UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05398

AB VARIABLE PRODUCTS SERIES FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

Alliance Bernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2021

Date of reporting period: June 30, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ BALANCED WEALTH STRATEGY PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,091.40	$	2.85		0.55	%	$	3.94		0.76	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.07	$	2.76		0.55	%	$	3.81		0.76	%
Class B
Actual	$	1,000	$	1,088.80	$	4.14		0.80	%	$	5.23		1.01	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.83	$	4.01		0.80	%	$	5.06		1.01	%

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

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

BALANCED WEALTH STRATEGY PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $  VALUE		PERCENT OF NET ASSETS
Bernstein Fund, Inc.—International Strategic Equities Portfolio—Class Z	$	43,223,839		17.2	%
U.S. Treasury Bonds & Notes		9,683,931		3.9
Bernstein Fund, Inc.—International Small Cap Portfolio—Class Z		8,387,219		3.3
Microsoft Corp.		5,574,580		2.2
Italy Buoni Poliennali Del Tesoro		4,983,427		2.0
Alphabet, Inc.—Class C		4,170,516		1.7
Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio—Class Z		3,992,686		1.6
Apple, Inc.		3,363,464		1.3
AB Discovery Growth Fund, Inc.—Class Z		3,296,145		1.3
Bernstein Fund, Inc.—Small Cap Core Portfolio—Class Z		3,218,424		1.3
	$	89,894,231		35.8	%

SECURITY TYPE BREAKDOWN²

June 30, 2021 (unaudited)

SECURITY TYPE	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Common Stocks	$	103,182,048		41.2	%
Investment Companies		65,280,227		26.1
Governments—Treasuries		35,422,380		14.1
Corporates—Investment Grade		17,864,304		7.1
Corporates—Non-Investment Grade		5,284,681		2.1
Quasi-Sovereigns		3,968,996		1.6
Collateralized Mortgage Obligations		3,501,878		1.4
Inflation-Linked Securities		3,245,065		1.3
Mortgage Pass-Throughs		2,972,216		1.2
Collateralized Loan Obligations		2,106,041		0.8
Commercial Mortgage-Backed Securities		2,022,063		0.8
Emerging Markets—Corporate Bonds		894,809		0.4
Emerging Markets—Sovereigns		725,190		0.3
Other3		1,565,016		0.6
Short-Term Investments		2,610,465		1.0
Total Investments	$	250,645,379		100.0	%

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

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

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

2

BALANCED WEALTH STRATEGY PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	183,081,686		73.0	%
Japan		9,200,513		3.7
China		6,450,434		2.6
United Kingdom		6,310,503		2.5
Italy		6,258,472		2.5
Germany		5,014,272		2.0
Canada		3,802,719		1.5
France		3,768,050		1.5
Australia		3,508,365		1.4
Spain		2,596,451		1.0
Netherlands		2,257,658		0.9
Switzerland		2,234,942		0.9
Mexico		2,116,348		0.8
Other		11,434,501		4.7
Short-Term Investments		2,610,465		1.0
Total Investments	$	250,645,379		100.0	%

1 All data are as of June 30, 2021. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. Table shown includes investments of Underlying Portfolios. “Other” country weightings represent 0.7% or less in the following: Austria, Bahrain, Belgium, Brazil, Chile, Colombia, Denmark, Egypt, Finland, Hong Kong, Indonesia, Ireland, Israel, Ivory Coast, Luxembourg, Malaysia, New Zealand, Norway, Oman, Panama, Peru, Poland, Portugal, Russia, Singapore, South Africa, South Korea, Sweden, Thailand and United Arab Emirates.

3

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–41.1%
INFORMATION TECHNOLOGY–9.0%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.3%
Arrow Electronics, Inc.(a)		814	$	92,658
CDW Corp./DE		3,770		658,430
				751,088
IT SERVICES–1.7%
Accenture PLC–Class A		229		67,507
EPAM Systems, Inc.(a)		208		106,280
Gartner, Inc.(a)		105		25,431
Genpact Ltd.		14,637		664,959
International Business Machines Corp.		202		29,611
PayPal Holdings, Inc.(a)		3,644		1,062,153
Visa, Inc.–Class A(b)		9,342		2,184,346
Western Union Co. (The)–Class W		2,576		59,171
				4,199,458
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.8%
Advanced Micro Devices, Inc.(a)		284		26,676
Applied Materials, Inc.		864		123,034
ASML Holding NV		201		138,754
Broadcom, Inc.		76		36,240
KLA Corp.		29		9,402
Lam Research Corp.		32		20,822
NVIDIA Corp.		1,279		1,023,328
NXP Semiconductors NV		4,860		999,799
QUALCOMM, Inc.		8,401		1,200,755
STMicroelectronics NV		1,641		59,678
Teradyne, Inc.		194		25,988
Texas Instruments, Inc.		4,373		840,928
				4,505,404
SOFTWARE–3.5%
Adobe, Inc.(a)		1,137		665,873
Autodesk, Inc.(a)		22		6,422
Cadence Design Systems, Inc.(a)		264		36,120
Citrix Systems, Inc.		4,648		545,071
Constellation Software, Inc./Canada		36		54,523
Crowdstrike Holdings, Inc.–Class A(a)		88		22,115
Dropbox, Inc.–Class A(a)		1,871		56,710
Fair Isaac Corp.(a)		67		33,679
Intuit, Inc.		42		20,587
Microsoft Corp.		20,578		5,574,580
NortonLifeLock, Inc.		27,909		759,683
Oracle Corp.		11,426		889,400
ServiceNow, Inc.(a)		165		90,676
Company	Shares		U.S. $ Value
Trend Micro, Inc./Japan		800	$	41,891
				8,797,330
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.7%
Apple, Inc.		24,558		3,363,464
NetApp, Inc.		710		58,092
Western Digital Corp.(a)		11,152		793,688
				4,215,244
				22,468,524
CONSUMER DISCRETIONARY–5.0%
AUTO COMPONENTS–0.4%
Aisin Corp.		2,200		94,330
BorgWarner, Inc.		426		20,678
Lear Corp.		235		41,191
Magna International, Inc.–Class A (Canada)		530		49,071
Magna International, Inc.–Class A (United States)		8,793		814,584
				1,019,854
AUTOMOBILES–0.3%
Nissan Motor Co., Ltd.(a)		9,000		44,835
Stellantis NV(b)		26,715		526,553
Tesla, Inc.(a)		81		55,056
				626,444
DISTRIBUTORS–0.2%
LKQ Corp.(a)		11,319		557,121
DIVERSIFIED CONSUMER SERVICES–0.1%
Chegg, Inc.(a)		3,767		313,075
HOTELS, RESTAURANTS & LEISURE–0.1%
Aristocrat Leisure Ltd.		800		25,826
Chipotle Mexican Grill, Inc.–Class A(a)		39		60,463
Domino’s Pizza Enterprises Ltd.		274		24,777
Domino’s Pizza, Inc.		20		9,330
La Francaise des Jeux SAEM(c)		411		24,174
				144,570
HOUSEHOLD DURABLES–0.0%
Electrolux AB–Class B		3,467		96,077
INTERNET & DIRECT MARKETING RETAIL–1.7%
Amazon.com, Inc.(a)		905		3,113,345
eBay, Inc.		9,314		653,936
Etsy, Inc.(a)		1,874		385,744
HelloFresh SE(a)		985		95,751
Zalando SE(a)(d)(e)		337		40,816
Zalando SE(a)(c)		123		14,876
				4,304,468

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MULTILINE RETAIL–0.0%
Next PLC(a)		608	$	66,171
Target Corp.		103		24,899
				91,070
SPECIALTY RETAIL–1.4%
AutoZone, Inc.(a)		639		953,529
Home Depot, Inc. (The)		5,649		1,801,409
Lowe’s Cos., Inc.		22		4,267
TJX Cos., Inc. (The)		10,997		741,418
				3,500,623
TEXTILES, APPAREL & LUXURY GOODS–0.8%
Deckers Outdoor Corp.(a)		1,761		676,347
LVMH Moet Hennessy Louis Vuitton SE		61		47,986
NIKE, Inc.–Class B		7,636		1,179,686
Pandora A/S		744		100,376
				2,004,395
				12,657,697
REAL ESTATE–4.5%
DIVERSIFIED REAL ESTATE ACTIVITIES–0.3%
Mitsubishi Estate Co., Ltd.		3,800		61,422
Mitsui Fudosan Co., Ltd.		11,000		254,361
New World Development Co., Ltd.		18,000		93,347
Sumitomo Realty & Development Co., Ltd.		1,300		46,494
Sun Hung Kai Properties Ltd.		11,000		163,481
UOL Group Ltd.		7,700		41,875
				660,980
DIVERSIFIED REITS–0.3%
Alexander & Baldwin, Inc.		3,260		59,723
Broadstone Net Lease, Inc.		1,660		38,861
Cofinimmo SA		270		41,129
Daiwa House REIT Investment Corp.		33		97,108
Essential Properties Realty Trust, Inc.		4,184		113,135
Fibra Uno Administracion SA de CV		13,590		14,658
ICADE		570		49,186
Land Securities Group PLC		6,570		61,316
LondonMetric Property PLC		14,720		47,087
Merlin Properties Socimi SA		7,690		79,567
Nomura Real Estate Master Fund, Inc.		22		35,209
Stockland		40,300		140,335
				777,314
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.3%
American Campus Communities, Inc.		11,816		552,044
American Tower Corp.		1,943		524,882
Company	Shares		U.S. $ Value
Mid-America Apartment Communities, Inc.		5,691	$	958,478
Orix JREIT, Inc.		37		71,029
Prologis, Inc.		9,092		1,086,767
VICI Properties, Inc.(b)		772		23,948
Weyerhaeuser Co.		2,160		74,347
				3,291,495
HEALTH CARE REITS–0.3%
Medical Properties Trust, Inc.		6,680		134,268
Omega Healthcare Investors, Inc.		2,637		95,697
Physicians Realty Trust		5,803		107,181
Welltower, Inc.		3,410		283,371
				620,517
HOTEL & RESORT REITS–0.1%
Apple Hospitality REIT, Inc.		3,240		49,442
Park Hotels & Resorts, Inc.(a)		4,100		84,501
RLJ Lodging Trust		5,596		85,227
				219,170
INDUSTRIAL REITS–0.3%
Americold Realty Trust		3,497		132,361
Ascendas Real Estate Investment Trust		24,600		54,059
Dream Industrial Real Estate Investment Trust		7,055		86,964
GLP J-Reit		38		65,537
Industrial & Infrastructure Fund Investment Corp.		30		57,180
Mitsui Fudosan Logistics Park, Inc.		9		47,959
Plymouth Industrial REIT, Inc.		1,112		22,262
Rexford Industrial Realty, Inc.		1,851		105,414
Segro PLC		10,786		163,282
STAG Industrial, Inc.		3,269		122,359
				857,377
OFFICE REITS–0.3%
Alexandria Real Estate Equities, Inc.		1,137		206,866
alstria office REIT-AG		3,910		72,242
Cousins Properties, Inc.		3,382		124,390
Daiwa Office Investment Corp.		6		41,709
Japan Prime Realty Investment Corp.		11		43,036
Kilroy Realty Corp.		1,339		93,248
Nippon Building Fund, Inc.		17		105,919
True North Commercial Real Estate Investment Trust		3,060		18,292
				705,702
REAL ESTATE DEVELOPMENT–0.0%
CIFI Holdings Group Co., Ltd.		38,000		29,641
Instone Real Estate Group AG(c)		2,115		63,679
				93,320

5

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

Company	Shares		U.S. $ Value
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.0%
FirstService Corp.		117	$	20,067
REAL ESTATE OPERATING COMPANIES–0.3%
ADLER Group SA(c)		2,920		76,796
Aroundtown SA		12,810		99,946
CA Immobilien Anlagen AG		1,378		57,579
CTP NV(a)(c)		2,463		49,708
Fastighets AB Balder–Class B(a)		1,520		95,285
Hulic Co., Ltd.		3,800		42,689
LEG Immobilien SE		770		110,847
Shurgard Self Storage SA		770		37,202
Swire Properties Ltd.		16,000		47,659
TAG Immobilien AG		2,630		83,362
Wharf Real Estate Investment Co., Ltd.		6,000		34,878
				735,951
RESIDENTIAL REITS–0.5%
American Homes 4 Rent–Class A(b)		3,453		134,149
Bluerock Residential Growth REIT, Inc.		1,800		18,306
Comforia Residential REIT, Inc.		15		47,252
Daiwa Securities Living Investments Corp.		45		48,877
Equity Residential		310		23,870
Essex Property Trust, Inc.		622		186,606
Independence Realty Trust, Inc.		6,097		111,148
Invitation Homes, Inc.		3,580		133,498
Killam Apartment Real Estate Investment Trust		6,151		100,582
Minto Apartment Real Estate Investment Trust(c)		2,790		53,883
Sun Communities, Inc.		1,138		195,053
UDR, Inc.		3,110		152,328
				1,205,552
RETAIL REITS–0.4%
AEON REIT Investment Corp.		25		36,953
Brixmor Property Group, Inc.		6,284		143,841
CapitaLand Integrated Commercial Trust		52,980		82,485
Eurocommercial Properties NV		2,427		60,531
Link REIT		13,768		133,210
Mercialys SA		3,169		38,375
NETSTREIT Corp.		2,644		60,971
Retail Opportunity Investments Corp.		1,330		23,488
Simon Property Group, Inc.		2,049		267,353
SITE Centers Corp.		8,215		123,718
Company	Shares		U.S. $ Value
Vicinity Centres		81,346	$	93,789
				1,064,714
SPECIALIZED REITS–0.4%
CubeSmart		3,086		142,944
Digital Realty Trust, Inc.		1,830		275,342
EPR Properties(a)		1,820		95,878
Equinix, Inc.		120		96,312
MGM Growth Properties LLC–Class A		2,660		97,409
National Storage Affiliates Trust		2,842		143,691
Public Storage		480		144,331
Safestore Holdings PLC		6,050		79,254
				1,075,161
				11,327,320
HEALTH CARE–4.4%
BIOTECHNOLOGY–0.5%
AbbVie, Inc.		875		98,560
Amgen, Inc.		100		24,375
Horizon Therapeutics PLC(a)		113		10,581
Regeneron Pharmaceuticals, Inc.(a)		850		474,759
Vertex Pharmaceuticals, Inc.(a)		3,545		714,779
				1,323,054
HEALTH CARE EQUIPMENT & SUPPLIES–1.2%
Abbott Laboratories		420		48,690
ABIOMED, Inc.(a)		45		14,045
Align Technology, Inc.(a)		66		40,326
Edwards Lifesciences Corp.(a)		7,483		775,014
Medtronic PLC		11,651		1,446,239
ResMed, Inc.		109		26,871
Sonova Holding AG		48		18,079
Zimmer Biomet Holdings, Inc.		3,995		642,476
				3,011,740
HEALTH CARE PROVIDERS & SERVICES–1.3%
AmerisourceBergen Corp.–Class A		681		77,968
Anthem, Inc.		2,261		863,250
Humana, Inc.		100		44,272
McKesson Corp.		142		27,156
Molina Healthcare, Inc.(a)		404		102,236
UnitedHealth Group, Inc.		5,475		2,192,409
				3,307,291
HEALTH CARE TECHNOLOGY–0.1%
Cerner Corp.		1,009		78,863
Veeva Systems, Inc.– Class A(a)		107		33,272
				112,135

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
LIFE SCIENCES TOOLS & SERVICES–0.1%
Bio-Rad Laboratories, Inc.–Class A(a)		124	$	79,892
Mettler-Toledo International, Inc.(a)		65		90,047
Sartorius Stedim Biotech		117		55,375
Waters Corp.(a)		91		31,450
				256,764
PHARMACEUTICALS–1.2%
Eli Lilly & Co.		584		134,040
Johnson & Johnson		3,331		548,749
Merck & Co., Inc.		641		49,851
Novo Nordisk A/S–Class B		418		34,990
Pfizer, Inc.		1,632		63,909
Roche Holding AG (Sponsored ADR)		27,571		1,295,561
Sumitomo Dainippon Pharma Co., Ltd.		300		6,292
Takeda Pharmaceutical Co., Ltd.		2,000		67,121
Zoetis, Inc.		4,607		858,561
				3,059,074
				11,070,058
COMMUNICATION SERVICES–4.3%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.6%
Comcast Corp.–Class A		26,300		1,499,626
Telenor ASA		1,727		29,126
				1,528,752
ENTERTAINMENT–0.4%
Electronic Arts, Inc.		5,577		802,140
Netflix, Inc.(a)		238		125,714
Nintendo Co., Ltd.		100		57,867
				985,721
INTERACTIVE MEDIA & SERVICES–2.9%
Alphabet, Inc.–Class A(a)		54		131,857
Alphabet, Inc.–Class C(a)		1,664		4,170,516
Facebook, Inc.–Class A(a)		8,305		2,887,732
				7,190,105
WIRELESS TELECOMMUNICATION SERVICES–0.4%
Softbank Corp.		1,800		23,535
T-Mobile US, Inc.(a)		6,434		931,836
				955,371
				10,659,949
FINANCIALS–3.7%
BANKS–2.0%
Banco Bilbao Vizcaya Argentaria SA(a)		4,110		25,494
Bank of America Corp.		40,250		1,659,508
Company	Shares		U.S. $ Value
BNP Paribas SA		431	$	27,049
Citigroup, Inc.		12,645		894,634
Citizens Financial Group, Inc.		703		32,247
Commonwealth Bank of Australia		222		16,624
Danske Bank A/S		1,531		26,962
Fifth Third Bancorp		1,724		65,908
ING Groep NV		1,894		25,142
JPMorgan Chase & Co.		828		128,787
Mebuki Financial Group, Inc.		21,000		44,404
National Bank of Canada		598		44,753
PNC Financial Services Group, Inc. (The)		3,618		690,170
Societe Generale SA		3,208		94,897
SVB Financial Group(a)		175		97,375
Wells Fargo & Co.		27,902		1,263,682
				5,137,636
CAPITAL MARKETS–1.2%
CME Group, Inc.–Class A		2,857		607,627
EQT AB		425		15,438
Goldman Sachs Group, Inc. (The)		4,356		1,653,233
LPL Financial Holdings, Inc.		3,438		464,061
Moody’s Corp.		152		55,080
Raymond James Financial, Inc.		743		96,516
				2,891,955
CONSUMER FINANCE–0.0%
Ally Financial, Inc.		1,114		55,522
Capital One Financial Corp.		245		37,899
				93,421
DIVERSIFIED FINANCIAL SERVICES–0.1%
Industrivarden AB		596		23,180
Investor AB		1,119		25,794
Kinnevik AB(a)		1,722		68,956
M&G PLC		24,177		76,590
				194,520
INSURANCE–0.4%
Aviva PLC		2,165		12,154
CNP Assurances		4,769		81,280
iA Financial Corp., Inc.		766		41,705
Manulife Financial Corp.		1,020		20,077
MetLife, Inc.		1,474		88,219
Progressive Corp. (The)		5,445		534,754
Prudential Financial, Inc.		993		101,753
				879,942
				9,197,474
INDUSTRIALS–3.3%
AEROSPACE & DEFENSE–0.3%
Huntington Ingalls Industries, Inc.		18		3,794
L3Harris Technologies, Inc.		3,788		818,776
				822,570

7

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

Company	Shares		U.S. $ Value
AIR FREIGHT & LOGISTICS–0.0%
Kuehne & Nagel International AG		284	$	97,202
AIRLINES–0.2%
Southwest Airlines Co.(a)		9,145		485,508
BUILDING PRODUCTS–0.1%
Carrier Global Corp.		1,332		64,735
Cie de Saint-Gobain		710		46,857
Masco Corp.		826		48,660
Owens Corning		244		23,888
Xinyi Glass Holdings Ltd.		10,000		40,744
				224,884
CONSTRUCTION & ENGINEERING–0.3%
AECOM(a)		11,197		708,994
Shimizu Corp.		6,700		51,489
				760,483
ELECTRICAL EQUIPMENT–0.7%
Acuity Brands, Inc.		521		97,443
Eaton Corp. PLC		6,175		915,011
Prysmian SpA		1,361		48,841
Regal Beloit Corp.		4,309		575,295
Rockwell Automation, Inc.		370		105,827
				1,742,417
MACHINERY–0.2%
CNH Industrial NV		2,057		34,121
Deere & Co.		203		71,600
Mitsubishi Heavy Industries Ltd.		600		17,713
Snap-on, Inc.		409		91,383
Techtronic Industries Co., Ltd.		5,500		95,848
Volvo AB–Class B		3,843		92,614
				403,279
MARINE–0.0%
AP Moller–Maersk A/S–Class B		3		8,637
Nippon Yusen KK		600		30,449
				39,086
PROFESSIONAL SERVICES–0.5%
Booz Allen Hamilton Holding Corp.		4,107		349,834
Robert Half International, Inc.		10,187		906,338
				1,256,172
ROAD & RAIL–0.7%
CSX Corp.		31,461		1,009,269
Knight-Swift Transportation Holdings, Inc.		14,267		648,578
				1,657,847
TRADING COMPANIES & DISTRIBUTORS–0.3%
United Rentals, Inc.(a)		1,753		559,224
Company	Shares		U.S. $ Value
WW Grainger, Inc.		221	$	96,798
				656,022
				8,145,470
ENERGY–2.4%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.–Class A		893		20,423
Subsea 7 SA		11,870		113,923
				134,346
OIL, GAS & CONSUMABLE FUELS–2.3%
Aker BP ASA		5,368		171,095
BP PLC		121,953		534,811
Canadian Natural Resources Ltd.		671		24,359
Cheniere Energy, Inc.(a)		999		86,653
Chevron Corp.		11,194		1,172,460
ENEOS Holdings, Inc.		41,400		173,499
EOG Resources, Inc.		11,859		989,514
Exxon Mobil Corp.		3,783		238,632
Idemitsu Kosan Co., Ltd.		900		21,745
LUKOIL PJSC (Sponsored ADR)		1,350		124,200
OMV AG		1,616		92,221
Parkland Corp./Canada		1,016		32,834
PetroChina Co., Ltd.–Class H		548,000		268,361
Petroleo Brasileiro SA (Preference Shares)		34,800		205,912
Pioneer Natural Resources Co.		203		32,992
Repsol SA		17,792		223,513
Royal Dutch Shell PLC–Class A		1,579		31,656
Royal Dutch Shell PLC–Class B		56,449		1,095,833
TotalEnergies SE		8,219		372,335
Valero Energy Corp.		330		25,766
				5,918,391
				6,052,737
MATERIALS–2.0%
CHEMICALS–0.7%
CF Industries Holdings, Inc.		1,585		81,548
Corteva, Inc.		3,020		133,937
Covestro AG(c)		1,080		69,831
Daicel Corp.		2,600		21,393
Evonik Industries AG		2,148		72,116
Kuraray Co., Ltd.		1,800		17,296
LANXESS AG		507		34,795
Linde PLC		2,355		680,831
LyondellBasell Industries NV–Class A		5,321		547,371
Mitsubishi Chemical Holdings Corp.		3,600		30,290
Mitsui Chemicals, Inc.		1,300		44,938
Sika AG		68		22,279
Umicore SA		725		44,354
				1,800,979

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSTRUCTION MATERIALS–0.1%
Breedon Group PLC(a)		28,900	$	43,096
Buzzi Unicem SpA		2,280		60,571
Fletcher Building Ltd.		8,770		46,089
Grupo Cementos de Chihuahua SAB de CV		3,320		26,693
				176,449
CONTAINERS & PACKAGING–0.0%
Sealed Air Corp.		1,017		60,257
Smurfit Kappa Group PLC		469		25,506
				85,763
METALS & MINING–1.1%
Agnico Eagle Mines Ltd.		4,226		255,551
Alcoa Corp.(a)		3,460		127,466
Anglo American PLC		7,365		293,084
AngloGold Ashanti Ltd.		7,069		131,211
Antofagasta PLC		2,060		40,965
APERAM SA		2,450		125,822
ArcelorMittal SA		5,743		176,810
Barrick Gold Corp.		5,170		106,916
BHP Group Ltd.		756		27,504
Evraz PLC		11,134		91,346
First Quantum Minerals Ltd.		4,901		112,957
Fortescue Metals Group Ltd.		3,114		54,398
Glencore PLC(a)		88,873		381,451
Industrias Penoles SAB de CV(a)		1,909		26,430
Lundin Mining Corp.		6,005		54,159
MMC Norilsk Nickel PJSC (ADR)		2,130		72,250
Northern Star Resources Ltd.		4,630		34,003
Orocobre Ltd.(a)		5,420		26,239
OZ Minerals Ltd.		2,685		45,140
Regis Resources Ltd.		19,455		34,442
Rio Tinto PLC		3,936		325,064
St. Barbara Ltd.		23,750		30,385
Steel Dynamics, Inc.		125		7,450
Vale SA (Sponsored ADR)–Class B		12,586		287,087
				2,868,130
PAPER & FOREST PRODUCTS–0.1%
Suzano SA(a)		9,200		110,630
PAPER PRODUCTS–0.0%
Stora Enso Oyj–Class R		4,300		78,522
				5,120,473
CONSUMER STAPLES–1.6%
BEVERAGES–0.2%
Coca-Cola Co. (The)		9,683		523,947
Kirin Holdings Co., Ltd.		2,100		40,983
				564,930
Company	Shares		U.S. $ Value
FOOD & STAPLES RETAILING–0.6%
Costco Wholesale Corp.		1,203	$	475,991
Kroger Co. (The)		2,459		94,204
Walmart, Inc.		7,258		1,023,523
				1,593,718
FOOD PRODUCTS–0.2%
Bunge Ltd.		1,123		87,763
Hershey Co. (The)		591		102,940
Kellogg Co.		727		46,768
Mowi ASA		5,160		131,371
Nestle SA		543		67,683
Tyson Foods, Inc.–Class A		490		36,143
				472,668
HOUSEHOLD PRODUCTS–0.5%
Procter & Gamble Co. (The)		9,033		1,218,823
TOBACCO–0.1%
Philip Morris International, Inc.		1,035		102,579
				3,952,718
UTILITIES–0.8%
ELECTRIC UTILITIES–0.8%
American Electric Power Co., Inc.		9,460		800,222
Enel SpA		20,518		190,671
NextEra Energy, Inc.		12,360		905,741
NRG Energy, Inc.		998		40,219
				1,936,853
GAS UTILITIES–0.0%
UGI Corp.		2,074		96,047
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.0%
EDP Renovaveis SA		3,550		82,252
				2,115,152
CONSUMER DURABLES & APPAREL–0.1%
HOMEBUILDING–0.1%
Persimmon PLC		1,350		55,301
PulteGroup, Inc.		1,250		68,213
				123,514
CONSUMER SERVICES–0.0%
HOTELS, RESORTS & CRUISE LINES–0.0%
Hilton Grand Vacations, Inc.(a)		1,250		51,737
LEISURE FACILITIES–0.0%
Planet Fitness, Inc.(a)		285		21,446
RESTAURANTS–0.0%
Dine Brands Global, Inc.(a)		290		25,883
				99,066

9

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

Company	Shares		U.S. $ Value
TRANSPORTATION–0.0%
HIGHWAYS & RAILTRACKS–0.0%
Transurban Group(a)		7,998	$	85,299
TELECOMMUNICATION SERVICES–0.0%
INTEGRATED TELECOMMUNICATION SERVICES–0.0%
Infrastrutture Wireless Italiane SpA(c)		4,130		46,638
CAPITAL GOODS–0.0%
ELECTRICAL COMPONENTS & EQUIPMENT–0.0%
Vertiv Holdings Co.		1,190		32,487
SOFTWARE & SERVICES–0.0%
INTERNET SERVICES & INFRASTRUCTURE–0.0%
GDS Holdings Ltd. (ADR)(a)		350		27,472
Total Common Stocks (cost $64,854,558)				103,182,048
INVESTMENT COMPANIES–26.0%
FUNDS AND INVESTMENT TRUSTS–26.0%(f)(g)
AB Discovery Growth Fund, Inc.–Class Z(a)		200,740		3,296,145
AB Trust–AB Discovery Value Fund–Class Z		123,464		3,161,914
Bernstein Fund, Inc.–International Small Cap Portfolio–Class Z		623,585		8,387,219
Bernstein Fund, Inc.–International Strategic Equities Portfolio–Class Z		3,129,894		43,223,839
Bernstein Fund, Inc.–Small Cap Core Portfolio–Class Z		208,853		3,218,424
Sanford C. Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z		111,590		3,992,686
Total Investment Companies (cost $57,756,926)				65,280,227

	Principal Amount (000)
GOVERNMENTS– TREASURIES–14.1%
AUSTRALIA–0.9%
Australia Government Bond Series 145 2.75%, 06/21/2035(c)		AUD	802		673,389
Series 150 3.00%, 03/21/2047(c)			920		790,660
	Principal Amount (000)			U.S. $ Value
Series 160 1.00%, 12/21/2030(c)		AUD	320	$	230,593
Series 161 0.25%, 11/21/2025(c)			350		257,784
Series 164 0.50%, 09/21/2026(c)			475		350,078
					2,302,504
AUSTRIA–0.2%
Republic of Austria Government Bond 0.50%, 02/20/2029(c)		EUR	449		560,773
BELGIUM–0.1%
Kingdom of Belgium Government Bond Series 76 1.90%, 06/22/2038(c)			180		262,378
CANADA–0.1%
Canadian Government Bond 0.25%, 03/01/2026		CAD	425		331,494
CHINA–0.8%
China Government Bond Series INBK 2.68%, 05/21/2030		CNY	3,670		545,980
3.27%, 11/19/2030			2,800		438,386
3.39%, 03/16/2050			7,870		1,149,629
					2,133,995
COLOMBIA–0.1%
Colombian TES Series B 5.75%, 11/03/2027		COP	1,050,100		267,531
FINLAND–0.1%
Finland Government Bond 0.50%, 09/15/2028(c)		EUR	115		144,052
GERMANY–0.8%
Bundesrepublik Deutschland Bundesanleihe Zero Coupon, 08/15/2030–08/15/2050(c)			1,239		1,473,685
Series 3 4.75%, 07/04/2034(c)			250		488,114
					1,961,799
ITALY–2.0%
Italy Buoni Poliennali Del Tesoro 0.25%, 03/15/2028(c)			1,310		1,537,551
0.50%, 07/15/2028(c)			955		1,135,664
0.95%, 09/15/2027(c)			1,715		2,112,037
1.50%, 04/30/2045(c)			172		198,175
					4,983,427

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
JAPAN–2.9%
Japan Government Ten Year Bond Series 358 0.10%, 03/20/2030		JPY	205,850	$	1,869,614
Series 359 0.10%, 06/20/2030			277,550		2,517,874
Series 360 0.10%, 09/20/2030			55,900		506,645
Japan Government Thirty Year Bond Series 62 0.50%, 03/20/2049			63,600		551,668
Series 65 0.40%, 12/20/2049			62,950		528,152
Series 68 0.60%, 09/20/2050			69,900		616,280
Japan Government Twenty Year Bond Series 169 0.30%, 06/20/2039			31,650		280,960
Series 171 0.30%, 12/20/2039			44,850		396,514
					7,267,707
MALAYSIA–0.1%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	1,088		285,442
MEXICO–0.5%
Mexican Bonos Series M 7.75%, 05/29/2031		MXN	22,192		1,175,548
SOUTH KOREA–0.7%
Korea Treasury Bond Series 2603 1.25%, 03/10/2026		KRW	2,024,830		1,756,590
SPAIN–0.5%
Spain Government Bond 1.20%, 10/31/2040(c)		EUR	865		1,041,500
4.20%, 01/31/2037(c)			114		201,983
					1,243,483
THAILAND–0.1%
Thailand Government Bond 2.00%, 12/17/2031		THB	7,680		243,576
UNITED KINGDOM–0.3%
United Kingdom Gilt 1.75%, 09/07/2037(c)		GBP	541		818,150
UNITED STATES–3.9%
U.S. Treasury Bonds 1.125%, 08/15/2040		U.S.$	2,315		1,993,432
1.875%, 02/15/2051			820		783,100
4.50%, 08/15/2039			200		281,969
	Principal Amount (000)			U.S. $ Value
U.S. Treasury Notes 0.25%, 05/31/2025		U.S.$	1,435	$	1,411,457
0.50%, 02/28/2026			255		251,255
1.625%, 10/31/2026			2,905		3,010,306
2.125%, 05/31/2026			1,840		1,952,412
					9,683,931
Total Governments–Treasuries (cost $36,055,284)					35,422,380
CORPORATES–INVESTMENT GRADE–7.1%
FINANCIAL INSTITUTIONS–3.4%
BANKING–2.4%
ABN AMRO Bank NV 1.542%, 06/16/2027(c)			200		198,874
American Express Co. Series B 3.584% (LIBOR 3 Month + 3.43%), 08/15/2021(h)(i)			8		8,020
Series C 3.404% (LIBOR 3 Month + 3.29%), 09/15/2021(h)(i)			17		17,046
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(c)			215		242,036
Bank of America Corp. 1.776%, 05/04/2027(c)		EUR	248		316,468
BNP Paribas SA 2.219%, 06/09/2026(c)		U.S.$	200		206,210
BPCE SA 4.625%, 07/11/2024(c)			200		219,736
CaixaBank SA 0.375%, 11/18/2026(c)		EUR	200		237,508
Capital One Financial Corp. Series E 3.935% (LIBOR 3 Month + 3.80%), 09/01/2021(h)(i)		U.S.$	53		53,118
Citigroup, Inc. 1.50%, 07/24/2026(c)		EUR	155		193,490
5.95%, 01/30/2023(i)		U.S.$	90		94,730
Credit Suisse Group AG 4.194%, 04/01/2031(c)			250		280,950
Danske Bank A/S 3.244%, 12/20/2025(c)			350		372,519

11

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

	Principal Amount (000)			U.S. $ Value
DNB Bank ASA 6.50%, 03/26/2022(c)(i)		U.S.$	210	$	217,772
Fifth Third Bancorp Series L 4.50%, 09/30/2025(i)			41		44,498
Goldman Sachs Group, Inc. (The) 1.25%, 05/01/2025(c)		EUR	190		232,966
HSBC Holdings PLC 6.375%, 03/30/2025(i)		U.S.$	200		222,948
ING Groep NV 6.50%, 04/16/2025(i)			232		258,297
JPMorgan Chase & Co. 1.09%, 03/11/2027(c)		EUR	170		209,879
Series I 3.656% (LIBOR 3 Month + 3.47%), 07/30/2021(h)(i)		U.S.$	34		34,073
Series V 3.465% (LIBOR 3 Month + 3.32%), 10/01/2021(h)(i)			17		17,006
Series Z 3.976% (LIBOR 3 Month + 3.80%), 08/01/2021(h)(i)			31		31,085
Morgan Stanley 0.406%, 10/29/2027		EUR	160		190,390
Series G 1.375%, 10/27/2026			100		125,920
Series H 3.794% (LIBOR 3 Month + 3.61%), 10/15/2021(h)(i)		U.S.$	9		9,037
Natwest Group PLC 0.78%, 02/26/2030(c)		EUR	200		237,228
Series U 2.467% (LIBOR 3 Month + 2.32%), 09/30/2027(h)(i)		U.S.$	200		198,346
Nordea Bank Abp 6.125%, 09/23/2024(c)(i)			200		220,180
PNC Financial Services Group, Inc. (The) Series O 6.75%, 08/01/2021(i)			17		17,082
Societe Generale SA 4.25%, 04/14/2025(c)			205		222,718
Standard Chartered PLC 1.696% (LIBOR 3 Month + 1.51%), 01/30/2027(c)(h)(i)			200		192,664
Truist Financial Corp. Series Q 5.10%, 03/01/2030(i)			75		84,590
UBS Group AG 7.125%, 08/10/2021(c)(i)			230		231,203
	Principal Amount (000)			U.S. $ Value
UniCredit SpA 3.127%, 06/03/2032(c)		U.S.$	245	$	246,252
Wells Fargo & Co. 1.375%, 10/26/2026(c)		EUR	215		269,432
					5,954,271
BROKERAGE–0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(i)		U.S.$	201		209,623
FINANCE–0.4%
Air Lease Corp. 2.875%, 01/15/2026			46		48,381
3.25%, 03/01/2025			11		11,721
3.625%, 04/01/2027			14		15,072
4.625%, 10/01/2028			20		22,602
Aircastle Ltd. 2.85%, 01/26/2028(c)			79		79,464
4.25%, 06/15/2026			3		3,256
4.40%, 09/25/2023			67		71,748
5.25%, 08/11/2025(c)			72		80,869
Aviation Capital Group LLC 1.95%, 01/30/2026(c)			13		13,000
2.875%, 01/20/2022(c)			11		11,113
3.50%, 11/01/2027(c)			18		18,903
3.875%, 05/01/2023(c)			44		46,081
4.125%, 08/01/2025(c)			2		2,159
4.375%, 01/30/2024(c)			13		13,949
4.875%, 10/01/2025(c)			23		25,480
5.50%, 12/15/2024(c)			47		53,173
GE Capital European Funding Unlimited Co. 4.625%, 02/22/2027		EUR	100		147,039
GE Capital Funding LLC 4.40%, 05/15/2030		U.S.$	200		233,122
Synchrony Financial 3.95%, 12/01/2027			25		27,819
					924,951
INSURANCE–0.2%
Alleghany Corp. 3.625%, 05/15/2030			79		87,169
Centene Corp. 4.25%, 12/15/2027			28		29,538
4.625%, 12/15/2029			37		40,730
CNP Assurances 2.50%, 06/30/2051(c)		EUR	100		126,834
4.50%, 06/10/2047(c)			100		142,202
Voya Financial, Inc. 5.65%, 05/15/2053		U.S.$	153		163,803
					590,276

12

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
REITS–0.3%
CyrusOne LP/CyrusOne Finance Corp. 1.45%, 01/22/2027		EUR	100	$	120,911
Digital Euro Finco LLC 2.50%, 01/16/2026(c)			220		286,662
Essential Properties LP 2.95%, 07/15/2031		U.S.$	124		123,949
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023			10		10,539
Vornado Realty LP 3.40%, 06/01/2031			105		108,270
WPC Eurobond BV 2.125%, 04/15/2027		EUR	148		189,923
					840,254
					8,519,375
INDUSTRIAL–3.3%
BASIC–0.2%
Alpek SAB de CV 3.25%, 02/25/2031(c)		U.S.$	200		201,475
Inversiones CMPC SA 3.85%, 01/13/2030(c)			200		213,225
Suzano Austria GmbH 3.75%, 01/15/2031			32		33,440
					448,140
CAPITAL GOODS–0.1%
Wabtec Transportation Netherlands BV 1.25%, 12/03/2027		EUR	199		238,050
COMMUNICATIONS– MEDIA–0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050		U.S.$	17		19,586
5.125%, 07/01/2049			28		33,446
5.375%, 05/01/2047			35		42,917
Discovery Communications LLC 4.65%, 05/15/2050			33		38,624
5.20%, 09/20/2047			100		124,565
5.30%, 05/15/2049			46		58,008
Fox Corp. 4.709%, 01/25/2029			215		252,608
Prosus NV 3.832%, 02/08/2051(c)			200		185,000
Weibo Corp. 3.375%, 07/08/2030			200		207,478
					962,232
COMMUNICATIONS– TELECOMMUNICATIONS–0.3%
AT&T, Inc. 3.50%, 09/15/2053(c)			250		250,730
Series B 2.875%, 03/02/2025(i)		EUR	100		120,789
	Principal Amount (000)			U.S. $ Value
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	77	$	119,405
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 03/20/2025(c)			188		200,857
					691,781
CONSUMER CYCLICAL– AUTOMOTIVE–0.1%
Harley-Davidson Financial Services, Inc. 0.90%, 11/19/2024(c)		EUR	100		121,211
3.35%, 06/08/2025(c)		U.S.$	50		53,487
					174,698
CONSUMER CYCLICAL– OTHER–0.2%
Las Vegas Sands Corp. 3.50%, 08/18/2026			89		94,614
3.90%, 08/08/2029			100		106,552
MDC Holdings, Inc. 6.00%, 01/15/2043			133		171,505
					372,671
CONSUMER CYCLICAL–RETAILERS–0.0%
Ross Stores, Inc. 4.70%, 04/15/2027			24		27,813
CONSUMER NON-CYCLICAL–0.4%
Altria Group, Inc. 3.125%, 06/15/2031		EUR	270		368,653
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049		U.S.$	145		199,369
BAT Capital Corp. 4.906%, 04/02/2030			55		63,209
BAT Netherlands Finance BV 3.125%, 04/07/2028(c)		EUR	100		134,993
Imperial Brands Finance Netherlands BV 1.75%, 03/18/2033(c)			169		202,404
					968,628
ENERGY–0.9%
Boardwalk Pipelines LP 4.80%, 05/03/2029		U.S.$	125		144,966
BP Capital Markets PLC 3.625%, 03/22/2029(c)(i)		EUR	155		200,116
Cenovus Energy, Inc. 4.40%, 04/15/2029		U.S.$	157		177,848

13

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

	Principal Amount (000)			U.S. $ Value
Devon Energy Corp. 5.60%, 07/15/2041		U.S.$	171	$	212,117
Enbridge Energy Partners LP 7.375%, 10/15/2045			130		205,176
Energy Transfer LP 6.25%, 04/15/2049			225		295,882
Eni SpA Series NC9 3.375%, 07/13/2029(c)(i)		EUR	155		195,236
ONEOK, Inc. 4.55%, 07/15/2028		U.S.$	104		118,585
5.20%, 07/15/2048			7		8,586
6.35%, 01/15/2031			116		150,028
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			16		16,875
3.80%, 09/15/2030			42		44,979
4.50%, 12/15/2026			29		32,581
Suncor Energy, Inc. 6.50%, 06/15/2038			44		62,101
6.85%, 06/01/2039			94		137,244
TotalEnergies SE 2.625%, 02/26/2025(c)(i)		EUR	100		125,342
TransCanada PipeLines Ltd. 7.625%, 01/15/2039		U.S.$	134		208,094
Valero Energy Corp. 6.625%, 06/15/2037			32		43,833
					2,379,589
SERVICES–0.1%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031			204		199,946
IHS Markit Ltd. 4.25%, 05/01/2029			36		41,622
4.75%, 08/01/2028			11		12,956
					254,524
TECHNOLOGY–0.4%
Baidu, Inc. 3.075%, 04/07/2025			205		217,011
Broadcom, Inc. 4.11%, 09/15/2028			149		167,510
5.00%, 04/15/2030			35		41,370
Fidelity National Information Services, Inc. 1.00%, 12/03/2028		EUR	165		201,301
Fiserv, Inc. 1.125%, 07/01/2027			200		247,680
Oracle Corp. 3.95%, 03/25/2051		U.S.$	140		152,978
VeriSign, Inc. 2.70%, 06/15/2031			68		69,010
					1,096,860
	Principal Amount (000)			U.S. $ Value
TRANSPORTATION– AIRLINES–0.0%
Delta Air Lines, Inc. 7.00%, 05/01/2025(c)		U.S.$	99	$	115,519
TRANSPORTATION– SERVICES–0.2%
ENA Master Trust 4.00%, 05/19/2048(c)			200		201,288
FedEx Corp. 0.45%, 05/04/2029		EUR	120		141,759
Heathrow Funding Ltd. 6.75%, 12/03/2026(c)		GBP	135		236,029
					579,076
					8,309,581
UTILITY–0.4%
ELECTRIC–0.4%
E.ON International Finance BV 1.25%, 10/19/2027(c)		EUR	109		137,507
EDP Finance BV 0.375%, 09/16/2026(c)			170		203,636
Enel Finance International NV 2.65%, 09/10/2024(c)		U.S.$	308		323,585
Iberdrola International BV Series NC6 1.45%, 11/09/2026(c)(i)		EUR	100		119,669
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/2028		U.S.$	48		48,543
SSE PLC 1.375%, 09/04/2027(c)		EUR	160		202,408
					1,035,348
Total Corporates–Investment Grade (cost $17,134,051)					17,864,304
CORPORATES–NON-INVESTMENT GRADE–2.1%
INDUSTRIAL–1.7%
BASIC–0.3%
Axalta Coating Systems LLC 3.375%, 02/15/2029(c)		U.S.$	150		146,625
INEOS Quattro Finance 2 PLC 2.50%, 01/15/2026(c)		EUR	100		119,650
Ingevity Corp. 3.875%, 11/01/2028(c)		U.S.$	88		87,815
SPCM SA 4.875%, 09/15/2025(c)			200		204,720

14

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
WEPA Hygieneprodukte GmbH 2.875%, 12/15/2027(c)		EUR	120	$	140,536
					699,346
CAPITAL GOODS–0.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 2.00%, 09/01/2028(c)			135		160,473
TransDigm, Inc. 6.25%, 03/15/2026(c)		U.S.$	110		116,029
Vertical Midco GmbH 4.375%, 07/15/2027(c)		EUR	140		173,532
					450,034
COMMUNICATIONS– MEDIA–0.2%
Cable One, Inc. 4.00%, 11/15/2030(c)		U.S.$	53		53,228
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030– 06/01/2033(c)			112		114,973
CSC Holdings LLC 6.75%, 11/15/2021			45		45,900
Netflix, Inc. 3.625%, 05/15/2027		EUR	147		200,437
					414,538
COMMUNICATIONS– TELECOMMUNICATIONS–0.2%
Lumen Technologies, Inc. 4.50%, 01/15/2029(c)		U.S.$	103		100,309
T-Mobile USA, Inc. 2.625%, 04/15/2026			73		74,643
2.875%, 02/15/2031			48		47,603
3.375%, 04/15/2029			78		80,656
Telecom Italia SpA/Milano 1.625%, 01/18/2029(c)		EUR	140		163,251
					466,462
CONSUMER CYCLICAL– AUTOMOTIVE–0.1%
Allison Transmission, Inc. 3.75%, 01/30/2031(c)		U.S.$	105		103,030
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(c)		EUR	120		147,337
Ford Motor Co. 8.50%, 04/21/2023		U.S.$	108		120,523
					370,890
	Principal Amount (000)			U.S. $ Value
CONSUMER CYCLICAL– ENTERTAINMENT–0.1%
Carnival PLC 1.00%, 10/28/2029		EUR	200	$	194,499
CONSUMER CYCLICAL–RESTAURANTS–0.0%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(c)		U.S.$	116		114,658
CONSUMER CYCLICAL– RETAILERS–0.0%
Levi Strauss & Co. 3.50%, 03/01/2031(c)			55		54,816
CONSUMER NON-CYCLICAL–0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(c)			61		62,696
Avantor Funding, Inc. 2.625%, 11/01/2025(c)		EUR	102		123,837
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(c)			120		143,872
Grifols SA 1.625%, 02/15/2025(c)			100		119,627
IQVIA, Inc. 1.75%, 03/15/2026(c)			170		203,603
Newell Brands, Inc. 4.70%, 04/01/2026		U.S.$	81		90,309
4.875%, 06/01/2025			20		22,160
Paysafe Finance PLC/Paysafe Holdings US Corp. 3.00%, 06/15/2029(c)		EUR	135		157,667
Tenet Healthcare Corp. 4.625%, 07/15/2024		U.S.$	102		103,494
					1,027,265
OTHER INDUSTRIAL–0.0%
H&E Equipment Services, Inc. 3.875%, 12/15/2028(c)			118		116,006
SERVICES–0.1%
Square, Inc. 2.75%, 06/01/2026(c)			155		157,697

15

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

	Principal Amount (000)			U.S. $ Value
TECHNOLOGY–0.0%
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(c)		U.S.$	14	$	14,359
TRANSPORTATION–SERVICES–0.1%
Chicago Parking Meters LLC 4.93%, 12/30/2025(e)			200		220,360
					4,300,930
FINANCIAL INSTITUTIONS–0.4%
BANKING–0.3%
Banco Bilbao Vizcaya Argentaria SA Series 9 6.50%, 03/05/2025(i)			200		218,072
Banco Santander SA 6.75%, 04/25/2022(c)(i)		EUR	200		247,264
Credit Suisse Group AG 7.50%, 12/11/2023(c)(i)		U.S.$	200		221,984
Discover Financial Services Series D 6.125%, 06/23/2025(i)			117		131,306
					818,626
FINANCE–0.1%
SLM Corp. 4.20%, 10/29/2025			96		103,179
REITS–0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(c)			58		61,946
					983,751
Total Corporates–Non-Investment Grade (cost $5,169,710)					5,284,681
QUASI-SOVEREIGNS–1.6%
QUASI-SOVEREIGN BONDS–1.6%
CHINA–1.3%
China Development Bank Series 1805 4.88%, 02/09/2028		CNY	14,390		2,410,749
Series 1910 3.65%, 05/21/2029			2,040		318,335
Series 2004 3.43%, 01/14/2027			1,780		276,092
	Principal Amount (000)			U.S. $ Value
Series 2009 3.39%, 07/10/2027		CNY	1,140		176,354
					3,181,530
INDONESIA–0.1%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/2025(c)		U.S.$	200		219,736
MEXICO–0.1%
Comision Federal de Electricidad 3.348%, 02/09/2031(c)			200		198,188
Petroleos Mexicanos 5.95%, 01/28/2031			39		37,742
7.69%, 01/23/2050			120		115,050
					350,980
UNITED ARAB EMIRATES–0.1%
DP World Crescent Ltd. 3.875%, 07/18/2029(c)			200		216,750
Total Quasi-Sovereigns (cost $3,689,467)					3,968,996
COLLATERALIZED MORTGAGE OBLIGATIONS–1.4%
RISK SHARE FLOATING RATE–1.0%
Bellemeade Re Ltd. Series 2019-1A, Class M1B 1.842% (LIBOR 1 Month + 1.75%), 03/25/2029(c)(h)			220		220,000
Series 2019-2A, Class M2 3.192% (LIBOR 1 Month + 3.10%), 04/25/2029(c)(h)			150		152,007
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 2.392% (LIBOR 1 Month + 2.30%), 08/25/2031(c)(h)			33		32,864
Series 2019-R03, Class 1M2 2.242% (LIBOR 1 Month + 2.15%), 09/25/2031(c)(h)			23		22,913

16

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2019-R04, Class 2M2 2.192% (LIBOR 1 Month + 2.10%), 06/25/2039(c)(h)		U.S.$	35	$	34,786
Series 2019-R05, Class 1M2 2.092% (LIBOR 1 Month + 2.00%), 07/25/2039(c)(h)			20		20,178
Series 2019-R06, Class 2M2 2.192% (LIBOR 1 Month + 2.10%), 09/25/2039(c)(h)			46		46,008
Series 2019-R07, Class 1M2 2.192% (LIBOR 1 Month + 2.10%), 10/25/2039(c)(h)			31		31,266
Eagle RE Ltd. Series 2018-1, Class M1 1.792% (LIBOR 1 Month + 1.70%), 11/25/2028(c)(h)			56		55,817
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 4.092% (LIBOR 1 Month + 4.00%), 08/25/2024(h)			92		93,878
Series 2014-HQ3, Class M3 4.842% (LIBOR 1 Month + 4.75%), 10/25/2024(h)			28		28,598
Series 2019-DNA3, Class M2 2.142% (LIBOR 1 Month + 2.05%), 07/25/2049(c)(h)			20		20,625
Series 2019-HQA1, Class M2 2.442% (LIBOR 1 Month + 2.35%), 02/25/2049(c)(h)			46		46,077
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C01, Class 1M2 4.392% (LIBOR 1 Month + 4.30%), 02/25/2025(h)			36		37,239
	Principal Amount (000)			U.S. $ Value
Series 2015-C02, Class 1M2 4.092% (LIBOR 1 Month + 4.00%), 05/25/2025(h)		U.S.$	53	$	53,737
Series 2015-C02, Class 2M2 4.092% (LIBOR 1 Month + 4.00%), 05/25/2025(h)			19		18,935
Series 2015-C03, Class 1M2 5.092% (LIBOR 1 Month + 5.00%), 07/25/2025(h)			25		25,653
Series 2015-C03, Class 2M2 5.092% (LIBOR 1 Month + 5.00%), 07/25/2025(h)			29		29,487
Series 2015-C04, Class 1M2 5.792% (LIBOR 1 Month + 5.70%), 04/25/2028(h)			34		35,592
Series 2015-C04, Class 2M2 5.642% (LIBOR 1 Month + 5.55%), 04/25/2028(h)			118		125,098
Series 2016-C01, Class 1M2 6.842% (LIBOR 1 Month + 6.75%), 08/25/2028(h)			39		42,031
Series 2016-C02, Class 1M2 6.092% (LIBOR 1 Month + 6.00%), 09/25/2028(h)			73		76,867
Series 2016-C05, Class 2M2 4.542% (LIBOR 1 Month + 4.45%), 01/25/2029(h)			137		143,394
Series 2016-C06, Class 1M2 4.342% (LIBOR 1 Month + 4.25%), 04/25/2029(h)			86		89,915
Series 2017-C01, Class 1M2 3.642% (LIBOR 1 Month + 3.55%), 07/25/2029(h)			57		59,493
Series 2017-C02, Class 2M2 3.742% (LIBOR 1 Month + 3.65%), 09/25/2029(h)			122		126,690

17

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

	Principal Amount (000)			U.S. $ Value
Series 2017-C05, Class 1M2 2.292% (LIBOR 1 Month + 2.20%), 01/25/2030(h)		U.S.$	107	$	108,923
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.342% (LIBOR 1 Month + 4.25%), 11/25/2024 (h)(j)			11		11,163
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.096% (LIBOR 1 Month + 2.00%), 03/27/2024(c)(h)			62		61,459
Series 2019-2R, Class A 2.846% (LIBOR 1 Month + 2.75%), 05/27/2023(c)(h)			106		104,552
Radnor Re Ltd. Series 2019-1, Class M1B 2.042% (LIBOR 1 Month + 1.95%), 02/25/2029(c)(h)			140		140,855
STACR Trust Series 2018-DNA3, Class M2 2.192% (LIBOR 1 Month + 2.10%), 09/25/2048(c)(h)			174		176,288
Triangle Re Ltd. Series 2021-1, Class M1B 3.092% (LIBOR 1 Month + 3.00%), 08/25/2033(c)(h)			149		150,422
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.342% (LIBOR 1 Month + 5.25%), 11/25/2025(h)(j)			58		56,074
Series 2015-WF1, Class 2M2 5.592% (LIBOR 1 Month + 5.50%), 11/25/2025(h)(j)			16		15,509
					2,494,393
	Principal Amount (000)			U.S. $ Value
AGENCY FLOATING RATE–0.2%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 6.027% (6.10%–LIBOR 1 Month), 12/15/2044(h)(k)		U.S.$	351	$	74,819
Series 4693, Class SL 6.077% (6.15%–LIBOR 1 Month), 06/15/2047(h)(k)			367		88,397
Series 4719, Class JS 6.077% (6.15%–LIBOR 1 Month), 09/15/2047(h)(k)			243		46,538
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.449% (6.54%–LIBOR 1 Month), 12/25/2041(h)(k)			184		38,976
Series 2016-106, Class ES 5.909% (6.00%–LIBOR 1 Month), 01/25/2047(h)(k)			340		67,878
Series 2017-81, Class SA 6. 109% (6.20%–LIBOR 1 Month), 10/25/2047(h)(k)			376		88,989
Series 2017-97, Class LS 6.109% (6.20%–LIBOR 1 Month), 12/25/2047(h)(k)			314		79,239
Government National Mortgage Association Series 2017-65, Class ST 6.057% (6.15%–LIBOR 1 Month), 04/20/2047(h)(k)			342		75,045
Series 2017-134, Class SE 6.107% (6.20%–LIBOR 1 Month), 09/20/2047(h)(k)			213		41,842
					601,723

18

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
NON-AGENCY FIXED RATE–0.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		U.S.$	16	$	14,407
Series 2006-24CB, Class A16 5.75%, 08/25/2036			84		65,317
Series 2006-28CB, Class A14 6.25%, 10/25/2036			62		46,006
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			38		34,619
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037			28		19,007
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036			37		26,264
Series 2006-13, Class 1A19 6.25%, 09/25/2036			19		12,778
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036			74		49,679
					268,077
NON-AGENCY FLOATING RATE–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.472% (LIBOR 1 Month + 0.38%), 12/25/2036(h)			200		94,766
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.592% (LIBOR 1 Month + 0.50%), 03/25/2035(h)			47		42,919
					137,685
Total Collateralized Mortgage Obligations (cost $3,520,622)					3,501,878
	Principal Amount (000)			U.S. $ Value
INFLATION-LINKED SECURITIES–1.3%
FRANCE–0.7%
French Republic Government Bond OAT Series OATE 0.10%, 03/01/2026(c)		EUR	1,258	$	1,623,095
GERMANY–0.6%
Deutsche Bundesrepublik Inflation Linked Bond 0.10%, 04/15/2026(c)			1,250		1,621,970
Total Inflation-Linked Securities (cost $3,276,536)					3,245,065
MORTGAGE PASS-THROUGHS–1.2%
AGENCY FIXED RATE 30-YEAR–1.2%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 09/01/2049-10/01/2049		U.S.$	434		463,540
Series 2020 2.50%, 07/01/2050			132		138,128
Federal Home Loan Mortgage Corp. Gold Series 2019 4.50%, 02/01/2049			138		151,833
Federal National Mortgage Association Series 2012 3.50%, 11/01/2042			258		279,155
Series 2013 3.50%, 04/01/2043			167		181,139
Series 2018 3.50%, 02/01/2048			118		123,889
4.50%, 09/01/2048			275		299,406
Series 2019 3.50%, 11/01/2049			133		142,140
Series 2020 2.50%, 07/01/2050			742		779,049
Uniform Mortgage-Backed Security Series 2021 2.50%, 07/01/2051, TBA			400		413,937
Total Mortgage Pass-Throughs (cost $2,936,103)					2,972,216

19

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

	Principal Amount (000)			U.S. $ Value
COLLATERALIZED LOAN OBLIGATIONS–0.8%
CLO–FLOATING RATE–0.8%
AGL CLO 12 Ltd. Series 2021-12A, Class A1 1.29% (LIBOR 3 Month + 1.16%), 07/20/2034(c)(h)		U.S.$	250	$	250,112
Ballyrock CLO 16 Ltd. Series 2021-16A, Class A1 1.265% (LIBOR 3 Month + 1.13%), 07/20/2034(c)(h)			250		250,101
ICG US CLO Ltd. Series 2015-1A, Class A1R 1.33% (LIBOR 3 Month + 1.14%), 10/19/2028(c)(h)			286		285,760
Neuberger Berman Loan Advisers CLO 42 Ltd. Series 2021-42A, Class B 1.741% (LIBOR 3 Month + 1.60%), 07/16/2035(c)(h)			250		250,000
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A Zero Coupon (LIBOR 3 Month + 1.13%), 07/17/2035(c)(h)			250		250,000
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 1.335% (LIBOR 3 Month + 1.18%), 11/18/2031(c)(h)			320		320,056
Pikes Peak CLO 8 Series 2021-8A, Class B 1.87% (LIBOR 3 Month + 1.75%), 07/20/2034(c)(d)(h)			250		250,000
TIAA CLO IV Ltd. Series 2018-1A, Class A1A 1.418% (LIBOR 3 Month + 1.23%), 01/20/2032(c)(h)			250		250,012
Total Collateralized Loan Obligations (cost $2,105,752)					2,106,041
	Principal Amount (000)			U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.8%
NON-AGENCY FLOATING RATE CMBS–0.6%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.073% (LIBOR 1 Month + 1.00%), 06/15/2035(c)(h)		U.S.$	200	$	200,157
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.073% (LIBOR 1 Month + 1.00%), 11/15/2033(c)(h)			375		366,897
BHMS Series 2018-ATLS, Class A 1.323% (LIBOR 1 Month + 1.25%), 07/15/2035(c)(h)			158		158,142
BX Trust Series 2018-EXCL, Class A 1.161% (LIBOR 1 Month + 1.09%), 09/15/2037(c)(h)			149		147,436
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.123% (LIBOR 1 Month + 1.03%), 12/19/2030(c)(h)			166		165,849
Invitation Homes Trust Series 2018-SFR4, Class A 1.182% (LIBOR 1 Month + 1.10%), 01/17/2038(c)(h)			209		209,786
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.023% (LIBOR 1 Month + 1.95%), 11/15/2026 (h)(j)			80		73,509
Starwood Retail Property Trust Series 2014-STAR, Class A 1.543% (LIBOR 1 Month + 1.47%), 11/15/2027(c)(h)			176		131,364
					1,453,140

