EQUITY LOANS– FLOATING RATE–0.1%
ABFC Trust Series 2003-WF1, Class A2 1.273% (LIBOR 1 Month + 1.13%), 12/25/2032(c)			14		13,978
Total Asset-Backed Securities (cost $1,581,458)					1,608,613
LOCAL GOVERNMENTS–US MUNICIPAL BONDS– 1.4%
UNITED STATES–1.4%
Port Authority of New York & New Jersey
Series 2020A 1.086%, 07/01/2023			50		50,745
	Principal Amount (000)			U.S. $ Value
State Board of Administration Finance Corp.
Series 2020A 1.705%, 07/01/2027		U.S.$	80	$	83,039
State of California
5.70%, 11/01/2021			65		67,933
Series 2010 7.625%, 03/01/2040			200		347,106
Tobacco Settlement Finance Authority/WV
3.00%, 06/01/2035			55		55,381
Total Local Governments–US Municipal Bonds (cost $455,660)					604,204
GOVERNMENTS–SOVEREIGN BONDS–0.6%
MEXICO–0.5%
Mexico Government International Bond 3.90%, 04/27/2025			210		236,237
URUGUAY–0.1%
Uruguay Government International Bond 4.375%, 01/23/2031			18		22,238
Total Governments– Sovereign Bonds (cost $229,038)					258,475
EMERGING MARKETS– TREASURIES–0.5%
SOUTH AFRICA–0.5%
Republic of South Africa Government Bond Series 2030 8.00%, 01/31/2030 (cost $148,546)		ZAR	3,137		203,561
EMERGING MARKETS– CORPORATE BONDS–0.2%
INDUSTRIAL–0.2%
CAPITAL GOODS–0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027		U.S.$	85		90,153
UTILITY–0.0%
ELECTRIC–0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(e)			5		5,134
Total Emerging Markets– Corporate Bonds (cost $90,117)					95,287

17

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
QUASI-SOVEREIGNS–0.2%
QUASI-SOVEREIGN BONDS–0.2%
MEXICO–0.2%
Petroleos Mexicanos
6.75%, 09/21/2047		U.S.$	50	$	46,875
6.84%, 01/23/2030			17		17,697
Total Quasi-Sovereigns (cost $60,923)					64,572
	Shares
SHORT-TERM INVESTMENTS–1.9%
INVESTMENT COMPANIES–1.8%
AB Fixed Income Shares, Inc.– Government Money Market Portfolio–Class AB, 0.03%(h)(i)(j) (cost $765,463)			765,463		765,463
	Principal Amount (000)			U.S. $ Value
SHORT-TERM MUNICIPAL NOTES–0.1%
NEW YORK–0.1%
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2020B 5.00%, 03/31/2021 (cost $20,217)		U.S.$	20	$	20,235
Total Short-Term Investments (cost $785,680)					785,698
TOTAL INVESTMENTS–103.9% (cost $41,494,420)					43,475,788
Other assets less liabilities–(3.9)%					(1,637,387	)
NET ASSETS–100.0%				$	41,838,401

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-Bund Futures		3		March 2021	$	651,042	$	1,902
U.S. 10 Yr Ultra Futures		6		March 2021		938,156		(3,102	)
U.S. T-Note 2 Yr (CBT) Futures		71		March 2021		15,689,336		13,111
U.S. Ultra Bond (CBT) Futures		17		March 2021		3,630,562		(63,525	)
Sold Contracts
10 Yr Canadian Bond Futures		2		March 2021		234,268		(914	)
10 Yr Mini Japan Government Bond Futures		5		March 2021		735,267		1,040
Euro Buxl 30 Yr Bond Futures		4		March 2021		1,100,658		(7,432	)
U.S. T-Note 5 Yr (CBT) Futures		37		March 2021		4,668,070		(10,757	)
							$	(69,677)

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		RUB	2,169		USD	29		01/22/2021	$	74
Barclays Bank PLC		USD	105		IDR	1,475,444		01/15/2021		1,427
Barclays Bank PLC		RUB	61,149		USD	829		01/22/2021		2,889
Barclays Bank PLC		CAD	1,281		USD	1,000		02/18/2021		(5,906	)
Citibank, NA		USD	890		KRW	1,011,963		01/14/2021		40,560
Citibank, NA		USD	3		CNY	23		02/10/2021		12
Goldman Sachs Bank USA		USD	846		AUD	1,200		01/12/2021		79,470

18

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
HSBC Bank USA		BRL	530		USD	102		01/05/2021	$	(49	)
HSBC Bank USA		USD	104		BRL	530		01/05/2021		(1,863	)
HSBC Bank USA		USD	844		RUB	65,092		01/22/2021		34,838
JPMorgan Chase Bank, NA		RUB	1,561		USD	21		01/22/2021		(412	)
Morgan Stanley & Co., Inc.		AUD	2,396		USD	1,711		01/12/2021		(136,978	)
Morgan Stanley & Co., Inc.		MYR	497		USD	119		03/25/2021		(4,881	)
Morgan Stanley Capital Services, Inc.		NZD	1,186		USD	845		03/05/2021		(8,007	)
Standard Chartered Bank		KRW	1,019,227		USD	914		01/14/2021		(23,156	)
State Street Bank & Trust Co.		USD	68		AUD	92		01/12/2021		3,054
State Street Bank & Trust Co.		USD	1		SEK	5		01/15/2021		43
State Street Bank & Trust Co.		USD	101		BRL	530		02/02/2021		1,201
State Street Bank & Trust Co.		USD	228		ZAR	3,399		02/04/2021		2,063
State Street Bank & Trust Co.		USD	35		ZAR	514		02/04/2021		(265	)
State Street Bank & Trust Co.		ZAR	5,414		USD	350		02/04/2021		(17,321	)
State Street Bank & Trust Co.		USD	104		MXN	2,066		02/25/2021		(483	)
State Street Bank & Trust Co.		USD	241		JPY	25,066		02/26/2021		2,043
State Street Bank & Trust Co.		EUR	24		USD	30		03/17/2021		154
State Street Bank & Trust Co.		USD	23		EUR	19		03/17/2021		119
UBS AG		USD	1,535		EUR	1,256		03/17/2021		2,607
									$	(28,767)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00	%		Quarterly		2.52	%		USD	352	$	33,015	$	(32,784)	$	65,799
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		2.75			USD	178		16,834		8,946		7,888
												$	49,849	$	(23,838)	$	73,687

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments received by the Fund	Payments made by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CAD	3,550		08/27/2021	3 Month CDOR	1.623%	Semi-Annual/ Semi-Annual	$	31,540		$	8		$	31,532
SEK	15,600		08/30/2024	3 Month STIBOR	(0.165)%	Quarterly/ Annual		(14,870	)		10			(14,880	)
CAD	4,900		08/07/2025	3 Month CDOR	0.698%	Semi-Annual/ Semi-Annual		(9,377	)		(47	)		(9,330	)

19

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

				Rate Type
Notional Amount (000)		Termination Date		Payments received by the Fund	Payments made by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
USD	130		09/27/2029	1.593%	3 Month LIBOR	Semi-Annual/ Quarterly	$	(9,015	)	$	–0	–	$	(9,015	)
USD	250		12/13/2029	1.764%	3 Month LIBOR	Semi-Annual/ Quarterly		(20,218	)		–0	–		(20,218	)
EUR	290		11/10/2050	6 Month EURIBOR	(0.043)%	Semi-Annual/ Annual		(2,277	)		–0	–		(2,277	)
EUR	290		11/10/2050	0.022%	6 Month EURIBOR	Annual/ Semi-Annual		(4,747	)		2,252			(6,999	)
							$	(28,964)		$	2,223		$	(31,187)

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)%		Monthly		5.87	%		USD	54	$	6,399		$	10,939		$	(4,540	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.87			USD	54		6,398			10,930			(4,532	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.87			USD	595		70,498			121,317			(50,819	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.87			USD	298		35,333			59,636			(24,303	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.87			USD	119		14,110			23,600			(9,490	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.87			USD	128		15,145			26,264			(11,119	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.87			USD	51		6,043			8,904			(2,861	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.87			USD	68		8,046			13,809			(5,763	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.87			USD	54		6,398			11,095			(4,697	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.87			USD	27		3,199			5,273			(2,074	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	5		(1,333	)		(559	)		(774	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	7		(1,865	)		(782	)		(1,083	)

20

AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		15.00	%		USD	9	$	(2,399	)	$	(984	)	$	(1,415	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	14		(3,731	)		(1,530	)		(2,201	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	9		(2,398	)		(964	)		(1,434	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	12		(3,198	)		(1,256	)		(1,942	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	4		(1,066	)		(420	)		(646	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	6		(1,599	)		(743	)		(856	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	8		(2,132	)		(991	)		(1,141	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	6		(1,599	)		(768	)		(831	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	1		(267	)		(126	)		(141	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	6		(1,599	)		(706	)		(893	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	2		(533	)		(235	)		(298	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	4		(1,066	)		(518	)		(548	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	8		(2,132	)		(1,061	)		(1,071	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	1		(266	)		(157	)		(109	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	7		(1,865	)		(1,019	)		(846	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	3		(800	)		(372	)		(428	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	94		(25,051	)		(5,937	)		(19,114	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	28		(7,462	)		(1,890	)		(5,572	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	318		(84,797	)		(12,702	)		(72,095	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	350		(93,275	)		(19,777	)		(73,498	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	56		(14,920	)		(8,112	)		(6,808	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00			Monthly		6.97			USD	135		(10,120	)		(2,578	)		(7,542	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	132		(35,178	)		(9,033	)		(26,145	)

21

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		15.00	%		USD	51	$	(13,592	)	$	(6,275	)	$	(7,317	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	8		(2,132	)		(448	)		(1,684	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	8		(2,132	)		(916	)		(1,216	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	28		(7,462	)		(3,127	)		(4,335	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	27		(7,195	)		(3,014	)		(4,181	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	49		(13,058	)		(4,134	)		(8,924	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	14		(3,731	)		(1,753	)		(1,978	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	4		(1,066	)		(350	)		(716	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	8		(2,132	)		(713	)		(1,419	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	8		(2,133	)		(772	)		(1,361	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	16		(4,265	)		(1,687	)		(2,578	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	41		(10,926	)		(5,448	)		(5,478	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	57		(15,190	)		(5,929	)		(9,261	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	34		(9,058	)		(5,103	)		(3,955	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	28		(7,459	)		(4,468	)		(2,991	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	39		(10,390	)		(6,313	)		(4,077	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	4		(1,066	)		(593	)		(473	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	9		(2,397	)		(1,121	)		(1,276	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	51		(13,587	)		(6,107	)		(7,480	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	18		(4,795	)		(2,174	)		(2,621	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		15.00			USD	35		(9,328	)		(2,410	)		(6,918	)
												$	(272,176	)	$	155,692		$	(427,868	)

* Termination date

** Principal amount less than 500.

22

AB Variable Products Series Fund

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the aggregate market value of these securities amounted to $9,960,365 or 23.8% of net assets.

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

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2020.

(d) IO—Interest Only.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.52% of net assets as of December 31, 2020, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.145%, 03/27/2024		03/21/2019	$	56,501	$	53,848		0.13	%
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 2.895%, 05/27/2023		06/07/2019		78,675		75,867		0.18	%
PMT Credit Risk Transfer Trust Series 2019-3R, Class A 2.845%, 10/27/2022		10/11/2019		49,480		48,900		0.12	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		5,000		5,134		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.398%, 11/25/2025		09/28/2015		24,385		23,795		0.06	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.648%, 11/25/2025		09/28/2015		10,442		10,325		0.02	%

(f) Inverse interest only security.

(g) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(h) Affiliated investments.

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

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

Currency Abbreviations:

AUD—Australian Dollar

BRL— Brazilian Real

CAD—Canadian Dollar

CNY—Chinese Yuan Renminbi

EUR—Euro

IDR—Indonesian Rupiah

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NZD—New Zealand Dollar

RUB—Russian Ruble

SEK—Swedish Krona

USD—United States Dollar

ZAR—South African Rand

Glossary:

ABS—Asset-Backed Securities

CBT—Chicago Board of Trade

CDOR—Canadian Dealer Offered Rate

23

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

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

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

CMBS—Commercial Mortgage-Backed Securities

CPI—Consumer Price Index

EURIBOR—Euro Interbank Offered Rate

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

STIBOR—Stockholm Interbank Offered Rate

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

24

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $40,728,957)	$	42,710,325
Affiliated issuers (cost $765,463)		765,463
Cash		270
Cash collateral due from broker		385,904
Receivable for investment securities sold and foreign currency transactions		875,169
Interest receivable		233,467
Market value on credit default swaps (net premiums paid $291,767)		171,569
Unrealized appreciation on forward currency exchange contracts		170,554
Receivable for capital stock sold		38,427
Receivable for variation margin on futures		14,635
Receivable for variation margin on centrally cleared swaps		5,495
Affiliated dividends receivable		13
Total assets		45,371,291
LIABILITIES
Due to custodian		326
Payable for investment securities purchased and foreign currency transactions		2,723,198
Market value on credit default swaps (net premiums received $136,075)		443,745
Unrealized depreciation on forward currency exchange contracts		199,321
Administrative fee payable		20,266
Advisory fee payable		15,848
Payable for capital stock redeemed		8,886
Distribution fee payable		2,384
Transfer Agent fee payable		146
Accrued expenses and other liabilities		118,770
Total liabilities		3,532,890
NET ASSETS	$	41,838,401
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,819
Additional paid-in capital		38,401,477
Distributable earnings		3,433,105
	$	41,838,401

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	30,529,394		2,778,264	$	10.99
B	$	11,309,007		1,040,399	$	10.87

See notes to financial statements.

25

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Interest	$	1,380,590
Dividends
Unaffiliated issuers		6,204
Affiliated issuers		1,477
		1,388,271
EXPENSES
Advisory fee (see Note B)		191,289
Distribution fee—Class B		28,111
Transfer agency—Class A		3,586
Transfer agency—Class B		1,293
Custody and accounting		122,170
Audit and tax		81,329
Administrative		73,497
Printing		24,134
Legal		19,228
Directors’ fees		16,600
Miscellaneous		7,797
Total expenses		569,034
Less: expenses waived and reimbursed by the Adviser (see Note B)		(409	)
Net expenses		568,625
Net investment income		819,646
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		1,062,234
Forward currency exchange contracts		(46,137	)
Futures		553,382
Swaps		(261,562	)
Swaptions written		68,652
Foreign currency transactions		(27,861	)
Net change in unrealized appreciation/depreciation of:
Investments (a)		708,835
Forward currency exchange contracts		(12,520	)
Futures		(2,974	)
Swaps		(461,597	)
Foreign currency denominated assets and liabilities		9,687
Net gain on investment and foreign currency transactions		1,590,139
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,409,785

(a) Net of increase in accrued foreign capital gains taxes of $9,868.

See notes to financial statements.

26

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	819,646		$	1,091,588
Net realized gain on investment and foreign currency transactions		1,348,708			611,219
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		241,431			1,868,257
Contributions from Affiliates (see Note B)		–0	–		355
Net increase in net assets from operations		2,409,785			3,571,419
Distributions to Shareholders
Class A		(1,056,131	)		(961,173	)
Class B		(355,053	)		(324,304	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(3,575,324	)		(3,191,422	)
Total decrease		(2,576,723	)		(905,480	)
NET ASSETS
Beginning of period		44,415,124			45,320,604
End of period	$	41,838,401		$	44,415,124

See notes to financial statements.

27

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Intermediate Bond Portfolio (the “Portfolio”), is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the “Adviser”) considers undue risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

28

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

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

29

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Corporates—Investment Grade

$

–0

–

$

14,367,351

$

–0

–

$

14,367,351

Mortgage Pass-Throughs

–0

–

6,649,714

–0

–

6,649,714

Commercial Mortgage-Backed Securities

–0

–

6,156,854

–0

–

6,156,854

Collateralized Mortgage Obligations

–0

–

4,863,757

–0

–

4,863,757

Governments—Treasuries

–0

–

4,140,483

–0

–

4,140,483

Inflation-Linked Securities

–0

–

1,935,214

–0

–

1,935,214

Corporates—Non-Investment Grade

–0

–

1,742,005

–0

–

1,742,005

Asset-Backed Securities

–0

–

1,608,613

–0

–

1,608,613

Local Governments—US Municipal Bonds

–0

–

604,204

–0

–

604,204

Governments—Sovereign Bonds

–0

–

258,475

–0

–

258,475

Emerging Markets—Treasuries

–0

–

203,561

–0

–

203,561

Emerging Markets—Corporate Bonds

–0

–

95,287

–0

–

95,287

Quasi-Sovereigns

–0

–

64,572

–0

–

64,572

Short-Term Investments:

Investment Companies

765,463

–0

–

–0

–

765,463

Short-Term Municipal Notes

–0

–

20,235

–0

–

20,235

Total Investments in Securities

765,463

42,710,325

–0

–

43,475,788

Other Financial Instruments(a):

Assets:

Futures

16,053

–0

–

–0

–

16,053

(b)

Forward Currency Exchange Contracts

–0

–

170,554

–0

–

170,554

Centrally Cleared Credit Default Swaps

–0

–

49,849

–0

–

49,849

(b)

Centrally Cleared Interest Rate Swaps

–0

–

31,540

–0

–

31,540

(b)

Credit Default Swaps

–0

–

171,569

–0

–

171,569

Liabilities:

Futures

(85,730

)

–0

–

–0

–

(85,730

)(b)

Forward Currency Exchange Contracts

–0

–

(199,321

)

–0

–

(199,321

)

Centrally Cleared Interest Rate Swaps

–0

–

(60,504

)

–0

–

(60,504

)(b)

Credit Default Swaps

–0

–

(443,745

)

–0

–

(443,745

)

Total

$

695,786

$

42,430,267

$

–0

–

$

43,126,053

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

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

3. Currency Translation

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

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and

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. 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, .40% of the next $2.5 billion up to $5 billion, .35% of the excess over $5 billion up to $8 billion and .30% in excess of $8 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $73,497.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money

31

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $409.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	264	$	25,046	$	24,545	$	765	$	1

During the year ended December 31, 2019, the Adviser reimbursed the Portfolio $355 for trading losses incurred due to a trade entry error.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

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

NOTE C: Distribution Plan

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

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

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

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

32

AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	15,767,662	$	12,663,134
U.S. government securities		22,725,840		24,277,573

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

Cost	$	41,542,728
Gross unrealized appreciation	$	2 ,991,144
Gross unrealized depreciation		(1,104,548	)
Net unrealized appreciation	$	1,886,596

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2020, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

33

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2020, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

For hedging and investment purposes, the Portfolio may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Portfolio may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. The Portfolio’s maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Portfolio on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

The Portfolio may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The Portfolio’s maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the year ended December 31, 2020, the Portfolio held written swaptions for hedging and non-hedging purposes.

34

AB Variable Products Series Fund

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for OTC swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

35

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

In addition, the Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended December 31, 2020, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended December 31, 2020, the Portfolio held credit default swaps for hedging and non-hedging purposes.

Total Return Swaps:

The Portfolio may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. The Portfolio is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

36

AB Variable Products Series Fund

During the year ended December 31, 2020, the Portfolio held total return swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended December 31, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	16,053	*	Receivable/Payable for variation margin on futures	$	85,730	*
Credit contracts	Receivable/Payable for variation margin on centrally cleared swaps		73,687	*
Interest rate contracts	Receivable/Payable for variation margin on centrally cleared swaps		31,532	*	Receivable/Payable for variation margin on centrally cleared swaps		62,719	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		170,554		Unrealized depreciation on forward currency exchange contracts		199,321
Credit contracts	Market value on credit default swaps		171,569		Market value on credit default swaps		443,745
Total		$	463,395			$	791,515

* 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.

