UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05398

AB VARIABLE PRODUCTS SERIES FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2021

Date of reporting period: December 31, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

DEC     ^12.31.21

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	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—Balanced Wealth Strategy Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

At a meeting held on November 2-4, 2021, the Adviser recommended and the Portfolio’s Board of Directors approved certain changes to the Portfolio, including changing the Portfolio’s name to “AB Balanced Hedged Allocation Portfolio” and changes to the Portfolio’s principal investment strategies. These changes are addressed in a prospectus supplement dated November 5, 2021, and will be effective on or about May 1, 2022.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

The Portfolio expects to enter into derivative transactions, such as options, futures contracts, forwards and swaps. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Portfolio’s exposure. The Portfolio may, for example, use credit

1

AB Variable Products Series Fund

default, interest rate and total return swaps to establish exposure to the fixed-income markets or particular fixed-income securities and, as noted below, may use currency derivatives to hedge foreign currency exposure.

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), and the Bloomberg Global Aggregate Bond Index (USD hedged), for the one-, five- and 10-year periods ended December 31, 2021.

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

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

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. Global markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets. Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, global markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and remained focused on still generally supportive monetary policy.

Fixed-income government bond market yields were higher as numerous central banks became more hawkish, prompting short-term yields to rise more than longer-term yields and causing all major treasury market returns to fall on inflation concerns. Treasury losses were the greatest in the UK, Australia and the eurozone. Inflation bonds significantly outperformed nominal government bonds. Low interest rates set the stage for the continued outperformance of most risk assets, led by the large positive performance of high-yield corporate bonds—particularly in the US, eurozone and emerging markets. Emerging-market investment-grade corporate bonds rose, while developed-market bonds fell on rising yields and outperformed developed-market treasuries with a smaller loss. Securitized assets fell but outperformed US Treasuries. Emerging-market sovereign and local-currency bonds trailed as the US dollar gained against most developed- and emerging-market currencies. Commodity prices were strong, with Brent crude oil and copper climbing from pandemic-related lows.

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

2

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

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. 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 Security Risk: Investments in fixed-income securities with lower ratings (“junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

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

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

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

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

An Important Note About Historical Performance

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

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

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

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

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

4

BALANCED WEALTH STRATEGY PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
Balanced Wealth Strategy Portfolio Class A		13.73%		9.90%		9.26%
Balanced Wealth Strategy Portfolio Class B		13.36%		9.64%		9.00%
Primary Benchmark: MSCI ACWI (net)		18.54%		14.40%		11.85%
Bloomberg Global Aggregate Bond Index (USD hedged)		-1.39%		3.39%		3.49%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.99% and 1.24% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios (excluding expenses associated with acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) to 0.75% and 1.00% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2022, and may be extended by the Adviser for additional one-year terms. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 TO 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Balanced Wealth Strategy Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,042.00	$	2.93		0.57	%	$	3.96		0.77	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.33	$	2.91		0.57	%	$	3.92		0.77	%
Class B
Actual	$	1,000	$	1,041.20	$	4.22		0.82	%	$	5.25		1.02	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.07	$	4.18		0.82	%	$	5.19		1.02	%

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

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

BALANCED WEALTH STRATEGY PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
Bernstein Fund, Inc.—International Strategic Equities Portfolio—Class Z	$	42,837,967		17.4	%
U.S. Treasury Bonds & Notes		9,747,216		4.0
Bernstein Fund, Inc.—International Small Cap Portfolio—Class Z		8,146,230		3.3
Microsoft Corp.		5,974,725		2.4
Alphabet, Inc.—Class C		4,022,090		1.6
Italy Buoni Poliennali Del Tesoro		3,842,374		1.6
Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio—Class Z		3,783,981		1.5
Apple, Inc.		3,717,428		1.5
Bernstein Fund, Inc.—Small Cap Core Portfolio—Class Z		3,266,945		1.3
AB Trust—AB Discovery Value Fund—Class Z		3,245,615		1.3
	$	88,584,571		35.9	%

SECURITY TYPE BREAKDOWN²

December 31, 2021 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	96,574,664		39.2	%
Investment Companies		64,455,143		26.1
Governments—Treasuries		38,414,053		15.6
Corporates—Investment Grade		15,542,502		6.3
Corporates—Non-Investment Grade		6,003,605		2.4
Collateralized Mortgage Obligations		4,282,083		1.7
Mortgage Pass-Throughs		3,249,693		1.3
Quasi-Sovereigns		3,177,369		1.3
Collateralized Loan Obligations		2,066,967		0.8
Commercial Mortgage-Backed Securities		1,815,345		0.7
Inflation-Linked Securities		1,732,273		0.7
Governments—Sovereign Bonds		1,095,389		0.5
Emerging Markets—Corporate Bonds		911,464		0.4
Other3		1,893,609		0.8
Short-Term Investments		5,382,381		2.2
Total Investments	$	246,596,540		100.0	%

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

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

3 “Other” represents less than 0.3% weightings in the following security types: Asset-Backed Securities, Covered Bonds, Emerging Markets—Sovereigns, Governments—Sovereign Agencies and Local Governments—Regional Bonds.

7

BALANCED WEALTH STRATEGY PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	179,947,433		73.0	%
Japan		10,477,151		4.2
United Kingdom		6,989,991		2.8
China		6,977,269		2.8
Italy		5,242,766		2.1
Germany		5,151,381		2.1
Australia		4,823,754		2.0
Spain		3,019,691		1.2
Canada		2,507,335		1.0
Switzerland		1,764,563		0.7
France		1,389,461		0.6
Netherlands		1,370,847		0.6
South Korea		974,371		0.4
Other		10,578,146		4.3
Short-Term Investments		5,382,381		2.2
Total Investments	$	246,596,540		100.0	%

1 All data are as of December 31, 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 0.4% or less in the following: Austria, Bahrain, Belgium, Brazil, Chile, Colombia, Denmark, Egypt, Finland, Hong Kong, Indonesia, Ireland, Israel, Ivory Coast, Luxembourg, Malaysia, Mexico, New Zealand, Norway, Panama, Peru, Portugal, Russia, Senegal, Singapore, South Africa, Sweden, Thailand, United Republic of Tanzania and Zambia.