20

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
NON-AGENCY FIXED RATE CMBS–0.2%
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 04/10/2031(c)		U.S.$	276	$	275,631
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.313%, 05/15/2045(c)			119		83,873
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)			140		141,732
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.611%, 09/15/2048			73		67,687
					568,923
Total Commercial Mortgage-Backed Securities (cost $2,118,353)					2,022,063
EMERGING MARKETS–CORPORATE BONDS–0.4%
INDUSTRIAL–0.4%
BASIC–0.0%
Volcan Cia Minera SAA 4.375%, 02/11/2026(c)			24		23,640
CAPITAL GOODS–0.1%
Embraer Netherlands Finance BV 6.95%, 01/17/2028(c)			200		228,250
COMMUNICATIONS– MEDIA–0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)			200		206,350
CONSUMER NON- CYCLICAL–0.1%
BRF GmbH 4.35%, 09/29/2026(c)			200		210,412
ENERGY–0.0%
Leviathan Bond Ltd. 6.125%, 06/30/2025(c)			46		50,589
	Principal Amount (000)			U.S. $ Value
TRANSPORTATION– SERVICES–0.1%
InPost SA 2.25%, 07/15/2027(c)		EUR	135	$	161,146
					880,387
UTILITY–0.0%
ELECTRIC–0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(j)		U.S.$	14		14,422
Total Emerging Markets–Corporate Bonds (cost $876,998)					894,809
EMERGING MARKETS– SOVEREIGNS–0.3%
BAHRAIN–0.1%
Bahrain Government International Bond 5.25%, 01/25/2033(c)			200		194,750
EGYPT–0.1%
Egypt Government International Bond 5.875%, 02/16/2031(b)(c)			200		193,438
IVORY COAST–0.0%
Ivory Coast Government International Bond 5.875%, 10/17/2031(c)		EUR	100		127,527
OMAN–0.1%
Oman Government International Bond 4.875%, 02/01/2025(c)		U.S.$	200		209,475
Total Emerging Markets–Sovereigns (cost $706,137)					725,190
LOCAL GOVERNMENTS–PROVINCIAL BONDS–0.3%
Province of Quebec Canada 2.75%, 09/01/2027		CAD	465		403,397
Province of Ontario Canada 2.60%, 06/02/2027			235		201,483
Total Local Governments–Provincial Bonds (cost $606,326)					604,880

21

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

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS–SOVEREIGN BONDS–0.2%
INDONESIA–0.1%
Indonesia Government International Bond 3.375%, 07/30/2025(c)		EUR	180	$	238,754
MEXICO–0.1%
Mexico Government International Bond 4.75%, 04/27/2032		U.S.$	280		320,565
Total Governments–Sovereign Bonds (cost $563,631)					559,319
GOVERNMENTS–SOVEREIGN AGENCIES–0.1%
CANADA–0.1%
Canada Housing Trust No. 1 1.80%, 12/15/2024(c)		CAD	200		166,380
1.95%, 12/15/2025(c)			195		162,904
Total Governments–Sovereign Agencies (cost $324,068)					329,284
ASSET-BACKED SECURITIES–0.0%
AUTOS–FIXED RATE–0.0%
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022(c) (cost $71,086)		U.S.$	71		71,533
	Shares			U.S. $ Value
SHORT-TERM INVESTMENTS–1.1%
INVESTMENT COMPANIES–1.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(f)(g)(l) (cost $2,610,465)			2,610,465	$	2,610,465
Total Investments Before Security Lending Collateral for Securities Loaned–99.9% (cost $204,376,073)					250,645,379
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0%
INVESTMENT COMPANIES–0.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(f)(g)(l) (cost $95,175)			95,175		95,175
TOTAL INVESTMENTS–99.9% (cost $204,471,248)					250,740,554
Other assets less liabilities–0.1%					209,456
NET ASSETS–100.0%				$	250,950,010

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-Bund Futures		13		September 2021	$	2,660,740	$	376
Euro-Schatz Futures		3		September 2021		398,910		(75	)
U.S. T-Note 2 Yr (CBT) Futures		19		September 2021		4,186,086		(23	)
Sold Contracts
10 Yr Canadian Bond Futures		8		September 2021		939,142		(10,951	)
Euro-BOBL Futures		37		September 2021		5,885,530		4,331
U.S. 10 Yr Ultra Futures		3		September 2021		441,609		(7,738	)
							$	(14,080	)

22

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)
Australia and New Zealand Banking Group Ltd.		AUD	3,000		USD	2,325		08/25/2021	$	74,411
Bank of America, NA		BRL	6,134		USD	1,211		07/02/2021		(22,623	)
Bank of America, NA		EUR	1,641		USD	1,997		08/03/2021		50,041
Bank of America, NA		USD	1,226		BRL	6,134		07/02/2021		7,002
Barclays Bank PLC		IDR	5,791,289		USD	392		07/15/2021		(5,794	)
BNP Paribas SA		BRL	6,134		USD	1,234		08/03/2021		4,505
BNP Paribas SA		BRL	6,134		USD	1,226		07/02/2021		(7,002	)
BNP Paribas SA		ZAR	5,590		USD	392		09/16/2021		3,783
BNP Paribas SA		USD	759		AUD	1,006		08/25/2021		(4,380	)
BNP Paribas SA		USD	1,237		BRL	6,134		07/02/2021		(4,180	)
Citibank, NA		IDR	5,735,317		USD	403		07/15/2021		9,561
Citibank, NA		COP	1,149,249		USD	306		07/15/2021		(114	)
Citibank, NA		KRW	908,134		USD	812		07/22/2021		8,165
Citibank, NA		KRW	452,332		USD	399		07/22/2021		(1,574	)
Citibank, NA		MXN	39,989		USD	1,972		08/27/2021		(20,405	)
Citibank, NA		INR	30,839		USD	416		07/15/2021		2,232
Citibank, NA		CNY	26,011		USD	3,994		09/16/2021		(5,586	)
Citibank, NA		THB	7,810		USD	248		07/15/2021		4,181
Citibank, NA		CAD	1,894		USD	1,513		07/16/2021		(14,850	)
Citibank, NA		GBP	593		USD	827		08/26/2021		6,324
Citibank, NA		USD	384		CLP	274,095		07/15/2021		(10,563	)
Citibank, NA		USD	804		IDR	11,495,117		07/15/2021		(15,406	)
Credit Suisse International		CHF	717		USD	796		08/05/2021		21,145
Goldman Sachs Bank USA		USD	1,191		CHF	1,090		08/05/2021		(11,693	)
HSBC Bank USA		EUR	17,488		USD	21,453		08/03/2021		702,824
JPMorgan Chase Bank, NA		MXN	15,908		USD	800		08/27/2021		7,161
JPMorgan Chase Bank, NA		SEK	6,927		USD	809		07/15/2021		(219	)
JPMorgan Chase Bank, NA		ZAR	5,590		USD	391		09/16/2021		3,390
JPMorgan Chase Bank, NA		USD	810		NOK	6,740		07/15/2021		(27,051	)
JPMorgan Chase Bank, NA		USD	780		MXN	16,043		08/27/2021		19,482
JPMorgan Chase Bank, NA		USD	815		RUB	60,601		07/28/2021		9,819
JPMorgan Chase Bank, NA		USD	755		JPY	83,176		08/19/2021		(5,658	)
Morgan Stanley Capital Services, Inc.		JPY	1,036,683		USD	9,526		08/19/2021		190,900
Morgan Stanley Capital Services, Inc.		CLP	840,784		USD	1,183		07/15/2021		38,624
Morgan Stanley Capital Services, Inc.		MYR	1,237		USD	299		09/23/2021		1,851
Morgan Stanley Capital Services, Inc.		USD	789		EUR	647		08/03/2021		(21,178	)
Morgan Stanley Capital Services, Inc.		USD	803		INR	60,973		07/15/2021		15,709
Morgan Stanley Capital Services, Inc.		USD	808		INR	59,999		07/15/2021		(2,055	)
Morgan Stanley Capital Services, Inc.		USD	1,587		JPY	174,863		08/19/2021		(12,190	)
Morgan Stanley Capital Services, Inc.		USD	392		CLP	287,857		07/15/2021		(92	)
Standard Chartered Bank		KRW	1,990,813		USD	1,753		07/22/2021		(8,321	)
Standard Chartered Bank		INR	29,823		USD	403		07/15/2021		2,834
Standard Chartered Bank		USD	1,213		KRW	1,361,106		07/22/2021		(8,809	)
State Street Bank & Trust Co.		JPY	53,472		USD	485		08/19/2021		3,251
State Street Bank & Trust Co.		SEK	2,078		USD	246		07/15/2021		3,323
State Street Bank & Trust Co.		MXN	632		USD	31		08/27/2021		(267	)
State Street Bank & Trust Co.		DKK	559		USD	90		07/15/2021		723

23

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

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		CHF	372		USD	409		08/05/2021	$	6,153
State Street Bank & Trust Co.		GBP	359		USD	505		08/26/2021		8,338
State Street Bank & Trust Co.		EUR	1,417		USD	1,715		08/03/2021		33,701
State Street Bank & Trust Co.		CAD	102		USD	82		07/16/2021		(767	)
State Street Bank & Trust Co.		NZD	49		USD	35		07/29/2021		1,216
State Street Bank & Trust Co.		USD	30		CAD	37		07/16/2021		(138	)
State Street Bank & Trust Co.		USD	1,081		EUR	894		08/03/2021		(19,525	)
State Street Bank & Trust Co.		USD	168		GBP	119		08/26/2021		(2,881	)
State Street Bank & Trust Co.		USD	69		CAD	86		07/16/2021		542
State Street Bank & Trust Co.		USD	173		CHF	157		08/05/2021		(3,488	)
State Street Bank & Trust Co.		USD	12		HKD	96		08/19/2021		1
State Street Bank & Trust Co.		USD	98		SGD	131		08/19/2021		(903	)
State Street Bank & Trust Co.		USD	108		AUD	140		08/25/2021		(3,349	)
State Street Bank & Trust Co.		USD	150		SEK	1,274		07/15/2021		(1,530	)
State Street Bank & Trust Co.		USD	205		GBP	148		08/26/2021		110
State Street Bank & Trust Co.		USD	20		NOK	169		07/15/2021		(225	)
State Street Bank & Trust Co.		USD	96		JPY	10,499		08/19/2021		(994	)
UBS AG		RUB	30,922		USD	428		07/28/2021		7,424
UBS AG		USD	388		CLP	278,638		07/15/2021		(9,202	)
									$	995,714

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CAD	3,780		05/22/2024		3 Month CDOR		1.980%	Semi-Annual	$	84,893		$	1		$	84,892
EUR	540		09/30/2050		0.122%		6 Month EURIBOR	Annual/ Semi-Annual		63,369			–0	–		63,369
EUR	540		09/30/2050		6 Month EURIBOR		(0.017)%	Semi-Annual/ Annual		(88,886	)		–0	–		(88,886	)
EUR	550		11/10/2050		0.022%		6 Month EURIBOR	Annual/ Semi-Annual		84,034			–0	–		84,034
EUR	550		11/10/2050		6 Month EURIBOR		(0.043)%	Semi-Annual/ Annual		(94,485	)		6,486			(100,971	)
									$	48,925		$	6,487		$	42,438

24

AB Variable Products Series Fund

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		10.00	%		USD	8	$	(2,113	)	$	(905	)	$	(1,208	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9		(2,377	)		(499	)		(1,878	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	52		(13,732	)		(5,737)			(7,995	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	53		(13,997	)		(5,850	)		(8,147	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,056	)		(346	)		(710	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,112	)		(762	)		(1,350	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,113	)		(705	)		(1,408	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	58		(15,312	)		(9,148	)		(6,164	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	53		(13,997	)		(5,449	)		(8,548	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	82		(21,648	)		(13,119	)		(8,529	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	75		(19,800	)		(11,125	)		(8,675	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	78		(20,598	)		(10,243	)		(10,355	)
													$  (128,855	)		$  (63,888	)		$  (64,967	)

* 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

6,210

05/17/2032

2.532

%

CPI

#

Maturity

$

(110,685)

$

–0

–

$

(110,685)

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

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $36,807,294 or 14.7% of net assets.

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

25

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

(e) Fair valued by the Adviser.

(f) Affiliated investments.

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

(h) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2021.

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

(j) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.07% of net assets as of June 30, 2021, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.342%, 11/25/2024		11/06/2015	$	11,245	$	11,163		0.00	%
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.023%, 11/15/2026		11/16/2015		79,783		73,509		0.03	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		14,000		14,422		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.342%, 11/25/2025		09/28/2015		57,665		56,074		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.592%, 11/25/2025		09/28/2015		15,572		15,509		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

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thailand Baht

USD—United States Dollar

ZAR—South African Rand

26

AB Variable Products Series Fund

Glossary:

ADR—American Depositary Receipt

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

CDOR—Canadian Dealer Offered Rate

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

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

EURIBOR—Euro Interbank Offered Rate

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.

27

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $144,008,682)	$	182,754,687	(a)
Affiliated issuers (cost $60,462,566—including investment of cash collateral for securities loaned of $95,175)		67,985,867
Cash		520
Cash collateral due from broker		76,850
Foreign currencies, at value (cost $370,397)		369,365
Unrealized appreciation on forward currency exchange contracts		1,248,726
Unaffiliated interest and dividends receivable		579,629
Receivable for investment securities sold and foreign currency transactions		7,819
Receivable for capital stock sold		6,341
Receivable for variation margin on centrally cleared swaps		1,894
Receivable for variation margin on futures		883
Affiliated dividends receivable		10
Total assets		253,032,591
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		974,604
Unrealized depreciation on forward currency exchange contracts		253,012
Payable for capital stock redeemed		174,536
Market value on credit default swaps (net premiums received $63,888)		128,855
Unrealized depreciation on inflation swaps		110,685
Payable for collateral received on securities loaned		95,175
Advisory fee payable		73,634
Distribution fee payable		46,941
Foreign capital gains tax payable		21,635
Administrative fee payable		20,555
Transfer Agent fee payable		129
Accrued expenses and other liabilities		182,820
Total liabilities		2,082,581
NET ASSETS	$	250,950,010
COMPOSITION OF NET ASSETS
Capital stock, at par	$	21,981
Additional paid-in capital		187,489,450
Distributable earnings		63,438,579
NET ASSETS	$	250,950,010

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	23,204,735		2,004,230	$	11.58
B	$	227,745,275		19,976,490	$	11.40

(a) Includes securities on loan with a value of $2,931,042 (see Note E).

See notes to financial statements.

28

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $33,719)	$	986,947
Affiliated issuers		70
Interest (net of foreign taxes withheld of $3)		878,509
Securities lending income		1,659
Other income		362
		1,867,547
EXPENSES
Advisory fee (see Note B)		673,717
Distribution fee—Class B		278,533
Transfer agency—Class A		273
Transfer agency—Class B		2,734
Custody and accounting		85,876
Audit and tax		41,964
Administrative		39,735
Printing		26,370
Legal		20,945
Directors’ fees		10,912
Miscellaneous		11,061
Total expenses		1,192,120
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(240,505	)
Net expenses		951,615
Net investment income		915,932
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Affiliated Underlying Portfolios		333,450
Investment transactions(a)		8,091,481
Forward currency exchange contracts		(250,392	)
Futures		177,472
Swaps		22,940
Foreign currency transactions		785,160
Net change in unrealized appreciation/depreciation of:
Affiliated Underlying Portfolios		6,017,441
Investments(b)		3,314,259
Forward currency exchange contracts		1,575,731
Futures		(25,639	)
Swaps		165,283
Foreign currency denominated assets and liabilities		(29,192	)
Net gain on investment and foreign currency transactions		20,177,994
Contributions from Affiliates (see Note B)		71
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	21,093,997

(a) Net of foreign realized capital gains taxes of $2,009.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $10,994.

See notes to financial statements.

29

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	915,932		$	2,685,630
Net realized gain on investment and foreign currency transactions		9,160,111			2,990,934
Net realized gain distributions from Underlying Portfolios		–0	–		412,213
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		11,017,883			13,329,050
Contributions from Affiliates (see Note B)		71			–0	–
Net increase in net assets from operations		21,093,997			19,417,827
Distributions to Shareholders
Class A		–0	–		(1,115,680	)
Class B		–0	–		(10,939,126	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(13,823,311	)		(19,101,220	)
Total increase (decrease)		7,270,686			(11,738,199	)
NET ASSETS
Beginning of period		243,679,324			255,417,523
End of period	$	250,950,010		$	243,679,324

See notes to financial statements.

30

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Balanced Wealth Strategy Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to maximize total return consistent with the determination of AllianceBernstein L.P. (the “Adviser”) of reasonable risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland 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. 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

31

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

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

2. Fair Value Measurements

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

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

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

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

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.

32

AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

22,228,201

$

240,323

$

–0

–

$

22,468,524

Consumer Discretionary

11,981,702

635,179

40,816

12,657,697

Real Estate

8,213,000

3,114,320

–0

–

11,327,320

Health Care

10,888,201

181,857

–0

–

11,070,058

Communication Services

10,549,421

110,528

–0

–

10,659,949

Financials

8,633,510

563,964

–0

–

9,197,474

Industrials

7,580,955

564,515

–0

–

8,145,470

Energy

2,953,745

3,098,992

–0

–

6,052,737

Materials

2,734,629

2,385,844

–0

–

5,120,473

Consumer Staples

3,712,681

240,037

–0

–

3,952,718

Utilities

1,924,481

190,671

–0

–

2,115,152

Consumer Durables & Apparel

68,213

55,301

–0

–

123,514

Consumer Services

99,066

–0

–

–0

–

99,066

Transportation

–0

–

85,299

–0

–

85,299

Telecommunication Services

–0

–

46,638

–0

–

46,638

Capital Goods

32,487

–0

–

–0

–

32,487

Software & Services

27,472

–0

–

–0

–

27,472

Investment Companies

65,280,227

–0

–

–0

–

65,280,227

Governments—Treasuries

–0

–

35,422,380

–0

–

35,422,380

Corporates—Investment Grade

–0

–

17,864,304

–0

–

17,864,304

Corporates—Non-Investment Grade

–0

–

5,284,681

–0

–

5,284,681

Quasi-Sovereigns

–0

–

3,968,996

–0

–

3,968,996

Collateralized Mortgage Obligations

–0

–

3,501,878

–0

–

3,501,878

Inflation-Linked Securities

–0

–

3,245,065

–0

–

3,245,065

Mortgage Pass-Throughs

–0

–

2,972,216

–0

–

2,972,216

Collateralized Loan Obligations

–0

–

1,856,041

250,000

2,106,041

Commercial Mortgage-Backed Securities

–0

–

2,022,063

–0

–

2,022,063

Emerging Markets—Corporate Bonds

–0

–

894,809

–0

–

894,809

Emerging Markets—Sovereigns

–0

–

725,190

–0

–

725,190

Local Governments—Provincial Bonds

–0

–

604,880

–0

–

604,880

Governments—Sovereign Bonds

–0

–

559,319

–0

–

559,319

Governments—Sovereign Agencies

–0

–

329,284

–0

–

329,284

Asset-Backed Securities

–0

–

71,533

–0

–

71,533

Short-Term Investments

2,610,465

–0

–

–0

–

2,610,465

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

95,175

–0

–

–0

–

95,175

Total Investments in Securities

159,613,631

90,836,107

290,816

250,740,554

Other Financial Instruments(a):

Assets:

Futures

4,707

–0

–

–0

–

4,707

(b)

Forward Currency Exchange Contracts

–0

–

1,248,726

–0

–

1,248,726

Centrally Cleared Interest Rate Swaps

–0

–

232,296

–0

–

232,296

(b)

Liabilities:

Futures

(18,787

)

–0

–

–0

–

(18,787

)(b)

Forward Currency Exchange Contracts

–0

–

(253,012

)

–0

–

(253,012

)

Centrally Cleared Interest Rate Swaps

–0

–

(183,371

)

–0

–

(183,371

)(b)

Credit Default Swaps

–0

–

(128,855

)

–0

–

(128,855

)

Inflation (CPI) Swaps

–0

–

(110,685

)

–0

–

(110,685

)

Total

$

159,599,551

$

91,641,206

$

290,816

$

251,531,573

33

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

(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 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

34

AB Variable Products Series Fund

net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2021, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,735.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

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, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $328.

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, 2022. For the six months ended June 30, 2021, such waivers and/or reimbursements amounted to $240,176.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

																		Distributions
Fund	Market Value 12/31/20 (000)			Purchases at Cost (000)			Sales Proceeds (000)			Realized Gain (Loss) (000)			Change in Unrealized Appr./(Depr.) (000)			Market Value 6/30/21 (000)		Dividend Income (000)			Realized Gains (000)
Government Money Market Portfolio	$	1,673		$	25,873		$	24,936		$	–0	–	$	–0	–	$	2,610	$	0	*	$	–0	–
AB Discovery Growth Fund, Inc.		3,073			–0	–		–0	–		–0	–		223			3,296		–0	–		–0	–
AB Trust—AB Discovery Value Fund		3,151			–0	–		797			42			766			3,162		–0	–		–0	–
Bernstein Fund, Inc.: International Small Cap Portfolio		8,410			–0	–		1,003			14			966			8,387		–0	–		–0	–
International Strategic Equities Portfolio		42,917			–0	–		3,135			174			3,268			43,224		–0	–		–0	–
Small Cap Core Portfolio		3,105			–0	–		407			62			459			3,219		–0	–		–0	–
Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio		3,965			–0	–		348			41			335			3,993		–0	–		–0	–
Government Money Market Portfolio**		–0	–		2,334			2,239			–0	–		–0	–		95		0	*		–0	–
Total										$	333		$	6,017		$	67,986	$	0	*	$	–0	–

* Amount is less than $500.

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

35

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

During the six months ended June 30, 2021, the Adviser reimbursed the Portfolio $71 for trading losses incurred due to a trade entry error.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2021 amounted to $11,217, of which $434 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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

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

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	57,355,011	$	72,056,874
U.S. government securities		19,251,770		12,921,561

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

Gross unrealized appreciation	$	50,343,281
Gross unrealized depreciation		(3,225,555	)
Net unrealized appreciation	$	47,117,726

36

AB Variable Products Series Fund

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the six months ended June 30, 2021, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2021, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually

37

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

netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

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

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

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

Interest Rate Swaps:

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

38

AB Variable Products Series Fund

During the six months ended June 30, 2021, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

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

During the six months ended June 30, 2021, the Portfolio held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

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

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

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

During the six months ended June 30, 2021, 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.

39

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

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

During the six months ended June 30, 2021, 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	$	4,707	*	Receivable/Payable for variation margin on futures	$	18,787	*
Interest rate contracts	Receivable/Payable for variation margin on centrally cleared swaps		225,809	*	Receivable/Payable for variation margin on centrally cleared swaps		183,371	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		1,248,726		Unrealized depreciation on forward currency exchange contracts		253,012
Interest rate contracts					Unrealized depreciation on inflation swaps		110,685
Credit contracts					Market value on credit default swaps		128,855
Total		$	1,479,242			$	694,710

* 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	$	177,472		$	(25,639	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(250,392	)		1,575,731
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		46,524			128,561
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(23,584	)		36,722
Total		$	(49,980	)	$	1,715,375

40

AB Variable Products Series Fund

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2021:

Futures:
Average notional amount of buy contracts	$	4,957,616
Average notional amount of sale contracts	$	4,790,670
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	17,693,776
Average principal amount of sale contracts	$	58,958,826
Inflation Swaps:
Average notional amount	$	8,917,143
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	7,730,191
Credit Default Swaps:
Average notional amount of sale contracts	$	569,429

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2021. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Australia and New Zealand Banking Group Ltd.

$

74,411

$

–0

–

$

–0

–

$

–0

–

$

74,411

Bank of America, NA

57,043

(57,043

)

–0

–

–0

–

–0

–

BNP Paribas SA

8,288

(8,288

)

–0

–

–0

–

–0

–

Citibank, NA

30,463

(30,463

)

–0

–

–0

–

–0

–

Credit Suisse International

21,145

–0

–

–0

–

–0

–

21,145

HSBC Bank USA

702,824

–0

–

–0

–

–0

–

702,824

JPMorgan Chase Bank, NA

39,852

(32,928

)

–0

–

–0

–

6,924

Morgan Stanley Capital Services, Inc.

247,084

(35,515

)

–0

–

–0

–

211,569

Standard Chartered Bank

2,834

(2,834

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

57,358

(34,067

)

–0

–

–0

–

23,291

UBS AG

7,424

(7,424

)

–0

–

–0

–

–0

–

Total

$

1,248,726

$

(208,562

)

$

–0

–

$

–0

–

$

1,040,164

^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of DerivativeLiabilities

Bank of America, NA

$

133,308

$

(57,043

)

$

–0

–

$

–0

–

$

76,265

Barclays Bank PLC

5,794

–0

–

–0

–

–0

–

5,794

BNP Paribas SA

15,562

(8,288

)

–0

–

–0

–

7,274

Citibank, NA

68,498

(30,463

)

–0

–

–0

–

38,035

Deutsche Bank AG

32,219

–0

–

–0

–

–0

–

32,219

Goldman Sachs Bank USA/Goldman Sachs International

108,329

–0

–

–0

–

–0

–

108,329

JPMorgan Chase Bank, NA

32,928

(32,928

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

35,515

(35,515

)

–0

–

–0

–

–0

–

Standard Chartered Bank

17,130

(2,834

)

–0

–

–0

–

14,296

State Street Bank & Trust Co.

34,067

(34,067

)

–0

–

–0

–

–0

–

UBS AG

9,202

(7,424

)

–0

–

–0

–

1,778

Total

$

492,552

$

(208,562

)

$

–0

–

$

–0

–

$

283,990

^

41

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

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

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

2. Currency Transactions

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

3. TBA and Dollar Rolls

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

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended June 30, 2021, the Portfolio earned drop income of $4,252 which is included in interest income in the accompanying statement of operations.

NOTE E: Securities Lending

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

42

AB Variable Products Series Fund

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

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2021 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	2,931,042	$	95,175	$	2,928,704	$	1,645	$	14	$	1

* As of June 30, 2021.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		146,608			77,220		$	1,639,737		$	757,635
Shares issued in reinvestment of dividends and distributions		–0	–		114,782			–0	–		1,115,680
Shares redeemed		(144,498	)		(567,977	)		(1,610,149	)		(5,567,327	)
Net increase (decrease)		2,110			(375,975	)	$	29,588		$	(3,694,012	)
Class B
Shares sold		555,712			1,282,047		$	6,127,743		$	11,968,828
Shares issued in reinvestment of dividends		–0	–		1,140,680			–0	–		10,939,126
Shares redeemed		(1,832,240	)		(4,048,921	)		(19,980,642	)		(38,315,162	)
Net decrease		(1,276,528	)		(1,626,194	)	$	(13,852,899	)	$	(15,407,208	)

At June 30, 2021, 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.

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

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

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

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

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

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

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

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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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

44

AB Variable Products Series Fund

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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 the 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.

45

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

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

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.

46

BALANCED WEALTH STRATEGY PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.61			$10.24			$10.10			$11.86			$10.54			$10.99
Income From Investment Operations
Net investment income (a)(b)		.05			.13			.19			.23			.17			.19	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.92			.78			1.58			(.87	)		1.48			.34
Contributions from Affiliates		.00	(c)		–0	–		–0	–		.00	(c)		.00	(c)		.00	(c)
Net increase (decrease) in net asset value from operations		.97			.91			1.77			(.64	)		1.65			.53
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.24	)		(.29	)		(.23	)		(.24	)		(.24	)
Distributions from net realized gain on investment transactions		–0	–		(.30	)		(1.34	)		(.89	)		(.09	)		(.74	)
Total dividends and distributions		–0	–		(.54	)		(1.63	)		(1.12	)		(.33	)		(.98	)
Net asset value, end of period		$11.58			$10.61			$10.24			$10.10			$11.86			$10.54
Total Return
Total investment return based on net asset value (d)*		9.14	%		9.41	%		18.53	%		(6.17	)%		15.84	%		4.69	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$23,205			$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	%		.55	%		.66	%		.73	%		.73	%
Expenses, before waivers/reimbursements (e)(f)‡		.75	%^		.77	%		.75	%		.75	%		.73	%		.73	%
Net investment income (b)		.98	%^		1.38	%		1.81	%		2.05	%		1.51	%		1.74	%†
Portfolio turnover rate**		31	%		66	%		63	%		150	%		108	%		106	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.21	%^		.22	%		.22	%		.11	%		.00	%		.00	%

See footnote summary on page 49.

47

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
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.47			$10.10			$9.98			$11.73			$10.42			$10.87
Income From Investment Operations
Net investment income (a)(b)		.04			.11			.16			.20			.14			.16	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.89			.78			1.56			(.86	)		1.47			.33
Contributions from Affiliates		.00	(c)		–0	–		–0	–		.00	(c)		.00	(c)		.00	(c)
Net increase (decrease) in net asset value from operations		.93			.89			1.72			(.66	)		1.61			.49
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.22	)		(.26	)		(.20	)		(.21	)		(.20	)
Distributions from net realized gain on investment transactions		–0	–		(.30	)		(1.34	)		(.89	)		(.09	)		(.74	)
Total dividends and distributions		–0	–		(.52	)		(1.60	)		(1.09	)		(.30	)		(.94	)
Net asset value, end of period		$11.40			$10.47			$10.10			$9.98			$11.73			$10.42
Total Return
Total investment return based on net asset value (d)*		8.88	%		9.25	%		18.20	%		(6.41	)%		15.62	%		4.44	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$227,745			$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	%		.80	%		.91	%		.98	%		.98	%
Expenses, before waivers/reimbursements (e)(f)‡		1.00	%^		1.02	%		1.00	%		1.00	%		.98	%		.98	%
Net investment income (b)		.72	%^		1.14	%		1.57	%		1.79	%		1.26	%		1.49	%†
Portfolio turnover rate**		31	%		66	%		63	%		150	%		108	%		106	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.21	%^		.22	%		.22	%		.11	%		.00	%		.00	%

See footnote summary on page 49.

48

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

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

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Class A
Net of waivers/reimbursements		.55	%^		.55	%		.54	%		.66	%		.73	%		.73	%
Before waivers/reimbursements		.75	%^		.77	%		.75	%		.75	%		.73	%		.73	%
Class B
Net of waivers/reimbursements		.80	%^		.80	%		.79	%		.91	%		.98	%		.98	%
Before waivers/reimbursements		1.00	%^		1.02	%		1.00	%		1.00	%		.98	%		.98	%

† 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.

^ Annualized.

See notes to financial statements.

49

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 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, 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

51

BALANCED WEALTH STRATEGY 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 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.

52

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.

53

VPS-BW-0152-0621

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ DYNAMIC ASSET ALLOCATION PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,059.00	$	4.08		0.80	%	$	4.14		0.81	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.83	$	4.01		0.80	%	$	4.06		0.81	%
Class B
Actual	$	1,000	$	1,057.20	$	5.30		1.04	%	$	5.36		1.05	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.64	$	5.21		1.04	%	$	5.26		1.05	%

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

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $  VALUE		PERCENT OF  NET ASSETS
U.S. Treasury Bonds & Notes	$	80,631,089		25.7	%
Vanguard Real Estate ETF		7,786,325		2.5
Vanguard Global ex-U.S. Real Estate ETF		7,757,678		2.5
Apple, Inc.		5,627,686		1.8
Microsoft Corp.		5,356,506		1.7
Amazon.com, Inc.		3,863,300		1.2
Facebook, Inc.—Class A		2,196,484		0.7
Nestle SA		1,952,471		0.6
Alphabet, Inc.—Class A		1,926,572		0.6
Alphabet, Inc.—Class C		1,867,208		0.6
	$	118,965,319		37.9	%

PORTFOLIO BREAKDOWN²

June 30, 2021 (unaudited)

ASSET CLASSES	ALLOCATION
Equities
US Large Cap		25.7	%
International Large Cap		25.3
Real Equities		5.0
Emerging Market Equities		4.1
US Mid-Cap		2.8
US Small-Cap		2.8
Sub-total		65.7
Fixed Income
U.S. Bonds		30.2
International Bonds		4.1
Sub-total		34.3
Total		100.0	%

SECURITY TYPE BREAKDOWN³

June 30, 2021 (unaudited)

SECURITY TYPE	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Common Stocks	$	187,035,051		61.3	%
Governments—Treasuries		80,631,089		26.4
Investment Companies		15,544,003		5.1
Rights		2,934		0.0
Short-Term Investments		21,886,952		7.2
Total Investments	$	305,100,029		100.0	%

1 Long-term investments.

2 All data are as of June 30, 2021. The Portfolio breakdown is expressed as an approximate percentage of the Portfolio’s total investments inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

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

2

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–59.6%
INFORMATION TECHNOLOGY–11.1%
COMMUNICATIONS EQUIPMENT–0.4%
Arista Networks, Inc.(a)		135	$	48,912
Cisco Systems, Inc./Delaware		10,990		582,470
F5 Networks, Inc.(a)		180		33,599
Juniper Networks, Inc.		760		20,786
Motorola Solutions, Inc.		425		92,161
Nokia Oyj(a)		29,314		157,057
Telefonaktiebolaget LM Ericsson–Class B		15,869		199,536
				1,134,521
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.7%
Amphenol Corp.–Class A		1,520		103,983
Azbil Corp.		599		24,821
CDW Corp./DE		332		57,984
Corning, Inc.		1,965		80,369
Halma PLC		2,064		76,895
Hamamatsu Photonics KK		749		45,119
Hexagon AB		10,711		158,698
Hirose Electric Co., Ltd.		189		27,650
Ibiden Co., Ltd.		541		29,119
IPG Photonics Corp.(a)		73		15,386
Keyence Corp.		1,124		566,072
Keysight Technologies, Inc.(a)		428		66,087
Kyocera Corp.		1,759		108,672
Murata Manufacturing Co., Ltd.		3,117		237,437
Omron Corp.		953		75,456
Shimadzu Corp.		1,278		49,383
TDK Corp.		754		91,275
TE Connectivity Ltd.		860		116,281
Trimble, Inc.(a)		615		50,325
Venture Corp., Ltd.		1,462		20,915
Yaskawa Electric Corp.		1,238		60,458
Yokogawa Electric Corp.		1,234		18,455
Zebra Technologies Corp.–Class A(a)		162		85,777
				2,166,617
IT SERVICES–2.1%
Accenture PLC–Class A		1,625		479,034
Adyen NV(a)(b)		108		264,852
Afterpay Ltd.(a)		1,180		104,737
Akamai Technologies, Inc.(a)		405		47,223
Amadeus IT Group SA–Class A(a)		2,449		172,646
Atos SE		603		36,718
Automatic Data Processing, Inc.		1,080		214,510
Bechtle AG		149		27,693

Company	Shares		U.S. $ Value
Broadridge Financial Solutions, Inc.		319	$	51,528
Capgemini SE		893		171,736
Cognizant Technology Solutions Corp.–Class A		1,340		92,808
Computershare Ltd.		2,947		37,351
DXC Technology Co.(a)		618		24,065
Edenred		1,407		80,222
Fidelity National Information Services, Inc.		1,549		219,447
Fiserv, Inc.(a)		1,538		164,397
FleetCor Technologies, Inc.(a)		261		66,832
Fujitsu Ltd.		1,051		196,641
Gartner, Inc.(a)		190		46,018
Global Payments, Inc.		727		136,342
GMO Payment Gateway, Inc.		264		34,287
International Business Machines Corp.		2,338		342,727
Itochu Techno-Solutions Corp.		455		14,076
Jack Henry & Associates, Inc.		147		24,036
Mastercard, Inc.–Class A		2,310		843,358
NEC Corp.		1,309		67,354
Nexi SpA(a)(b)		2,389		52,499
Nomura Research Institute Ltd.		1,854		61,231
NTT Data Corp.		3,422		53,420
Obic Co., Ltd.		421		78,297
Otsuka Corp.		630		33,025
Paychex, Inc.		795		85,303
PayPal Holdings, Inc.(a)		3,135		913,790
SCSK Corp.		264		15,730
TIS, Inc.		1,194		30,472
VeriSign, Inc.(a)		225		51,230
Visa, Inc.–Class A(c)		4,450		1,040,499
Western Union Co. (The)–Class W		990		22,740
Wix.com Ltd.(a)		303		87,955
Worldline SA/France(a)(b)		1,333		124,908
				6,611,737
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.7%
Advanced Micro Devices, Inc.(a)		3,153		296,161
Advantest Corp.		1,077		96,700
Analog Devices, Inc.(c)		910		156,666
Applied Materials, Inc.		2,325		331,080
ASM International NV		258		85,095
ASML Holding NV		2,281		1,574,618
Broadcom, Inc.		1,109		528,816
Disco Corp.		156		47,432
Enphase Energy, Inc.(a)		363		66,658
Infineon Technologies AG		7,100		285,585

3

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

Company	Shares		U.S. $ Value
Intel Corp.		10,510	$	590,032
KLA Corp.		410		132,926
Lam Research Corp.		379		246,615
Lasertec Corp.		471		91,103
Maxim Integrated Products, Inc.		675		71,118
Microchip Technology, Inc.		645		96,582
Micron Technology, Inc.(a)		2,930		248,991
Monolithic Power Systems, Inc.		89		33,237
NVIDIA Corp.		1,665		1,332,167
NXP Semiconductors NV		734		150,999
Qorvo, Inc.(a)		318		62,217
QUALCOMM, Inc.		2,914		416,498
Renesas Electronics Corp.(a)		6,717		72,492
Rohm Co., Ltd.		479		44,081
Skyworks Solutions, Inc.		424		81,302
STMicroelectronics NV		3,823		139,029
SUMCO Corp.		1,434		35,127
Teradyne, Inc.		400		53,584
Texas Instruments, Inc.		2,395		460,559
Tokyo Electron Ltd.		830		358,879
Xilinx, Inc.		585		84,614
				8,270,963
SOFTWARE–3.2%
Adobe, Inc.(a)		1,330		778,901
ANSYS, Inc.(a)		212		73,577
Autodesk, Inc.(a)		585		170,761
AVEVA Group PLC		625		32,079
Cadence Design Systems, Inc.(a)		714		97,689
Check Point Software Technologies Ltd.(a)		610		70,839
Citrix Systems, Inc.		230		26,972
CyberArk Software Ltd.(a)		211		27,487
Dassault Systemes SE		735		178,382
Fortinet, Inc.(a)		369		87,892
Intuit, Inc.		780		382,333
Microsoft Corp.		19,773		5,356,506
Nemetschek SE		314		24,036
Nice Ltd.(a)		341		84,170
NortonLifeLock, Inc.		1,425		38,789
Oracle Corp.		4,732		368,339
Oracle Corp./Japan		242		18,491
Paycom Software, Inc.(a)		134		48,705
PTC, Inc.(a)		269		37,999
Sage Group PLC (The)		5,960		56,455
salesforce.com, Inc.(a)		2,453		599,194
SAP SE		5,678		797,530
ServiceNow, Inc.(a)		579		318,189
Sinch AB(a) (b)		2,749		46,258
Synopsys, Inc.(a)		372		102,594
TeamViewer AG(a)(b)		874		32,825
Temenos AG		363		58,361
Trend Micro, Inc./Japan		689		36,078
Tyler Technologies, Inc.(a)		79		35,737
WiseTech Global Ltd.		794		18,974
Xero Ltd.(a)		718		73,853
				10,079,995

Company	Shares		U.S. $ Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.0%
Apple, Inc.		41,090	$	5,627,686
Brother Industries Ltd.		1,185		23,669
Canon, Inc.		5,411		122,299
FUJIFILM Holdings Corp.		1,909		141,206
Hewlett Packard Enterprise Co.		3,330		48,551
HP, Inc.		3,070		92,683
Logitech International SA		941		114,277
NetApp, Inc.		490		40,092
Ricoh Co., Ltd.		3,572		40,207
Seagate Technology Holdings PLC		450		39,569
Seiko Epson Corp.		1,492		26,226
Western Digital Corp.(a)		713		50,744
				6,367,209
				34,631,042
FINANCIALS–8.3%
BANKS–3.8%
ABN AMRO Bank NV (GDR)(a)(b)		2,299		27,858
Australia & New Zealand Banking Group Ltd.		15,471		326,560
Banco Bilbao Vizcaya Argentaria SA(a)		36,252		224,870
Banco Santander SA(a)		94,280		360,626
Bank Hapoalim BM(a)		6,173		49,561
Bank Leumi Le-Israel BM(a)		7,899		60,022
Bank of America Corp.		19,756		814,540
Bank of East Asia Ltd. (The)		6,457		11,992
Banque Cantonale Vaudoise		164		14,737
Barclays PLC		94,389		223,992
BNP Paribas SA		6,177		387,666
BOC Hong Kong Holdings Ltd.		20,031		67,891
CaixaBank SA		24,169		74,409
Chiba Bank Ltd. (The)		2,814		17,008
Citigroup, Inc.		5,349		378,442
Citizens Financial Group, Inc.		1,079		49,494
Comerica, Inc.		300		21,402
Commerzbank AG(a)		5,447		38,683
Commonwealth Bank of Australia		9,646		722,318
Concordia Financial Group Ltd.		5,821		21,391
Credit Agricole SA		6,624		92,866
Danske Bank A/S		3,750		66,041
DBS Group Holdings Ltd.		9,175		204,119
DNB ASA		5,057		110,213
Erste Group Bank AG		1,518		55,804
Fifth Third Bancorp		1,840		70,343
FinecoBank Banca Fineco SpA(a)		3,314		57,834

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
First Republic Bank/CA		473	$	88,531
Hang Seng Bank Ltd.		4,005		79,891
HSBC Holdings PLC		110,744		639,160
Huntington Bancshares, Inc./OH		3,795		54,155
ING Groep NV		21,207		281,509
Intesa Sanpaolo SpA		89,796		248,406
Israel Discount Bank Ltd.–Class A(a)		6,328		30,146
Japan Post Bank Co., Ltd.		2,118		17,813
JPMorgan Chase & Co.		7,855		1,221,767
KBC Group NV		1,359		103,761
KeyCorp		2,515		51,935
Lloyds Banking Group PLC		385,258		249,206
M&T Bank Corp.		265		38,507
Mediobanca Banca di Credito Finanziario SpA(a)		3,376		39,500
Mitsubishi UFJ Financial Group, Inc.		66,387		357,577
Mizrahi Tefahot Bank Ltd.(a)		762		23,473
Mizuho Financial Group, Inc.		13,054		187,096
National Australia Bank Ltd.		17,926		352,404
Natwest Group PLC		26,476		74,511
Nordea Bank Abp		17,615		196,159
Oversea-Chinese Banking Corp., Ltd.		17,327		154,414
People’s United Financial, Inc.		1,075		18,425
PNC Financial Services Group, Inc. (The)		1,080		206,021
Raiffeisen Bank International AG		804		18,250
Regions Financial Corp.		2,465		49,744
Resona Holdings, Inc.		11,522		44,425
Shizuoka Bank Ltd. (The)		2,394		18,578
Skandinaviska Enskilda Banken AB–Class A		8,848		114,370
Societe Generale SA		4,541		134,329
Standard Chartered PLC		14,586		93,085
Sumitomo Mitsui Financial Group, Inc.		7,033		242,441
Sumitomo Mitsui Trust Holdings, Inc.		1,817		57,963
SVB Financial Group(a)		136		75,674
Svenska Handelsbanken AB–Class A		7,930		89,513
Swedbank AB–Class A		4,923		91,651
Truist Financial Corp.		3,498		194,139
UniCredit SpA		11,555		136,611
United Overseas Bank Ltd.		5,692		109,613
US Bancorp		3,505		199,680
Wells Fargo & Co.		10,808		489,494
Westpac Banking Corp.		19,945		385,972
Zions Bancorp NA		330		17,444
				11,828,025

Company	Shares		U.S. $ Value
CAPITAL MARKETS–1.8%
3i Group PLC		5,291	$	85,867
Ameriprise Financial, Inc.		345		85,864
Amundi SA(b)		375		33,075
ASX Ltd.		1,052		61,327
Bank of New York Mellon Corp. (The)		2,115		108,351
BlackRock, Inc.–Class A		433		378,862
Cboe Global Markets, Inc.		246		29,286
Charles Schwab Corp. (The)		3,842		279,736
CME Group, Inc.–Class A		900		191,412
Credit Suisse Group AG		13,308		139,307
Daiwa Securities Group, Inc.		7,763		42,647
Deutsche Bank AG(a)		11,236		146,491
Deutsche Boerse AG		1,033		180,306
EQT AB		1,295		47,042
Franklin Resources, Inc.		690		22,073
Futu Holdings Ltd. (ADR)(a)		272		48,713
Goldman Sachs Group, Inc. (The)		938		355,999
Hargreaves Lansdown PLC		1,934		42,557
Hong Kong Exchanges & Clearing Ltd.		5,790		344,677
Intercontinental Exchange, Inc.		1,400		166,180
Invesco Ltd.		930		24,859
Japan Exchange Group, Inc.		2,688		59,878
Julius Baer Group Ltd.		1,217		79,486
London Stock Exchange Group PLC		1,765		195,051
Macquarie Group Ltd.		1,869		218,975
Magellan Financial Group Ltd.		749		30,250
MarketAxess Holdings, Inc.		160		74,174
Moody’s Corp.		445		161,255
Morgan Stanley		3,821		350,348
MSCI, Inc.–Class A		257		137,002
Nasdaq, Inc.		310		54,498
Natixis SA		5,978		28,400
Nomura Holdings, Inc.		16,621		84,592
Northern Trust Corp.		510		58,966
Partners Group Holding AG		124		187,977
Raymond James Financial, Inc.		309		40,139
S&P Global, Inc.		700		287,315
SBI Holdings, Inc./Japan		1,295		30,589
Schroders PLC		675		32,828
Singapore Exchange Ltd.		3,635		30,275
St. James’s Place PLC		2,926		59,827
Standard Life Aberdeen PLC		11,865		44,512
State Street Corp.		865		71,172
T. Rowe Price Group, Inc.		575		113,833
UBS Group AG		19,932		305,303
				5,551,276

5

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

Company	Shares			U.S. $ Value
CONSUMER FINANCE–0.2%
Acom Co., Ltd.		2,074		$	9,050
American Express Co.		1,700			280,891
Capital One Financial Corp.		1,203			186,092
Discover Financial Services		760			89,900
Isracard Ltd.(a)		–0	–		1
Synchrony Financial		1,378			66,860
					632,794
DIVERSIFIED FINANCIAL SERVICES–0.7%
Berkshire Hathaway, Inc.–Class B(a)		4,993			1,387,655
EXOR NV		590			47,350
Groupe Bruxelles Lambert SA		614			68,750
IHS Markit Ltd.		911			102,633
Industrivarden AB		580			22,558
Industrivarden AB–Class C		868			31,774
Investor AB		9,905			228,314
Kinnevik AB		1,315			52,658
L E Lundbergforetagen AB–Class B		413			26,655
M&G PLC		14,135			44,778
Mitsubishi HC Capital, Inc.		3,523			18,892
ORIX Corp.		6,631			112,074
Sofina SA		84			36,293
Tokyo Century Corp.		140			7,527
Wendel SE		175			23,550
					2,211,461
INSURANCE–1.8%
Admiral Group PLC		1,048			45,601
Aegon NV		9,728			40,460
Aflac, Inc.		1,590			85,319
Ageas SA/NV		952			52,904
AIA Group Ltd.		65,037			806,821
Allianz SE		2,242			559,506
Allstate Corp. (The)		750			97,830
American International Group, Inc.		2,233			106,291
Aon PLC		625			149,225
Arthur J Gallagher & Co.		452			63,316
Assicurazioni Generali SpA		5,998			120,420
Assurant, Inc.		160			24,989
Aviva PLC		21,360			119,914
Baloise Holding AG		252			39,347
Chubb Ltd.		1,112			176,741
Cincinnati Financial Corp.		360			41,983
CNP Assurances		1,166			19,873
Dai-ichi Life Holdings, Inc.		5,513			101,435
Direct Line Insurance Group PLC		7,419			29,262
Everest Re Group Ltd.		94			23,689
Gjensidige Forsikring ASA		1,087			23,967
Globe Life, Inc.		202			19,240
Hannover Rueck SE		328			54,910
Hartford Financial Services Group, Inc. (The)		865			53,604

Company	Shares		U.S. $ Value
Insurance Australia Group Ltd.		13,402	$	51,818
Japan Post Holdings Co., Ltd.(a)		8,467		69,546
Japan Post Insurance Co., Ltd.		1,192		22,056
Legal & General Group PLC		32,444		115,747
Lincoln National Corp.		390		24,508
Loews Corp.		540		29,511
Marsh & McLennan Cos., Inc.		1,320		185,698
Medibank Pvt Ltd.		14,973		35,498
MetLife, Inc.		1,890		113,116
MS&AD Insurance Group Holdings, Inc.		2,392		69,158
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		762		208,834
NN Group NV		1,526		72,087
Phoenix Group Holdings PLC		3,259		30,507
Poste Italiane SpA(b)		2,840		37,589
Principal Financial Group, Inc.		590		37,282
Progressive Corp. (The)		1,465		143,878
Prudential Financial, Inc.		955		97,859
Prudential PLC		14,187		269,919
QBE Insurance Group Ltd.		8,020		64,718
Sampo Oyj–Class A		2,711		124,664
SCOR SE(a)		986		31,389
Sompo Holdings, Inc.		1,691		62,632
Suncorp Group Ltd.		6,962		57,960
Swiss Life Holding AG		174		84,643
Swiss Re AG		1,640		148,129
T&D Holdings, Inc.		2,896		37,581
Tokio Marine Holdings, Inc.		3,404		156,789
Travelers Cos., Inc. (The)		590		88,329
Tryg A/S		1,957		48,069
Unum Group		490		13,916
Willis Towers Watson PLC		287		66,016
WR Berkley Corp.		284		21,138
Zurich Insurance Group AG		818		328,562
				5,805,793
				26,029,349
HEALTH CARE–7.6%
BIOTECHNOLOGY–0.8%
AbbVie, Inc.		4,616		519,946
Alexion Pharmaceuticals, Inc.(a)		580		106,552
Amgen, Inc.		1,478		360,262
Argenx SE(a)		250		75,621
Biogen, Inc.(a)		365		126,389
CSL Ltd.		2,474		529,111
Genmab A/S(a)		357		146,278
Gilead Sciences, Inc.		3,275		225,517
Grifols SA		1,621		43,956

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Incyte Corp.(a)		490	$	41,224
PeptiDream, Inc.(a)		441		21,552
Regeneron Pharmaceuticals, Inc.(a)		302		168,679
Vertex Pharmaceuticals, Inc.(a)		667		134,487
				2,499,574
HEALTH CARE EQUIPMENT & SUPPLIES–1.8%
Abbott Laboratories		4,576		530,496
ABIOMED, Inc.(a)		108		33,708
Alcon, Inc.		2,717		190,564
Align Technology, Inc.(a)		240		146,640
Ambu A/S		910		35,015
Asahi Intecc Co., Ltd.		1,041		24,889
Baxter International, Inc.		1,240		99,820
Becton Dickinson and Co.		788		191,634
BioMerieux		262		30,442
Boston Scientific Corp.(a)		3,660		156,502
Carl Zeiss Meditec AG		219		42,334
Cochlear Ltd.		358		67,543
Coloplast A/S–Class B		646		106,062
Cooper Cos., Inc. (The)		111		43,986
Danaher Corp.		1,640		440,110
Demant A/S(a)		589		33,193
DENTSPLY SIRONA, Inc.		546		34,540
DexCom, Inc.(a)		259		110,593
DiaSorin SpA		137		25,923
Edwards Lifesciences Corp.(a)		1,570		162,605
Fisher & Paykel Healthcare Corp., Ltd.		3,133		68,156
GN Store Nord A/S		696		60,865
Hologic, Inc.(a)		620		41,366
Hoya Corp.		2,048		270,890
IDEXX Laboratories, Inc.(a)		283		178,729
Intuitive Surgical, Inc.(a)		355		326,472
Koninklijke Philips NV		4,953		245,838
Medtronic PLC		3,479		431,848
Olympus Corp.		6,280		124,915
ResMed, Inc.		366		90,226
Sartorius AG (Preference Shares)		143		74,433
Siemens Healthineers AG(b)		1,461		89,579
Smith & Nephew PLC		4,768		103,405
Sonova Holding AG		300		112,996
STERIS PLC		391		80,663
Straumann Holding AG		57		90,917
Stryker Corp.		865		224,666
Sysmex Corp.		891		105,703
Teleflex, Inc.		111		44,599
Terumo Corp.		3,451		139,774
West Pharmaceutical Services, Inc.		231		82,952
Zimmer Biomet Holdings, Inc.		525		84,430
				5,580,021

Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–0.9%
AmerisourceBergen Corp.–Class A		335	$	38,354
Amplifon SpA		677		33,473
Anthem, Inc.		610		232,898
Cardinal Health, Inc.		665		37,965
Centene Corp.(a)		1,436		104,727
Cigna Corp.		911		215,971
CVS Health Corp.		3,389		282,778
DaVita, Inc.(a)		100		12,043
Fresenius Medical Care AG & Co. KGaA		1,115		92,652
Fresenius SE & Co. KGaA		2,273		118,628
HCA Healthcare, Inc.		670		138,516
Henry Schein, Inc.(a)		290		21,515
Humana, Inc.		385		170,447
Laboratory Corp. of America Holdings(a)		225		62,066
McKesson Corp.		415		79,365
Medipal Holdings Corp.		933		17,838
Orpea SA(a)		313		39,849
Quest Diagnostics, Inc.		300		39,591
Ramsay Health Care Ltd.		995		46,945
Ryman Healthcare Ltd.		2,310		21,198
Sonic Healthcare Ltd.		2,468		71,117
UnitedHealth Group, Inc.		2,455		983,080
Universal Health Services, Inc.–Class B		150		21,964
				2,882,980
HEALTH CARE TECHNOLOGY–0.1%
Cerner Corp.		730		57,057
M3, Inc.		2,430		177,046
				234,103
LIFE SCIENCES TOOLS & SERVICES–0.6%
Agilent Technologies, Inc.		745		110,118
Bio-Rad Laboratories, Inc.–Class A(a)		96		61,852
Charles River Laboratories International, Inc.(a)		122		45,130
Eurofins Scientific SE(a)		762		87,157
Illumina, Inc.(a)		381		180,293
IQVIA Holdings, Inc.(a)		546		132,307
Lonza Group AG		405		287,127
Mettler-Toledo International, Inc.(a)		100		138,534
PerkinElmer, Inc.		305		47,095
QIAGEN NV(a)		1,255		60,665
Sartorius Stedim Biotech		160		75,727
Thermo Fisher Scientific, Inc.		1,085		547,350
Waters Corp.(a)		195		67,394
				1,840,749

7

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

Company	Shares		U.S. $ Value
PHARMACEUTICALS–3.4%
Astellas Pharma, Inc.		10,085	$	175,748
AstraZeneca PLC		7,137		857,469
Bayer AG		5,341		324,707
Bristol-Myers Squibb Co.		5,815		388,558
Catalent, Inc.(a)		391		42,275
Chugai Pharmaceutical Co., Ltd.		3,583		142,018
Daiichi Sankyo Co., Ltd.		9,158		197,566
Eisai Co., Ltd.		1,345		132,183
Eli Lilly & Co.		2,123		487,271
GlaxoSmithKline PLC		27,353		537,735
Hikma Pharmaceuticals PLC		939		31,777
Hisamitsu Pharmaceutical Co., Inc.		255		12,590
Ipsen SA		243		25,286
Johnson & Johnson		6,895		1,135,882
Kyowa Kirin Co., Ltd.		1,405		49,969
Merck & Co., Inc.		6,635		516,004
Merck KGaA		703		134,889
Nippon Shinyaku Co., Ltd.		306		24,345
Novartis AG		12,072		1,101,287
Novo Nordisk A/S–Class B		9,362		783,680
Ono Pharmaceutical Co., Ltd.		1,994		44,467
Organon & Co.(a)		623		18,852
Orion Oyj–Class B		576		24,765
Otsuka Holdings Co., Ltd.		2,078		86,283
Perrigo Co. PLC		272		12,471
Pfizer, Inc.		14,654		573,851
Recordati Industria Chimica e Farmaceutica SpA		568		32,491
Roche Holding AG		3,994		1,510,286
Sanofi		6,198		651,178
Santen Pharmaceutical Co., Ltd.		1,908		26,333
Shionogi & Co., Ltd.		1,359		70,826
Sumitomo Dainippon Pharma Co., Ltd.		895		18,772
Taisho Pharmaceutical Holdings Co., Ltd.		103		5,514
Takeda Pharmaceutical Co., Ltd.		8,543		286,708
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		5,961		59,014
UCB SA		687		71,951
Viatris, Inc.		3,126		44,670
Vifor Pharma AG		265		34,335
Zoetis, Inc.		1,226		228,477
				10,902,483
				23,939,910
CONSUMER DISCRETIONARY–7.6%
AUTO COMPONENTS–0.3%
Aisin Corp.		743		31,858
Aptiv PLC(a)		691		108,715
BorgWarner, Inc.		570		27,668
Bridgestone Corp.		3,068		139,448

Company	Shares		U.S. $ Value
Cie Generale des Etablissements Michelin SCA–Class B		946	$	150,977
Continental AG(a)		598		87,979
Denso Corp.		2,360		160,932
Faurecia SE		714		35,101
Koito Manufacturing Co., Ltd.		531		33,040
Stanley Electric Co., Ltd.		660		19,068
Sumitomo Electric Industries Ltd.		4,019		59,360
Toyota Industries Corp.		806		69,699
Valeo SA		1,372		41,384
				965,229
AUTOMOBILES–1.5%
Bayerische Motoren Werke AG		1,800		190,828
Bayerische Motoren Werke AG (Preference Shares)		309		27,797
Daimler AG		4,653		415,786
Ferrari NV		686		141,622
Ford Motor Co.(a)		10,270		152,612
General Motors Co.(a)		3,286		194,433
Honda Motor Co., Ltd.		8,823		283,776
Isuzu Motors Ltd.		2,912		38,641
Mazda Motor Corp.(a)		3,065		28,917
Nissan Motor Co., Ltd.(a)		12,579		62,665
Porsche Automobil Holding SE (Preference Shares)		833		89,423
Renault SA(a)		1,137		46,091
Stellantis NV		11,025		216,899
Subaru Corp.		3,281		65,028
Suzuki Motor Corp.		1,981		83,954
Tesla, Inc.(a)		2,100		1,427,370
Toyota Motor Corp.		11,494		1,004,737
Volkswagen AG		177		58,174
Volkswagen AG (Preference Shares)		1,009		252,988
Yamaha Motor Co., Ltd.		1,495		40,607
				4,822,348
DISTRIBUTORS–0.0%
Genuine Parts Co.		310		39,206
LKQ Corp.(a)		714		35,143
Pool Corp.		81		37,151
				111,500
HOTELS, RESTAURANTS & LEISURE–1.1%
Accor SA(a)		1,022		38,226
Aristocrat Leisure Ltd.		3,124		100,851
Booking Holdings, Inc.(a)		107		234,126
Caesars Entertainment, Inc.(a)		528		54,780
Carnival Corp.(a)		2,005		52,852
Chipotle Mexican Grill, Inc.–Class A(a)		104		161,235
Compass Group PLC(a)		9,698		204,317