37

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	553,382		$	(2,974	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(46,137	)		(12,520	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		6,164			–0	–
Credit contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		62,488			–0	–
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		41,286			29,518
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(302,848	)		(491,115	)
Total		$	314,335		$	(477,091	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2020:

Futures:
Average notional amount of buy contracts	$	17,975,434
Average notional amount of sale contracts	$	4,291,292
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	2,112,270	(a)
Average principal amount of sale contracts	$	3,399,401
Swaptions Written:
Average notional amount	$	3,358,437	(b)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	7,188,157
Credit Default Swaps:
Average notional amount of buy contracts	$	1,246,429	(c)
Average notional amount of sale contracts	$	2,909,032
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	2,100,615	(c)
Average notional amount of sale contracts	$	844,547	(a)
Total Return Swaps:
Average notional amount	$	1,640,000	(d)

(a) Positions were open for eleven months during the year.

(b) Positions were open for four months during the year.

(c) Positions were open for seven months during the year.

(d) Positions were open for one month during the year.

38

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 December 31, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Bank of America, NA

$

74

$

–0

–

$

–0

–

$

–0

–

$

74

Barclays Bank PLC

4,316

(4,316

)

–0

–

–0

–

–0

–

Citibank, NA/ Citigroup Global Markets, Inc.

188,455

(29,848

)

–0

–

–0

–

158,607

Goldman Sachs Bank USA/Goldman Sachs International

85,513

(80,474

)

–0

–

–0

–

5,039

HSBC Bank USA

34,838

(1,912

)

–0

–

–0

–

32,926

JPMorgan Chase Bank, NA/JPMorgan Securties, LLC

8,046

(8,046

)

–0

–

–0

–

–0

–

Morgan Stanley & Co. International PLC/Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.

9,597

(9,597

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

8,677

(8,677

)

–0

–

–0

–

–0

–

UBS AG

2,607

–0

–

–0

–

–0

–

2,607

Total

$

342,123

$

(142,870

)

$

–0

–

$

–0

–

$

199,253

^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Barclays Bank PLC

$

5,906

$

(4,316

)

$

–0

–

$

–0

–

$

1,590

Citibank, NA/ Citigroup Global Markets, Inc.

29,848

(29,848

)

–0

–

–0

–

–0

–

Credit Suisse International

225,505

–0

–

–0

–

(225,505

)

–0

–

Deutsche Bank AG

77,811

–0

–

–0

–

–0

–

77,811

Goldman Sachs Bank USA/Goldman Sachs International

80,474

(80,474

)

–0

–

–0

–

–0

–

HSBC Bank USA

1,912

(1,912

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA/JPMorgan Securties, LLC

21,191

(8,046

)

–0

–

–0

–

13,145

Morgan Stanley & Co. International PLC/Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.

159,194

(9,597

)

–0

–

–0

–

149,597

Standard Chartered Bank

23,156

–0

–

–0

–

–0

–

23,156

State Street Bank & Trust Co.

18,069

(8,677

)

–0

–

–0

–

9,392

Total

$

643,066

$

(142,870

)

$

–0

–

$

(225,505

)

$

274,691^

* 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.

39

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. TBA and Dollar Rolls

The Portfolio may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended December 31, 2020, the Portfolio earned drop income of $9,221 which is included in interest income in the accompanying statement of operations.

NOTE E: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		137,413			208,310		$	1,476,072		$	2,214,654
Shares issued in reinvestment of dividends and distributions		97,250			90,336			1,056,131			961,173
Shares redeemed		(509,318	)		(504,296	)		(5,519,329	)		(5,367,537	)
Net decrease		(274,655	)		(205,650	)	$	(2,987,126	)	$	(2,191,710	)
Class B
Shares sold		132,767			112,389		$	1,411,697		$	1,181,651
Shares issued in reinvestment of dividends and distributions		33,028			30,769			355,053			324,304
Shares redeemed		(222,779	)		(239,084	)		(2,354,948	)		(2,505,667	)
Net decrease		(56,984	)		(95,926	)	$	(588,198	)	$	(999,712	)

At December 31, 2020, certain shareholders of the Portfolio owned 80% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE F: Risks Involved in Investing in the Portfolio

Market Risk—The 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), that affect large portions of the market.

40

AB Variable Products Series Fund

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (“junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater if the Portfolio invests a significant portion of its assets in fixed-income securities with longer maturities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid, 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.

Mortgage-Backed and/or Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Portfolio to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of illiquid investments risk may include low trading volumes, large positions and heavy

41

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

redemptions of Portfolio shares. lliquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Active Trading Risk—The Portfolio expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate is expected to exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Portfolio’s return.

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions 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 G: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

42

AB Variable Products Series Fund

NOTE H: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	1,411,184	$	1,285,477
Total taxable distributions paid	$	1,411,184	$	1,285,477

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,363,985
Undistributed capital gains		198,097	(a)
Other losses		(9,819	)(b)
Unrealized appreciation/(depreciation)		1,880,842	(c)
Total accumulated earnings/(deficit)	$	3,433,105

(a) During the fiscal year, the Portfolio utilized $164,058 of capital loss carry forwards to offset current year net realized gains.

(b) As of December 31, 2020, the cumulative deferred loss on straddles was $9,819.

(c) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of Treasury inflation-protected securities, the amortization on callable bonds, the tax treatment of swaps, 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, 2020, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to contributions from the Adviser resulted in a net increase in distributable earnings and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

43

INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.73			$10.21			$10.56			$10.65			$10.63
Income From Investment Operations
Net investment income (a)		.22	(b)		.26	(b)		.23	(b)		.23			.28	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.41			.57			(.31	)		.14			.23
Contributions from Affiliates		–0	–		.00	(c)		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.63			.83			(.08	)		.37			.51
Less: Dividends and Distributions
Dividends from net investment income		(.37	)		(.31	)		(.13	)		(.36	)		(.35	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.14	)		(.10	)		(.14	)
Total dividends and distributions		(.37	)		(.31	)		(.27	)		(.46	)		(.49	)
Net asset value, end of period		$10.99			$10.73			$10.21			$10.56			$10.65
Total Return
Total investment return based on net asset value (d)*		5.96	%		8.20	%		(.72	)%		3.52	%		4.71	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$30,529			$32,763			$33,267			$38,172			$42,183
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.27	%		1.26	%		1.16	%		1.11	%		1.06	%
Expenses, before waivers/reimbursements		1.27	%		1.27	%		1.16	%		1.11	%		1.06	%
Net investment income		1.99	%(b)		2.48	%(b)		2.20	%(b)		2.11	%		2.60	%†
Portfolio turnover rate**		89	%		75	%		155	%		216	%		156	%

See footnote summary on page 45.

44

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.62			$10.10			$10.45			$10.54			$10.53
Income From Investment Operations
Net investment income (a)		.19	(b)		.23	(b)		.20	(b)		.20			.25	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.41			.58			(.31	)		.14			.22
Contributions from Affiliates		–0	–		.00	(c)		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.60			.81			(.11	)		.34			.47
Less: Dividends and Distributions
Dividends from net investment income		(.35	)		(.29	)		(.10	)		(.33	)		(.32	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.14	)		(.10	)		(.14	)
Total dividends and distributions		(.35	)		(.29	)		(.24	)		(.43	)		(.46	)
Net asset value, end of period		$10.87			$10.62			$10.10			$10.45			$10.54
Total Return
Total investment return based on net asset value (d)*		5.64	%		7.99	%		(1.01	)%		3.28	%		4.36	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11,309			$11,652			$12,054			$14,786			$16,029
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.52	%		1.51	%		1.41	%		1.36	%		1.32	%
Expenses, before waivers/reimbursements		1.52	%		1.52	%		1.41	%		1.36	%		1.32	%
Net investment income		1.74	%(b)		2.23	%(b)		1.95	%(b)		1.87	%		2.36	%†
Portfolio turnover rate**		89	%		75	%		155	%		216	%		156	%

(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.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.03	.28%	.29%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2019, December 31, 2017, and December 31, 2016 by .03%, .03% and .03%, respectively.

** The Portfolio accounts for dollar roll transactions as purchases and sales.

See notes to financial statements.

45

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Intermediate Bond Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Intermediate Bond Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 12, 2021

46

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and     Chief Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Michael Canter(2), Vice President Shawn E. Keegan(2), Vice President Janaki Rao(2), Vice President Emilie D. Wrapp, Secretary	Michael B. Reyes, Senior Analyst Joseph J. Mantineo, Treasurer and     Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s U.S. Core Fixed Income Investment Team. Messrs. Canter, Keegan, and Rao are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

47

INTERMEDIATE BOND PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

48

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jorge A. Bermudez, ## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey, ## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin, ## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

49

INTERMEDIATE BOND PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb, ## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen, ## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody, ## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

50

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Earl D. Weiner, ## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

* The address for the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

## Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

51

INTERMEDIATE BOND PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS*, AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Michael Canter 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also the Director of Securitized Assets and US Multi-Sector Fixed-Income.
Shawn E. Keegan 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Janaki Rao 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

52

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

53

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Intermediate Bond Portfolio (the “Fund”) at a meeting held by video conference on November 3-5, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund 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 2018 and 2019 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 and distribution services to the Fund. The directors recognized that it is difficult to

54

AB Variable Products Series Fund

make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was above the median. The directors took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class 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.

55

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

56

VPS-IB-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ INTERNATIONAL GROWTH PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

INTERNATIONAL GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—International Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in an international portfolio of equity securities of companies selected by the Adviser for their growth potential within various market sectors. Examples of the types of market sectors in which the Portfolio may invest include, but are not limited to, information technology (which includes telecommunications), health care, financial services, infrastructure, energy and natural resources, and consumer groups.

The Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries (and normally substantially more) other than the United States. The Portfolio invests in securities of companies in both developed- and emerging-market countries. Geographic distribution of the Portfolio’s investments among countries or regions also will be a product of the stock selection process rather than a predetermined allocation.

The Portfolio may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities. The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in larger capitalization companies, although the Portfolio may invest in smaller or medium capitalization companies.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Portfolio may, from time to time, invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index ex USA (net), and the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) ex USA (net) for the one-, five- and 10-year periods ended December 31, 2020.

All share classes outperformed the primary benchmark and the MSCI ACWI ex USA (net) for the annual period. Relative to the primary benchmark, security selection contributed, particularly in the industrials and health-care sectors. Only selection in consumer staples detracted from performance. Sector selection also contributed to performance, led by an overweight to technology and an underweight to energy. Underweights to consumer discretionary and communication services offset gains somewhat. Country selection (a result of bottom-up security analysis driven by fundamental research) contributed, mainly because of overweights to the US and Denmark, while underweights to South Korea and Taiwan detracted.

The Portfolio used derivatives in the form of currency forwards for hedging purposes, which detracted from absolute returns for the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Non-US equities recorded positive returns for the annual period ended December 31, 2020, erasing losses from lows reached in late March when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of

1

AB Variable Products Series Fund

the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

The Portfolio’s exposures remain focused on secular growth themes, particularly those promoting social and environmental sustainability. This has helped the Portfolio’s Senior Investment Management Team (the “Team”) to identify companies with strong competitive advantages and high returns on invested capital that the Team believes are more likely to sustain higher-than-average growth over the long term. The Team believes organic sales and earnings growth will be key drivers of returns going forward. The Portfolio is positioned particularly well in this regard.

2

INTERNATIONAL GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI World Index ex USA and the MSCI ACWI ex USA are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI World Index ex USA (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets, excluding the US. The MSCI ACWI ex USA (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets, excluding the US. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

Leverage Risk: To the extent the Portfolio uses leveraging techniques, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the

(Disclosures, Risks and Note About Historical Performance continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

INTERNATIONAL GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years1		10 Years1
International Growth Portfolio Class A		29.94%		11.47%		6.30%
International Growth Portfolio Class B		29.60%		11.20%		6.04%
Primary Benchmark: MSCI World Index ex USA (net)		7.59%		7.64%		5.19%
MSCI ACWI ex USA (net)		10.65%		8.93%		4.92%
1   Average annual returns.
Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.41% and 1.66% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios to 1.36% and 1.61% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2021, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2010 to 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in International Growth Portfolio Class A shares (from 12/31/2010 to 12/31/2020) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

5

INTERNATIONAL GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,294.50	$	7.32		1.27	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.75	$	6.44		1.27	%
Class B
Actual	$	1,000	$	1,292.70	$	8.76		1.52	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.50	$	7.71		1.52	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

INTERNATIONAL GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Vestas Wind Systems A/S	$	1,722,584		2.9	%
Koninklijke Philips NV		1,649,101		2.8
Partners Group Holding AG		1,643,883		2.8
Neste Oyj		1,620,298		2.7
Schneider Electric SE		1,542,686		2.6
Orsted AS		1,528,401		2.6
Aptiv PLC		1,520,224		2.5
London Stock Exchange Group PLC		1,496,421		2.5
HDFC Bank Ltd.		1,465,442		2.5
WSP Global, Inc.		1,363,257		2.3
	$	15,552,297		26.2	%

SECTOR BREAKDOWN²

December 31, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Information Technology	$	10,770,492		18.4	%
Industrials		9,877,853		16.9
Financials		9,366,437		16.0
Health Care		9,007,718		15.4
Consumer Staples		4,811,890		8.2
Consumer Discretionary		4,363,728		7.5
Materials		3,633,797		6.2
Communication Services		2,025,353		3.5
Energy		1,620,298		2.8
Utilities		1,528,401		2.6
Short-Term Investments		1,455,997		2.5
Total Investments	$	58,461,964		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.

7

INTERNATIONAL GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Netherlands	$	6,100,932		10.4	%
United States		5,288,794		9.1
Switzerland		4,772,716		8.2
United Kingdom		4,750,926		8.1
Denmark		4,572,882		7.8
France		4,517,794		7.7
Japan		4,241,489		7.3
Germany		3,221,397		5.5
Finland		2,867,524		4.9
India		2,712,958		4.6
China		2,232,411		3.8
Sweden		2,088,994		3.6
Ireland		2,039,579		3.5
Other		7,597,571		13.0
Short-Term Investments		1,455,997		2.5
Total Investments	$	58,461,964		100.0	%

1 All data are as of December 31, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 3.4% or less in the following: Argentina, Austria, Canada, Hong Kong, Indonesia, Norway, Peru and Spain.

8

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.8%
INFORMATION TECHNOLOGY–18.1%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–5.4%
Flex Ltd.(a)		43,800	$	787,524
Halma PLC		40,310		1,349,992
Keyence Corp.		1,900		1,068,782
				3,206,298
IT SERVICES–2.7%
Adyen NV(a)(b)		427		992,152
Shopify, Inc.–Class A(a)		550		622,572
				1,614,724
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.1%
ASML Holding NV		2,536		1,227,873
Infineon Technologies AG		31,505		1,203,132
NXP Semiconductors NV		7,340		1,167,133
STMicroelectronics NV		33,717		1,247,386
				4,845,524
SOFTWARE–1.9%
Dassault Systemes SE		5,443		1,103,946
				10,770,492
INDUSTRIALS–16.6%
AEROSPACE & DEFENSE–1.8%
Hexcel Corp.		22,470		1,089,570
COMMERCIAL SERVICES & SUPPLIES–2.1%
TOMRA Systems ASA		24,840		1,222,015
CONSTRUCTION & ENGINEERING–2.3%
WSP Global, Inc.(c)		14,390		1,363,257
ELECTRICAL EQUIPMENT–5.5%
Schneider Electric SE		10,674		1,542,686
Vestas Wind Systems A/S		7,292		1,722,584
				3,265,270
MACHINERY–2.9%
SMC Corp.		1,800		1,099,327
Xylem, Inc./NY		6,218		632,930
				1,732,257
PROFESSIONAL SERVICES–2.0%
Recruit Holdings Co., Ltd.		28,700		1,205,484
				9,877,853
FINANCIALS–15.8%
BANKS–7.9%
Bank Mandiri Persero Tbk PT		608,000		274,359
Credicorp Ltd.		1,780		291,955
Erste Group Bank AG(a)		43,000		1,309,897
HDFC Bank Ltd.(a)		74,290		1,465,442
Svenska Handelsbanken AB–Class A(a)		131,264		1,323,145
				4,664,798
CAPITAL MARKETS–5.3%
London Stock Exchange Group PLC		12,123		1,496,421
Partners Group Holding AG		1,399		1,643,883
				3,140,304
INSURANCE–2.6%
AIA Group Ltd.		81,800		996,825
Prudential PLC		30,700		564,510
				1,561,335
				9,366,437
HEALTH CARE–15.1%
BIOTECHNOLOGY–1.2%
Abcam PLC(c)		33,221		704,161
HEALTH CARE EQUIPMENT & SUPPLIES–6.9%
Alcon, Inc.(a)		18,470		1,226,336
Koninklijke Philips NV(a)		30,614		1,649,101
STERIS PLC		6,640		1,258,545
				4,133,982
HEALTH CARE PROVIDERS & SERVICES–2.1%
Apollo Hospitals Enterprise Ltd.		37,914		1,247,516
LIFE SCIENCES TOOLS & SERVICES–4.2%
Gerresheimer AG		8,332		898,510
ICON PLC(a)		5,217		1,017,211
Tecan Group AG		1,228		602,312
				2,518,033
PHARMACEUTICALS–0.7%
Roche Holding AG		1,160		404,026
				9,007,718
CONSUMER STAPLES–8.1%
FOOD PRODUCTS–4.3%
Danone SA		9,479		623,776
Kerry Group PLC–Class A		7,039		1,022,368
Nestle SA		7,581		896,160
				2,542,304
HOUSEHOLD PRODUCTS–2.7%
Essity AB–Class B		23,770		765,849
Unicharm Corp.		18,300		867,896
				1,633,745
PERSONAL PRODUCTS–1.1%
Unilever PLC		10,602		635,841
				4,811,890
CONSUMER DISCRETIONARY–7.3%
AUTO COMPONENTS–2.5%
Aptiv PLC		11,668		1,520,224

9

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INTERNET & DIRECT MARKETING RETAIL–1.1%
MercadoLibre, Inc.(a)		375	$	628,208
TEXTILES, APPAREL & LUXURY GOODS–3.7%
Puma SE(a)		9,951		1,119,755
Shenzhou International Group Holdings Ltd.		55,900		1,095,541
				2,215,296
				4,363,728
MATERIALS–6.1%
CHEMICALS–4.0%
Chr Hansen Holding A/S(a)		12,794		1,321,897
Koninklijke DSM NV(c)		6,191		1,064,674
				2,386,571
CONTAINERS & PACKAGING–2.1%
Huhtamaki Oyj		24,050		1,247,226
				3,633,797
COMMUNICATION SERVICES–3.4%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.5%
Cellnex Telecom SA(b)(c)		14,795		888,483
INTERACTIVE MEDIA & SERVICES–1.9%
Tencent Holdings Ltd.		15,800		1,136,870
				2,025,353
ENERGY–2.7%
OIL, GAS & CONSUMABLE FUELS–2.7%
Neste Oyj		22,317		1,620,298
UTILITIES–2.6%
ELECTRIC UTILITIES–2.6%
Orsted AS(b)		7,470		1,528,401
Total Common Stocks (cost $35,542,868)				57,005,967
SHORT-TERM INVESTMENTS–2.5%
INVESTMENT COMPANIES–2.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(d)(e)(f) (cost $1,455,997)		1,455,997		1,455,997
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.3% (cost $36,998,865)				58,461,964
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–3.9%
INVESTMENT COMPANIES–3.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(d)(e)(f) (cost $2,334,903)		2,334,903		2,334,903
TOTAL INVESTMENTS–102.2% (cost $39,333,768)				60,796,867
Other assets less liabilities–(2.2)%				(1,318,429	)
NET ASSETS–100.0%			$	59,478,438