8

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–39.3%
INFORMATION TECHNOLOGY–9.2%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.3%
Arrow Electronics, Inc.(a)		553	$	74,251
CDW Corp./DE		2,933		600,620
				674,871
IT SERVICES–1.5%
Accenture PLC–Class A		153		63,426
EPAM Systems, Inc.(a)		90		60,160
FleetCor Technologies, Inc.(a)		1,603		358,816
Gartner, Inc.(a)		190		63,521
Genpact Ltd.		12,365		656,334
International Business Machines Corp.		137		18,311
Kyndryl Holdings, Inc.(a)		27		489
Mastercard, Inc.–Class A		103		37,010
PayPal Holdings, Inc.(a)		3,400		641,172
Visa, Inc.–Class A(b)		8,853		1,918,534
Western Union Co., (The)–Class W		1,724		30,756
				3,848,529
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.9%
Advanced Micro Devices, Inc.(a)		401		57,704
Analog Devices, Inc.		2,122		372,984
Applied Materials, Inc.		565		88,908
ASML Holding NV		135		108,138
Broadcom, Inc.		79		52,567
KLA Corp.		1,242		534,196
NVIDIA Corp.		4,635		1,363,200
NXP Semiconductors NV		3,788		862,831
QUALCOMM, Inc.		6,065		1,109,107
STMicroelectronics NV		815		40,078
Teradyne, Inc.		132		21,586
				4,611,299
SOFTWARE–3.7%
Adobe, Inc.(a)		1,671		947,557
Autodesk, Inc.(a)		15		4,218
Bentley Systems, Inc.(b)		133		6,428
Cadence Design Systems, Inc.(a)		217		40,438
Citrix Systems, Inc.		4,715		445,992
Constellation Software, Inc./Canada		25		46,384
Dropbox, Inc.–Class A(a)		1,282		31,460
Fair Isaac Corp.(a)		45		19,515
Fortinet, Inc.(a)		121		43,487
Intuit, Inc.		66		42,453
Microsoft Corp.		17,765		5,974,725
NortonLifeLock, Inc.		29,644		770,151
Oracle Corp.		7,177		625,906
RingCentral, Inc.–Class A(a)		75		14,051
ServiceNow, Inc.(a)		91		59,069
Trend Micro, Inc./Japan		600		33,310
				9,105,144
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.8%
Apple, Inc.		20,935		3,717,428
NetApp, Inc.		183		16,834
Western Digital Corp.(a)		9,794		638,667
				4,372,929
				22,612,772
HEALTH CARE–4.5%
BIOTECHNOLOGY–0.5%
AbbVie, Inc.		626		84,760
Amgen, Inc.		68		15,298
Horizon Therapeutics PLC(a)		77		8,298
Moderna, Inc.(a)		9		2,286
Regeneron Pharmaceuticals, Inc.(a)		722		455,957
Vertex Pharmaceuticals, Inc.(a)		3,303		725,339
				1,291,938
HEALTH CARE EQUIPMENT & SUPPLIES–1.2%
ABIOMED, Inc.(a)		30		10,775
Align Technology, Inc.(a)		850		558,603
Cooper Cos., Inc. (The)		119		49,854
Edwards Lifesciences Corp.(a)		5,282		684,283
IDEXX Laboratories, Inc.(a)		117		77,040
Medtronic PLC		10,034		1,038,017
Zimmer Biomet Holdings, Inc.		4,325		549,448
				2,968,020
HEALTH CARE PROVIDERS & SERVICES–1.4%
AmerisourceBergen Corp.–Class A		352		46,777
Anthem, Inc.		2,043		947,012
Molina Healthcare, Inc.(a)		254		80,793
UnitedHealth Group, Inc.		4,752		2,386,169
				3,460,751
HEALTH CARE TECHNOLOGY–0.1%
Cerner Corp.		993		92,220
LIFE SCIENCES TOOLS & SERVICES–0.1%
Bio-Rad Laboratories, Inc.–Class A(a)		92		69,513
Eurofins Scientific SE		22		2,726

9

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

Company	Shares		U.S. $ Value
Mettler-Toledo International, Inc.(a)		49	$	83,163
Sartorius Stedim Biotech		89		48,879
Waters Corp.(a)		194		72,284
				276,565
PHARMACEUTICALS–1.2%
Eli Lilly & Co.		362		99,992
Johnson & Johnson		2,844		486,523
Novo Nordisk A/S–Class B		879		98,734
Pfizer, Inc.		1,709		100,916
Roche Holding AG (Sponsored ADR)		22,940		1,185,769
Sumitomo Dainippon Pharma Co., Ltd.(b)		200		2,307
Takeda Pharmaceutical Co., Ltd.		1,400		38,232
Zoetis, Inc.		3,689		900,227
				2,912,700
				11,002,194
CONSUMER DISCRETIONARY–4.2%
AUTO COMPONENTS–0.2%
Aisin Corp.		1,500		57,551
BorgWarner, Inc.		291		13,115
Goodyear Tire & Rubber Co. (The)(a)		22,321		475,884
Lear Corp.		25		4,574
Magna International, Inc.–Class A (Canada)		199		16,102
				567,226
AUTOMOBILES–0.3%
Ford Motor Co.		795		16,512
Nissan Motor Co., Ltd.(a)		6,300		30,344
Stellantis NV(b)		31,951		599,401
Tesla, Inc.(a)		56		59,180
				705,437
DIVERSIFIED CONSUMER SERVICES–0.1%
Chegg, Inc.(a)		5,340		163,938
HOTELS, RESTAURANTS & LEISURE–0.1%
Chipotle Mexican Grill, Inc.–Class A(a)		35		61,189
Darden Restaurants, Inc.		16		2,410
Domino’s Pizza Enterprises Ltd.(b)		708		60,769
Domino’s Pizza, Inc.		18		10,158
La Francaise des Jeux SAEM(c)		114		5,052
				139,578
HOUSEHOLD DURABLES–0.0%
Electrolux AB(b)		2,380		57,643
Whirlpool Corp.(b)		57		13,375
				71,018
INTERNET & DIRECT MARKETING RETAIL–1.5%
Amazon.com, Inc.(a)		821		2,737,493
eBay, Inc.		8,501		565,317
Etsy, Inc.(a)(b)		1,342		293,817
				3,596,627
MULTILINE RETAIL–0.0%
Next PLC		413		45,679
Target Corp.		70		16,201
				61,880
SPECIALTY RETAIL–1.4%
AutoZone, Inc.(a)		428		897,255
Best Buy Co., Inc.		169		17,171
Home Depot, Inc. (The)		4,799		1,991,633
Lowe’s Cos., Inc.		15		3,877
TJX Cos., Inc. (The)		6,272		476,170
				3,386,106
TEXTILES, APPAREL & LUXURY GOODS–0.6%
Deckers Outdoor Corp.(a)		931		341,034
Lululemon Athletica, Inc.(a)		7		2,740
NIKE, Inc.–Class B		6,931		1,155,190
Pandora A/S		516		64,186
				1,563,150
				10,254,960
REAL ESTATE–4.0%
DIVERSIFIED REAL ESTATE ACTIVITIES–0.2%
Daito Trust Construction Co., Ltd.		300		34,416
Mitsubishi Estate Co., Ltd.		3,800		52,715
Mitsui Fudosan Co., Ltd.		8,500		168,476
New World Development Co., Ltd.		10,000		39,593
Sumitomo Realty & Development Co., Ltd.		1,100		32,429
Sun Hung Kai Properties Ltd.		10,500		127,410
UOL Group Ltd.		7,000		36,847
				491,886
DIVERSIFIED REITs–0.2%
Alexander & Baldwin, Inc.		1,930		48,424
Armada Hoffler Properties, Inc.		2,940		44,747
Broadstone Net Lease, Inc.		1,230		30,529
Charter Hall Long Wale REIT		9,930		36,493
Cofinimmo SA		240		38,333
Essential Properties Realty Trust, Inc.		3,194		92,083
ICADE		450		32,378
Land Securities Group PLC(b)		5,880		62,057