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Crown Resorts Ltd.(a)		2,024	$	18,066
Darden Restaurants, Inc.		270		39,417
Domino’s Pizza Enterprises Ltd.		329		29,751
Domino’s Pizza, Inc.		173		80,703
Entain PLC(a)		3,181		76,864
Evolution AB(b)		924		146,160
Expedia Group, Inc.(a)		382		62,537
Flutter Entertainment PLC(a)		905		164,100
Galaxy Entertainment Group Ltd.(a)		11,343		90,700
Genting Singapore Ltd.		32,869		20,473
Hilton Worldwide Holdings, Inc.(a)		716		86,364
InterContinental Hotels Group PLC(a)		993		66,184
La Francaise des Jeux SAEM(b)		586		34,467
Las Vegas Sands Corp.(a)		847		44,628
Marriott International, Inc./MD–Class A(a)		671		91,605
McDonald’s Corp.		2,000		461,980
McDonald’s Holdings Co. Japan Ltd.		392		17,274
Melco Resorts & Entertainment Ltd. (ADR)(a)		1,167		19,337
MGM Resorts International		990		42,223
Norwegian Cruise Line Holdings Ltd.(a)		881		25,910
Oriental Land Co., Ltd./Japan		1,081		154,005
Penn National Gaming, Inc.(a)(c)		362		27,689
Royal Caribbean Cruises Ltd.(a)(c)		527		44,943
Sands China Ltd.(a)		12,620		53,120
SJM Holdings Ltd.(a)		10,697		11,677
Sodexo SA(a)		524		48,973
Starbucks Corp.		2,991		334,424
Tabcorp Holdings Ltd.		12,054		46,769
Whitbread PLC(a)		1,097		47,421
Wynn Macau Ltd.(a)		7,889		12,409
Wynn Resorts Ltd.(a)		210		25,683
Yum! Brands, Inc.		715		82,246
				3,354,489
HOUSEHOLD DURABLES–0.5%
Barratt Developments PLC		5,536		53,304
Berkeley Group Holdings PLC		667		42,411
Casio Computer Co., Ltd.		1,030		17,283
DR Horton, Inc.		835		75,459
Electrolux AB–Class B		1,226		33,975
Garmin Ltd.		320		46,285
Husqvarna AB–Class B		2,273		30,209
Iida Group Holdings Co., Ltd.		711		18,288
Leggett & Platt, Inc.		275		14,248

Company	Shares		U.S. $ Value
Lennar Corp.–Class A		700	$	69,545
Mohawk Industries, Inc.(a)		150		28,829
Newell Brands, Inc.		975		26,783
NVR, Inc.(a)		20		99,466
Panasonic Corp.		11,971		137,840
Persimmon PLC		1,734		71,031
PulteGroup, Inc.		665		36,289
Rinnai Corp.		221		21,035
SEB SA		172		31,115
Sekisui Chemical Co., Ltd.		1,983		33,953
Sekisui House Ltd.		3,289		67,539
Sharp Corp./Japan		1,097		18,098
Sony Group Corp.		6,834		662,674
Taylor Wimpey PLC		19,820		43,619
Whirlpool Corp.(c)		200		43,604
				1,722,882
INTERNET & DIRECT MARKETING RETAIL–1.6%
Amazon.com, Inc.(a)		1,123		3,863,300
Delivery Hero SE(a)(b)		854		112,836
eBay, Inc.		1,615		113,389
Etsy, Inc.(a)		339		69,780
HelloFresh SE(a)		898		87,294
Just Eat Takeaway.com NV(a)(b)		975		90,171
Mercari, Inc.(a)		468		24,740
Ocado Group PLC(a)		2,646		73,315
Prosus NV(a)		2,650		259,614
Rakuten, Inc.		4,613		52,086
Zalando SE (Stockholm)(a)(d)(e)		435		52,685
Zalando SE (Frankfurt)(a)(b)		902		109,088
ZOZO, Inc.		671		22,751
				4,931,049
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		1,079		74,677
Hasbro, Inc.		250		23,630
Shimano, Inc.		460		109,445
Yamaha Corp.		694		37,675
				245,427
MULTILINE RETAIL–0.3%
Dollar General Corp.		610		131,998
Dollar Tree, Inc.(a)		538		53,531
Next PLC(a)		723		78,686
Pan Pacific International Holdings Corp.		2,171		45,146
Ryohin Keikaku Co., Ltd.		1,326		27,817
Target Corp.		1,315		317,888
Wesfarmers Ltd.		6,164		273,269
				928,335
SPECIALTY RETAIL–1.0%
ABC-Mart, Inc.		194		11,158
Advance Auto Parts, Inc.		181		37,130
AutoZone, Inc.(a)		105		156,683

9

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

Company	Shares		U.S. $ Value
Best Buy Co., Inc.		500	$	57,490
CarMax, Inc.(a)		420		54,243
Chow Tai Fook Jewellery Group Ltd.		10,000		22,848
Fast Retailing Co., Ltd.		319		239,788
Gap, Inc. (The)		505		16,993
H & M Hennes & Mauritz AB–Class B(a)		3,970		94,285
Hikari Tsushin, Inc.		186		32,689
Home Depot, Inc. (The)		2,820		899,270
Industria de Diseno Textil SA		5,930		209,369
JD Sports Fashion PLC		2,804		35,683
Kingfisher PLC		11,476		57,921
L Brands, Inc.		525		37,832
Lowe’s Cos., Inc.		1,860		360,784
Nitori Holdings Co., Ltd.		413		72,935
O’Reilly Automotive, Inc.(a)		240		135,890
Ross Stores, Inc.		850		105,400
TJX Cos., Inc. (The)		3,140		211,699
Tractor Supply Co.		315		58,609
Ulta Beauty, Inc.(a)		152		52,557
USS Co., Ltd.		1,153		20,155
Yamada Holdings Co., Ltd.		3,657		16,910
				2,998,321
TEXTILES, APPAREL & LUXURY GOODS–1.2%
adidas AG		1,036		386,591
Burberry Group PLC(a)		2,200		62,918
Cie Financiere Richemont SA		2,838		344,047
EssilorLuxottica SA		1,574		290,770
Hanesbrands, Inc.(c)		847		15,813
Hermes International		175		255,380
Kering SA		413		361,878
LVMH Moet Hennessy Louis Vuitton SE		1,515		1,191,785
Moncler SpA		1,053		71,381
NIKE, Inc.–Class B		3,300		509,817
Pandora A/S		544		73,393
Puma SE		574		68,507
PVH Corp.(a)		95		10,221
Ralph Lauren Corp.		90		10,603
Swatch Group AG (The)		158		54,260
Swatch Group AG (The) (REG)		286		18,885
Tapestry, Inc.(a)		730		31,740
Under Armour, Inc.–Class A(a)		427		9,031
Under Armour, Inc.–Class C(a)		454		8,431
VF Corp.		800		65,632
				3,841,083
				23,920,663

Company	Shares		U.S. $ Value
INDUSTRIALS–7.0%
AEROSPACE & DEFENSE–0.8%
Airbus SE(a)		3,227	$	415,808
BAE Systems PLC		17,506		126,499
Boeing Co. (The)(a)		1,480		354,549
Dassault Aviation SA		17		20,026
Elbit Systems Ltd.		144		18,655
General Dynamics Corp.		550		103,543
Howmet Aerospace, Inc.(a)		1,016		35,021
Huntington Ingalls Industries, Inc.		79		16,649
L3Harris Technologies, Inc.		557		120,396
Lockheed Martin Corp.		610		230,793
MTU Aero Engines AG		290		71,904
Northrop Grumman Corp.		420		152,641
Raytheon Technologies Corp.		3,920		334,415
Rolls-Royce Holdings PLC(a)		45,494		62,282
Safran SA		1,885		261,606
Singapore Technologies Engineering Ltd.		7,908		22,818
Teledyne Technologies, Inc.(a)		105		43,977
Textron, Inc.		505		34,729
Thales SA		619		63,247
TransDigm Group, Inc.(a)		163		105,508
				2,595,066
AIR FREIGHT & LOGISTICS–0.5%
CH Robinson Worldwide, Inc.		265		24,823
Deutsche Post AG		5,389		367,016
DSV PANALPINA A/S		1,126		262,851
Expeditors International of Washington, Inc.		420		53,172
FedEx Corp.		665		198,390
InPost SA(a)		1,087		21,816
Kuehne & Nagel International AG		294		100,624
SG Holdings Co., Ltd.		1,652		43,380
United Parcel Service, Inc.–Class B		1,865		387,864
Yamato Holdings Co., Ltd.		1,496		42,507
				1,502,443
AIRLINES–0.1%
Alaska Air Group, Inc.(a)		243		14,655
American Airlines Group, Inc.(a)		1,582		33,554
ANA Holdings, Inc.(a)		795		18,684
Delta Air Lines, Inc.(a)		1,592		68,870
Deutsche Lufthansa AG(a)		1,624		18,263
Japan Airlines Co., Ltd.(a)		758		16,413
Qantas Airways Ltd.(a)		5,024		17,539
Singapore Airlines Ltd.(a)		6,936		25,012
Southwest Airlines Co.(a)		1,505		79,901

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
United Airlines Holdings, Inc.(a)		772	$	40,368
				333,259
BUILDING PRODUCTS–0.5%
A O Smith Corp.		255		18,375
AGC, Inc.		1,022		42,812
Allegion PLC		185		25,770
Assa Abloy AB–Class B		5,449		164,276
Carrier Global Corp.		2,125		103,275
Cie de Saint-Gobain		2,810		185,448
Daikin Industries Ltd.		1,419		264,430
Fortune Brands Home & Security, Inc.		271		26,994
Geberit AG		202		151,737
Johnson Controls International PLC		1,792		122,985
Kingspan Group PLC		839		79,297
Lixil Corp.		1,372		35,504
Masco Corp.		635		37,408
Nibe Industrier AB		7,750		81,665
Otis Worldwide Corp.		1,012		82,751
ROCKWOOL International A/S		47		22,890
TOTO Ltd.		761		39,430
Xinyi Glass Holdings Ltd.		9,186		37,428
				1,522,475
COMMERCIAL SERVICES & SUPPLIES–0.2%
Brambles Ltd.		7,993		68,596
Cintas Corp.		285		108,870
Copart, Inc.(a)		491		64,729
Dai Nippon Printing Co., Ltd.		1,166		24,674
Rentokil Initial PLC		10,081		69,047
Republic Services, Inc.–Class A		500		55,005
Rollins, Inc.		481		16,450
Secom Co., Ltd.		1,170		89,178
Securitas AB–Class B		1,702		26,886
Sohgo Security Services Co., Ltd.		336		15,308
TOPPAN, inc.		1,336		21,485
Waste Management, Inc.		1,015		142,212
				702,440
CONSTRUCTION & ENGINEERING–0.3%
ACS Actividades de Construccion y Servicios SA		1,266		33,939
Bouygues SA		1,343		49,745
Eiffage SA		491		50,012
Epiroc AB		5,703		123,183
Ferrovial SA		2,611		76,733
Kajima Corp.		2,403		30,494
Obayashi Corp.		3,484		27,777

Company	Shares		U.S. $ Value
Quanta Services, Inc.		315	$	28,530
Shimizu Corp.		2,917		22,417
Skanska AB–Class B		1,849		49,089
Taisei Corp.		1,000		32,820
Vinci SA		2,930		313,211
				837,950
ELECTRICAL EQUIPMENT–0.7%
ABB Ltd.		9,430		320,381
AMETEK, Inc.		599		79,966
Eaton Corp. PLC		964		142,845
Emerson Electric Co.		1,540		148,210
Fuji Electric Co., Ltd.		630		29,407
Generac Holdings, Inc.(a)		180		74,727
Legrand SA		1,492		158,127
Mitsubishi Electric Corp.		9,858		143,111
Nidec Corp.		2,483		285,521
Prysmian SpA		1,384		49,666
Rockwell Automation, Inc.		330		94,387
Schneider Electric SE		2,954		465,682
Siemens Energy AG(a)		2,172		65,427
Siemens Gamesa Renewable Energy SA(a)		1,296		43,330
Vestas Wind Systems A/S		5,490		214,505
				2,315,292
INDUSTRIAL CONGLOMERATES–0.8%
3M Co.		1,475		292,979
CK Hutchison Holdings Ltd.		14,047		109,353
DCC PLC		536		43,906
General Electric Co.		22,979		309,298
Hitachi Ltd.		5,222		299,258
Honeywell International, Inc.		1,845		404,701
Investment AB Latour–Class B		804		26,397
Jardine Matheson Holdings Ltd.		940		60,084
Keppel Corp., Ltd.		6,974		28,439
Melrose Industries PLC		26,414		56,857
Roper Technologies, Inc.		295		138,709
Siemens AG		4,159		660,361
Smiths Group PLC		2,154		47,439
Toshiba Corp.		2,145		92,666
				2,570,447
MACHINERY–1.4%
Alfa Laval AB		1,710		60,440
Alstom SA(a)		1,591		80,386
Atlas Copco AB–Class A		3,651		224,202
Atlas Copco AB–Class B		2,121		111,706
Caterpillar, Inc.		1,405		305,770
CNH Industrial NV		5,563		92,277
Cummins, Inc.		350		85,334
Daifuku Co., Ltd.		502		45,546
Deere & Co.		805		283,932
Dover Corp.		335		50,451
FANUC Corp.		1,108		265,696

11

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

Company	Shares		U.S. $ Value
Fortive Corp.		870	$	60,674
GEA Group AG		834		33,794
Harmonic Drive Systems, Inc.		186		10,222
Hino Motors Ltd.		1,559		13,790
Hitachi Construction Machinery Co., Ltd.		558		17,089
Hoshizaki Corp.		251		21,323
IDEX Corp.		222		48,851
Illinois Tool Works, Inc.		765		171,023
Ingersoll Rand, Inc.(a)		919		44,856
KION Group AG		392		41,850
Knorr-Bremse AG		395		45,447
Komatsu Ltd.		4,700		116,436
Kone Oyj–Class B		1,848		150,823
Kubota Corp.		5,551		112,295
Kurita Water Industries Ltd.		479		23,025
Makita Corp.		1,195		56,269
MINEBEA MITSUMI, Inc.		1,933		51,072
MISUMI Group, Inc.		1,530		51,778
Mitsubishi Heavy Industries Ltd.		1,655		48,859
Miura Co., Ltd.		381		16,544
Nabtesco Corp.		603		22,749
NGK Insulators Ltd.		1,396		23,494
NSK Ltd.		2,092		17,695
PACCAR, Inc.		910		81,218
Parker-Hannifin Corp.		395		121,308
Pentair PLC		430		29,021
Rational AG		28		25,367
Sandvik AB		6,138		156,946
Schindler Holding AG		222		67,940
Schindler Holding AG (REG)		110		32,188
SKF AB–Class B		2,074		52,862
SMC Corp.		310		183,394
Snap-on, Inc.		120		26,812
Spirax-Sarco Engineering PLC		401		75,527
Stanley Black & Decker, Inc.		415		85,071
Techtronic Industries Co., Ltd.		7,244		126,241
THK Co., Ltd.		573		17,100
Trane Technologies PLC		575		105,881
Volvo AB		1,088		27,004
Volvo AB–Class B		7,772		187,301
Wartsila Oyj Abp		2,573		38,227
Westinghouse Air Brake Technologies Corp.		465		38,270
Xylem, Inc./NY		385		46,185
				4,329,561
MARINE–0.1%
AP Moller–Maersk A/S–Class A		18		50,069
AP Moller–Maersk A/S–Class B		34		97,883
Nippon Yusen KK		863		43,795
				191,747

Company	Shares		U.S. $ Value
PROFESSIONAL SERVICES–0.5%
Adecco Group AG		842	$	57,291
Bureau Veritas SA(a)		1,721		54,493
Equifax, Inc.		355		85,026
Experian PLC		4,987		192,544
Intertek Group PLC		877		67,121
Jacobs Engineering Group, Inc.		265		35,356
Leidos Holdings, Inc.		295		29,825
Nielsen Holdings PLC		866		21,364
Nihon M&A Center, Inc.		1,597		41,363
Persol Holdings Co., Ltd.		881		17,397
Randstad NV		650		49,829
Recruit Holdings Co., Ltd.		7,286		357,296
RELX PLC (London)		10,506		278,584
Robert Half International, Inc.		285		25,356
SGS SA		33		101,886
Teleperformance		330		134,010
Verisk Analytics, Inc.–Class A		400		69,888
Wolters Kluwer NV		1,455		146,248
				1,764,877
ROAD & RAIL–0.5%
Aurizon Holdings Ltd.		10,083		28,085
Central Japan Railway Co.		784		119,129
CSX Corp.		5,940		190,555
East Japan Railway Co.		1,593		113,603
Hankyu Hanshin Holdings, Inc.		1,238		38,214
JB Hunt Transport Services, Inc.		153		24,931
Kansas City Southern		220		62,342
Keio Corp.		516		30,375
Keisei Electric Railway Co., Ltd.		651		20,812
Kintetsu Group Holdings Co., Ltd.(a)		928		32,618
MTR Corp., Ltd.		7,764		43,230
Nippon Express Co., Ltd.		441		33,628
Norfolk Southern Corp.		620		164,554
Odakyu Electric Railway Co., Ltd.		1,526		38,598
Old Dominion Freight Line, Inc.		203		51,521
Tobu Railway Co., Ltd.		982		25,418
Tokyu Corp.		2,653		36,108
Union Pacific Corp.		1,690		371,682
West Japan Railway Co.		848		48,459
				1,473,862
TRADING COMPANIES & DISTRIBUTORS–0.5%
Ashtead Group PLC		2,443		181,584
Brenntag SE		840		78,181
Bunzl PLC		1,832		60,605
Fastenal Co.		1,430		74,360

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Ferguson PLC		1,224	$	170,292
ITOCHU Corp.		6,401		184,699
Marubeni Corp.		8,408		73,221
Mitsubishi Corp.		6,811		186,051
Mitsui & Co., Ltd.		8,331		187,661
MonotaRO Co., Ltd.		1,332		31,388
Reece Ltd.		1,580		27,980
Sumitomo Corp.		6,089		81,644
Toyota Tsusho Corp.		1,092		51,830
United Rentals, Inc.(a)		200		63,802
WW Grainger, Inc.		130		56,940
				1,510,238
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(a)(b)		408		66,945
Aeroports de Paris(a)		189		24,670
Atlantia SpA(a)		2,693		48,900
Auckland International Airport Ltd.(a)		6,805		34,572
Getlink SE		2,646		41,323
Sydney Airport(a)		7,189		31,193
Transurban Group		14,886		158,760
				406,363
				22,056,020
COMMUNICATION SERVICES–4.9%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.3%
AT&T, Inc.		18,627		536,085
BT Group PLC(a)		48,527		130,409
Cellnex Telecom SA(b)		2,770		176,674
Charter Communications, Inc.–Class A(a)(c)		443		319,602
Comcast Corp.–Class A		12,002		684,354
Deutsche Telekom AG		18,121		383,259
Elisa Oyj		773		46,129
Eurazeo SE		260		22,669
HKT Trust & HKT Ltd.–Class SS		19,744		26,893
Iliad SA		106		15,531
Infrastrutture Wireless Italiane SpA(b)		1,827		20,631
Koninklijke KPN NV		18,280		57,173
Lumen Technologies, Inc.		2,562		34,818
Nippon Telegraph & Telephone Corp.		6,967		182,153
Orange SA		11,182		127,618
Proximus SADP		827		15,985
Singapore Telecommunications Ltd.		44,733		76,320
Spark New Zealand Ltd.		10,068		33,795
Swisscom AG		141		80,566
Telecom Italia SpA/Milano		54,174		26,955
Telecom Italia SpA/Milano (Savings Shares)		32,772		17,384
Telefonica Deutschland Holding AG		5,660		14,941

Company	Shares		U.S. $ Value
Telefonica SA		30,649	$	143,052
Telenor ASA		3,804		64,155
Telia Co. AB		14,452		64,188
Telstra Corp., Ltd.		22,632		63,831
United Internet AG		527		21,553
Verizon Communications, Inc.		10,805		605,404
Washington H Soul Pattinson & Co., Ltd.		585		14,794
				4,006,921
ENTERTAINMENT–0.9%
Activision Blizzard, Inc.		2,015		192,312
Bollore SA		5,537		29,703
Capcom Co., Ltd.		868		25,370
Electronic Arts, Inc.		665		95,647
Embracer Group AB(a)		1,394		37,692
Koei Tecmo Holdings Co., Ltd.		323		15,703
Konami Holdings Corp.		530		31,742
Live Nation Entertainment, Inc.(a)(c)		316		27,678
Netflix, Inc.(a)		1,192		629,626
Nexon Co., Ltd.		2,640		58,752
Nintendo Co., Ltd.		697		403,335
Sea Ltd. (ADR)(a)		75		20,595
Square Enix Holdings Co., Ltd.		418		20,643
Take-Two Interactive Software, Inc.(a)		235		41,600
Toho Co., Ltd./Tokyo		596		24,574
Ubisoft Entertainment SA(a)		561		39,196
Vivendi SE		3,984		133,859
Walt Disney Co. (The)(a)		4,759		836,489
				2,664,516
INTERACTIVE MEDIA & SERVICES–2.0%
Adevinta ASA–Class B(a)		1,489		28,563
Alphabet, Inc.–Class A(a)		789		1,926,572
Alphabet, Inc.–Class C(a)		745		1,867,208
Auto Trader Group PLC(a)		5,252		45,997
Facebook, Inc.–Class A(a)		6,317		2,196,484
Kakaku.com, Inc.		696		20,939
REA Group Ltd.		287		36,366
Scout24 AG(b)		487		41,090
SEEK Ltd.		1,823		45,318
Twitter, Inc.(a)		2,036		140,097
Z Holdings Corp.		14,335		71,739
				6,420,373
MEDIA–0.2%
CyberAgent, Inc.		2,104		45,061
Dentsu Group, Inc.		1,126		40,398
Discovery, Inc.– Class A(a)(c)		385		11,812
Discovery, Inc.–Class C(a)		704		20,402
DISH Network Corp.–Class A(a)(c)		556		23,241

13

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

Company	Shares		U.S. $ Value
Fox Corp.–Class A		800	$	29,704
Fox Corp.–Class B		382		13,446
Hakuhodo DY Holdings, Inc.		1,181		18,393
Informa PLC(a)		8,167		56,759
Interpublic Group of Cos., Inc. (The)		1,025		33,302
News Corp.–Class A		928		23,914
News Corp.–Class B		317		7,719
Omnicom Group, Inc.		510		40,795
Pearson PLC		4,097		47,181
Publicis Groupe SA		1,273		81,466
Schibsted ASA		397		19,152
Schibsted ASA–Class B		529		22,032
ViacomCBS, Inc.–Class B		1,488		67,258
WPP PLC		6,662		90,056
				692,091
WIRELESS TELECOMMUNICATION SERVICES–0.5%
KDDI Corp.		8,768		273,173
Softbank Corp.		15,587		203,800
SoftBank Group Corp.		6,762		471,594
T-Mobile US, Inc.(a)		1,501		217,390
Tele2 AB–Class B		2,723		37,125
Vodafone Group PLC		145,896		244,526
				1,447,608
				15,231,509
CONSUMER STAPLES–4.8%
BEVERAGES–1.1%
Anheuser-Busch InBev SA/NV		4,143		298,664
Asahi Group Holdings Ltd.		2,464		115,164
Brown-Forman Corp.–Class B		392		29,377
Budweiser Brewing Co. APAC Ltd.(b)		9,337		29,400
Carlsberg AS–Class B		560		104,505
Coca-Cola Co. (The)		10,120		547,593
Coca-Cola European Partners PLC		1,113		66,023
Coca-Cola HBC AG(a)		1,089		39,418
Constellation Brands, Inc.–Class A		470		109,928
Davide Campari-Milano NV		2,842		38,095
Diageo PLC		12,720		609,650
Heineken Holding NV		626		63,169
Heineken NV		1,409		171,052
Ito En Ltd.		276		16,381
Kirin Holdings Co., Ltd.		4,428		86,416
Molson Coors Beverage Co.–Class B(a)		400		21,476
Monster Beverage Corp.(a)		920		84,042
PepsiCo, Inc.		3,625		537,116
Pernod Ricard SA		1,158		257,380
Remy Cointreau SA		144		29,739

Company	Shares		U.S. $ Value
Suntory Beverage & Food Ltd.		738	$	27,817
Treasury Wine Estates Ltd.		3,922		34,342
				3,316,747
FOOD & STAPLES RETAILING–0.8%
Aeon Co., Ltd.		3,525		94,628
Carrefour SA		3,529		69,449
Coles Group Ltd.		7,252		92,896
Cosmos Pharmaceutical Corp.		178		26,154
Costco Wholesale Corp.		1,165		460,956
Etablissements Franz Colruyt NV		296		16,552
ICA Gruppen AB		546		25,411
J Sainsbury PLC		9,070		34,138
Jeronimo Martins SGPS SA		1,368		24,948
Kesko Oyj–Class B		1,484		54,799
Kobe Bussan Co., Ltd.		696		21,928
Koninklijke Ahold Delhaize NV		5,685		169,297
Kroger Co. (The)		1,920		73,555
Lawson, Inc.		246		11,394
Seven & i Holdings Co., Ltd.		4,012		192,178
Sysco Corp.		1,325		103,019
Tesco PLC		42,036		129,857
Tsuruha Holdings, Inc.		230		26,769
Walgreens Boots Alliance, Inc.		1,875		98,644
Walmart, Inc.		3,563		502,454
Welcia Holdings Co., Ltd.		440		14,387
Wm Morrison Supermarkets PLC		13,101		44,708
Woolworths Group Ltd.		6,879		196,852
				2,484,973
FOOD PRODUCTS–1.2%
a2 Milk Co., Ltd. (The)(a)		4,037		18,165
Ajinomoto Co., Inc.		2,458		63,858
Archer-Daniels-Midland Co.		1,375		83,325
Associated British Foods PLC		1,936		59,429
Barry Callebaut AG		20		46,481
Campbell Soup Co.		475		21,655
Chocoladefabriken Lindt & Spruengli AG		6		59,692
Chocoladefabriken Lindt & Spruengli AG (REG)		1		104,728
Conagra Brands, Inc.		1,165		42,383
Danone SA		3,604		253,559
General Mills, Inc.		1,505		91,700
Hershey Co. (The)		350		60,963
Hormel Foods Corp.		650		31,037
JDE Peet’s NV(a)		407		14,773
JM Smucker Co. (The)(c)		195		25,266
Kellogg Co.		615		39,563
Kerry Group PLC–Class A		865		120,936

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Kikkoman Corp.		795	$	52,429
Kraft Heinz Co. (The)		1,678		68,429
Lamb Weston Holdings, Inc.		340		27,424
McCormick & Co., Inc./MD		600		52,992
MEIJI Holdings Co., Ltd.		620		37,153
Mondelez International, Inc.–Class A		3,645		227,594
Mowi ASA		2,389		60,823
Nestle SA		15,664		1,952,471
NH Foods Ltd.		433		16,832
Nisshin Seifun Group, Inc.		1,062		15,570
Nissin Foods Holdings Co., Ltd.		364		26,211
Orkla ASA		4,083		41,610
Toyo Suisan Kaisha Ltd.		390		15,032
Tyson Foods, Inc.–Class A		675		49,788
WH Group Ltd.(b)		51,359		46,100
Wilmar International Ltd.		10,113		33,906
Yakult Honsha Co., Ltd.		642		36,352
				3,898,229
HOUSEHOLD PRODUCTS–0.6%
Church & Dwight Co., Inc.		576		49,087
Clorox Co. (The)		270		48,576
Colgate-Palmolive Co.		2,180		177,343
Essity AB–Class B		3,308		109,727
Henkel AG & Co. KGaA		565		52,030
Henkel AG & Co. KGaA (Preference Shares)		969		102,340
Kimberly-Clark Corp.		805		107,693
Lion Corp.		1,198		20,307
Pigeon Corp.		529		14,920
Procter & Gamble Co. (The)		6,420		866,250
Reckitt Benckiser Group PLC		3,875		342,357
Unicharm Corp.		2,194		88,375
				1,979,005
PERSONAL PRODUCTS–0.7%
Beiersdorf AG		548		66,147
Estee Lauder Cos., Inc. (The)–Class A		590		187,667
Kao Corp.		2,593		159,885
Kobayashi Pharmaceutical Co., Ltd.		238		20,350
Kose Corp.		196		30,791
L’Oreal SA		1,379		615,853
Pola Orbis Holdings, Inc.		416		10,969
Shiseido Co., Ltd.		2,163		159,540
Unilever PLC		14,295		835,307
				2,086,509
TOBACCO–0.4%
Altria Group, Inc.		4,840		230,771
British American Tobacco PLC		11,850		460,083
Imperial Brands PLC		5,145		110,940
Japan Tobacco, Inc.		6,490		122,650

Company	Shares		U.S. $ Value
Philip Morris International, Inc.		4,000	$	396,440
Swedish Match AB		8,818		75,201
				1,396,085
				15,161,548
MATERIALS–3.1%
CHEMICALS–1.6%
Air Liquide SA		2,598		455,559
Air Products and Chemicals, Inc.		600		172,608
Akzo Nobel NV		1,036		128,278
Albemarle Corp.		261		43,968
Arkema SA		365		45,875
Asahi Kasei Corp.		6,775		74,465
BASF SE		4,994		394,225
Celanese Corp.–Class A		308		46,693
CF Industries Holdings, Inc.		550		28,297
Chr Hansen Holding A/S		574		51,805
Clariant AG		1,173		23,357
Corteva, Inc.		1,906		84,531
Covestro AG(b)		1,050		67,891
Croda International PLC		759		77,414
Dow, Inc.		1,956		123,776
DuPont de Nemours, Inc.		1,392		107,755
Eastman Chemical Co.		280		32,690
Ecolab, Inc.		600		123,582
EMS-Chemie Holding AG		39		38,333
Evonik Industries AG		1,140		38,274
FMC Corp.		280		30,296
FUCHS PETROLUB SE (Preference Shares)		377		18,346
Givaudan SA		51		237,416
ICL Group Ltd.		3,829		25,982
International Flavors & Fragrances, Inc.		609		90,985
Johnson Matthey PLC		1,052		44,790
JSR Corp.		1,012		30,742
Kansai Paint Co., Ltd.		878		22,412
Koninklijke DSM NV		937		175,156
LANXESS AG		452		31,020
Linde PLC		1,340		387,394
LyondellBasell Industries NV–Class A		599		61,619
Mitsubishi Chemical Holdings Corp.		6,905		58,099
Mitsubishi Gas Chemical Co., Inc.		807		17,100
Mitsui Chemicals, Inc.		940		32,494
Mosaic Co. (The)		810		25,847
Nippon Paint Holdings Co., Ltd.		3,822		51,704
Nippon Sanso Holdings Corp.		750		15,396
Nissan Chemical Corp.		597		29,181
Nitto Denko Corp.		814		60,619
Novozymes A/S–Class B		1,131		85,333
Orica Ltd.		2,212		21,999
PPG Industries, Inc.		550		93,373

15

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

Company	Shares		U.S. $ Value
Sherwin-Williams Co. (The)		625	$	170,281
Shin-Etsu Chemical Co., Ltd.		1,955		326,995
Sika AG		771		252,609
Solvay SA		403		51,295
Sumitomo Chemical Co., Ltd.		8,072		42,902
Symrise AG		700		97,550
Toray Industries, Inc.		7,453		49,681
Tosoh Corp.		1,316		22,692
Umicore SA		1,071		65,522
Yara International ASA		947		49,902
				4,936,108
CONSTRUCTION MATERIALS–0.2%
CRH PLC		4,268		215,838
HeidelbergCement AG		809		69,458
Holcim Ltd.(a)		2,846		171,068
James Hardie Industries PLC		2,414		81,912
Martin Marietta Materials, Inc.		177		62,270
Vulcan Materials Co.		365		63,536
				664,082
CONTAINERS & PACKAGING–0.1%
AMCOR PLC		3,943		45,187
Avery Dennison Corp.		185		38,894
Ball Corp.		810		65,626
International Paper Co.		1,025		62,843
Packaging Corp. of America		225		30,469
Sealed Air Corp.		390		23,108
Smurfit Kappa Group PLC		1,332		72,439
Westrock Co.		627		33,369
				371,935
METALS & MINING–1.1%
Anglo American PLC		7,040		280,151
Antofagasta PLC		2,144		42,635
ArcelorMittal SA		3,897		119,977
BHP Group Ltd.		16,016		582,667
BHP Group PLC		11,483		339,793
BlueScope Steel Ltd.		2,739		45,007
Boliden AB		1,487		57,219
Endeavour Group Ltd./Australia(a)		6,879		32,450
Evolution Mining Ltd.		9,289		31,385
Evraz PLC		2,772		22,742
Fortescue Metals Group Ltd.		9,207		160,836
Freeport-McMoRan, Inc.		3,745		138,977
Glencore PLC(a)		54,332		233,198
Hitachi Metals Ltd.(a)		1,110		21,212
JFE Holdings, Inc.		2,578		30,245
Newcrest Mining Ltd.		4,439		84,180
Newmont Corp.		2,031		128,725
Nippon Steel Corp.		4,595		77,693
Norsk Hydro ASA		7,311		46,676
Northern Star Resources Ltd.		6,009		44,131
Nucor Corp.		710		68,110

Company	Shares		U.S. $ Value
Rio Tinto Ltd.		2,018	$	191,317
Rio Tinto PLC		6,102		503,949
South32 Ltd.		25,992		57,000
Sumitomo Metal Mining Co., Ltd.		1,272		49,469
voestalpine AG		630		25,697
				3,415,441
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		2,639		69,480
Oji Holdings Corp.		4,381		25,176
Stora Enso Oyj–Class R		3,162		57,741
Svenska Cellulosa AB SCA–Class B		3,294		54,029
UPM-Kymmene Oyj		2,901		109,826
				316,252
				9,703,818
ENERGY–1.8%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.–Class A		1,850		42,309
Halliburton Co.		2,300		53,176
NOV, Inc.(a)		925		14,171
Schlumberger NV		3,570		114,276
Tenaris SA		2,567		28,084
				252,016
OIL, GAS & CONSUMABLE FUELS–1.7%
Ampol Ltd.		1,295		27,410
APA Corp.		965		20,873
BP PLC		110,626		485,138
Cabot Oil & Gas Corp.		1,040		18,158
Chevron Corp.		5,031		526,947
ConocoPhillips		3,481		211,993
Devon Energy Corp.		1,480		43,201
Diamondback Energy, Inc.		378		35,490
ENEOS Holdings, Inc.		16,637		69,722
Eni SpA		13,722		167,292
EOG Resources, Inc.		1,480		123,491
Equinor ASA		5,313		112,468
Exxon Mobil Corp.		11,000		693,880
Galp Energia SGPS SA		2,725		29,628
Hess Corp.		690		60,251
Idemitsu Kosan Co., Ltd.		1,124		27,157
Inpex Corp.		5,518		41,299
Kinder Morgan, Inc.		5,049		92,043
Koninklijke Vopak NV		376		17,092
Lundin Energy AB		1,088		38,572
Marathon Oil Corp.		1,985		27,036
Marathon Petroleum Corp.		1,651		99,753
Neste Oyj		2,300		141,087
Occidental Petroleum Corp.		2,186		68,356
Oil Search Ltd.		10,732		30,660
OMV AG		800		45,654
ONEOK, Inc.		1,168		64,988
Phillips 66		1,140		97,835

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Pioneer Natural Resources Co.		615	$	99,950
Repsol SA		8,098		101,732
Royal Dutch Shell PLC–Class A		22,298		447,027
Royal Dutch Shell PLC–Class B		20,150		391,168
Santos Ltd.		10,192		54,135
TotalEnergies SE		13,666		619,094
Valero Energy Corp.		995		77,690
Williams Cos., Inc. (The)		3,178		84,376
Woodside Petroleum Ltd.		5,231		87,105
				5,379,751
				5,631,767
UTILITIES–1.7%
ELECTRIC UTILITIES–1.0%
Alliant Energy Corp.		588		32,787
American Electric Power Co., Inc.		1,285		108,698
AusNet Services Ltd.		10,333		13,543
Chubu Electric Power Co., Inc.		3,439		42,075
CK Infrastructure Holdings Ltd.		2,903		17,293
CLP Holdings Ltd.		8,629		85,279
Duke Energy Corp.		1,942		191,714
Edison International		985		56,953
EDP–Energias de Portugal SA		15,092		79,992
Electricite de France SA		2,814		38,456
Elia Group SA/NV		168		17,733
Endesa SA		1,726		41,900
Enel SpA		44,220		410,931
Entergy Corp.		475		47,358
Evergy, Inc.		585		35,352
Eversource Energy		810		64,994
Exelon Corp.		2,517		111,528
FirstEnergy Corp.		1,375		51,164
Fortum Oyj		2,414		66,594
HK Electric Investments & HK Electric Investments Ltd.–Class SS(b)		13,615		13,796
Iberdrola SA		31,405		382,973
Kansai Electric Power Co., Inc. (The)		3,771		35,982
Mercury NZ Ltd.		3,703		17,257
NextEra Energy, Inc.		5,090		372,995
NRG Energy, Inc.		560		22,568
Origin Energy Ltd.		9,575		32,337
Orsted AS(b)		1,029		144,432
Pinnacle West Capital Corp.		285		23,361
Power Assets Holdings Ltd.		7,358		45,149
PPL Corp.		2,015		56,360
Red Electrica Corp. SA		2,353		43,686
Southern Co. (The)		2,760		167,008
SSE PLC		5,666		117,676
Terna SpA		7,649		57,044

Company	Shares		U.S. $ Value
Tohoku Electric Power Co., Inc.		2,307	$	18,088
Tokyo Electric Power Co. Holdings, Inc.(a)		8,284		24,668
Verbund AG		370		34,085
Xcel Energy, Inc.		1,330		87,620
				3,211,429
GAS UTILITIES–0.1%
APA Group		6,415		42,805
Atmos Energy Corp.		342		32,870
Enagas SA		1,353		31,272
Hong Kong & China Gas Co., Ltd.		60,787		94,385
Naturgy Energy Group SA		1,581		40,689
Osaka Gas Co., Ltd.		1,940		36,198
Snam SpA		10,963		63,418
Toho Gas Co., Ltd.		358		17,576
Tokyo Gas Co., Ltd.		1,950		36,780
				395,993
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		1,725		44,971
EDP Renovaveis SA		1,566		36,283
Meridian Energy Ltd.		6,966		25,973
Uniper SE		497		18,311
				125,538
MULTI-UTILITIES–0.5%
AGL Energy Ltd.		3,387		20,809
Ameren Corp.		660		52,826
CenterPoint Energy, Inc.		1,505		36,903
CMS Energy Corp.		670		39,584
Consolidated Edison, Inc.		890		63,831
Dominion Energy, Inc.		2,020		148,611
DTE Energy Co.		420		54,432
E.ON SE		12,206		141,219
Engie SA		10,212		140,033
National Grid PLC		19,296		245,439
NiSource, Inc.		1,005		24,623
Public Service Enterprise Group, Inc.		1,245		74,376
RWE AG		3,492		126,610
Sempra Energy		750		99,360
Suez SA		2,045		48,653
United Utilities Group PLC		3,707		50,034
Veolia Environnement SA		3,062		92,567
WEC Energy Group, Inc.		768		68,314
				1,528,224
WATER UTILITIES–0.0%
American Water Works Co., Inc.		421		64,889
Severn Trent PLC		1,298		44,934
				109,823
				5,371,007

17

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

Company	Shares		U.S. $ Value
REAL ESTATE–1.7%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.2%
Alexandria Real Estate Equities, Inc.		332	$	60,404
American Tower Corp.		1,175		317,414
Ascendas Real Estate Investment Trust		16,639		36,565
AvalonBay Communities, Inc.		395		82,433
Boston Properties, Inc.		300		34,377
British Land Co. PLC (The)		4,786		32,739
CapitaLand Integrated Commercial Trust		24,350		37,911
Covivio		327		27,994
Crown Castle International Corp.		1,120		218,512
Daiwa House REIT Investment Corp.		18		52,968
Dexus		5,904		47,065
Digital Realty Trust, Inc.		728		109,535
Duke Realty Corp.		928		43,941
Equinix, Inc.		230		184,598
Equity Residential		880		67,760
Essex Property Trust, Inc.		178		53,402
Extra Space Storage, Inc.		333		54,552
Federal Realty Investment Trust(c)		172		20,153
Gecina SA		275		42,133
GLP J-Reit		36		62,087
Goodman Group		9,039		143,048
GPT Group (The)		10,590		38,740
Healthpeak Properties, Inc.		1,380		45,940
Host Hotels & Resorts, Inc.(a)		1,820		31,104
Iron Mountain, Inc.		748		31,655
Japan Metropolitan Fund Invest		62		67,206
Japan Real Estate Investment Corp.		12		73,698
Kimco Realty Corp.		1,110		23,144
Klepierre SA		1,268		32,668
Land Securities Group PLC		3,829		35,735
Link REIT		10,373		100,362
Mapletree Commercial Trust		11,196		18,009
Mapletree Logistics Trust		15,769		24,106
Mid-America Apartment Communities, Inc.		296		49,852
Mirvac Group		21,408		46,677
Nippon Building Fund, Inc.		14		87,228
Nippon Prologis REIT, Inc.		19		60,422
Nomura Real Estate Master Fund, Inc.		38		60,817
Orix JREIT, Inc.		23		44,153
Prologis, Inc.		1,879		224,597
Public Storage		400		120,276
Realty Income Corp.		958		63,937

Company	Shares		U.S. $ Value
Regency Centers Corp.		383	$	24,539
SBA Communications Corp.		290		92,423
Scentre Group		28,219		57,745
Segro PLC		6,478		98,066
Simon Property Group, Inc.		856		111,691
Stockland		12,978		45,193
UDR, Inc.		778		38,106
United Urban Investment Corp.		26		37,552
Ventas, Inc.		961		54,873
Vicinity Centres		21,037		24,255
Vornado Realty Trust(c)		385		17,968
Welltower, Inc.		1,035		86,008
Weyerhaeuser Co.		1,898		65,329
				3,763,665
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.5%
Aroundtown SA		5,431		42,374
Azrieli Group Ltd.		231		16,277
CapitaLand Ltd.		13,504		37,301
CBRE Group, Inc.–Class A(a)		865		74,156
City Developments Ltd.		2,050		11,133
CK Asset Holdings Ltd.		10,031		69,044
Daito Trust Construction Co., Ltd.		383		41,786
Daiwa House Industry Co., Ltd.		3,044		91,528
Deutsche Wohnen SE		1,858		113,687
ESR Cayman Ltd.(a) (b)		10,348		34,891
Fastighets AB Balder–Class B(a)		572		35,857
Hang Lung Properties Ltd.		10,030		24,326
Henderson Land Development Co., Ltd.		6,938		32,832
Hongkong Land Holdings Ltd.		5,395		25,693
Hulic Co., Ltd.		1,401		15,739
LEG Immobilien SE		392		56,431
Lendlease Corp Ltd.		3,742		32,154
Mitsubishi Estate Co., Ltd.		6,335		102,396
Mitsui Fudosan Co., Ltd.		4,969		114,902
New World Development Co., Ltd.		7,625		39,543
Nomura Real Estate Holdings, Inc.		531		13,450
Sino Land Co., Ltd.		17,242		27,181
Sumitomo Realty & Development Co., Ltd.		1,656		59,226
Sun Hung Kai Properties Ltd.		6,616		98,327
Swire Pacific Ltd.–Class A		2,435		16,499
Swire Properties Ltd.		5,422		16,150
Swiss Prime Site AG		413		40,989
Unibail-Rodamco-Westfield(a)		678		58,780
UOL Group Ltd.		2,133		11,604
Vonovia SE		2,923		188,900

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Wharf Real Estate Investment Co., Ltd.		8,876	$	51,597
				1,594,753
				5,358,418
Total Common Stocks (cost $90,999,263)				187,035,051
	Principal Amount (000)
GOVERNMENTS– TREASURIES–25.7%
UNITED STATES–25.7%
U.S. Treasury Bonds 1.25%, 05/15/2050	$	306		249,733
1.375%, 08/15/2050		197		166,242
1.625%, 11/15/2050		1,062		954,051
2.00%, 02/15/2050		418		411,012
2.25%, 08/15/2046-08/15/2049		2,936		3,036,168
2.375%, 11/15/2049-05/15/2051		475		506,431
2.50%, 02/15/2045-05/15/2046		250		271,021
2.75%, 08/15/2042-08/15/2047		490		553,325
2.875%, 05/15/2043-05/15/2049		2,819		3,262,444
3.00%, 05/15/2045-02/15/2049		1,729		2,058,821
3.125%, 11/15/2041-02/15/2043		1,170		1,396,388
3.50%, 02/15/2039		4		4,378
3.625%, 08/15/2043		1,513		1,948,481
3.75%, 08/15/2041-11/15/2043		167		218,490
3.875%, 08/15/2040		119		156,466
4.25%, 05/15/2039		102		139,854
4.375%, 11/15/2039-05/15/2041		523		729,580
4.50%, 08/15/2039		132		186,663
4.75%, 02/15/2037-02/15/2041		475		679,840
5.25%, 11/15/2028		283		363,726
5.375%, 02/15/2031		270		366,436
5.50%, 08/15/2028		573		740,672
6.00%, 02/15/2026		1,181		1,458,534
6.125%, 11/15/2027		303		396,883
6.25%, 08/15/2023-05/15/2030		334		456,181
6.875%, 08/15/2025		355		443,764
7.25%, 08/15/2022		317		341,640
7.625%, 02/15/2025		123		153,480
U.S. Treasury Notes 0.125%, 11/30/2022		593		592,522
0.25%, 06/30/2025-09/30/2025		4,767		4,674,325

Company	Principal Amount (000)		U.S. $ Value
0.375%, 04/30/2025-01/31/2026	$	3,909	$	3,842,648
0.50%, 03/31/2025-02/28/2026		915		902,326
0.625%, 05/15/2030-08/15/2030		1,577		1,473,120
0.75%, 04/30/2026-05/31/2026		1,268		1,261,287
0.875%, 11/15/2030		1,538		1,463,938
1.125%, 02/15/2031		1,168		1,135,138
1.25%, 08/31/2024		825		843,953
1.375%, 08/31/2023		681		696,760
1.50%, 09/30/2024-02/15/2030		4,256		4,381,057
1.625%, 11/15/2022-05/15/2031		5,667		5,815,940
1.75%, 06/30/2022-11/15/2029		3,957		4,076,887
1.875%, 08/31/2022-10/31/2022		1,974		2,016,511
2.00%, 07/31/2022-11/15/2026		7,977		8,340,481
2.125%, 11/30/2023-05/15/2025		5,377		5,641,073
2.25%, 04/30/2024-11/15/2027		3,481		3,706,107
2.375%, 08/15/2024-05/15/2029		1,746		1,876,573
2.50%, 08/15/2023-05/15/2024		2,439		2,572,898
2.625%, 02/15/2029		340		372,821
2.75%, 11/15/2023-02/15/2028		1,410		1,495,536
2.875%, 10/31/2023-05/15/2028		947		1,019,307
3.125%, 11/15/2028		688		779,177
Total Governments–Treasuries (cost $76,008,389)				80,631,089
	Shares
INVESTMENT COMPANIES–5.0%
FUNDS AND INVESTMENT TRUSTS–5.0%(f)
Vanguard Global ex-U.S. Real Estate ETF		132,928		7,757,678
Vanguard Real Estate ETF(c)		76,494		7,786,325
Total Investment Companies (cost $12,101,209)				15,544,003
RIGHTS–0.0%
INDUSTRIALS–0.0%
ACS Actividades de Construccion y Servicios SA, expiring 07/06/2021(a)(g) (cost $3,174)		2,097		2,934

19

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

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–7.0%
INVESTMENT COMPANIES–7.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(f)(g)(h) (cost $21,886,952)		21,886,952	$	21,886,952
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–97.3% (cost $200,998,987)				305,100,029

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.4%
INVESTMENT COMPANIES–0.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(f)(g)(h) (cost $1,225,681)		1,225,681	$	1,225,681
TOTAL INVESTMENTS–97.7% (cost $202,224,668)				306,325,710
Other assets less liabilities–2.3%				7,240,590
NET ASSETS–100.0%			$	313,566,300

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Australian 10 Yr Bond Futures		50		September 2021	$	5,294,235	$	21,202
Canadian 10 Yr Bond Futures		41		September 2021		4,813,101		40,838
E-Mini Russell 2000 Futures		77		September 2021		8,885,030		(58,346	)
Long Gilt Futures		5		September 2021		886,003		3,783
MSCI EAFE Futures		9		September 2021		1,036,845		(13,557	)
MSCI Emerging Market Futures		187		September 2021		12,760,880		(91,160	)
S&P 400 E-Mini Futures		33		September 2021		8,884,920		(109,387	)
U.S. T-Note 10 Yr (CBT) Futures		213		September 2021		28,222,500		60,112
Sold Contracts
Euro STOXX 50 Index Futures		148		September 2021		7,117,038		33,473
FTSE 100 Index Futures		13		September 2021		1,255,296		4,702
Hang Seng Index Futures		2		July 2021		368,739		6,842
OMXS30 Index Futures		22		July 2021		582,512		(2,083	)
S&P 500 E-Mini Futures		66		September 2021		14,152,380		(69,455	)
SPI 200 Futures		8		September 2021		1,083,378		(6,276	)
TOPIX Index Futures		21		September 2021		3,672,803		14,092
							$	(165,220	)

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	4,377		USD	514		07/15/2021	$	5,173
Bank of America, NA		SEK	33,729		USD	3,965		07/15/2021		22,905

20

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		CAD	4,628		USD	3,755		07/16/2021	$	21,272
Bank of America, NA		CAD	333		USD	265		07/16/2021		(4,362	)
Bank of America, NA		USD	1,649		CAD	2,042		07/16/2021		(1,349	)
Bank of America, NA		NZD	1,189		USD	838		07/29/2021		7,156
Bank of America, NA		EUR	1,836		USD	2,238		08/03/2021		59,703
Bank of America, NA		CHF	1,794		USD	1,954		08/05/2021		13,876
Bank of America, NA		AUD	4,136		USD	3,133		08/25/2021		30,016
Bank of America, NA		GBP	3,885		USD	5,396		08/26/2021		21,455
Barclays Bank PLC		USD	232		CAD	280		07/16/2021		(6,266	)
BNP Paribas SA		SEK	3,570		USD	418		07/15/2021		340
BNP Paribas SA		SEK	1,901		USD	221		07/15/2021		(1,193	)
BNP Paribas SA		USD	5,767		SEK	49,144		07/15/2021		(23,786	)
BNP Paribas SA		USD	327		CAD	406		07/16/2021		1,057
BNP Paribas SA		USD	1,163		CAD	1,424		07/16/2021		(13,273	)
BNP Paribas SA		EUR	5,087		USD	6,174		08/03/2021		137,376
BNP Paribas SA		USD	807		JPY	89,249		08/19/2021		(3,432	)
Citibank, NA		USD	582		SEK	4,913		07/15/2021		(7,421	)
Citibank, NA		USD	240		CAD	288		07/16/2021		(6,800	)
Citibank, NA		EUR	3,393		USD	4,033		08/03/2021		7,138
Citibank, NA		JPY	73,815		USD	675		08/19/2021		9,960
Citibank, NA		GBP	2,772		USD	3,903		08/26/2021		68,387
Credit Suisse International		USD	6,581		CAD	8,142		07/16/2021		(13,018	)
Credit Suisse International		CHF	794		USD	887		08/05/2021		27,827
Deutsche Bank AG		USD	512		CAD	616		07/16/2021		(14,158	)
Goldman Sachs Bank USA		CAD	333		USD	264		07/16/2021		(4,606	)
Goldman Sachs Bank USA		USD	485		CAD	583		07/16/2021		(13,461	)
Goldman Sachs Bank USA		CHF	6,213		USD	6,818		08/05/2021		96,721
Goldman Sachs Bank USA		GBP	4,658		USD	6,573		08/26/2021		129,244
HSBC Bank USA		USD	2,188		SEK	18,362		07/15/2021		(42,321	)
HSBC Bank USA		CAD	333		USD	264		07/16/2021		(4,964	)
HSBC Bank USA		EUR	18,665		USD	22,427		08/03/2021		280,689
JPMorgan Chase Bank, NA		SEK	32,824		USD	3,817		07/15/2021		(18,792	)
JPMorgan Chase Bank, NA		USD	240		CAD	288		07/16/2021		(6,563	)
Morgan Stanley Capital Services, Inc.		SEK	8,597		USD	1,041		07/15/2021		35,982
Morgan Stanley Capital Services, Inc.		SEK	5,471		USD	639		07/15/2021		(93	)
Morgan Stanley Capital Services, Inc.		USD	1,284		NOK	11,001		07/15/2021		(6,295	)
Morgan Stanley Capital Services, Inc.		CAD	974		USD	804		07/16/2021		18,579
Morgan Stanley Capital Services, Inc.		USD	239		CAD	288		07/16/2021		(6,468	)
Morgan Stanley Capital Services, Inc.		CHF	1,768		USD	1,970		08/05/2021		57,125
Morgan Stanley Capital Services, Inc.		JPY	2,223,312		USD	20,181		08/19/2021		160,151
Morgan Stanley Capital Services, Inc.		AUD	6,874		USD	5,326		08/25/2021		169,401
Natwest Markets PLC		USD	1,630		NOK	13,361		07/15/2021		(78,098	)
Natwest Markets PLC		USD	1,585		NZD	2,217		07/29/2021		(35,314	)
Natwest Markets PLC		EUR	1,267		USD	1,507		08/03/2021		4,379
Natwest Markets PLC		GBP	546		USD	756		08/26/2021		660
Standard Chartered Bank		CAD	333		USD	266		07/16/2021		(3,230	)
State Street Bank & Trust Co.		NOK	3,785		USD	454		07/15/2021		14,582
State Street Bank & Trust Co.		USD	2,489		SEK	21,108		07/15/2021		(22,451	)
State Street Bank & Trust Co.		USD	20,783		EUR	17,396		08/03/2021		(142,480	)
State Street Bank & Trust Co.		USD	6,102		CHF	5,598		08/05/2021		(46,519	)

21

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

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	14,503		JPY	1,605,745		08/19/2021	$	(43,382	)
State Street Bank & Trust Co.		USD	5,187		AUD	6,874		08/25/2021		(30,112	)
State Street Bank & Trust Co.		USD	8,773		GBP	6,282		08/26/2021		(81,853	)
UBS AG		CAD	974		USD	804		07/16/2021		18,318
UBS AG		CHF	1,199		USD	1,305		08/05/2021		7,508
									$	744,920

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $1,844,015 or 0.6% 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

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

GDR—Global Depositary Receipt

MSC—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.

22

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $179,112,035)	$	283,213,077	(a)
Affiliated issuers (cost $23,112,633—including investment of cash collateral for securities loaned of $1,225,681)		23,112,633
Cash		773
Cash collateral due from broker		3,153,215
Foreign currencies, at value (cost $350,642)		349,036
Receivable for investment securities sold and foreign currency transactions		4,778,302
Unrealized appreciation on forward currency exchange contracts		1,426,980
Unaffiliated dividends and interest receivable		1,091,253
Receivable for variation margin on futures		57,926
Receivable for capital stock sold		3,380
Affiliated dividends receivable		302
Total assets		317,186,877
LIABILITIES
Payable for collateral received on securities loaned		1,225,681
Payable for investment securities purchased		901,459
Unrealized depreciation on forward currency exchange contracts		682,060
Advisory fee payable		310,091
Payable for capital stock redeemed		167,392
Distribution fee payable		111,237
Administrative fee payable		20,497
Transfer Agent fee payable		129
Foreign capital gains tax payable		46
Accrued expenses		201,985
Total liabilities		3,620,577
NET ASSETS	$	313,566,300
COMPOSITION OF NET ASSETS
Capital stock, at par	$	21,490
Additional paid-in capital		149,791,002
Distributable earnings		163,753,808
NET ASSETS	$	313,566,300

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	368,340		25,033	$	14.71
B	$	313,197,960		21,465,341	$	14.59

(a) Includes securities on loan with a value of $9,464,713 (see Note E).

See notes to financial statements.

23

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $250,097)	$	3,809,919
Affiliated issuers		750
Interest		1,751,830
Securities lending income		3,944
		5,566,443
EXPENSES
Advisory fee (see Note B)		1,906,063
Distribution fee—Class B		680,293
Transfer agency—Class B		1,927
Custody and accounting		89,643
Audit and tax		48,464
Administrative		39,467
Legal		23,066
Printing		16,119
Directors’ fees		12,960
Miscellaneous		28,316
Total expenses		2,846,318
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(3,602	)
Net expenses		2,842,716
Net investment income		2,723,727
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		63,032,594
Forward currency exchange contracts		481,828
Futures		1,630,128
Foreign currency transactions		83,635
Net change in unrealized appreciation/depreciation of:
Investments		(35,639,862	)
Forward currency exchange contracts		1,260,383
Futures		(1,489,349	)
Foreign currency denominated assets and liabilities		(185,299	)
Net gain on investment and foreign currency transactions		29,174,058
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	31,897,785

See notes to financial statements.

24

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,723,727		$	4,934,873
Net realized gain (loss) on investment and foreign currency transactions		65,228,185			(10,066,061	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(36,054,127	)		28,883,717
Net increase in net assets from operations		31,897,785			23,752,529
Distributions to Shareholders
Class A		–0	–		(6,470	)
Class B		–0	–		(7,947,724	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(267,117,558	)		(36,380,539	)
Total decrease		(235,219,773	)		(20,582,204	)
NET ASSETS
Beginning of period		548,786,073			569,368,277
End of period	$	313,566,300		$	548,786,073

See notes to financial statements.

25

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Dynamic Asset Allocation Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to maximize total return consistent with AllianceBernstein L.P. (the “Adviser”) determination of reasonable risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 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. 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

26

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.

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.

27

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	26,429,310		$	8,201,732		$	–0	–	$	34,631,042
Financials		10,869,275			15,160,074			–0	–		26,029,349
Health Care		12,630,997			11,308,913			–0	–		23,939,910
Consumer Discretionary		11,854,872			12,013,106			52,685			23,920,663
Industrials		7,886,969			14,169,051			–0	–		22,056,020
Communication Services		10,665,586			4,565,923			–0	–		15,231,509
Consumer Staples		5,796,168			9,365,380			–0	–		15,161,548
Materials		2,469,064			7,234,754			–0	–		9,703,818
Energy		2,670,243			2,961,524			–0	–		5,631,767
Utilities		2,352,325			3,018,682			–0	–		5,371,007
Real Estate		2,464,766			2,893,652			–0	–		5,358,418
Governments—Treasuries		–0	–		80,631,089			–0	–		80,631,089
Investment Companies		15,544,003			–0	–		–0	–		15,544,003
Rights		2,934			–0	–		–0	–		2,934
Short-Term Investments		21,886,952			–0	–		–0	–		21,886,952
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,225,681			–0	–		–0	–		1,225,681
Total Investments in Securities		134,749,145			171,523,880			52,685			306,325,710
Other Financial Instruments(a):
Assets:
Futures		185,044			–0	–		–0	–		185,044	(b)
Forward Currency Exchange Contracts		–0	–		1,426,980			–0	–		1,426,980
Liabilities:
Futures		(350,264	)		–0	–		–0	–		(350,264	)(b)
Forward Currency Exchange Contracts		–0	–		(682,060	)		–0	–		(682,060	)
Total	$	134,583,925		$	172,268,800		$	52,685		$	306,905,410

(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.

28

AB Variable Products Series Fund

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, 2022 and then may be extended by the Adviser for additional one-year terms. For the six months ended June 30, 2021, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,467.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

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, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $3,599.

29

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

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	4,201	$	307,465	$	289,779	$	21,887	$	1
Government Money Market Portfolio*		67		45,946		44,787		1,226		0	**
Total							$	23,113	$	1

* 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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

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

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	20,990,801	$	187,190,711
U.S. government securities		17,620,044		131,362,046

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

Gross unrealized appreciation	$	109,180,849
Gross unrealized depreciation		(4,500,107	)
Net unrealized appreciation	$	104,680,742

30

AB Variable Products Series Fund

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the six months ended June 30, 2021, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2021, the Portfolio held forward currency exchange contracts 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

31

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

return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

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

During the six months ended June 30, 2021, 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	$	125,935	*
Equity contracts	Receivable/Payable for variation margin on futures		59,109	*	Receivable/Payable for variation margin on futures	$	350,264	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		1,426,980		Unrealized depreciation on forward currency exchange contracts		682,060
Total		$	1,612,024			$	1,032,324

* 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	$	(1,452,115	)	$	93,585
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		3,082,243			(1,582,934	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		481,828			1,260,383
Total		$	2,111,956		$	(228,966	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2021:

Futures:
Average notional amount of buy contracts	$	103,117,130
Average notional amount of sale contracts	$	46,277,854
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	62,017,218
Average principal amount of sale contracts	$	97,737,179

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.

32

AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2021. 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

$

181,556

$

(5,711

)

$

–0

–

$

–0

–

$

175,845

BNP Paribas SA

138,773

(41,684

)

–0

–

–0

–

97,089

Citibank, NA

85,485

(14,221

)

–0

–

–0

–

71,264

Credit Suisse International

27,827

(13,018

)

–0

–

–0

–

14,809

Goldman Sachs Bank USA

225,965

(18,067

)

–0

–

–0

–

207,898

HSBC Bank USA

280,689

(47,285

)

–0

–

–0

–

233,404

Morgan Stanley Capital Services, Inc.