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	198		CNY	1,298		02/10/2021	$	346
Barclays Bank PLC		INR	10,646		USD	144		01/15/2021		(1,265	)
Citibank, NA		BRL	3,185		USD	613		01/05/2021		(295	)
Citibank, NA		USD	598		BRL	3,185		01/05/2021		15,270
Citibank, NA		USD	1,938		KRW	2,204,380		01/14/2021		88,353
Citibank, NA		USD	2,064		TWD	57,882		01/27/2021		2,786
Citibank, NA		CHF	1,185		USD	1,304		01/29/2021		(35,363	)
Citibank, NA		USD	4,817		CNY	31,539		02/10/2021		11,586
Citibank, NA		USD	4,987		JPY	519,072		02/26/2021		42,615
Deutsche Bank AG		INR	29,290		USD	395		01/15/2021		(5,597	)

10

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG		CAD	928		USD	727		02/18/2021	$	(1,978	)
Goldman Sachs Bank USA		USD	121		KRW	133,057		01/14/2021		1,794
Goldman Sachs Bank USA		USD	151		KRW	163,442		01/14/2021		(397	)
Goldman Sachs Bank USA		USD	189		RUB	14,593		01/22/2021		7,736
JPMorgan Chase Bank, NA		USD	303		BRL	1,569		02/02/2021		(867	)
Morgan Stanley Capital Services, Inc.		JPY	71,041		USD	687		02/26/2021		(1,035	)
Natwest Markets PLC		USD	294		RUB	22,140		01/22/2021		4,603
Standard Chartered Bank		INR	45,041		USD	609		01/15/2021		(6,801	)
Standard Chartered Bank		NOK	8,666		USD	939		01/15/2021		(72,013	)
Standard Chartered Bank		USD	514		INR	38,605		01/15/2021		14,066
Standard Chartered Bank		USD	103		TWD	2,916		01/27/2021		822
State Street Bank & Trust Co.		USD	2,424		AUD	3,389		01/12/2021		188,956
State Street Bank & Trust Co.		SEK	7,693		USD	879		01/15/2021		(56,153	)
State Street Bank & Trust Co.		USD	212		INR	15,732		01/15/2021		2,779
State Street Bank & Trust Co.		USD	289		NOK	2,551		01/15/2021		8,476
State Street Bank & Trust Co.		USD	69		SEK	616		01/15/2021		5,669
State Street Bank & Trust Co.		GBP	299		USD	401		01/21/2021		(7,481	)
State Street Bank & Trust Co.		USD	813		GBP	610		01/21/2021		21,662
State Street Bank & Trust Co.		CHF	243		USD	271		01/29/2021		(3,456	)
State Street Bank & Trust Co.		USD	268		CHF	238		01/29/2021		1,325
State Street Bank & Trust Co.		USD	226		CHF	200		01/29/2021		(307	)
State Street Bank & Trust Co.		USD	606		BRL	3,185		02/02/2021		7,219
State Street Bank & Trust Co.		USD	519		ZAR	8,037		02/04/2021		25,715
State Street Bank & Trust Co.		USD	269		MXN	5,349		02/25/2021		(1,655	)
State Street Bank & Trust Co.		JPY	35,459		USD	342		02/26/2021		(1,389	)
State Street Bank & Trust Co.		USD	362		JPY	37,474		02/26/2021		1,136
State Street Bank & Trust Co.		EUR	379		USD	462		03/17/2021		(1,629	)
State Street Bank & Trust Co.		USD	217		EUR	178		03/17/2021		347
State Street Bank & Trust Co.		USD	1,167		EUR	953		03/17/2021		(1,008	)
UBS AG		INR	40,269		USD	544		01/15/2021		(6,535	)
UBS AG		USD	2,353		CAD	3,012		02/18/2021		13,859
UBS AG		EUR	10,243		USD	12,512		03/17/2021		(21,256	)
									$	240,640

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the aggregate market value of these securities amounted to $3,409,036 or 5.7% 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

CNY—Chinese Yuan Renminbi

11

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

EUR—Euro

GBP—Great British Pound

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

See notes to financial statements.

12

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $35,542,868)	$	57,005,967	(a)
Affiliated issuers (cost $3,790,900—including investment of cash collateral for securities loaned of $2,334,903)		3,790,900
Foreign currencies, at value (cost $701,640)		698,966
Unrealized appreciation on forward currency exchange contracts		467,120
Receivable for investment securities sold and foreign currency transactions		257,468
Unaffiliated dividends receivable		82,545
Receivable for capital stock sold		2,137
Affiliated dividends receivable		55
Total assets		62,305,158
LIABILITIES
Payable for collateral received on securities loaned		2,334,903
Unrealized depreciation on forward currency exchange contracts		226,480
Payable for capital stock redeemed		57,354
Advisory fee payable		34,390
Administrative fee payable		20,266
Payable for investment securities purchased and foreign currency transactions		7,141
Distribution fee payable		6,678
Transfer Agent fee payable		146
Accrued expenses and other liabilities		139,362
Total liabilities		2,826,720
NET ASSETS	$	59,478,438
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,177
Additional paid-in capital		32,602,036
Distributable earnings		26,874,225
	$	59,478,438

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	27,410,025		994,661	$	27.56
B	$	32,068,413		1,182,481	$	27.12

(a) Includes securities on loan with a value of $2,254,323 (see Note E).

See notes to financial statements.

13

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $55,578)	$	444,021
Affiliated issuers		8,332
Securities lending income		8,034
		460,387
EXPENSES
Advisory fee (see Note B)		387,492
Distribution fee—Class B		70,447
Transfer agency—Class A		1,831
Transfer agency—Class B		2,199
Custody and accounting		95,478
Administrative		75,346
Audit and tax		67,078
Printing		26,866
Legal		19,716
Directors’ fees		16,744
Miscellaneous		13,159
Total expenses		776,356
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(28,217	)
Net expenses		748,139
Net investment loss		(287,752	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		5,737,800
Forward currency exchange contracts		(607,853	)
Foreign currency transactions		45,620
Net change in unrealized appreciation/depreciation of:
Investments(a)		8,966,469
Forward currency exchange contracts		163,315
Foreign currency denominated assets and liabilities		(4,822	)
Net gain on investment and foreign currency transactions		14,300,529
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	14,012,777

(a) Net of increase in accrued foreign capital gains taxes of $51,983.

See notes to financial statements.

14

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(287,752	)	$	134,740
Net realized gain on investment and foreign currency transactions		5,175,567			4,692,498
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		9,124,962			7,740,937
Net increase in net assets from operations		14,012,777			12,568,175
Distributions to Shareholders
Class A		(2,359,331	)		(688,238	)
Class B		(2,741,392	)		(794,928	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(3,312,483	)		(6,897,421	)
Total increase		5,599,571			4,187,588
NET ASSETS
Beginning of period		53,878,867			49,691,279
End of period	$	59,478,438		$	53,878,867

See notes to financial statements.

15

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

16

AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	2,577,229		$	8,193,263	$	–0	–	$	10,770,492
Industrials		3,085,757			6,792,096		–0	–		9,877,853
Financials		291,955			9,074,482		–0	–		9,366,437
Health Care		2,979,917			6,027,801		–0	–		9,007,718
Consumer Staples		–0	–		4,811,890		–0	–		4,811,890
Consumer Discretionary		2,148,432			2,215,296		–0	–		4,363,728
Materials		–0	–		3,633,797		–0	–		3,633,797
Communication Services		–0	–		2,025,353		–0	–		2,025,353
Energy		–0	–		1,620,298		–0	–		1,620,298
Utilities		–0	–		1,528,401		–0	–		1,528,401

17

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Short-Term Investments	$	1,455,997		$	–0	–	$	–0	–	$	1,455,997
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,334,903			–0	–		–0	–		2,334,903
Total Investments in Securities		14,874,190			45,922,677	(a)		–0	–		60,796,867
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		467,120			–0	–		467,120
Liabilities:
Forward Currency Exchange Contracts		–0	–		(226,480	)		–0	–		(226,480	)
Total	$	14,874,190		$	46,163,317		$	–0	–	$	61,037,507

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The 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

18

AB Variable Products Series Fund

expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has contractually agreed to waive its management fee and/or bear expenses of the Portfolio in order to reduce the Portfolio’s total operating expenses by an amount equal to 0.05% on an annual basis of the average net assets for Class A and Class B. For the year ended December 31, 2020, such reimbursements/waivers amounted to $25,833. This fee waiver and/or expense reimbursement agreement extends through May 1, 2021 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $75,346.

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 $1,636 for the year ended December 31, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $2,146.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,750	$	16,433	$	16,727	$	1,456	$	8
Government Money Market Portfolio*		1,787		22,085		21,537		2,335		1
Total							$	3,791	$	9

* Investments of cash collateral for securities lending transactions (see Note E).

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

19

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	16,765,116		$	26,447,180
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	39,429,165
Gross unrealized appreciation	$	22,187,127
Gross unrealized depreciation		(808,971	)
Net unrealized appreciation	$	21,378,156

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”.

20

AB Variable Products Series Fund

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2020, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended December 31, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	467,120	Unrealized depreciation on forward currency exchange contracts	$	226,480
Total		$	467,120		$	226,480

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	$	(607,853	)	$	163,315
Total		$	(607,853	)	$	163,315

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2020:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	25,213,384
Average principal amount of sale contracts	$	21,377,210

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.

21

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Bank of America, NA

$

346

$

–0

–

$

–0

–

$

–0

–

$

346

Citibank, NA

160,610

(35,658

)

–0

–

–0

–

124,952

Goldman Sachs Bank USA

9,530

(397

)

–0

–

–0

–

9,133

Natwest Markets PLC

4,603

–0

–

–0

–

–0

–

4,603

Standard Chartered Bank

14,888

(14,888

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

263,284

(73,078

)

–0

–

–0

–

190,206

UBS AG

13,859

(13,859

)

–0

–

–0

–

–0

–

Total

$

467,120

$

(137,880

)

$

–0

–

$

–0

–

$

329,240

^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Barclays Bank PLC

$

1,265

$

–0

–

$

–0

–

$

–0

–

$

1,265

Citibank, NA

35,658

(35,658

)

–0

–

–0

–

–0

–

Deutsche Bank AG

7,575

–0

–

–0

–

–0

–

7,575

Goldman Sachs Bank USA

397

(397

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

867

–0

–

–0

–

–0

–

867

Morgan Stanley Capital Services, Inc.

1,035

–0

–

–0

–

–0

–

1,035

Standard Chartered Bank

78,814

(14,888

)

–0

–

–0

–

63,926

State Street Bank & Trust Co.

73,078

(73,078

)

–0

–

–0

–

–0

–

UBS AG

27,791

(13,859

)

–0

–

–0

–

13,932

Total

$

226,480

$

(137,880

)

$

–0

–

$

–0

–

$

88,600

^

* 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

22

AB Variable Products Series Fund

borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

				Government Money Market Portfolio
Market Value of Securities on Loan*	Cash Collateral*	Market Value of Non-Cash Collateral*	Income from Borrowers	Income Earned	Advisory Fee Waived
$2,254,323	$2,334,903	$50,033	$6,900	$1,134	$238

* As of December 31, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		19,172			25,049		$	434,740		$	530,484
Shares issued in reinvestment of dividends		102,313			32,449			2,359,331			688,237
Shares redeemed		(153,877	)		(163,992	)		(3,611,499	)		(3,492,546	)
Net decrease		(32,392	)		(106,494	)	$	(817,428	)	$	(2,273,825	)
Class B
Shares sold		108,028			52,238		$	2,392,079		$	1,106,667
Shares issued in reinvestment of dividends		120,660			37,998			2,741,392			794,929
Shares redeemed		(331,740	)		(310,416	)		(7,628,526	)		(6,525,192	)
Net decrease		(103,052	)		(220,180	)	$	(2,495,055	)	$	(4,623,596	)

At December 31, 2020, certain shareholders of the Portfolio owned 80% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

23

INTERNATIONAL GROWTH 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), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

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—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

24

AB Variable Products Series Fund

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	1,009,224	$	211,048
Net long-term capital gains		4,091,499		1,272,118
Total taxable distributions paid	$	5,100,723	$	1,483,166

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains	$	5,551,679
Unrealized appreciation/(depreciation)		21,322,546	(a)
Total accumulated earnings/(deficit)	$	26,874,225

(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, 2020, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss resulted in a net increase in distributable earnings and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

25

INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$23.49			$18.99			$23.15			$17.34			$18.62
Income From Investment Operations
Net investment income (loss) (a)(b)		(.10	)		.08			.15			.06			.11	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.65			5.08			(4.16	)		6.00			(1.39	)
Net increase (decrease) in net asset value from operations		6.55			5.16			(4.01	)		6.06			(1.28	)
Less: Dividends and Distributions
Dividends from net investment income		(.34	)		(.13	)		(.15	)		(.25	)		–0	–
Distributions from net realized gain on investment transactions		(2.14	)		(.53	)		–0	–		–0	–		–0	–
Total dividends and distributions		(2.48	)		(.66	)		(.15	)		(.25	)		–0	–
Net asset value, end of period		$27.56			$23.49			$18.99			$23.15			$17.34
Total Return
Total investment return based on net asset value (c)*		29.94	%		27.53	%		(17.41	)%		35.02	%		(6.87	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$27,410			$24,123			$21,522			$30,318			$26,045
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.31	%		1.36	%		1.27	%		1.24	%		1.27	%
Expenses, before waivers/reimbursements		1.37	%		1.41	%		1.29	%		1.24	%		1.27	%
Net investment income (loss) (b)		(.42	)%		.40	%		.69	%		.30	%		.60	%†
Portfolio turnover rate		34	%		49	%		33	%		52	%		52	%

See footnote summary on page 27.

26

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$23.15			$18.71			$22.80			$17.09			$18.39
Income From Investment Operations
Net investment income (loss) (a)(b)		(.15	)		.03			.09			.01			.07	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.54			5.00			(4.09	)		5.90			(1.37	)
Net increase (decrease) in net asset value from operations		6.39			5.03			(4.00	)		5.91			(1.30	)
Less: Dividends and Distributions
Dividends from net investment income		(.28	)		(.06	)		(.09	)		(.20	)		–0	–
Distributions from net realized gain on investment transactions		(2.14	)		(.53	)		–0	–		–0	–		–0	–
Total dividends and distributions		(2.42	)		(.59	)		(.09	)		(.20	)		–0	–
Net asset value, end of period		$27.12			$23.15			$18.71			$22.80			$17.09
Total Return
Total investment return based on net asset value (c)*		29.60	%		27.23	%		(17.60	)%		34.63	%		(7.07	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$32,068			$29,756			$28,169			$41,007			$32,843
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.56	%		1.61	%		1.52	%		1.49	%		1.52	%
Expenses, before waivers/reimbursements		1.62	%		1.66	%		1.54	%		1.49	%		1.52	%
Net investment income (loss) (b)		(.67	)%		.15	%		.43	%		.04	%		.37	%†
Portfolio turnover rate		34	%		49	%		33	%		52	%		52	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.04	.22%	.23%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017 and December 31, 2016 by .01% and .09%, respectively.

See notes to financial statements.

27

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB International Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 12, 2021

28

2020 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2020. For Corporate shareholders, 2.03% of dividends paid qualify for the dividends received deduction. The Portfolio designates $4,091,499 of dividends paid as long-term capital gain dividends.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2020, $23,628 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $485,530.

29

INTERNATIONAL GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Daniel C. Roarty(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Thematic and Sustainable Equities Investment Team. Mr. Roarty is the investment professional with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

30

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership experience and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

31

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jorge A. Bermudez,## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb,## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

33

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Earl D. Weiner,## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

* The address for the Portfolio’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Keith is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

^## Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

34

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer of Sustainable Thematic Equities.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

35

INTERNATIONAL GROWTH PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

36

INTERNATIONAL GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Growth Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

37

INTERNATIONAL GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

38

AB Variable Products Series Fund

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians, after giving effect to a voluntary waiver by the Adviser. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

39

VPS-IG-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERNATIONAL VALUE PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—International Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and more than 40 developed- and emerging-market countries. These countries currently include the developed nations in Europe and the Far East, Canada, Australia and emerging-market countries worldwide. Under normal market conditions, the Portfolio invests significantly, at least 40%—unless market conditions are not deemed favorable by the Adviser—in securities of non-US companies. In addition, the Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using a fundamental value approach. In selecting securities for the Portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose stocks are priced low in relation to their perceived long-term earnings power.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. The Adviser evaluates currency and equity positions separately and may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge a portion of its currency risk, the Portfolio may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures, options on futures, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”).

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may invest in depositary receipts, instruments of supranational entities denominated in the currency of any country, securities of multinational companies and “semi-governmental securities,” and enter into forward commitments.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (net), for the one-, five- and 10-year periods ended December 31, 2020.

During the annual period, all share classes of the Portfolio underperformed the benchmark. Security selection drove underperformance, relative to the benchmark, due to selection within the industrials and consumer-staples sectors. Selection within utilities and technology was positive. Overall sector selection contributed to performance. Losses from an overweight to energy and an underweight to health care detracted and partially offset gains from an overweight to technology and an underweight to financials. In terms of country positioning (a result of bottom-up security analysis driven by fundamental research), an underweight to Japan detracted while an overweight to South Korea added.

The Portfolio used derivatives in the form of forwards for hedging purposes, which detracted from absolute returns during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Non-US equities recorded positive returns for the annual period ended December 31, 2020, erasing losses from lows reached in late March when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly

1

AB Variable Products Series Fund

outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

The Portfolio’s Senior Investment Management Team (the “Team”) has continued to identify opportunities against a changing market backdrop. The Team has flexibility to adjust the Portfolio’s positions in real time when warranted, and to maintain conviction through short-term volatility. As markets face new uncertainties, the Team believes that this disciplined approach is the best way to capture the long-term potential for equities.