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Merlin Properties Socimi SA		6,660	$	72,157
Stockland		30,910		95,358
				552,559
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.3%
American Campus Communities, Inc.		8,727		499,970
American Tower Corp.		1,792		524,160
Iron Mountain, Inc.		923		48,300
Mid-America Apartment Communities, Inc.		2,189		502,244
Prologis, Inc.		7,496		1,262,027
Simon Property Group, Inc.		1,875		299,569
VICI Properties, Inc.(b)		1,183		35,620
Weyerhaeuser Co.		1,441		59,340
				3,231,230
HEALTH CARE REITs–0.2%
Medical Properties Trust, Inc.		4,930		116,496
Physicians Realty Trust		4,823		90,817
Welltower, Inc.		2,490		213,567
				420,880
HOTEL & RESORT REITs–0.1%
Apple Hospitality REIT, Inc.		5,150		83,172
Park Hotels & Resorts, Inc.(a)		4,550		85,904
RLJ Lodging Trust		5,776		80,460
				249,536
INDUSTRIAL REITs–0.4%
Americold Realty Trust		3,357		110,076
Ascendas Real Estate Investment Trust		20,200		44,258
Centuria Industrial REIT		6,490		19,787
Dream Industrial Real Estate Investment Trust		5,205		70,857
Duke Realty Corp.		2,150		141,126
GLP J-REIT		28		48,398
Industrial & Infrastructure Fund Investment Corp.		21		40,491
LondonMetric Property PLC		10,920		41,967
Mapletree Logistics Trust(b)		27,895		39,341
Mitsui Fudosan Logistics Park, Inc.		7		39,251
Plymouth Industrial REIT, Inc.		712		22,784
Rexford Industrial Realty, Inc.		1,671		135,535
Segro PLC		6,356		123,699
STAG Industrial, Inc.		2,449		117,454
				995,024
OFFICE REITs–0.2%
Alexandria Real Estate Equities, Inc.		797		177,699
City Office REIT, Inc.		3,960		78,091
Cousins Properties, Inc.		2,742		110,448
Covivio		370		30,371
Daiwa Office Investment Corp.		5		30,416
Japan Prime Realty Investment Corp.(b)		9		31,212
Nippon Building Fund, Inc.(b)		14		81,545
True North Commercial Real Estate Investment Trust		2,430		14,235
Workspace Group PLC		3,040		33,268
				587,285
REAL ESTATE DEVELOPMENT–0.0%
CIFI Holdings Group Co., Ltd.		31,500		18,946
Instone Real Estate Group SE(c)		1,525		28,740
				47,686
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.0%
FirstService Corp.		92		18,081
Nomura Real Estate Holdings, Inc.		1,900		43,780
				61,861
REAL ESTATE OPERATING COMPANIES–0.3%
Aroundtown SA		11,720		70,699
CA Immobilien Anlagen AG		1,218		45,451
Castellum AB		1,880		50,554
CTP NV(c)		1,873		39,876
Fastighets AB Balder–Class B(a)		1,140		82,039
Hongkong Land Holdings Ltd.		8,800		45,757
Hulic Co., Ltd.(b)		3,200		30,431
LEG Immobilien SE		660		92,019
Shurgard Self Storage SA		570		37,314
TAG Immobilien AG		1,870		52,233
VGP NV		150		43,775
Vonovia SE		868		47,829
				637,977
RESIDENTIAL REITs–0.4%
American Homes 4 Rent–Class A		2,533		110,464
Comforia Residential REIT, Inc.		11		32,657
Daiwa Securities Living Investments Corp.		37		38,098
Equity Residential		230		20,815
Essex Property Trust, Inc.		472		166,253
Independence Realty Trust, Inc.		4,317		111,508
Invitation Homes, Inc.		2,710		122,871
Killam Apartment Real Estate Investment Trust		4,871		90,839

11

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

Company	Shares		U.S. $ Value
Minto Apartment Real Estate Investment Trust(c)		1,890	$	32,706
Sun Communities, Inc.		903		189,603
UDR, Inc.		2,120		127,179
UNITE Group PLC (The)		2,710		40,759
				1,083,752
RETAIL REITs–0.3%
AEON REIT Investment Corp.		39		54,637
Brixmor Property Group, Inc.		4,004		101,742
CapitaLand Integrated Commercial Trust		48,180		72,895
Eurocommercial Properties NV		2,368		51,455
Federal Realty Investment Trust		710		96,787
Link REIT		11,968		105,429
Mercialys SA		2,379		23,219
NETSTREIT Corp.		3,504		80,242
SITE Centers Corp.		5,395		85,403
				671,809
SPECIALIZED REITs–0.4%
CubeSmart		2,276		129,527
Digital Realty Trust, Inc.		1,245		220,203
EPR Properties		1,670		79,308
Equinix, Inc.		142		120,109
National Storage Affiliates Trust		1,712		118,471
Public Storage		340		127,351
Safestore Holdings PLC		3,650		69,611
				864,580
				9,896,065
COMMUNICATION SERVICES–3.9%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.5%
Comcast Corp.–Class A		22,662		1,140,579
Telefonica SA		10,682		46,319
Washington H Soul Pattinson & Co., Ltd.(b)		243		5,237
				1,192,135
ENTERTAINMENT–0.4%
Electronic Arts, Inc.		3,404		448,988
Take-Two Interactive Software, Inc.(a)		3,417		607,269
Universal Music Group NV		98		2,765
				1,059,022
INTERACTIVE MEDIA & SERVICES–2.7%
Alphabet, Inc.–Class A(a)		37		107,191
Alphabet, Inc.–Class C(a)		1,390		4,022,090
Meta Platforms Inc.–Class A(a)		7,340		2,468,809
				6,598,090
WIRELESS TELECOMMUNICATION SERVICES–0.3%
SoftBank Corp.		1,300		16,420
T-Mobile US, Inc.(a)		5,719		663,289
				679,709
				9,528,956
FINANCIALS–3.2%
BANKS–1.7%
Banco Bilbao Vizcaya Argentaria SA		4,072		24,151
Bank of America Corp.		34,997		1,557,017
BNP Paribas SA		289		19,982
Citigroup, Inc.		6,001		362,400
ING Groep NV		3,829		53,235
JPMorgan Chase & Co.		558		88,359
Mebuki Financial Group, Inc.		10,900		22,436
National Bank of Canada		921		70,217
PNC Financial Services Group, Inc. (The)		2,895		580,505
Raiffeisen Bank International AG		798		23,438
Societe Generale SA		2,200		75,611
SVB Financial Group(a)		57		38,660
Wells Fargo & Co.		25,834		1,239,515
				4,155,526
CAPITAL MARKETS–1.1%
Ameriprise Financial, Inc.		152		45,852
Carlyle Group, Inc. (The)		1,281		70,327
CME Group, Inc.–Class A		2,017		460,804
Goldman Sachs Group, Inc. (The)		4,042		1,546,267
LPL Financial Holdings, Inc.		3,590		574,723
Moody’s Corp.		103		40,230
Raymond James Financial, Inc.		427		42,871
				2,781,074
CONSUMER FINANCE–0.1%
Ally Financial, Inc.		1,195		56,894
Capital One Financial Corp.		225		32,645
				89,539
DIVERSIFIED FINANCIAL SERVICES–0.0%
Investor AB		1,325		33,248
Kinnevik AB(a)		1,149		40,851
				74,099
INSURANCE–0.3%
Aviva PLC		1,471		8,200
iA Financial Corp., Inc.		525		30,040
Japan Post Insurance Co., Ltd.		4,700		75,500
Medibank Pvt Ltd.		4,131		10,062
MetLife, Inc.		1,002		62,615
Progressive Corp. (The)		5,445		558,929