441,238

(12,856

)

–0

–

–0

–

428,382

Natwest Markets PLC

5,039

(5,039

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

14,582

(14,582

)

–0

–

–0

–

–0

–

UBS AG

25,826

–0

–

–0

–

–0

–

25,826

Total

$

1,426,980

$

(172,463

)

$

–0

–

$

–0

–

$

1,254,517

^

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

$

5,711

$

(5,711

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

6,266

–0

–

–0

–

–0

–

6,266

BNP Paribas SA

41,684

(41,684

)

–0

–

–0

–

–0

–

Citibank, NA

14,221

(14,221

)

–0

–

–0

–

–0

–

Credit Suisse International

13,018

(13,018

)

–0

–

–0

–

–0

–

Deutsche Bank AG

14,158

–0

–

–0

–

–0

–

14,158

Goldman Sachs Bank USA

18,067

(18,067

)

–0

–

–0

–

–0

–

HSBC Bank USA

47,285

(47,285

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

25,355

–0

–

–0

–

–0

–

25,355

Morgan Stanley Capital Services, Inc.

12,856

(12,856

)

–0

–

–0

–

–0

–

Natwest Markets PLC

113,412

(5,039

)

–0

–

–0

–

108,373

Standard Chartered Bank

3,230

–0

–

–0

–

–0

–

3,230

State Street Bank & Trust Co.

366,797

(14,582

)

–0

–

–0

–

352,215

Total

$

682,060

$

(172,463

)

$

–0

–

$

–0

–

$

509,597

^

* 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).

33

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

NOTE E: Securities Lending

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

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2021 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
$	9,464,713	$	1,225,681	$	8,554,632	$	3,825	$	119	$	3

* As of June 30, 2021.

34

AB Variable Products Series Fund

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		1,722			6,869		$	24,401		$	86,958
Shares issued in reinvestment of dividends		–0	–		502			–0	–		6,470
Shares redeemed		(2,889	)		(9,641	)		(40,949	)		(126,155	)
Net decrease		(1,167	)		(2,270	)	$	(16,548	)	$	(32,727	)
Class B
Shares sold		698,268			1,311,598		$	9,900,207		$	16,672,485
Shares issued in reinvestment of dividends		–0	–		619,947			–0	–		7,947,724
Shares redeemed		(18,984,730	)		(4,763,950	)		(277,001,217	)		(60,968,021	)
Net decrease		(18,286,462	)		(2,832,405	)	$	(267,101,010	)	$	(36,347,812	)

At June 30, 2021, certain shareholders of the Portfolio owned 86% 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. The current historically low interest rate environment heightens the risks associated with rising interest rates.

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

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

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

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

35

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

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce 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 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 may 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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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

36

AB Variable Products Series Fund

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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.

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.

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

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.

37

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.89			$13.46			$11.91			$13.07			$11.63			$11.33
Income From Investment Operations
Net investment income (a)(b)		.09			.15			.23			.20			.17			.13	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.73			.51			1.60			(1.11	)		1.52			.27
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.82			.66			1.83			(.91	)		1.69			.40
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.23	)		(.27	)		(.23	)		(.25	)		(.10	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.01	)		(.02	)		–0	–		(.00	)(c)
Total dividends and distributions		–0	–		(.23	)		(.28	)		(.25	)		(.25	)		(.10	)
Net asset value, end of period		$14.71			$13.89			$13.46			$11.91			$13.07			$11.63
Total Return
Total investment return based on net asset value (d)		5.90	%		5.02	%		15.51	%		(7.07	)%		14.67	%		3.59	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$368			$364			$383			$355			$328			$303
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.80	%^		.80	%		.80	%		.78	%		.77	%		.79	%
Expenses, before waivers/reimbursements (e)‡		.80	%^		.80	%		.80	%		.79	%		.78	%		.81	%
Net investment income (b)		1.27	%^		1.18	%		1.78	%		1.60	%		1.39	%		1.11	%†
Portfolio turnover rate		8	%		13	%		19	%		24	%		20	%		64	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.01	%		.02	%		.03	%		.04	%		.04	%

See footnote summary on page 40.

38

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.80			$13.36			$11.82			$12.98			$11.56			$11.26
Income From Investment Operations
Net investment income (a)(b)		.07			.12			.19			.17			.14			.10	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.72			.51			1.60			(1.11	)		1.50			.27
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.79			.63			1.79			(.94	)		1.64			.37
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.19	)		(.24	)		(.20	)		(.22	)		(.07	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.01	)		(.02	)		–0	–		(.00	)(c)
Total dividends and distributions		–0	–		(.19	)		(.25	)		(.22	)		(.22	)		(.07	)
Net asset value, end of period		$14.59			$13.80			$13.36			$11.82			$12.98			$11.56
Total Return
Total investment return based on net asset value (d)		5.72	%		4.86	%		15.24	%		(7.35	)%		14.32	%		3.37	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$313,198			$548,422			$568,985			$533,467			$604,703			$558,725
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		1.04	%^		1.05	%		1.05	%		1.03	%		1.03	%		1.05	%
Expenses, before waivers/reimbursements (e)‡		1.05	%^		1.06	%		1.05	%		1.04	%		1.04	%		1.07	%
Net investment income (b)		1.00	%^		.93	%		1.51	%		1.35	%		1.15	%		.89	%†
Portfolio turnover rate		8	%		13	%		19	%		24	%		20	%		64	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%^		.01	%		.02	%		.03	%		.04	%		.04	%

See footnote summary on page 40.

39

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

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the years ended December 31, 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
$.001	0%	0%

^ Annualized.

See notes to financial statements.

40

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 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

41

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

42

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

43

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.

44

VPS-DAA-0152-0621

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,069.90	$	3.59		0.70	%	$	3.90		0.76	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.32	$	3.51		0.70	%	$	3.81		0.76	%
Class B
Actual	$	1,000	$	1,068.60	$	4.82		0.94	%	$	5.13		1.00	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.13	$	4.71		0.94	%	$	5.01		1.00	%

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

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain affiliated/unaffiliated underlying portfolios acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF  TOTAL INVESTMENTS
Common Stocks	$	540,660,759		34.7	%
Inflation-Linked Securities		7,202,864		0.4
Options Purchased—Puts		973,152		0.1
Rights		227		0.0
Short-Term Investments		1,008,596,205		64.8
Total Investments	$	1,557,433,207		100.0	%

COUNTRY BREAKDOWN²

June 30, 2021 (unaudited)

COUNTRY	U.S.$ VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	376,412,702		24.2	%
Japan		45,507,368		2.9
United Kingdom		23,290,216		1.5
France		17,437,886		1.1
Switzerland		15,914,998		1.0
Germany		15,900,846		1.0
Australia		12,969,045		0.8
Netherlands		7,230,491		0.5
Sweden		5,813,209		0.4
Hong Kong		4,582,120		0.3
Denmark		4,269,946		0.3
Spain		4,059,735		0.3
Italy		3,404,423		0.2
Other		12,044,017		0.7
Short-Term Investments		1,008,596,205		64.8
Total Investments	$	1,557,433,207		100.0	%

1 All data are as of June 30, 2021. The Portfolio’s security type breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivatives transactions, which may be used for hedging or investment purpose (see “Portfolio of Investments” section of the report for additional details).

2 All data are as of June 30, 2021. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.1% or less in the following: Austria, Belgium, Brazil, Chile, China, Finland, Ireland, Israel, Jordan, Luxembourg, Macau, New Zealand, Norway, Poland, Portugal, Russia, Singapore, South Africa and Taiwan.

2

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–49.5%
INFORMATION TECHNOLOGY–10.8%
COMMUNICATIONS EQUIPMENT–0.3%
Arista Networks, Inc.(a)		570	$	206,517
Cisco Systems, Inc./Delaware		43,630		2,312,390
F5 Networks, Inc.(a)		620		115,729
Juniper Networks, Inc.		3,390		92,716
Motorola Solutions, Inc.		1,760		381,656
Nokia Oyj(a)		52,585		281,738
Telefonaktiebolaget LM Ericsson–Class B		28,466		357,929
				3,748,675
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		6,180		422,774
Azbil Corp.		1,203		49,848
CDW Corp./DE		1,450		253,243
Corning, Inc.		8,020		328,018
Halma PLC		3,702		137,919
Hamamatsu Photonics KK		1,368		82,407
Hexagon AB		19,214		284,682
Hirose Electric Co., Ltd.		316		46,229
Ibiden Co., Ltd.		1,030		55,438
IPG Photonics Corp.(a)		370		77,985
Keyence Corp.		1,897		955,373
Keysight Technologies, Inc.(a)		1,900		293,379
Kyocera Corp.		3,130		193,372
Murata Manufacturing Co., Ltd.		5,602		426,731
Omron Corp.		1,810		143,310
Shimadzu Corp.		2,310		89,260
TDK Corp.		1,263		152,892
TE Connectivity Ltd.		3,410		461,066
Trimble, Inc.(a)		2,590		211,940
Venture Corp., Ltd.		2,697		38,583
Yaskawa Electric Corp.		2,340		114,275
Yokogawa Electric Corp.		2,226		33,291
Zebra Technologies Corp.–Class A(a)		560		296,514
				5,148,529
IT SERVICES–2.1%
Accenture PLC–Class A		6,580		1,939,718
Adyen NV(a)(b)(c)		192		470,847
Afterpay Ltd.(a)(c)		2,116		187,817
Akamai Technologies, Inc.(a)		1,680		195,888
Amadeus IT Group SA–Class A(a)		4,393		309,692

Company	Shares		U.S. $ Value
Atos SE		965	$	58,761
Automatic Data Processing, Inc.		4,400		873,928
Bechtle AG		266		49,439
Broadridge Financial Solutions, Inc.		1,200		193,836
Capgemini SE		1,563		300,586
Cognizant Technology Solutions Corp.–Class A		5,460		378,160
Computershare Ltd.		5,287		67,008
DXC Technology Co.(a)		2,630		102,412
Edenred		2,404		137,068
Fidelity National Information Services, Inc.		6,420		909,521
Fiserv, Inc.(a)		6,160		658,442
FleetCor Technologies, Inc.(a)		860		220,212
Fujitsu Ltd.		1,917		358,669
Gartner, Inc.(a)		890		215,558
Global Payments, Inc.		3,050		571,997
GMO Payment Gateway, Inc.		402		52,209
International Business Machines Corp.		9,250		1,355,957
Itochu Techno-Solutions Corp.		936		28,956
Jack Henry & Associates, Inc.		770		125,903
Mastercard, Inc.–Class A		9,060		3,307,715
NEC Corp.		2,394		123,182
Nexi SpA(a)(b)		4,285		94,164
Nomura Research Institute Ltd.		3,437		113,512
NTT Data Corp.		6,155		96,084
Obic Co., Ltd.		679		126,280
Otsuka Corp.		1,111		58,239
Paychex, Inc.		3,320		356,236
PayPal Holdings, Inc.(a)		12,160		3,544,397
SCSK Corp.		508		30,269
TIS, Inc.		2,183		55,713
VeriSign, Inc.(a)		1,030		234,521
Visa, Inc.–Class A		17,520		4,096,526
Western Union Co. (The)–Class W		4,230		97,163
Wix.com Ltd.(a)		542		157,332
Worldline SA/France(a)(b)		2,317		217,114
				22,471,031
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.4%
Advanced Micro Devices, Inc.(a)		12,580		1,181,639
Advantest Corp.		1,946		174,725
Analog Devices, Inc.		3,820		657,651
Applied Materials, Inc.		9,500		1,352,800

3

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

Company	Shares		U.S. $ Value
ASM International NV		461	$	152,050
ASML Holding NV		4,091		2,824,096
Broadcom, Inc.		4,230		2,017,033
Disco Corp.		281		85,438
Enphase Energy, Inc.(a)		1,400		257,082
Infineon Technologies AG		12,736		512,284
Intel Corp.		41,810		2,347,214
KLA Corp.		1,590		515,494
Lam Research Corp.		1,480		963,036
Lasertec Corp.		735		142,167
Maxim Integrated Products, Inc.		2,770		291,847
Microchip Technology, Inc.		2,830		423,764
Micron Technology, Inc.(a)		11,610		986,618
Monolithic Power Systems, Inc.		450		168,053
NVIDIA Corp.		6,450		5,160,645
NXP Semiconductors NV		2,850		586,302
Qorvo, Inc.(a)		1,160		226,954
QUALCOMM, Inc.		11,680		1,669,422
Renesas Electronics Corp.(a)		12,226		131,947
Rohm Co., Ltd.		853		78,500
Skyworks Solutions, Inc.		1,710		327,893
STMicroelectronics NV		6,660		242,201
SUMCO Corp.(c)		2,697		66,066
Teradyne, Inc.		1,720		230,411
Texas Instruments, Inc.		9,560		1,838,388
Tokyo Electron Ltd.		1,456		629,551
Xilinx, Inc.		2,540		367,386
				26,608,657
SOFTWARE–3.3%
Adobe, Inc.(a)		4,950		2,898,918
ANSYS, Inc.(a)		900		312,354
Autodesk, Inc.(a)		2,280		665,532
AVEVA Group PLC		1,121		57,536
Cadence Design Systems, Inc.(a)		2,880		394,042
Check Point Software Technologies Ltd.(a)		1,093		126,930
Citrix Systems, Inc.		1,280		150,106
CyberArk Software Ltd.(a)		377		49,112
Dassault Systemes SE		1,288		312,593
Fortinet, Inc.(a)		1,400		333,466
Intuit, Inc.		2,830		1,387,181
Microsoft Corp.		77,990		21,127,491
Nemetschek SE		563		43,096
Nice Ltd.(a)		611		150,815
NortonLifeLock, Inc.		6,000		163,320
Oracle Corp.		18,810		1,464,170
Oracle Corp./Japan		375		28,653
Paycom Software, Inc.(a)		510		185,370
PTC, Inc.(a)		1,080		152,561

Company	Shares		U.S. $ Value
Sage Group PLC (The)		10,691	$	101,268
salesforce.com, Inc.(a)		9,590		2,342,549
SAP SE		10,184		1,430,441
ServiceNow, Inc.(a)		2,050		1,126,578
Sinch AB(a)(b)		4,932		82,992
Synopsys, Inc.(a)		1,580		435,748
TeamViewer AG(a)(b)		1,568		58,889
Temenos AG		651		104,664
Trend Micro, Inc./Japan		1,303		68,230
Tyler Technologies, Inc.(a)		420		189,995
WiseTech Global Ltd.		1,425		34,053
Xero Ltd.(a)		1,287		132,380
				36,111,033
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.2%
Apple, Inc.		162,420		22,245,043
Brother Industries Ltd.		2,301		45,959
Canon, Inc.(c)		9,756		220,505
FUJIFILM Holdings Corp.		3,513		259,851
Hewlett Packard Enterprise Co.		13,520		197,121
HP, Inc.		12,430		375,261
Logitech International SA		1,688		204,995
NetApp, Inc.		2,300		188,186
Ricoh Co., Ltd.		6,538		73,592
Seagate Technology Holdings PLC		2,060		181,136
Seiko Epson Corp.		2,728		47,953
Western Digital Corp.(a)		3,170		225,609
				24,265,211
				118,353,136
FINANCIALS–6.4%
BANKS–2.8%
ABN AMRO Bank NV (GDR)(a)(b)(c)		4,125		49,984
Australia & New Zealand Banking Group Ltd.		27,752		585,787
Banco Bilbao Vizcaya Argentaria SA(a)		65,031		403,386
Banco Santander SA(a)		169,123		646,905
Bank Hapoalim BM(a)		11,074		88,909
Bank Leumi Le-Israel BM(a)		14,170		107,674
Bank of America Corp.		78,080		3,219,238
Bank of East Asia Ltd. (The)		12,800		23,772
Banque Cantonale Vaudoise		293		26,329
Barclays PLC		169,320		401,809
BNP Paribas SA		10,970		688,473
BOC Hong Kong Holdings Ltd.		36,090		122,320

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CaixaBank SA		43,355	$	133,477
Chiba Bank Ltd. (The)		5,169		31,241
Citigroup, Inc.		21,400		1,514,050
Citizens Financial Group, Inc.		4,410		202,287
Comerica, Inc.		1,440		102,730
Commerzbank AG(a)		9,771		69,390
Commonwealth Bank of Australia(c)		17,302		1,295,619
Concordia Financial Group Ltd.		10,617		39,015
Credit Agricole SA		11,378		159,515
Danske Bank A/S		6,727		118,469
DBS Group Holdings Ltd.		17,585		391,219
DNB ASA		9,072		197,717
Erste Group Bank AG		2,724		100,138
Fifth Third Bancorp		7,280		278,314
FinecoBank Banca Fineco SpA(a)		5,944		103,731
First Republic Bank/CA		1,820		340,649
Hang Seng Bank Ltd.		7,458		148,770
HSBC Holdings PLC		198,656		1,146,544
Huntington Bancshares, Inc./OH		15,270		217,903
ING Groep NV		38,043		504,996
Intesa Sanpaolo SpA		161,079		445,599
Israel Discount Bank Ltd.–Class A(a)		11,352		54,079
Japan Post Bank Co., Ltd.		3,949		33,213
JPMorgan Chase & Co.		31,340		4,874,624
KBC Group NV		2,438		186,145
KeyCorp		10,040		207,326
Lloyds Banking Group PLC		691,089		447,035
M&T Bank Corp.		1,330		193,262
Mediobanca Banca di Credito Finanziario SpA(a)		6,057		70,868
Mitsubishi UFJ Financial Group, Inc.		119,218		642,139
Mizrahi Tefahot Bank Ltd.(a)		1,368		42,141
Mizuho Financial Group, Inc.		23,527		337,201
National Australia Bank Ltd.		32,156		632,149
Natwest Group PLC		47,493		133,658
Nordea Bank Abp		31,599		351,884
Oversea-Chinese Banking Corp., Ltd.		32,741		291,779
People’s United Financial, Inc.		4,420		75,759
PNC Financial Services Group, Inc. (The)		4,400		839,344
Raiffeisen Bank International AG		1,443		32,754
Regions Financial Corp.		9,950		200,791

Company	Shares		U.S. $ Value
Resona Holdings, Inc.		20,824	$	80,290
Shizuoka Bank Ltd. (The)		4,353		33,780
Skandinaviska Enskilda Banken AB–Class A		15,873		205,176
Societe Generale SA		7,906		233,870
Standard Chartered PLC		26,164		166,973
Sumitomo Mitsui Financial Group, Inc.		12,730		438,828
Sumitomo Mitsui Trust Holdings, Inc.		3,294		105,079
SVB Financial Group(a)		570		317,165
Svenska Handelsbanken AB–Class A		14,225		160,571
Swedbank AB–Class A		8,832		164,425
Truist Financial Corp.		13,920		772,560
UniCredit SpA		20,729		245,073
United Overseas Bank Ltd.		11,496		221,383
US Bancorp		14,030		799,289
Wells Fargo & Co.		42,800		1,938,412
Westpac Banking Corp.		35,779		692,388
Zions Bancorp NA		1,690		89,333
				30,216,705
CAPITAL MARKETS–1.5%
3i Group PLC		9,491		154,028
Ameriprise Financial, Inc.		1,200		298,656
Amundi SA(b)		592		52,214
ASX Ltd.(c)		1,888		110,062
Bank of New York Mellon Corp. (The)		8,350		427,771
BlackRock, Inc.–Class A		1,470		1,286,206
Cboe Global Markets, Inc.		1,100		130,955
Charles Schwab Corp. (The)		15,530		1,130,739
CME Group, Inc.–Class A		3,720		791,170
Credit Suisse Group AG		23,872		249,890
Daiwa Securities Group, Inc.		14,087		77,388
Deutsche Bank AG(a)		20,157		262,801
Deutsche Boerse AG		1,853		323,434
EQT AB		2,323		84,385
Franklin Resources, Inc.		2,810		89,892
Futu Holdings Ltd. (ADR)(a)		488		87,396
Goldman Sachs Group, Inc. (The)		3,520		1,335,946
Hargreaves Lansdown PLC		3,469		76,333
Hong Kong Exchanges & Clearing Ltd.		11,746		699,236
Intercontinental Exchange, Inc.		5,820		690,834
Invesco Ltd.		3,910		104,514

5

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

Company	Shares		U.S. $ Value
Japan Exchange Group, Inc.		4,969	$	110,689
Julius Baer Group Ltd.		2,182		142,513
London Stock Exchange Group PLC		3,166		349,876
Macquarie Group Ltd.		3,352		392,725
Magellan Financial Group Ltd.(c)		1,344		54,281
MarketAxess Holdings, Inc.		400		185,436
Moody’s Corp.		1,670		605,158
Morgan Stanley		15,410		1,412,943
MSCI, Inc.–Class A		860		458,449
Nasdaq, Inc.		1,190		209,202
Natixis SA		9,234		43,869
Nomura Holdings, Inc.		29,960		152,481
Northern Trust Corp.		2,150		248,583
Partners Group Holding AG		221		335,024
Raymond James Financial, Inc.		1,260		163,674
S&P Global, Inc.		2,500		1,026,125
SBI Holdings, Inc./Japan		2,374		56,075
Schroders PLC		1,212		58,944
Singapore Exchange Ltd.		7,838		65,282
St. James’s Place PLC		5,249		107,325
Standard Life Aberdeen PLC		21,284		79,847
State Street Corp.		3,600		296,208
T. Rowe Price Group, Inc.		2,350		465,230
UBS Group AG		35,755		547,667
				16,031,456
CONSUMER FINANCE–0.2%
Acom Co., Ltd.		3,892		16,982
American Express Co.		6,730		1,111,998
Capital One Financial Corp.		4,670		722,402
Discover Financial Services		3,150		372,614
Synchrony Financial		5,600		271,712
				2,495,708
DIVERSIFIED FINANCIAL SERVICES–0.6%
Berkshire Hathaway, Inc.–Class B(a)		19,630		5,455,570
EXOR NV		1,057		84,828
Groupe Bruxelles Lambert SA		1,101		123,280
IHS Markit Ltd.		3,870		435,994
Industrivarden AB		1,042		40,527
Industrivarden AB–Class C		1,557		56,996
Investor AB		17,769		409,582
Kinnevik AB(c)		2,359		94,463

Company	Shares		U.S. $ Value
L E Lundbergforetagen AB–Class B		741	$	47,825
M&G PLC		25,356		80,325
Mitsubishi HC Capital, Inc.		6,438		34,524
ORIX Corp.		11,912		201,332
Sofina SA		150		64,808
Tokyo Century Corp.		359		19,301
Wendel SE		261		35,123
				7,184,478
INSURANCE–1.3%
Admiral Group PLC		1,880		81,803
Aegon NV(c)		17,451		72,581
Aflac, Inc.		6,540		350,936
Ageas SA/NV		1,707		94,860
AIA Group Ltd.		117,962		1,463,386
Allianz SE		4,021		1,003,468
Allstate Corp. (The)		3,090		403,060
American International Group, Inc.		8,880		422,688
Aon PLC		2,340		558,698
Arthur J Gallagher & Co.		2,120		296,970
Assicurazioni Generali SpA		10,759		216,005
Assurant, Inc.		620		96,832
Aviva PLC		38,316		215,104
Baloise Holding AG		452		70,574
Chubb Ltd.		4,650		739,071
Cincinnati Financial Corp.		1,550		180,761
CNP Assurances		1,674		28,531
Dai-ichi Life Holdings, Inc.		9,937		182,833
Direct Line Insurance Group PLC		13,308		52,489
Everest Re Group Ltd.		410		103,324
Gjensidige Forsikring ASA		1,950		42,994
Globe Life, Inc.		980		93,345
Hannover Rueck SE		588		98,436
Hartford Financial Services Group, Inc. (The)		3,690		228,669
Insurance Australia Group Ltd.(c)		24,042		92,957
Japan Post Holdings Co., Ltd.(a)		15,360		126,163
Japan Post Insurance Co., Ltd.		2,194		40,596
Legal & General Group PLC		58,199		207,630
Lincoln National Corp.		1,850		116,254
Loews Corp.		2,310		126,241
Marsh & McLennan Cos., Inc.		5,260		739,977
Medibank Pvt Ltd.		26,859		63,678
MetLife, Inc.		7,700		460,845
MS&AD Insurance Group Holdings, Inc.		4,341		125,508

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,366	$	374,367
NN Group NV		2,738		129,341
Phoenix Group Holdings PLC		6,334		59,293
Poste Italiane SpA(b)		5,095		67,435
Principal Financial Group, Inc.		2,610		164,926
Progressive Corp. (The)		6,050		594,170
Prudential Financial, Inc.		4,070		417,053
Prudential PLC		25,450		484,206
QBE Insurance Group Ltd.		14,387		116,097
Sampo Oyj–Class A		4,864		223,669
SCOR SE(a)		1,546		49,217
Sompo Holdings, Inc.		3,094		114,596
Suncorp Group Ltd.		12,489		103,974
Swiss Life Holding AG		312		151,773
Swiss Re AG		2,941		265,639
T&D Holdings, Inc.		5,247		68,090
Tokio Marine Holdings, Inc.		6,161		283,777
Travelers Cos., Inc. (The)		2,600		389,246
Tryg A/S		3,511		86,240
Unum Group		2,110		59,924
Willis Towers Watson PLC		1,330		305,927
WR Berkley Corp.		1,450		107,923
Zurich Insurance Group AG		1,467		589,243
				14,403,393
				70,331,740
HEALTH CARE–6.4%
BIOTECHNOLOGY–0.7%
AbbVie, Inc.		18,280		2,059,059
Alexion Pharmaceuticals, Inc.(a)		2,290		420,696
Amgen, Inc.		5,950		1,450,313
Argenx SE(a)		447		135,211
Biogen, Inc.(a)		1,560		540,181
CSL Ltd.		4,437		948,934
Genmab A/S(a)		639		261,825
Gilead Sciences, Inc.		12,980		893,803
Grifols SA		2,909		78,883
Incyte Corp.(a)		1,930		162,371
PeptiDream, Inc.(a)		934		45,645
Regeneron Pharmaceuticals, Inc.(a)		1,090		608,809
Vertex Pharmaceuticals, Inc.(a)		2,680		540,368
				8,146,098
HEALTH CARE EQUIPMENT & SUPPLIES–1.6%
Abbott Laboratories		18,390		2,131,953

Company	Shares		U.S. $ Value
ABIOMED, Inc.(a)		470	$	146,692
Alcon, Inc.		4,873		341,780
Align Technology, Inc.(a)		750		458,250
Ambu A/S		1,633		62,835
Asahi Intecc Co., Ltd.		2,034		48,630
Baxter International, Inc.		5,200		418,600
Becton Dickinson and Co.		3,010		732,002
BioMerieux		404		46,941
Boston Scientific Corp.(a)		14,710		629,000
Carl Zeiss Meditec AG		392		75,776
Cochlear Ltd.(c)		641		120,936
Coloplast A/S–Class B		1,158		190,124
Cooper Cos., Inc. (The)		510		202,098
Danaher Corp.		6,570		1,763,125
Demant A/S(a)		1,056		59,510
DENTSPLY SIRONA, Inc.		2,260		142,968
DexCom, Inc.(a)		1,000		427,000
DiaSorin SpA		245		46,358
Edwards Lifesciences Corp.(a)		6,430		665,955
Fisher & Paykel Healthcare Corp., Ltd.		5,621		122,281
GN Store Nord A/S		1,248		109,137
Hologic, Inc.(a)		2,650		176,808
Hoya Corp.		3,636		480,935
IDEXX Laboratories, Inc.(a)		890		562,079
Intuitive Surgical, Inc.(a)		1,230		1,131,157
Koninklijke Philips NV		8,885		440,999
Medtronic PLC		13,930		1,729,131
Olympus Corp.		11,364		226,040
ResMed, Inc.		1,510		372,245
Sartorius AG (Preference Shares)		255		132,729
Siemens Healthineers AG(b)		2,621		160,702
Smith & Nephew PLC		8,554		185,513
Sonova Holding AG		537		202,264
STERIS PLC		1,010		208,363
Straumann Holding AG		100		159,504
Stryker Corp.		3,390		880,485
Sysmex Corp.		1,633		193,730
Teleflex, Inc.		490		196,877
Terumo Corp.		6,296		255,004
West Pharmaceutical Services, Inc.		770		276,507
Zimmer Biomet Holdings, Inc.		2,160		347,371
				17,260,394
HEALTH CARE PROVIDERS & SERVICES–1.0%
AmerisourceBergen Corp.–Class A		1,530		175,170
Amplifon SpA		1,214		60,025
Anthem, Inc.		2,540		969,772

7

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

Company	Shares		U.S. $ Value
Cardinal Health, Inc.		3,000	$	171,270
Centene Corp.(a)		6,030		439,768
Cigna Corp.		3,550		841,598
CVS Health Corp.		13,630		1,137,287
DaVita, Inc.(a)		720		86,710
Fresenius Medical Care AG & Co. KGaA		1,999		166,109
Fresenius SE & Co. KGaA		4,078		212,830
HCA Healthcare, Inc.		2,720		562,333
Henry Schein, Inc.(a)		1,450		107,576
Humana, Inc.		1,340		593,245
Laboratory Corp. of America Holdings(a)		1,010		278,608
McKesson Corp.		1,640		313,634
Medipal Holdings Corp.		1,788		34,184
Orpea SA(a)		504		64,166
Quest Diagnostics, Inc.		1,350		178,159
Ramsay Health Care Ltd.		1,785		84,218
Ryman Healthcare Ltd.		4,145		38,037
Sonic Healthcare Ltd.		4,427		127,566
UnitedHealth Group, Inc.		9,770		3,912,299
Universal Health Services, Inc.–Class B		800		117,144
				10,671,708
HEALTH CARE TECHNOLOGY–0.1%
Cerner Corp.		3,110		243,078
M3, Inc.		4,303		313,509
				556,587
LIFE SCIENCES TOOLS & SERVICES–0.5%
Agilent Technologies, Inc.		3,140		464,123
Bio-Rad Laboratories, Inc.–Class A(a)		230		148,187
Charles River Laboratories International, Inc.(a)		520		192,358
Eurofins Scientific SE(a)		1,302		148,921
Illumina, Inc.(a)		1,510		714,547
IQVIA Holdings, Inc.(a)		1,980		479,794
Lonza Group AG		726		514,702
Mettler-Toledo International, Inc.(a)		240		332,482
PerkinElmer, Inc.		1,160		179,116
QIAGEN NV(a)		2,251		108,810
Sartorius Stedim Biotech		269		127,315
Thermo Fisher Scientific, Inc.		4,070		2,053,193
Waters Corp.(a)		640		221,190
				5,684,738
PHARMACEUTICALS–2.5%
Astellas Pharma, Inc.		18,158		316,433
AstraZeneca PLC		12,802		1,538,085
Bayer AG		9,581		582,479
Bristol-Myers Squibb Co.		23,130		1,545,547
Catalent, Inc.(a)		1,760		190,291
Chugai Pharmaceutical Co., Ltd.(c)		6,550		259,620

Company	Shares		U.S. $ Value
Daiichi Sankyo Co., Ltd.		16,595	$	358,005
Eisai Co., Ltd.		2,313		227,315
Eli Lilly & Co.		8,240		1,891,245
GlaxoSmithKline PLC		49,067		964,612
Hikma Pharmaceuticals PLC		1,686		57,057
Hisamitsu Pharmaceutical Co., Inc.		498		24,588
Ipsen SA		367		38,189
Johnson & Johnson		27,260		4,490,812
Kyowa Kirin Co., Ltd.		2,633		93,644
Merck & Co., Inc.		26,210		2,038,352
Merck KGaA		1,260		241,764
Nippon Shinyaku Co., Ltd.		479		38,108
Novartis AG		21,655		1,975,511
Novo Nordisk A/S–Class B		16,794		1,405,802
Ono Pharmaceutical Co., Ltd.		3,607		80,437
Organon & Co.(a)		2,620		79,281
Orion Oyj–Class B		1,034		44,456
Otsuka Holdings Co., Ltd.(c)		3,808		158,116
Perrigo Co. PLC		1,380		63,273
Pfizer, Inc.		57,960		2,269,714
Recordati Industria Chimica e Farmaceutica SpA(c)		1,019		58,289
Roche Holding AG		7,164		2,708,983
Sanofi		11,050		1,160,941
Santen Pharmaceutical Co., Ltd.		3,513		48,485
Shionogi & Co., Ltd.		2,583		134,616
Sumitomo Dainippon Pharma Co., Ltd.		1,746		36,621
Taisho Pharmaceutical Holdings Co., Ltd.		332		17,773
Takeda Pharmaceutical Co., Ltd.		15,374		515,960
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		10,694		105,871
UCB SA		1,233		129,134
Viatris, Inc.		12,510		178,768
Vifor Pharma AG		475		61,545
Zoetis, Inc.		4,910		915,028
				27,044,750
				69,364,275
CONSUMER DISCRETIONARY–6.2%
AUTO COMPONENTS–0.2%
Aisin Corp.		1,436		61,572
Aptiv PLC(a)		2,800		440,524
BorgWarner, Inc.		2,480		120,379
Bridgestone Corp.(c)		5,568		253,079
Cie Generale des Etablissements Michelin SCA–Class B		1,652		263,652

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Continental AG(a)		1,072	$	157,714
Denso Corp.		4,226		288,177
Faurecia SE		1,144		56,239
Koito Manufacturing Co., Ltd.		1,019		63,405
Stanley Electric Co., Ltd.		1,268		36,634
Sumitomo Electric Industries Ltd.		7,356		108,648
Toyota Industries Corp.		1,430		123,659
Valeo SA		2,239		67,536
				2,041,218
AUTOMOBILES–1.1%
Bayerische Motoren Werke AG		3,229		342,324
Bayerische Motoren Werke AG (Preference Shares)		554		49,837
Daimler AG		8,347		745,876
Ferrari NV		1,229		253,722
Ford Motor Co.(a)		40,590		603,168
General Motors Co.(a)		13,210		781,636
Honda Motor Co., Ltd.		15,900		511,396
Isuzu Motors Ltd.		5,378		71,364
Mazda Motor Corp.(a)		5,545		52,314
Nissan Motor Co., Ltd.(a)		22,640		112,785
Porsche Automobil Holding SE (Preference Shares)		1,493		160,275
Renault SA(a)		1,874		75,967
Stellantis NV		19,778		389,100
Subaru Corp.		6,001		118,937
Suzuki Motor Corp.		3,592		152,228
Tesla, Inc.(a)		7,980		5,424,006
Toyota Motor Corp.		20,685		1,808,159
Volkswagen AG		316		103,858
Volkswagen AG (Preference Shares)		1,810		453,824
Yamaha Motor Co., Ltd.(c)		2,731		74,180
				12,284,956
DISTRIBUTORS–0.0%
Genuine Parts Co.		1,490		188,440
LKQ Corp.(a)		2,870		141,262
Pool Corp.		420		192,637
				522,339
HOTELS, RESTAURANTS & LEISURE–0.9%
Accor SA(a)		1,657		61,978
Aristocrat Leisure Ltd.		5,604		180,911
Booking Holdings, Inc.(a)		430		940,879
Caesars Entertainment, Inc.(a)		2,160		224,100
Carnival Corp.(a)		8,260		217,734
Chipotle Mexican Grill, Inc.–Class A(a)		300		465,102
Compass Group PLC(a)		17,398		366,539

Company	Shares		U.S. $ Value
Crown Resorts Ltd.(a)		3,632	$	32,419
Darden Restaurants, Inc.		1,350		197,086
Domino’s Pizza Enterprises Ltd.(c)		590		53,353
Domino’s Pizza, Inc.		400		186,596
Entain PLC(a)		5,707		137,902
Evolution AB(b)		1,656		261,949
Expedia Group, Inc.(a)		1,460		239,017
Flutter Entertainment PLC(a)		1,623		294,292
Galaxy Entertainment Group Ltd.(a)		21,186		169,405
Genting Singapore Ltd.		58,976		36,734
Hilton Worldwide Holdings, Inc.(a)		2,880		347,386
InterContinental Hotels Group PLC(a)		1,781		118,705
La Francaise des Jeux SAEM(b)		931		54,759
Las Vegas Sands Corp.(a)		3,400		179,146
Marriott International, Inc./MD–Class A(a)		2,760		376,795
McDonald’s Corp.		7,730		1,785,553
McDonald’s Holdings Co. Japan Ltd.		778		34,284
Melco Resorts & Entertainment Ltd. (ADR)(a)		2,093		34,681
MGM Resorts International		4,210		179,556
Norwegian Cruise Line Holdings Ltd.(a)		3,830		112,640
Oriental Land Co., Ltd./Japan		1,950		277,808
Penn National Gaming, Inc.(a)(c)		1,530		117,030
Royal Caribbean Cruises Ltd.(a)		2,260		192,733
Sands China Ltd.(a)		23,670		99,631
SJM Holdings Ltd.(a)		19,382		21,157
Sodexo SA(a)		862		80,562
Starbucks Corp.		12,200		1,364,082
Tabcorp Holdings Ltd.		21,623		83,896
Whitbread PLC(a)		1,968		85,073
Wynn Macau Ltd.(a)		15,232		23,958
Wynn Resorts Ltd.(a)		1,080		132,084
Yum! Brands, Inc.		3,080		354,292
				10,121,807
HOUSEHOLD DURABLES–0.4%
Barratt Developments PLC		9,931		95,622
Berkeley Group Holdings PLC		1,197		76,111
Casio Computer Co., Ltd.		1,894		31,781
DR Horton, Inc.		3,390		306,354
Electrolux AB–Class B		2,199		60,939
Garmin Ltd.		1,550		224,192

9

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

Company	Shares		U.S. $ Value
Husqvarna AB–Class B		4,078	$	54,198
Iida Group Holdings Co., Ltd.		1,435		36,911
Leggett & Platt, Inc.		1,370		70,980
Lennar Corp.–Class A		2,850		283,147
Mohawk Industries, Inc.(a)		600		115,314
Newell Brands, Inc.		3,910		107,408
NVR, Inc.(a)		40		198,932
Panasonic Corp.		21,536		247,977
Persimmon PLC		3,111		127,438
PulteGroup, Inc.		2,730		148,976
Rinnai Corp.		352		33,504
SEB SA		269		48,663
Sekisui Chemical Co., Ltd.		3,717		63,642
Sekisui House Ltd.		6,009		123,393
Sharp Corp./Japan		2,088		34,447
Sony Group Corp.		12,299		1,192,600
Taylor Wimpey PLC		35,555		78,247
Whirlpool Corp.		650		141,713
				3,902,489
INTERNET & DIRECT MARKETING RETAIL–1.6%
Amazon.com, Inc.(a)		4,440		15,274,310
Delivery Hero SE(a)(b)		1,531		202,285
eBay, Inc.		6,700		470,407
Etsy, Inc.(a)		1,310		269,650
HelloFresh SE(a)		1,610		156,507
Just Eat Takeaway.com NV(a)(b)(c)		1,749		161,754
Mercari, Inc.(a)		996		52,652
Ocado Group PLC(a)		4,746		131,502
Prosus NV(a)		4,753		465,640
Rakuten, Inc.(c)		8,444		95,342
Zalando SE(a)(b)		1,618		195,681
ZOZO, Inc.		1,215		41,195
				17,516,925
LEISURE EQUIPMENT & PRODUCTS–0.0%
Bandai Namco Holdings, Inc.		1,948		134,820
Hasbro, Inc.		1,320		124,766
Shimano, Inc.		723		172,019
Yamaha Corp.		1,307		70,954
				502,559
MULTILINE RETAIL–0.3%
Dollar General Corp.		2,440		527,992
Dollar Tree, Inc.(a)		2,400		238,800
Next PLC(a)		1,296		141,048
Pan Pacific International Holdings Corp.(c)		4,019		83,575
Ryohin Keikaku Co., Ltd.		2,464		51,690
Target Corp.		5,120		1,237,709
Wesfarmers Ltd.		11,058		490,235
				2,771,049

Company	Shares		U.S. $ Value
SPECIALTY RETAIL–0.9%
ABC-Mart, Inc.		322	$	18,520
Advance Auto Parts, Inc.		680		139,495
AutoZone, Inc.(a)		230		343,211
Best Buy Co., Inc.		2,300		264,454
CarMax, Inc.(a)		1,680		216,972
Chow Tai Fook Jewellery Group Ltd.		19,506		44,568
Fast Retailing Co., Ltd.		568		426,959
Gap, Inc. (The)		2,150		72,348
H & M Hennes & Mauritz AB–Class B(a)		7,122		169,143
Hikari Tsushin, Inc.		204		35,852
Home Depot, Inc. (The)		11,010		3,510,979
Industria de Diseno Textil SA		10,638		375,594
JD Sports Fashion PLC		5,030		64,010
Kingfisher PLC		20,586		103,899
L Brands, Inc.		2,420		174,385
Lowe’s Cos., Inc.		7,320		1,419,860
Nitori Holdings Co., Ltd.		781		137,922
O’Reilly Automotive, Inc.(a)		720		407,671
Ross Stores, Inc.		3,690		457,560
TJX Cos., Inc. (The)		12,480		841,402
Tractor Supply Co.		1,190		221,411
Ulta Beauty, Inc.(a)		570		197,089
USS Co., Ltd.		2,138		37,373
Yamada Holdings Co., Ltd.		6,598		30,510
				9,711,187
TEXTILES, APPAREL & LUXURY GOODS–0.8%
adidas AG		1,856		692,580
Burberry Group PLC(a)		3,948		112,910
Cie Financiere Richemont SA		5,091		617,175
EssilorLuxottica SA		2,783		514,112
Hanesbrands, Inc.		3,610		67,399
Hermes International		308		449,468
Kering SA		731		640,515
LVMH Moet Hennessy Louis Vuitton SE		2,707		2,129,480
Moncler SpA		1,889		128,051
NIKE, Inc.–Class B		13,200		2,039,268
Pandora A/S		975		131,541
Puma SE		1,029		122,812
PVH Corp.(a)		730		78,541
Ralph Lauren Corp.		490		57,727
Swatch Group AG (The)		282		96,843
Swatch Group AG (The) (REG)		513		33,874
Tapestry, Inc.(a)		2,880		125,222
Under Armour, Inc.–Class A(a)		1,950		41,242
Under Armour, Inc.–Class C(a)		2,030		37,697

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
VF Corp.		3,320	$	272,373
				8,388,830
				67,763,359
INDUSTRIALS–5.2%
AEROSPACE & DEFENSE–0.7%
Airbus SE(a)		5,735		738,971
BAE Systems PLC		31,403		226,919
Boeing Co. (The)(a)		5,690		1,363,096
Dassault Aviation SA		24		28,272
Elbit Systems Ltd.		258		33,423
General Dynamics Corp.		2,370		446,176
Howmet Aerospace, Inc.(a)		4,040		139,259
Huntington Ingalls Industries, Inc.		420		88,515
L3Harris Technologies, Inc.		2,120		458,238
Lockheed Martin Corp.		2,530		957,226
MTU Aero Engines AG		520		128,931
Northrop Grumman Corp.		1,550		563,317
Raytheon Technologies Corp.		15,680		1,337,661
Rolls-Royce Holdings PLC(a)		81,609		111,724
Safran SA		3,333		462,563
Singapore Technologies Engineering Ltd.		15,226		43,933
Teledyne Technologies, Inc.(a)		480		201,038
Textron, Inc.		2,330		160,234
Thales SA		1,040		106,264
TransDigm Group, Inc.(a)		570		368,955
				7,964,715
AIR FREIGHT & LOGISTICS–0.4%
CH Robinson Worldwide, Inc.		1,370		128,328
Deutsche Post AG		9,667		658,368
DSV PANALPINA A/S		2,018		471,078
Expeditors International of Washington, Inc.		1,740		220,284
FedEx Corp.		2,530		754,775
InPost SA(a)		1,950		39,137
Kuehne & Nagel International AG		526		180,028
SG Holdings Co., Ltd.		3,122		81,981
United Parcel Service, Inc.–Class B		7,490		1,557,695
Yamato Holdings Co., Ltd.		2,842		80,753
				4,172,427
AIRLINES–0.1%
Alaska Air Group, Inc.(a)		1,280		77,197
American Airlines Group, Inc.(a)		6,640		140,834

Company	Shares		U.S. $ Value
ANA Holdings, Inc.(a)		1,558	$	36,616
Delta Air Lines, Inc.(a)		6,620		286,381
Deutsche Lufthansa AG(a)		2,914		32,770
Japan Airlines Co., Ltd.(a)		1,406		30,445
Qantas Airways Ltd.(a)		9,013		31,464
Singapore Airlines Ltd.(a)		13,067		47,121
Southwest Airlines Co.(a)		6,120		324,911
United Airlines Holdings, Inc.(a)		3,350		175,172
				1,182,911
BUILDING PRODUCTS–0.3%
A O Smith Corp.		1,390		100,163
AGC, Inc.		1,885		78,963
Allegion PLC		930		129,549
Assa Abloy AB–Class B		9,775		294,696
Carrier Global Corp.		8,450		410,670
Cie de Saint-Gobain		4,935		325,690
Daikin Industries Ltd.		2,429		452,643
Fortune Brands Home & Security, Inc.		1,430		142,442
Geberit AG		361		271,173
Johnson Controls International PLC		7,420		509,235
Kingspan Group PLC		1,505		142,242
Lixil Corp.		2,597		67,204
Masco Corp.		2,620		154,344
Nibe Industrier AB		13,903		146,501
Otis Worldwide Corp.		4,170		340,981
ROCKWOOL International A/S		83		40,423
TOTO Ltd.		1,380		71,502
Xinyi Glass Holdings Ltd.		17,728		72,232
				3,750,653
COMMERCIAL SERVICES & SUPPLIES–0.2%
Brambles Ltd.		14,338		123,048
Cintas Corp.		920		351,440
Copart, Inc.(a)		2,150		283,435
Dai Nippon Printing Co., Ltd.		2,213		46,830
Rentokil Initial PLC		18,085		123,868
Republic Services, Inc.–Class A		2,180		239,822
Rollins, Inc.		2,290		78,318
Secom Co., Ltd.		2,047		156,023
Securitas AB–Class B		3,053		48,228
Sohgo Security Services Co., Ltd.		696		31,710
Toppan Printing Co., Ltd.		182		2,927
Waste Management, Inc.		4,020		563,242
				2,048,891

11

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

Company	Shares		U.S. $ Value
CONSTRUCTION & ENGINEERING–0.1%
ACS Actividades de Construccion y Servicios SA		162	$	4,343
Bouygues SA		2,228		82,525
Eiffage SA		812		82,708
Epiroc AB		10,230		220,965
Ferrovial SA		4,684		137,655
Kajima Corp.		4,382		55,607
Obayashi Corp.		6,333		50,491
Quanta Services, Inc.		1,440		130,421
Shimizu Corp.		5,383		41,368
Skanska AB–Class B		3,317		88,063
Taisei Corp.		1,861		61,079
Vinci SA		5,192		555,013
				1,510,238
ELECTRICAL EQUIPMENT–0.5%
ABB Ltd.		16,916		574,715
AMETEK, Inc.		2,390		319,065
Eaton Corp. PLC		4,120		610,502
Emerson Electric Co.		6,200		596,688
Fuji Electric Co., Ltd.		1,237		57,740
Generac Holdings, Inc.(a)		650		269,847
Legrand SA		2,608		276,404
Mitsubishi Electric Corp.		17,800		258,407
Nidec Corp.		4,361		501,472
Prysmian SpA		2,484		89,141
Rockwell Automation, Inc.		1,200		343,224
Schneider Electric SE		5,254		828,264
Siemens Energy AG(a)		3,897		117,390
Siemens Gamesa Renewable Energy SA(a)(c)		2,325		77,733
Vestas Wind Systems A/S		9,849		384,820
				5,305,412
INDUSTRIAL CONGLOMERATES–0.7%
3M Co.		6,000		1,191,780
CK Hutchison Holdings Ltd.		26,326		204,943
DCC PLC		961		78,720
General Electric Co.		90,890		1,223,379
Hitachi Ltd.		9,439		540,922
Honeywell International, Inc.		7,190		1,577,127
Investment AB Latour–Class B		1,443		47,377
Jardine Matheson Holdings Ltd.		2,106		134,614
Keppel Corp., Ltd.		14,204		57,921
Melrose Industries PLC		47,382		101,991
Roper Technologies, Inc.		1,090		512,518
Siemens AG		7,461		1,184,648
Smiths Group PLC		3,865		85,122
Toshiba Corp.		3,996		172,631
				7,113,693

Company	Shares		U.S. $ Value
MACHINERY–1.0%
Alfa Laval AB		3,068	$	108,439
Alstom SA(a)		2,715		137,177
Atlas Copco AB–Class A		6,549		402,163
Atlas Copco AB–Class B		3,805		200,396
Caterpillar, Inc.		5,670		1,233,962
CNH Industrial NV		9,980		165,545
Cummins, Inc.		1,510		368,153
Daifuku Co., Ltd.		987		89,549
Deere & Co.		3,230		1,139,253
Dover Corp.		1,490		224,394
FANUC Corp.		1,870		448,422
Fortive Corp.		3,500		244,090
GEA Group AG		1,496		60,618
Harmonic Drive Systems, Inc.(c)		422		23,192
Hino Motors Ltd.		2,801		24,775
Hitachi Construction Machinery Co., Ltd.		1,049		32,127
Hoshizaki Corp.		529		44,940
IDEX Corp.		790		173,840
Illinois Tool Works, Inc.		2,980		666,209
Ingersoll Rand, Inc.(a)		3,860		188,407
KION Group AG		703		75,053
Knorr-Bremse AG		707		81,345
Komatsu Ltd.		8,539		211,541
Kone Oyj–Class B		3,314		270,469
Kubota Corp.		10,019		202,681
Kurita Water Industries Ltd.		963		46,290
Makita Corp.		2,184		102,838
MINEBEA MITSUMI, Inc.		3,540		93,532
MISUMI Group, Inc.		2,770		93,742
Mitsubishi Heavy Industries Ltd.		3,125		92,257
Miura Co., Ltd.		855		37,127
Nabtesco Corp.		1,098		41,424
NGK Insulators Ltd.		2,514		42,310
NSK Ltd.		3,763		31,829
PACCAR, Inc.		3,590		320,407
Parker-Hannifin Corp.		1,340		411,527
Pentair PLC		1,720		116,083
Rational AG		49		44,393
Sandvik AB		11,010		281,522
Schindler Holding AG		397		121,496
Schindler Holding AG (REG)		196		57,353
SKF AB–Class B		3,722		94,867
SMC Corp.		558		330,110
Snap-on, Inc.		560		125,121
Spirax-Sarco Engineering PLC		719		135,421
Stanley Black & Decker, Inc.		1,670		342,333
Techtronic Industries Co., Ltd.		13,406		233,626
THK Co., Ltd.		1,174		35,035
Trane Technologies PLC		2,470		454,826

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Volvo AB		1,952	$	48,448
Volvo AB–Class B(c)		13,943		336,018
Wartsila Oyj Abp		4,616		68,581
Westinghouse Air Brake Technologies Corp.		1,830		150,609
Xylem, Inc./NY		1,860		223,126
				11,328,991
MARINE–0.0%
AP Moller–Maersk A/S–Class A		31		86,230
AP Moller–Maersk A/S–Class B		59		169,856
Nippon Yusen KK		1,575		79,928
				336,014
PROFESSIONAL SERVICES–0.4%
Adecco Group AG		1,511		102,811
Bureau Veritas SA(a)		2,866		90,748
Equifax, Inc.		1,260		301,783
Experian PLC		8,946		345,397
Intertek Group PLC		1,574		120,465
Jacobs Engineering Group, Inc.		1,340		178,783
Leidos Holdings, Inc.		1,370		138,507
Nielsen Holdings PLC		3,710		91,526
Nihon M&A Center, Inc.		2,953		76,484
Persol Holdings Co., Ltd.		1,731		34,181
Randstad NV		1,166		89,386
Recruit Holdings Co., Ltd.		13,232		648,881
RELX PLC (London)		18,846		499,734
Robert Half International, Inc.		1,160		103,205
SGS SA		59		182,160
Teleperformance		572		232,283
Verisk Analytics, Inc.–Class A		1,680		293,530
Wolters Kluwer NV		2,609		262,240
				3,792,104
ROAD & RAIL–0.4%
Aurizon Holdings Ltd.		18,088		50,381
Central Japan Railway Co.		1,406		213,642
CSX Corp.		22,220		712,818
East Japan Railway Co.		2,948		210,234
Hankyu Hanshin Holdings, Inc.		2,232		68,897
JB Hunt Transport Services, Inc.		860		140,137
Kansas City Southern		940		266,368
Keio Corp.		1,003		59,042
Keisei Electric Railway Co., Ltd.		1,261		40,312
Kintetsu Group Holdings Co., Ltd.(a)		1,673		58,804
MTR Corp., Ltd.		15,071		83,915
Nippon Express Co., Ltd.		749		57,115

Company	Shares		U.S. $ Value
Norfolk Southern Corp.		2,590	$	687,412
Odakyu Electric Railway Co., Ltd.		2,875		72,720
Old Dominion Freight Line, Inc.		980		248,724
Tobu Railway Co., Ltd.		1,841		47,653
Tokyu Corp.		4,875		66,349
Union Pacific Corp.		6,880		1,513,118
West Japan Railway Co.		1,586		90,632
				4,688,273
TRADING COMPANIES & DISTRIBUTORS–0.3%
Ashtead Group PLC		4,382		325,707
Brenntag SE		1,506		140,167
Bunzl PLC		3,286		108,705
Fastenal Co.		5,940		308,880
Ferguson PLC		2,194		305,245
ITOCHU Corp.		11,593		334,513
Marubeni Corp.		15,255		132,847
Mitsubishi Corp.		12,316		336,427
Mitsui & Co., Ltd.		15,072		339,507
MonotaRO Co., Ltd.		2,444		57,592
Reece Ltd.(c)		2,835		50,204
Sumitomo Corp.		10,983		147,265
Toyota Tsusho Corp.		2,071		98,297
United Rentals, Inc.(a)		750		239,258
WW Grainger, Inc.		460		201,480
				3,126,094
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(a)(b)		731		119,943
Aeroports de Paris(a)		289		37,724
Atlantia SpA(a)		4,832		87,739
Auckland International Airport Ltd.(a)		12,208		62,021
Getlink SE		4,291		67,013
Sydney Airport(a)(c)		12,897		55,960
Transurban Group		26,703		284,790
				715,190
				57,035,606
COMMUNICATION SERVICES–4.6%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.1%
AT&T, Inc.		73,930		2,127,705
BT Group PLC(a)		87,050		233,934
Cellnex Telecom SA(b)		4,969		316,929
Charter Communications, Inc.–Class A(a)		1,430		1,031,673
Comcast Corp.–Class A		47,470		2,706,739
Deutsche Telekom AG		32,506		687,502
Elisa Oyj		1,387		82,770
Eurazeo SE		385		33,567
HKT Trust & HKT Ltd.–Class SS		36,943		50,319

13

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

Company	Shares		U.S. $ Value
Iliad SA		144	$	21,099
Infrastrutture Wireless Italiane SpA(b)		3,277		37,005
Koninklijke KPN NV		32,792		102,562
Lumen Technologies, Inc.		10,300		139,977
Nippon Telegraph & Telephone Corp.		12,554		328,227
Orange SA		19,457		222,059
Proximus SADP		1,483		28,665
Singapore Telecommunications Ltd.		80,533		137,399
Spark New Zealand Ltd.		18,061		60,625
Swisscom AG		252		143,990
Telecom Italia SpA/Milano		97,180		48,354
Telecom Italia SpA/Milano (Savings Shares)		58,789		31,184
Telefonica Deutschland Holding AG		10,153		26,801
Telefonica SA		50,934		237,733
Telenor ASA		6,824		115,087
Telia Co. AB		25,926		115,149
Telstra Corp., Ltd.		40,598		114,502
United Internet AG		946		38,689
Verizon Communications, Inc.		42,860		2,401,446
Washington H Soul Pattinson & Co., Ltd.(c)		1,050		26,553
				11,648,244
ENTERTAINMENT–0.8%
Activision Blizzard, Inc.		8,040		767,338
Bollore SA		8,620		46,241
Capcom Co., Ltd.		1,717		50,185
Electronic Arts, Inc.		2,960		425,737
Embracer Group AB(a)		2,501		67,623
Koei Tecmo Holdings Co., Ltd.		573		27,858
Konami Holdings Corp.		909		54,440
Live Nation Entertainment, Inc.(a)		1,490		130,509
Netflix, Inc.(a)		4,590		2,424,484
Nexon Co., Ltd.(c)		4,758		105,887
Nintendo Co., Ltd.		1,091		631,332
Sea Ltd. (ADR)(a)		134		36,796
Square Enix Holdings Co., Ltd.		836		41,286
Take-Two Interactive Software, Inc.(a)		1,200		212,424
Toho Co., Ltd./Tokyo		1,091		44,984
Ubisoft Entertainment SA(a)		903		63,090
Vivendi SE		6,940		233,178
Walt Disney Co. (The)(a)		18,810		3,306,234
				8,669,626

Company	Shares		U.S. $ Value
INTERACTIVE MEDIA & SERVICES–2.2%
Adevinta ASA–Class B(a)		2,672	$	51,257
Alphabet, Inc.–Class A(a)		3,120		7,618,385
Alphabet, Inc.–Class C(a)		2,950		7,393,644
Auto Trader Group PLC(a)		9,422		82,518
Facebook, Inc.–Class A(a)		24,810		8,626,685
Kakaku.com, Inc.		1,310		39,410
REA Group Ltd.		515		65,255
Scout24 AG(b)		873		73,658
SEEK Ltd.		3,270		81,289
Twitter, Inc.(a)		8,260		568,371
Z Holdings Corp.		25,876		129,495
				24,729,967
MEDIA–0.2%
CyberAgent, Inc.		3,945		84,490
Dentsu Group, Inc.(c)		2,109		75,666
Discovery, Inc.–Class A(a)		1,740		53,383
Discovery, Inc.–Class C(a)		3,110		90,128
DISH Network Corp.–Class A(a)		2,570		107,426
Fox Corp.–Class A		3,380		125,499
Fox Corp.–Class B		1,570		55,264
Hakuhodo DY Holdings, Inc.(c)		2,278		35,479
Informa PLC(a)		14,650		101,814
Interpublic Group of Cos., Inc. (The)		4,070		132,234
News Corp.–Class A		4,050		104,369
News Corp.–Class B		1,260		30,681
Omnicom Group, Inc.		2,220		177,578
Pearson PLC		7,350		84,642
Publicis Groupe SA		2,174		139,125
Schibsted ASA		713		34,396
Schibsted ASA–Class B		949		39,525
ViacomCBS, Inc.–Class B		6,270		283,404
WPP PLC		11,950		161,538
				1,916,641
WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		15,730		490,079
Softbank Corp.		28,013		366,269
SoftBank Group Corp.		12,229		852,873
T-Mobile US, Inc.(a)		6,060		877,670
Tele2 AB–Class B(c)		4,884		66,588
Vodafone Group PLC		261,715		438,642
				3,092,121
				50,056,599
CONSUMER STAPLES–3.6%
BEVERAGES–0.8%
Anheuser-Busch InBev SA/NV		7,431		535,692