2

INTERNATIONAL VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI EAFE Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI EAFE Index (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets, excluding the US and Canada. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns reflect the reinvestment of dividends after the deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may underperform the market generally.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

Leverage Risk: When the Portfolio borrows money or otherwise leverages its portfolio, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase agreements, forward commitments, or by borrowing money.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other

(Disclosures, Risks and Note About Historical Performance continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

INTERNATIONAL VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years1		10 Years1
International Value Portfolio Class A2		2.46%		2.95%		2.39%
International Value Portfolio Class B2		2.21%		2.67%		2.12%
MSCI EAFE Index (net)		7.82%		7.45%		5.51%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2020 by 0.04%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 0.90% and 1.15% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2010 to 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in International Value Portfolio Class A shares (from 12/31/2010 to 12/31/2020) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

5

INTERNATIONAL VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account  Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During  Period*		Annualized Expense  Ratio*
Class A
Actual	$	1,000	$	1,255.30	$	5.22		0.92	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.51	$	4.67		0.92	%
Class B
Actual	$	1,000	$	1,252.60	$	6.62		1.17	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.25	$	5.94		1.17	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Roche Holding AG	$	14,454,386		4.2	%
Samsung Electronics Co., Ltd.		9,559,207		2.8
Peugeot SA		9,056,242		2.7
AerCap Holdings NV		8,248,203		2.4
GlaxoSmithKline PLC		8,052,567		2.4
EDP—Energias de Portugal SA		7,709,518		2.3
Alstom SA		7,152,347		2.1
Faurecia SE		6,696,012		2.0
Enel SpA		6,627,004		1.9
Suncorp Group Ltd.		6,469,500		1.9
	$	84,024,986		24.7	%

SECTOR BREAKDOWN²

December 31, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Financials	$	58,491,581		17.4	%
Consumer Discretionary		48,937,555		14.6
Industrials		41,969,452		12.5
Information Technology		40,300,704		12.0
Consumer Staples		33,004,063		9.8
Health Care		32,121,990		9.5
Materials		26,168,277		7.8
Communication Services		21,606,828		6.4
Utilities		14,336,522		4.3
Real Estate		10,222,403		3.0
Energy		8,657,097		2.6
Short-Term Investments		318,739		0.1
Total Investments	$	336,135,211		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.

7

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Japan	$	64,516,931		19.2	%
United Kingdom		46,827,669		13.9
France		41,032,814		12.2
Australia		24,769,280		7.4
Switzerland		19,709,588		5.9
Ireland		17,962,305		5.3
South Korea		15,612,648		4.6
Germany		15,545,521		4.6
Italy		13,741,189		4.1
Netherlands		11,777,841		3.5
Portugal		7,709,518		2.3
Denmark		7,130,294		2.1
Hong Kong		6,205,704		1.9
Other		43,275,170		12.9
Short-Term Investments		318,739		0.1
Total Investments	$	336,135,211		100.0	%

1 All data are as of December 31, 2020. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.8% or less in the following: Austria, Belgium, Canada, China, Israel, Macau, Norway, Spain, Sweden and Taiwan.

8

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.3%
FINANCIALS–17.1%
BANKS–9.5%
Bank Hapoalim BM(a)		422,030	$	2,898,603
Bank Leumi Le-Israel BM		465,060		2,745,136
Bank of Ireland Group PLC(a)		1,517,291		6,125,285
Erste Group Bank AG(a)		192,560		5,865,900
KBC Group NV(a)		85,830		6,006,483
Mediobanca Banca di Credito Finanziario SpA		366,730		3,394,756
Westpac Banking Corp.		350,950		5,222,599
				32,258,762
CAPITAL MARKETS–1.5%
Credit Suisse Group AG		407,037		5,255,202
CONSUMER FINANCE–0.0%
Isracard Ltd.		1		3
DIVERSIFIED FINANCIAL SERVICES–0.9%
ORIX Corp.		203,100		3,124,513
INSURANCE–5.2%
Allianz SE		25,370		6,232,720
NN Group NV		119,150		5,150,881
Suncorp Group Ltd.(b)		859,680		6,469,500
				17,853,101
				58,491,581
CONSUMER DISCRETIONARY–14.3%
AUTO COMPONENTS–2.9%
Faurecia SE(a)		130,688		6,696,012
NGK Spark Plug Co., Ltd.		179,100		3,058,482
				9,754,494
AUTOMOBILES–5.1%
Peugeot SA(a)(b)		330,693		9,056,242
Subaru Corp.		182,900		3,659,631
Suzuki Motor Corp.		104,300		4,834,879
				17,550,752
HOTELS, RESTAURANTS & LEISURE–2.5%
Entain PLC(a)		354,780		5,502,923
Galaxy Entertainment Group Ltd.		399,000		3,106,030
				8,608,953
HOUSEHOLD DURABLES–2.7%
Persimmon PLC		108,280		4,086,789
Sony Corp.		51,700		5,209,705
				9,296,494
TEXTILES, APPAREL & LUXURY GOODS–1.1%
Pandora A/S		33,300		3,726,862
				48,937,555
Company	Shares		U.S. $ Value
INDUSTRIALS–12.3%
AEROSPACE & DEFENSE–2.0%
Airbus SE(a)		29,070	$	3,190,262
Saab AB–Class B(a)(b)		124,200		3,613,742
				6,804,004
ELECTRICAL EQUIPMENT–2.5%
Fuji Electric Co., Ltd.		131,200		4,735,799
Prysmian SpA		104,500		3,719,429
				8,455,228
MACHINERY–2.9%
Alstom SA(a)		125,570		7,152,347
Weichai Power Co., Ltd.–Class H		1,401,000		2,817,011
				9,969,358
PROFESSIONAL SERVICES–0.9%
UT Group Co., Ltd.(a)		102,200		3,181,551
TRADING COMPANIES & DISTRIBUTORS–4.0%
AerCap Holdings NV(a)		180,961		8,248,203
Ashtead Group PLC		112,760		5,311,108
				13,559,311
				41,969,452
INFORMATION TECHNOLOGY–11.8%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Zhen Ding Technology Holding Ltd.		519,000		2,111,993
IT SERVICES–1.5%
Atos SE(a)		56,540		5,162,985
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.6%
NXP Semiconductors NV		24,410		3,881,434
SCREEN Holdings Co., Ltd.		76,600		5,648,827
SK Hynix, Inc.(a)		55,420		6,053,441
				15,583,702
SOFTWARE–2.3%
Avast PLC(c)		650,290		4,774,933
Open Text Corp.		68,396		3,107,884
				7,882,817
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.8%
Samsung Electronics Co., Ltd.		128,010		9,559,207
				40,300,704

9

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER STAPLES–9.7%
BEVERAGES–1.0%
Carlsberg AS–Class B		21,230	$	3,403,432
FOOD & STAPLES RETAILING–2.2%
Koninklijke Ahold Delhaize NV		97,320		2,745,526
Tesco PLC(b)		1,470,820		4,641,565
				7,387,091
FOOD PRODUCTS–4.6%
Morinaga & Co., Ltd./Japan		50,600		1,903,407
Nichirei Corp.		109,100		3,065,684
Salmar ASA		78,510		4,599,955
WH Group Ltd.(c)		7,400,500		6,205,704
				15,774,750
TOBACCO–1.9%
British American Tobacco PLC		173,380		6,438,790
				33,004,063
HEALTH CARE–9.4%
HEALTH CARE EQUIPMENT & SUPPLIES–0.8%
ConvaTec Group PLC(c)		1,055,299		2,874,699
PHARMACEUTICALS–8.6%
GlaxoSmithKline PLC		440,080		8,052,567
Nippon Shinyaku Co., Ltd.		37,200		2,441,803
Roche Holding AG		41,500		14,454,386
Sanofi		44,350		4,298,535
				29,247,291
				32,121,990
MATERIALS–7.7%
CHEMICALS–3.5%
Evonik Industries AG		131,970		4,313,377
Tosoh Corp.		345,100		5,391,898
Zeon Corp.		148,300		2,130,355
				11,835,630
CONSTRUCTION MATERIALS–1.1%
CRH PLC(a)(b)		84,390		3,588,817
METALS & MINING–3.1%
Agnico Eagle Mines Ltd.		41,056		2,889,628
BlueScope Steel Ltd.		391,098		5,281,690
Northern Star Resources Ltd.(b)		263,200		2,572,512
				10,743,830
				26,168,277
Company	Shares		U.S. $ Value
COMMUNICATION SERVICES–6.3%
DIVERSIFIED TELECOMMUNICATION SERVICES–3.1%
Nippon Telegraph & Telephone Corp.		207,900	$	5,334,502
Orange SA		460,010		5,476,431
				10,810,933
ENTERTAINMENT–2.4%
Konami Holdings Corp.		66,800		3,758,583
Nintendo Co., Ltd.		6,800		4,365,200
				8,123,783
INTERACTIVE MEDIA & SERVICES–0.8%
Dip Corp.		100,000		2,672,112
				21,606,828
UTILITIES–4.2%
ELECTRIC UTILITIES–4.2%
EDP–Energias de Portugal SA		1,228,314		7,709,518
Enel SpA		651,320		6,627,004
				14,336,522
REAL ESTATE–3.0%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.5%
Vicinity Centres(b)		4,224,106		5,222,979
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.5%
Aroundtown SA		670,530		4,999,424
				10,222,403
ENERGY–2.5%
OIL, GAS & CONSUMABLE FUELS–2.5%
Repsol SA(b)		337,217		3,397,164
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A		292,240		5,144,295
				8,541,459
Total Common Stocks (cost $287,727,593)				335,700,834
RIGHTS–0.1%
ENERGY–0.1%
OIL, GAS & CONSUMABLE FUELS–0.1%
Repsol SA, expiring 01/08/2021(a) (cost $118,344)		337,217		115,638

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–0.1%
INVESTMENT COMPANIES–0.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(d)(e)(f) (cost $318,739)		318,739	$	318,739
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.5% (cost $288,164,676)				336,135,211
Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.5%
INVESTMENT COMPANIES–1.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(d)(e)(f) (cost $5,168,698)		5,168,698	$	5,168,698
TOTAL INVESTMENTS–100.0% (cost $293,333,374)				341,303,909
Other assets less liabilities–0.0%				105,083
NET ASSETS–100.0%			$	341,408,992

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	5,880		SEK	51,831		01/15/2021	$	420,504
Bank of America, NA		USD	864		GBP	650		01/21/2021		24,580
Bank of America, NA		EUR	680		USD	834		03/17/2021		2,181
Barclays Bank PLC		GBP	1,515		USD	2,035		01/21/2021		(36,967	)
Barclays Bank PLC		USD	767		GBP	575		01/21/2021		19,317
Barclays Bank PLC		USD	5,068		TWD	141,382		01/27/2021		(19,674	)
Barclays Bank PLC		USD	1,431		JPY	147,814		02/26/2021		1,312
Barclays Bank PLC		USD	544		JPY	56,029		02/26/2021		(1,247	)
BNP Paribas SA		USD	551		GBP	412		01/21/2021		11,702
Citibank, NA		KRW	11,602,386		USD	10,200		01/14/2021		(465,029	)
Citibank, NA		ILS	16,074		USD	4,774		01/21/2021		(229,439	)
Citibank, NA		TWD	176,820		USD	6,305		01/27/2021		(8,512	)
Citibank, NA		CHF	2,443		USD	2,681		01/29/2021		(80,521	)
Citibank, NA		USD	1,878		CNY	12,294		02/10/2021		4,516
Citibank, NA		USD	15,040		JPY	1,565,274		02/26/2021		128,506
Credit Suisse International		USD	2,857		NOK	25,868		01/15/2021		160,016
Goldman Sachs Bank USA		USD	3,125		SGD	4,248		01/07/2021		89,155
Goldman Sachs Bank USA		KRW	1,175,410		USD	1,061		01/14/2021		(19,553	)
Goldman Sachs Bank USA		NOK	16,100		USD	1,875		01/15/2021		(2,871	)
Goldman Sachs Bank USA		TWD	12,945		USD	458		01/27/2021		(4,086	)
Morgan Stanley & Co., Inc.		AUD	1,030		USD	748		01/12/2021		(46,036	)
Morgan Stanley & Co., Inc.		USD	570		SEK	5,028		01/15/2021		41,482
Morgan Stanley Capital Services, Inc.		AUD	2,085		USD	1,527		01/12/2021		(81,038	)
Morgan Stanley Capital Services, Inc.		USD	921		AUD	1,209		01/12/2021		11,272
Morgan Stanley Capital Services, Inc.		KRW	1,098,055		USD	995		01/14/2021		(13,918	)
Morgan Stanley Capital Services, Inc.		USD	1,837		GBP	1,385		01/21/2021		57,625
Morgan Stanley Capital Services, Inc.		USD	12,234		CHF	11,101		01/29/2021		314,426
Morgan Stanley Capital Services, Inc.		USD	801		NZD	1,124		03/05/2021		7,591

11

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services, Inc.		KRW	1,007,983		USD	927		04/22/2021	$	648
Societe Generale		HKD	57,487		USD	7,416		02/24/2021		(519	)
Standard Chartered Bank		USD	1,038		AUD	1,399		01/12/2021		41,017
Standard Chartered Bank		KRW	2,910,144		USD	2,650		01/14/2021		(24,488	)
Standard Chartered Bank		USD	4,757		KRW	5,311,087		01/14/2021		124,928
Standard Chartered Bank		NOK	33,422		USD	3,620		01/15/2021		(277,730	)
Standard Chartered Bank		USD	2,962		CAD	3,775		02/18/2021		4,254
State Street Bank & Trust Co.		AUD	2,615		USD	1,875		01/12/2021		(140,705	)
State Street Bank & Trust Co.		USD	1,554		AUD	2,163		01/12/2021		113,326
State Street Bank & Trust Co.		USD	1,708		NOK	15,527		01/15/2021		103,190
State Street Bank & Trust Co.		USD	876		SEK	7,577		01/15/2021		45,216
State Street Bank & Trust Co.		USD	2,304		GBP	1,726		01/21/2021		57,666
State Street Bank & Trust Co.		USD	908		ILS	3,040		01/21/2021		38,544
State Street Bank & Trust Co.		USD	350		JPY	36,050		02/26/2021		(612	)
UBS AG		KRW	1,020,734		USD	940		01/14/2021		1,579
UBS AG		USD	1,696		TRY	13,150		01/21/2021		63,604
UBS AG		CAD	7,282		USD	5,688		02/18/2021		(33,506	)
UBS AG		EUR	13,859		USD	16,930		03/17/2021		(28,760	)
									$	372,946

(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 of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the aggregate market value of these securities amounted to $13,855,336 or 4.1% 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

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

REIT—Real Estate Investment Trust

See notes to financial statements.

12

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $287,845,937)	$	335,816,472	(a)
Affiliated issuers (cost $5,487,437—including investment of cash collateral for securities loaned of $5,168,698)		5,487,437
Cash collateral due from broker		530,000
Foreign currencies, at value (cost $1,886,633)		1,897,743
Receivable for investment securities sold and foreign currency transactions		2,052,811
Unrealized appreciation on forward currency exchange contracts		1,888,157
Unaffiliated dividends receivable		1,162,412
Receivable for capital stock sold		21,870
Affiliated dividends receivable		31
Total assets		348,856,933
LIABILITIES
Payable for collateral received on securities loaned		5,168,698
Unrealized depreciation on forward currency exchange contracts		1,515,211
Advisory fee payable		214,103
Payable for capital stock redeemed		149,376
Payable for investment securities purchased and foreign currency transactions		73,649
Distribution fee payable		62,664
Administrative fee payable		20,476
Transfer Agent fee payable		146
Accrued expenses and other liabilities		243,618
Total liabilities		7,447,941
NET ASSETS	$	341,408,992
COMPOSITION OF NET ASSETS
Capital stock, at par	$	23,781
Additional paid-in capital		331,011,441
Distributable earnings		10,373,770
	$	341,408,992

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	41,994,315		2,906,631	$	14.45
B	$	299,414,677		20,874,716	$	14.34

(a) Includes securities on loan with a value of $31,564,598 (see Note E).

See notes to financial statements.

13

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $853,687)	$	7,185,997
Affiliated issuers		24,499
Securities lending income		132,880		$	7,343,376
EXPENSES
Advisory fee (see Note B)		2,344,671
Distribution fee—Class B		681,171
Transfer agency—Class A		836
Transfer agency—Class B		5,668
Custody and accounting		151,339
Printing		131,200
Administrative		73,980
Audit and tax		66,358
Legal		36,580
Directors’ fees		20,677
Miscellaneous		32,521
Total expenses		3,545,001
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(6,647	)
Net expenses					3,538,354
Net investment income					3,805,022
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions					(11,776,577	)
Forward currency exchange contracts					(214,293	)
Foreign currency transactions					36,187
Net change in unrealized appreciation/depreciation of:
Investments					13,237,452
Forward currency exchange contracts					457,279
Foreign currency denominated assets and liabilities					57,157
Net gain on investment and foreign currency transactions					1,797,205
NET INCREASE IN NET ASSETS FROM OPERATIONS				$	5,602,227

See notes to financial statements.

14

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,805,022		$	7,052,641
Net realized loss on investment and foreign currency transactions		(11,954,683	)		(26,021,678	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		13,751,888			77,391,768
Net increase in net assets from operations		5,602,227			58,422,731
Distributions to Shareholders
Class A		(699,773	)		(479,446	)
Class B		(4,157,435	)		(2,522,410	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(36,959,684	)		(44,607,256	)
Total increase (decrease)		(36,214,665	)		10,813,619
NET ASSETS
Beginning of period		377,623,657			366,810,038
End of period	$	341,408,992		$	377,623,657

See notes to financial statements.

15

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	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 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

16

AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	–0	–	$	58,491,581	$	–0	–	$	58,491,581
Consumer Discretionary		–0	–		48,937,555		–0	–		48,937,555
Industrials		8,248,203			33,721,249		–0	–		41,969,452
Information Technology		6,989,318			33,311,386		–0	–		40,300,704
Consumer Staples		–0	–		33,004,063		–0	–		33,004,063
Health Care		2,874,699			29,247,291		–0	–		32,121,990
Materials		2,889,628			23,278,649		–0	–		26,168,277
Communication Services		–0	–		21,606,828		–0	–		21,606,828

17

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Utilities

$

–0

–

$

14,336,522

$

–0

–

$

14,336,522

Real Estate

–0

–

10,222,403

–0

–

10,222,403

Energy

–0

–

8,541,459

–0

–

8,541,459

Rights

115,638

–0

–

–0

–

115,638

Short-Term Investments

318,739

–0

–

–0

–

318,739

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

5,168,698

–0

–

–0

–

5,168,698

Total Investments in Securities

26,604,923

314,698,986

(a)

–0

–

341,303,909

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

1,888,157

–0

–

1,888,157

Liabilities:

Forward Currency Exchange Contracts

–0

–

(1,515,211

)

–0

–

(1,515,211

)

Total

$

26,604,923

$

315,071,932

$

–0

–

$

341,676,855

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

18

AB Variable Products Series Fund

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2020, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $73,980.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $4,363.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	3,053	$	88,469	$	91,204	$	318	$	24
Government Money Market Portfolio*		3,846		168,074		166,751		5,169		13
Total							$	5,487	$	37

* Investments of cash collateral for securities lending transactions (see Note E).