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Prudential Financial, Inc.		675	$	73,062
				818,408
				7,918,646
INDUSTRIALS–3.1%
AEROSPACE & DEFENSE–0.4%
Raytheon Technologies Corp.		10,384		893,647
AIR FREIGHT & LOGISTICS–0.0%
Kuehne & Nagel International AG		190		61,191
BUILDING PRODUCTS–0.1%
Cie de Saint-Gobain		480		33,766
Owens Corning		586		53,033
				86,799
CONSTRUCTION & ENGINEERING–0.3%
AECOM(a)		10,040		776,594
ELECTRICAL EQUIPMENT–0.8%
Acuity Brands, Inc.		348		73,678
Eaton Corp. PLC		5,939		1,026,378
Prysmian SpA		904		34,005
Regal Rexnord Corp.		4,684		797,123
Rockwell Automation, Inc.		222		77,445
				2,008,629
CNH Industrial NV		1,406		27,184
Mitsubishi Heavy Industries Ltd.		3,200		73,985
Oshkosh Corp.		4,705		530,301
Snap-on, Inc.		275		59,230
Techtronic Industries Co., Ltd.		3,500		69,772
				760,472
MARINE–0.0%
AP Moller–Maersk A/S–Class B		2		7,139
PROFESSIONAL SERVICES–0.5%
Booz Allen Hamilton Holding Corp.		5,934		503,144
Robert Half International, Inc.		5,779		644,474
				1,147,618
ROAD & RAIL–0.7%
CSX Corp.		31,461		1,182,934
Knight-Swift Transportation Holdings, Inc.		9,474		577,345
Nippon Express Co., Ltd.(a)(d)(e)		400		23,548
				1,783,827
TRADING COMPANIES & DISTRIBUTORS–0.0%
WW Grainger, Inc.		150		77,736
				7,603,652
ENERGY–2.5%
ENERGY EQUIPMENT & SERVICES–0.0%
Subsea 7 SA		8,254		59,044
OIL, GAS & CONSUMABLE FUELS–2.5%
Aker BP ASA		5,924		182,155
BP PLC		98,939		443,308
Canadian Natural Resources Ltd.		961		40,607
Chevron Corp.		11,401		1,337,907
Enbridge, Inc.		492		19,218
ENEOS Holdings, Inc.		7,300		27,272
Eni SpA		2,815		39,122
EOG Resources, Inc.		11,733		1,042,242
Exxon Mobil Corp.		5,950		364,081
Gazprom PJSC (Sponsored ADR)		15,730		144,559
LUKOIL PJSC (Sponsored ADR)		790		70,942
OMV AG		1,334		75,441
PetroChina Co., Ltd.–Class H		548,000		242,707
Pioneer Natural Resources Co.		23		4,183
Repsol SA		22,229		263,261
Royal Dutch Shell PLC–Class A		1,108		24,281
Royal Dutch Shell PLC–Class B		56,936		1,250,119
TotalEnergies SE		9,719		494,699
				6,066,104
				6,125,148
CONSUMER STAPLES–2.0%
BEVERAGES–0.6%
Coca-Cola Co., (The)		16,595		982,590
Constellation Brands, Inc.–Class A		1,978		496,419
Kirin Holdings Co., Ltd.(b)		1,500		24,160
				1,503,169
FOOD & STAPLES RETAILING–0.8%
Costco Wholesale Corp.		1,115		632,986
George Weston Ltd.		43		4,985
HelloFresh SE(a)		565		43,301
J Sainsbury PLC		2,686		10,040
Kroger Co. (The)		1,396		63,183
Walmart, Inc.		8,676		1,255,330
				2,009,825
FOOD PRODUCTS–0.2%
Bunge Ltd.		764		71,327
Hershey Co. (The)		257		49,722
Kellogg Co.		245		15,783

13

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

Company	Shares		U.S. $ Value
Maple Leaf Foods, Inc.		3,410	$	78,878
Mowi ASA		5,960		141,054
Nestle SA		43		6,003
				362,767
HOUSEHOLD PRODUCTS–0.4%
Procter & Gamble Co. (The)		5,757		941,730
PERSONAL PRODUCTS–0.0%
Estee Lauder Cos., Inc. (The)–Class A		66		24,433
TOBACCO–0.0%
Altria Group, Inc.		280		13,269
Philip Morris International, Inc.		695		66,025
				79,294
				4,921,218
MATERIALS–1.8%
CHEMICALS–0.6%
CF Industries Holdings, Inc.		1,585		112,186
Corteva, Inc.		3,020		142,786
Daicel Corp.		1,800		12,457
Kuraray Co., Ltd.		1,200		10,436
Linde PLC		2,665		923,236
Mitsubishi Chemical Holdings Corp.		2,400		17,802
Sika AG		47		19,534
Sumitomo Chemical Co., Ltd.		15,700		74,038
Umicore SA(b)		518		21,131
				1,333,606
CONSTRUCTION MATERIALS–0.0%
CSR Ltd.		6,270		26,845
GCC SAB de CV		4,300		33,024
				59,869
CONTAINERS & PACKAGING–0.0%
Sealed Air Corp.		458		30,901
Smurfit Kappa Group PLC		319		17,582
				48,483
METALS & MINING–1.2%
Agnico Eagle Mines Ltd.		4,549		241,628
Alcoa Corp.		1,530		91,157
Allkem Ltd.(a)		5,420		41,114
Anglo American PLC		9,315		383,147
AngloGold Ashanti Ltd.		7,765		163,496
APERAM SA		3,543		192,860
ArcelorMittal SA		11,038		354,084
Barrick Gold Corp.(b)		5,550		105,450
Evraz PLC		7,044		57,590
First Quantum Minerals Ltd.		5,146		123,143
Glencore PLC(a)		48,264		245,919
Industrias Penoles SAB de CV		1,909		22,006
Lundin Mining Corp.		7,945		62,055
MMC Norilsk Nickel PJSC (ADR)		2,540		77,902
Norsk Hydro ASA		6,117		48,132
Northern Star Resources Ltd.(b)		4,630		31,842
OZ Minerals Ltd.		2,685		55,355
Regis Resources Ltd.		19,455		27,686
Rio Tinto PLC		4,866		320,894
St. Barbara Ltd.(b)		23,750		25,389
Steel Dynamics, Inc.		373		23,152
Vale SA (Sponsored ADR)–Class B		12,186		170,848
				2,864,849
PAPER & FOREST PRODUCTS–0.0%
Suzano SA(a)		9,200		99,370
PAPER PRODUCTS–0.0%
Stora Enso Oyj–Class R		1,890		34,688
				4,440,865
UTILITIES–0.8%
ELECTRIC UTILITIES–0.7%
American Electric Power Co., Inc.		8,367		744,412
Enel SpA		22,240		177,833
NextEra Energy, Inc.		8,272		772,274
NRG Energy, Inc.		1,972		84,953
				1,779,472
GAS UTILITIES–0.0%
UGI Corp.		1,689		77,542
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
EDP Renovaveis SA		3,880		96,486
				1,953,500
CONSUMER SERVICES–0.1%
HOTELS, RESORTS & CRUISE LINES–0.1%
Hilton Grand Vacations, Inc.(a)		930		48,462
LEISURE FACILITIES–0.0%
Planet Fitness, Inc.(a)		285		25,815
RESTAURANTS–0.0%
Dine Brands Global, Inc.		250		18,953
				93,230
TRANSPORTATION–0.0%
HIGHWAYS & RAILTRACKS–0.0%
Transurban Group		7,887		79,219