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Asahi Group Holdings Ltd.(c)		4,450	$	207,987
Brown-Forman Corp.–Class B		1,890		141,637
Budweiser Brewing Co. APAC Ltd.(b)		16,791		52,871
Carlsberg AS–Class B		1,004		187,362
Coca-Cola Co. (The)		40,180		2,174,140
Coca-Cola European Partners PLC		1,996		118,403
Coca-Cola HBC AG(a)		1,954		70,728
Constellation Brands, Inc.–Class A		1,750		409,307
Davide Campari-Milano NV		5,098		68,335
Diageo PLC		22,819		1,093,680
Endeavour Group Ltd./Australia(a)(c)		878		4,142
Heineken Holding NV(c)		1,123		113,321
Heineken NV(c)		2,527		306,776
Ito En Ltd.		522		30,981
Kirin Holdings Co., Ltd.		8,022		156,556
Molson Coors Beverage Co.–Class B(a)		1,950		104,695
Monster Beverage Corp.(a)		3,830		349,870
PepsiCo, Inc.		14,300		2,118,831
Pernod Ricard SA		2,043		454,082
Remy Cointreau SA		221		45,641
Suntory Beverage & Food Ltd.		1,356		51,111
Treasury Wine Estates Ltd.		7,036		61,609
				8,857,757
FOOD & STAPLES RETAILING–0.6%
Aeon Co., Ltd.		6,377		171,189
Carrefour SA		5,980		117,683
Coles Group Ltd.		13,009		166,642
Cosmos Pharmaceutical Corp.		195		28,651
Costco Wholesale Corp.		4,580		1,812,169
Etablissements Franz Colruyt NV		531		29,693
ICA Gruppen AB		980		45,610
J Sainsbury PLC		16,271		61,242
Jeronimo Martins SGPS SA		2,454		44,753
Kesko Oyj–Class B		2,663		98,335
Kobe Bussan Co., Ltd.		1,334		42,030
Koninklijke Ahold Delhaize NV		10,198		303,692
Kroger Co. (The)		7,830		299,967
Lawson, Inc.		489		22,649
Seven & i Holdings Co., Ltd.		7,348		351,975
Sysco Corp.		5,290		411,297
Tesco PLC		75,407		232,946

Company	Shares		U.S. $ Value
Tsuruha Holdings, Inc.		385	$	44,808
Walgreens Boots Alliance, Inc.		7,420		390,366
Walmart, Inc.		14,210		2,003,894
Welcia Holdings Co., Ltd.		920		30,083
Wm Morrison Supermarkets PLC		23,501		80,200
Woolworths Group Ltd.(c)		12,341		353,155
				7,143,029
FOOD PRODUCTS–0.8%
a2 Milk Co., Ltd. (The)(a)(c)		7,242		32,586
Ajinomoto Co., Inc.		4,552		118,259
Archer-Daniels-Midland Co.		5,780		350,268
Associated British Foods PLC		3,474		106,641
Barry Callebaut AG		34		79,019
Campbell Soup Co.		2,100		95,739
Chocoladefabriken Lindt & Spruengli AG		10		99,487
Chocoladefabriken Lindt & Spruengli AG (REG)		1		104,728
Conagra Brands, Inc.		4,960		180,445
Danone SA		6,361		447,528
General Mills, Inc.		6,310		384,468
Hershey Co. (The)		1,510		263,012
Hormel Foods Corp.		2,910		138,952
JDE Peet’s NV(a)(c)		731		26,533
JM Smucker Co. (The)		1,130		146,414
Kellogg Co.		2,600		167,258
Kerry Group PLC–Class A		1,551		216,846
Kikkoman Corp.		1,418		93,515
Kraft Heinz Co. (The)		6,710		273,634
Lamb Weston Holdings, Inc.		1,510		121,797
McCormick & Co., Inc./MD		2,570		226,982
MEIJI Holdings Co., Ltd.		1,191		71,371
Mondelez International, Inc.–Class A		14,540		907,878
Mowi ASA		4,286		109,119
Nestle SA		28,098		3,502,333
NH Foods Ltd.		803		31,214
Nisshin Seifun Group, Inc.		1,929		28,280
Nissin Foods Holdings Co., Ltd.		618		44,500
Orkla ASA		7,325		74,650
Toyo Suisan Kaisha Ltd.		865		33,339
Tyson Foods, Inc.–Class A		3,050		224,968
WH Group Ltd.(b)		93,476		83,904
Wilmar International Ltd.		18,735		62,814
Yakult Honsha Co., Ltd.		1,251		70,835
				8,919,316

15

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

Company	Shares		U.S. $ Value
HOUSEHOLD PRODUCTS–0.6%
Church & Dwight Co., Inc.		2,530	$	215,607
Clorox Co. (The)		1,290		232,084
Colgate-Palmolive Co.		8,750		711,813
Essity AB–Class B		5,935		196,865
Henkel AG & Co. KGaA		1,013		93,286
Henkel AG & Co. KGaA (Preference Shares)		1,737		183,451
Kimberly-Clark Corp.		3,490		466,892
Lion Corp.		2,187		37,071
Pigeon Corp.		1,127		31,786
Procter & Gamble Co. (The)		25,350		3,420,475
Reckitt Benckiser Group PLC		6,951		614,122
Unicharm Corp.(c)		3,935		158,503
				6,361,955
PERSONAL PRODUCTS–0.4%
Beiersdorf AG		983		118,654
Estee Lauder Cos., Inc. (The)–Class A		2,400		763,392
Kao Corp.(c)		4,700		289,802
Kobayashi Pharmaceutical Co., Ltd.		520		44,462
Kose Corp.		325		51,057
L’Oreal SA		2,457		1,097,281
Pola Orbis Holdings, Inc.		893		23,547
Shiseido Co., Ltd.(c)		3,901		287,733
Unilever PLC		25,643		1,498,411
				4,174,339
TOBACCO–0.4%
Altria Group, Inc.		19,160		913,549
British American Tobacco PLC		21,256		825,276
Imperial Brands PLC		9,230		199,024
Japan Tobacco, Inc.(c)		11,703		221,167
Philip Morris International, Inc.		16,130		1,598,644
Swedish Match AB		15,819		134,906
				3,892,566
				39,348,962
MATERIALS–2.1%
CHEMICALS–1.2%
Air Liquide SA		4,619		809,942
Air Products and Chemicals, Inc.		2,290		658,787
Akzo Nobel NV		1,858		230,059
Albemarle Corp.		1,210		203,837
Arkema SA		598		75,159
Asahi Kasei Corp.		12,235		134,477
BASF SE		8,957		707,063
Celanese Corp.–Class A		1,160		175,856
CF Industries Holdings, Inc.		2,220		114,219

Company	Shares		U.S. $ Value
Chr Hansen Holding A/S		1,028	$	92,780
Clariant AG		2,104		41,895
Corteva, Inc.		7,630		338,391
Covestro AG(b)		1,884		121,817
Croda International PLC		1,360		138,712
Dow, Inc.		7,730		489,154
DuPont de Nemours, Inc.		5,510		426,529
Eastman Chemical Co.		1,410		164,618
Ecolab, Inc.		2,570		529,343
EMS-Chemie Holding AG		68		66,838
Evonik Industries AG		2,045		68,658
FMC Corp.		1,330		143,906
FUCHS PETROLUB SE (Preference Shares)		677		32,946
Givaudan SA		90		418,969
ICL Group Ltd.		6,870		46,616
International Flavors & Fragrances, Inc.		2,570		383,958
Johnson Matthey PLC		1,887		80,341
JSR Corp.		1,984		60,268
Kansai Paint Co., Ltd.		1,728		44,109
Koninklijke DSM NV		1,680		314,048
LANXESS AG		810		55,589
Linde PLC		5,390		1,558,249
LyondellBasell Industries NV–Class A		2,660		273,634
Mitsubishi Chemical Holdings Corp.		12,487		105,066
Mitsubishi Gas Chemical Co., Inc.		1,541		32,654
Mitsui Chemicals, Inc.		1,795		62,049
Mosaic Co. (The)		3,570		113,919
Nippon Paint Holdings Co., Ltd.		6,935		93,817
Nippon Sanso Holdings Corp.		1,478		30,340
Nissan Chemical Corp.		1,202		58,754
Nitto Denko Corp.		1,470		109,471
Novozymes A/S–Class B		2,029		153,087
Orica Ltd.(c)		3,968		39,463
PPG Industries, Inc.		2,450		415,937
Sherwin-Williams Co. (The)		2,480		675,676
Shin-Etsu Chemical Co., Ltd.		3,454		577,718
Sika AG		1,382		452,795
Solvay SA		722		91,899
Sumitomo Chemical Co., Ltd.		14,531		77,230
Symrise AG		1,254		174,753
Toray Industries, Inc.		13,525		90,157
Tosoh Corp.		2,536		43,728
Umicore SA		1,922		117,584
Yara International ASA		1,699		89,528
				12,606,392
CONSTRUCTION MATERIALS–0.1%
CRH PLC		7,656		387,174

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HeidelbergCement AG		1,451	$	124,578
Holcim Ltd.(a)		5,106		306,912
James Hardie Industries PLC		4,331		146,960
Martin Marietta Materials, Inc.		650		228,676
Vulcan Materials Co.		1,370		238,476
				1,432,776
CONTAINERS & PACKAGING–0.1%
AMCOR PLC		15,960		182,902
Avery Dennison Corp.		860		180,806
Ball Corp.		3,390		274,658
International Paper Co.		4,050		248,305
Packaging Corp. of America		980		132,712
Sealed Air Corp.		1,570		93,022
Smurfit Kappa Group PLC		2,390		129,976
Westrock Co.		2,750		146,355
				1,388,736
METALS & MINING–0.6%
Anglo American PLC		12,629		502,560
Antofagasta PLC		3,846		76,481
ArcelorMittal SA		6,991		215,232
BHP Group Ltd.		28,730		1,045,206
BHP Group PLC		20,599		609,544
BlueScope Steel Ltd.		4,913		80,729
Boliden AB		2,667		102,625
Evolution Mining Ltd.		16,664		56,303
Evraz PLC		4,973		40,799
Fortescue Metals Group Ltd.		16,516		288,516
Freeport-McMoRan, Inc.		15,170		562,959
Glencore PLC(a)		97,464		418,324
Hitachi Metals Ltd.(a)		2,091		39,959
JFE Holdings, Inc.		4,794		56,243
Newcrest Mining Ltd.		7,963		151,009
Newmont Corp.		8,290		525,420
Nippon Steel Corp.		8,341		141,031
Norsk Hydro ASA		13,116		83,738
Northern Star Resources Ltd.		10,779		79,162
Nucor Corp.		3,090		296,424
Rio Tinto Ltd.		3,620		343,196
Rio Tinto PLC		10,945		903,920
South32 Ltd.		46,626		102,250
Sumitomo Metal Mining Co., Ltd.		2,410		93,727
voestalpine AG		1,131		46,133
				6,861,490
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		4,735		124,664
Oji Holdings Corp.		7,914		45,480
Stora Enso Oyj–Class R		5,673		103,594

Company	Shares		U.S. $ Value
Svenska Cellulosa AB SCA–Class B		5,909	$	96,921
UPM-Kymmene Oyj		5,205		197,050
				567,709
				22,857,103
ENERGY–1.5%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.–Class A		7,530		172,211
Halliburton Co.		9,210		212,935
NOV, Inc.(a)		4,040		61,893
Schlumberger NV		14,470		463,185
Tenaris SA		4,605		50,380
				960,604
OIL, GAS & CONSUMABLE FUELS–1.4%
Ampol Ltd.		2,324		49,189
APA Corp.		3,910		84,573
BP PLC		198,446		870,263
Cabot Oil & Gas Corp.		4,130		72,110
Chevron Corp.		20,010		2,095,847
ConocoPhillips		13,970		850,773
Devon Energy Corp.		6,160		179,810
Diamondback Energy, Inc.		1,870		175,574
ENEOS Holdings, Inc.		29,929		125,426
Eni SpA		24,615		300,095
EOG Resources, Inc.		6,040		503,978
Equinor ASA		9,531		201,757
Exxon Mobil Corp.		43,830		2,764,796
Galp Energia SGPS SA		4,888		53,146
Hess Corp.		2,840		247,989
Idemitsu Kosan Co., Ltd.		2,033		49,119
Inpex Corp.(c)		9,983		74,717
Kinder Morgan, Inc.		20,160		367,517
Koninklijke Vopak NV		674		30,639
Lundin Energy AB		1,952		69,203
Marathon Oil Corp.		8,160		111,139
Marathon Petroleum Corp.		6,590		398,168
Neste Oyj		4,126		253,097
Occidental Petroleum Corp.		8,690		271,736
Oil Search Ltd.		19,252		55,001
OMV AG		1,436		81,949
ONEOK, Inc.		4,610		256,500
Phillips 66		4,530		388,765
Pioneer Natural Resources Co.		2,400		390,048
Repsol SA(c)		14,527		182,497
Royal Dutch Shell PLC–Class A		39,999		801,895
Royal Dutch Shell PLC–Class B		36,146		701,694
Santos Ltd.		18,284		97,116

17

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

Company	Shares		U.S. $ Value
TotalEnergies SE		24,366	$	1,103,823
Valero Energy Corp.		4,230		330,278
Williams Cos., Inc. (The)		12,570		333,733
Woodside Petroleum Ltd.		9,384		156,260
				15,080,220
				16,040,824
UTILITIES–1.4%
ELECTRIC UTILITIES–0.8%
Alliant Energy Corp.		2,590		144,418
American Electric Power Co., Inc.		5,170		437,330
AusNet Services Ltd.(c)		18,536		24,295
Chubu Electric Power Co., Inc.		6,283		76,870
CK Infrastructure Holdings Ltd.		6,463		38,500
CLP Holdings Ltd.		16,016		158,284
Duke Energy Corp.		7,960		785,811
Edison International		3,920		226,654
EDP–Energias de Portugal SA		27,074		143,500
Electricite de France SA		4,535		61,976
Elia Group SA/NV		301		31,773
Endesa SA(c)		3,097		75,182
Enel SpA		79,324		737,148
Entergy Corp.		2,070		206,379
Evergy, Inc.		2,370		143,219
Eversource Energy		3,550		284,852
Exelon Corp.		10,110		447,974
FirstEnergy Corp.		5,630		209,492
Fortum Oyj		4,331		119,477
HK Electric Investments & HK Electric Investments Ltd.–Class SS(b)		25,853		26,198
Iberdrola SA		56,336		686,998
Kansai Electric Power Co., Inc. (The)		6,866		65,514
Mercury NZ Ltd.		6,643		30,959
NextEra Energy, Inc.		20,300		1,487,584
NRG Energy, Inc.		2,530		101,959
Origin Energy Ltd.		17,177		58,010
Orsted AS(b)		1,844		258,826
Pinnacle West Capital Corp.		1,160		95,085
Power Assets Holdings Ltd.		13,530		83,021
PPL Corp.		7,960		222,641
Red Electrica Corp. SA(c)		4,221		78,368
Southern Co. (The)		10,960		663,190
SSE PLC		10,164		211,094
Terna SPA		13,722		102,334
Tohoku Electric Power Co., Inc.		4,168		32,679
Tokyo Electric Power Co. Holdings, Inc.(a)		14,889		44,336
Verbund AG		664		61,168
Xcel Energy, Inc.		5,570		366,952
				9,030,050

Company	Shares		U.S. $ Value
GAS UTILITIES–0.1%
APA Group(c)		11,507	$	76,782
Atmos Energy Corp.		1,350		129,748
Enagas SA		2,427		56,095
Hong Kong & China Gas Co., Ltd.		109,193		169,546
Naturgy Energy Group SA		2,836		72,989
Osaka Gas Co., Ltd.		3,657		68,235
Snam SpA		19,667		113,769
Toho Gas Co., Ltd.		720		35,348
Tokyo Gas Co., Ltd.		3,667		69,166
				791,678
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.0%
AES Corp. (The)		6,890		179,622
EDP Renovaveis SA		2,810		65,107
Meridian Energy Ltd.		12,496		46,591
Uniper SE		892		32,864
				324,184
MULTI-UTILITIES–0.4%
AGL Energy Ltd.(c)		6,076		37,330
Ameren Corp.		2,640		211,306
CenterPoint Energy, Inc.		6,010		147,365
CMS Energy Corp.		2,990		176,649
Consolidated Edison, Inc.		3,540		253,889
Dominion Energy, Inc.		8,350		614,310
DTE Energy Co.		2,000		259,200
E.ON SE		21,896		253,330
Engie SA		17,813		244,262
National Grid PLC		34,615		440,291
NiSource, Inc.		4,060		99,470
Public Service Enterprise Group, Inc.		5,220		311,843
RWE AG		6,265		227,151
Sempra Energy		3,260		431,885
Suez SA		3,370		80,177
United Utilities Group PLC		6,650		89,756
Veolia Environnement SA		5,255		158,863
WEC Energy Group, Inc.		3,260		289,977
				4,327,054
WATER UTILITIES–0.1%
American Water Works Co., Inc.		1,880		289,764
Severn Trent PLC		2,329		80,625
				370,389
				14,843,355
REAL ESTATE–1.3%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.0%
Alexandria Real Estate Equities, Inc.		1,420		258,355

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
American Tower Corp.		4,710	$	1,272,359
Ascendas Real Estate Investment Trust		31,372		68,941
AvalonBay Communities, Inc.		1,440		300,514
Boston Properties, Inc.		1,470		168,447
British Land Co. PLC (The)		8,586		58,733
CapitaLand Integrated Commercial Trust		44,195		68,808
Covivio		507		43,403
Crown Castle International Corp.		4,470		872,097
Daiwa House REIT Investment Corp.		19		55,911
Dexus		10,592		84,436
Digital Realty Trust, Inc.		2,910		437,839
Duke Realty Corp.		3,880		183,718
Equinix, Inc.		930		746,418
Equity Residential		3,560		274,120
Essex Property Trust, Inc.		670		201,007
Extra Space Storage, Inc.		1,380		226,072
Federal Realty Investment Trust		730		85,534
Gecina SA		447		68,486
GLP J-REIT		40		68,986
Goodman Group		16,216		256,629
GPT Group (The)		18,998		69,497
Healthpeak Properties, Inc.		5,580		185,758
Host Hotels & Resorts, Inc.(a)		7,310		124,928
Iron Mountain, Inc.		2,980		126,114
Japan Metropolitan Fund Invest		68		73,710
Japan Real Estate Investment Corp.		12		73,698
Kimco Realty Corp.		4,480		93,408
Klepierre SA		2,012		51,837
Land Securities Group PLC		6,870		64,115
Link REIT		20,304		196,448
Mapletree Commercial Trust		21,022		33,815
Mapletree Logistics Trust		29,241		44,701
Mid-America Apartment Communities, Inc.		1,180		198,736
Mirvac Group		38,402		83,730
Nippon Building Fund, Inc.		14		87,228
Nippon Prologis REIT, Inc.		20		63,602
Nomura Real Estate Master Fund, Inc.		41		65,618
Orix JREIT, Inc.		25		47,993
Prologis, Inc.		7,650		914,404
Public Storage		1,580		475,090
Realty Income Corp.		3,860		257,616

Company	Shares		U.S. $ Value
Regency Centers Corp.		1,630	$	104,434
SBA Communications Corp.		1,130		360,131
Scentre Group		50,621		103,587
Segro PLC		11,621		175,922
Simon Property Group, Inc.		3,400		443,632
Stockland		23,281		81,070
UDR, Inc.		3,070		150,369
United Urban Investment Corp.		28		40,440
Ventas, Inc.		3,880		221,548
Vicinity Centres		37,738		43,510
Vornado Realty Trust		1,620		75,605
Welltower, Inc.		4,320		358,992
Weyerhaeuser Co.		7,750		266,755
				11,558,854
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Aroundtown SA		9,743		76,017
Azrieli Group Ltd.		413		29,101
CapitaLand Ltd.		25,733		71,080
CBRE Group, Inc.–Class A(a)		3,470		297,483
City Developments Ltd.		3,990		21,668
CK Asset Holdings Ltd.		19,561		134,639
Daito Trust Construction Co., Ltd.		638		69,607
Daiwa House Industry Co., Ltd.		5,523		166,068
Deutsche Wohnen SE		3,334		204,001
ESR Cayman Ltd.(a)(b)		19,397		65,402
Fastighets AB Balder–Class B(a)(c)		1,025		64,255
Hang Lung Properties Ltd.		19,740		47,875
Henderson Land Development Co., Ltd.		14,165		67,032
Hongkong Land Holdings Ltd.		11,381		54,201
Hulic Co., Ltd.		2,629		29,534
LEG Immobilien SE		703		101,202
Lendlease Corp Ltd.(c)		6,713		57,683
Mitsubishi Estate Co., Ltd.		11,534		186,431
Mitsui Fudosan Co., Ltd.		8,943		206,795
New World Development Co., Ltd.		14,856		77,042
Nomura Real Estate Holdings, Inc.		1,129		28,596
Sino Land Co., Ltd.		32,155		50,690
Sumitomo Realty & Development Co., Ltd.		3,018		107,938
Sun Hung Kai Properties Ltd.		12,717		188,999
Swire Pacific Ltd.–Class A		4,855		32,896

19

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

Company	Shares		U.S. $ Value
Swire Properties Ltd.		11,411	$	33,990
Swiss Prime Site AG		740		73,443
Unibail-Rodamco-Westfield(a)		1,215		105,156
UOL Group Ltd.		4,527		24,619
Vonovia SE		5,243		338,832
Wharf Real Estate Investment Co., Ltd.		16,286		94,671
				3,106,946
				14,665,800
Total Common Stocks (cost $540,170,213)				540,660,759

		Principal Amount (000)
INFLATION-LINKED SECURITIES–0.7%
JAPAN–0.7%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027 (cost $7,363,316)	JPY		781,448	7,202,864
		Notional Amount
OPTIONS PURCHASED–PUTS–0.1%
OPTIONS ON EQUITY INDICES–0.1%
Euro STOXX 50 Index Expiration: Jul 2021; Contracts: 696; Exercise Price: EUR 4,025.00; Counterparty: Morgan Stanley & Co., Inc.(a)	EUR		28,014,000	292,562
FTSE 100 Index Expiration: Jul 2021; Contracts: 12; Exercise Price: GBP 6,900.00; Counterparty: Morgan Stanley & Co., Inc.(a)	GBP		828,000	6,723
FTSE 100 Index Expiration: Jul 2021; Contracts: 139; Exercise Price: GBP 6,950.00; Counterparty: Morgan Stanley & Co., Inc.(a)	GBP		9,660,500	99,024

Company	Notional Amount				U.S. $ Value
Nikkei 225 Index Expiration: Jul 2021; Contracts: 82; Exercise Price: JPY 28,375.00; Counterparty: Morgan Stanley & Co., Inc.(a)		JPY		2,326,750,000	$	90,418
S&P 500 Index Expiration: Jul 2021; Contracts: 35; Exercise Price: USD 4,090.00; Counterparty: Morgan Stanley & Co., Inc.(a)		USD		14,315,000		23,625
S&P 500 Index Expiration: Jul 2021; Contracts: 360; Exercise Price: USD 4,190.00; Counterparty: Morgan Stanley & Co., Inc.(a)		USD		150,840,000		460,800
Total Options Purchased–Puts (premiums paid $1,160,579)						973,152
			Shares
RIGHTS–0.0%
INDUSTRIALS–0.0%
CONSTRUCTION & ENGINEERING–0.0%
ACS Actividades de Construccion y Servicios SA, expiring 07/06/2021(a) (cost $245)				162		227
SHORT-TERM INVESTMENTS–92.4%
INVESTMENT COMPANIES–92.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(d)(e)(f) (cost $1,005,962,251)				1,005,962,251		1,005,962,251

20

AB Variable Products Series Fund

Company	Principal Amount (000)		U.S. $ Value
U.S. TREASURY BILLS–0.2%
U.S. Treasury Bill Zero Coupon, 07/15/2021 (cost $2,633,982)	U.S.$	2,634	$	2,633,954
Total Short-Term Investments (cost $1,008,596,233)				1,008,596,205
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–142.7% (cost $1,557,290,586)				1,557,433,207

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, 0.01%(d)(e)(f) (cost $150,570)		150,570	$	150,570
TOTAL INVESTMENTS–142.7% (cost $1,557,441,156)				1,557,583,777
Other assets less liabilities–(42.7)%				(466,246,514	)
NET ASSETS–100.0%			$	1,091,337,263

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		359		September 2021	$	49,040,767	$	14,487
Canadian 10 Yr Bond Futures		47		September 2021		5,517,457		23,257
Euro STOXX 50 Index Futures		325		September 2021		15,628,631		(177,364	)
Euro-BOBL Futures		95		September 2021		15,111,496		19,112
Euro-BTP Futures		131		September 2021		23,519,010		150,820
Euro-Bund Futures		76		September 2021		15,555,097		49,323
Euro-OAT Futures		166		September 2021		31,304,562		127,005
FTSE 100 Index Futures		137		September 2021		13,228,892		(115,954	)
Hang Seng Futures		18		July 2021		3,318,651		(65,641	)
Japan 10 Yr Bond (OSE) Futures		56		September 2021		76,462,847		(26,242	)
Long Gilt Futures		359		September 2021		63,615,061		209,596
MSCI EAFE Futures		18		September 2021		2,073,690		5,416
MSCI Emerging Market Futures		66		September 2021		4,503,840		(3,813	)
MSCI Singapore IX ETS Futures		119		July 2021		3,145,575		(8,896	)
Nikkei 225 (CME) Futures		333		September 2021		47,927,025		(389,371	)
OMXS30 Index Futures		31		July 2021		820,813		(160	)
S&P 500 E-Mini Futures		549		September 2021		117,722,070		340,645
S&P Mid 400 E Mini Futures		5		September 2021		1,346,200		(16,576	)
S&P/TSX 60 Index Futures		95		September 2021		18,434,415		(43,639	)
SPI 200 Futures		49		September 2021		6,635,690		(2,012	)
TOPIX Index Futures		6		September 2021		1,049,372		(8,683	)
U.S. T-Note 5 Yr (CBT) Futures		227		September 2021		28,018,539		23,586
U.S. T-Note 10 Yr (CBT) Futures		886		September 2021		117,395,000		375,843
U.S. Ultra Bond (CBT) Futures		60		September 2021		11,561,250		181,762

21

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

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Sold Contracts
Nikkei 225 (CME) Futures		141		September 2021	$	36,527,116	$	(13,606	)
SPI 200 Futures		56		September 2021		7,583,646		936
							$	649,831

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	914		CAD	1,124		07/16/2021	$	(7,407	)
Bank of America, NA		EUR	1,654		USD	1,965		08/03/2021		2,863
Bank of America, NA		CHF	176		USD	191		08/05/2021		828
Bank of America, NA		GBP	263		USD	364		08/26/2021		(190	)
Barclays Bank PLC		CHF	627		USD	699		08/05/2021		20,326
Barclays Bank PLC		GBP	322		USD	457		08/26/2021		11,415
BNP Paribas SA		EUR	743		USD	908		08/03/2021		26,141
BNP Paribas SA		GBP	454		USD	639		08/26/2021		11,243
Citibank, NA		USD	509		CAD	614		07/16/2021		(13,412	)
Citibank, NA		SGD	1,908		USD	1,419		08/19/2021		(229	)
Citibank, NA		AUD	614		USD	464		08/25/2021		3,390
Citibank, NA		USD	229		AUD	302		08/25/2021		(2,565	)
Credit Suisse International		JPY	3,654,225		USD	32,988		08/19/2021		82,714
Credit Suisse International		AUD	15,976		USD	11,980		08/25/2021		(3,879	)
Morgan Stanley Capital Services, Inc.		SEK	1,167		USD	137		07/15/2021		503
Morgan Stanley Capital Services, Inc.		EUR	1,496		USD	1,827		08/03/2021		51,623
Morgan Stanley Capital Services, Inc.		USD	1,820		EUR	1,493		08/03/2021		(48,267	)
Morgan Stanley Capital Services, Inc.		USD	550		CHF	495		08/05/2021		(14,174	)
Morgan Stanley Capital Services, Inc.		JPY	1,094,860		USD	10,055		08/19/2021		195,782
State Street Bank & Trust Co.		SEK	44,062		USD	5,151		07/15/2021		1,431
State Street Bank & Trust Co.		USD	18		NOK	149		07/15/2021		(220	)
State Street Bank & Trust Co.		USD	717		CAD	898		07/16/2021		7,550
State Street Bank & Trust Co.		EUR	1,271		USD	1,560		08/03/2021		51,516
State Street Bank & Trust Co.		EUR	45,195		USD	53,600		08/03/2021		(25,415	)
State Street Bank & Trust Co.		CHF	745		USD	818		08/05/2021		12,150
State Street Bank & Trust Co.		CHF	13,070		USD	14,135		08/05/2021		(4,016	)
State Street Bank & Trust Co.		GBP	12,150		USD	16,776		08/26/2021		(32,968	)
UBS AG		CAD	987		USD	803		07/16/2021		7,157
UBS AG		USD	457		CAD	555		07/16/2021		(8,963	)
UBS AG		USD	1,823		EUR	1,525		08/03/2021		(13,433	)
UBS AG		JPY	161,284		USD	1,467		08/19/2021		14,725
UBS AG		USD	456		JPY	49,780		08/19/2021		(7,704	)
									$	318,515

22

AB Variable Products Series Fund

CALL OPTIONS WRITTEN (see Note D)

Description

Counterparty

Contracts

Exercise Price

Expiration Month

Notional (000)

Premiums Received

U.S. $ Value

Nikkei 225 Index(g)

Morgan Stanley & Co., Inc.

77

JPY

30,125.00

July 2021

JPY

2,319,625

$

9,797

$

(4,505

)

PUT OPTIONS WRITTEN (see Note D)

Description	Counterparty		Contracts		Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index(h)		Morgan Stanley & Co., Inc.		46		EUR	3,825.00		July 2021		EUR	1,760	$	10,574	$	(4,963	)
Euro STOXX 50 Index(h)		Morgan Stanley & Co., Inc.		650		EUR	3,800.00		July 2021		EUR	24,700		46,192		(61,659	)
FTSE 100 Index(h)		Morgan Stanley & Co., Inc.		12		GBP	6,550.00		July 2021		GBP	786		4,707		(1,577	)
FTSE 100 Index(h)		Morgan Stanley & Co., Inc.		139		GBP	6,650.00		July 2021		GBP	9,244		19,126		(25,477	)
Nikkei 225 Index(g)		Morgan Stanley & Co., Inc.		5		JPY	27,250.00		July 2021		JPY	136,250		4,244		(1,058	)
S&P 500 Index(i)		Morgan Stanley & Co., Inc.		35		USD	3,890.00		July 2021		USD	13,615		60,304		(9,100	)
S&P 500 Index(i)		Morgan Stanley & Co., Inc.		360		USD	4,000.00		July 2021		USD	144,000		206,626		(149,400	)
													$	351,773	$	(253,234	)

VARIANCE SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Volatility Strike Rate	Payment Frequency		Notional Amount (000)			Market Value			Upfront Premiums (Paid) Received			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citibank, NA USD/JPY 04/19/2022*	6.85%		Maturity		USD	343	$	(50,494	)	$	–0	–	$	(50,494	)

* Termination date

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $3,287,322 or 0.3% of net assets.

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

(d) 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.

(e) Affiliated investments.

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

(g) One contract relates to 1000 shares.

(h) One contract relates to 10 shares.

(i) One contract relates to 100 shares.

23

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

Currency Abbreviations:

AUD–Australian Dollar

CAD–Canadian Dollar

CHF–Swiss Franc

EUR–Euro

GBP–Great British Pound

JPY–Japanese Yen

NOK–Norwegian Krone

SEK–Swedish Krona

SGD–Singapore Dollar

USD–United States Dollar

Glossary:

ADR–American Depositary Receipt

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

ETS–Emission Trading Scheme

FTSE–Financial Times Stock Exchange

GDR–Global Depositary Receipt

MSCI–Morgan Stanley Capital International

OAT–Obligations Assimilables du Trésor

OSE–Osaka Securities Exchange

REG–Registered Shares

REIT–Real Estate Investment Trust

SPI–Share Price Index

TOPIX–Tokyo Price Index

TSX–Toronto Stock Exchange

See notes to financial statements.

24

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $551,328,335)	$	551,470,956	(a)
Affiliated issuers (cost $1,006,112,821—including investment of cash collateral for securities loaned of $150,570)		1,006,112,821
Cash		32
Cash collateral due from broker		20,602,149
Foreign currencies, at value (cost $1,297,257)		1,281,767
Receivable for variation margin on futures		5,379,273
Receivable for capital stock sold		725,214
Unrealized appreciation on forward currency exchange contracts		501,357
Receivable for investment securities sold and foreign currency transactions		74,121
Unaffiliated dividends receivable		39,879
Affiliated dividends receivable		1,058
Total assets		1,586,188,627
LIABILITIES
Options written, at value (premiums received $361,570)		257,739
Payable for investment securities purchased and foreign currency transactions		493,485,930
Payable for capital stock redeemed		510,554
Unrealized depreciation on forward currency exchange contracts		182,842
Payable for collateral received on securities loaned		146,270
Advisory fee payable		63,831
Unrealized depreciation on variance swaps		50,494
Distribution fee payable		32,385
Administrative fee payable		20,554
Collateral due to securities lending agent		4,300
Transfer Agent fee payable		129
Accrued expenses		96,336
Total liabilities		494,851,364
NET ASSETS	$	1,091,337,263
COMPOSITION OF NET ASSETS
Capital stock, at par	$	93,340
Additional paid-in capital		1,072,337,933
Distributable earnings		18,905,990
NET ASSETS	$	1,091,337,263

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	12,969		1,100	$	11.79
B	$	1,091,324,294		93,339,212	$	11.69

(a) Includes securities on loan with a value of $496,997 (see Note E).

See notes to financial statements.

25

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,869)	$	164,364
Affiliated issuers		2,113
Interest(a)		(32,632	)
Securities lending income		1,266
		135,111
EXPENSES
Advisory fee (see Note B)		300,234
Distribution fee—Class B		125,457
Transfer agency—Class B		1,553
Custody and accounting		45,422
Administrative		39,735
Audit and tax		23,381
Legal		11,891
Directors’ fees		9,861
Printing		9,200
Miscellaneous		11,855
Total expenses		578,589
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(105,104	)
Net expenses		473,485
Net investment loss		(338,374	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		17,543,841
Forward currency exchange contracts		741,803
Futures		381,038
Options written		567,716
Foreign currency transactions		(250,933	)
Net change in unrealized appreciation/depreciation of:
Investments		(13,334,543	)
Forward currency exchange contracts		459,955
Futures		416,014
Options written		33,202
Swaps		(50,494	)
Foreign currency denominated assets and liabilities		20,491
Net gain on investment and foreign currency transactions		6,528,090
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	6,189,716

(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.

26

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

	Six Months Ended June  30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(338,374	)	$	12,563
Net realized gain (loss) on investment transactions and foreign currency transactions		18,983,465			(981,815	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(12,455,375	)		2,857,990
Net increase in net assets from operations		6,189,716			1,888,738
Distributions to Shareholders
Class A		–0	–		(565	)
Class B		–0	–		(3,956,811	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		995,439,609			(3,585,153	)
Total increase (decrease)		1,001,629,325			(5,653,791	)
NET ASSETS
Beginning of period		89,707,938			95,361,729
End of period	$	1,091,337,263		$	89,707,938

See notes to financial statements.

27

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Risk Allocation—Moderate Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the “Adviser”) considers undue risk. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. At June 30, 2021 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. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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

28

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk

29

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

of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	103,761,442		$	14,591,694		$	–0	–	$	118,353,136
Financials		42,979,025			27,352,715			–0	–		70,331,740
Health Care		49,090,300			20,273,975			–0	–		69,364,275
Consumer Discretionary		46,265,500			21,497,859			–0	–		67,763,359
Industrials		31,674,490			25,361,116			–0	–		57,035,606
Communication Services		41,995,308			8,061,291			–0	–		50,056,599
Consumer Staples		22,547,460			16,801,502			–0	–		39,348,962
Materials		9,869,508			12,987,595			–0	–		22,857,103
Energy		10,733,558			5,307,266			–0	–		16,040,824
Utilities		9,427,175			5,416,180			–0	–		14,843,355
Real Estate		9,855,625			4,810,175			–0	–		14,665,800
Inflation-Linked Securities		–0	–		7,202,864			–0	–		7,202,864
Options Purchased—Puts		–0	–		973,152			–0	–		973,152
Rights		227			–0	–		–0	–		227
Short-Term Investments:
Investment Companies		1,005,962,251			–0	–		–0	–		1,005,962,251
U.S. Treasury Bills		–0	–		2,633,954			–0	–		2,633,954
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		150,570			–0	–		–0	–		150,570
Total Investments in Securities		1,384,312,439			173,271,338			–0	–		1,557,583,777
Other Financial Instruments(a):
Assets:
Futures		1,521,788			–0	–		–0	–		1,521,788	(b)
Forward Currency Exchange Contracts		–0	–		501,357			–0	–		501,357
Liabilities:
Futures		(871,957	)		–0	–		–0	–		(871,957	)(b)
Forward Currency Exchange Contracts		–0	–		(182,842	)		–0	–		(182,842	)
Call Options Written		–0	–		(4,505	)		–0	–		(4,505	)
Put Options Written		–0	–		(253,234	)		–0	–		(253,234	)
Variance Swaps		–0	–		(50,494	)		–0	–		(50,494	)
Total	$	1,384,962,270		$	173,281,620		$	–0	–	$	1,558,243,890

(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.

30

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 Portfolio are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the first $100 million, .45% of the excess over $100 million up to $1 billion and .40% of the excess over $1 billion of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. Prior to January 1, 2020, the Portfolio paid the Adviser an advisory fee at an annual rate of .60% of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses, to the extent necessary to limit total operating expenses (excluding interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs), inclusive of the Portfolio’s proportionate share of fees and expenses of registered investment companies

31

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

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, 2022. For the six months ended June 30, 2021, the reimbursements/waivers, exclusive of Acquired Fund Expenses, amounted to $76,715. For the six months ended June 30, 2021, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $12,216 and $16,161, respectively.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	12,180		$	1,041,557	$	47,775	$	1,005,962	$	2
AB Government Money Market Portfolio*		–0	–		63,571		63,420		151		0	**
Total								$	1,006,113	$	2

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

** Amount is less than $500.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,735.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

Sales 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.

32

AB Variable Products Series Fund

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	541,507,388		$	48,721,070
U.S. government securities		–0	–		4,374,229

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

Gross unrealized appreciation	$	4,092,573
Gross unrealized depreciation		(2,928,269	)
Net unrealized appreciation	$	1,164,304

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the six months ended June 30, 2021, the Portfolio held futures for hedging and non-hedging purposes.

33

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

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2021, 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 six months ended June 30, 2021, the Portfolio held purchased options for hedging and non-hedging purposes.

During the six months ended June 30, 2021, the Portfolio held written options 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, equity markets or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

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

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

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

Variance Swaps:

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

35

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

During the six months ended June 30, 2021, the Portfolio held variance swaps for hedging and non-hedging purposes.

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

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

During the six months ended June 30, 2021, 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	$	1,174,791	*	Receivable/Payable for variation margin on futures	$	26,242	*
Equity contracts	Receivable/Payable for variation margin on futures		346,997	*	Receivable/Payable for variation margin on futures		845,715	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		501,357		Unrealized depreciation on forward currency exchange contracts		182,842
Equity contracts	Investments in securities, at value		973,152
Equity contracts					Options written, at value		257,739
Foreign currency contracts					Unrealized depreciation on variance swaps		50,494
Total		$	2,996,297			$	1,363,032

* 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	$	(792,915	)	$	1,068,637
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		1,173,953			(652,623	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		741,803			459,955

36

AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments	$	(1,314,371	)	$	(46,238	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		567,716			33,202
Foreign exchange contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		–0	–		(50,494	)
Total		$	376,186		$	812,439

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2021:

Futures:
Average notional amount of buy contracts	$	135,027,087
Average notional amount of sale contracts	$	6,986,815
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	8,375,203
Average principal amount of sale contracts	$	51,745,973
Purchased Options:
Average notional amount	$	49,079,541
Options Written:
Average notional amount	$	49,848,420
Variance Swaps:
Average notional amount	$	342,500	(a)

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2021. 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

$

3,691

$

(3,691

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

31,741

–0

–

–0

–

–0

–

31,741

BNP Paribas SA

37,384

–0

–

–0

–

–0

–

37,384

Citibank, NA

3,390

(3,390

)

–0

–

–0

–

–0

–

Credit Suisse International

82,714

(3,879

)

–0

–

–0

–

78,835

Morgan Stanley & Co., Inc./Morgan Stanley Capital Services, Inc.

1,221,060

(66,946

)

–0

–

–0

–

1,154,114

State Street Bank & Trust Co.

72,647

(62,619

)

–0

–

–0

–

10,028

UBS AG

21,882

(21,882

)

–0

–

–0

–

–0

–

Total

$

1,474,509

$

(162,407

)

–0

–

–0

–

$

1,312,102

^

37

GLOBAL RISK ALLOCATION—MODERATE 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	$	7,597	$	(3,691	)	$	–0	–	$	–0	–	$	3,906
Citibank, NA		66,700		(3,390	)		–0	–		–0	–		63,310
Credit Suisse International		3,879		(3,879	)		–0	–		–0	–		–0	–
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services, Inc.		66,946		(66,946	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		62,619		(62,619	)		–0	–		–0	–		–0	–
UBS AG		30,100		(21,882	)		–0	–		–0	–		8,218
Total	$	237,841	$	(162,407	)	$	–0	–	$	–0	–	$	75,434	^

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

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

2. Currency Transactions

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

NOTE E: Securities Lending

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

38

AB Variable Products Series Fund

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

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2021 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
$	496,997	$	150,570	$	375,524	$	1,206	$	60	$	12

* As of June 30, 2021.

NOTE F: Capital Stock

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

	Shares						Amount
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June  30, 2021 (unaudited)			Year Ended December 31, 2020
Class B
Shares sold		85,831,891			618,184		$	1,003,333,891		$	6,428,418
Shares issued in reinvestment of dividends and distributions		–0	–		383,737			–0	–		3,956,326
Shares redeemed		(693,580	)		(1,324,181	)		(7,894,282	)		(13,969,897	)
Net increase (decrease)		85,138,311			(322,260	)	$	995,439,609		$	(3,585,153	)

There were no transactions in capital shares for Class A for the six months ended June 30, 2021 and the year ended December 31, 2020.

At June 30, 2021, 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. The current historically low interest rate environment heightens the risks associated with rising interest rates.

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.

39

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

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

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

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

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

Derivatives Risk—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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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

40

AB Variable Products Series Fund

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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.

41

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

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE K: Subsequent Events

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

42

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

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

	Class A
	Six Months Ended June 30, 2021 (unaudited)
				Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period	$	11.02		$	11.27		$	9.79		$	10.83		$	9.78		$	9.40
Income From Investment Operations
Net investment income (loss)(a)(b)		(.03	)		.03			.11			.09			.06			.04
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.80			.23			1.61			(.55	)		1.09			.37
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.77			.26			1.72			(.46	)		1.15			.41
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.17	)		(.24	)		–0	–		(.05	)		(.03	)
Distributions from net realized gain on investment transactions		–0	–		(.34	)		–0	–		(.58	)		(.05	)		–0	–
Total dividends and distributions		–0	–		(.51	)		(.24	)		(.58	)		(.10	)		(.03	)
Net asset value, end of period	$	11.79		$	11.02		$	11.27		$	9.79		$	10.83		$	9.78
Total Return
Total investment return based on net asset value(d)		6.99	%		2.72	%		17.61	%		(4.62	)%		11.87	%		4.39	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	13		$	12		$	12		$	11		$	12		$	11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.70	%^		.69	%		.68	%		.67	%		.63	%		.63	%
Expenses, before waivers/reimbursements(e)(f)‡		.94	%^		.95	%		.95	%		.92	%		.94	%		1.08	%
Net investment income (loss)(b)		(.47	)%^		.27	%		1.05	%		.88	%		.55	%		.46	%
Portfolio turnover rate		43	%		31	%		29	%		67	%		59	%		79	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.06	%^		.06	%		.07	%		.08	%		.11	%		.12	%

See footnote summary on page 45.

43

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
	Six Months Ended June 30, 2021 (unaudited)
				Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period	$	10.94		$	11.19		$	9.72		$	10.78		$	9.75		$	9.39
Income From Investment Operations
Net investment income (loss)(a)(b)		(.04	)		0	(c)		.08			.07			.03			.02
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.79			.23			1.60			(.55	)		1.09			.37
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.75			.23			1.68			(.48	)		1.12			.39
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.14	)		(.21	)		–0	–		(.04	)		(.03	)
Distributions from net realized gain on investment transactions		–0	–		(.34	)		–0	–		(.58	)		(.05	)		–0	–
Total dividends and distributions		–0	–		(.48	)		(.21	)		(.58	)		(.09	)		(.03	)
Net asset value, end of period	$	11.69		$	10.94		$	11.19		$	9.72		$	10.78		$	9.75
Total Return
Total investment return based on net asset value(d)		6.86	%		2.45	%		17.32	%		(4.84	)%		11.50	%		4.24	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,091,324		$	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	%		.94	%		.92	%		.89	%		.88	%
Expenses, before waivers/reimbursements(e)(f)‡		1.15	%^		1.20	%		1.20	%		1.16	%		1.17	%		1.33	%
Net investment income (loss)(b)		(.67	)%^		.01	%		.78	%		.64	%		.31	%		.24	%
Portfolio turnover rate		43	%		31	%		29	%		67	%		59	%		79	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.06	%^		.06	%		.07	%		.08	%		.11	%		.12	%

See footnote summary on page 45.

44

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 six months ended June 30, 2021, and the years ended December 31, 2020, December 31, 2019, December 31, 2018, December 31, 2017 and December 31, 2016, such waiver amounted to .06%, .06%, .07%, .08%, .11% and .12%, respectively.

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Class A
Net of waivers/reimbursements		.70	%^		.69	%		.68	%		.67	%		.63	%		.63	%
Before waivers/reimbursements		.94	%^		.95	%		.95	%		.92	%		.94	%		1.08	%
Class B
Net of waivers/reimbursements		.94	%^		.94	%		.94	%		.92	%		.89	%		.88	%
Before waivers/reimbursements		1.15	%^		1.20	%		1.20	%		1.16	%		1.17	%		1.33	%

^ Annualized.

See notes to financial statements.

45

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 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

46

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

47

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 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- 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

48

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.

49

VPS-GRA-0152-0621

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ GLOBAL THEMATIC GROWTH PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,105.00	$	4.65		0.89	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.38	$	4.46		0.89	%
Class B
Actual	$	1,000	$	1,103.60	$	5.95		1.14	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.14	$	5.71		1.14	%

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

1

GLOBAL THEMATIC GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Laboratory Corp. of America Holdings	$	5,823,469		2.9	%
SVB Financial Group		5,241,571		2.6
Waste Management, Inc.		4,781,955		2.4
MSCI, Inc.—Class A		4,653,789		2.3
Flex Ltd.		4,585,621		2.3
Danaher Corp.		4,492,346		2.2
Lumentum Holdings, Inc.		4,392,296		2.2
Apollo Hospitals Enterprise Ltd.		4,329,974		2.1
Trex Co., Inc.		4,317,350		2.1
Aptiv PLC		4,284,253		2.1
	$	46,902,624		23.2	%

SECTOR BREAKDOWN²

June 30, 2021 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Information Technology	$	60,852,820		30.2	%
Industrials		40,688,358		20.2
Health Care		37,483,432		18.6
Financials		26,099,939		12.9
Consumer Discretionary		13,660,552		6.8
Materials		6,942,858		3.4
Utilities		6,682,212		3.3
Consumer Staples		2,129,195		1.1
Short-Term Investments		6,990,858		3.5
Total Investments	$	201,530,224		100.0	%

1 Long-term investments.

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

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

2

GLOBAL THEMATIC GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	120,480,997		59.8	%
Netherlands		14,682,101		7.3
Denmark		8,531,424		4.2
India		7,964,230		4.0
Switzerland		7,026,415		3.5
Japan		6,680,328		3.3
Germany		6,019,529		3.0
Austria		4,247,775		2.1
Norway		3,910,696		1.9
France		3,805,476		1.9
Hong Kong		2,694,491		1.3
United Kingdom		2,314,354		1.1
Sweden		1,802,997		0.9
Other		4,378,553		2.2
Short-Term Investments		6,990,858		3.5
Total Investments	$	201,530,224		100.0	%

1 All data are as of June 30, 2021. 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 0.8% or less in the following: Argentina, China and United Arab Emirates.

3

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–96.5%
INFORMATION TECHNOLOGY–30.2%
COMMUNICATIONS EQUIPMENT–7.1%
Calix, Inc.(a)		81,089	$	3,851,728
Lumentum Holdings, Inc.(a)(b)		53,545		4,392,296
Motorola Solutions, Inc.		19,350		4,196,047
Telefonaktiebolaget LM Ericsson–Class B		143,392		1,802,997
				14,243,068
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.3%
Flex Ltd.(a)		256,610		4,585,621
IT SERVICES–6.2%
Adyen NV(a)(c)		1,305		3,200,290
Network International Holdings PLC(a)(c)		268,570		1,360,722
Square, Inc.–Class A(a)		11,479		2,798,580
Twilio, Inc.–Class A(a)		5,480		2,159,997
Visa, Inc.–Class A(b)		12,850		3,004,587
				12,524,176
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.9%
Cree, Inc.(a)		25,570		2,504,070
Infineon Technologies AG		90,350		3,634,171
NXP Semiconductors NV		18,000		3,702,960
				9,841,201
SOFTWARE–8.0%
Adobe, Inc.(a)		5,920		3,466,989
Coinbase Global, Inc.(a)		7,740		1,960,542
Dassault Systemes SE		15,680		3,805,476
Microsoft Corp.		14,160		3,835,944
Zendesk, Inc.(a)		21,060		3,039,800
				16,108,751
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.7%
Apple, Inc.		25,920		3,550,003
				60,852,820
INDUSTRIALS–20.2%
AEROSPACE & DEFENSE–2.0%
Hexcel Corp.(a)		64,520		4,026,048
BUILDING PRODUCTS–2.2%
Trex Co., Inc.(a)		42,240		4,317,350
COMMERCIAL SERVICES & SUPPLIES–5.4%
Tetra Tech, Inc.		18,480		2,255,299
TOMRA Systems ASA		70,840		3,910,696
Waste Management, Inc.		34,130		4,781,955
				10,947,950

Company	Shares		U.S. $ Value
ELECTRICAL EQUIPMENT–5.4%
Rockwell Automation, Inc.		14,570	$	4,167,311
Schneider Electric SE		18,630		2,936,918
Vestas Wind Systems A/S		95,970		3,749,741
				10,853,970
MACHINERY–3.4%
SMC Corp.		5,100		3,017,132
Xylem, Inc./NY		32,200		3,862,712
				6,879,844
PROFESSIONAL SERVICES–1.8%
Recruit Holdings Co., Ltd.		74,700		3,663,196
				40,688,358
HEALTH CARE–18.6%
BIOTECHNOLOGY–1.2%
Abcam PLC(a)		121,149		2,314,354
HEALTH CARE EQUIPMENT & SUPPLIES–7.5%
Alcon, Inc.		40,310		2,827,243
Danaher Corp.		16,740		4,492,346
Koninklijke Philips NV		84,450		4,191,605
STERIS PLC		17,771		3,666,157
				15,177,351
HEALTH CARE PROVIDERS & SERVICES–5.0%
Apollo Hospitals Enterprise Ltd.		88,907		4,329,974
Laboratory Corp. of America Holdings(a)		21,111		5,823,469
				10,153,443
LIFE SCIENCES TOOLS & SERVICES–4.9%
Bio-Rad Laboratories, Inc.–Class A(a)		6,630		4,271,643
Bruker Corp.		41,870		3,181,283
Gerresheimer AG		21,566		2,385,358
				9,838,284
				37,483,432
FINANCIALS–12.9%
BANKS–6.5%
Erste Group Bank AG		115,550		4,247,775
HDFC Bank Ltd.		180,041		3,634,256
SVB Financial Group(a)		9,420		5,241,571
				13,123,602
CAPITAL MARKETS–4.4%
MSCI, Inc.–Class A		8,730		4,653,789
Partners Group Holding AG		2,770		4,199,172
				8,852,961
CONSUMER FINANCE–0.7%
Lufax Holding Ltd. (ADR)(a)		126,450		1,428,885

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INSURANCE–1.3%
AIA Group Ltd.		217,200	$	2,694,491
				26,099,939
CONSUMER DISCRETIONARY–6.8%
AUTO COMPONENTS–2.1%
Aptiv PLC(a)		27,231		4,284,253
HOUSEHOLD DURABLES–1.8%
TopBuild Corp.(a)		17,893		3,538,878
INTERNET & DIRECT MARKETING RETAIL–0.8%
MercadoLibre, Inc.(a)		1,020		1,588,946
TEXTILES, APPAREL & LUXURY GOODS–2.1%
NIKE, Inc.–Class B		27,500		4,248,475
				13,660,552
MATERIALS–3.4%
CHEMICALS–3.4%
Chr Hansen Holding A/S		37,180		3,355,612
Koninklijke DSM NV		19,190		3,587,246
				6,942,858
UTILITIES–3.3%
ELECTRIC UTILITIES–2.2%
NextEra Energy, Inc.		41,210		3,019,869
Orsted AS(c)		10,160		1,426,071
				4,445,940
WATER UTILITIES–1.1%
American Water Works Co., Inc.		14,509		2,236,272
				6,682,212
CONSUMER STAPLES–1.1%
HOUSEHOLD PRODUCTS–1.1%
Procter & Gamble Co. (The)		15,780		2,129,195
Total Common Stocks (cost $124,698,545)				194,539,366

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–3.5%
INVESTMENT COMPANIES–3.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(d)(e)(f) (cost $6,990,858)		6,990,858	$	6,990,858
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.0% (cost $131,689,403)				201,530,224
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0%
INVESTMENT COMPANIES–0.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(d)(e)(f) (cost $29,324)		29,324		29,324
TOTAL INVESTMENTS–100.0% (cost $131,718,727)				201,559,548
Other assets less liabilities–0.0%				46,069
NET ASSETS–100.0%			$	201,605,617

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	22,576		USD	2,655		07/15/2021	$	32,963
Bank of America, NA		USD	646		RUB	47,981		07/28/2021		7,420
Bank of America, NA		EUR	13,117		USD	16,091		08/03/2021		527,490
Barclays Bank PLC		INR	68,568		USD	908		07/15/2021		(12,660	)
BNP Paribas SA		HKD	8,795		USD	1,133		08/19/2021		(101	)
BNP Paribas SA		USD	3,527		AUD	4,541		08/25/2021		(120,443	)
Citibank, NA		USD	5,136		CAD	6,429		07/16/2021		50,410
Citibank, NA		GBP	448		USD	623		08/26/2021		2,937
Citibank, NA		USD	5,192		GBP	3,687		08/26/2021		(90,960	)

5

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

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA		USD	6,006		CNY	39,107		09/16/2021	$	8,399
Deutsche Bank AG		BRL	5,081		USD	1,029		07/02/2021		6,990
Deutsche Bank AG		USD	1,016		BRL	5,081		07/02/2021		5,800
Deutsche Bank AG		INR	303,370		USD	4,076		07/15/2021		2,033
Deutsche Bank AG		USD	1,025		BRL	5,081		08/03/2021		(7,237	)
Goldman Sachs Bank USA		BRL	5,081		USD	1,016		07/02/2021		(5,800	)
Goldman Sachs Bank USA		USD	954		BRL	5,081		07/02/2021		67,679
Goldman Sachs Bank USA		USD	3,173		TWD	88,998		07/22/2021		18,493
Goldman Sachs Bank USA		USD	4,839		JPY	526,632		08/19/2021		(96,808	)
Goldman Sachs Bank USA		USD	835		ZAR	11,611		09/16/2021		(29,241	)
JPMorgan Chase Bank, NA		USD	1,918		HKD	14,892		08/19/2021		(53	)
Morgan Stanley Capital Services, Inc.		EUR	656		USD	803		08/03/2021		24,231
Morgan Stanley Capital Services, Inc.		USD	1,176		EUR	964		08/03/2021		(32,344	)
Morgan Stanley Capital Services, Inc.		JPY	109,073		USD	984		08/19/2021		1,995
Morgan Stanley Capital Services, Inc.		USD	979		CNY	6,361		09/16/2021		(871	)
Natwest Markets PLC		USD	430		INR	32,790		07/15/2021		10,496
Standard Chartered Bank		USD	3,180		KRW	3,545,961		07/22/2021		(42,376	)
State Street Bank & Trust Co.		NOK	5,578		USD	671		07/15/2021		23,305
State Street Bank & Trust Co.		CAD	444		USD	360		07/16/2021		1,788
State Street Bank & Trust Co.		EUR	594		USD	708		08/03/2021		2,952
State Street Bank & Trust Co.		USD	1,393		EUR	1,159		08/03/2021		(17,475	)
State Street Bank & Trust Co.		CHF	1,683		USD	1,848		08/05/2021		27,819
State Street Bank & Trust Co.		HKD	14,512		USD	1,870		08/19/2021		368
State Street Bank & Trust Co.		JPY	112,864		USD	1,034		08/19/2021		17,195
State Street Bank & Trust Co.		USD	291		HKD	2,263		08/19/2021		4
UBS AG		INR	25,198		USD	332		07/15/2021		(6,909	)
UBS AG		JPY	65,982		USD	607		08/19/2021		12,532
									$	390,021

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $5,987,083 or 3.0% 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.

6

AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

RUB—Russian Ruble

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

7

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $124,698,545)	$	194,539,366	(a)
Affiliated issuers (cost $7,020,182—including investment of cash collateral for securities loaned of $29,324)		7,020,182
Foreign currencies, at value (cost $201,727)		199,296
Unrealized appreciation on forward currency exchange contracts		853,299
Unaffiliated dividends receivable		170,768
Receivable for capital stock sold		21,659
Affiliated dividends receivable		20
Total assets		202,804,590
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		463,278
Payable for investment securities purchased and foreign currency transactions		278,713
Payable for capital stock redeemed		140,947
Advisory fee payable		113,519
Payable for collateral received on securities loaned		29,324
Distribution fee payable		27,705
Administrative fee payable		20,282
Transfer Agent fee payable		129
Accrued expenses		125,076
Total liabilities		1,198,973
NET ASSETS	$	201,605,617
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,442
Additional paid-in capital		94,707,820
Distributable earnings		106,893,355
NET ASSETS	$	201,605,617

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	63,796,127		1,361,707	$	46.85
B	$	137,809,490		3,080,391	$	44.74

(a) Includes securities on loan with a value of $6,656,997 (see Note E).

See notes to financial statements.

8

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $87,984)	$	805,077
Affiliated issuers		305
Securities lending income		2,682
		808,064
EXPENSES
Advisory fee (see Note B)		718,996
Distribution fee—Class B		163,258
Transfer agency—Class A		1,031
Transfer agency—Class B		2,201
Custody and accounting		54,837
Administrative		39,336
Printing		27,575
Audit and tax		26,243
Legal		12,726
Directors’ fees		10,560
Miscellaneous		6,553
Total expenses		1,063,316
Less: expenses waived and reimbursed by the Adviser (see Note B)		(49,229	)
Net expenses		1,014,087
Net investment loss		(206,023	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		12,370,561
Forward currency exchange contracts		313,659
Foreign currency transactions		(24,255	)
Net change in unrealized appreciation/depreciation of:
Investments		6,363,940
Forward currency exchange contracts		313,887
Foreign currency denominated assets and liabilities		3,770
Net gain on investment and foreign currency transactions		19,341,562
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	19,135,539

(a) Net of foreign realized capital gains taxes of $8,337.

See notes to financial statements.

9

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(206,023	)	$	(665,917	)
Net realized gain on investment and foreign currency transactions		12,659,965			25,123,789
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		6,681,597			26,215,492
Net increase in net assets from operations		19,135,539			50,673,364
Distributions to Shareholders
Class A		–0	–		(4,560,500	)
Class B		–0	–		(9,895,739	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(2,908,109	)		12,279,122
Total increase		16,227,430			48,496,247
NET ASSETS
Beginning of period		185,378,187			136,881,940
End of period	$	201,605,617		$	185,378,187

See notes to financial statements.

10

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Thematic Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland 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. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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

11

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

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

2. Fair Value Measurements

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

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

	Level 1		Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	47,049,164	$	13,803,656		$	–0	–	$	60,852,820
Industrials		23,410,675		17,277,683			–0	–		40,688,358
Health Care		23,749,252		13,734,180			–0	–		37,483,432
Financials		11,324,245		14,775,694			–0	–		26,099,939
Consumer Discretionary		13,660,552		–0	–		–0	–		13,660,552
Materials		3,355,612		3,587,246			–0	–		6,942,858
Utilities		5,256,141		1,426,071			–0	–		6,682,212
Consumer Staples		2,129,195		–0	–		–0	–		2,129,195
Short-Term Investments		6,990,858		–0	–		–0	–		6,990,858

12

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund	$	29,324		$	–0	–	$	–0	–	$	29,324
Total Investments in Securities		136,955,018			64,604,530	(a)		–0	–		201,559,548
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		853,299			–0	–		853,299
Liabilities:
Forward Currency Exchange Contracts		–0	–		(463,278	)		–0	–		(463,278	)
Total	$	136,955,018		$	64,994,551		$	–0	–	$	201,949,569

(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

13

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 .05% on an annual basis of the average net assets for Class A and Class B. For the six months ended June 30, 2021, such reimbursements/waivers amounted to $47,933. This fee waiver and/or expense reimbursement agreement extends through May 1, 2022 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,336.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

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, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $1,296.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	8,795		$	19,995	$	21,799	$	6,991	$	0	*
Government Money Market Portfolio**		–0	–		2,883		2,854		29		0	*
Total								$	7,020	$	0	*

* Amount is less than $500.