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in

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INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	165,938,705		$	204,515,175
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	295,294,207
Gross unrealized appreciation	$	64,843,978
Gross unrealized depreciation		(18,777,912	)
Net unrealized appreciation	$	46,066,066

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

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AB Variable Products Series Fund

commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2020, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended December 31, 2020, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	1,888,157	Unrealized depreciation on forward currency exchange contracts	$	1,515,211
Total		$	1,888,157		$	1,515,211

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	$	(214,293	)	$	457,279
Total		$	(214,293	)	$	457,279

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2020:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	114,005,049
Average principal amount of sale contracts	$	112,224,513

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INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 December 31, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Bank of America, NA	$	447,265	$	–0	–	$	–0	–	$	–0	–	$	447,265
Barclays Bank PLC		20,629		(20,629	)		–0	–		–0	–		–0	–
BNP Paribas SA		11,702		–0	–		–0	–		–0	–		11,702
Citibank, NA		133,022		(133,022	)		–0	–		–0	–		–0	–
Credit Suisse International		160,016		–0	–		–0	–		–0	–		160,016
Goldman Sachs Bank USA		89,155		(26,510	)		–0	–		–0	–		62,645
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services, Inc.		433,044		(140,992	)		–0	–		–0	–		292,052
Standard Chartered Bank		170,199		(170,199	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		357,942		(141,317	)		–0	–		–0	–		216,625
UBS AG		65,183		(62,266	)		–0	–		–0	–		2,917
Total	$	1,888,157	$	(694,935	)	$	–0	–	$	–0	–	$	1,193,222	^
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Barclays Bank PLC	$	57,888	$	(20,629	)	$	–0	–	$	–0	–	$	37,259
Citibank, NA		783,501		(133,022	)		(530,000	)		–0	–		120,479
Goldman Sachs Bank USA		26,510		(26,510	)		–0	–		–0	–		–0	–
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services, Inc.		140,992		(140,992	)		–0	–		–0	–		–0	–
Societe Generale		519		–0	–		–0	–		–0	–		519
Standard Chartered Bank		302,218		(170,199	)		–0	–		–0	–		132,019
State Street Bank & Trust Co.		141,317		(141,317	)		–0	–		–0	–		–0	–
UBS AG		62,266		(62,266	)		–0	–		–0	–		–0	–
Total	$	1,515,211	$	(694,935	)	$	(530,000	)	$	–0	–	$	290,276	^

* 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

22

AB Variable Products Series Fund

only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	31,564,598	$	5,168,698	$	28,259,542	$	119,816	$	13,064	$	2,284

* As of December 31, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		486,449			269,460		$	5,692,849		$	3,601,306
Shares issued in reinvestment of dividends		54,029			34,173			699,773			479,446
Shares redeemed		(1,395,831	)		(1,163,389	)		(17,164,618	)		(15,571,410	)
Net decrease		(855,353	)		(859,756	)	$	(10,771,996	)	$	(11,490,658	)
Class B
Shares sold		2,131,892			1,317,796		$	23,010,244		$	17,290,885
Shares issued in reinvestment of dividends		323,268			181,338			4,157,435			2,522,410
Shares redeemed		(4,300,841	)		(3,961,184	)		(53,355,367	)		(52,929,893	)
Net decrease		(1,845,681	)		(2,462,050	)	$	(26,187,688	)	$	(33,116,598	)

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INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

At December 31, 2020, certain shareholders of the Portfolio owned 53% 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), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may underperform the market generally.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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AB Variable Products Series Fund

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. 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, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	4,857,208	$	3,001,856
Total taxable distributions paid	$	4,857,208	$	3,001,856

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,553,477
Accumulated capital and other losses		(37,298,260	)(a)
Unrealized appreciation/(depreciation)		46,118,553	(b)
Total accumulated earnings/(deficit)	$	10,373,770

(a) As of December 30, 2020, the Portfolio had a net capital loss carryforward of $37,298,260.

(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 30, 2020, the Portfolio had a net short-term capital loss carryforward of $1,878,991 and a net long-term capital loss carryforward of $35,419,269, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J: 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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INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.37			$12.38			$16.30			$13.28			$13.52
Income From Investment Operations
Net investment income (a)(b)		.18			.28			.25			.31			.30	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.14			1.84			(3.94	)		3.06			(.37	)
Net increase (decrease) in net asset value from operations		.32			2.12			(3.69	)		3.37			(.07	)
Less: Dividends
Dividends from net investment income		(.24	)		(.13	)		(.23	)		(.35	)		(.17	)
Net asset value, end of period		$14.45			$14.37			$12.38			$16.30			$13.28
Total Return
Total investment return based on net asset value (c)*		2.46	%		17.14	%		(22.79	)%		25.42	%		(.50	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$41,994			$54,042			$57,234			$53,014			$47,385
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.91	%		.90	%		.86	%		.85	%		.86	%
Expenses, before waivers/reimbursements		.92	%		.90	%		.87	%		.86	%		.86	%
Net investment income (b)		1.47	%		2.10	%		1.65	%		2.05	%		2.27	%†
Portfolio turnover rate		54	%		44	%		42	%		45	%		64	%

See footnote summary on page 27.

26

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.24			$12.29			$16.15			$13.16			$13.41
Income From Investment Operations
Net investment income (a)(b)		.14			.24			.23			.27			.27	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.15			1.82			(3.92	)		3.02			(.38	)
Net increase (decrease) in net asset value from operations		.29			2.06			(3.69	)		3.29			(.11	)
Less: Dividends
Dividends from net investment income		(.19	)		(.11	)		(.17	)		(.30	)		(.14	)
Net asset value, end of period		$14.34			$14.24			$12.29			$16.15			$13.16
Total Return
Total investment return based on net asset value (c)*		2.21	%		16.79	%		(22.98	)%		25.09	%		(.80	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$299,415			$323,582			$309,576			$432,885			$460,086
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.16	%		1.15	%		1.11	%		1.10	%		1.11	%
Expenses, before waivers/reimbursements		1.17	%		1.15	%		1.11	%		1.11	%		1.11	%
Net investment income (b)		1.18	%		1.84	%		1.50	%		1.83	%		2.04	%†
Portfolio turnover rate		54	%		44	%		42	%		45	%		64	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.002	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2020, December 31, 2019, December 31, 2017, and December 31, 2016 by .04%, .18%, .01% and .07%, respectively.

See notes to financial statements.

27

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB International Value Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Value Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 12, 2021

28

2020 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2020.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2020, $504,602 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $8,039,684.

29

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief  Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Tawhid Ali(2), Vice President Avi Lavi(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s International Value Senior Investment Management Team. Messrs. Ali and Lavi are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

30

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he had been associated since prior to 2004.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None
Jorge A. Bermudez,## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011

31

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Michael J. Downey,## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None
Jeanette W. Loeb,## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody,## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None
Earl D. Weiner,## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

33

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Tawhid Ali 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer of European Value Equities.
Avi Lavi 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since December 2016.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

* The address for each of the Portfolio Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

34

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

35

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Value Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

36

AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the periods reviewed, the directors concluded that the Fund’s investment performance was acceptable. The directors determined to continue to monitor the Fund’s performance closely.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profit-

37

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

ability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the peer group median. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

38

VPS-IV-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ LARGE CAP GROWTH PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—Large Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in equity securities of a limited number of large, carefully selected, high-quality US companies. The Portfolio invests primarily in the domestic equity securities of companies selected by the Adviser for their growth potential within various market sectors. The Portfolio emphasizes investments in large, seasoned companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in common stocks of large-capitalization companies.

The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in securities issued by US companies, although it may invest in foreign securities. The Adviser’s research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 1000 Growth Index, as well as the broad market as measured by the Standard & Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2020.

All share classes of the Portfolio underperformed the primary benchmark and outperformed the S&P 500 Index for the annual period. Sector selection detracted, relative to the primary benchmark, due to an underweight to the technology sector and an overweight to health care. Underweights to industrials and real estate offset losses somewhat. Overall stock selection was positive. Selection within health care and consumer staples contributed, while selection within consumer discretionary and technology detracted.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded positive returns for the annual period ended December 31, 2020, erasing losses from lows reached in late March when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

The Portfolio’s Senior Investment Management Team (the “Team”) follows a bottom-up stock-picking methodology that seeks to identify companies that meet its investment criteria of healthy balance sheets, competitive advantages, strong cash-flow generation, transparent business models and sustainable growth. The Portfolio is conservatively positioned amid the current uncertainty in the global macro environment. The Team remains laser-focused in identifying companies that generate high return on assets with high reinvestment-rate opportunities.

1

LARGE CAP GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Growth Index and the S&P 500^® Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Growth Index represents the performance of large-cap growth companies within the US. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value (“NAV”).

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

Industry/Sector Risk: Investments in a particular sector, industry or group of related industries may have more risk because market or economic factors affecting that sector or industry could have a significant effect on the value of the Portfolio’s investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

LARGE CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years1		10 Years1
Large Cap Growth Portfolio Class A		35.49%		20.45%		17.43%
Large Cap Growth Portfolio Class B		35.15%		20.15%		17.14%
Primary Benchmark: Russell 1000 Growth Index		38.49%		21.00%		17.21%
S&P 500 Index		18.40%		15.22%		13.88%
1   Average annual returns. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.69% and 0.94% for Class A and Class B shares, respectively. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios to 0.68% and 0.93% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2021, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2010 TO 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Large Cap Growth Portfolio Class A shares (from 12/31/2010 to 12/31/2020) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

LARGE CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,216.00	$	3.68		0.66	%	$	3.73		0.67	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.82	$	3.35		0.66	%	$	3.40		0.67	%
Class B
Actual	$	1,000	$	1,214.60	$	5.07		0.91	%	$	5.12		0.92	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.56	$	4.62		0.91	%	$	4.67		0.92	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Microsoft Corp.	$	54,560,071		7.3	%
Alphabet, Inc.—Class C		51,417,678		6.9
UnitedHealth Group, Inc.		37,343,562		5.0
Facebook, Inc.		36,241,776		4.9
Amazon.com, Inc.		36,217,062		4.9
Visa, Inc.		34,746,573		4.6
Zoetis, Inc.		27,352,350		3.7
Monster Beverage Corp.		25,601,054		3.4
Intuitive Surgical, Inc.		24,300,024		3.3
Vertex Pharmaceuticals, Inc.		23,211,897		3.1
	$	350,992,047		47.1	%

SECTOR BREAKDOWN²

December 31, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT  OF TOTAL INVESTMENTS
Information Technology	$	231,822,528		30.9	%
Health Care		181,585,515		24.2
Communication Services		112,731,754		15.0
Consumer Discretionary		97,862,554		13.1
Consumer Staples		40,538,874		5.4
Industrials		33,089,966		4.4
Materials		12,580,924		1.7
Financials		1,798,153		0.3
Short-Term Investments		37,156,551		5.0
Total Investments	$	749,166,819		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.6%
INFORMATION TECHNOLOGY–31.1%
COMMUNICATIONS EQUIPMENT–0.8%
Arista Networks, Inc.(a)		10,083	$	2,929,818
Motorola Solutions, Inc.		17,919		3,047,305
				5,977,123
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.2%
Amphenol Corp.–Class A		38,216		4,997,506
Cognex Corp.		47,742		3,832,967
IPG Photonics Corp.(a)		35,036		7,840,706
				16,671,179
IT SERVICES–7.7%
EPAM Systems, Inc.(a)		3,310		1,186,139
PayPal Holdings, Inc.(a)		90,252		21,137,018
Visa, Inc.–Class A(b)		158,856		34,746,573
				57,069,730
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.2%
ASML Holding NV ADR		20,770		10,129,944
NVIDIA Corp.		17,689		9,237,196
QUALCOMM, Inc.		134,772		20,531,167
Texas Instruments, Inc.		25,530		4,190,239
Xilinx, Inc.		119,290		16,911,743
				61,000,289
SOFTWARE–12.2%
Adobe, Inc.(a)		30,200		15,103,624
ANSYS, Inc.(a)		5,125		1,864,475
Fortinet, Inc.(a)		73,171		10,868,089
Microsoft Corp.		245,302		54,560,071
Paycom Software, Inc.(a)		8,230		3,722,017
Tyler Technologies, Inc.(a)		11,422		4,985,931
				91,104,207
				231,822,528
HEALTH CARE–24.4%
BIOTECHNOLOGY–1.4%
Regeneron Pharmaceuticals, Inc.(a)		21,404		10,340,486
HEALTH CARE MANAGEMENT SERVICES–5.0%
UnitedHealth Group, Inc.		106,489		37,343,562
HEALTH CARE TECHNOLOGY–0.8%
Veeva Systems, Inc.–Class A(a)		22,747		6,192,871
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES–4.3%
ABIOMED, Inc.(a)		10,040		3,254,968
Align Technology, Inc.(a)		26,720		14,278,634
Edwards Lifesciences Corp.(a)		162,078		14,786,376
				32,319,978
MEDICAL EQUIPMENT–5.6%
IDEXX Laboratories, Inc.(a)		22,148		11,071,121
Illumina, Inc.(a)		16,170		5,982,900
Intuitive Surgical, Inc.(a)		29,703		24,300,024
				41,354,045
PHARMACEUTICALS–6.8%
Vertex Pharmaceuticals, Inc.(a)		98,214		23,211,897
Zoetis, Inc.		165,271		27,352,350
				50,564,247
SCIENTIFIC INSTRUMENTS: GAUGES & METERS–0.5%
Mettler-Toledo International, Inc.(a)		3,045		3,470,326
				181,585,515
COMMUNICATION SERVICES–15.1%
COMPUTER SERVICES, SOFTWARE & SYSTEMS–11.8%
Alphabet, Inc.–Class C(a)		29,350		51,417,678
Facebook, Inc.–Class A(a)		132,676		36,241,776
				87,659,454
ELECTRONIC ENTERTAINMENT–3.3%
Electronic Arts, Inc.		126,342		18,142,711
Take-Two Interactive Software, Inc.(a)		33,349		6,929,589
				25,072,300
				112,731,754
CONSUMER DISCRETIONARY–13.1%
DIVERSIFIED RETAIL–5.5%
Amazon.com, Inc.(a)		11,120		36,217,062
Etsy, Inc.(a)		29,328		5,217,744
				41,434,806
HOTELS RESTAURANTS & LEISURE–0.9%
Domino’s Pizza, Inc.		16,800		6,442,128
SPECIALTY RETAIL–4.0%
Burlington Stores, Inc.(a)		17,660		4,618,973
Home Depot, Inc. (The)		74,640		19,825,877
TJX Cos., Inc. (The)		76,468		5,222,000
				29,666,850
TEXTILES, APPAREL & SHOES–2.7%
NIKE, Inc.–Class B		143,626		20,318,770
				97,862,554

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER STAPLES–5.5%
BEVERAGE: SOFT DRINKS–3.5%
Monster Beverage Corp.(a)		276,828	$	25,601,054
DIVERSIFIED RETAIL–2.0%
Costco Wholesale Corp.		39,646		14,937,820
				40,538,874
INDUSTRIALS–4.5%
BACK OFFICE SUPPORT, HR & CONSULTING–1.3%
Copart, Inc.(a)		75,318		9,584,216
SCIENTIFIC INSTRUMENTS: CONTROL & FILTER–2.7%
Allegion PLC		53,504		6,226,795
IDEX Corp.		14,585		2,905,332
Roper Technologies, Inc.		25,044		10,796,218
				19,928,345
SCIENTIFIC INSTRUMENTS: ELECTRICAL–0.5%
AMETEK, Inc.		29,580		3,577,405
				33,089,966
MATERIALS–1.7%
CHEMICALS–1.7%
Sherwin-Williams Co. (The)		17,119		12,580,924
FINANCIALS–0.2%
FINANCIAL DATA & SYSTEMS–0.2%
S&P Global, Inc.		5,470		1,798,153
Total Common Stocks (cost $358,032,173)				712,010,268
SHORT-TERM INVESTMENTS–5.0%
INVESTMENT COMPANIES–5.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(c)(d)(e) (cost $37,156,551)		37,156,551		37,156,551
TOTAL INVESTMENTS–100.6% (cost $395,188,724)				749,166,819
Other assets less liabilities–(0.6)%				(4,604,146	)
NET ASSETS–100.0%			$	744,562,673

(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.

7

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $358,032,173)	$	712,010,268	(a)
Affiliated issuers (cost $37,156,551)		37,156,551
Receivable for capital stock sold		120,764
Unaffiliated dividends receivable		24,302
Affiliated dividends receivable		1,023
Total assets		749,312,908
LIABILITIES
Payable for investment securities purchased		2,542,566
Payable for capital stock redeemed		1,609,127
Advisory fee payable		369,533
Distribution fee payable		85,867
Administrative fee payable		20,350
Transfer Agent fee payable		146
Accrued expenses and other liabilities		122,646
Total liabilities		4,750,235
NET ASSETS	$	744,562,673
COMPOSITION OF NET ASSETS
Capital stock, at par	$	10,076
Additional paid-in capital		334,296,855
Distributable earnings		410,255,742
	$	744,562,673

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	331,436,226		4,299,209	$	77.09
B	$	413,126,447		5,777,012	$	71.51

(a) Includes securities on loan with a value of $5,538,681 (see Note E).

See notes to financial statements.

8

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $8,009)	$	3,461,124
Affiliated issuers		178,413
Securities lending income		18,100
		3,657,637
EXPENSES
Advisory fee (see Note B)		3,793,713
Distribution fee—Class B		873,403
Transfer agency—Class A		3,769
Transfer agency—Class B		4,655
Custody and accounting		123,814
Administrative		73,665
Printing		64,775
Legal		48,592
Audit and tax		44,863
Directors’ fees		25,597
Miscellaneous		39,315
Total expenses		5,096,161
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(35,974	)
Net expenses		5,060,187
Net investment loss		(1,402,550	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		59,629,586
Net change in unrealized appreciation/depreciation of investments		138,582,497
Net gain on investment transactions		198,212,083
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	196,809,533

See notes to financial statements.

9

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(1,402,550	)	$	(226,586	)
Net realized gain on investment transactions		59,629,586			47,852,291
Net change in unrealized appreciation/depreciation of investments		138,582,497			97,257,200
Net increase in net assets from operations		196,809,533			144,882,905
Distributions to Shareholders
Class A		(21,647,747	)		(30,469,954	)
Class B		(28,746,560	)		(39,025,095	)
CAPITAL STOCK TRANSACTIONS
Net increase		11,225,885			102,607,285
Total increase		157,641,111			177,995,141
NET ASSETS
Beginning of period		586,921,562			408,926,421
End of period	$	744,562,673		$	586,921,562

See notes to financial statements.

10

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	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 Portfolio acquired the assets and liabilities of AB Growth Portfolio (the “Acquired Portfolio”) a reorganization that was effective at the close of business April 26, 2019 (the “Reorganization”). The Reorganization was approved by the Fund’s Board of Directors pursuant to a Plan of Acquisition and Liquidation (the “Reorganization Agreement”) (see Note J for additional information). The Fund offers 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but

11

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

712,010,268

$

–0

–

$

–0

–

$

712,010,268

Short-Term Investments

37,156,551

–0

–

–0

–

37,156,551

Total Investments in Securities

749,166,819

–0

–

–0

–

749,166,819

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

749,166,819

$

–0

–

$

–0

–

$

749,166,819

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

12

AB Variable Products Series Fund

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the first $2.5 billion, .50% of the next $2.5 billion and .45% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $73,665.

13

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $35,925.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	49,147	$	171,930	$	183,920	$	37,157	$	178
Government Money Market Portfolio*		2,477		313		2,790		0		0	**
Total							$	37,157	$	178

* Investments of cash collateral for securities lending transactions (see Note E).