14

AB Variable Products Series Fund

Company			Shares		U.S. $ Value
CONSUMER DURABLES & APPAREL–0.0%
HOMEBUILDING–0.0%
PulteGroup, Inc.				1,000	$	57,160
TELECOMMUNICATION SERVICES–0.0%
INTEGRATED TELECOMMUNICATION SERVICES–0.0%
Infrastrutture Wireless Italiane SpA(b)(c)				3,280		39,774
CAPITAL GOODS–0.0%
BUILDING PRODUCTS–0.0%
Fletcher Building Ltd.				5,740		28,763
SOFTWARE & SERVICES–0.0%
INTERNET SERVICES & INFRASTRUCTURE–0.0%
GDS Holdings Ltd. (ADR)(a)				240		11,318
Vnet Group, Inc. (ADR)(a)				800		7,224
						18,542
Total Common Stocks (cost $58,075,207)						96,574,664
INVESTMENT COMPANIES–26.2%
FUNDS AND INVESTMENT TRUSTS–26.2%(f)(g)
AB Discovery Growth Fund, Inc.–Class Z				215,799		3,174,405
AB Trust–AB Discovery Value Fund–Class Z				130,189		3,245,615
Bernstein Fund, Inc.–International Small Cap Portfolio–Class Z				627,599		8,146,230
Bernstein Fund, Inc.–International Strategic Equities Portfolio–Class Z				3,225,751		42,837,967
Bernstein Fund, Inc.–Small Cap Core Portfolio–Class Z				213,805		3,266,945
Sanford C. Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z				125,464		3,783,981
Total Investment Companies (cost $60,188,801)				64,455,143
	Principal Amount (000)
GOVERNMENTS– TREASURIES–15.6%
AUSTRALIA–1.3%
Australia Government Bond Series 145 2.75%, 06/21/2035(c)		AUD		802		643,402
Series 150 3.00%, 03/21/2047(c)		AUD		1,025		829,247
Series 156 2.75%, 05/21/2041(c)				715		557,637
Series 161 0.25%, 11/21/2025(c)				350		245,188
Series 163 1.00%, 11/21/2031(c)				766		523,408
Series 164 0.50%, 09/21/2026(c)				475		332,423
						3,131,305
AUSTRIA–0.2%
Republic of Austria Government Bond 0.50%, 02/20/2029(c)		EUR		449		534,067
BELGIUM–0.1%
Kingdom of Belgium Government Bond Series 76 1.90%, 06/22/2038(c)				180		248,941
CANADA–0.3%
Canadian Government Bond 2.00%, 12/01/2051		CAD		940		799,529
CHINA–1.3%
China Government Bond Series 1827 3.25%, 11/22/2028		CNY		1,710		275,625
Series INBK 2.68%, 05/21/2030				3,670		566,750
3.01%, 05/13/2028				2,220		352,682
3.27%, 11/19/2030				4,190		679,310
3.39%, 03/16/2050				9,160		1,428,464
						3,302,831
FINLAND–0.1%
Finland Government Bond 0.50%, 09/15/2028(c)		EUR		115		136,966
GERMANY–1.5%
Bundesrepublik Deutschland Bundesanleihe 0.00%, 08/15/2050(c)				618		671,291
Series G 0.00%, 08/15/2031–08/15/2050(c)				2,705		3,118,713
						3,790,004
IRELAND–0.1%
Ireland Government Bond 1.35%, 03/18/2031(c)				162		205,378
ITALY–1.6%
Italy Buoni Poliennali Del Tesoro 0.25%, 03/15/2028(c)				1,310		1,454,521
0.50%, 07/15/2028(c)				187		210,038
0.95%, 09/15/2027(c)				1,715		1,994,018

15

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

Company	Principal Amount (000)			U.S. $ Value
1.50%, 04/30/2045(c)		EUR	172	$	183,797
					3,842,374
JAPAN–3.4%
Japan Government Ten Year Bond Series 358 0.10%, 03/20/2030		JPY	205,850		1,807,536
Series 359 0.10%, 06/20/2030			277,550		2,435,795
Series 360 0.10%, 09/20/2030			87,450		766,721
Japan Government Thirty Year Bond Series 65 0.40%, 12/20/2049			74,200		600,863
Series 68 0.60%, 09/20/2050			69,900		596,165
Japan Government Twenty Year Bond Series 169 0.30%, 06/20/2039			31,650		270,435
Series 171 0.30%, 12/20/2039			44,850		381,796
Series 177 0.40%, 06/20/2041			89,750		770,494
Japan Government Two Year Bond Series 424 0.005%, 05/01/2023			96,100		836,537
					8,466,342
MALAYSIA–0.1%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	1,088		277,067
SOUTH KOREA–0.4%
Korea Treasury Bond Series 3012 1.50%, 12/10/2030		KRW	1,236,490		974,371
SPAIN–0.5%
Spain Government Bond 1.00%, 07/30/2042(c)		EUR	746		823,230
1.20%, 10/31/2040(c)			281		323,485
					1,146,715
THAILAND–0.1%
Thailand Government Bond 2.00%, 12/17/2031		THB	7,680		230,998
UNITED KINGDOM–0.6%
United Kingdom Gilt 1.25%, 07/31/2051(c)		GBP	168		232,938
1.50%, 07/31/2053(c)			61		90,826
1.75%, 09/07/2037(c)			856		1,256,185
					1,579,949
UNITED STATES–4.0%
U.S. Treasury Bonds 1.125%, 08/15/2040		U.S.$	2,560		2,241,600
1.875%, 02/15/2051			1,591		1,581,305
2.00%, 08/15/2051			715		732,316
4.50%, 08/15/2039			200		282,969
U.S. Treasury Notes 0.25%, 05/31/2025			550		535,133
0.375%, 04/15/2024			870		861,300
0.50%, 03/15/2023–02/28/2026			582		574,879
0.625%, 07/31/2026			565		549,727
1.25%, 08/15/2031			486		475,824
2.125%, 05/31/2026			1,840		1,912,163
					9,747,216
Total Governments–Treasuries (cost $39,736,212)					38,414,053
CORPORATES–INVESTMENT GRADE–6.3%
FINANCIAL INSTITUTIONS–3.3%
BANKING–2.2%
Banco Santander SA 1.125%, 06/23/2027(c)		EUR	100		117,025
Bank of America Corp. 1.776%, 05/04/2027(c)			248		298,535
2.299%, 07/21/2032		U.S.$	121		118,826
CaixaBank SA 0.375%, 11/18/2026(c)		EUR	200		226,505
Citigroup, Inc. 1.50%, 07/24/2026(c)			155		184,049
2.561%, 05/01/2032		U.S.$	144		144,821
5.95%, 01/30/2023(h)			90		92,768
Series Y
4.15%, 11/15/2026(h)			91		92,468
Credit Suisse Group AG 4.194%, 04/01/2031(c)			250		275,828
Danske Bank A/S 0.75%, 06/09/2029(c)		EUR	185		208,657
3.244%, 12/20/2025(c)		U.S.$	350		364,014
DNB Bank ASA 6.50%, 03/26/2022(c)(h)			210		212,528
Fifth Third Bancorp Series L 4.50%, 09/30/2025(h)			41		43,260
Goldman Sachs Group, Inc. (The) 1.25%, 05/01/2025(c)		EUR	190		221,937
2.383%, 07/21/2032		U.S.$	118		116,196
Series V 4.125%, 11/10/2026(h)			67		67,943