** 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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

Sales 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

14

AB Variable Products Series Fund

approved new investment advisory and administration agreements with the Adviser, and shareholders of the Portfolio subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	32,191,271		$	32,635,215
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	72,379,782
Gross unrealized depreciation		(2,148,940	)
Net unrealized appreciation	$	70,230,842

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.

15

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

During the six months ended June 30, 2021, the Portfolio held forward currency exchange contracts for hedging purposes.

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

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

During the six months ended June 30, 2021, 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	$	853,299	Unrealized depreciation on forward currency exchange contracts	$	463,278
Total		$	853,299		$	463,278

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	$	313,659	$	313,887
Total		$	313,659	$	313,887

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2021:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	44,105,319
Average principal amount of sale contracts	$	41,868,616

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

16

AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2021. 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

$

567,873

$

–0

–

$

–0

–

$

–0

–

$

567,873

Citibank, NA

61,746

(61,746

)

–0

–

–0

–

–0

–

Deutsche Bank AG

14,823

(7,237

)

–0

–

–0

–

7,586

Goldman Sachs Bank USA

86,172

(86,172

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

26,226

(26,226

)

–0

–

–0

–

–0

–

Natwest Markets PLC

10,496

–0

–

–0

–

–0

–

10,496

State Street Bank & Trust Co.

73,431

(17,475

)

–0

–

–0

–

55,956

UBS AG

12,532

(6,909

)

–0

–

–0

–

5,623

Total

$

853,299

$

(205,765

)

$

–0

–

$

–0

–

$

647,534

^

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

$

12,660

$

–0

–

$

–0

–

$

–0

–

$

12,660

BNP Paribas SA

120,544

–0

–

–0

–

–0

–

120,544

Citibank, NA

90,960

(61,746

)

–0

–

–0

–

29,214

Deutsche Bank AG

7,237

(7,237

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

131,849

(86,172

)

–0

–

–0

–

45,677

JPMorgan Chase Bank, NA

53

–0

–

–0

–

–0

–

53

Morgan Stanley Capital Services, Inc.

33,215

(26,226

)

–0

–

–0

–

6,989

Standard Chartered Bank

42,376

–0

–

–0

–

–0

–

42,376

State Street Bank & Trust Co.

17,475

(17,475

)

–0

–

–0

–

–0

–

UBS AG

6,909

(6,909

)

–0

–

–0

–

–0

–

Total

$

463,278

$

(205,765

)

$

–0

–

$

–0

–

$

257,513

^

* 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 bor-

17

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

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

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2021 is as follows:

								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	6,656,997	$	29,324	$	6,867,368	$	2,664	$	18	$	–0–

*As of June 30, 2021.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		65,374			200,725		$	2,890,920		$	7,348,517
Shares issued in reinvestment of dividends and distributions		–0	–		127,211			–0	–		4,560,500
Shares redeemed		(79,104	)		(242,399	)		(3,552,554	)		(8,398,976	)
Net increase (decrease)		(13,730	)		85,537		$	(661,634	)	$	3,510,041
Class B
Shares sold		245,693			515,559		$	10,519,181		$	18,322,349
Shares issued in reinvestment of dividends and distributions		–0	–		288,421			–0	–		9,895,739
Shares redeemed		(299,824	)		(578,470	)		(12,765,656	)		(19,449,007	)
Net increase (decrease)		(54,131	)		225,510		$	(2,246,475	)	$	8,769,081

At June 30, 2021, 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.

18

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 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.

Industry/Sector Risk—Investments in a particular sector, industry or group of related industries, such as the information technology or health care sector, 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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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.

19

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

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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.

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.

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

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

GLOBAL THEMATIC GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	Class A
	Six  Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$42.40			$33.52			$27.35			$30.32			$22.29			$22.43
Income From Investment Operations
Net investment income (loss) (a)(b)		(.01	)		(.10	)		.08			.11			.03			.04	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.46			12.64			8.00			(3.08	)		8.13			(.18	)
Net increase (decrease) in net asset value from operations		4.45			12.54			8.08			(2.97	)		8.16			(.14	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.24	)		(.13	)		–0	–		(.13	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(3.42	)		(1.78	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(3.66	)		(1.91	)		–0	–		(.13	)		–0	–
Net asset value, end of period		$46.85			$42.40			$33.52			$27.35			$30.32			$22.29
Total Return
Total investment return based on net asset value (c)*		10.50	%		39.41	%		30.16	%		(9.79	)%		36.66	%		(.62	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$63,796			$58,316			$43,237			$35,799			$40,121			$28,458
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)‡		.89	%^		.94	%		.99	%		.99	%		1.02	%		1.06	%
Expenses, before waivers/reimbursements (d)‡		.94	%^		1.00	%		1.04	%		1.01	%		1.02	%		1.06	%
Net investment income (loss) (b)		(.04	)%^		(.29	)%		.27	%		.37	%		.09	%		.17	%†
Portfolio turnover rate		17	%		44	%		43	%		32	%		40	%		54	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.01	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 23.

21

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
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$40.54			$32.19			$26.33			$29.25			$21.52			$21.71
Income From Investment Operations
Net investment income (loss) (a)(b)		(.06	)		(.18	)		.01			.04			(.04	)		(.02	)†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.26			12.11			7.68			(2.96	)		7.84			(.17	)
Net increase (decrease) in net asset value from operations		4.20			11.93			7.69			(2.92	)		7.80			(.19	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.16	)		(.05	)		–0	–		(.07	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(3.42	)		(1.78	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(3.58	)		(1.83	)		–0	–		(.07	)		–0	–
Net asset value, end of period		$44.74			$40.54			$32.19			$26.33			$29.25			$21.52
Total Return
Total investment return based on net asset value (c)*		10.36	%		39.08	%		29.78	%		(9.98	)%		36.30	%		(.87	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$137,810			$127,062			$93,645			$80,949			$106,331			$78,625
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)‡		1.14	%^		1.19	%		1.24	%		1.24	%		1.26	%		1.31	%
Expenses, before waivers/reimbursements (d)‡		1.19	%^		1.25	%		1.29	%		1.25	%		1.27	%		1.31	%
Net investment income (loss) (b)		(.29	)%^		(.54	)%		.02	%		.13	%		(.15	)%		(.07	)%†
Portfolio turnover rate		17	%		44	%		43	%		32	%		40	%		54	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.01	%		.00	%		.00	%		.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) 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.

^ Annualized.

See notes to financial statements.

23

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 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

24

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 3-5, 2021 (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 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 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts

25

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

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2021. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior 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 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

26

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

27

VPS-GTG-0152-0621

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GROWTH AND INCOME PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

GROWTH AND INCOME PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,198.10	$	3.27		0.60	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.82	$	3.01		0.60	%
Class B
Actual	$	1,000	$	1,196.60	$	4.63		0.85	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.58	$	4.26		0.85	%

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

1

GROWTH AND INCOME PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Berkshire Hathaway, Inc.—Class B	$	43,072,598		3.8	%
Comcast Corp.—Class A		42,525,516		3.7
Philip Morris International, Inc.		40,950,270		3.6
Wells Fargo & Co.		40,671,824		3.6
Verizon Communications, Inc.		32,375,255		2.8
LKQ Corp.		29,712,637		2.6
Target Corp.		29,219,114		2.6
Allstate Corp. (The)		27,380,661		2.4
Anthem, Inc.		26,264,022		2.3
Cigna Corp.		26,042,376		2.3
	$	338,214,273		29.7	%

SECTOR BREAKDOWN²

June 30, 2021 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Industrials	$	223,993,193		19.7	%
Financials		210,605,848		18.5
Consumer Discretionary		176,291,611		15.5
Health Care		146,635,489		12.9
Information Technology		112,500,895		9.9
Communication Services		74,900,771		6.6
Consumer Staples		62,769,871		5.5
Energy		36,328,338		3.2
Real Estate		24,507,635		2.2
Materials		18,831,797		1.7
Short-Term Investments		49,389,480		4.3
Total Investments	$	1,136,754,928		100.0	%

1 Long-term investments.

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

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

2

GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.6%
INDUSTRIALS–19.7%
AEROSPACE & DEFENSE–3.6%
Curtiss-Wright Corp.		55,710	$	6,616,120
Hexcel Corp.(a)		107,904		6,733,210
Raytheon Technologies Corp.		117,283		10,005,413
Textron, Inc.		253,250		17,416,002
				40,770,745
CONSTRUCTION & ENGINEERING–1.7%
EMCOR Group, Inc.		112,420		13,849,020
Valmont Industries, Inc.		22,132		5,224,258
				19,073,278
ELECTRICAL EQUIPMENT–3.8%
Acuity Brands, Inc.		22,465		4,201,629
Emerson Electric Co.		267,615		25,755,267
Hubbell, Inc.		69,983		13,075,624
				43,032,520
INDUSTRIAL CONGLOMERATES–0.9%
3M Co.		50,630		10,056,637
MACHINERY–3.2%
Altra Industrial Motion Corp.		84,912		5,520,978
Flowserve Corp.		244,330		9,851,386
Middleby Corp. (The)(a)		24,290		4,208,485
Westinghouse Air Brake Technologies Corp.		204,500		16,830,350
				36,411,199
PROFESSIONAL SERVICES–3.3%
Leidos Holdings, Inc.		196,505		19,866,655
Robert Half International, Inc.		203,370		18,093,829
				37,960,484
ROAD & RAIL–2.3%
Kansas City Southern		34,740		9,844,274
Knight-Swift Transportation Holdings, Inc.		368,388		16,746,918
				26,591,192
TRADING COMPANIES & DISTRIBUTORS–0.9%
MSC Industrial Direct Co., Inc.–Class A		112,528		10,097,138
				223,993,193
FINANCIALS–18.5%
BANKS–7.0%
Citigroup, Inc.		254,930		18,036,297
JPMorgan Chase & Co.		132,920		20,674,377
Company	Shares		U.S. $ Value
Wells Fargo & Co.		898,031	$	40,671,824
				79,382,498
CAPITAL MARKETS–3.7%
Goldman Sachs Group, Inc. (The)		67,030		25,439,896
Northern Trust Corp.		140,450		16,238,829
				41,678,725
CONSUMER FINANCE–0.5%
Capital One Financial Corp.		40,826		6,315,374
DIVERSIFIED FINANCIAL SERVICES–3.8%
Berkshire Hathaway, Inc.–Class B(a)		154,982		43,072,598
INSURANCE–3.5%
Aflac, Inc.		123,270		6,614,668
Allstate Corp. (The)		209,910		27,380,661
Fidelity National Financial, Inc.		141,770		6,161,324
				40,156,653
				210,605,848
CONSUMER DISCRETIONARY–15.5%
AUTO COMPONENTS–1.8%
BorgWarner, Inc.		208,300		10,110,882
Gentex Corp.		304,522		10,076,633
				20,187,515
DISTRIBUTORS–2.6%
LKQ Corp.(a)		603,670		29,712,637
HOUSEHOLD DURABLES–2.7%
DR Horton, Inc.		258,850		23,392,275
Garmin Ltd.		54,280		7,851,059
				31,243,334
INTERNET & DIRECT MARKETING RETAIL–1.4%
eBay, Inc.		221,740		15,568,365
MULTILINE RETAIL–3.7%
Dollar General Corp.		61,590		13,327,460
Target Corp.		120,870		29,219,114
				42,546,574
SPECIALTY RETAIL–2.1%
AutoZone, Inc.(a)		11,460		17,100,841
Murphy USA, Inc.		48,920		6,524,461
				23,625,302
TEXTILES, APPAREL & LUXURY GOODS–1.2%
Deckers Outdoor Corp.(a)		34,910		13,407,884
				176,291,611

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

Company	Shares		U.S. $ Value
HEALTH CARE–12.9%
BIOTECHNOLOGY–4.2%
Alexion Pharmaceuticals, Inc.(a)		120,780	$	22,188,494
Amgen, Inc.		105,320		25,671,750
				47,860,244
HEALTH CARE PROVIDERS & SERVICES–5.1%
Anthem, Inc.		68,790		26,264,022
Cigna Corp.		109,851		26,042,376
Quest Diagnostics, Inc.		43,070		5,683,948
				57,990,346
LIFE SCIENCES TOOLS & SERVICES–0.3%
Bio-Rad Laboratories, Inc.–Class A(a)		4,481		2,887,064
PHARMACEUTICALS–3.3%
Pfizer, Inc.		428,176		16,767,372
Roche Holding AG (Sponsored ADR)		449,680		21,130,463
				37,897,835
				146,635,489
INFORMATION TECHNOLOGY–9.9%
COMMUNICATIONS EQUIPMENT–3.8%
Ciena Corp.(a)		175,617		9,990,851
Cisco Systems, Inc./ Delaware		341,190		18,083,070
F5 Networks, Inc.(a)		83,150		15,520,779
				43,594,700
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.0%
Keysight Technologies, Inc.(a)		47,050		7,264,991
Littelfuse, Inc.		14,041		3,577,506
				10,842,497
IT SERVICES–4.3%
Cognizant Technology Solutions Corp.–Class A		159,070		11,017,188
FleetCor Technologies, Inc.(a)		66,132		16,933,760
Maximus, Inc.		240,315		21,140,511
				49,091,459
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–0.8%
MKS Instruments, Inc.		50,420		8,972,239
				112,500,895
Company	Shares		U.S. $ Value
COMMUNICATION SERVICES–6.6%
DIVERSIFIED TELECOMMUNICATION SERVICES–6.6%
Comcast Corp.–Class A		745,800	$	42,525,516
Verizon Communications, Inc.		577,820		32,375,255
				74,900,771
CONSUMER STAPLES–5.5%
FOOD & STAPLES RETAILING–1.9%
Walmart, Inc.		154,727		21,819,601
TOBACCO–3.6%
Philip Morris International, Inc.		413,180		40,950,270
				62,769,871
ENERGY–3.2%
ENERGY EQUIPMENT & SERVICES–0.7%
Cactus, Inc.–Class A		99,197		3,642,514
Helmerich & Payne, Inc.(b)		125,989		4,111,021
				7,753,535
OIL, GAS & CONSUMABLE FUELS–2.5%
Chevron Corp.		54,090		5,665,387
ConocoPhillips		95,940		5,842,746
EOG Resources, Inc.		129,960		10,843,862
Phillips 66		72,510		6,222,808
				28,574,803
				36,328,338
REAL ESTATE–2.1%
REAL ESTATE MANAGEMENT & DEVELOPMENT–2.1%
CBRE Group, Inc.–Class A(a)		285,870		24,507,635
MATERIALS–1.7%
METALS & MINING–1.7%
BHP Group Ltd. (Sponsored ADR)(b)		138,570		10,092,053
Steel Dynamics, Inc.		146,640		8,739,744
				18,831,797
Total Common Stocks (cost $776,937,449)				1,087,365,448

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–4.3%
INVESTMENT COMPANIES–4.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c)(d)(e) (cost $49,389,480)		49,389,480	$	49,389,480
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.9% (cost $826,326,929)				1,136,754,928
Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.9%
INVESTMENT COMPANIES–0.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c)(d)(e) (cost $10,220,208)		10,220,208	$	10,220,208
TOTAL INVESTMENTS–100.8% (cost $836,547,137)				1,146,975,136
Other assets less liabilities–(0.8)%				(8,888,974	)
NET ASSETS–100.0%			$	1,138,086,162

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

5

GROWTH AND INCOME PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $776,937,449)	$	1,087,365,448	(a)
Affiliated issuers (cost $59,609,688—including investment of cash collateral for securities loaned of $10,220,208)		59,609,688
Receivable for investment securities sold		7,152,922
Unaffiliated dividends receivable		1,386,583
Receivable for capital stock sold		43,605
Affiliated dividends receivable		457
Total assets		1,155,558,703
LIABILITIES
Payable for collateral received on securities loaned		10,220,208
Payable for investment securities purchased		5,393,230
Payable for capital stock redeemed		769,413
Advisory fee payable		514,760
Distribution fee payable		200,410
Administrative fee payable		20,497
Transfer Agent fee payable		129
Accrued expenses and other liabilities		353,894
Total liabilities		17,472,541
NET ASSETS	$	1,138,086,162
COMPOSITION OF NET ASSETS
Capital stock, at par	$	33,360
Additional paid-in capital		768,229,026
Distributable earnings		369,823,776
NET ASSETS	$	1,138,086,162

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	166,523,386		4,798,145	$	34.71
B	$	971,562,776		28,562,073	$	34.02

(a) Includes securities on loan with a value of $14,061,018 (see Note E).

See notes to financial statements.

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GROWTH AND INCOME PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $126,610)	$	9,153,636
Affiliated issuers		3,194
Securities lending income		29,470
		9,186,300
EXPENSES
Advisory fee (see Note B)		2,987,941
Distribution fee—Class B		1,162,710
Transfer agency—Class A		688
Transfer agency—Class B		4,098
Custody and accounting		81,306
Printing		58,004
Administrative		39,467
Legal		35,402
Audit and tax		20,515
Directors’ fees		16,580
Miscellaneous		17,219
Total expenses		4,423,930
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(14,710	)
Net expenses		4,409,220
Net investment income		4,777,080
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		87,518,614
Net change in unrealized appreciation/depreciation of investments		101,660,892
Net gain on investment transactions		189,179,506
Net Increase in Net Assets from Operations	$	193,956,586

See notes to financial statements.

7

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,777,080		$	12,028,926
Net realized gain (loss) on investment transactions		87,518,614			(36,028,265	)
Net change in unrealized appreciation/depreciation of investments		101,660,892			38,846,348
Net increase in net assets from operations		193,956,586			14,847,009
Distributions to Shareholders
Class A		–0	–		(9,106,244	)
Class B		–0	–		(53,075,328	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(67,854,503	)		(19,049,810	)
Total increase (decrease)		126,102,083			(66,384,373	)
NET ASSETS
Beginning of period		1,011,984,079			1,078,368,452
End of period	$	1,138,086,162		$	1,011,984,079

See notes to financial statements.

8

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Growth and Income Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 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. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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

9

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

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

1,087,365,448

$

–0

–

$

–0

–

$

1,087,365,448

Short-Term Investments

49,389,480

–0

–

–0

–

49,389,480

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

10,220,208

–0

–

–0

–

10,220,208

Total Investments in Securities

1,146,975,136

–0

–

–0

–

1,146,975,136

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

1,146,975,136

$

–0

–

$

–0

–

$

1,146,975,136

(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.

10

AB Variable Products Series Fund

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,467.

11

GROWTH AND INCOME 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 $818 for the six months ended June 30, 2021.

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, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $14,518.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	38,262	$	206,669	$	195,541	$	49,390	$	3
Government Money Market Portfolio*		13,101		31,253		34,134		10,220		1
Total							$	59,610	$	4

* 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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

Sales 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.

12

AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	242,126,593		$	318,214,267
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	312,397,188
Gross unrealized depreciation		(1,969,189	)
Net unrealized appreciation	$	310,427,999

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2021.

2. Currency Transactions

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

NOTE E: Securities Lending

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

13

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 six months ended June 30, 2021 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
$	14,061,018	$	10,220,208	$	4,153,921	$	28,807	$	663	$	192

* As of June 30, 2021.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		287,953			711,385		$	9,475,537		$	18,355,193
Shares issued in reinvestment of dividends and distributions		–0	–		361,798			–0	–		9,106,244
Shares redeemed		(434,543	)		(1,268,671	)		(14,092,728	)		(32,792,160	)
Net decrease		(146,590	)		(195,488	)	$	(4,617,191	)	$	(5,330,723	)
Class B
Shares sold		1,150,581			2,404,541		$	37,134,131		$	60,446,536
Shares issued in reinvestment of dividends and distributions		–0	–		2,145,887			–0	–		53,075,328
Shares redeemed		(3,141,140	)		(4,994,251	)		(100,371,443	)		(127,240,951	)
Net decrease		(1,990,559	)		(443,823	)	$	(63,237,312	)	$	(13,719,087	)

At June 30, 2021, 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 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—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.

14

AB Variable Products Series Fund

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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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

15

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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	$	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.

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE K: Subsequent Events

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

16

GROWTH AND INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six  Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$28.97			$30.30			$27.78			$33.35			$31.21			$30.12
Income From Investment Operations
Net investment income (a)(b)		.18			.40			.43			.41			.31			.43	†
Net realized and unrealized gain (loss) on investment transactions		5.56			.13			5.84			(1.84	)		5.21			2.84
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		5.74			.53			6.27			(1.43	)		5.52			3.27
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.42	)		(.39	)		(.34	)		(.49	)		(.32	)
Distributions from net realized gain on investment transactions		–0	–		(1.44	)		(3.36	)		(3.80	)		(2.89	)		(1.86	)
Total dividends and distributions		–0	–		(1.86	)		(3.75	)		(4.14	)		(3.38	)		(2.18	)
Net asset value, end of period		$34.71			$28.97			$30.30			$27.78			$33.35			$31.21
Total Return
Total investment return based on net asset value (d)*		19.81	%		2.72	%		23.91	%		(5.61	)%		18.93	%		11.30	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$166,523			$143,269			$155,765			$133,188			$159,324			$155,924
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.60	%^		.61	%		.61	%		.59	%		.60	%		.61	%
Expenses, before waivers/reimbursements (e)‡		.60	%^		.62	%		.62	%		.60	%		.60	%		.61	%
Net investment income (b)		1.09	%^		1.53	%		1.43	%		1.28	%		.97	%		1.46	%†
Portfolio turnover rate		23	%		54	%		66	%		96	%		85	%		101	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 19.

17

GROWTH AND INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six  Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$28.43			$29.76			$27.34			$32.88			$30.82			$29.78
Income From Investment Operations
Net investment income (a)(b)		.13			.33			.35			.33			.23			.36	†
Net realized and unrealized gain (loss) on investment transactions		5.46			.13			5.74			(1.81	)		5.14			2.79
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		5.59			.46			6.09			(1.48	)		5.37			3.15
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.35	)		(.31	)		(.26	)		(.42	)		(.25	)
Distributions from net realized gain on investment transactions		–0	–		(1.44	)		(3.36	)		(3.80	)		(2.89	)		(1.86	)
Total dividends and distributions		–0	–		(1.79	)		(3.67	)		(4.06	)		(3.31	)		(2.11	)
Net asset value, end of period		$34.02			$28.43			$29.76			$27.34			$32.88			$30.82
Total Return
Total investment return based on net asset value (d)*		19.66	%		2.47	%		23.61	%		(5.84	)%		18.59	%		11.07	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$971,563			$868,715			$922,603			$772,904			$906,790			$886,666
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.85	%^		.86	%		.86	%		.84	%		.85	%		.86	%
Expenses, before waivers/reimbursements (e)‡		.85	%^		.87	%		.87	%		.85	%		.85	%		.86	%
Net investment income (b)		.84	%^		1.28	%		1.18	%		1.03	%		.72	%		1.21	%†
Portfolio turnover rate		23	%		54	%		66	%		96	%		85	%		101	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

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

^ Annualized.

See notes to financial statements.

19

GROWTH AND INCOME PORTFOLIO AB Variable Products Series Fund

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

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

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

20

GROWTH AND INCOME PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Growth and Income Portfolio (the “Fund”) at a meeting held by video conference on May 3-5, 2021 (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 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 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

21

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

factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in 2019 and concluded that the Adviser’s level of profitability from its relationship with the Fund in 2020 was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2021 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 also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

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

22

AB Variable Products Series Fund

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

Economies of Scale

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

23

VPS-GI-0152-0621

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERMEDIATE BOND PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

INTERMEDIATE BOND PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	988.20	$	6.66		1.35	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.10	$	6.76		1.35	%
Class B
Actual	$	1,000	$	986.20	$	7.93		1.61	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,016.81	$	8.05		1.61	%

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

1

INTERMEDIATE BOND PORTFOLIO
TOP TEN SECTORS (including derivatives)1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Governments—Treasuries2	43.9	%
Corporates—Investment Grade	23.3
Commercial Mortgage-Backed Securities	17.4
Mortgage Pass-Throughs	13.7
Collateralized Mortgage Obligations	10.6
Corporates—Non-Investment Grade	5.5
Inflation-Linked Securities	4.6
Asset-Backed Securities	4.4
Interest Rate Swaps3	3.1
Local Governments—US Municipal Bonds	1.8

SECTOR BREAKDOWN (excluding derivatives)⁴

June 30, 2021 (unaudited)

Corporates—Investment Grade	22.1	%
Commercial Mortgage-Backed Securities	16.4
Mortgage Pass-Throughs	13.0
Collateralized Mortgage Obligations	10.1
Governments—Treasuries	8.2
Inflation-Linked Securities	4.4
Corporates—Non-Investment Grade	4.2
Asset-Backed Securities	4.2
Local Governments—US Municipal Bonds	1.7
Emerging Markets—Corporate Bonds	0.3
Quasi-Sovereigns	0.1
Short-Term Investments	15.3

1 All data are as of June 30, 2021. The Portfolio’s sectors include derivative exposure and are expressed as approximate percentages of the Portfolio’s total net assets, based on the Adviser’s internal classification. The percentages will vary over time.

2 Includes Treasury Futures.

3 Represents the exposure of the Portfolio’s fixed-rate payments on the Interest Rate Swaps. Interest Rate Swaps involve the exchange by a fund with another party of payments calculated by reference to specified interest rates (e.g., an exchange of floating-rate payments for fixed-rate payments).

4 All data are as of June 30, 2021. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

2

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
CORPORATES– INVESTMENT GRADE–23.3%
INDUSTRIAL–13.1%
BASIC–0.6%
Alpek SAB de CV 4.25%, 09/18/2029(a)	U.S.$	200	$	216,663
Suzano Austria GmbH 3.75%, 01/15/2031		17		17,765
				234,428
CAPITAL GOODS–0.4%
General Electric Co. 3.45%, 05/01/2027		107		117,707
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025		15		15,983
				133,690
COMMUNICATIONS– MEDIA–0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.20%, 03/15/2028		7		7,918
4.80%, 03/01/2050		15		17,282
5.125%, 07/01/2049		23		27,474
Comcast Corp. 4.15%, 10/15/2028		95		110,002
Discovery Communications LLC
4.65%, 05/15/2050		9		10,534
5.20%, 09/20/2047		15		18,685
5.30%, 05/15/2049		10		12,610
Fox Corp. 5.576%, 01/25/2049		43		58,067
				262,572
COMMUNICATIONS–TELECOMMUNICATIONS–0.3%
AT&T, Inc.
3.50%, 09/15/2053(a)		55		55,160
3.65%, 09/15/2059(a)		74		74,971
				130,131
CONSUMER CYCLICAL–AUTOMOTIVE–0.7%
General Motors Co.
6.125%, 10/01/2025		25		29,595
6.80%, 10/01/2027		34		42,803
General Motors Financial Co., Inc.
4.30%, 07/13/2025		30		33,165
5.25%, 03/01/2026		21		24,261
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(a)		128		136,926
				266,750
CONSUMER CYCLICAL– OTHER–0.4%
Las Vegas Sands Corp. 3.90%, 08/08/2029		85		90,569

	Principal Amount (000)		U.S. $ Value
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025	U.S.$	12	$	13,856
MDC Holdings, Inc. 6.00%, 01/15/2043		38		49,002
				153,427
CONSUMER CYCLICAL– RETAILERS–0.6%
Advance Auto Parts, Inc. 3.90%, 04/15/2030		88		98,394
Ross Stores, Inc. 4.70%, 04/15/2027		113		130,950
				229,344
CONSUMER NON- CYCLICAL–2.2%
Altria Group, Inc.
3.40%, 05/06/2030		85		90,063
4.80%, 02/14/2029		26		30,151
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049		120		164,995
BAT Capital Corp.
2.259%, 03/25/2028		128		127,278
2.726%, 03/25/2031		50		49,249
4.70%, 04/02/2027		55		62,138
Cigna Corp. 4.375%, 10/15/2028		58		67,509
CVS Health Corp. 4.30%, 03/25/2028		8		9,190
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		200		217,108
				817,681
ENERGY–4.6%
BP Capital Markets America, Inc. 2.939%, 06/04/2051		129		123,714
Cenovus Energy, Inc.
4.25%, 04/15/2027		12		13,418
4.40%, 04/15/2029		132		149,528
5.375%, 07/15/2025		30		34,322
Chevron USA, Inc.
3.85%, 01/15/2028		30		34,201
5.25%, 11/15/2043		60		81,578
Devon Energy Corp. 5.60%, 07/15/2041		50		62,022
Enbridge Energy Partners LP 7.375%, 10/15/2045		70		110,480
Energy Transfer LP
4.75%, 01/15/2026		175		197,003
6.25%, 04/15/2049		14		18,410
Enterprise Products Operating LLC 3.70%, 02/15/2026		161		178,322
Marathon Oil Corp. 6.80%, 03/15/2032		100		131,343

3

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Marathon Petroleum Corp.
5.125%, 12/15/2026	U.S.$	30	$	35,318
6.50%, 03/01/2041		18		25,022
ONEOK, Inc.
4.00%, 07/13/2027		87		96,140
4.35%, 03/15/2029		57		64,359
5.20%, 07/15/2048		5		6,133
6.35%, 01/15/2031		23		29,747
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/2029		8		8,437
4.50%, 12/15/2026		25		28,087
4.65%, 10/15/2025		57		63,779
Suncor Energy, Inc. 6.80%, 05/15/2038		59		84,781
TransCanada PipeLines Ltd. 6.10%, 06/01/2040		91		125,144
				1,701,288
SERVICES–0.4%
Booking Holdings, Inc. 4.625%, 04/13/2030		104		124,411
IHS Markit Ltd.
4.25%, 05/01/2029		19		21,967
4.75%, 08/01/2028		7		8,245
				154,623
TECHNOLOGY–1.9%
Broadcom, Inc.
4.11%, 09/15/2028		72		80,945
4.15%, 11/15/2030		126		141,393
5.00%, 04/15/2030		46		54,372
Dell International LLC/EMC Corp. 6.02%, 06/15/2026		78		93,549
Infor, Inc. 1.75%, 07/15/2025(a)		34		34,715
Micron Technology, Inc. 4.185%, 02/15/2027		111		125,339
Oracle Corp.
2.875%, 03/25/2031		57		59,353
3.95%, 03/25/2051		68		74,304
VeriSign, Inc. 2.70%, 06/15/2031		33		33,490
				697,460
TRANSPORTATION– AIRLINES–0.3%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025(a)		39		42,304
4.75%, 10/20/2028(a)		46		51,192
				93,496
				4,874,890

	Principal Amount (000)		U.S. $ Value
FINANCIAL INSTITUTIONS–10.2%
BANKING–7.2%
American Express Co.
Series B
3.584% (LIBOR 3 Month + 3.43%), 08/15/2021(b)(c)	U.S.$	8	$	8,020
Series C
3.404% (LIBOR 3 Month + 3.29%), 09/15/2021(b)(c)		32		32,087
Banco de Credito del Peru 3.125%, 07/01/2030(a)		87		86,099
Banco Santander SA
2.749%, 12/03/2030		200		198,218
3.49%, 05/28/2030		200		215,942
Bank of America Corp.
2.687%, 04/22/2032		56		57,684
Series DD
6.30%, 03/10/2026(b)		27		31,371
Series L
3.95%, 04/21/2025		124		136,161
Series Z
6.50%, 10/23/2024(b)		41		46,353
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025(b)		17		18,697
Barclays Bank PLC 6.86%, 06/15/2032(a)(b)		29		39,371
BNP Paribas SA 2.871%, 04/19/2032(a)		200		205,188
Capital One Financial Corp. Series E 3.935% (LIBOR 3 Month + 3.80%), 09/01/2021(b)(c)		83		83,184
CIT Group, Inc. 5.25%, 03/07/2025		56		63,025
Citigroup, Inc.
3.98%, 03/20/2030		37		41,988
4.075%, 04/23/2029		52		59,028
5.95%, 01/30/2023(b)		55		57,891
Series W
4.00%, 12/10/2025(b)		37		38,241
Credit Suisse Group AG 3.80%, 06/09/2023		265		280,645
Fifth Third Bancorp Series L 4.50%, 09/30/2025 (b)		24		26,048
Goldman Sachs Group, Inc. (The) 2.615%, 04/22/2032		78		79,771
HSBC Holdings PLC 4.25%, 08/18/2025		203		224,575
JPMorgan Chase & Co.
2.58%, 04/22/2032		116		119,177

4

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series I
3.656% (LIBOR 3 Month + 3.47%), 07/30/2021(b)(c)	U.S.$	36	$	36,078
Series V
3.465% (LIBOR 3 Month + 3.32%), 10/01/2021(b)(c)		18		18,007
Series Z
3.976% (LIBOR 3 Month + 3.80%), 08/01/2021(b)(c)		51		51,140
Morgan Stanley Series H 3.794% (LIBOR 3 Month + 3.61%), 10/15/2021(b)(c)		10		10,041
Santander Holdings USA, Inc. 4.40%, 07/13/2027		41		45,998
Standard Chartered PLC 1.696% (LIBOR 3 Month + 1.51%), 01/30/2027(a)(b)(c)		100		96,332
Truist Financial Corp. Series Q 5.10%, 03/01/2030(b)		81		91,357
US Bancorp Series J 5.30%, 04/15/2027(b)		63		71,347
Wells Fargo & Co.
2.188%, 04/30/2026		62		64,368
Series BB
3.90%, 03/15/2026(b)		33		34,118
				2,667,550
BROKERAGE–0.3%
Charles Schwab Corp. (The)
Series G
5.375%, 06/01/2025(b)		44		48,738
Series I
4.00%, 06/01/2026(b)		72		75,089
				123,827
FINANCE–1.9%
Air Lease Corp.
2.875%, 01/15/2026		15		15,776
3.625%, 04/01/2027		8		8,612
4.25%, 02/01/2024		17		18,414
Aircastle Ltd.
2.85%, 01/26/2028(a)		88		88,517
4.125%, 05/01/2024		18		19,220
4.25%, 06/15/2026		7		7,598
4.40%, 09/25/2023		41		43,906
5.00%, 04/01/2023		4		4,279
5.25%, 08/11/2025(a)		47		52,789
Aviation Capital Group LLC
1.95%, 01/30/2026(a)		46		45,999
2.875%, 01/20/2022(a)		10		10,103
3.50%, 11/01/2027(a)		17		17,853
3.875%, 05/01/2023(a)		38		39,797
4.125%, 08/01/2025(a)		2		2,159

	Principal Amount (000)		U.S. $ Value
4.375%, 01/30/2024(a)	U.S.$	14	$	15,022
4.875%, 10/01/2025(a)		20		22,157
5.50%, 12/15/2024(a)		46		52,042
GE Capital European Funding Unlimited Co. 4.625%, 02/22/2027	EUR	50		73,520
Synchrony Financial 4.50%, 07/23/2025	U.S.$	147		164,609
				702,372
INSURANCE–0.6%
Alleghany Corp. 3.625%, 05/15/2030		95		104,823
Centene Corp.
4.25%, 12/15/2027		14		14,769
4.625%, 12/15/2029		16		17,613
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)		35		60,631
Voya Financial, Inc. 5.65%, 05/15/2053		31		33,189
				231,025
REITS–0.2%
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023		6		6,323
Vornado Realty LP 3.40%, 06/01/2031		48		49,495
				55,818
				3,780,592
Total Corporates–Investment Grade (cost $8,128,136)				8,655,482
COMMERCIAL MORTGAGE-BACKED SECURITIES–17.2%
NON-AGENCY FIXED RATE CMBS–13.2%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(a)		110		100,719
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048		100		109,183
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/2050		155		171,621
CFCRE Commercial Mortgage Trust
Series 2016-C4, Class A4
3.283%, 05/10/2058		115		123,950
Series 2016-C4, Class AM
3.691%, 05/10/2058		45		48,493

5

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 03/13/2035(a)	U.S.$	260	$	269,340
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class A5 3.137%, 02/10/2048		144		153,275
Series 2015-GC35, Class A4 3.818%, 11/10/2048		55		60,686
Series 2016-C1, Class A4 3.209%, 05/10/2049		192		207,490
Series 2016-GC36, Class A5 3.616%, 02/10/2049		65		71,269
Commercial Mortgage Trust
Series 2013-SFS, Class A1 1.873%, 04/12/2035(a)		27		27,338
Series 2014-UBS3, Class A4 3.819%, 06/10/2047		130		140,291
Series 2014-UBS5, Class A4 3.838%, 09/10/2047		130		140,957
Series 2014-UBS6, Class AM 4.048%, 12/10/2047		45		48,501
Series 2015-CR24, Class A5 3.696%, 08/10/2048		65		71,099
Series 2015-DC1, Class A5 3.35%, 02/10/2048		80		85,770
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4 3.504%, 06/15/2057		100		107,997
Series 2015-C3, Class A4 3.718%, 08/15/2048		117		127,221
Series 2015-C4, Class A4 3.808%, 11/15/2048		215		236,795
GS Mortgage Securities Trust
Series 2013-G1, Class A2 3.557%, 04/10/2031(a)		136		136,320
Series 2014-GC22, Class A5 3.862%, 06/10/2047		77		83,105
Series 2015-GC28, Class A5 3.396%, 02/10/2048		95		102,341
Series 2018-GS9, Class A4 3.992%, 03/10/2051		75		85,477
GSF
Series 2021-1, Class A1 1.433%, 08/15/2026(d)(e)		19		18,939
Series 2021-1, Class A2 2.435%, 08/15/2026(d)(e)		21		21,421
Series 2021-1, Class AS 2.638%, 08/15/2026(d)(e)		4		4,089

	Principal Amount (000)		U.S. $ Value
JPMBB Commercial Mortgage Securities Trust
Series 2014-C21, Class A5 3.775%, 08/15/2047	U.S.$	100	$	108,079
Series 2014-C22, Class XA 0.979%, 09/15/2047(f)		2,481		54,701
Series 2014-C24, Class C 4.55%, 11/15/2047		110		107,448
Series 2015-C30, Class A5 3.822%, 07/15/2048		65		71,417
Series 2015-C31, Class A3 3.801%, 08/15/2048		195		212,934
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-C6, Class D 5.313%, 05/15/2045		110		104,403
Series 2012-C6, Class E 5.313%, 05/15/2045(a)		132		92,920
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		24		12,628
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)		139		140,369
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/2049		100		109,795
UBS Commercial Mortgage Trust
Series 2018-C8, Class A4 3.983%, 02/15/2051		100		113,180
Series 2018-C9, Class A4 4.117%, 03/15/2051		125		141,317
Series 2018-C10, Class A4 4.313%, 05/15/2051		125		143,480
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/2045		112		114,831
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class A4 3.789%, 09/15/2048		95		102,363
Series 2016-C35, Class XA 2.077%, 07/15/2048(f)		875		67,472
Series 2016-LC25, Class C 4.563%, 12/15/2059		85		90,945
Series 2016-NXS6, Class C 4.459%, 11/15/2049		100		107,770
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA 1.281%, 03/15/2045(a)(f)		1,016		14,186
Series 2014-C19, Class A5 4.101%, 03/15/2047		130		140,415
Series 2014-C24, Class AS 3.931%, 11/15/2047		110		116,165
				4,920,505

6

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
NON-AGENCY FLOATING RATE CMBS–4.0%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.073% (LIBOR 1 Month + 1.00%), 06/15/2035(a)(c)	U.S.$	100	$	100,078
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class A 1.023% (LIBOR 1 Month + 0.95%), 06/15/2035(a)(c)		100		99,998
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.073% (LIBOR 1 Month + 1.00%), 11/15/2033(a)(c)		185		181,003
BBCMS Mortgage Trust Series 2020-BID, Class A 2.213% (LIBOR 1 Month + 2.14%), 10/15/2037(a)(c)		71		71,664
Beneria Cowen & Pritzer Collateral Funding Corp. Series 2021-330N, Class A 0.899% (LIBOR 1 Month + 0.80%), 06/15/2038(a)(c)		21		20,851
BFLD Trust Series 2021-FPM, Class A 1.70% (LIBOR 1 Month + 1.60%), 06/15/2038(a)(c)		113		113,101
BHMS Series 2018-ATLS, Class A 1.323% (LIBOR 1 Month + 1.25%), 07/15/2035(a)(c)		81		81,099
BX Trust Series 2018-EXCL, Class A 1.161% (LIBOR 1 Month + 1.09%), 09/15/2037(a)(c)		79		77,814
CLNY Trust Series 2019-IKPR, Class D 2.098% (LIBOR 1 Month + 2.03%), 11/15/2038(a)(c)		65		64,714
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.123% (LIBOR 1 Month + 1.03%), 12/19/2030(a)(c)		100		100,137
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 2.018% (SOFR + 2.00%), 01/25/2051(a)(c)		19		18,806
Great Wolf Trust Series 2019-WOLF, Class A 1.107% (LIBOR 1 Month + 1.03%), 12/15/2036(a)(c)		111		111,069

	Principal Amount (000)		U.S. $ Value
GS Mortgage Securities Corp. Trust
Series 2019-BOCA, Class A 1.273% (LIBOR 1 Month + 1.20%), 06/15/2038(a)(c)	U.S.$	115	$	115,214
Series 2019-SMP, Class A 1.223% (LIBOR 1 Month + 1.15%), 08/15/2032(a)(c)		100		100,063
Invitation Homes Trust Series 2018-SFR2, Class C 1.353% (LIBOR 1 Month + 1.28%), 06/17/2037(a)(c)		100		100,144
Starwood Retail Property Trust Series 2014-STAR, Class A 1.543% (LIBOR 1 Month + 1.47%), 11/15/2027(a)(c)		174		129,858
				1,485,613
Total Commercial Mortgage-Backed Securities (cost $6,300,625)				6,406,118
MORTGAGE PASS-THROUGHS –13.7%
AGENCY FIXED RATE 30-YEAR –11.9%
Federal Home Loan Mortgage Corp.
Series 2019 3.50%, 10/01/2049-11/01/2049		175		186,581
Series 2020 3.50%, 01/01/2050		86		92,515
Federal Home Loan Mortgage Corp. Gold
Series 2005 5.50%, 01/01/2035		41		47,391
Series 2007 5.50%, 07/01/2035		13		15,460
Series 2016 4.00%, 02/01/2046		113		123,837
Series 2017 4.00%, 07/01/2044		84		91,831
Series 2018 4.50%, 10/01/2048-11/01/2048		170		185,076
5.00%, 11/01/2048		45		49,430
Federal National Mortgage Association
Series 2003 5.50%, 04/01/2033-07/01/2033		40		45,830
Series 2004 5.50%, 04/01/2034-11/01/2034		36		40,843
Series 2005 5.50%, 02/01/2035		41		47,190

7

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2010 4.00%, 12/01/2040	U.S.$	52		$	56,758
Series 2012 3.50%, 02/01/2042-01/01/2043		158			171,325
Series 2013 3.50%, 04/01/2043		78			84,047
4.00%, 10/01/2043		203			221,277
Series 2018 3.50%, 04/01/2048-05/01/2048		621			663,094
4.50%, 09/01/2048		146			158,678
Series 2019 3.50%, 09/01/2049-11/01/2049		298			317,581
Series 2020 3.50%, 01/01/2050		79			84,731
Government National Mortgage Association
Series 1994 9.00%, 09/15/2024		0	**		217
Series 2016 3.00%, 04/20/2046		97			101,997
Uniform Mortgage-Backed Security
Series 2021 2.00%, 07/01/2051, TBA		415			419,539
2.50%, 07/01/2051, TBA		1,162			1,202,489
					4,407,717
AGENCY FIXED RATE 15-YEAR–1.8%
Federal National Mortgage Association Series 2016 2.50%, 07/01/2031-01/01/2032		651			680,845
Total Mortgage Pass-Throughs (cost $4,914,789)					5,088,562
COLLATERALIZED MORTGAGE OBLIGATIONS–10.6%
RISK SHARE FLOATING RATE –8.2%
Bellemeade Re Ltd.
Series 2018-3A, Class M1B 1.942% (LIBOR 1 Month + 1.85%), 10/25/2028(a)(c)		82			82,075
Series 2019-4A, Class M1B 2.092% (LIBOR 1 Month + 2.00%), 10/25/2029(a)(c)		150			150,094
Series 2020-4A, Class M2A 2.692% (LIBOR 1 Month + 2.60%), 06/25/2030(a)(c)		114			113,966
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2 2.492% (LIBOR 1 Month + 2.40%), 04/25/2031(a)(c)		18			17,672

	Principal Amount (000)		U.S. $ Value
Series 2019-HRP1, Class M2 2.242% (LIBOR 1 Month + 2.15%), 11/25/2039(a)(c)	U.S.$	80	$	79,257
Series 2019-R02, Class 1M2 2.392% (LIBOR 1 Month + 2.30%), 08/25/2031(a)(c)		22		22,098
Series 2019-R03, Class 1M2 2.242% (LIBOR 1 Month + 2.15%), 09/25/2031(a)(c)		36		35,773
Series 2019-R04, Class 2M2 2.192% (LIBOR 1 Month + 2.10%), 06/25/2039(a)(c)		32		31,858
Series 2019-R05, Class 1M2 2.092% (LIBOR 1 Month + 2.00%), 07/25/2039(a)(c)		26		26,317
Series 2019-R06, Class 2M2 2.192% (LIBOR 1 Month + 2.10%), 09/25/2039(a)(c)		47		46,868
Series 2019-R07, Class 1M2 2.192% (LIBOR 1 Month + 2.10%), 10/25/2039(a)(c)		49		49,132
Series 2020-R01, Class 1M2 2.142% (LIBOR 1 Month + 2.05%), 01/25/2040(a)(c)		102		102,347
Series 2020-R02, Class 2M2 2.092% (LIBOR 1 Month + 2.00%), 01/25/2040(a)(c)		87		87,646
Eagle Re Ltd.
Series 2020-1, Class M1A 0.992% (LIBOR 1 Month + 0.90%), 01/25/2030(a)(c)		150		149,637
Series 2020-2, Class M1B 4.092% (LIBOR 1 Month + 4.00%), 10/25/2030(a)(c)		150		150,930
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2019-DNA3, Class M2 2.142% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(c)		75		75,480
Series 2019-DNA4, Class M2 2.042% (LIBOR 1 Month + 1.95%), 10/25/2049(a)(c)		54		54,204
Series 2019-FTR2, Class M2 2.242% (LIBOR 1 Month + 2.15%), 11/25/2048(a)(c)		115		114,892

8

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2019-HQA1, Class M2 2.442% (LIBOR 1 Month + 2.35%), 02/25/2049(a)(c)	U.S.$	65	$	65,824
Series 2020-DNA1, Class M2 1.792% (LIBOR 1 Month + 1.70%), 01/25/2050(a)(c)		79		79,725
Series 2020-DNA5, Class M2 2.818% (SOFR + 2.80%), 10/25/2050(a)(c)		70		71,047
Series 2021-DNA3, Class B1 3.518% (SOFR + 3.50%), 10/25/2033(a)(c)		71		73,475
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2 4.992% (LIBOR 1 Month + 4.90%), 11/25/2024(c)		44		45,635
Series 2014-C04, Class 2M2 5.092% (LIBOR 1 Month + 5.00%), 11/25/2024(c)		12		12,478
Series 2015-C01, Class 2M2 4.642% (LIBOR 1 Month + 4.55%), 02/25/2025(c)		2		2,470
Series 2015-C02, Class 1M2 4.092% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		33		34,108
Series 2015-C02, Class 2M2 4.092% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		13		13,306
Series 2015-C03, Class 1M2 5.092% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		36		37,054
Series 2015-C03, Class 2M2 5.092% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		13		12,689
Series 2015-C04, Class 1M2 5.792% (LIBOR 1 Month + 5.70%), 04/25/2028(c)		66		69,680
Series 2016-C01, Class 1M2 6.842% (LIBOR 1 Month + 6.75%), 08/25/2028(c)		78		83,451
Series 2016-C02, Class 1M2 6.092% (LIBOR 1 Month + 6.00%), 09/25/2028(c)		59		62,185

	Principal Amount (000)		U.S. $ Value
Series 2016-C03, Class 2M2 5.992% (LIBOR 1 Month + 5.90%), 10/25/2028(c)	U.S.$	45	$	47,334
Series 2016-C05, Class 2M2 4.542% (LIBOR 1 Month + 4.45%), 01/25/2029(c)		51		53,049
Series 2016-C06, Class 1M2 4.342% (LIBOR 1 Month + 4.25%), 04/25/2029(c)		89		92,016
Series 2017-C01, Class 1M2 3.642% (LIBOR 1 Month + 3.55%), 07/25/2029(c)		68		71,107
Series 2017-C02, Class 2M2C 3.742% (LIBOR 1 Month + 3.65%), 09/25/2029(c)		68		70,381
Series 2017-C04, Class 2M2 2.942% (LIBOR 1 Month + 2.85%), 11/25/2029(c)		38		39,123
PMT Credit Risk Transfer Trust
Series 2019-1R, Class A 2.096% (LIBOR 1 Month + 2.00%), 03/27/2024(a)(c)		41		41,011
Series 2019-2R, Class A 2.846% (LIBOR 1 Month + 2.75%), 05/27/2023(a)(c)		60		59,522
Series 2019-3R, Class A 2.796% (LIBOR 1 Month + 2.70%), 10/27/2022(a)(c)		32		32,274
Radnor Re Ltd.
Series 2020-1, Class M1A 1.042% (LIBOR 1 Month + 0.95%), 01/25/2030(a)(c)		150		150,016
Series 2020-1, Class M2A 2.092% (LIBOR 1 Month + 2.00%), 01/25/2030(a)(c)		150		147,411
STACR Trust Series 2018-DNA3, Class M2 2.192% (LIBOR 1 Month + 2.10%), 09/25/2048(a)(c)		31		30,979
Triangle Re Ltd. Series 2020-1, Class M1B 3.992% (LIBOR 1 Month + 3.90%), 10/25/2030(a)(c)		150		150,750
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2 5.342% (LIBOR 1 Month + 5.25%), 11/25/2025(c)(e)		19		18,692

9

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2015-WF1, Class 2M2 5.592% (LIBOR 1 Month + 5.50%), 11/25/2025(c)(e)	U.S.$	8	$	7,811
				3,064,849
AGENCY FLOATING RATE–1.1%
Federal Home Loan Mortgage Corp. REMICs Series 4981, Class HS 6.009% (6.10%–LIBOR 1 Month), 06/25/2050(c)(g)		368		65,606
Federal National Mortgage Association REMICs
Series 2011-131, Class ST 6.449% (6.54%–LIBOR 1 Month), 12/25/2041(c)(g)		97		20,571
Series 2015-90, Class SL 6.059% (6.15%–LIBOR 1 Month), 12/25/2045(c)(g)		193		39,741
Series 2016-77, Class DS 5.909% (6.00%–LIBOR 1 Month), 10/25/2046(c)(g)		159		31,342
Series 2017-26, Class TS 5.859% (5.95%–LIBOR 1 Month), 04/25/2047(c)(g)		192		46,561
Series 2017-62, Class AS 6.059% (6.15%–LIBOR 1 Month), 08/25/2047(c)(g)		180		37,417
Series 2017-81, Class SA 6.109% (6.20%–LIBOR 1 Month), 10/25/2047(c)(g)		194		45,955
Series 2017-97, Class LS 6.109% (6.20%–LIBOR 1 Month), 12/25/2047(c)(g)		211		53,306
Government National Mortgage Association
Series 2017-134, Class SE 6.107% (6.20%–LIBOR 1 Month), 09/20/2047(c)(g)		128		25,105
Series 2017-65, Class ST 6.057% (6.15%–LIBOR 1 Month), 04/20/2047(c)(g)		178		39,065
				404,669
NON-AGENCY FIXED RATE–0.6%
Alternative Loan Trust
Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		11		9,605

	Principal Amount (000)		U.S. $ Value
Series 2006-24CB, Class A16 5.75%, 08/25/2036	U.S.$	50	$	38,776
Series 2006-28CB, Class A14 6.25%, 10/25/2036		36		27,186
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		23		20,624
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037		17		11,654
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8 6.00%, 05/25/2036		22		15,758
Series 2006-13, Class 1A19 6.25%, 09/25/2036		12		7,584
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036		37		25,119
JPMorgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.192%, 07/25/2036		73		62,496
				218,802
AGENCY FIXED RATE–0.5%
Federal Home Loan Mortgage Corp. REMICs
Series 5015, Class BI 4.00%, 09/25/2050(f)		208		36,283
Series 5049, Class CI 3.50%, 12/25/2050(f)		223		31,061
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.632%, 05/28/2035		50		48,377
Federal National Mortgage Association REMICs Series 2020-89, Class KI 4.00%, 12/25/2050(f)		443		70,283
				186,004
NON-AGENCY FLOATING RATE–0.2%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.472% (LIBOR 1 Month + 0.38%), 12/25/2036(c)		101		47,751
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.592% (LIBOR 1 Month + 0.50%), 03/25/2035(c)		24		21,569
				69,320
Total Collateralized Mortgage Obligations (cost $3,993,200)				3,943,644

10

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS– TREASURIES–8.6%
MALAYSIA–0.3%
Malaysia Government Bond Series 117 3.882%, 03/10/2022	MYR	474	$	115,802
UNITED STATES–8.3%
U.S. Treasury Bonds
1.875%, 02/15/2051	U.S.$	1,384		1,322,007
5.375%, 02/15/2031		175		237,673
U.S. Treasury Notes
0.875%, 11/15/2030(h)		579		550,750
1.125%, 02/15/2031		213		207,237
1.625%, 05/15/2026		756		783,581
				3,101,248
Total Governments–Treasuries (cost $3,141,073)				3,217,050
INFLATION-LINKED SECURITIES–4.6%
CANADA–0.6%
Canadian Government Real Return Bond 1.50%, 12/01/2044	CAD	203		214,593
UNITED STATES–4.0%
U.S. Treasury Inflation Index
0.125%, 01/15/2031(TIPS)	U.S.$	82		90,381
0.25%, 01/15/2025(TIPS)		1,189		1,287,061
0.75%, 07/15/2028(TIPS)		96		109,903
				1,487,345
Total Inflation-Linked Securities (cost $1,672,090)				1,701,938
CORPORATES– NON-INVESTMENT GRADE–4.5%
INDUSTRIAL–3.1%
BASIC–0.3%
Ingevity Corp. 3.875%, 11/01/2028(a)		65		64,863
Sealed Air Corp. 4.00%, 12/01/2027(a)		47		49,985
				114,848
CAPITAL GOODS–0.3%
GFL Environmental, Inc. 3.50%, 09/01/2028(a)		62		62,002
TransDigm, Inc. 6.25%, 03/15/2026(a)		50		52,740
				114,742
COMMUNICATIONS– MEDIA– 0.8%
Cable One, Inc. 4.00%, 11/15/2030(a)		37		37,160

	Principal Amount (000)		U.S. $ Value
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030-06/01/2033(a)	U.S.$	75	$	77,003
CSC Holdings LLC 6.75%, 11/15/2021		30		30,600
Netflix, Inc. 5.875%, 11/15/2028		83		101,962
Sirius XM Radio, Inc. 4.00%, 07/15/2028(a)		57		58,810
				305,535
COMMUNICATIONS– TELECOMMUNICATIONS–0.4%
Lumen Technologies, Inc. 4.50%, 01/15/2029(a)		60		58,432
T-Mobile USA, Inc.
2.625%, 04/15/2026-02/15/2029		27		27,261
2.875%, 02/15/2031		41		40,661
3.375%, 04/15/2029		7		7,239
				133,593
CONSUMER CYCLICAL– AUTOMOTIVE–0.2%
Allison Transmission, Inc. 3.75%, 01/30/2031(a)		61		59,856
CONSUMER CYCLICAL– ENTERTAINMENT–0.5%
Mattel, Inc.
3.375%, 04/01/2026(a)		32		33,174
3.75%, 04/01/2029(a)		32		33,269
Royal Caribbean Cruises Ltd.
10.875%, 06/01/2023(a)		43		49,027
11.50%, 06/01/2025(a)		73		84,220
				199,690
CONSUMER CYCLICAL– RESTAURANTS–0.2%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(a)		77		76,109
CONSUMER CYCLICAL– RETAILERS–0.1%
Levi Strauss & Co. 3.50%, 03/01/2031(a)		42		41,860
CONSUMER NON-CYCLICAL–0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029(a)		41		40,513
Newell Brands, Inc.
4.70%, 04/01/2026		33		36,792
4.875%, 06/01/2025		8		8,864
Spectrum Brands, Inc. 5.75%, 07/15/2025		5		5,128
				91,297

11

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
ENERGY–0.1%
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)	U.S.$	33	$	33,164
				1,170,694
FINANCIAL INSTITUTIONS–1.2%
BANKING–1.0%
Credit Suisse Group AG 7.50%, 07/17/2023(a)(b)		200		217,132
Discover Financial Services Series D 6.125%, 06/23/2025(b)		127		142,528
				359,660
FINANCE–0.2%
SLM Corp. 4.20%, 10/29/2025		68		73,085
				432,745
UTILITY–0.2%
ELECTRIC–0.2%
Vistra Operations Co. LLC 4.375%, 05/01/2029(a)		58		58,306
Total Corporates–Non-Investment Grade (cost $1,603,033)				1,661,745
ASSET-BACKED SECURITIES–4.4%
OTHER ABS–FIXED RATE–2.5%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(a)(d)		80		80,610
Affirm Asset Securitization Trust
Series 2020-A, Class A 2.10%, 02/18/2025(a)		100		100,891
Series 2021-A, Class C 1.66%, 08/15/2025(a)		100		100,447
Series 2021-Z1, Class A 1.07%, 08/15/2025(a)		95		95,122
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(a)		50		51,741
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(a)(d)		100		99,974
Hardee’s Funding LLC
Series 2018-1A, Class A23 5.71%, 06/20/2048(a)		37		41,025
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)		85		89,624
Marlette Funding Trust
Series 2019-3A, Class A 2.69%, 09/17/2029(a)		9		8,711
Series 2020-1A, Class A 2.24%, 03/15/2030(a)		22		21,757

	Principal Amount (000)		U.S. $ Value
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(a)	U.S.$	33	$	34,279
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(a)		100		99,944
SoFi Consumer Loan Program LLC
Series 2017-4, Class B 3.59%, 05/26/2026(a)		90		91,205
Series 2017-5, Class A2 2.78%, 09/25/2026(a)		4		4,461
				919,791
AUTOS–FIXED RATE –1.5%
Avis Budget Rental Car Funding AESOP LLC Series 2018-2A, Class A 4.00%, 03/20/2025(a)		105		113,418
Exeter Automobile Receivables Trust
Series 2017-1A, Class D 6.20%, 11/15/2023(a)		93		94,288
Series 2017-3A, Class C 3.68%, 07/17/2023(a)		40		40,291
First Investors Auto Owner Trust Series 2020-1A, Class A 1.49%, 01/15/2025(a)		21		21,446
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022(a)		89		89,416
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(a)		150		150,531
Hertz Vehicle Financing II LP
Series 2017-1A, Class A 2.96%, 10/25/2021(a)		12		11,978
Series 2019-1A, Class A 3.71%, 03/25/2023(a)		10		9,646
Hertz Vehicle Financing LLC Series 2018-2A, Class A 3.65%, 06/27/2022(a)		12		12,061
				543,075
CREDIT CARDS–FIXED RATE–0.4%
World Financial Network Credit Card Master Trust
Series 2018-B, Class M 3.81%, 07/15/2025		70		70,468
Series 2019-B, Class M 3.04%, 04/15/2026		80		81,703
				152,171

12

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
HOME EQUITY LOANS–FLOATING Rate–0.0%
ABFC Trust Series 2003-WF1, Class A2 1.217% (LIBOR 1 Month + 1.13%), 12/25/2032 (c)	U.S.$	12	$	12,093
Total Asset-Backed Securities (cost $1,603,765)				1,627,130
LOCAL GOVERNMENTS– US MUNICIPAL BONDS –1.8%
UNITED STATES–1.8%
Port Authority of New York & New Jersey
Series 2020A 1.086%, 07/01/2023		50		50,636
State Board of Administration Finance Corp.
Series 2020A 1.705%, 07/01/2027		80		81,295
State of California 5.70%, 11/01/2021		65		66,181
Series 2010 7.625%, 03/01/2040		200		336,909
Tobacco Settlement Finance Authority/WV
3.00%, 06/01/2035		46		47,849
University of California
Series 2021B 3.071%, 05/15/2051		75		75,757
Total Local Governments– US Municipal Bonds (cost $519,602)				658,627
EMERGING MARKETS–CORPORATE BONDS–0.3%
INDUSTRIAL–0.3%
BASIC–0.1%
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)		19		18,715
CAPITAL GOODS–0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027		85		90,261
				108,976
UTILITY–0.0%
ELECTRIC–0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(e)		5		5,150
Total Emerging Markets–Corporate Bonds (cost $109,109)				114,126

	Principal Amount (000)			U.S. $ Value
QUASI-SOVEREIGNS–0.1%
QUASI-SOVEREIGN BONDS–0.1%
MEXICO–0.1%
Petroleos Mexicanos 6.75%, 09/21/2047 (cost $43,967)	U.S.$		50	$	43,875
SHORT-TERM INVESTMENTS–16.1%
U.S. TREASURY BILLS –15.1%
U.S. Treasury Bill Zero Coupon, 07/27/2021-11/26/2021 (cost $5,629,703)			5,630		5,629,419
		Shares
INVESTMENT COMPANIES–1.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(i)(j)(k) (cost $366,094)			366,094		366,094
Total Short-Term Investments (cost $5,995,797)					5,995,513
TOTAL INVESTMENTS–105.2% (cost $38,025,186)					39,113,810
Other assets less liabilities–(5.2)%					(1,941,747	)
NET ASSETS–100.0%				$	37,172,063

13

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		21		September 2021	$	4,626,726	$	(8,252	)
U.S. T-Note 5 Yr (CBT) Futures		7		September 2021		864,008		507
U.S. Ultra Bond (CBT) Futures		14		September 2021		2,697,625		96,394
Sold Contracts
10 Yr Canadian Bond Futures		6		September 2021		704,356		(8,213	)
							$	80,436

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.		AUD	1,001		USD	775		08/25/2021	$	24,816
Bank of America, NA		USD	384		RUB	28,540		07/28/2021		4,413
Bank of America, NA		CHF	716		USD	785		08/05/2021		11,021
Citibank, NA		CAD	1,348		USD	1,077		07/16/2021		(10,571	)
Morgan Stanley Capital Services, Inc.		USD	786		CHF	716		08/05/2021		(12,058	)
Morgan Stanley Capital Services, Inc.		MYR	497		USD	120		09/23/2021		744
State Street Bank & Trust Co.		SEK	3,074		USD	370		07/15/2021		11,239
State Street Bank & Trust Co.		USD	1		SEK	5		07/15/2021		(3	)
State Street Bank & Trust Co.		USD	131		CAD	158		07/16/2021		(3,145	)
State Street Bank & Trust Co.		EUR	123		USD	151		08/03/2021		4,876
State Street Bank & Trust Co.		USD	72		EUR	60		08/03/2021		(67	)
State Street Bank & Trust Co.		AUD	16		USD	12		08/25/2021		8
State Street Bank & Trust Co.		USD	16		AUD	21		08/25/2021		(440	)
									$	30,833

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description

Index

Counterparty

Strike Rate

Expiration Date

Notional Amount (000)

Premiums Received

Market Value

Call

OTC–1 Year Interest Rate Swap

3 Month LIBOR

Morgan Stanley Capital Services LLC

1.60

%

08/26/2021

USD

954

$

12,641

$

(18,583)

14

AB Variable Products Series Fund

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00	%		Quarterly		2.36	%		USD	132	$	13,147	$	5,863	$	7,284
CDX-NAHY Series 36, 5 Year Index, 06/20/2026*		5.00			Quarterly		2.74			USD	212		21,896		19,404		2,492
												$	35,043	$	25,267	$	9,776

* Termination date

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)
SEK	15,600		08/30/2024	3 Month STIBOR	(0.165)%	Quarterly/ Annual	$	(23,127	)	$	10		$	(23,137	)
USD	130		09/27/2029	1.593%	3 Month LIBOR	Semi-Annual/ Quarterly		(3,319	)		–0	–		(3,319	)
USD	250		12/13/2029	1.764%	3 Month LIBOR	Semi-Annual/ Quarterly		(8,824	)		–0	–		(8,824	)
CAD	78		03/03/2051	2.297%	3 Month CDOR	Semi-Annual		(1,407	)		3			(1,410	)
CAD	240		03/04/2051	2.333%	3 Month CDOR	Semi-Annual		(5,957	)		–0	–		(5,957	)
							$	(42,634)		$	13		$	(42,647)

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			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		5.05	%		USD	7	$	542	$	1,398	$	(856	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.05			USD	7		542		1,399		(857	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.05			USD	119		9,229		23,290		(14,061	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.05			USD	128		9,894		25,918		(16,024	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.05			USD	298		23,110		58,852		(35,742	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.05			USD	595		46,093		119,723		(73,630	)

15

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts (continued)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	) %		Monthly		5.05	%		USD	51	$	3,951		$	8,787		$	(4,836	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.05			USD	68		5,256			13,627			(8,371	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.05			USD	27		2,092			5,204			(3,112	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.05			USD	54		4,183			10,949			(6,766	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1		(264	)		(155	)		(109	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1		(264	)		(124	)		(140	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	2		(529	)		(233	)		(296	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	3		(792	)		(367	)		(425	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,056	)		(512	)		(544	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,056	)		(415	)		(641	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	5		(1,320	)		(552	)		(768	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6		(1,585	)		(759	)		(826	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	7		(1,848	)		(1,007	)		(841	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6		(1,585	)		(735	)		(850	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6		(1,585	)		(698	)		(887	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,113	)		(1,048	)		(1,065	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	7		(1,848	)		(773	)		(1,075	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,112	)		(979	)		(1,133	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9		(2,376	)		(972	)		(1,404	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9		(2,377	)		(953	)		(1,424	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	12		(3,169	)		(1,241	)		(1,928	)

16

AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			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		10.00	%		USD	14	$	(3,697	)	$	(1,512	)	$	(2,185	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	28		(7,394	)		(1,868	)		(5,526	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	56		(14,784	)		(8,017	)		(6,767	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	94		(24,824	)		(5,868	)		(18,956	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	318		(84,026	)		(12,553	)		(71,473	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	350		(92,429	)		(19,546	)		(72,883	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00			Monthly		10.08			USD	135		(11,397	)		(2,548	)		(8,849	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,113	)		(905	)		(1,208	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,113	)		(443	)		(1,670	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	27		(7,130	)		(2,979	)		(4,151	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	28		(7,395	)		(3,091	)		(4,304	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	51		(13,468	)		(6,201	)		(7,267	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	132		(34,859	)		(8,927	)		(25,932	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,056	)		(586	)		(470	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,056	)		(346	)		(710	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,112	)		(762	)		(1,350	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,113	)		(705	)		(1,408	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	14		(3,698	)		(1,733	)		(1,965	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	16		(4,226	)		(1,667	)		(2,559	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	28		(7,392	)		(4,416	)		(2,976	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	39		(10,296	)		(6,239	)		(4,057	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	41		(10,827	)		(5,384	)		(5,443	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	49		(12,940	)		(4,086	)		(8,854	)

17

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			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		10.00	%		USD	57	$	(15,053	)	$	(5,860	)	$	(9,193	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9		(2,376	)		(1,108	)		(1,268	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	18		(4,752	)		(2,149	)		(2,603	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	51		(13,464	)		(6,035	)		(7,429	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	35		(9,243	)		(2,382	)		(6,861	)
												$	(327,220	)	$	139,708		$	(466,928	)

* Termination date

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $8,674,281 or 23.3% of net assets.