** Amount is less than $500.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to

14

AB Variable Products Series Fund

its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	196,660,342		$	221,245,177
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	396,042,898
Gross unrealized appreciation	$	353,978,095
Gross unrealized depreciation		(854,174	)
Net unrealized appreciation	$	353,123,921

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2020.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities; 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

15

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

Market Value of Securities on Loan*			Cash Collateral*			Market Value of Non-Cash Collateral*			Income from Borrowers			Government Money Market Portfolio
												Income Earned			Advisory Fee Waived
	$	5,538,681		$	0		$	5,645,794		$	17,869		$	231		$	49

* As of December 31, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		641,498			117,089		$	43,850,540		$	6,984,405
Shares issued in reinvestment of distributions		313,269			544,009			21,647,747			30,469,955
Shares issued in connection with the Reorganization		–0	–		574,265			–0	–		35,749,507
Shares redeemed		(968,570	)		(611,474	)		(64,695,850	)		(36,020,088	)
Net increase (decrease)		(13,803	)		623,889		$	802,437		$	37,183,779
Class B
Shares sold		588,384			349,243		$	36,577,399		$	19,217,888
Shares issued in reinvestment of distributions		447,960			744,470			28,746,560			39,025,094
Share issued in connection with the Reorganization		–0	–		739,816			–0	–		43,494,004
Shares redeemed		(892,446	)		(658,326	)		(54,900,511	)		(36,313,480	)
Net increase		143,898			1,175,203		$	10,423,448		$	65,423,506

At December 31, 2020, certain shareholders of the Portfolio owned 66% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

16

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), that affect large portions of the market. It includes the risk that a particular style of investing, such as Portfolio’s growth approach, may underperform the market generally.

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Industry/Sector Risk—Investments in a particular sector, industry or group of related industries may have more risk because market or economic factors affecting that sector or industry could have a significant effect on the value of the Portfolio’s investments.

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. 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, if necessary, subject to certain restrictions in

17

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	2,813,054	$	3,267,073
Net long-term capital gains		47,581,253		66,227,976
Total taxable distributions paid	$	50,394,307	$	69,495,049

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	830,314
Undistributed capital gains		56,301,507
Unrealized appreciation/(depreciation)		353,123,921	(a)
Total accumulated earnings/(deficit)	$	410,255,742

(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, 2020, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J: Reorganization

At a meeting held on November 6-8, 2018, the Board of the Fund approved the acquisition of the assets and assumption of the liabilities of the Acquired Portfolio by the Portfolio, each a series of the Fund. The Portfolios have the same investment objective and similar investment strategies. The Reorganization was completed at the close of business April 26, 2019. Pursuant to the Reorganization, the assets and liabilities of the Acquired Portfolio shares were transferred in exchange for the shares of the same class of the Portfolio, in a tax-free exchange as follows:

	Shares outstanding before the Reorganization		Shares outstanding immediately after the Reorganization			Aggregate net assets before the Reorganization			Aggregate net assets immediately after the Reorganization
The Acquired Portfolio		2,572,557		–0	–	$	79,243,511	+	$	–0	–
The Portfolio		7,930,514		9,244,595		$	478,400,346	++	$	557,643,857

+ Includes accumulated net investment loss of $277,056, accumulated realized gain on investments of $1,407,147 and unrealized appreciation on investments of $25,722,398, with a fair value of $68,435,317 and identified cost of $42,712,919.

++ Includes accumulated net investment loss of $150,739, accumulated realized gain on investments of $84,360,216 and unrealized appreciation on investments of $159,235,619, with a fair value of $478,656,041 and identified cost of $319,420,422.

Assuming the acquisition of the Acquired Portfolio had been completed on January 1, 2019, the Portfolio’s pro forma results of operations for the year ended December 31, 2019, are as follows:

Net investment loss	$	(503,642	)
Net realized and unrealized gain on investments		174,866,664
Net increase in net assets resulting from operations	$	174,363,022

18

AB Variable Products Series Fund

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Portfolio that have been included in the Portfolio’s Statement of Operations since April 26, 2019.

For financial reporting purposes, assets received and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio was carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

NOTE K: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

19

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$61.26			$51.75			$56.34			$45.22			$49.50
Income From Investment Operations
Net investment income (loss) (a)(b)		(.06	)		.05			.02			.02			(.03	)†
Net realized and unrealized gain on investment transactions		21.18			17.18			2.09			14.10			1.44
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)
Net increase in net asset value from operations		21.12			17.23			2.11			14.12			1.41
Less: Distributions
Distributions from net realized gain on investment transactions		(5.29	)		(7.72	)		(6.70	)		(3.00	)		(5.69	)
Net asset value, end of period		$77.09			$61.26			$51.75			$56.34			$45.22
Total Return
Total investment return based on net asset value (d)*		35.49	%		34.70	%		2.58	%		31.98	%		2.63	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$331,436			$264,234			$190,899			$208,392			$178,136
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.66	%		.67	%		.68	%		.70	%		.85	%
Expenses, before waivers/reimbursements (e)‡		.67	%		.68	%		.68	%		.70	%		.85	%
Net investment income (loss) (b)		(.08	)%		.09	%		.04	%		.03	%		(.07	)%†
Portfolio turnover rate		33	%		38	%		46	%		48	%		59	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 21.

20

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$57.28			$48.91			$53.70			$43.32			$47.77
Income From Investment Operations
Net investment loss (a)(b)		(.21	)		(.09	)		(.12	)		(.11	)		(.14	)†
Net realized and unrealized gain on investment transactions		19.73			16.18			2.03			13.49			1.38
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)
Net increase in net asset value from operations		19.52			16.09			1.91			13.38			1.24
Less: Distributions
Distributions from net realized gain on investment transactions		(5.29	)		(7.72	)		(6.70	)		(3.00	)		(5.69	)
Net asset value, end of period		$71.51			$57.28			$48.91			$53.70			$43.32
Total Return
Total investment return based on net asset value (d)*		35.15	%		34.37	%		2.32	%		31.67	%		2.36	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$413,127			$322,688			$218,027			$220,934			$202,903
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.91	%		.92	%		.93	%		.95	%		1.10	%
Expenses, before waivers/reimbursements (e)‡		.92	%		.93	%		.93	%		.95	%		1.10	%
Net investment loss (b)		(.33	)%		(.16	)%		(.21	)%		(.21	)%		(.32	)%†
Portfolio turnover rate		33	%		38	%		46	%		48	%		59	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.00	%		.00	%		.00	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the years ended December 31, 2020 and December 31, 2019, such waiver amounted to .01% and .01%, respectively.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.005	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2019, December 31, 2017, and December 31, 2016 by .04%, .03% and .01%, respectively.

See notes to financial statements.

21

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Large Cap Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Large Cap Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 12, 2021

22

2020 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2020. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. The Portfolio designates $47,581,253 of dividends paid as long-term capital gain dividends.

23

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Frank V. Caruso(2), Vice President John H. Fogarty(2), Vice President Vinay Thapar(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s U.S. Large Cap Growth Investment Team. Messrs. Caruso, Fogarty and Thapar are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

24

LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he had been associated since prior to 2004.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

25

LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

27

LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Earl D. Weiner,## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Keith is an “interested person” of the Fund, as defined in Section 2(a)(19) of the Investment Company Act of 1940, due to his position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

28

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Frank V. Caruso 64	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer of US Growth Equities.
John H. Fogarty 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Vinay Thapar 42	Vice President	Senior Vice President of the Adviser**, with which he was associated since prior to 2016.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

29

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

30

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Large Cap Growth Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

31

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the

32

AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

33

VPS-LCG-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ SMALL CAP GROWTH PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—Small Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVES AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall US market. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of smaller companies. For these purposes, “smaller companies” are those that, at the time of investment, fall within the lowest 20% of the total US equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). Because the Portfolio’s definition of smaller companies is dynamic, the limits on market capitalization will change with the markets.

The Portfolio may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Portfolio’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Portfolio may invest in foreign securities.

The Portfolio invests primarily in equity securities but may also invest in other types of securities, such as preferred stocks. The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may also invest up to 20% of its total assets in rights or warrants.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 2000 Growth Index, for the one-, five- and 10-year periods ended December 31, 2020.

All share classes of the Portfolio outperformed the benchmark for the annual period. Security selection drove outperformance, relative to the benchmark, led by selection within the technology and health-care sectors. Selection within real estate and consumer discretionary detracted marginally. Sector selection was also positive, as underweights to real estate and consumer discretionary contributed to returns and offset losses from an overweight to financials and an underweight to health care. The Fund’s repositioning in response to increased market volatility was a significant contributor to the Fund’s turnover rate of 103%.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded positive returns for the annual period ended December 31, 2020, erasing losses from lows reached in late March when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

The Portfolio continues to be built from the bottom up, with an emphasis on companies that can deliver fundamental outperformance. The Portfolio remains overweight in secular growth companies that have unique drivers or company-specific initiatives to support their future earnings growth, regardless of the macro backdrop. At the end of the reporting period, technology reflected the Portfolio’s largest overweight, with health care the largest underweight.

1

SMALL CAP GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2000^® Growth Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2000 Growth Index represents the performance of small-cap growth companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

Industry/Sector Risk: Investments in a particular sector, industry or group of related industries may have more risk because market or economic factors affecting that sector or industry could have a significant effect on the value of the Portfolio’s investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years1		10 Years1
Small Cap Growth Portfolio Class A		53.98%		24.34%		17.57%
Small Cap Growth Portfolio Class B		53.64%		24.04%		17.27%
Russell 2000 Growth Index		34.63%		16.36%		13.48%
1   Average annual returns.
Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.16% and 1.42% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios exclusive of expenses associated with acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.90% and 1.15% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2021, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2010 to 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Small Cap Growth Portfolio Class A shares (from 12/31/2010 to 12/31/2020) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

SMALL CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,386.70	$	5.40		0.90	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.61	$	4.57		0.90	%
Class B
Actual	$	1,000	$	1,384.30	$	6.89		1.15	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.36	$	5.84		1.15	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Plug Power, Inc.	$	2,230,329		1.9	%
Trupanion, Inc.		1,953,547		1.6
II-VI, Inc.		1,921,788		1.6
SiteOne Landscape Supply, Inc.		1,919,106		1.6
Lattice Semiconductor Corp.		1,908,678		1.6
LHC Group, Inc.		1,883,616		1.6
Freshpet, Inc.		1,820,454		1.5
Tetra Tech, Inc.		1,781,275		1.5
Silicon Laboratories, Inc.		1,780,722		1.5
MACOM Technology Solutions Holdings, Inc.		1,773,389		1.5
	$	18,972,904		15.9	%

SECTOR BREAKDOWN²

December 31, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Health Care	$	33,367,549		27.9	%
Information Technology		30,846,395		25.8
Industrials		20,170,604		16.8
Consumer Discretionary		16,475,055		14.1
Financials		9,777,050		7.8
Consumer Staples		3,493,819		2.9
Materials		1,775,095		1.5
Real Estate		1,354,182		1.1
Communication Services		460,279		0.4
Short-Term Investments		2,072,013		1.7
Total Investments	$	119,792,041		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.8%
HEALTH CARE–28.0%
BIOTECHNOLOGY–15.6%
ADC Therapeutics SA(a)(b)		14,916	$	477,461
Allakos, Inc.(a)(b)		7,048		986,720
Allogene Therapeutics, Inc.(b)		21,461		541,676
Annexon, Inc.(b)		17,385		435,147
Arena Pharmaceuticals, Inc.(b)		6,933		532,662
Ascendis Pharma A/S (Sponsored ADR)(b)		3,751		625,592
Beyondspring, Inc.(b)		34,232		417,630
Biohaven Pharmaceutical Holding Co., Ltd.(b)		10,046		861,043
Bioxcel Therapeutics, Inc.(b)		10,442		482,420
Blueprint Medicines Corp.(b)		10,797		1,210,884
Coherus Biosciences, Inc.(a)(b)		38,980		677,472
Deciphera Pharmaceuticals, Inc.(b)		12,520		714,516
Insmed, Inc.(b)		25,896		862,078
Iovance Biotherapeutics, Inc.(a)(b)		9,994		463,722
iTeos Therapeutics, Inc.(b)		17,525		592,695
Legend Biotech Corp. ADR(b)		10,218		287,739
Madrigal Pharmaceuticals, Inc.(a)(b)		2,789		310,053
Praxis Precision Medicines, Inc.(b)		11,164		614,243
PTC Therapeutics, Inc.(b)		14,720		898,362
Relay Therapeutics, Inc.(b)		11,378		472,870
Turning Point Therapeutics, Inc.–Class I(b)		7,817		952,501
Twist Bioscience Corp.(b)		12,370		1,747,757
Ultragenyx Pharmaceutical, Inc.(a)(b)		10,053		1,391,637
Vir Biotechnology, Inc.(a)(b)		24,582		658,306
Y-mAbs Therapeutics, Inc.(b)		14,955		740,422
Zentalis Pharmaceuticals, Inc.(a)(b)		12,136		630,344
				18,585,952
HEALTH CARE EQUIPMENT & SUPPLIES–4.4%
Eargo, Inc.(b)		14,645		656,389
iRhythm Technologies, Inc.(b)		7,328		1,738,275
Outset Medical, Inc.(b)		14,461		821,963
Selectquote, Inc.(a)(b)		42,905		890,279
Silk Road Medical, Inc.(b)		18,132		1,141,953
				5,248,859
HEALTH CARE PROVIDERS & SERVICES–2.9%
Allovir, Inc.(b)		15,630		600,817
Guardant Health, Inc.(b)		7,823		1,008,228
LHC Group, Inc.(b)		8,830		1,883,616
				3,492,661

Company	Shares		U.S. $ Value
HEALTH CARE TECHNOLOGY–1.5%
American Well Corp.–Class A(b)		25,561	$	647,460
Health Catalyst, Inc.(b)		25,482		1,109,232
				1,756,692
LIFE SCIENCES TOOLS & SERVICES–2.0%
ICON PLC(b)		5,672		1,105,926
Repligen Corp.(b)		6,460		1,237,930
				2,343,856
PHARMACEUTICALS–1.6%
Axsome Therapeutics, Inc.(a)(b)		8,630		703,086
Certara, Inc.(b)		15,518		523,267
Revance Therapeutics, Inc.(b)		25,165		713,176
				1,939,529
				33,367,549
INFORMATION TECHNOLOGY–25.9%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.4%
Allegro MicroSystems, Inc.(b)		16,851		449,248
II-VI, Inc.(a)(b)		25,300		1,921,788
Littelfuse, Inc.		5,710		1,454,109
Novanta, Inc.(b)		11,720		1,385,538
				5,210,683
IT SERVICES–1.9%
BigCommerce Holdings, Inc.(a)(b)		12,589		807,584
Shift4 Payments, Inc. Class A(b)		18,953		1,429,056
				2,236,640
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.8%
Ambarella, Inc.(b)		12,230		1,122,959
Cree, Inc.(a)(b)		10,251		1,085,581
Lattice Semiconductor Corp.(b)		41,656		1,908,678
MACOM Technology Solutions Holdings, Inc.(a)(b)		32,220		1,773,389
MKS Instruments, Inc.		9,060		1,363,077
Semtech Corp.(b)		21,060		1,518,215
Silicon Laboratories, Inc.(b)		13,984		1,780,722
				10,552,621
SOFTWARE–10.8%
Anaplan, Inc.(b)		15,859		1,139,469
Blackline, Inc.(b)		13,150		1,753,947
C3.ai, Inc.(b)		5,229		725,524
Duck Creek Technologies, Inc.(b)		25,955		1,123,852
Everbridge, Inc.(b)		6,370		949,576
Five9, Inc.(a)(b)		5,113		891,707
Manhattan Associates, Inc.(b)		13,450		1,414,671

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Q2 Holdings, Inc.(b)		10,820	$	1,369,055
Rapid7, Inc.(b)		19,470		1,755,415
Smartsheet, Inc.–Class A(b)		15,118		1,047,526
Varonis Systems, Inc.(b)		4,130		675,709
				12,846,451
				30,846,395
INDUSTRIALS–16.9%
AEROSPACE & DEFENSE–1.6%
Axon Enterprise, Inc.(b)		9,245		1,132,790
Mercury Systems, Inc.(b)		8,370		737,062
				1,869,852
BUILDING PRODUCTS–2.7%
AZEK Co., Inc. (The)(b)		26,609		1,023,116
Simpson Manufacturing Co., Inc.		14,580		1,362,501
Trex Co., Inc.(b)		9,700		812,084
				3,197,701
COMMERCIAL SERVICES & SUPPLIES–2.1%
Hydrofarm Holdings Group, Inc.(b)		15,252		801,950
Tetra Tech, Inc.		15,385		1,781,275
				2,583,225
ELECTRICAL EQUIPMENT–2.7%
Array Technologies, Inc.(b)		22,423		967,328
Plug Power, Inc.(b)		65,772		2,230,329
				3,197,657
MACHINERY–4.8%
Chart Industries, Inc.(b)		12,408		1,461,538
ITT, Inc.		18,130		1,396,373
John Bean Technologies Corp.		14,000		1,594,180
Middleby Corp. (The)(b)		10,170		1,311,116
				5,763,207
ROAD & RAIL–1.4%
Saia, Inc.(b)		9,070		1,639,856
TRADING COMPANIES & DISTRIBUTORS–1.6%
SiteOne Landscape Supply, Inc.(b)		12,098		1,919,106
				20,170,604
CONSUMER DISCRETIONARY–13.8%
AUTO COMPONENTS–1.5%
Fox Factory Holding Corp.(b)		16,491		1,743,264
DIVERSIFIED CONSUMER SERVICES–1.2%
Chegg, Inc.(b)		13,660		1,233,908
Strategic Education, Inc.		1,680		160,154
				1,394,062

Company	Shares		U.S. $ Value
HOTELS, RESTAURANTS & LEISURE–3.2%
Planet Fitness, Inc.(b)		13,494	$	1,047,539
Texas Roadhouse, Inc.–Class A		21,340		1,667,935
Wingstop, Inc.		8,666		1,148,678
				3,864,152
HOUSEHOLD DURABLES–2.3%
Installed Building Products, Inc.(b)		10,610		1,081,477
Lovesac Co. (The)(b)		23,080		994,517
Meritage Homes Corp.(b)		8,220		680,781
				2,756,775
INTERNET & DIRECT MARKETING RETAIL–0.8%
RealReal, Inc. (The)(b)		51,385		1,004,063
MULTILINE RETAIL–0.0%
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		690		56,421
SPECIALTY RETAIL–4.8%
Five Below, Inc.(b)		6,102		1,067,728
Floor & Decor Holdings, Inc.–Class A(b)		14,580		1,353,753
Lithia Motors, Inc.–Class A		5,378		1,573,979
Sleep Number Corp.(b)		20,289		1,660,858
				5,656,318
				16,475,055
FINANCIALS–8.2%
BANKS–0.9%
First Financial Bankshares, Inc.		30,400		1,099,720
CAPITAL MARKETS–3.2%
Hamilton Lane, Inc.–Class A		14,407		1,124,466
Houlihan Lokey, Inc.		18,660		1,254,512
Stifel Financial Corp.		28,425		1,434,326
				3,813,304
CONSUMER FINANCE–0.4%
Fisker, Inc.(b)		5,530		81,015
Fisker, Inc. (PIPE)(b)(c)		29,970		439,060
				520,075
INSURANCE–3.7%
Inari Medical, Inc.(b)		12,396		1,082,047
Palomar Holdings, Inc.(b)		9,836		873,830
Trean Insurance Group, Inc.(b)		33,170		434,527
Trupanion, Inc.(b)		16,319		1,953,547
				4,343,951
				9,777,050
CONSUMER STAPLES–2.9%
FOOD & STAPLES RETAILING–0.8%
Grocery Outlet Holding Corp.(b)		24,843		975,088

7

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
FOOD PRODUCTS–2.1%
Freshpet, Inc.(b)		12,821	$	1,820,454
Vital Farms, Inc.(b)		27,589		698,277
				2,518,731
				3,493,819
MATERIALS–1.5%
CHEMICALS–0.7%
Element Solutions, Inc.		45,190		801,219
CONTAINERS & PACKAGING–0.8%
Ranpak Holdings Corp.(b)		72,461		973,876
				1,775,095
REAL ESTATE–1.2%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.2%
QTS Realty Trust, Inc.–Class A(a)		21,884		1,354,182
COMMUNICATION SERVICES–0.4%
ENTERTAINMENT–0.4%
Rush Street Interactive, Inc.(a)(b)		21,260		460,279
Total Common Stocks (cost $76,562,715)				117,720,028
SHORT-TERM INVESTMENTS–1.8%
INVESTMENT COMPANIES–1.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(c)(d)(e) (cost $2,072,013)		2,072,013		2,072,013
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.6% (cost $78,634,728)				119,792,041

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.1%
INVESTMENT COMPANIES–1.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(d)(e)(f) (cost $1,351,408)		1,351,408	$	1,351,408
TOTAL INVESTMENTS–101.7% (cost $79,986,136)				121,143,449
Other assets less liabilities–(1.7)%				(2,013,538	)
NET ASSETS–100.0%			$	119,129,911

(a) Represents entire or partial securities out on loan. See Note E for securities lending information.