16

AB Variable Products Series Fund

Company	Principal Amount (000)			U.S. $ Value
HSBC Holdings PLC 6.375%, 03/30/2025(h)		U.S.$	200	$	216,012
ING Groep NV 6.50%, 04/16/2025(h)			232		252,548
JPMorgan Chase & Co. 1.09%, 03/11/2027(c)		EUR	170		199,202
Series I 3.599% (LIBOR 3 Month + 3.47%), 04/30/2022(h)(i)		U.S.$	34		34,089
Series V 3.534% (LIBOR 3 Month + 3.32%), 04/01/2022(h)(i)			17		17,008
Series Z 3.932% (LIBOR 3 Month + 3.80%), 02/01/2022(h)(i)			31		31,042
Lloyds Banking Group PLC 7.50%, 06/27/2024(h)			200		219,998
Mitsubishi UFJ Financial Group, Inc. 0.978%, 06/09/2024(c)		EUR	215		250,792
Morgan Stanley 0.406%, 10/29/2027			160		181,001
2.239%, 07/21/2032		U.S.$	119		116,588
Series H 3.734% (LIBOR 3 Month + 3.61%), 01/18/2022(h)(i)			9		9,003
Natwest Group PLC 0.78%, 02/26/2030(c)		EUR	200		224,610
Series U 2.544% (LIBOR 3 Month + 2.32%), 09/30/2027(h)(i)		U.S.$	200		198,548
Nordea Bank Abp 6.125%, 09/23/2024(c)(h)			200		215,300
PNC Financial Services Group, Inc. (The) Series O 3.81% (LIBOR 3 Month + 3.68%), 02/01/2022(h)(i)			17		16,985
Standard Chartered PLC 1.639% (LIBOR 3 Month + 1.51%), 01/30/2027(c)(h)(i)			200		192,640
UniCredit SpA 3.127%, 06/03/2032(c)			245		241,920
					5,402,646
BROKERAGE–0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(h)		U.S.$	201		205,609
FINANCE–0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.30%, 01/30/2032			345		351,831
Air Lease Corp. 2.10%, 09/01/2028			26		25,144
2.875%, 01/15/2026			23		23,721
3.25%, 03/01/2025			5		5,197
3.625%, 04/01/2027			14		14,735
4.625%, 10/01/2028			20		22,085
Aircastle Ltd. 2.85%, 01/26/2028(c)			109		109,802
4.25%, 06/15/2026			49		52,537
5.25%, 08/11/2025(c)			72		79,158
Aviation Capital Group LLC 1.95%, 01/30/2026(c)			13		12,709
3.50%, 11/01/2027(c)			18		18,551
4.125%, 08/01/2025(c)			2		2,114
4.375%, 01/30/2024(c)			13		13,641
4.875%, 10/01/2025(c)			23		24,902
5.50%, 12/15/2024(c)			47		51,442
Synchrony Financial 2.875%, 10/28/2031			124		123,683
3.95%, 12/01/2027			13		13,978
					945,230
INSURANCE–0.2%
Centene Corp. 2.45%, 07/15/2028			62		61,330
4.625%, 12/15/2029			37		39,930
CNP Assurances 2.50%, 06/30/2051(c)		EUR	100		120,405
Voya Financial, Inc. 5.65%, 05/15/2053		U.S.$	153		159,093
					380,758
REITs–0.4%
Digital Euro Finco LLC 2.50%, 01/16/2026(c)		EUR	220		270,565
Essential Properties LP 2.95%, 07/15/2031		U.S.$	152		149,969
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			74		74,378
Host Hotels & Resorts LP Series I 3.50%, 09/15/2030			81		83,180
Series J 2.90%, 12/15/2031			137		132,502

17

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

Company	Principal Amount (000)			U.S. $ Value
Office Properties Income Trust 3.45%, 10/15/2031		U.S.$	60	$	58,271
Vornado Realty LP 3.40%, 06/01/2031			160		164,879
WPC Eurobond BV 0.95%, 06/01/2030		EUR	157		173,089
					1,106,833
					8,041,076
INDUSTRIAL–2.7%
BASIC–0.0%
Suzano Austria GmbH 3.75%, 01/15/2031		U.S.$	96		97,428
COMMUNICATIONS–MEDIA–0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050			17		19,057
5.125%, 07/01/2049			28		32,427
5.375%, 05/01/2047			35		41,802
Discovery Communications LLC 4.65%, 05/15/2050			33		38,832
5.20%, 09/20/2047			100		123,653
5.30%, 05/15/2049			46		58,161
Netflix, Inc. 3.625%, 05/15/2027		EUR	147		192,175
Weibo Corp. 3.375%, 07/08/2030		U.S.$	200		197,287
					703,394
COMMUNICATIONS–TELECOMMUNICATIONS–0.2%
AT&T, Inc. 4.30%, 12/15/2042			44		49,622
Series B 2.875%, 03/02/2025(h)		EUR	100		114,091
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	77		113,227
T-Mobile USA, Inc. 2.625%, 04/15/2026			73		73,524
2.875%, 02/15/2031			48		47,390
3.375%, 04/15/2029			78		79,576
					477,430
CONSUMER CYCLICAL–AUTOMOTIVE–0.2%
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(c)			109		114,215
Harley-Davidson, Inc. 3.50%, 07/28/2025			96		101,233
Volkswagen International Finance NV 0.875%, 09/22/2028(c)		EUR	200	$	234,107
					449,555
CONSUMER CYCLICAL–OTHER–0.1%
Las Vegas Sands Corp. 3.50%, 08/18/2026		U.S.$	89		90,090
3.90%, 08/08/2029			100		100,574
MDC Holdings, Inc. 6.00%, 01/15/2043			133		167,804
					358,468
CONSUMER NON-CYCLICAL–0.4%
Altria Group, Inc. 3.125%, 06/15/2031		EUR	270		341,485
British American Tobacco PLC Series 5.25 3.00%, 09/27/2026(c)(h)			191		213,269
Imperial Brands Finance Netherlands BV 1.75%, 03/18/2033(c)			169		187,714
Mondelez International Holdings Netherlands BV 0.25%, 09/09/2029(c)			112		124,554
					867,022
ENERGY–0.9%
BP Capital Markets PLC 3.625%, 03/22/2029(c)(h)			155		189,729
Continental Resources, Inc./OK 2.875%, 04/01/2032(c)		U.S.$	123		120,369
5.75%, 01/15/2031(c)			89		104,906
Devon Energy Corp. 5.60%, 07/15/2041			171		215,270
Enbridge Energy Partners LP 7.375%, 10/15/2045			130		202,699
Energy Transfer LP 6.25%, 04/15/2049			225		294,239
Eni SpA Series NC9 3.375%, 07/13/2029(c)(h)		EUR	155		185,065
ONEOK Partners LP 6.125%, 02/01/2041		U.S.$	7		8,866
ONEOK, Inc. 6.35%, 01/15/2031			116		146,231