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

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2021.

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

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.20% of net assets as of June 30, 2021, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021	$	18,944	$	18,939		0.05	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		21,609		21,421		0.06	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		4,114		4,089		0.01	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		5,000		5,150		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.342%, 11/25/2025		09/28/2015		19,222		18,692		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.592%, 11/25/2025		09/28/2015		7,843		7,811		0.02	%

(f) IO—Interest Only.

(g) Inverse interest only security.

(h) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(i) Affiliated investments.

18

AB Variable Products Series Fund

(j) 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.

(k) 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

MYR—Malaysian Ringgit

RUB—Russian Ruble

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

CBT—Chicago Board of Trade

CDOR—Canadian Dealer Offered Rate

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

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

CMBS—Commercial Mortgage-Backed Securities

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

SOFR—Secured Overnight Financing Rate

STIBOR—Stockholm Interbank Offered Rate

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

19

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $37,659,092)	$	38,747,716
Affiliated issuers (cost $366,094)		366,094
Cash		323
Cash collateral due from broker		200,449
Foreign currencies, at value (cost $464)		477
Interest receivable		178,043
Market value on credit default swaps (net premiums paid $269,147)		104,892
Receivable for investment securities sold		89,531
Unrealized appreciation on forward currency exchange contracts		57,117
Receivable for capital stock sold		52,243
Receivable for variation margin on futures		11,069
Affiliated dividends receivable		3
Total assets		39,807,957
LIABILITIES
Swaptions written, at value (premiums received $12,641)		18,583
Payable for investment securities purchased		1,775,404
Market value on credit default swaps (net premiums received $129,439)		432,112
Payable for capital stock redeemed		226,067
Unrealized depreciation on forward currency exchange contracts		26,284
Administrative fee payable		20,282
Advisory fee payable		13,930
Payable for variation margin on centrally cleared swaps		3,265
Foreign capital gains tax payable		2,860
Distribution fee payable		2,186
Transfer Agent fee payable		129
Accrued expenses and other liabilities		114,792
Total liabilities		2,635,894
NET ASSETS	$	37,172,063
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,436
Additional paid-in capital		34,281,868
Distributable earnings		2,886,759
NET ASSETS	$	37,172,063

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	26,688,292		2,458,634	$	10.85
B	$	10,483,771		977,548	$	10.72

See notes to financial statements.

20

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Interest	$	600,698
Dividends—Affiliated issuers		29
		600,727
EXPENSES
Advisory fee (see Note B)		88,016
Distribution fee—Class B		13,359
Transfer agency—Class A		1,763
Transfer agency—Class B		663
Custody and accounting		62,758
Administrative		39,336
Audit and tax		38,665
Printing		10,947
Legal		10,131
Directors’ fees		9,523
Miscellaneous		3,291
Total expenses		278,452
Less: expenses waived and reimbursed by the Adviser (see Note B)		(128	)
Net expenses		278,324
Net investment income		322,403
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		288,223
Forward currency exchange contracts		66,299
Futures		(318,357	)
Swaps		5,513
Foreign currency transactions		(109,229	)
Net change in unrealized appreciation/depreciation of:
Investments (a)		(882,876	)
Forward currency exchange contracts		59,600
Futures		150,113
Swaps		(114,431	)
Swaptions written		(5,942	)
Foreign currency denominated assets and liabilities		(7,662	)
Net loss on investment and foreign currency transactions		(868,749	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(546,346	)

(a) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $9,868.

See notes to financial statements.

21

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	322,403		$	819,646
Net realized gain (loss) on investment and foreign currency transactions		(67,551	)		1,348,708
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(801,198	)		241,431
Net increase (decrease) in net assets from operations		(546,346	)		2,409,785
Distributions to Shareholders
Class A		–0	–		(1,056,131	)
Class B		–0	–		(355,053	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(4,119,992	)		(3,575,324	)
Total decrease		(4,666,338	)		(2,576,723	)
NET ASSETS
Beginning of period		41,838,401			44,415,124
End of period	$	37,172,063		$	41,838,401

See notes to financial statements.

22

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

23

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

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

24

AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Corporates—Investment Grade

$

–0

–

$

8,655,482

$

–0

–

$

8,655,482

Commercial Mortgage-Backed Securities

–0

–

6,361,669

44,449

6,406,118

Mortgage Pass-Throughs

–0

–

5,088,562

–0

–

5,088,562

Collateralized Mortgage Obligations

–0

–

3,943,644

–0

–

3,943,644

Governments—Treasuries

–0

–

3,217,050

–0

–

3,217,050

Inflation-Linked Securities

–0

–

1,701,938

–0

–

1,701,938

Corporates—Non-Investment Grade

–0

–

1,661,745

–0

–

1,661,745

Asset-Backed Securities

–0

–

1,446,546

180,584

1,627,130

Local Governments—US Municipal Bonds

–0

–

658,627

–0

–

658,627

Emerging Markets—Corporate Bonds

–0

–

114,126

–0

–

114,126

Quasi-Sovereigns

–0

–

43,875

–0

–

43,875

Short-Term Investments:

U.S. Treasury Bills

–0

–

5,629,419

–0

–

5,629,419

Investment Companies

366,094

–0

–

–0

–

366,094

Total Investments in Securities

366,094

38,522,683

225,033

39,113,810

Other Financial Instruments(a):

Assets:

Futures

96,901

–0

–

–0

–

96,901

(b)

Forward Currency Exchange Contracts

–0

–

57,117

–0

–

57,117

Centrally Cleared Credit Default Swaps

–0

–

35,043

–0

–

35,043

(b)

Credit Default Swaps

–0

–

104,892

–0

–

104,892

Liabilities:

Futures

(16,465

)

–0

–

–0

–

(16,465

)(b)

Forward Currency Exchange Contracts

–0

–

(26,284

)

–0

–

(26,284

)

Interest Rate Swaptions Written

–0

–

(18,583

)

–0

–

(18,583

)

Centrally Cleared Interest Rate Swaps

–0

–

(42,634

)

–0

–

(42,634

)(b)

Credit Default Swaps

–0

–

(432,112

)

–0

–

(432,112

)

Total

$

446,530

$

38,200,122

$

225,033

$

38,871,685

(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

25

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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 six months ended June 30, 2021, the reimbursement for such services amounted to $39,336.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

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, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $128.

26

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	765	$	15,882	$	16,281	$	366	$	0	*

* 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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

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

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	5,972,403	$	11,633,576
U.S. government securities		21,589,432		22,935,137

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

Gross unrealized appreciation	$	1,489,125
Gross unrealized depreciation		(794,973	)
Net unrealized appreciation	$	694,152

27

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the six months ended June 30, 2021, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2021, 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.

28

AB Variable Products Series Fund

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

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

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

During the six months ended June 30, 2021, 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 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

29

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

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

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

Interest Rate Swaps:

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

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

During the six months ended June 30, 2021, 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

30

AB Variable Products Series Fund

settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

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

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

During the six months ended June 30, 2021, 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.

31

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

During the six months ended June 30, 2021, 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	$	96,901	*	Receivable/Payable for variation margin on futures	$	16,465	*
Credit contracts	Receivable/Payable for variation margin on centrally cleared swaps		9,776	*
Interest rate contracts					Receivable/Payable for variation margin on centrally cleared swaps		42,647	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		57,117		Unrealized depreciation on forward currency exchange contracts		26,284
Interest rate contracts					Swaptions written, at value		18,583
Credit contracts	Market value on credit default swaps		104,892		Market value on credit default swaps		432,112
Total		$	268,686			$	536,091

* 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	$	(318,357	)	$	150,113
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		66,299			59,600
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		–0	–		(5,942	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(63,905	)		(11,460	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		69,418			(102,971	)
Total		$	(246,545	)	$	89,340

32

AB Variable Products Series Fund

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2021:

Futures:
Average notional amount of buy contracts	$	10,363,303
Average notional amount of sale contracts	$	4,539,285
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	3,781,674
Average principal amount of sale contracts	$	6,133,189
Swaptions Written:
Average notional amount	$	954,000	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	5,520,879
Credit Default Swaps:
Average notional amount of buy contracts	$	1,394,286
Average notional amount of sale contracts	$	1,737,900
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	452,309

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2021. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Australia and New Zealand Banking Group Ltd.

$

24,816

$

–0

–

$

–0

–

$

–0

–

$

24,816

Bank of America, NA

15,434

–0

–

–0

–

–0

–

15,434

Citibank, NA/Citigroup Global Markets, Inc.

89,410

(40,147

)

–0

–

–0

–

49,263

Goldman Sachs International

3,951

(3,951

)

–0

–

–0

–

–0

–

JPMorgan Securities, LLC

5,256

(5,256

)

–0

–

–0

–

–0

–

Morgan Stanley & Co. International PLC/Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services, Inc.

7,019

(7,019

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

16,123

(3,655

)

–0

–

–0

–

12,468

Total

$

162,009

$

(60,028

)

$

–0

–

$

–0

–

$

101,981

^

33

INTERMEDIATE BOND 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
Citibank, NA/Citigroup Global Markets, Inc.	$	40,147	$	(40,147	)	$	–0	–	$	–0	–	$	–0	–
Credit Suisse International		223,457		–0	–		–0	–		(223,457	)		–0	–
Deutsche Bank AG		78,475		–0	–		–0	–		–0	–		78,475
Goldman Sachs International		70,769		(3,951	)		–0	–		–0	–		66,818
JPMorgan Securities, LLC		20,592		(5,256	)		–0	–		–0	–		15,336
Morgan Stanley & Co. International PLC/Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services, Inc.		39,884		(7,019	)		–0	–		–0	–		32,865
State Street Bank & Trust Co.		3,655		(3,655	)		–0	–		–0	–		–0	–
Total	$	476,979	$	(60,028	)	$	–0	–	$	(223,457	)	$	193,494	^

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

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

2. Currency Transactions

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

3. TBA and Dollar Rolls

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

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended June 30, 2021, the Portfolio earned drop income of $17,360 which is included in interest income in the accompanying statement of operations.

34

AB Variable Products Series Fund

NOTE E: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		102,639			137,413		$	1,107,275		$	1,476,072
Shares issued in reinvestment of dividends		–0	–		97,250			–0	–		1,056,131
Shares redeemed		(422,269	)		(509,318	)		(4,552,746	)		(5,519,329	)
Net decrease		(319,630	)		(274,655	)	$	(3,445,471	)	$	(2,987,126	)
Class B
Shares sold		79,820			132,767		$	846,004		$	1,411,697
Shares issued in reinvestment of dividends		–0	–		33,028			–0	–		355,053
Shares redeemed		(142,671	)		(222,779	)		(1,520,525	)		(2,354,948	)
Net decrease		(62,851	)		(56,984	)	$	(674,521	)	$	(588,198	)

At June 30, 2021, 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.

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

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.

35

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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. 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 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.

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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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

36

AB Variable Products Series Fund

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE H: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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.

NOTE I: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

37

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE J: Subsequent Events

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

38

INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.99			$10.73			$10.21			$10.56			$10.65			$10.63
Income From Investment Operations
Net investment income (a)		.09	(b)		.22	(b)		.26	(b)		.23	(b)		.23			.28	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.23	)		.41			.57			(.31	)		.14			.23
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		(.14	)		.63			.83			(.08	)		.37			.51
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.37	)		(.31	)		(.13	)		(.36	)		(.35	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		–0	–		(.14	)		(.10	)		(.14	)
Total dividends and distributions		–0	–		(.37	)		(.31	)		(.27	)		(.46	)		(.49	)
Net asset value, end of period		$10.85			$10.99			$10.73			$10.21			$10.56			$10.65
Total Return
Total investment return based on net asset value (d)*		(1.18	)%		5.96	%		8.20	%		(.72	)%		3.52	%		4.71	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$26,688			$30,529			$32,763			$33,267			$38,172			$42,183
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.35	%^		1.27	%		1.26	%		1.16	%		1.11	%		1.06	%
Expenses, before waivers/reimbursements		1.36	%^		1.27	%		1.27	%		1.16	%		1.11	%		1.06	%
Net investment income		1.72	%(b)^		1.99	%(b)		2.48	%(b)		2.20	%(b)		2.11	%		2.60	%†
Portfolio turnover rate**		72	%		89	%		75	%		155	%		216	%		156	%

See footnote summary on page 41.

39

INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.87			$10.62			$10.10			$10.45			$10.54			$10.53
Income From Investment Operations
Net investment income (a)		.08	(b)		.19	(b)		.23	(b)		.20	(b)		.20			.25	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.23	)		.41			.58			(.31	)		.14			.22
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		(.15	)		.60			.81			(.11	)		.34			.47
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.35	)		(.29	)		(.10	)		(.33	)		(.32	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		–0	–		(.14	)		(.10	)		(.14	)
Total dividends and distributions		–0	–		(.35	)		(.29	)		(.24	)		(.43	)		(.46	)
Net asset value, end of period		$10.72			$10.87			$10.62			$10.10			$10.45			$10.54
Total Return
Total investment return based on net asset value (d)*		(1.38	)%		5.64	%		7.99	%		(1.01	)%		3.28	%		4.36	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10,484			$11,309			$11,652			$12,054			$14,786			$16,029
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.61	%^		1.52	%		1.51	%		1.41	%		1.36	%		1.32	%
Expenses, before waivers/reimbursements		1.61	%^		1.52	%		1.52	%		1.41	%		1.36	%		1.32	%
Net investment income		1.46	%(b)^		1.74	%(b)		2.23	%(b)		1.95	%(b)		1.87	%		2.36	%†
Portfolio turnover rate**		72	%		89	%		75	%		155	%		216	%		156	%

See footnote summary on page 41.

40

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

† 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.

^ Annualized.

See notes to financial statements.

41

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 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

42

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

43

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	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.

44

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.

45

VPS-IB-0152-0621

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ INTERNATIONAL GROWTH PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,046.40	$	6.24		1.23	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.70	$	6.16		1.23	%
Class B
Actual	$	1,000	$	1,045.30	$	7.51		1.48	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.46	$	7.40		1.48	%

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

1

INTERNATIONAL GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Partners Group Holding AG	$	2,029,853		3.4	%
WSP Global, Inc.		1,571,202		2.7
Erste Group Bank AG		1,505,010		2.5
Koninklijke Philips NV		1,448,027		2.4
Apollo Hospitals Enterprise Ltd.		1,435,305		2.4
HDFC Bank Ltd.		1,418,490		2.4
Halma PLC		1,406,757		2.4
NXP Semiconductors NV		1,400,953		2.4
Svenska Handelsbanken AB—Class A		1,372,208		2.3
Shenzhou International Group Holdings Ltd.		1,335,873		2.3
	$	14,923,678		25.2	%

SECTOR BREAKDOWN²

June 30, 2021 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Financials	$	11,410,223		19.8	%
Industrials		10,437,937		18.2
Information Technology		9,977,197		17.3
Health Care		7,981,437		13.9
Consumer Discretionary		4,588,098		8.0
Materials		4,126,699		7.2
Consumer Staples		3,991,270		6.9
Communication Services		1,315,697		2.3
Utilities		1,138,331		2.0
Energy		983,128		1.7
Short-Term Investments		1,549,082		2.7
Total Investments	$	57,499,099		100.0	%

1 Long-term investments.

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

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

2

INTERNATIONAL GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S.$  VALUE		PERCENT OF  TOTAL INVESTMENTS
United States	$	7,570,537		13.2	%
United Kingdom		4,951,896		8.6
Netherlands		4,929,265		8.6
Switzerland		4,583,780		8.0
Japan		3,785,903		6.6
Denmark		3,373,357		5.9
Germany		3,161,281		5.5
France		3,068,853		5.3
India		2,853,796		5.0
Sweden		2,656,564		4.6
Canada		2,308,997		4.0
Finland		2,063,631		3.6
China		1,869,345		3.2
Other		8,772,812		15.2
Short-Term Investments		1,549,082		2.7
Total Investments	$	57,499,099		100.0	%

1 All data are as of June 30, 2021. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 2.6% or less in the following: Argentina, Austria, Hong Kong, Indonesia, Ireland, Norway, Peru, Spain, Taiwan and United Arab Emirates.

3

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–94.6%
FINANCIALS–19.3%
BANKS–8.8%
Bank Mandiri Persero Tbk PT		1,211,000	$	493,720
Credicorp Ltd.(a)		3,720		450,529
Erste Group Bank AG		40,940		1,505,010
HDFC Bank Ltd.		70,272		1,418,490
Svenska Handelsbanken AB–Class A		121,564		1,372,208
				5,239,957
CAPITAL MARKETS–5.6%
London Stock Exchange Group PLC		11,403		1,260,150
Partners Group Holding AG		1,339		2,029,853
				3,290,003
CONSUMER FINANCE–0.9%
Lufax Holding Ltd. (ADR)(a)		47,210		533,473
INSURANCE–4.0%
Aflac, Inc.		15,540		833,876
AIA Group Ltd.		78,000		967,635
Prudential PLC		28,660		545,279
				2,346,790
				11,410,223
INDUSTRIALS–17.6%
AEROSPACE & DEFENSE–2.2%
Hexcel Corp.(a)		21,100		1,316,640
COMMERCIAL SERVICES & SUPPLIES–2.2%
TOMRA Systems ASA		23,680		1,307,246
CONSTRUCTION & ENGINEERING–2.7%
WSP Global, Inc.(b)		13,460		1,571,202
ELECTRICAL EQUIPMENT–4.1%
Schneider Electric SE		8,224		1,296,468
Vestas Wind Systems A/S		29,590		1,156,141
				2,452,609
MACHINERY–4.2%
FANUC Corp.		3,200		767,353
SMC Corp.		1,700		1,005,711
Xylem, Inc./NY		5,778		693,129
				2,466,193
PROFESSIONAL SERVICES–2.2%
Recruit Holdings Co., Ltd.(b)		27,000		1,324,047
				10,437,937
INFORMATION TECHNOLOGY–16.9%
COMMUNICATIONS EQUIPMENT–0.9%
Telefonaktiebolaget LM Ericsson–Class B		42,842		538,691
Company	Shares		U.S. $ Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–3.9%
Flex Ltd.(a)		48,450	$	865,802
Halma PLC		37,760		1,406,757
				2,272,559
IT SERVICES–3.6%
Adyen NV(a)(b)(c)		400		980,932
Network International Holdings PLC(a)(c)		80,620		408,464
Shopify, Inc.–Class A(a)		505		737,795
				2,127,191
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.4%
Infineon Technologies AG		29,955		1,204,888
NXP Semiconductors NV		6,810		1,400,953
STMicroelectronics NV		32,177		1,170,167
				3,776,008
SOFTWARE–2.1%
Dassault Systemes SE		5,203		1,262,748
				9,977,197
HEALTH CARE–13.5%
BIOTECHNOLOGY–1.1%
Abcam PLC(a)		33,598		641,835
HEALTH CARE EQUIPMENT & SUPPLIES–7.9%
Alcon, Inc.		17,670		1,239,330
ConvaTec Group PLC(c)		207,110		689,307
Koninklijke Philips NV		29,174		1,448,027
STERIS PLC		6,210		1,281,123
				4,657,787
HEALTH CARE PROVIDERS & SERVICES–2.4%
Apollo Hospitals Enterprise Ltd.		29,471		1,435,305
LIFE SCIENCES TOOLS & SERVICES–1.4%
Gerresheimer AG		7,522		831,988
PHARMACEUTICALS–0.7%
Roche Holding AG		1,100		414,522
				7,981,437
CONSUMER DISCRETIONARY–7.8%
AUTO COMPONENTS–2.2%
Aptiv PLC(a)		8,158		1,283,498
INTERNET & DIRECT MARKETING RETAIL–1.4%
MercadoLibre, Inc.(a)		542		844,322
TEXTILES, APPAREL & LUXURY GOODS–4.2%
Puma SE		9,421		1,124,405

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Shenzhou International Group Holdings Ltd.		52,900	$	1,335,873
				2,460,278
				4,588,098
MATERIALS–7.0%
CHEMICALS–3.7%
Chr Hansen Holding A/S		11,954		1,078,886
Koninklijke DSM NV		5,881		1,099,353
				2,178,239
CONTAINERS & PACKAGING–3.3%
Huhtamaki Oyj		22,780		1,080,502
Smurfit Kappa Group PLC		15,960		867,958
				1,948,460
				4,126,699
CONSUMER STAPLES–6.7%
FOOD PRODUCTS–3.6%
Danone SA		9,039		635,938
Kerry Group PLC–Class A		4,379		612,231
Nestle SA		7,221		900,076
				2,148,245
HOUSEHOLD PRODUCTS–2.4%
Essity AB–Class B		22,480		745,665
Unicharm Corp.(b)		17,100		688,793
				1,434,458
PERSONAL PRODUCTS–0.7%
Unilever PLC		6,992		408,567
				3,991,270
COMMUNICATION SERVICES–2.2%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.5%
Cellnex Telecom SA(c)		13,955		890,067
ENTERTAINMENT–0.7%
Sea Ltd. (ADR)(a)		1,550		425,630
				1,315,697
Company	Shares		U.S. $ Value
UTILITIES–1.9%
ELECTRIC UTILITIES–1.9%
Orsted AS(c)		8,110	$	1,138,331
ENERGY–1.7%
OIL, GAS & CONSUMABLE FUELS–1.7%
Neste Oyj		16,026		983,128
Total Common Stocks (cost $36,930,456)				55,950,017
SHORT-TERM INVESTMENTS–2.6%
INVESTMENT COMPANIES–2.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(d)(e)(f) (cost $1,549,082)		1,549,082		1,549,082
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–97.2% (cost $38,479,538)				57,499,099
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.7%
INVESTMENT COMPANIES–1.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(d)(e)(f) (cost $1,007,754)		1,007,754		1,007,754
TOTAL INVESTMENTS–98.9% (cost $39,487,292)				58,506,853
Other assets less liabilities–1.1%				651,963
NET ASSETS–100.0%			$	59,158,816

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	6,798		USD	800		07/15/2021	$	9,926
Bank of America, NA		SEK	10,543		USD	1,233		07/15/2021		1,318
Bank of America, NA		USD	494		RUB	36,733		07/28/2021		5,680
Barclays Bank PLC		INR	23,888		USD	316		07/15/2021		(4,411	)
Barclays Bank PLC		EUR	5,550		USD	6,806		08/03/2021		221,029
BNP Paribas SA		USD	2,608		AUD	3,358		08/25/2021		(89,066	)
Citibank, NA		INR	13,792		USD	185		07/15/2021		92
Citibank, NA		USD	1,848		CAD	2,313		07/16/2021		18,136
Citibank, NA		USD	4,215		CNY	27,447		09/16/2021		5,895

5

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

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA		USD	226		CNY	1,471		09/16/2021	$	(220	)
Deutsche Bank AG		BRL	4,701		USD	952		07/02/2021		6,467
Deutsche Bank AG		USD	940		BRL	4,701		07/02/2021		5,366
Deutsche Bank AG		INR	52,460		USD	705		07/15/2021		351
Deutsche Bank AG		USD	949		BRL	4,701		08/03/2021		(6,696	)
Goldman Sachs Bank USA		BRL	4,232		USD	846		07/02/2021		(4,831	)
Goldman Sachs Bank USA		USD	794		BRL	4,232		07/02/2021		56,370
Goldman Sachs Bank USA		KRW	118,604		USD	106		07/22/2021		1,080
Goldman Sachs Bank USA		USD	2,414		TWD	67,713		07/22/2021		14,070
Goldman Sachs Bank USA		USD	4,363		JPY	474,862		08/19/2021		(87,291	)
Goldman Sachs Bank USA		USD	696		ZAR	9,683		09/16/2021		(24,384	)
JPMorgan Chase Bank, NA		BRL	469		USD	94		07/02/2021		(535	)
JPMorgan Chase Bank, NA		USD	91		BRL	469		07/02/2021		3,647
Morgan Stanley Capital Services, Inc.		TWD	13,892		USD	499		07/22/2021		615
Morgan Stanley Capital Services, Inc.		CNY	994		USD	152		09/16/2021		(467	)
Natwest Markets PLC		USD	122		TWD	3,373		07/22/2021		(1,187	)
Standard Chartered Bank		USD	2,458		KRW	2,740,911		07/22/2021		(32,755	)
State Street Bank & Trust Co.		NOK	2,884		USD	341		07/15/2021		6,249
State Street Bank & Trust Co.		SEK	1,405		USD	167		07/15/2021		2,893
State Street Bank & Trust Co.		USD	277		INR	20,399		07/15/2021		(3,315	)
State Street Bank & Trust Co.		USD	78		NOK	652		07/15/2021		(2,576	)
State Street Bank & Trust Co.		USD	145		SEK	1,201		07/15/2021		(4,673	)
State Street Bank & Trust Co.		CAD	393		USD	322		07/16/2021		5,071
State Street Bank & Trust Co.		USD	123		CAD	149		07/16/2021		(2,858	)
State Street Bank & Trust Co.		EUR	334		USD	399		08/03/2021		3,080
State Street Bank & Trust Co.		USD	166		EUR	139		08/03/2021		(1,253	)
State Street Bank & Trust Co.		CHF	1,055		USD	1,158		08/05/2021		16,669
State Street Bank & Trust Co.		USD	152		CHF	137		08/05/2021		(4,279	)
State Street Bank & Trust Co.		JPY	33,181		USD	304		08/19/2021		4,794
State Street Bank & Trust Co.		USD	596		JPY	66,029		08/19/2021		(1,382	)
State Street Bank & Trust Co.		USD	264		MXN	5,349		08/27/2021		2,263
State Street Bank & Trust Co.		CNY	695		USD	107		09/16/2021		(10	)
State Street Bank & Trust Co.		ZAR	1,278		USD	88		09/16/2021		(520	)
UBS AG		TWD	3,386		USD	122		07/22/2021		599
UBS AG		USD	96		TWD	2,671		07/22/2021		(236	)
									$	118,715

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $4,107,101 or 6.9% 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.

6

AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

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

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

7

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $36,930,456)	$	55,950,017	(a)
Affiliated issuers (cost $2,556,836—including investment of cash collateral for securities loaned of $1,007,754)		2,556,836
Foreign currencies, at value (cost $1,620,006)		1,619,144
Unrealized appreciation on forward currency exchange contracts		391,660
Receivable for investment securities sold and foreign currency transactions		147,433
Unaffiliated dividends receivable		106,696
Receivable for capital stock sold		6,782
Affiliated dividends receivable		15
Total assets		60,778,583
LIABILITIES
Payable for collateral received on securities loaned		1,007,754
Unrealized depreciation on forward currency exchange contracts		272,945
Foreign capital gains tax payable		107,391
Payable for investment securities purchased and foreign currency transactions		36,669
Advisory fee payable		34,360
Payable for capital stock redeemed		30,519
Administrative fee payable		20,282
Distribution fee payable		6,606
Transfer Agent fee payable		129
Accrued expenses and other liabilities		103,112
Total liabilities		1,619,767
NET ASSETS	$	59,158,816
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,070
Additional paid-in capital		29,604,767
Distributable earnings		29,551,979
NET ASSETS	$	59,158,816

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	27,398,619		950,005	$	28.84
B	$	31,760,197		1,120,390	$	28.35

(a) Includes securities on loan with a value of $3,099,122 (see Note E).

See notes to financial statements.

8

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $65,317)	$	444,182
Affiliated issuers		163
Securities lending income		3,437
		447,782
EXPENSES
Advisory fee (see Note B)		221,533
Distribution fee—Class B		39,875
Transfer agency—Class A		1,139
Transfer agency—Class B		1,337
Custody and accounting		48,024
Administrative		39,336
Audit and tax		26,444
Printing		13,875
Legal		10,410
Directors’ fees		9,658
Miscellaneous		5,934
Total expenses		417,565
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(15,541	)
Net expenses		402,024
Net investment income		45,758
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		5,044,732
Forward currency exchange contracts		(101,490	)
Foreign currency transactions		300,663
Net change in unrealized appreciation/depreciation of:
Investments(b)		(2,495,731	)
Forward currency exchange contracts		(121,925	)
Foreign currency denominated assets and liabilities		5,747
Net gain on investment and foreign currency transactions		2,631,996
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,677,754

(a) Net of foreign realized capital gains taxes of $3,215.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $52,193.

See notes to financial statements.

9

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	45,758		$	(287,752	)
Net realized gain on investment and foreign currency transactions		5,243,905			5,175,567
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(2,611,909	)		9,124,962
Net increase in net assets from operations		2,677,754			14,012,777
Distributions to Shareholders
Class A		–0	–		(2,359,331	)
Class B		–0	–		(2,741,392	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(2,997,376	)		(3,312,483	)
Total increase (decrease)		(319,622	)		5,599,571
NET ASSETS
Beginning of period		59,478,438			53,878,867
End of period	$	59,158,816		$	59,478,438

See notes to financial statements.

10

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland 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. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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

11

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

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

2. Fair Value Measurements

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

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	1,817,878		$	9,592,345	$	–0	–	$	11,410,223
Industrials		3,580,971			6,856,966		–0	–		10,437,937
Information Technology		3,004,550			6,972,647		–0	–		9,977,197
Health Care		2,612,265			5,369,172		–0	–		7,981,437
Consumer Discretionary		2,127,820			2,460,278		–0	–		4,588,098
Materials		1,078,886			3,047,813		–0	–		4,126,699
Consumer Staples		–0	–		3,991,270		–0	–		3,991,270

12

AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Communication Services

$

425,630

$

890,067

$

–0

–

$

1,315,697

Utilities

–0

–

1,138,331

–0

–

1,138,331

Energy

–0

–

983,128

–0

–

983,128

Short-Term Investments

1,549,082

–0

–

–0

–

1,549,082

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

1,007,754

–0

–

–0

–

1,007,754

Total Investments in Securities

17,204,836

41,302,017

(a)

–0

–

58,506,853

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

391,660

–0

–

391,660

Liabilities:

Forward Currency Exchange Contracts

–0

–

(272,945

)

–0

–

(272,945

)

Total

$

17,204,836

$

41,420,732

$

–0

–

$

58,625,568

(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.

13

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has contractually agreed to waive its management fee and/or bear expenses of the Portfolio in order to reduce the Portfolio’s total operating expenses by an amount equal to 0.05% on an annual basis of the average net assets for Class A and Class B. For the six months ended June 30, 2021, such reimbursements/waivers amounted to $14,768. This fee waiver and/or expense reimbursement agreement extends through May 1, 2022 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,336.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

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, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $760.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at  Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,456	$	8,032	$	7,939	$	1,549	$	0	*
Government Money Market Portfolio**		2,335		8,283		9,610		1,008		0	*
Total							$	2,557	$	0	*

* Amount is less than $500.

** 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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

14

AB Variable Products Series Fund

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

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	8,813,841		$	12,468,210
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	20,061,966
Gross unrealized depreciation		(923,690	)
Net unrealized appreciation	$	19,138,276

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

15

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

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

During the six months ended June 30, 2021, the Portfolio held forward currency exchange contracts for hedging purposes.

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

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

During the six months ended June 30, 2021, 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	$	391,660	Unrealized depreciation on forward currency exchange contracts	$	272,945
Total		$	391,660		$	272,945

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	$	(101,490	)	$	(121,925	)
Total		$	(101,490	)	$	(121,925	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2021:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	26,107,914
Average principal amount of sale contracts	$	18,331,300

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

16

AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2021. 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

$

16,924

$

–0

–

$

–0

–

$

–0

–

$

16,924

Barclays Bank PLC

221,029

(4,411

)

–0

–

–0

–

216,618

Citibank, NA

24,123

(220

)

–0

–

–0

–

23,903

Deutsche Bank AG

12,184

(6,696

)

–0

–

–0

–

5,488

Goldman Sachs Bank USA

71,520

(71,520

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

3,647

(535

)

–0

–

–0

–

3,112

Morgan Stanley Capital Services, Inc.

615

(467

)

–0

–

–0

–

148

State Street Bank & Trust Co.

41,019

(20,866

)

–0

–

–0

–

20,153

UBS AG

599

(236

)

–0

–

–0

–

363

Total

$

391,660

$

(104,951

)

$

–0

–

$

–0

–

$

286,709

^

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

$

4,411

$

(4,411

)

$

–0

–

$

–0

–

$

–0

–

BNP Paribas SA

89,066

–0

–

–0

–

–0

–

89,066

Citibank, NA

220

(220

)

–0

–

–0

–

–0

–

Deutsche Bank AG

6,696

(6,696

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

116,506

(71,520

)

–0

–

–0

–

44,986

JPMorgan Chase Bank, NA

535

(535

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

467

(467

)

–0

–

–0

–

–0

–

Natwest Markets PLC

1,187

–0

–

–0

–

–0

–

1,187

Standard Chartered Bank

32,755

–0

–

–0

–

–0

–

32,755

State Street Bank & Trust Co.

20,866

(20,866

)

–0

–

–0

–

–0

–

UBS AG

236

(236

)

–0

–

–0

–

–0

–

Total

$

272,945

$

(104,951

)

$

–0

–

$

–0

–

$

167,994

^

* 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

17

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

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

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2021 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
$3,099,122	$1,007,754	$2,252,554	$3,366	$71	$13

* As of June 30, 2021.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		15,339			19,172		$	430,777		$	434,740
Shares issued in reinvestment of dividends and distributions		–0	–		102,313			–0	–		2,359,331
Shares redeemed		(59,995	)		(153,877	)		(1,692,101	)		(3,611,499	)
Net decrease		(44,656	)		(32,392	)	$	(1,261,324	)	$	(817,428	)
Class B
Shares sold		46,860			108,028		$	1,285,269		$	2,392,079
Shares issued in reinvestment of dividends and distributions		–0	–		120,660			–0	–		2,741,392
Shares redeemed		(108,951	)		(331,740	)		(3,021,321	)		(7,628,526	)
Net decrease		(62,091	)		(103,052	)	$	(1,736,052	)	$	(2,495,055	)

18

AB Variable Products Series Fund

At June 30, 2021, 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 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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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

19

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

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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2020 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.

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

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

INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$27.56			$23.49			$18.99			$23.15			$17.34			$18.62
Income From Investment Operations
Net investment income (loss) (a) (b)		.04			(.10	)		.08			.15			.06			.11	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.24			6.65			5.08			(4.16	)		6.00			(1.39	)
Net increase (decrease) in net asset value from operations		1.28			6.55			5.16			(4.01	)		6.06			(1.28	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.34	)		(.13	)		(.15	)		(.25	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(2.14	)		(.53	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(2.48	)		(.66	)		(.15	)		(.25	)		–0	–
Net asset value, end of period		$28.84			$27.56			$23.49			$18.99			$23.15			$17.34
Total Return
Total investment return based on net asset value (c)*		4.64	%		29.94	%		27.53	%		(17.41	)%		35.02	%		(6.87	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$27,399			$27,410			$24,123			$21,522			$30,318			$26,045
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.23	%^		1.31	%		1.36	%		1.27	%		1.24	%		1.27	%
Expenses, before waivers/reimbursements		1.28	%^		1.37	%		1.41	%		1.29	%		1.24	%		1.27	%
Net investment income (loss) (b)		.29	%^		(.42	)%		.40	%		.69	%		.30	%		.60	%†
Portfolio turnover rate		16	%		34	%		49	%		33	%		52	%		52	%

See footnote summary on page 22.

21

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

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

	CLASS B
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$27.12			$23.15			$18.71			$22.80			$17.09			$18.39
Income From Investment Operations
Net investment income (loss) (a) (b)		.01			(.15	)		.03			.09			.01			.07	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.22			6.54			5.00			(4.09	)		5.90			(1.37	)
Net increase (decrease) in net asset value from operations		1.23			6.39			5.03			(4.00	)		5.91			(1.30	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.28	)		(.06	)		(.09	)		(.20	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(2.14	)		(.53	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(2.42	)		(.59	)		(.09	)		(.20	)		–0	–
Net asset value, end of period		$28.35			$27.12			$23.15			$18.71			$22.80			$17.09
Total Return
Total investment return based on net asset value (c)*		4.53	%		29.60	%		27.23	%		(17.60	)%		34.63	%		(7.07	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$31,760			$32,068			$29,756			$28,169			$41,007			$32,843
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.48	%^		1.56	%		1.61	%		1.52	%		1.49	%		1.52	%
Expenses, before waivers/reimbursements		1.53	%^		1.62	%		1.66	%		1.54	%		1.49	%		1.52	%
Net investment income (loss) (b)		.04	%^		(.67	)%		.15	%		.43	%		.04	%		.37	%†
Portfolio turnover rate		16	%		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.

^ Annualized.

See notes to financial statements.

22

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 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

23

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 3-5, 2021 (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 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 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts

24

AB Variable Products Series Fund

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2021 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior 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 also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

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

25

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

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above a 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 had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

26

VPS-IG-0152-0621

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERNATIONAL VALUE PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,097.60	$	4.68		0.90	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.33	$	4.51		0.90	%
Class B
Actual	$	1,000	$	1,096.90	$	5.98		1.15	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.09	$	5.76		1.15	%

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

1

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Roche Holding AG	$	14,764,506		4.3	%
Bank of Ireland Group PLC		7,729,815		2.2
Stellantis NV		7,656,038		2.2
Airbus SE		7,235,083		2.1
SCREEN Holdings Co., Ltd.		7,115,248		2.1
GlaxoSmithKline PLC		7,029,498		2.0
EDP—Energias de Portugal SA		6,823,366		2.0
Suncorp Group Ltd.		6,794,996		2.0
Tosoh Corp.		6,754,008		1.9
Erste Group Bank AG		6,717,771		1.9
	$	78,620,329		22.7	%

SECTOR BREAKDOWN²

June 30, 2021 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF  TOTAL INVESTMENTS
Consumer Discretionary	$	64,999,327		19.1	%
Financials		64,369,386		18.9
Health Care		40,472,445		11.9
Industrials		40,054,230		11.7
Consumer Staples		29,230,292		8.6
Information Technology		25,134,631		7.4
Materials		23,863,384		7.0
Communication Services		20,296,013		6.0
Energy		13,295,004		3.9
Utilities		12,712,536		3.7
Real Estate		5,267,507		1.5
Short-Term Investments		1,110,375		0.3
Total Investments	$	340,805,130		100.0	%

1 Long-term investments.

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

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

2

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Japan	$	68,906,283		20.2	%
United Kingdom		50,647,413		14.9
France		35,134,410		10.3
Netherlands		20,288,519		6.0
Germany		20,277,398		5.9
Italy		19,291,145		5.7
Switzerland		18,719,048		5.5
Ireland		16,388,068		4.8
South Korea		10,411,161		3.1
Sweden		8,633,202		2.5
Australia		8,604,881		2.5
Denmark		7,802,064		2.3
Canada		7,548,285		2.2
Other		47,042,878		13.8
Short-Term Investments		1,110,375		0.3
Total Investments	$	340,805,130		100.0	%

1 All data are as of June 30, 2021. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 2.0% or less in the following: Austria, Belgium, Finland, Israel, Macau, Norway, Poland, Portugal and Spain.

3

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.1%
CONSUMER DISCRETIONARY–18.8%
AUTO COMPONENTS–3.2%
Faurecia SE		136,146	$	6,692,971
Pirelli & C SpA(a) (b)		777,141		4,519,124
				11,212,095
AUTOMOBILES–3.6%
Stellantis NV		389,288		7,656,038
Suzuki Motor Corp.		114,400		4,848,224
				12,504,262
DIVERSIFIED CONSUMER SERVICES–1.7%
Benesse Holdings, Inc.		231,400		5,746,788
HOTELS, RESTAURANTS & LEISURE–4.3%
Entain PLC(c)		231,010		5,582,036
Galaxy Entertainment Group Ltd.(c)		534,000		4,269,909
Restaurant Brands International, Inc.		78,420		5,052,763
				14,904,708
HOUSEHOLD DURABLES–2.6%
Persimmon PLC		104,050		4,262,262
Sony Group Corp.		48,400		4,693,213
				8,955,475
SPECIALTY RETAIL–0.7%
Kingfisher PLC		476,754		2,406,222
TEXTILES, APPAREL & LUXURY GOODS–2.7%
HUGO BOSS AG		95,160		5,183,236
Pandora A/S		30,290		4,086,541
				9,269,777
				64,999,327
FINANCIALS–18.6%
BANKS–13.0%
Bank Hapoalim BM(c)		184,678		1,482,709
Bank Leumi Le-Israel BM(c)		465,060		3,533,862
Bank of Ireland Group PLC(c)		1,440,481		7,729,815
Bank Polska Kasa Opieki SA(c)		143,770		3,508,447
BNP Paribas SA		82,220		5,160,097
Erste Group Bank AG		182,740		6,717,771
KBC Group NV		81,190		6,198,963
Mediobanca Banca di Credito Finanziario SpA(c)		452,770		5,297,476
Nordea Bank Abp		474,710		5,286,326
				44,915,466
CAPITAL MARKETS–1.2%
Credit Suisse Group AG		377,777		3,954,542
CONSUMER FINANCE–0.0%
Isracard Ltd.(c)		1		4

Company	Shares		U.S. $ Value
DIVERSIFIED FINANCIAL SERVICES–0.9%
ORIX Corp.		192,800	$	3,258,628
INSURANCE–3.5%
NN Group NV		115,280		5,445,750
Suncorp Group Ltd.(a)		816,190		6,794,996
				12,240,746
				64,369,386
HEALTH CARE–11.7%
HEALTH CARE EQUIPMENT & SUPPLIES–3.0%
ConvaTec Group PLC(b)		1,560,619		5,194,083
Smith & Nephew PLC		241,770		5,243,320
				10,437,403
PHARMACEUTICALS–8.7%
GlaxoSmithKline PLC		357,570		7,029,498
Nippon Shinyaku Co., Ltd.		37,200		2,959,542
Roche Holding AG		39,180		14,764,506
Sanofi		50,270		5,281,496
				30,035,042
				40,472,445
INDUSTRIALS–11.6%
AEROSPACE & DEFENSE–3.1%
Airbus SE(c)		56,150		7,235,083
Saab AB–Class B		124,200		3,297,326
				10,532,409
ELECTRICAL EQUIPMENT–2.8%
Fuji Electric Co., Ltd.		127,300		5,941,996
Prysmian SpA		99,910		3,585,376
				9,527,372
INDUSTRIAL CONGLOMERATES–1.4%
Melrose Industries PLC		2,295,130		4,940,316
MACHINERY–1.6%
Alstom SA(c)		112,240		5,671,009
PROFESSIONAL SERVICES–0.8%
UT Group Co., Ltd.		97,000		2,830,560
ROAD & RAIL–1.0%
Sankyu, Inc.		79,800		3,467,776
TRADING COMPANIES & DISTRIBUTORS–0.9%
AerCap Holdings NV(c)		60,238		3,084,788
				40,054,230
CONSUMER STAPLES–8.4%
BEVERAGES–1.1%
Carlsberg AS–Class B		19,910		3,715,523

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
FOOD & STAPLES RETAILING–1.0%
Koninklijke Ahold Delhaize NV		122,650	$	3,652,462
FOOD PRODUCTS–2.9%
Morinaga & Co., Ltd./Japan		46,000		1,471,157
Nichirei Corp.		138,500		3,641,637
Salmar ASA		75,900		5,038,870
				10,151,664
TOBACCO–3.4%
British American Tobacco PLC		164,190		6,374,767
Swedish Match AB		625,680		5,335,876
				11,710,643
				29,230,292
INFORMATION TECHNOLOGY–7.2%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.7%
NXP Semiconductors NV		17,180		3,534,270
SCREEN Holdings Co., Ltd.		72,400		7,115,248
SK Hynix, Inc.		49,170		5,549,746
				16,199,264
SOFTWARE–1.1%
Avast PLC(b)		600,930		4,073,953
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.4%
Samsung Electronics Co., Ltd.		67,910		4,861,414
				25,134,631
MATERIALS–6.9%
CHEMICALS–4.0%
Evonik Industries AG		131,970		4,430,680
Tosoh Corp.		391,700		6,754,008
Zeon Corp.		202,300		2,799,824
				13,984,512
CONSTRUCTION MATERIALS–1.6%
CRH PLC		110,210		5,573,465
METALS & MINING–1.3%
Agnico Eagle Mines Ltd.		41,268		2,495,522
Northern Star Resources Ltd.		246,440		1,809,885
				4,305,407
				23,863,384
COMMUNICATION SERVICES–5.9%
DIVERSIFIED TELECOMMUNICATION SERVICES–3.1%
Deutsche Telekom AG		264,930		5,603,270
Orange SA		446,320		5,093,755
				10,697,025

Company	Shares		U.S. $ Value
ENTERTAINMENT–1.9%
GungHo Online Entertainment, Inc.		134,500	$	2,671,228
Konami Holdings Corp.(a)		64,200		3,844,930
				6,516,158
INTERACTIVE MEDIA & SERVICES–0.9%
Dip Corp.		100,000		3,082,830
				20,296,013
ENERGY–3.8%
OIL, GAS & CONSUMABLE FUELS–3.8%
ENEOS Holdings, Inc.		852,200		3,571,399
Repsol SA(a)		332,945		4,182,650
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A(a)		274,230		5,540,955
				13,295,004
UTILITIES–3.7%
ELECTRIC UTILITIES–3.7%
EDP–Energias de Portugal SA		1,287,354		6,823,366
Enel SpA		633,730		5,889,170
				12,712,536
REAL ESTATE–1.5%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.5%
Aroundtown SA		648,560		5,060,212
Daito Trust Construction Co., Ltd.		1,900		207,295
				5,267,507
Total Common Stocks (cost $288,182,660)				339,694,755
SHORT-TERM INVESTMENTS–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(d)(e)(f) (cost $1,110,375)		1,110,375		1,110,375
TOTAL INVESTMENTS–98.4% (cost $289,293,035)				340,805,130
Other assets less liabilities–1.6%				5,511,317
NET ASSETS–100.0%			$	346,316,447

5

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

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		NOK	28,092		USD	3,304		07/15/2021	$	41,017
Bank of America, NA		SEK	7,294		USD	871		07/15/2021		19,035
Bank of America, NA		USD	3,791		SEK	32,406		07/15/2021		(4,050	)
Bank of America, NA		USD	1,508		RUB	112,289		07/28/2021		21,149
Bank of America, NA		USD	4,975		JPY	551,157		08/19/2021		(11,993	)
Barclays Bank PLC		USD	1,667		KRW	1,857,615		07/22/2021		(23,576	)
Barclays Bank PLC		EUR	19,653		USD	24,102		08/03/2021		782,680
Barclays Bank PLC		USD	567		JPY	62,795		08/19/2021		(1,292	)
BNP Paribas SA		JPY	435,917		USD	3,949		08/19/2021		23,344
BNP Paribas SA		USD	3,637		SGD	4,849		08/19/2021		(31,120	)
BNP Paribas SA		PLN	13,075		USD	3,453		09/17/2021		23,252
BNP Paribas SA		ILS	15,745		USD	4,824		09/30/2021		(10,547	)
Citibank, NA		CAD	5,460		USD	4,362		07/16/2021		(42,812	)
Citibank, NA		USD	814		NZD	1,124		07/29/2021		(27,912	)
Citibank, NA		USD	7,097		CHF	6,386		08/05/2021		(188,965	)
Citibank, NA		HKD	49,706		USD	6,402		08/19/2021		(517	)
Citibank, NA		USD	5,604		GBP	3,980		08/26/2021		(98,189	)
Citibank, NA		USD	2,716		CNY	17,687		09/16/2021		3,799
Deutsche Bank AG		BRL	7,454		USD	1,509		07/02/2021		10,254
Deutsche Bank AG		USD	1,490		BRL	7,454		07/02/2021		8,509
Deutsche Bank AG		USD	1,504		BRL	7,454		08/03/2021		(10,617	)
Goldman Sachs Bank USA		BRL	7,454		USD	1,490		07/02/2021		(8,509	)
Goldman Sachs Bank USA		USD	1,399		BRL	7,454		07/02/2021		99,287
Goldman Sachs Bank USA		JPY	78,919		USD	720		08/19/2021		9,822
Goldman Sachs Bank USA		USD	14,533		JPY	1,581,569		08/19/2021		(290,731	)
JPMorgan Chase Bank, NA		JPY	99,255		USD	908		08/19/2021		14,482
Morgan Stanley Capital Services, Inc.		SEK	33,236		USD	3,923		07/15/2021		39,426
Morgan Stanley Capital Services, Inc.		EUR	1,064		USD	1,302		08/03/2021		40,156
Morgan Stanley Capital Services, Inc.		USD	3,476		EUR	2,925		08/03/2021		(5,814	)
Morgan Stanley Capital Services, Inc.		USD	8,797		CHF	7,995		08/05/2021		(148,705	)
Morgan Stanley Capital Services, Inc.		JPY	191,271		USD	1,736		08/19/2021		13,267
Morgan Stanley Capital Services, Inc.		USD	681		HKD	5,287		08/19/2021		(277	)
Morgan Stanley Capital Services, Inc.		GBP	634		USD	876		08/26/2021		(859	)
Natwest Markets PLC		CAD	828		USD	684		07/16/2021		16,357
Natwest Markets PLC		EUR	10,647		USD	12,747		08/03/2021		113,674
Natwest Markets PLC		USD	4,740		EUR	3,982		08/03/2021		(14,884	)
Natwest Markets PLC		JPY	118,145		USD	1,074		08/19/2021		9,733
Natwest Markets PLC		USD	1,164		JPY	127,048		08/19/2021		(19,819	)
Natwest Markets PLC		GBP	1,109		USD	1,551		08/26/2021		17,147
Standard Chartered Bank		CAD	831		USD	666		07/16/2021		(5,028	)
Standard Chartered Bank		KRW	10,411,054		USD	9,337		07/22/2021		124,419
Standard Chartered Bank		KRW	1,801,203		USD	1,593		07/22/2021		(638	)
State Street Bank & Trust Co.		SEK	9,261		USD	1,095		07/15/2021		12,556
State Street Bank & Trust Co.		USD	983		SEK	8,124		07/15/2021		(33,270	)
State Street Bank & Trust Co.		CAD	2,561		USD	2,061		07/16/2021		(4,448	)
State Street Bank & Trust Co.		USD	426		CAD	522		07/16/2021		(4,508	)
State Street Bank & Trust Co.		EUR	35		USD	42		08/03/2021		1,278
State Street Bank & Trust Co.		USD	1,614		EUR	1,351		08/03/2021		(11,276	)

6

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		JPY	750,376		USD	6,888		08/19/2021	$	130,668
State Street Bank & Trust Co.		USD	4,485		HKD	34,810		08/19/2021		(1,468	)
State Street Bank & Trust Co.		GBP	674		USD	932		08/26/2021		(61	)
State Street Bank & Trust Co.		USD	261		ILS	846		09/30/2021		(1,102	)
UBS AG		USD	16,278		AUD	21,015		08/25/2021		(514,368	)
UBS AG		USD	1,679		MXN	33,905		08/27/2021		9,789
UBS AG		USD	790		ILS	2,567		09/30/2021		(2,170	)
									$	65,575

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

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $13,787,160 or 4.0% of net assets.

(c) Non-income producing security.

(d) Affiliated investments.

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

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

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

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

USD—United States Dollar

See notes to financial statements.

7

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $288,182,660)	$	339,694,755	(a)
Affiliated issuers (cost $1,110,375)		1,110,375
Foreign currencies, at value (cost $2,593,513)		2,577,614
Receivable for investment securities sold and foreign currency transactions		4,111,601
Unrealized appreciation on forward currency exchange contracts		1,585,100
Unaffiliated dividends receivable		1,160,805
Receivable for capital stock sold		109,535
Affiliated dividends receivable		40
Total assets		350,349,825
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		1,792,394
Unrealized depreciation on forward currency exchange contracts		1,519,525
Advisory fee payable		221,414
Payable for capital stock redeemed		104,288
Foreign capital gains tax payable		77,257
Distribution fee payable		64,311
Administrative fee payable		20,674
Transfer Agent fee payable		129
Accrued expenses		233,386
Total liabilities		4,033,378
NET ASSETS	$	346,316,447
COMPOSITION OF NET ASSETS
Capital stock, at par	$	21,996
Additional paid-in capital		303,782,245
Distributable earnings		42,512,206
NET ASSETS	$	346,316,447

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	44,104,394		2,780,510	$	15.86
B	$	302,212,053		19,215,083	$	15.73

(a) Includes securities on loan with a value of $9,926,018 (see Note E).

See notes to financial statements.