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the market value of this security amounted to $439,060 or 0.4% 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.

Glossary:

ADR—American Depositary Receipt

PIPE—Private Investment in Public Equity

REIT—Real Estate Investment Trust

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $76,562,715)	$	117,720,028	(a)
Affiliated issuers (cost $3,423,421—including investment of cash collateral for securities loaned of $1,351,408)		3,423,421
Cash		39,717
Receivable for investment securities sold		589,763
Receivable for capital stock sold		64,330
Unaffiliated dividends receivable		21,979
Affiliated dividends receivable		55
Total assets		121,859,293
LIABILITIES
Payable for collateral received on securities loaned		1,351,408
Payable for investment securities purchased		940,942
Payable for capital stock redeemed		268,839
Advisory fee payable		64,408
Administrative fee payable		20,266
Distribution fee payable		17,790
Transfer Agent fee payable		146
Accrued expenses		65,583
Total liabilities		2,729,382
NET ASSETS	$	119,129,911
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,537
Additional paid-in capital		59,715,195
Distributable earnings		59,410,179
	$	119,129,911

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	34,314,244		1,193,146	$	28.76
B	$	84,815,667		3,344,161	$	25.36

(a) Includes securities on loan with a value of $10,600,482 (see Note E).

See notes to financial statements.

9

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	205,762
Affiliated issuers		7,902
Securities lending income		52,394
		266,058
EXPENSES
Advisory fee (see Note B)		659,129
Distribution fee—Class B		150,616
Transfer agency—Class A		1,364
Transfer agency—Class B		2,893
Custody and accounting		106,465
Administrative		75,346
Audit and tax		41,107
Printing		22,033
Legal		21,814
Directors’ fees		17,317
Miscellaneous		1,318
Total expenses		1,099,402
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(160,113	)
Net expenses		939,289
Net investment loss		(673,231	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		20,283,029
Net change in unrealized appreciation/depreciation of investments		23,109,959
Net gain on investment transactions		43,392,988
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	42,719,757

See notes to financial statements.

10

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(673,231	)	$	(410,369	)
Net realized gain on investment transactions		20,283,029			6,852,640
Net change in unrealized appreciation/depreciation of investments		23,109,959			15,506,078
Contributions from Affiliates (see Note B)		–0	–		25
Net increase in net assets from operations		42,719,757			21,948,374
Distributions to Shareholders
Class A		(1,828,600	)		(3,355,272	)
Class B		(5,259,631	)		(6,551,394	)
CAPITAL STOCK TRANSACTIONS
Net increase		5,353,821			3,282,769
Total increase		40,985,347			15,324,477
NET ASSETS
Beginning of period		78,144,564			62,820,087
End of period	$	119,129,911		$	78,144,564

See notes to financial statements.

11

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	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 11 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 their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

12

AB Variable Products Series Fund

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

117,720,028

$

–0

–

$

–0

–

$

117,720,028

Short-Term Investments

2,072,013

–0

–

–0

–

2,072,013

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

1,351,408

–0

–

–0

–

1,351,408

Total Investments in Securities

121,143,449

–0

–

–0

–

121,143,449

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

121,143,449

$

–0

–

$

–0

–

$

121,143,449

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

13

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B : Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding expenses associated with acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to .90% and 1.15% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2020, such

14

AB Variable Products Series Fund

reimbursements/waivers amounted to $157,695. This fee waiver and/or expense reimbursement agreement extends through May 1, 2021 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $75,346.

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 $1,636 for the year ended December 31, 2020.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $1,883.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market  Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 12/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,604	$	45,634	$	45,166	$	2,072	$	8
Government Money Market Portfolio*		3,070		30,724		32,443		1,351		5
Total							$	3,423	$	13

* Investments of cash collateral for securities lending transactions (see Note E).

During the year ended December 31, 2019, the Adviser reimbursed the Portfolio $25 for trading losses incurred due to a trade entry error.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C : Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits

15

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D : Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	89,551,610		$	91,803,488
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	81,569,520
Gross unrealized appreciation	$	41,957,419
Gross unrealized depreciation		(2,383,490	)
Net unrealized appreciation	$	39,573,929

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2020.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E : Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the

16

AB Variable Products Series Fund

borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	10,600,482	$	1,351,408	$	9,603,942	$	47,246	$	5,148	$	535

*As of December 31, 2020.

NOTE F : Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		90,208			77,029		$	1,939,754		$	1,529,231
Shares issued in reinvestment of distributions		79,956			174,572			1,828,600			3,355,272
Shares redeemed		(341,056	)		(258,486	)		(7,601,528	)		(5,081,587	)
Net decrease		(170,892	)		(6,885	)	$	(3,833,174	)	$	(197,084	)
Class B
Shares sold		1,421,448			770,488		$	28,063,230		$	13,546,465
Shares issued in reinvestment of distributions		260,507			382,005			5,259,631			6,551,394
Shares redeemed		(1,209,065	)		(949,627	)		(24,135,866	)		(16,618,006	)
Net increase		472,890			202,866		$	9,186,995		$	3,479,853

At December 31, 2020, certain shareholders of the Portfolio owned 78% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

17

SMALL CAP GROWTH 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), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Industry/Sector Risk—Investments in a particular sector, industry or group of related industries may have more risk because market or economic factors affecting that sector or industry could have a significant effect on the value of the Portfolio’s investments.

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions 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.

18

AB Variable Products Series Fund

NOTE H : Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

NOTE I : Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Net long-term capital gains	$	7,088,231	$	9,906,666
Total taxable distributions paid	$	7,088,231	$	9,906,666

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,673,240
Undistributed capital gains		17,157,435
Unrealized appreciation/(depreciation)		39,579,504	(a)
Total accumulated earnings/(deficit)	$	59,410,179

(a) 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, 2020, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J : Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

19

SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$19.92			$16.58			$17.53			$13.07			$17.31
Income From Investment Operations
Net investment loss (a)(b)		(.13	)		(.08	)		(.13	)		(.18	)		(.12	)†
Net realized and unrealized gain on investment transactions		10.49			6.02			.14	(c)		4.64			1.05
Contributions from Affiliates		–0	–		.00	(d)		–0	–		–0	–		–0	–
Net increase in net asset value from operations		10.36			5.94			.01			4.46			.93
Less: Distributions
Distributions from net realized gain on investment transactions		(1.52	)		(2.60	)		(.96	)		–0	–		(5.17	)
Net asset value, end of period		$28.76			$19.92			$16.58			$17.53			$13.07
Total Return
Total investment return based on net asset value (e)*		53.98	%		36.40	%		(.89	)%		34.12	%		6.46	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$34,314			$27,167			$22,724			$26,039			$22,405
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		.90	%		.90	%		1.06	%		1.38	%		1.48	%
Expenses, before waivers/reimbursements (f)		1.09	%		1.16	%		1.15	%		1.38	%		1.49	%
Net investment loss (b)		(.60	)%		(.39	)%		(.65	)%		(1.19	)%		(.83	)%†
Portfolio turnover rate		103	%		69	%		73	%		69	%		60	%

See footnote summary on page 21.

20

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$17.75			$15.03			$16.00			$11.96			$16.30
Income From Investment Operations
Net investment loss (a)(b)		(.16	)		(.11	)		(.16	)		(.20	)		(.15	)†
Net realized and unrealized gain on investment transactions		9.29			5.43			.15	(c)		4.24			.98
Contributions from Affiliates		–0	–		.00	(d)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		9.13			5.32			(.01	)		4.04			.83
Less: Distributions
Distributions from net realized gain on investment transactions		(1.52	)		(2.60	)		(.96	)		0			(5.17	)
Net asset value, end of period		$25.36			$17.75			$15.03			$16.00			$11.96
Total Return
Total investment return based on net asset value (e)*		53.64	%		36.01	%		(1.11	)%		33.78	%		6.22	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$84,816			$50,978			$40,096			$23,396			$15,094
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		1.15	%		1.15	%		1.30	%		1.61	%		1.73	%
Expenses, before waivers/reimbursements (f)		1.33	%		1.42	%		1.40	%		1.62	%		1.74	%
Net investment loss (b)		(.84	)%		(.64	)%		(.88	)%		(1.42	)%		(1.08	)%†
Portfolio turnover rate		103	%		69	%		73	%		69	%		60	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Portfolio’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(d) Amount is less than $.005.

(e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(f) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the years ended December 31, 2018 and December 31, 2017, such waiver amounted to .01% and .01%, respectively.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.004	.03%	.03%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2018, December 31, 2017 and December 31, 2016 by .05%, .03% and .08%, respectively.

See notes to financial statements.

21

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Small Cap Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Small Cap Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 12, 2021

22

2020 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2020. The Portfolio designates $7,088,231 of dividends paid as long-term capital gain dividends.

23

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Bruce K. Aronow(2), Vice President Esteban Gomez(2), Vice President Samantha S. Lau(2), Vice President Heather Pavlak(2), Vice President Wen-Tse Tseng(2), Vice President	Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Small Cap Growth Investment Team. Messrs. Aronow, Gomez and Tseng, and Mses. Lau and Pavlak are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

24

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

25

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jorge A. Bermudez,## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb,## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		74	None

27

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Earl D. Weiner,## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

28

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
Bruce K. Aronow 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer of Small and SMID Cap Growth Equities.
Esteban Gomez 37	Vice President	Vice President of the Adviser**, with which he has been associated since 2016. Before joining the Adviser in 2016, he spent three years at J.P. Morgan as an equity research analyst on the Broadlines Retailing, Apparel/Footwear & Specialty Equity Research Team.
Samantha S. Lau 48	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2016. She is also Co-Chief Investment Officer of US Small/SMID Cap Growth Equities.
Heather Pavlak 36	Vice President	Vice President of the Adviser**, with which she has been associated since 2018. Before joining the Adviser in 2018, she spent four years at Schroders Investment Management, where she covered materials, utilities and transports as an equity research analyst.
Wen-Tse Tseng 55	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

The Fund’s Statement of Additional Information (SAI) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www. abfunds.com, for a free prospectus or SAI.

29

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

30

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small Cap Growth Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

31

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the

32

AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund may invest in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had received, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that the advisory fee for the Fund would be for services in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

33

VPS-SCG-0151-1220

DEC    ^12.31.20

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ SMALL/MID CAP VALUE PORTFOLIO

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Portfolio’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead of delivering paper copies of the reports, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically by following the instructions provided by the insurance company or by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 12, 2021

The following is an update of AB Variable Products Series Fund—Small/Mid Cap Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2020.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization US companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in securities of small- to mid-capitalization companies. Because the Portfolio’s definition of small- to mid-capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Portfolio’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may invest in securities issued by non-US companies.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its primary benchmark, the Russell 2500 Value Index, as well as the Russell 2500 Index, which represents small-/mid-cap stocks, for the one-, five- and 10-year periods ended December 31, 2020.

All share classes of the Portfolio underperformed the primary benchmark and the Russell 2500 Index for the annual period. Stock selection in the energy and materials sectors detracted most, relative to the benchmark, while selection in real estate and health care contributed. Overall sector selection contributed to performance. Overweights to technology and consumer discretionary contributed, while underweights to health care and communication services detracted.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded positive returns for the annual period ended December 31, 2020, erasing losses from lows reached in late March when the COVID-19 pandemic triggered a sharp decline. During the early stages of the recovery, global economies rebounded from record GDP contractions, supported by extensive monetary and fiscal stimulus, expedited vaccine development, and improving economic data. Favorable news about the efficacy of coronavirus vaccination candidates helped offset market volatility prompted by an inability to control the spread of the virus in many countries, a potentially contested US presidential election and lack of additional US fiscal stimulus. At the end of the period—despite surging infection rates and the emergence of a seemingly more transmissible strain of the virus—optimism over the start of vaccine distribution, clarity following the US elections, and passage of both a US relief package and a post-Brexit trade deal fueled a broad-based rally. For the annual period, large-cap stocks, led by US technology companies, narrowly outperformed small-cap stocks, while growth stocks outperformed value stocks significantly in both the large- and small-cap categories.

The Portfolio’s Senior Investment Management Team (the “Team”) seeks to invest opportunistically in what it believes are undervalued companies with solid fundamentals, without sacrificing the Portfolio’s deep-value discipline. The Team remains focused on attractively valued opportunities, which the Team believes are widespread across most industry sectors and regions. The Portfolio’s emphasis continues to be at the stock-specific level, as the Team looks for companies that offer compelling valuation, strong free cash flow and significant company-level catalysts.

1

SMALL/MID CAP VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2500^® Value Index and the Russell 2500^™ Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2500 Value Index represents the performance of small- to mid-cap value companies within the US. The Russell 2500 Index represents the performance of 2,500 small- to mid-cap cap companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may underperform the market generally.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL/MID CAP VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2020 (unaudited)	1 Year		5 Years1		10 Years1
Small/Mid Cap Value Portfolio Class A		3.37%		8.35%		8.75%
Small/Mid Cap Value Portfolio Class B		3.05%		8.07%		8.48%
Primary Benchmark: Russell 2500 Value Index		4.88%		9.43%		9.33%
Russell 2500 Index		19.99%		13.64%		11.97%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.83% and 1.08% for Class A and Class B shares, respectively. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios to 0.82% and 1.07% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2021, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2010 to 12/31/2020 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Small/Mid Cap Value Portfolio Class A shares (from 12/31/2010 to 12/31/2020) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

SMALL/MID CAP VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account  Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During  Period*		Annualized Expense  Ratio*
Class A
Actual	$	1,000	$	1,347.40	$	4.90		0.83	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.96	$	4.22		0.83	%
Class B
Actual	$	1,000	$	1,345.70	$	6.37		1.08	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.71	$	5.48		1.08	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2020 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Regal Beloit Corp.	$	11,348,258		1.7	%
XPO Logistics, Inc.		10,371,592		1.6
Oshkosh Corp.		10,263,847		1.6
First Citizens BancShares, Inc./NC—Class A		9,986,555		1.5
Change Healthcare, Inc.		9,678,231		1.5
AECOM		9,240,164		1.4
Knight-Swift Transportation Holdings, Inc.		9,211,315		1.4
Reliance Steel & Aluminum Co.		9,106,508		1.4
Ralph Lauren Corp.		8,899,855		1.4
BankUnited, Inc.		8,743,553		1.3
	$	96,849,878		14.8	%

SECTOR BREAKDOWN²

December 31, 2020 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Financials	$	148,285,954		22.6	%
Industrials		130,046,744		19.9
Consumer Discretionary		117,957,729		18.0
Information Technology		58,618,173		9.0
Materials		56,322,681		8.6
Real Estate		53,821,227		8.2
Consumer Staples		23,023,110		3.5
Health Care		19,709,431		3.0
Energy		18,054,882		2.8
Utilities		13,283,388		2.0
Communication Services		5,143,476		0.8
Short-Term Investments		10,258,061		1.6
Total Investments	$	654,524,856		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2020	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.3%
FINANCIALS–22.6%
BANKS–11.2%
Associated Banc-Corp.		255,403	$	4,354,622
Comerica, Inc.		141,880		7,925,417
First Citizens BancShares, Inc./NC–Class A		17,390		9,986,555
Sterling Bancorp/DE		455,590		8,191,508
Synovus Financial Corp.		268,782		8,700,473
Texas Capital Bancshares, Inc.(a)		133,282		7,930,279
Umpqua Holdings Corp.		389,010		5,889,611
Webster Financial Corp.		190,992		8,050,312
Wintrust Financial Corp.		90,950		5,556,136
Zions Bancorp NA		151,488		6,580,639
				73,165,552
CAPITAL MARKETS–2.5%
Moelis & Co.		180,583		8,444,061
Stifel Financial Corp.		151,797		7,659,677
				16,103,738
CONSUMER FINANCE–0.8%
OneMain Holdings, Inc.		116,486		5,609,966
DIVERSIFIED FINANCIAL SERVICES–1.1%
Voya Financial, Inc.(b)		120,748		7,101,190
INSURANCE–5.0%
American Financial Group, Inc./OH		73,290		6,421,670
Everest Re Group Ltd.		34,383		8,048,716
Hanover Insurance Group, Inc. (The)		58,490		6,838,651
Reinsurance Group of America, Inc.–Class A		56,917		6,596,681
Selective Insurance Group, Inc.		76,185		5,102,871
				33,008,589
THRIFTS & MORTGAGE FINANCE–2.0%
BankUnited, Inc.		251,396		8,743,553
Essent Group Ltd.		105,402		4,553,366
				13,296,919
				148,285,954
INDUSTRIALS–19.9%
AEROSPACE & DEFENSE–1.0%
AAR Corp.		177,297		6,421,698
AIR FREIGHT & LOGISTICS–1.6%
XPO Logistics, Inc.(a)		87,010		10,371,592
AIRLINES–2.0%
Alaska Air Group, Inc.		114,092		5,932,784
SkyWest, Inc.		174,254		7,024,179
				12,956,963

Company	Shares		U.S. $ Value
BUILDING PRODUCTS–0.9%
Masonite International Corp.(a)		57,679	$	5,672,153
COMMERCIAL SERVICES & SUPPLIES–1.0%
Herman Miller, Inc.		203,980		6,894,524
CONSTRUCTION & ENGINEERING–1.4%
AECOM(a)		185,620		9,240,164
ELECTRICAL EQUIPMENT–2.2%
EnerSys		38,297		3,180,949
Regal Beloit Corp.		92,405		11,348,258
				14,529,207
MACHINERY–4.0%
Crane Co.		34,450		2,675,387
Kennametal, Inc.(b)		232,300		8,418,552
Middleby Corp. (The)(a)		24,027		3,097,561
Oshkosh Corp.		119,250		10,263,847
Welbilt, Inc.(a)		129,060		1,703,592
				26,158,939
PROFESSIONAL SERVICES–1.3%
Robert Half International, Inc.		135,655		8,475,724
ROAD & RAIL–1.4%
Knight-Swift Transportation Holdings, Inc.		220,261		9,211,315
TRADING COMPANIES & DISTRIBUTORS–3.1%
GATX Corp.(b)		100,790		8,383,712
MRC Global, Inc.(a)		703,188		4,662,136
United Rentals, Inc.(a)(b)		30,480		7,068,617
				20,114,465
				130,046,744
CONSUMER DISCRETIONARY–18.0%
AUTO COMPONENTS–3.3%
Cooper Tire & Rubber Co.		128,063		5,186,551
Dana, Inc.		430,228		8,398,051
Lear Corp.		49,931		7,940,527
				21,525,129
DIVERSIFIED CONSUMER SERVICES–1.2%
Hillenbrand, Inc.		167,295		6,658,341
Houghton Mifflin Harcourt Co.(a)		436,915		1,454,927
				8,113,268
HOTELS, RESTAURANTS & LEISURE–1.6%
Hilton Grand Vacations, Inc.(a)		205,640		6,446,814
Papa John’s International, Inc.		50,982		4,325,823
				10,772,637