18

AB Variable Products Series Fund

Company	Principal Amount (000)			U.S. $ Value
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		U.S.$	16	$	16,639
3.80%, 09/15/2030			42		44,212
Suncor Energy, Inc. 6.50%, 06/15/2038			44		60,311
6.85%, 06/01/2039			94		135,397
TotalEnergies SE Series NC7 1.625%, 10/25/2027(c)(h)		EUR	110		124,266
TransCanada PipeLines Ltd. 7.625%, 01/15/2039		U.S.$	134		208,631
Valero Energy Corp. 6.625%, 06/15/2037			32		43,282
					2,100,112
TECHNOLOGY–0.4%
Baidu, Inc. 1.625%, 02/23/2027			222		215,686
Broadcom, Inc.
3.137%, 11/15/2035(c)			33		33,172
3.187%, 11/15/2036(c)			35		35,113
4.11%, 09/15/2028			116		127,283
Dell International LLC/EMC Corp. 8.35%, 07/15/2046			26		43,544
Fidelity National Information Services, Inc. 1.00%, 12/03/2028		EUR	165		191,100
Kyndryl Holdings, Inc. 2.05%, 10/15/2026(c)		U.S.$	130		126,771
Oracle Corp. 3.95%, 03/25/2051			177		184,179
VeriSign, Inc. 2.70%, 06/15/2031			34		34,230
Western Digital Corp.
2.85%, 02/01/2029			28		28,265
3.10%, 02/01/2032			69		69,497
					1,088,840
TRANSPORTATION–AIRLINES–0.0%
Delta Air Lines, Inc. 7.00%, 05/01/2025(c)			99		113,290
TRANSPORTATION–SERVICES–0.2%
ENA Master Trust 4.00%, 05/19/2048(c)			200		200,913
FedEx Corp. 0.45%, 05/04/2029		EUR	220		246,457
					447,370
					6,702,909
UTILITY–0.3%
ELECTRIC–0.3%
EDP Finance BV 0.375%, 09/16/2026(c)		EUR	170		194,006
Enel Finance International NV 0.50%, 06/17/2030(c)			225		251,101
Iberdrola International BV Series NC6 1.45%, 11/09/2026(c)(h)			100		113,977
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/2028		U.S.$	48		47,639
SSE PLC 1.375%, 09/04/2027(c)		EUR	160		191,794
					798,517
Total Corporates–Investment Grade (cost $15,602,427)					15,542,502
CORPORATES– NON-INVESTMENT GRADE–2.5%
INDUSTRIAL–2.0%
BASIC–0.3%
Axalta Coating Systems LLC 3.375%, 02/15/2029(c)		U.S.$	150		145,330
INEOS Quattro Finance 2 PLC 2.50%, 01/15/2026(c)		EUR	100		113,174
Ingevity Corp. 3.875%, 11/01/2028(c)		U.S.$	88		85,811
Olympus Water US Holding Corp. 3.875%, 10/01/2028(c)		EUR	150		171,226
Rimini Bidco SpA 5.25% (EURIBOR 3 Month + 5.25%), 12/14/2026(c)(i)			115		128,581
WEPA Hygieneprodukte GmbH 2.875%, 12/15/2027(c)			120		129,546
					773,668
CAPITAL GOODS–0.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 2.00%, 09/01/2028(c)			135		152,051
TK Elevator Midco GmbH 4.375%, 07/15/2027(c)			140		164,695
TransDigm, Inc. 6.25%, 03/15/2026(c)		U.S.$	110		114,304
					431,050

19

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

Company	Principal Amount (000)			U.S. $ Value
COMMUNICATIONS–MEDIA–0.2%
Cable One, Inc. 4.00%, 11/15/2030(c)		U.S.$	53	$	52,258
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030–06/01/2033(c)			112		114,457
DISH DBS Corp.
5.25%, 12/01/2026(c)			126		127,989
5.75%, 12/01/2028(c)			87		87,870
					382,574
COMMUNICATIONS–TELECOMMUNICATIONS–0.2%
Lorca Telecom Bondco SA 4.00%, 09/18/2027(c)		EUR	110		127,367
Lumen Technologies, Inc. 4.50%, 01/15/2029(c)		U.S.$	103		99,882
Telecom Italia SpA/Milano 1.625%, 01/18/2029(c)		EUR	140		146,210
					373,459
CONSUMER CYCLICAL–AUTOMOTIVE–0.1%
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(c)			120		140,066
ZF Finance GmbH 2.00%, 05/06/2027(c)			100		113,809
					253,875
CONSUMER CYCLICAL–ENTERTAINMENT–0.1%
Carnival Corp. 4.00%, 08/01/2028(c)		U.S.$	173		171,742
Carnival PLC 1.00%, 10/28/2029		EUR	200		170,771
					342,513
CONSUMER CYCLICAL–OTHER–0.0%
NH Hotel Group SA 4.00%, 07/02/2026(c)			100		113,225
CONSUMER CYCLICAL–RESTAURANTS–0.1%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(c)		U.S.$	116		114,835
CONSUMER CYCLICAL–RETAILERS–0.0%
Levi Strauss & Co. 3.50%, 03/01/2031(c)			55		56,084
CONSUMER NON-CYCLICAL–0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(c)		U.S.$	61		62,158
Avantor Funding, Inc. 2.625%, 11/01/2025(c)		EUR	102		118,890
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(c)			120		138,910
Grifols Escrow Issuer SA 3.875%, 10/15/2028(c)			100		114,329
Grifols SA 1.625%, 02/15/2025(c)			100		113,353
Mozart Debt Merger Sub, Inc. 3.875%, 04/01/2029(c)		U.S.$	131		130,544
Newell Brands, Inc.
4.70%, 04/01/2026			81		88,346
4.875%, 06/01/2025			20		21,763
Paysafe Finance PLC/Paysafe Holdings US Corp. 3.00%, 06/15/2029(c)		EUR	135		144,989
Tenet Healthcare Corp. 4.625%, 07/15/2024		U.S.$	42		42,632
					975,914
ENERGY–0.0%
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029(c)			98		102,009
OTHER INDUSTRIAL–0.1%
Belden, Inc. 3.375%, 07/15/2027(c)		EUR	110		126,832
SERVICES–0.2%
Block, Inc. 2.75%, 06/01/2026(c)		U.S.$	149		149,615
Elior Group SA 3.75%, 07/15/2026(c)		EUR	105		122,471
Verisure Holding AB 3.25%, 02/15/2027(c)			110		124,911
					396,997
TRANSPORTATION–AIRLINES–0.0%
Deutsche Lufthansa AG 2.875%, 02/11/2025(c)			100		114,197
TRANSPORTATION–SERVICES–0.1%
Chicago Parking Meters LLC 4.93%, 12/30/2025(e)		U.S.$	200		215,129
					4,772,361