8

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $608,345)	$	6,561,970
Affiliated issuers		209
Securities lending income		29,852
		6,592,031
EXPENSES
Advisory fee (see Note B)		1,298,833
Distribution fee—Class B		377,632
Transfer agency—Class A		421
Transfer agency—Class B		2,867
Custody and accounting		78,554
Printing		67,078
Administrative		39,735
Audit and tax		27,620
Legal		18,177
Directors’ fees		11,575
Miscellaneous		19,715
Total expenses		1,942,207
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(1,005	)
Net expenses		1,941,202
Net investment income		4,650,829
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		24,778,812
Forward currency exchange contracts		(726,614	)
Foreign currency transactions		267,483
Net change in unrealized appreciation/depreciation of:
Investments		3,541,560
Forward currency exchange contracts		(307,371	)
Foreign currency denominated assets and liabilities		(66,263	)
Net gain on investment and foreign currency transactions		27,487,607
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	32,138,436

See notes to financial statements.

9

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,650,829		$	3,805,022
Net realized gain (loss) on investment and foreign currency transactions		24,319,681			(11,954,683	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		3,167,926			13,751,888
Net increase in net assets from operations		32,138,436			5,602,227
Distributions to Shareholders
Class A		–0	–		(699,773	)
Class B		–0	–		(4,157,435	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(27,230,981	)		(36,959,684	)
Total increase (decrease)		4,907,455			(36,214,665	)
NET ASSETS
Beginning of period		341,408,992			377,623,657
End of period	$	346,316,447		$	341,408,992

See notes to financial statements.

10

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 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. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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

11

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

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

2. Fair Value Measurements

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

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Consumer Discretionary	$	5,052,763		$	59,946,564	$	–0	–	$	64,999,327
Financials		–0	–		64,369,386		–0	–		64,369,386
Health Care		5,194,083			35,278,362		–0	–		40,472,445
Industrials		3,084,788			36,969,442		–0	–		40,054,230
Consumer Staples		–0	–		29,230,292		–0	–		29,230,292
Information Technology		3,534,270			21,600,361		–0	–		25,134,631
Materials		2,495,522			21,367,862		–0	–		23,863,384
Communication Services		–0	–		20,296,013		–0	–		20,296,013

12

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Energy	$	–0	–	$	13,295,004		$	–0	–	$	13,295,004
Utilities		6,823,366			5,889,170			–0	–		12,712,536
Real Estate		–0	–		5,267,507			–0	–		5,267,507
Short-Term Investments		1,110,375			–0	–		–0	–		1,110,375
Total Investments in Securities		27,295,167			313,509,963	(a)		–0	–		340,805,130
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		1,585,100			–0	–		1,585,100
Liabilities:
Forward Currency Exchange Contracts		–0	–		(1,519,525	)		–0	–		(1,519,525	)
Total	$	27,295,167		$	313,575,538		$	–0	–	$	340,870,705

(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.

13

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2021, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,735.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

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, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $941.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)			Dividend Income (000)
Government Money Market Portfolio	$	318	$	45,061	$	44,269	$	1,110		$	0	*
Government Money Market Portfolio**		5,169		26,901		32,070		–0	–		0	*
Total							$	1,110		$	0	*

* Amount is less than $500.

** 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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

14

AB Variable Products Series Fund

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

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	85,706,285		$	110,148,374
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	61,107,765
Gross unrealized depreciation		(9,530,095	)
Net unrealized appreciation	$	51,577,670

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”.

15

INTERNATIONAL VALUE 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 six months ended June 30, 2021, the Portfolio held forward currency exchange contracts for hedging purposes.

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

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

During the six months ended June 30, 2021, 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	$	1,585,100	Unrealized depreciation on forward currency exchange contracts	$	1,519,525
Total		$	1,585,100		$	1,519,525

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	$	(726,614	)	$	(307,371	)
Total		$	(726,614	)	$	(307,371	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2021:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	81,689,195
Average principal amount of sale contracts	$	81,165,279

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

16

AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2021. 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

$

81,201

$

(16,043

)

$

–0

–

$

–0

–

$

65,158

Barclays Bank PLC

782,680

(24,868

)

–0

–

–0

–

757,812

BNP Paribas SA

46,596

(41,667

)

–0

–

–0

–

4,929

Citibank, NA

3,799

(3,799

)

–0

–

–0

–

–0

–

Deutsche Bank AG

18,763

(10,617

)

–0

–

–0

–

8,146

Goldman Sachs Bank USA

109,109

(109,109

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

14,482

–0

–

–0

–

–0

–

14,482

Morgan Stanley Capital Services, Inc.

92,849

(92,849

)

–0

–

–0

–

–0

–

Natwest Markets PLC

156,911

(34,703

)

–0

–

–0

–

122,208

Standard Chartered Bank

124,419

(5,666

)

–0

–

–0

–

118,753

State Street Bank & Trust Co.

144,502

(56,133

)

–0

–

–0

–

88,369

UBS AG

9,789

(9,789

)

–0

–

–0

–

–0

–

Total

$

1,585,100

$

(405,243

)

$

–0

–

$

–0

–

$

1,179,857

^

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

$

16,043

$

(16,043

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

24,868

(24,868

)

–0

–

–0

–

–0

–

BNP Paribas SA

41,667

(41,667

)

–0

–

–0

–

–0

–

Citibank, NA

358,395

(3,799

)

–0

–

–0

–

354,596

Deutsche Bank AG

10,617

(10,617

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

299,240

(109,109

)

–0

–

–0

–

190,131

Morgan Stanley Capital Services, Inc.

155,655

(92,849

)

–0

–

–0

–

62,806

Natwest Markets PLC

34,703

(34,703

)

–0

–

–0

–

–0

–

Standard Chartered Bank

5,666

(5,666

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

56,133

(56,133

)

–0

–

–0

–

–0

–

UBS AG

516,538

(9,789

)

–0

–

–0

–

506,749

Total

$

1,519,525

$

(405,243

)

$

–0

–

$

–0

–

$

1,114,282

^

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

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

2. Currency Transactions

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

17

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

NOTE E: Securities Lending

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

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2021 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
$	9,926,018	$	–0–	$	10,559,087	$	29,692	$	160	$	64

* As of June 30, 2021.

18

AB Variable Products Series Fund

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		106,550			486,449		$	1,638,921		$	5,692,849
Shares issued in reinvestment of dividends		–0	–		54,029			–0	–		699,773
Shares redeemed		(232,671	)		(1,395,831	)		(3,645,953	)		(17,164,618	)
Net decrease		(126,121	)		(855,353	)	$	(2,007,032	)	$	(10,771,996	)
Class B
Shares sold		266,921			2,131,892		$	4,097,706		$	23,010,244
Shares issued in reinvestment of dividends		–0	–		323,268			–0	–		4,157,435
Shares redeemed		(1,926,554	)		(4,300,841	)		(29,321,655	)		(53,355,367	)
Net decrease		(1,659,633	)		(1,845,681	)	$	(25,223,949	)	$	(26,187,688	)

At June 30, 2021, 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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain LIBOR rates are intended to be published until June 2023, banks

19

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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.

20

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 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.

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE K: Subsequent Events

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

21

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	Class A
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.45			$14.37			$12.38			$16.30			$13.28			$13.52
Income From Investment Operations
Net investment income (a)(b)		.22			.18			.28			.25			.31			.30	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.19			.14			1.84			(3.94	)		3.06			(.37	)
Net increase (decrease) in net asset value from operations		1.41			.32			2.12			(3.69	)		3.37			(.07	)
Less: Dividends
Dividends from net investment income		–0	–		(.24	)		(.13	)		(.23	)		(.35	)		(.17	)
Net asset value, end of period		$15.86			$14.45			$14.37			$12.38			$16.30			$13.28
Total Return
Total investment return based on net asset value (c)*		9.76	%		2.46	%		17.14	%		(22.79	)%		25.42	%		(.50	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$44,104			$41,994			$54,042			$57,234			$53,014			$47,385
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.90	%^		.91	%		.90	%		.86	%		.85	%		.86	%
Expenses, before waivers/reimbursements		.90	%^		.92	%		.90	%		.87	%		.86	%		.86	%
Net investment income (b)		2.92	%^		1.47	%		2.10	%		1.65	%		2.05	%		2.27	%†
Portfolio turnover rate		25	%		54	%		44	%		42	%		45	%		64	%

See footnote summary on page 23.

22

AB Variable Products Series Fund

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

	Class B
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.34			$14.24			$12.29			$16.15			$13.16			$13.41
Income From Investment Operations
Net investment income (a)(b)		.20			.14			.24			.23			.27			.27	†
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.19			.15			1.82			(3.92	)		3.02			(.38	)
Net increase (decrease) in net asset value from operations		1.39			.29			2.06			(3.69	)		3.29			(.11	)
Less: Dividends
Dividends from net investment income		–0	–		(.19	)		(.11	)		(.17	)		(.30	)		(.14	)
Net asset value, end of period		$15.73			$14.34			$14.24			$12.29			$16.15			$13.16
Total Return
Total investment return based on net asset value (c)*		9.69	%		2.21	%		16.79	%		(22.98	)%		25.09	%		(.80	)%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$302,212			$299,415			$323,582			$309,576			$432,885			$460,086
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.15	%^		1.16	%		1.15	%		1.11	%		1.10	%		1.11	%
Expenses, before waivers/reimbursements		1.15	%^		1.17	%		1.15	%		1.11	%		1.11	%		1.11	%
Net investment income (b)		2.65	%^		1.18	%		1.84	%		1.50	%		1.83	%		2.04	%†
Portfolio turnover rate		25	%		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.

^ Annualized.

See notes to financial statements.

23

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 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

24

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 3-5, 2021 (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 withexperienced counsel who are independent of the Adviser, who advised on the relevantlegal 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 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 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous fac-

25

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

tors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2021 and (in the case of comparisons with the broadbased 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 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

26

AB Variable Products Series Fund

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

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above 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 had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

27

VPS-IV-0152-0621

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ LARGE CAP GROWTH PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

LARGE CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,152.40	$	3.47		0.65	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.57	$	3.26		0.65	%
Class B
Actual	$	1,000	$	1,151.00	$	4.80		0.90	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.33	$	4.51		0.90	%

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

1

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF  NET ASSETS
Alphabet, Inc.—Class C	$	69,675,696		8.5	%
Microsoft Corp.		66,452,312		8.1
Facebook, Inc.—Class A		46,915,119		5.7
Amazon.com, Inc.		46,166,947		5.6
Visa, Inc.—Class A		40,580,864		5.0
UnitedHealth Group, Inc.		34,201,180		4.2
Zoetis, Inc.		27,361,934		3.3
NIKE, Inc.—Class B		25,904,265		3.2
Adobe, Inc.		24,948,850		3.1
Home Depot, Inc. (The)		24,643,819		3.0
	$	406,850,986		49.7	%

SECTOR BREAKDOWN²

June 30, 2021 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Information Technology	$	275,954,048		33.6	%
Health Care		159,083,077		19.4
Communication Services		132,518,161		16.2
Consumer Discretionary		120,513,025		14.7
Consumer Staples		42,318,752		5.2
Industrials		39,944,068		4.9
Materials		11,739,053		1.4
Financials		1,887,275		0.2
Short-Term Investments		35,948,552		4.4
Total Investments	$	819,906,011		100.0	%

1 Long-term investments.

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

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

2

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.8%
INFORMATION TECHNOLOGY–33.7%
COMMUNICATIONS EQUIPMENT–1.3%
Arista Networks, Inc.(a)		18,470	$	6,691,866
Motorola Solutions, Inc.		16,679		3,616,841
				10,308,707
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.1%
Amphenol Corp.–Class A		81,412		5,569,395
Cognex Corp.		47,742		4,012,715
IPG Photonics Corp.(a)		36,046		7,597,415
				17,179,525
IT SERVICES–8.5%
EPAM Systems, Inc.(a)		13,829		7,066,066
PayPal Holdings, Inc.(a)		76,002		22,153,063
Visa, Inc.–Class A(b)		173,556		40,580,864
				69,799,993
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.5%
ASML Holding NV ADR		17,800		12,296,952
NVIDIA Corp.		23,049		18,441,505
QUALCOMM, Inc.		147,522		21,085,320
Texas Instruments, Inc.		25,530		4,909,419
Xilinx, Inc.		91,060		13,170,918
				69,904,114
SOFTWARE–13.3%
Adobe, Inc.(a)		42,601		24,948,850
Fortinet, Inc.(a)		52,731		12,559,997
Microsoft Corp.		245,302		66,452,312
Tyler Technologies, Inc.(a)		10,612		4,800,550
				108,761,709
				275,954,048
HEALTH CARE–19.5%
BIOTECHNOLOGY–2.1%
Regeneron Pharmaceuticals, Inc.(a)		5,618		3,137,878
Vertex Pharmaceuticals, Inc.(a)		70,469		14,208,664
				17,346,542
HEALTH CARE EQUIPMENT & SUPPLIES–8.2%
ABIOMED, Inc.(a)		10,523		3,284,334
Align Technology, Inc.(a)		23,416		14,307,176
Edwards Lifesciences Corp.(a)		148,908		15,422,402
IDEXX Laboratories, Inc.(a)		15,448		9,756,184
Intuitive Surgical, Inc.(a)		26,203		24,097,327
				66,867,423
Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–4.2%
UnitedHealth Group, Inc.		85,409	$	34,201,180
HEALTH CARE TECHNOLOGY–0.7%
Veeva Systems, Inc.– Class A(a)		17,617		5,478,006
LIFE SCIENCES TOOLS & SERVICES–1.0%
Illumina, Inc.(a)		9,970		4,717,904
Mettler-Toledo International, Inc.(a)		2,245		3,110,088
				7,827,992
PHARMACEUTICALS–3.3%
Zoetis, Inc.		146,823		27,361,934
				159,083,077
COMMUNICATION SERVICES–16.2%
ENTERTAINMENT–2.0%
Electronic Arts, Inc.		65,582		9,432,659
Take-Two Interactive Software, Inc.(a)		36,689		6,494,687
				15,927,346
INTERACTIVE MEDIA & SERVICES–14.2%
Alphabet, Inc.–Class C(a)		27,800		69,675,696
Facebook, Inc.–Class A(a)		134,926		46,915,119
				116,590,815
				132,518,161
CONSUMER DISCRETIONARY–14.7%
DIVERSIFIED CONSUMER SERVICES–0.6%
Chegg, Inc.(a)		55,034		4,573,876
HOTELS, RESTAURANTS & LEISURE–0.9%
Domino’s Pizza, Inc.		16,800		7,837,032
INTERNET & DIRECT MARKETING RETAIL–6.6%
Amazon.com, Inc.(a)		13,420		46,166,947
Etsy, Inc.(a)		38,598		7,945,013
				54,111,960
SPECIALTY RETAIL–3.4%
Burlington Stores, Inc.(a)		10,690		3,442,073
Home Depot, Inc. (The)		77,280		24,643,819
				28,085,892
TEXTILES, APPAREL & LUXURY GOODS–3.2%
NIKE, Inc.–Class B		167,676		25,904,265
				120,513,025

3

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

Company	Shares		U.S. $ Value
CONSUMER STAPLES–5.2%
BEVERAGES–2.8%
Monster Beverage Corp.(a)		248,138	$	22,667,406
FOOD & STAPLES RETAILING–2.4%
Costco Wholesale Corp.		49,666		19,651,346
				42,318,752
INDUSTRIALS–4.9%
BUILDING PRODUCTS–1.0%
Allegion PLC		38,574		5,373,358
Trex Co., Inc.(a)		30,154		3,082,041
				8,455,399
COMMERCIAL SERVICES & SUPPLIES–1.3%
Copart, Inc.(a)		81,898		10,796,613
ELECTRICAL EQUIPMENT–0.5%
AMETEK, Inc.		30,430		4,062,405
INDUSTRIAL CONGLOMERATES–1.5%
Roper Technologies, Inc.		26,005		12,227,551
MACHINERY–0.6%
IDEX Corp.		20,005		4,402,100
				39,944,068
MATERIALS–1.4%
CHEMICALS–1.4%
Sherwin-Williams Co. (The)		43,087		11,739,053
FINANCIALS–0.2%
CAPITAL MARKETS–0.2%
MarketAxess Holdings, Inc.		4,071		1,887,275
Total Common Stocks (cost $362,359,089)				783,957,459
Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–4.4%
INVESTMENT COMPANIES–4.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c)(d)(e) (cost $35,948,552)		35,948,552	$	35,948,552
TOTAL INVESTMENTS–100.2% (cost $398,307,641)				819,906,011
Other assets less liabilities–(0.2)%				(1,369,861	)
NET ASSETS–100.0%			$	818,536,150

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

4

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $362,359,089)	$	783,957,459	(a)
Affiliated issuers (cost $35,948,552)		35,948,552
Cash		13,887
Receivable for investment securities sold		1,209,214
Receivable for capital stock sold		327,514
Unaffiliated dividends receivable		74,331
Affiliated dividends receivable		223
Total assets		821,531,180
LIABILITIES
Payable for investment securities purchased		1,235,540
Payable for capital stock redeemed		1,077,378
Advisory fee payable		390,750
Distribution fee payable		90,760
Administrative fee payable		20,498
Transfer Agent fee payable		129
Accrued expenses and other liabilities		179,975
Total liabilities		2,995,030
NET ASSETS	$	818,536,150
COMPOSITION OF NET ASSETS
Capital stock, at par	$	9,621
Additional paid-in capital		299,255,505
Distributable earnings		519,271,024
NET ASSETS	$	818,536,150

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	362,403,104		4,079,317	$	88.84
B	$	456,133,046		5,541,877	$	82.31

(a) Includes securities on loan with a value of $38,601,578 (see Note E).

See notes to financial statements.

5

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $5,303)	$	1,685,205
Affiliated issuers		1,737
Securities lending income		22,671
		1,709,613
EXPENSES
Advisory fee (see Note B)		2,249,122
Distribution fee—Class B		519,781
Transfer agency—Class A		2,000
Transfer agency—Class B		2,492
Custody and accounting		63,895
Administrative		39,467
Printing		30,166
Legal		24,679
Audit and tax		20,072
Directors’ fees		14,328
Miscellaneous		11,153
Total expenses		2,977,155
Less: expenses waived and reimbursed by the Adviser (see Note B)		(7,801	)
Net expenses		2,969,354
Net investment loss		(1,259,741	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		42,654,748
Net change in unrealized appreciation/depreciation of investments		67,620,275
Net gain on investment transactions		110,275,023
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	109,015,282

See notes to financial statements.

6

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(1,259,741	)	$	(1,402,550	)
Net realized gain on investment transactions		42,654,748			59,629,586
Net change in unrealized appreciation/depreciation of investments		67,620,275			138,582,497
Net increase in net assets from operations		109,015,282			196,809,533
Distributions to Shareholders
Class A		–0	–		(21,647,747	)
Class B		–0	–		(28,746,560	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(35,041,805	)		11,225,885
Total increase		73,973,477			157,641,111
NET ASSETS
Beginning of period		744,562,673			586,921,562
End of period	$	818,536,150		$	744,562,673

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

8

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

783,957,459

$

–0

–

$

–0

–

$

783,957,459

Short-Term Investments

35,948,552

–0

–

–0

–

35,948,552

Total Investments in Securities

819,906,011

–0

–

–0

–

819,906,011

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

819,906,011

$

–0

–

$

–0

–

$

819,906,011

(a) See Portfolio of Investments for sector classifications.

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

9

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

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the first $2.5 billion, .50% of the next $2.5 billion and .45% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,467.

10

AB Variable Products Series Fund

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

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, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $7,801.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	37,157	$	61,383	$	62,591	$	35,949	$	2

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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

Sales 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.

11

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	62,262,035		$	100,589,868
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	422,351,822
Gross unrealized depreciation		(753,452	)
Net unrealized appreciation	$	421,598,370

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2021.

2. Currency Transactions

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

NOTE E: Securities Lending

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

12

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 six months ended June 30, 2021 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
$	38,601,578	$	–0–	$	39,735,847	$	22,671	$	–0–	$	–0–

* As of June 30, 2021.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		73,641			641,498		$	5,922,147		$	43,850,540
Shares issued in reinvestment of distributions		–0	–		313,269			–0	–		21,647,747
Shares redeemed		(293,533	)		(968,570	)		(23,679,220	)		(64,695,850	)
Net increase (decrease)		(219,892	)		(13,803	)	$	(17,757,073	)	$	802,437
Class B
Shares sold		222,061			588,384		$	16,462,799		$	36,577,399
Shares issued in reinvestment of distributions		–0	–		447,960			–0	–		28,746,560
Shares redeemed		(457,196	)		(892,446	)		(33,747,531	)		(54,900,511	)
Net increase (decrease)		(235,135	)		143,898		$	(17,284,732	)	$	10,423,448

At June 30, 2021, certain shareholders of the Portfolio owned 66% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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.

13

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

Industry/Sector Risk—Investments in a particular sector, industry or group of related industries, such as the information technology or health care sector, 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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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

14

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	$	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.

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE K: Subsequent Events

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

15

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$77.09			$61.26			$51.75			$56.34			$45.22			$49.50
Income From Investment Operations
Net investment income (loss) (a)(b)		(.08	)		(.06	)		.05			.02			.02			(.03	)†
Net realized and unrealized gain on investment transactions		11.83			21.18			17.18			2.09			14.10			1.44
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		–0	–		.00	(c)
Net increase in net asset value from operations		11.75			21.12			17.23			2.11			14.12			1.41
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(5.29	)		(7.72	)		(6.70	)		(3.00	)		(5.69	)
Net asset value, end of period		$88.84			$77.09			$61.26			$51.75			$56.34			$45.22
Total Return
Total investment return based on net asset value (d)*		15.24	%		35.49	%		34.70	%		2.58	%		31.98	%		2.63	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$362,403			$331,436			$264,234			$190,899			$208,392			$178,136
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.65	%^		.66	%		.67	%		.68	%		.70	%		.85	%
Expenses, before waivers/reimbursements (e)‡		.66	%^		.67	%		.68	%		.68	%		.70	%		.85	%
Net investment income (loss) (b)		(.20	)%^		(.08	)%		.09	%		.04	%		.03	%		(.07	)%†
Portfolio turnover rate		9	%		33	%		38	%		46	%		48	%		59	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 18.

16

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$71.51			$57.28			$48.91			$53.70			$43.32			$47.77
Income From Investment Operations
Net investment loss (a)(b)		(.17	)		(.21	)		(.09	)		(.12	)		(.11	)		(.14	)†
Net realized and unrealized gain on investment transactions		10.97			19.73			16.18			2.03			13.49			1.38
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		–0	–		.00	(c)
Net increase in net asset value from operations		10.80			19.52			16.09			1.91			13.38			1.24
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(5.29	)		(7.72	)		(6.70	)		(3.00	)		(5.69	)
Net asset value, end of period		$82.31			$71.51			$57.28			$48.91			$53.70			$43.32
Total Return
Total investment return based on net asset value (d)*		15.10	%		35.15	%		34.37	%		2.32	%		31.67	%		2.36	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$456,133			$413,127			$322,688			$218,027			$220,934			$202,903
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.90	%^		.91	%		.92	%		.93	%		.95	%		1.10	%
Expenses, before waivers/reimbursements (e)‡		.91	%^		.92	%		.93	%		.93	%		.95	%		1.10	%
Net investment loss (b)		(.45	)%^		(.33	)%		(.16	)%		(.21	)%		(.21	)%		(.32	)%†
Portfolio turnover rate		9	%		33	%		38	%		46	%		48	%		59	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%^		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 18.

17

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

(a) Based on average shares outstanding.

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

(c) 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.

^ Annualized.

See notes to financial statements.

18

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 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

19

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 3-5, 2021 (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 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 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts

20

AB Variable Products Series Fund

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2021 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 also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

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

21

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

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

Economies of Scale

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

22

VPS-LCG-0152-0621

JUN^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ SMALL CAP GROWTH PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

SMALL CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,081.40	$	4.64		0.90	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.33	$	4.51		0.90	%
Class B
Actual	$	1,000	$	1,080.00	$	5.93		1.15	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.09	$	5.76		1.15	%

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

1

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Lattice Semiconductor Corp.	$	1,832,367		1.7	%
Texas Roadhouse, Inc.—Class A		1,816,256		1.6
Trupanion, Inc.		1,812,710		1.6
Synaptics, Inc.		1,740,940		1.6
SiteOne Landscape Supply, Inc.		1,692,261		1.5
LHC Group, Inc.		1,654,148		1.5
First Financial Bankshares, Inc.		1,620,799		1.5
John Bean Technologies Corp.		1,597,059		1.5
Fox Factory Holding Corp.		1,594,114		1.4
Simpson Manufacturing Co., Inc.		1,579,292		1.4
	$	16,939,946		15.3	%

SECTOR BREAKDOWN²

June 30, 2021 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Information Technology	$	28,840,809		26.0	%
Health Care		26,542,077		23.9
Consumer Discretionary		18,380,680		16.6
Industrials		16,671,434		15.0
Financials		9,349,073		8.4
Consumer Staples		2,687,006		2.4
Materials		2,637,450		2.4
Energy		1,392,507		1.3
Real Estate		1,372,384		1.2
Short-Term Investments		3,157,596		2.8
Total Investments	$	111,031,016		100.0	%

1 Long-term investments.

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

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

2

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.6%
INFORMATION TECHNOLOGY–26.1%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–5.6%
Allegro MicroSystems, Inc.(a)		41,491	$	1,149,301
II-VI, Inc.(a)(b)		18,620		1,351,626
Littelfuse, Inc.		4,910		1,251,019
Novanta, Inc.(a)		10,670		1,437,889
Shoals Technologies Group, Inc.(a)		27,460		974,830
				6,164,665
IT SERVICES–3.3%
BigCommerce Holdings, Inc.(a)(b)		18,219		1,182,778
Digitalocean Holdings, Inc.(a)		16,868		937,692
Shift4 Payments, Inc.–Class A(a)		16,013		1,500,738
				3,621,208
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.7%
Ambarella, Inc.(a)		8,672		924,695
Lattice Semiconductor Corp.(a)		32,616		1,832,367
MACOM Technology Solutions Holdings, Inc.(a)		18,640		1,194,451
MKS Instruments, Inc.		6,280		1,117,526
Semtech Corp.(a)		21,870		1,504,656
Silicon Laboratories, Inc.(a)		8,834		1,353,811
Synaptics, Inc.(a)		11,190		1,740,940
				9,668,446
SOFTWARE–7.9%
Anaplan, Inc.(a)		2,109		112,410
Blackline, Inc.(a)		10,710		1,191,702
Duck Creek Technologies, Inc.(a)(b)		21,395		930,896
Everbridge, Inc.(a)		7,700		1,047,816
Manhattan Associates, Inc.(a)		10,570		1,530,959
Rapid7, Inc.(a)		13,120		1,241,546
Smartsheet, Inc.–Class A(a)		16,498		1,193,135
Varonis Systems, Inc.(a)		26,625		1,534,132
				8,782,596
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.6%
ACV Auctions, Inc.(a)		23,562		603,894
				28,840,809
HEALTH CARE–24.0%
BIOTECHNOLOGY–13.3%
ADC Therapeutics SA(a)		20,173		491,213
Allakos, Inc.(a)		6,458		551,319
Allogene Therapeutics, Inc.(a)		20,451		533,362
Annexon, Inc.(a)		18,955		426,677
Ascendis Pharma A/S (Sponsored ADR)(a)		3,791		498,706
Beyondspring, Inc.(a)		37,152	$	387,867
Biohaven Pharmaceutical Holding Co., Ltd.(a)		9,286		901,485
Bioxcel Therapeutics, Inc.(a)(b)		11,222		326,111
Blueprint Medicines Corp.(a)		9,417		828,319
Coherus Biosciences, Inc.(a)		29,701		410,765
Insmed, Inc.(a)		22,886		651,336
Instil Bio, Inc.(a)		25,859		499,596
Intellia Therapeutics, Inc.(a)		8,000		1,295,280
iTeos Therapeutics, Inc.(a)		16,589		425,508
Legend Biotech Corp. ADR(a)		12,612		517,723
Praxis Precision Medicines, Inc.(a)		17,614		321,984
Recursion Pharmaceuticals, Inc.(a)		15,900		580,350
Relay Therapeutics, Inc.(a)		14,145		517,566
Turning Point Therapeutics, Inc.–Class I(a)		9,047		705,847
Twist Bioscience Corp.(a)		9,870		1,315,177
Ultragenyx Pharmaceutical, Inc.(a)		8,053		767,853
Vir Biotechnology, Inc.(a)(b)		14,122		667,688
Y-mAbs Therapeutics, Inc.(a)		15,725		531,505
Zentalis Pharmaceuticals, Inc.(a)		10,746		571,687
				14,724,924
HEALTH CARE EQUIPMENT & SUPPLIES–5.3%
AtriCure, Inc.(a)		17,990		1,427,147
Eargo, Inc.(a)		17,235		687,849
Figs, Inc.(a)		19,266		965,227
Outset Medical, Inc.(a)		17,481		873,700
Selectquote, Inc.(a)		27,911		537,566
Silk Road Medical, Inc.(a)		15,112		723,260
Treace Medical Concepts, Inc.(a)		21,886		684,156
				5,898,905
HEALTH CARE PROVIDERS & SERVICES–2.5%
Allovir, Inc.(a)		15,860		313,076
Certara, Inc.(a)		28,518		807,915
LHC Group, Inc.(a)		8,260		1,654,148
				2,775,139
HEALTH CARE TECHNOLOGY–1.2%
Health Catalyst, Inc.(a)		24,642		1,367,878
LIFE SCIENCES TOOLS & SERVICES–1.1%
Repligen Corp.(a)		5,890		1,175,762
PHARMACEUTICALS–0.6%
Revance Therapeutics, Inc.(a)		20,225		599,469
				26,542,077

3

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

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–16.6%
AUTO COMPONENTS–1.4%
Fox Factory Holding Corp.(a)		10,241	$	1,594,114
HOTELS, RESTAURANTS & LEISURE–4.5%
Hilton Grand Vacations, Inc.(a)		23,410		968,940
Planet Fitness, Inc.(a)		11,534		867,933
Texas Roadhouse, Inc.–Class A		18,880		1,816,256
Wingstop, Inc.		8,206		1,293,512
				4,946,641
HOUSEHOLD DURABLES–3.4%
Installed Building Products, Inc.		10,470		1,281,109
Lovesac Co. (The)(a)		13,910		1,109,879
Skyline Champion Corp.(a)		24,640		1,313,312
				3,704,300
INTERNET & DIRECT MARKETING RETAIL–0.7%
RealReal, Inc. (The)(a)		41,825		826,462
MULTILINE RETAIL–1.3%
Driven Brands Holdings, Inc.(a)		45,132		1,395,481
SPECIALTY RETAIL–5.3%
Five Below, Inc.(a)		5,502		1,063,372
Floor & Decor Holdings, Inc.–Class A(a)		13,290		1,404,753
Lithia Motors, Inc.–Class A		4,198		1,442,601
National Vision Holdings, Inc.(a)		12,640		646,283
Sleep Number Corp.(a)		12,339		1,356,673
				5,913,682
				18,380,680
INDUSTRIALS–15.1%
AEROSPACE & DEFENSE–1.1%
Axon Enterprise, Inc.(a)		6,790		1,200,472
BUILDING PRODUCTS–2.5%
AZEK Co., Inc. (The)(a)		27,789		1,179,921
Simpson Manufacturing Co., Inc.		14,300		1,579,292
				2,759,213
COMMERCIAL SERVICES & SUPPLIES–1.4%
Tetra Tech, Inc.		12,860		1,569,434
CONSTRUCTION & ENGINEERING–1.2%
Hayward Holdings, Inc.(a)		51,338		1,335,815
MACHINERY–6.0%
Chart Industries, Inc.(a)		8,768		1,282,934
Hydrofarm Holdings Group, Inc.(a)		17,883		1,057,064
ITT, Inc.		13,824	$	1,266,140
John Bean Technologies Corp.		11,198		1,597,059
Middleby Corp. (The)(a)		7,830		1,356,626
				6,559,823
ROAD & RAIL–1.4%
Saia, Inc.(a)		7,420		1,554,416
TRADING COMPANIES & DISTRIBUTORS–1.5%
SiteOne Landscape Supply, Inc.(a)		9,998		1,692,261
				16,671,434
FINANCIALS–8.5%
BANKS–2.4%
First Financial Bankshares, Inc.		32,990		1,620,799
Live Oak Bancshares, Inc.		17,230		1,016,570
				2,637,369
CAPITAL MARKETS–2.4%
Houlihan Lokey, Inc.		15,930		1,302,914
Stifel Financial Corp.		21,115		1,369,519
				2,672,433
CONSUMER FINANCE–0.6%
Fisker, Inc.(a)		30,370		585,534
INSURANCE–3.1%
Inari Medical, Inc.(a)		14,183		1,322,990
Trean Insurance Group, Inc.(a)		21,090		318,037
Trupanion, Inc.(a)		15,749		1,812,710
				3,453,737
				9,349,073
CONSUMER STAPLES–2.4%
FOOD & STAPLES RETAILING–0.5%
Chefs’ Warehouse, Inc. (The)(a)		18,302		582,553
FOOD PRODUCTS–1.8%
Freshpet, Inc.(a)		8,651		1,409,767
Vital Farms, Inc.(a)		27,589		550,676
				1,960,443
PERSONAL PRODUCTS–0.1%
Honest Co., Inc. (The)(a)		8,895		144,010
				2,687,006
MATERIALS–2.4%
CHEMICALS–1.3%
Element Solutions, Inc.		59,760		1,397,189
CONTAINERS & PACKAGING–1.1%
Ranpak Holdings Corp.(a)		49,551		1,240,261
				2,637,450
ENERGY–1.3%
OIL, GAS & CONSUMABLE FUELS–1.3%
Matador Resources Co.		38,670		1,392,507

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
REAL ESTATE–1.2%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.2%
QTS Realty Trust, Inc.–Class A		17,754	$	1,372,384
Total Common Stocks (cost $73,657,288)				107,873,420
SHORT-TERM INVESTMENTS–2.8%
INVESTMENT COMPANIES–2.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c)(d)(e) (cost $3,157,596)		3,157,596		3,157,596
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.4% (cost $76,814,884)				111,031,016
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.2%
INVESTMENT COMPANIES–0.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c)(d)(e) (cost $222,156)		222,156	$	222,156
TOTAL INVESTMENTS–100.6% (cost $77,037,040)				111,253,172
Other assets less liabilities–(0.6)%				(682,819	)
NET ASSETS–100.0%			$	110,570,353

(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.

5

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $73,657,288)	$	107,873,420	(a)
Affiliated issuers (cost $3,379,752—including investment of cash collateral for securities loaned of $222,156)		3,379,752
Receivable for investment securities sold		621,024
Receivable for capital stock sold		139,744
Unaffiliated dividends receivable		21,338
Affiliated dividends receivable		20
Total assets		112,035,298
LIABILITIES
Payable for investment securities purchased		998,346
Payable for collateral received on securities loaned		222,156
Payable for capital stock redeemed		72,889
Advisory fee payable		51,290
Administrative fee payable		20,282
Distribution fee payable		15,039
Transfer Agent fee payable		129
Accrued expenses		84,814
Total liabilities		1,464,945
NET ASSETS	$	110,570,353
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,887
Additional paid-in capital		41,911,156
Distributable earnings		68,655,310
NET ASSETS	$	110,570,353

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	34,518,019		1,109,922	$	31.10
B	$	76,052,334		2,776,587	$	27.39

(a) Includes securities on loan with a value of $3,925,893 (see Note E).

See notes to financial statements.

6

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	109,588
Affiliated issuers		100
Securities lending income		7,114
		116,802
EXPENSES
Advisory fee (see Note B)		440,256
Distribution fee—Class B		103,199
Transfer agency—Class A		740
Transfer agency—Class B		1,743
Custody and accounting		56,485
Administrative		39,336
Audit and tax		20,047
Printing		14,497
Legal		11,218
Directors’ fees		10,085
Miscellaneous		3,540
Total expenses		701,146
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(70,097	)
Net expenses		631,049
Net investment loss		(514,247	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		16,700,559
Net change in unrealized appreciation/depreciation of investments		(6,941,181	)
Net gain on investment transactions		9,759,378
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	9,245,131

See notes to financial statements.

7

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

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(514,247	)	$	(673,231	)
Net realized gain on investment transactions		16,700,559			20,283,029
Net change in unrealized appreciation/depreciation of investments		(6,941,181	)		23,109,959
Net increase in net assets from operations		9,245,131			42,719,757
Distributions to Shareholders
Class A		–0	–		(1,828,600	)
Class B		–0	–		(5,259,631	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(17,804,689	)		5,353,821
Total increase (decrease)		(8,559,558	)		40,985,347
NET ASSETS
Beginning of period		119,129,911			78,144,564
End of period	$	110,570,353		$	119,129,911

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

9

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

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

107,873,420

$

–0

–

$

–0

–

$

107,873,420

Short-Term Investments

3,157,596

–0

–

–0

–

3,157,596

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

222,156

–0

–

–0

–

222,156

Total Investments in Securities

111,253,172

–0

–

–0

–

111,253,172

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

111,253,172

$

–0

–

$

–0

–

$

111,253,172

(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.

10

AB Variable Products Series Fund

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. 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

11

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

1.15% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2021, such reimbursements/waivers amounted to $69,641. This fee waiver and/or expense reimbursement agreement extends through May 1, 2022 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,336.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

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, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $440.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,072	$	19,685	$	18,599	$	3,158	$	0	*
Government Money Market Portfolio**		1,351		9,466		10,595		222		0	*
Total							$	3,380	$	0	*

* Amount is less than $500.

** 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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

Sales 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

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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 six months ended June 30, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	44,005,096		$	63,611,082
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	35,206,889
Gross unrealized depreciation		(990,757	)
Net unrealized appreciation	$	34,216,132

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2021.

2. Currency Transactions

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

NOTE E: Securities Lending

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

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

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

A summary of the Portfolio’s transactions surrounding securities lending for the six months ended June 30, 2021 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
$	3,925,893	$	222,156	$	3,827,224	$	7,059	$	55	$	16

* As of June 30, 2021.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		29,451			90,208		$	889,901		$	1,939,754
Shares issued in reinvestment of distributions		–0	–		79,956			–0	–		1,828,600
Shares redeemed		(112,675	)		(341,056	)		(3,466,595	)		(7,601,528	)
Net decrease		(83,224	)		(170,892	)	$	(2,576,694	)	$	(3,833,174)
Class B
Shares sold		464,888			1,421,448		$	12,249,493		$	28,063,230
Shares issued in reinvestment of distributions		–0	–		260,507			–0	–		5,259,631
Shares redeemed		(1,032,462	)		(1,209,065	)		(27,477,488	)		(24,135,866	)
Net increase (decrease)		(567,574	)		472,890		$	(15,227,995	)	$	9,186,995

At June 30, 2021, certain shareholders of the Portfolio owned 74% 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.

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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 may 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, such as the information technology or health care sector, 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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

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

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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	$	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.

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE K: Subsequent Events

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

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SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$28.76			$19.92			$16.58			$17.53			$13.07			$17.31
Income From Investment Operations
Net investment loss (a)(b)		(.10	)		(.13	)		(.08	)		(.13	)		(.18	)		(.12	)†
Net realized and unrealized gain on investment transactions		2.44			10.49			6.02			.14	(c)		4.64			1.05
Contributions from Affiliates		–0	–		–0	–		.00	(d)		–0	–		–0	–		–0	–
Net increase in net asset value from operations		2.34			10.36			5.94			.01			4.46			.93
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(1.52	)		(2.60	)		(.96	)		–0	–		(5.17	)
Net asset value, end of period		$31.10			$28.76			$19.92			$16.58			$17.53			$13.07
Total Return
Total investment return based on net asset value (e)*		8.14	%		53.98	%		36.40	%		(.89	)%		34.12	%		6.46	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$34,518			$34,314			$27,167			$22,724			$26,039			$22,405
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		.90	%^		.90	%		.90	%		1.06	%		1.38	%		1.48	%
Expenses, before waivers/reimbursements (f)		1.02	%^		1.09	%		1.16	%		1.15	%		1.38	%		1.49	%
Net investment loss (b)		(.70	)%^		(.60	)%		(.39	)%		(.65	)%		(1.19	)%		(.83	)%†
Portfolio turnover rate		38	%		103	%		69	%		73	%		69	%		60	%

See footnote summary on page 18.

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

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

	CLASS B
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$25.36			$17.75			$15.03			$16.00			$11.96			$16.30
Income From Investment Operations
Net investment loss (a)(b)		(.13	)		(.16	)		(.11	)		(.16	)		(.20	)		(.15	)†
Net realized and unrealized gain on investment transactions		2.16			9.29			5.43			.15	(c)		4.24			.98
Contributions from Affiliates		–0	–		–0	–		.00	(d)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		2.03			9.13			5.32			(.01	)		4.04			.83
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(1.52	)		(2.60	)		(.96	)		–0	–		(5.17	)
Net asset value, end of period		$27.39			$25.36			$17.75			$15.03			$16.00			$11.96
Total Return
Total investment return based on net asset value (e)*		8.00	%		53.64	%		36.01	%		(1.11	)%		33.78	%		6.22	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$76,052			$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	%		1.15	%		1.30	%		1.61	%		1.73	%
Expenses, before waivers/reimbursements (f)		1.27	%^		1.33	%		1.42	%		1.40	%		1.62	%		1.74	%
Net investment loss (b)		(.95	)%^		(.84	)%		(.64	)%		(.88	)%		(1.42	)%		(1.08	)%†
Portfolio turnover rate		38	%		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.

^ Annualized.

See notes to financial statements.

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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 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, 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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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 3-5, 2021 (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 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 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts

20

AB Variable Products Series Fund

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous fac-tors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2021 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior 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 also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

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

21

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

The directors noted that the Fund may invest in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued, and rules adopted, 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 had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

22

VPS-SCG-0152-0621

JUN    ^06.30.21

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ SMALL/MID CAP VALUE PORTFOLIO

As of 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 requested 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.

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

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

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

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

SMALL/MID CAP VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,269.10	$	4.56		0.81	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.78	$	4.06		0.81	%
Class B
Actual	$	1,000	$	1,267.60	$	5.96		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.54	$	5.31		1.06	%

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

1

SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
June 30, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $  VALUE		PERCENT OF NET ASSETS
Robert Half International, Inc.	$	14,140,447		1.7	%
PulteGroup, Inc.		13,500,618		1.7
MEDNAX, Inc.		13,132,436		1.6
Sealed Air Corp.		12,740,942		1.6
Oshkosh Corp.		12,643,482		1.5
First Citizens BancShares, Inc./NC—Class A		12,149,677		1.5
Comerica, Inc.		12,057,173		1.5
STAG Industrial, Inc.		11,794,867		1.4
Synovus Financial Corp.		11,786,694		1.4
AECOM		11,764,856		1.4
	$	125,711,192		15.3	%

SECTOR BREAKDOWN²

June 30, 2021 (unaudited)

SECTOR	U.S. $  VALUE		PERCENT OF  TOTAL INVESTMENTS
Industrials	$	181,816,343		22.3	%
Financials		170,115,108		20.9
Consumer Discretionary		168,947,069		20.7
Real Estate		75,917,775		9.3
Materials		67,077,264		8.2
Information Technology		61,557,825		7.6
Energy		23,367,545		2.9
Consumer Staples		22,185,403		2.7
Utilities		17,392,115		2.2
Health Care		13,132,436		1.6
Communication Services		8,356,650		1.0
Short-Term Investments		4,953,231		0.6
Total Investments	$	814,818,764		100.0	%

1 Long-term investments.

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

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

2

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.8%
INDUSTRIALS–22.2%
AEROSPACE & DEFENSE–1.3%
AAR Corp.(a)		4,775	$	185,031
Spirit AeroSystems Holdings, Inc.–Class A		217,720		10,274,207
				10,459,238
AIR FREIGHT & LOGISTICS–1.0%
XPO Logistics, Inc.(a)		59,850		8,372,417
AIRLINES–1.9%
Alaska Air Group, Inc.(a)		127,582		7,694,470
SkyWest, Inc.(a)		187,294		8,066,753
				15,761,223
BUILDING PRODUCTS–1.1%
Masonite International Corp.(a)		83,679		9,354,475
COMMERCIAL SERVICES & SUPPLIES–2.4%
ADT, Inc.(b)		777,900		8,393,541
Herman Miller, Inc.		237,600		11,200,464
				19,594,005
CONSTRUCTION & ENGINEERING–1.4%
AECOM(a)		185,800		11,764,856
ELECTRICAL EQUIPMENT–2.4%
Regal Beloit Corp.		85,985		11,479,857
Vertiv Holdings Co.		287,700		7,854,210
				19,334,067
MACHINERY–3.7%
Crane Co.		86,924		8,029,170
Kennametal, Inc.		20,040		719,837
Oshkosh Corp.		101,440		12,643,482
Timken Co. (The)		110,580		8,911,642
				30,304,131
PROFESSIONAL SERVICES–3.1%
Korn Ferry		156,680		11,367,134
Robert Half International, Inc.		158,935		14,140,447
				25,507,581
ROAD & RAIL–1.4%
Knight-Swift Transportation Holdings, Inc.		243,051		11,049,098
TRADING COMPANIES & DISTRIBUTORS–2.5%
GATX Corp.		71,500		6,325,605
Herc Holdings, Inc.(a)		70,020		7,847,142
MRC Global, Inc.(a)		653,458		6,142,505
				20,315,252
				181,816,343
Company	Shares		U.S. $ Value
FINANCIALS–20.8%
BANKS–11.8%
Comerica, Inc.		169,010	$	12,057,173
First Citizens BancShares, Inc./NC–Class A		14,590		12,149,677
First Hawaiian, Inc.		119,267		3,380,027
Sterling Bancorp/DE		420,630		10,427,418
Synovus Financial Corp.		268,612		11,786,694
Texas Capital Bancshares, Inc.(a)		166,072		10,543,911
Umpqua Holdings Corp.		367,900		6,787,755
Webster Financial Corp.		191,202		10,198,715
Wintrust Financial Corp.		142,820		10,801,477
Zions Bancorp NA		157,698		8,335,916
				96,468,763
CAPITAL MARKETS–2.2%
Moelis & Co.		120,483		6,854,278
Stifel Financial Corp.		171,877		11,147,942
				18,002,220
CONSUMER FINANCE–0.8%
OneMain Holdings, Inc.		103,616		6,207,635
DIVERSIFIED FINANCIAL SERVICES–0.9%
Voya Financial, Inc.		120,898		7,435,227
INSURANCE–3.9%
American Financial Group, Inc./OH		79,130		9,869,094
Everest Re Group Ltd.		34,383		8,664,860
Hanover Insurance Group, Inc. (The)		58,710		7,963,424
Selective Insurance Group, Inc.		71,375		5,792,081
				32,289,459
THRIFTS & MORTGAGE FINANCE–1.2%
BankUnited, Inc.		227,496		9,711,804
				170,115,108
CONSUMER DISCRETIONARY–20.6%
AUTO COMPONENTS–2.8%
Dana, Inc.		224,148		5,325,756
Goodyear Tire & Rubber Co. (The)(a)		597,900		10,253,985
Lear Corp.		40,531		7,104,274
				22,684,015
DIVERSIFIED CONSUMER SERVICES–1.3%
Hillenbrand, Inc.		136,285		6,007,443
Houghton Mifflin Harcourt Co.(a)		436,915		4,823,541
				10,830,984
HOTELS, RESTAURANTS & LEISURE–4.1%
Dine Brands Global, Inc.(a)		89,700		8,005,725

3

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Hilton Grand Vacations, Inc.(a)		151,771	$	6,281,802
Papa John’s International, Inc.		81,472		8,508,936
Scientific Games Corp./DE–Class A(a)		140,680		10,894,259
				33,690,722
HOUSEHOLD DURABLES–3.3%
KB Home		209,410		8,527,175
PulteGroup, Inc.		247,400		13,500,618
Taylor Morrison Home Corp.–Class A(a)		207,389		5,479,218
				27,507,011
LEISURE–0.9%
Brunswick Corp./DE		70,686		7,041,739
SPECIALTY RETAIL–3.0%
Foot Locker, Inc.(b)		120,665		7,436,584
Sally Beauty Holdings, Inc.(a)		429,380		9,476,417
Williams-Sonoma, Inc.		47,394		7,566,452
				24,479,453
TEXTILES, APPAREL & LUXURY GOODS–5.2%
Carter’s, Inc.		91,320		9,421,484
Kontoor Brands, Inc.(b)		139,890		7,891,195
Ralph Lauren Corp.		87,380		10,294,238
Steven Madden Ltd.		141,210		6,179,349
Tapestry, Inc.(a)		205,310		8,926,879
				42,713,145
				168,947,069
REAL ESTATE–9.3%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–9.3%
American Campus Communities, Inc.		152,445		7,122,231
Camden Property Trust		75,493		10,015,656
Cousins Properties, Inc.		195,840		7,202,995
CubeSmart		215,182		9,967,230
MGM Growth Properties LLC–Class A		279,302		10,228,039
Physicians Realty Trust		592,711		10,947,372
RLJ Lodging Trust		567,261		8,639,385
STAG Industrial, Inc.		315,118		11,794,867
				75,917,775
MATERIALS–8.2%
CHEMICALS–3.0%
GCP Applied Technologies, Inc.(a)		265,346		6,171,948
Innospec, Inc.		52,810		4,785,114
Orion Engineered Carbons SA(a)		320,825		6,092,467
Trinseo SA		123,656		7,399,575
				24,449,104
Company	Shares		U.S. $ Value
CONTAINERS & PACKAGING–1.6%
Sealed Air Corp.		215,037	$	12,740,942
METALS & MINING–3.6%
Carpenter Technology Corp.		241,122		9,697,927
Commercial Metals Co.		289,650		8,898,048
Reliance Steel & Aluminum Co.		74,826		11,291,243
				29,887,218
				67,077,264
INFORMATION TECHNOLOGY–7.5%
COMMUNICATIONS EQUIPMENT–0.8%
Lumentum Holdings, Inc.(a)		80,680		6,618,180
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.3%
Avnet, Inc.		259,560		10,403,165
Belden, Inc.		169,464		8,569,794
				18,972,959
IT SERVICES–1.3%
Amdocs Ltd.		73,936		5,719,689
Genpact Ltd.		115,271		5,236,762
				10,956,451
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.6%
Kulicke & Soffa Industries, Inc.		126,848		7,763,098
MaxLinear, Inc.–Class A(a)		125,945		5,351,403
				13,114,501
SOFTWARE–0.8%
CommVault Systems, Inc.(a)		78,176		6,111,018
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.7%
NCR Corp.(a)		126,830		5,784,716
				61,557,825
ENERGY–2.8%
ENERGY EQUIPMENT & SERVICES–0.7%
Dril-Quip, Inc.(a)		165,077		5,584,555
OIL, GAS & CONSUMABLE FUELS–2.1%
Cimarex Energy Co.		127,659		9,248,895
HollyFrontier Corp.		259,395		8,534,095
				17,782,990
				23,367,545
CONSUMER STAPLES–2.7%
FOOD PRODUCTS–2.7%
Hain Celestial Group, Inc. (The)(a)(b)		286,394		11,490,127
Nomad Foods Ltd.(a)		378,326		10,695,276
				22,185,403

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
UTILITIES–2.1%
ELECTRIC UTILITIES–1.4%
IDACORP, Inc.		120,534	$	11,752,065
GAS UTILITIES–0.7%
Southwest Gas Holdings, Inc.		85,210		5,640,050
				17,392,115
HEALTH CARE–1.6%
HEALTH CARE PROVIDERS & SERVICES–1.6%
MEDNAX, Inc.(a)		435,570		13,132,436
COMMUNICATION SERVICES–1.0%
MEDIA–1.0%
Criteo SA (Sponsored ADR)(a)		184,759		8,356,650
Total Common Stocks (cost $585,292,591)				809,865,533
Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–0.6%
INVESTMENT COMPANIES–0.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c)(d)(e) (cost $4,953,231)		4,953,231	$	4,953,231
TOTAL INVESTMENTS–99.4% (cost $590,245,822)				814,818,764
Other assets less liabilities–0.6%				4,998,234
NET ASSETS–100.0%			$	819,816,998

(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.

5

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2021 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $585,292,591)	$	809,865,533	(a)
Affiliated issuers (cost $4,953,231)		4,953,231
Cash		11,410
Receivable for investment securities sold		6,760,406
Receivable for capital stock sold		948,112
Unaffiliated dividends receivable		784,995
Affiliated dividends receivable		83
Total assets		823,323,770
LIABILITIES
Payable for investment securities purchased		2,310,916
Advisory fee payable		517,676
Payable for capital stock redeemed		367,234
Distribution fee payable		114,829
Administrative fee payable		20,629
Transfer Agent fee payable		129
Accrued expenses		175,359
Total liabilities		3,506,772
NET ASSETS	$	819,816,998
COMPOSITION OF NET ASSETS
Capital stock, at par	$	37,469
Additional paid-in capital		536,334,317
Distributable earnings		283,445,212
NET ASSETS	$	819,816,998

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	276,957,244		12,551,472	$	22.07
B	$	542,859,754		24,917,676	$	21.79

(a) Includes securities on loan with a value of $19,533,611 (see Note E).

See notes to financial statements.

6

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2021 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $3,372)	$	7,108,870
Affiliated issuers		499
Securities lending income		17,703
		7,127,072
EXPENSES
Advisory fee (see Note B)		2,870,687
Distribution fee—Class B		632,578
Transfer agency—Class A		1,174
Transfer agency—Class B		2,289
Custody and accounting		70,665
Printing		47,087
Administrative		39,690
Legal		24,787
Audit and tax		22,525
Directors’ fees		14,313
Miscellaneous		10,903
Total expenses		3,736,698
Less: expenses waived and reimbursed by the Adviser (see Note B)		(2,201	)
Net expenses		3,734,497
Net investment income		3,392,575
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		73,642,752
Net change in unrealized appreciation/depreciation of investments		93,448,528
Net gain on investment transactions		167,091,280
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	170,483,855

See notes to financial statements.

7

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,392,575		$	5,454,467
Net realized gain (loss) on investment transactions		73,642,752			(22,104,001	)
Net change in unrealized appreciation/depreciation of investments		93,448,528			52,509,733
Net increase in net assets from operations		170,483,855			35,860,199
Distributions to Shareholders
Class A		–0	–		(10,812,568	)
Class B		–0	–		(21,414,765	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(5,827,227	)		17,235,925
Total increase		164,656,628			20,868,791
NET ASSETS
Beginning of period		655,160,370			634,291,579
End of period	$	819,816,998		$	655,160,370

See notes to financial statements.

8

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small/Mid Cap Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland 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. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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

9

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

809,865,533

$

–0

–

$

–0

–

$

809,865,533

Short-Term Investments

4,953,231

–0

–

–0

–

4,953,231

Total Investments in Securities

814,818,764

–0

–

–0

–

814,818,764

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

814,818,764

$

–0

–

$

–0

–

$

814,818,764

(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.

10

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 six months ended June 30, 2021, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2021, the reimbursement for such services amounted to $39,690.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $818 for the six months ended June 30, 2021.

11

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2021, such waiver amounted to $2,201.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)			Dividend Income (000)
Government Money Market Portfolio	$	10,258		$	114,024	$	119,329	$	4,953		$	0	*
Government Money Market Portfolio**		–0	–		13,711		13,711		–0	–		0	*
Total								$	4,953		$	0	*

* Amount is less than $500.

** 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 (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

Sales 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.

12

AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	239,548,952		$	241,023,329
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	226,364,983
Gross unrealized depreciation		(1,792,041	)
Net unrealized appreciation	$	224,572,942

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2021.

2. Currency Transactions

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

NOTE E: Securities Lending

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

13

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 six months ended June 30, 2021 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
$19,533,611	$–0–	$19,834,515	$17,655	$48	$–0–

* As of June 30, 2021.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
Class A
Shares sold		1,011,797			2,448,083		$	21,668,544		$	33,752,481
Shares issued in reinvestment of dividends and distributions		–0	–		788,663			–0	–		10,812,568
Shares redeemed		(1,248,814	)		(2,229,236	)		(25,836,700	)		(32,550,890	)
Net increase (decrease)		(237,017	)		1,007,510		$	(4,168,156	)	$	12,014,159
Class B
Shares sold		3,519,359			4,230,893		$	75,117,856		$	51,341,662
Shares issued in reinvestment of dividends and distributions		–0	–		1,579,260			–0	–		21,414,765
Shares redeemed		(3,767,395	)		(4,535,252	)		(76,776,927	)		(67,534,661	)
Net increase (decrease)		(248,036	)		1,274,901		$	(1,659,071	)	$	5,221,766

At June 30, 2021, certain shareholders of the Portfolio owned 71% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

14

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. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will cease publishing certain LIBOR benchmarks at the end of 2021. Although certain 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 related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2021 will be determined at the end of the current fiscal year. 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

15

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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.

NOTE J: Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE K: Subsequent Events

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

16

SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$17.39			$17.91			$16.93			$21.68			$20.29			$17.29
Income From Investment Operations
Net investment income (a)(b)		.11			.17			.16			.13			.10			.10	†
Net realized and unrealized gain (loss) on investment transactions		4.57			.20			3.04			(3.04	)		2.41			4.09
Net increase (decrease) in net asset value from operations		4.68			.37			3.20			(2.91	)		2.51			4.19
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.16	)		(.11	)		(.11	)		(.09	)		(.11	)
Distributions from net realized gain on investment transactions		–0	–		(.73	)		(2.11	)		(1.73	)		(1.03	)		(1.08	)
Total dividends and distributions		–0	–		(.89	)		(2.22	)		(1.84	)		(1.12	)		(1.19	)
Net asset value, end of period		$22.07			$17.39			$17.91			$16.93			$21.68			$20.29
Total Return
Total investment return based on net asset value (c)*		26.91	%		3.37	%		20.10	%		(15.03	)%		13.15	%		25.09	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$276,957			$222,441			$211,046			$188,052			$233,652			$231,197
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements		.81	%^		.83	%		.82	%		.81	%		.81	%		.82	%
Expenses, before waivers/reimbursements		.81	%^		.83	%		.83	%		.81	%		.82	%		.83	%
Net investment income (b)		1.05	%^		1.17	%		.90	%		.61	%		.47	%		.53	%†
Portfolio turnover rate		32	%		58	%		33	%		39	%		33	%		57	%

See footnote summary on page 18.

17

SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$17.19			$17.72			$16.75			$21.48			$20.12			$17.15
Income From Investment Operations
Net investment income (a)(b)		.08			.13			.12			.07			.05			.05	†
Net realized and unrealized gain (loss) on investment transactions		4.52			.18			3.02			(3.02	)		2.39			4.06
Net increase (decrease) in net asset value from operations		4.60			.31			3.14			(2.95	)		2.44			4.11
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.11	)		(.06	)		(.05	)		(.05	)		(.06	)
Distributions from net realized gain on investment transactions		–0	–		(.73	)		(2.11	)		(1.73	)		(1.03	)		(1.08	)
Total dividends and distributions		–0	–		(.84	)		(2.17	)		(1.78	)		(1.08	)		(1.14	)
Net asset value, end of period		$21.79			$17.19			$17.72			$16.75			$21.48			$20.12
Total Return
Total investment return based on net asset value (c)*		26.76	%		3.05	%		19.90	%		(15.29	)%		12.85	%		24.79	%†
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$542,860			$432,719			$423,246			$374,941			$469,501			$455,422
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements		1.06	%^		1.08	%		1.07	%		1.06	%		1.06	%		1.07	%
Expenses, before waivers/reimbursements		1.06	%^		1.08	%		1.08	%		1.06	%		1.07	%		1.08	%
Net investment income (b)		.80	%^		.91	%		.65	%		.36	%		.22	%		.28	%†
Portfolio turnover rate.		32	%		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.

^ Annualized.

See notes to financial statements.

18

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

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

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

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2021, which covered the period January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, beginning in March 2020, all financial markets experienced extreme levels of price volatility and relative illiquidity resulting from the COVID-19 impacts on the global economy. This extreme relative illiquidity resulted in significantly wider bid-ask spreads to transact in securities, including many of those securities held by the Portfolio, and in a diminished depth of liquidity in most markets, to varying degrees. Nonetheless, there were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

19

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small/Mid Cap Value Portfolio (the “Fund”) at a meeting held by video conference on May 3-5, 2021 (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 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 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts

20

AB Variable Products Series Fund

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2021 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 also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

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

21

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

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

Economies of Scale

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

22

VPS-SMCV-0152-0621

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Variable Products Series Fund, Inc.

By:	/s/ Onur Erzan
	Onur Erzan
	President
Date:	August 13, 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/ Onur Erzan
	Onur Erzan
	President
Date:	August 13, 2021

By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	August 13, 2021