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HOUSEHOLD DURABLES–2.9%
KB Home		176,660	$	5,921,643
PulteGroup, Inc.		184,210		7,943,135
Taylor Morrison Home Corp.–Class A(a)		188,709		4,840,386
				18,705,164
LEISURE PRODUCTS–1.0%
Brunswick Corp./DE		87,956		6,705,765
SPECIALTY RETAIL–2.9%
Foot Locker, Inc.(b)		198,735		8,036,843
Gap, Inc. (The)		283,608		5,726,046
Williams-Sonoma, Inc.(b)		49,964		5,088,334
				18,851,223
TEXTILES, APPAREL & LUXURY GOODS–5.1%
Kontoor Brands, Inc.(a)(b)		165,260		6,702,946
Ralph Lauren Corp.		85,790		8,899,855
Skechers U.S.A., Inc.–Class A(a)		130,975		4,707,241
Steven Madden Ltd.		201,910		7,131,461
Tapestry, Inc.		188,000		5,843,040
				33,284,543
				117,957,729
INFORMATION TECHNOLOGY– 8.9%
COMMUNICATIONS EQUIPMENT–0.5%
NetScout Systems, Inc.(a)		126,869		3,478,748
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.8%
Arrow Electronics, Inc.(a)		63,530		6,181,469
Belden, Inc.		150,694		6,314,079
Vishay Intertechnology, Inc.		281,790		5,835,871
				18,331,419
IT SERVICES–1.6%
Amdocs Ltd.		73,726		5,229,385
Genpact Ltd.		123,141		5,093,112
				10,322,497
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.7%
Kulicke & Soffa Industries, Inc.		194,698		6,193,343
MaxLinear, Inc.–Class A(a)		123,695		4,723,912
				10,917,255
SOFTWARE–1.1%
CommVault Systems, Inc.(a)		134,606		7,453,134
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.2%
NCR Corp.(a)		216,000		8,115,120
				58,618,173

Company	Shares		U.S. $ Value
MATERIALS–8.6%
CHEMICALS–4.2%
GCP Applied Technologies, Inc.(a)		150,035	$	3,548,328
Innospec, Inc.		34,716		3,149,782
Orion Engineered Carbons SA		381,805		6,544,138
Trinseo SA		157,366		8,058,713
Westlake Chemical Corp.		71,208		5,810,573
				27,111,534
CONTAINERS & PACKAGING–2.3%
Graphic Packaging Holding Co.		459,221		7,779,204
Sealed Air Corp.		162,797		7,454,474
				15,233,678
METALS & MINING–2.1%
Carpenter Technology Corp.		167,272		4,870,961
Reliance Steel & Aluminum Co.		76,046		9,106,508
				13,977,469
				56,322,681
REAL ESTATE–8.2%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–8.2%
American Campus Communities, Inc.		150,945		6,455,918
Camden Property Trust		78,803		7,873,996
Cousins Properties, Inc.		169,390		5,674,565
CubeSmart		214,712		7,216,470
MGM Growth Properties LLC–Class A		245,972		7,698,923
Physicians Realty Trust		379,681		6,758,322
RLJ Lodging Trust		372,831		5,275,559
STAG Industrial, Inc.		219,268		6,867,474
				53,821,227
CONSUMER STAPLES–3.5%
BEVERAGES–0.6%
Primo Water Corp.		265,840		4,168,371
FOOD & STAPLES RETAILING–0.8%
US Foods Holding Corp.(a)		147,897		4,926,449
FOOD PRODUCTS–2.1%
Hain Celestial Group, Inc. (The)(a)(b)		210,274		8,442,501
Nomad Foods Ltd.(a)		215,806		5,485,789
				13,928,290
				23,023,110
HEALTH CARE–3.0%
HEALTH CARE PROVIDERS & SERVICES–1.5%
MEDNAX, Inc.(a)		281,300		6,903,102
Molina Healthcare, Inc.(a)		14,708		3,128,098
				10,031,200

7

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HEALTH CARE TECHNOLOGY–1.5%
Change Healthcare, Inc.(a)		518,940	$	9,678,231
				19,709,431
ENERGY–2.8%
ENERGY EQUIPMENT & SERVICES–0.8%
Dril-Quip, Inc.(a)		167,670		4,966,385
OIL, GAS & CONSUMABLE FUELS–2.0%
Cimarex Energy Co.		128,099		4,804,994
HollyFrontier Corp.		320,445		8,283,503
				13,088,497
				18,054,882
UTILITIES–2.0%
ELECTRIC UTILITIES–1.2%
IDACORP, Inc.		69,174		6,642,779
PNM Resources, Inc.		30,169		1,464,102
				8,106,881
GAS UTILITIES–0.8%
Southwest Gas Holdings, Inc.		85,210		5,176,507
				13,283,388
COMMUNICATION SERVICES–0.8%
MEDIA–0.8%
Criteo SA (Sponsored ADR)(a)		250,779		5,143,476
Total Common Stocks (cost $513,142,381)				644,266,795

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–1.6%
INVESTMENT COMPANIES–1.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.03%(c)(d)(e) (cost $10,258,061)		10,258,061	$	10,258,061
TOTAL INVESTMENTS–99.9% (cost $523,400,442)				654,524,856
Other assets less liabilities–0.1%				635,514
NET ASSETS–100.0%			$	655,160,370

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Affiliated investments.

(d) The rate shown represents the 7-day yield as of period end.

(e) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See notes to financial statements.

8

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2020	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $513,142,381)	$	644,266,795	(a)
Affiliated issuers (cost $10,258,061)		10,258,061
Receivable for investment securities sold		1,923,036
Unaffiliated dividends receivable		717,531
Receivable for capital stock sold		101,684
Affiliated dividends receivable		156
Total assets		657,267,263
LIABILITIES
Payable for investment securities purchased		1,170,781
Advisory fee payable		416,707
Payable for capital stock redeemed		286,818
Distribution fee payable		92,004
Administrative fee payable		20,476
Transfer Agent fee payable		146
Accrued expenses		119,961
Total liabilities		2,106,893
NET ASSETS	$	655,160,370
COMPOSITION OF NET ASSETS
Capital stock, at par	$	37,954
Additional paid-in capital		542,161,059
Distributable earnings		112,961,357
	$	655,160,370

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	222,441,081		12,788,489	$	17.39
B	$	432,719,289		25,165,712	$	17.19

(a) Includes securities on loan with a value of $47,728,040 (see Note E).

See notes to financial statements.

9

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2020	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $49,059)	$	10,808,451
Affiliated issuers		40,461
Securities lending income		60,989		$	10,909,901
EXPENSES
Advisory fee (see Note B)		4,092,869
Distribution fee—Class B		913,366
Transfer agency—Class A		2,040
Transfer agency—Class B		4,111
Custody and accounting		132,647
Printing		97,006
Administrative		73,980
Audit and tax		51,053
Legal		50,731
Directors’ fees		24,148
Miscellaneous		23,120
Total expenses		5,465,071
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(9,637	)
Net expenses					5,455,434
Net investment income					5,454,467
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions					(22,104,001	)
Net change in unrealized appreciation/depreciation of investments					52,509,733
Net gain on investment transactions					30,405,732
NET INCREASE IN NET ASSETS FROM OPERATIONS				$	35,860,199

See notes to financial statements.

10

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2020			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	5,454,467		$	4,553,941
Net realized gain (loss) on investment transactions		(22,104,001	)		27,134,530
Net change in unrealized appreciation/depreciation of investments		52,509,733			79,052,203
Net increase in net assets from operations		35,860,199			110,740,674
Distributions to Shareholders
Class A		(10,812,568	)		(23,904,178	)
Class B		(21,414,765	)		(47,150,231	)
CAPITAL STOCK TRANSACTIONS
Net increase		17,235,925			31,612,650
Total increase		20,868,791			71,298,915
NET ASSETS
Beginning of period		634,291,579			562,992,664
End of period	$	655,160,370		$	634,291,579

See notes to financial statements.

11

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2020	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small/Mid Cap Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

12

AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A. 1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2020:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

644,266,795

$

–0

–

$

–0

–

$

644,266,795

Short-Term Investments

10,258,061

–0

–

–0

–

10,258,061

Total Investments in Securities

654,524,856

–0

–

–0

–

654,524,856

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

654,524,856

$

–0

–

$

–0

–

$

654,524,856

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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SMALL/MID CAP VALUE 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. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2020, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2020, the reimbursement for such services amounted to $73,980.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2020.

14

AB Variable Products Series Fund

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2020, such waiver amounted to $9,507.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2020 is as follows:

Portfolio	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,072	$	149,693	$	144,507	$	10,258	$	40
Government Money Market Portfolio*		1,054		13,660		14,714		0		1
Total							$	10,258	$	41

* Investments of cash collateral for securities lending transactions (see Note E).

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Portfolio’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.    

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

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SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2020 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	312,913,037		$	327,498,208
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	526,024,159
Gross unrealized appreciation	$	148,566,343
Gross unrealized depreciation		(20,065,646	)
Net unrealized appreciation	$	128,500,697

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2020.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities; 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

16

AB Variable Products Series Fund

investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2020 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	47,728,040	$	0	$	49,151,560	$	60,026	$	963	$	130

*As of December 31, 2020.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Class A
Shares sold		2,448,083			1,099,281		$	33,752,481		$	19,873,600
Shares issued in reinvestment of dividends and distributions		788,663			1,454,025			10,812,568			23,904,178
Shares redeemed		(2,229,236	)		(1,881,324	)		(32,550,890	)		(33,866,418	)
Net increase		1,007,510			671,982		$	12,014,159		$	9,911,360
Class B
Shares sold		4,230,893			1,763,040		$	51,341,662		$	31,584,082
Shares issued in reinvestment of dividends and distributions		1,579,260			2,896,206			21,414,765			47,150,231
Shares redeemed		(4,535,252	)		(3,146,774	)		(67,534,661	)		(57,033,023	)
Net increase		1,274,901			1,512,472		$	5,221,766		$	21,701,290

At December 31, 2020, 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), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may underperform the market generally.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

17

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

LIBOR Transition and Associated Risk—A Portfolio may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and the Secured Overnight Financing Rate, global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions 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, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2020.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	4,931,851	$	7,298,543
Net long-term capital gains		27,295,482		63,755,866
Total taxable distributions	$	32,227,333	$	71,054,409

18

AB Variable Products Series Fund

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	5,653,886
Accumulated capital and other losses		(21,193,226	)(a)
Unrealized appreciation/(depreciation)		128,500,697	(b)
Total accumulated earnings/(deficit)	$	112,961,357

(a) As of December 31, 2020, the Portfolio had a net capital loss carryforward of $21,193,226.

(b) 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, 2020, the Portfolio had a net long-term capital loss carryforward of $21,193,226, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

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SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$17.91			$16.93			$21.68			$20.29			$17.29
Income From Investment Operations
Net investment income (a)(b)		.17			.16			.13			.10			.10	†
Net realized and unrealized gain (loss) on investment transactions		.20			3.04			(3.04	)		2.41			4.09
Net increase (decrease) in net asset value from operations		.37			3.20			(2.91	)		2.51			4.19
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.11	)		(.11	)		(.09	)		(.11	)
Distributions from net realized gain on investment transactions		(.73	)		(2.11	)		(1.73	)		(1.03	)		(1.08	)
Total dividends and distributions		(.89	)		(2.22	)		(1.84	)		(1.12	)		(1.19	)
Net asset value, end of period		$17.39			$17.91			$16.93			$21.68			$20.29
Total Return
Total investment return based on net asset value (c)*		3.37	%		20.10	%		(15.03	)%		13.15	%		25.09	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$222,441			$211,046			$188,052			$233,652			$231,197
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.83	%		.82	%		.81	%		.81	%		.82	%
Expenses, before waivers/reimbursements		.83	%		.83	%		.81	%		.82	%		.83	%
Net investment income (b)		1.17	%		.90	%		.61	%		.47	%		.53	%†
Portfolio turnover rate		58	%		33	%		39	%		33	%		57	%

See footnote summary on page 21.

20

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of period		$17.72			$16.75			$21.48			$20.12			$17.15
Income From Investment Operations
Net investment income (a)(b)		.13			.12			.07			.05			.05	†
Net realized and unrealized gain (loss) on investment transactions		.18			3.02			(3.02	)		2.39			4.06
Net increase (decrease) in net asset value from operations		.31			3.14			(2.95	)		2.44			4.11
Less: Dividends and Distributions
Dividends from net investment income		(.11	)		(.06	)		(.05	)		(.05	)		(.06	)
Distributions from net realized gain on investment transactions		(.73	)		(2.11	)		(1.73	)		(1.03	)		(1.08	)
Total dividends and distributions		(.84	)		(2.17	)		(1.78	)		(1.08	)		(1.14	)
Net asset value, end of period		$17.19			$17.72			$16.75			$21.48			$20.12
Total Return
Total investment return based on net asset value (c)*		3.05	%		19.90	%		(15.29	)%		12.85	%		24.79	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$432,719			$423,246			$374,941			$469,501			$455,422
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.08	%		1.07	%		1.06	%		1.06	%		1.07	%
Expenses, before waivers/reimbursements		1.08	%		1.08	%		1.06	%		1.07	%		1.08	%
Net investment income (b)		.91	%		.65	%		.36	%		.22	%		.28	%†
Portfolio turnover rate		58	%		33	%		39	%		33	%		57	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.001	.003%	.003%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2018 and December 31, 2017 by .07% and .11%, respectively.

See notes to financial statements.

21

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Small/Mid Cap Value Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Small/Mid Cap Value Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 12, 2021

22

2020 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2020. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. The Portfolio designates $27,295,482 of dividends paid as long-term capital gain dividends.

23

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Nancy P. Jacklin(1)	Robert M. Keith*, President and Chief Executive Officer Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
James W. MacGregor(2), Vice President Erik A. Turenchalk(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Small/Mid-Cap Value Senior Investment Management Team. Messrs. MacGregor and Turenchalk are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

* Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021.

24

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 60 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he had been associated since prior to 2004.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 79 (2005)	Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

25

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 69 (2020)	Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 77 (2005)	Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 72 (2006)	Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 68 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 65 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 68 (2008)	Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

27

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Earl D. Weiner,## 81 (2007)	Senior Counsel since 2017, Of Counsel from 2007 to 2016, and Partner prior to then, of the law firm Sullivan & Cromwell LLP. He is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		74	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. He is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

28

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith^ 60	President and Chief Executive Officer	See biography above.
James W. MacGregor 53	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also Chief Investment Officer of US Small and Mid-Cap Value Equities.
Erik A. Turenchalk 48	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Emilie D. Wrapp 65	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI **, with which she has been associated since prior to 2016.
Michael B. Reyes 44	Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo 61	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Phyllis J. Clarke 60	Controller	Vice President of ABIS**, with which she has been associated since prior to 2016.
Vincent S. Noto 56	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

^ Mr. Keith is expected to retire as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021 and from the Adviser effective June 30, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618 or visit www.abfunds.com, for a free prospectus or SAI.

29

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”). Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2020, which covered the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner. Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, taking into account any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP. The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP, and there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

30

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small/Mid Cap Value Portfolio (the “Fund”) at a meeting held by video conference on May 5-7, 2020 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with

31

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2020 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was above the median. The directors also took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the

32

AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

33

VPS-SMCV-0151-1220

ITEM 2. CODE OF ETHICS.

(a)    The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b)    During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c)    During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent auditor Ernst & Young LLP, for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include multi-class distribution testing, advice and education on accounting and auditing issues, and consent letters; and (iii) tax compliance, tax advice and tax return preparation.

		Audit Fees		Audit-Related Fees		Tax Fees
AB Balanced Wealth Strategy Portfolio	2019		72,197		—		20,562
	2020		72,197		—		12,297
AB Global Thematic Growth Portfolio	2019		41,926		—		11,108
	2019		41,926		—		3,729
AB Growth & Income Portfolio	2019		31,404		—		20,242
	2020		31,404		—		6,443
AB Intermediate Bond Portfolio	2019		67,988		—		11,588
	2020		67,988		—		1,089
AB International Growth Portfolio	2019		41,926		—		13,800
	2020		41,926		—		3,806
AB International Value Portfolio	2019		41,926		—		16,385
	2020		41,926		—		9,096
AB Large Cap Growth Portfolio	2019		31,404		—		19,278
	2020		31,404		—		5,623
AB Small Cap Growth Portfolio	2019		31,404		—		10,149
	2020		31,404		—		1,630
AB Small/Mid Cap Value Portfolio	2019		35,613		—		12,381
	2020		35,613		—		7,674
AB Dynamic Asset Allocation Portfolio	2019		85,147		—		24,338
	2020		85,147		—		16,732
AB Global Risk Allocation-Moderate Portfolio	2019		36,029		—		13,666
	2020		36,029		—		10,547

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

		All Fees for Non-Audit Services Provided to the Portfolio, the Adviser and Service Affiliates		Total Amount of Foregoing Column Pre- approved by the  Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB Balanced Wealth Strategy Portfolio	2019	$	864,618	$	20,562
					—
					(20,562	)
	2020	$	910,348	$	12,297
					—
					(12,297	)
AB Global Thematic Growth Portfolio	2019	$	855,164		11,108
					—
					(11,108	)
	2020	$	901,780	$	3,729
					—
					(3,729	)
AB Growth & Income Portfolio	2019	$	864,298		20,242
					—
					(20,242	)
	2020	$	904,494	$	6,443
					—
					(6,443	)
AB Intermediate Bond Portfolio	2019	$	855,644		11,588
					—
					(11,588	)
	2020	$	899,140	$	1,089
					—
					(1,089	)
AB International Growth Portfolio	2019	$	857,856		13,800
					—
					(13,800	)
	2020	$	901,857	$	3,806
					—
					(3,806	)
AB International Value Portfolio	2019	$	860,441		16,385
					—
					(16,385	)
	2020	$	907,147	$	9,096
					—
					(9,096	)
AB Large Cap Growth Portfolio	2019	$	863,334		19,278
					—
					(19,278	)
	2020	$	903,674	$	5,623
					—
					(5,623	)
AB Small Cap Growth Portfolio	2019	$	854,205		10,149
					—
					(10,149	)
	2020	$	899,681	$	1,630
					—
					(1,630	)
AB Small/Mid Cap Value Portfolio	2019	$	856,437		12,381
					—
					(12,381	)
	2020	$	905,725	$	7,674
					—
					(7,674	)
AB Dynamic Asset Allocation Portfolio	2019	$	868,394		24,338
					—
					(24,338	)
	2020	$	914,783	$	16,732
					—
					(16,732	)
AB Global Risk Allocation-Moderate Portfolio	2019	$	857,722		13,666
					—
					(13,666	)
	2020	$	908,598	$	10,547
					—
					(10,547	)

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal controls over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (a) (1)	Code of ethics that is subject to the disclosure of Item 2 hereof
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Variable Products Series Fund, Inc.
By:	/s/ Robert M. Keith
	Robert M. Keith
	President

Date:    February 12, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert M. Keith
	Robert M. Keith
	President

Date:    February 12, 2021

By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer

Date:    February 12, 2021