20

AB Variable Products Series Fund

Company	Principal Amount (000)			U.S. $ Value
FINANCIAL INSTITUTIONS–0.5%
BANKING–0.4%
Banco Bilbao Vizcaya Argentaria SA Series 9 6.50%, 03/05/2025(h)		U.S.$	200	$	212,216
Banco Santander SA 6.75%, 04/25/2022(c)(h)		EUR	200		232,605
Credit Suisse Group AG 7.50%, 12/11/2023(c)(h)		U.S.$	200		216,238
Intesa Sanpaolo SpA Series E 3.928%, 09/15/2026(c)		EUR	125		156,781
Societe Generale SA 7.875%, 12/18/2023(c)(h)		U.S.$	200		218,282
					1,036,122
FINANCE–0.0%
SLM Corp. 4.20%, 10/29/2025			80		83,792
REITs–0.1%
Vivion Investments SARL 3.00%, 08/08/2024(c)		EUR	100		111,330
					1,231,244
Total Corporates– Non-Investment Grade (cost $6,091,999)					6,003,605
COLLATERALIZED MORTGAGE OBLIGATIONS–1.8%
RISK SHARE FLOATING RATE–1.4%
Bellemeade Re Ltd.
Series 2019-1A, Class M1B 1.852% (LIBOR 1 Month + 1.75%), 03/25/2029(c)(i)		U.S.$	175		174,575
Series 2019-2A, Class M2 3.202% (LIBOR 1 Month + 3.10%), 04/25/2029(c)(i)			150		151,501
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1M2 2.403% (LIBOR 1 Month + 2.30%), 08/25/2031(c)(i)			17		16,641
Series 2019-R03, Class 1M2 2.253% (LIBOR 1 Month + 2.15%), 09/25/2031(c)(i)		U.S.$	12		11,848
Series 2019-R04, Class 2M2 2.202% (LIBOR 1 Month + 2.10%), 06/25/2039(c)(i)			9		8,993
Series 2019-R05, Class 1M2 2.103% (LIBOR 1 Month + 2.00%), 07/25/2039(c)(i)			6		5,514
Series 2019-R06, Class 2M2 2.202% (LIBOR 1 Month + 2.10%), 09/25/2039(c)(i)			19		19,191
Series 2019-R07, Class 1M2 2.203% (LIBOR 1 Month + 2.10%), 10/25/2039(c)(i)			16		15,839
Series 2021-R01, Class 1M1 0.80% (SOFR + 0.75%), 10/25/2041(c)(i)			14		14,221
Series 2021-R01, Class 1M2 1.60% (SOFR + 1.55%), 10/25/2041(c)(i)			19		19,468
Series 2021-R03, Class 1M1 0.90%, 12/25/2041(c)(i)			174		174,244
Series 2021-R03, Class 1M2 1.70% (SOFR + 1.65%), 12/25/2041(c)(i)			131		130,833
Eagle RE Ltd.
Series 2018-1, Class M1 1.802% (LIBOR 1 Month + 1.70%), 11/25/2028(c)(i)			56		55,779
Series 2021-2, Class M1B 2.10% (SOFR + 2.05%), 04/25/2034(c)(i)			150		150,266
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN3, Class M3 4.103% (LIBOR 1 Month + 4.00%), 08/25/2024(i)			65		66,549

21

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

Company	Principal Amount (000)		U.S. $ Value
Series 2014-HQ3, Class M3 4.853% (LIBOR 1 Month + 4.75%), 10/25/2024(i)	U.S.$	6	$	5,988
Series 2019-DNA3, Class M2 2.153% (LIBOR 1 Month + 2.05%), 07/25/2049(c)(i)		20		20,585
Series 2019-HQA1, Class M2
2.453% (LIBOR 1 Month + 2.35%), 02/25/2049(c)(i)		46		45,981
Series 2021-DNA5, Class M2 1.70% (SOFR + 1.65%), 01/25/2034(c)(i)		56		55,840
Series 2021-DNA6, Class M2 1.55% (SOFR + 1.50%), 10/25/2041(c)(i)		146		146,391
Series 2021-DNA7, Class M2 1.85% (SOFR + 1.80%), 11/25/2041(c)(i)		218		218,230
Series 2021-HQA4, Class M1 1.00%, 12/25/2041(c)(i)		174		174,302
Series 2021-HQA4, Class M2 2.40%, 12/25/2041(c)(i)		218		218,085
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C01, Class 1M2 4.403% (LIBOR 1 Month + 4.30%), 02/25/2025(i)		26		26,084
Series 2015-C02, Class 1M2 4.103% (LIBOR 1 Month + 4.00%), 05/25/2025(i)		39		39,511
Series 2015-C02, Class 2M2 4.103% (LIBOR 1 Month + 4.00%), 05/25/2025(i)		4		4,070
Series 2015-C03, Class 1M2 5.103% (LIBOR 1 Month + 5.00%), 07/25/2025(i)	U.S.$	18		18,838
Series 2015-C03, Class 2M2 5.103% (LIBOR 1 Month + 5.00%), 07/25/2025(i)		7		7,192
Series 2015-C04, Class 1M2 5.803% (LIBOR 1 Month + 5.70%), 04/25/2028(i)		33		34,764
Series 2015-C04, Class 2M2 5.653% (LIBOR 1 Month + 5.55%), 04/25/2028(i)		115		120,294
Series 2016-C01, Class 1M2 6.853% (LIBOR 1 Month + 6.75%), 08/25/2028(i)		36		37,556
Series 2016-C02, Class 1M2 6.103% (LIBOR 1 Month + 6.00%), 09/25/2028(i)		61		63,052
Series 2016-C05, Class 2M2 4.553% (LIBOR 1 Month + 4.45%), 01/25/2029(i)		134		138,631
Series 2016-C06, Class 1M2 4.353% (LIBOR 1 Month + 4.25%), 04/25/2029(i)		80		82,674
Series 2017-C01, Class 1M2 3.653% (LIBOR 1 Month + 3.55%), 07/25/2029(i)		56		57,415
Series 2017-C05, Class 1M2 2.303% (LIBOR 1 Month + 2.20%), 01/25/2030(i)		105		106,850
Series 2021-R02, Class 2M2 2.05% (SOFR + 2.00%), 11/25/2041(c)(i)		95		95,421

22

AB Variable Products Series Fund

Company	Principal Amount (000)		U.S. $ Value
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-CH1, Class M2 4.353% (LIBOR 1 Month + 4.25%), 11/25/2024(i)(j)	U.S.$	9	$	8,508
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.102% (LIBOR 1 Month + 2.00%), 03/27/2024(c)(i)		46		46,350
Series 2019-2R, Class A 2.852% (LIBOR 1 Month + 2.75%), 05/27/2023(c)(i)		77		76,336
Radnor Re Ltd. Series 2019-1, Class M1B 2.053% (LIBOR 1 Month + 1.95%), 02/25/2029(c)(i)		140		140,476
STACR Trust Series 2018-DNA3, Class M2 2.203% (LIBOR 1 Month + 2.10%), 09/25/2048(c)(i)		174		175,921
Traingle Re Ltd. Series 2021-1, Class M1B 3.102% (LIBOR 1 Month + 3.00%), 08/25/2033(c)(i)		88		88,374
Series 2021-3, Class M1A 1.95% (SOFR + 1.90%), 02/25/2034(c)(i)		178		177,893
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.353% (LIBOR 1 Month + 5.25%), 11/25/2025(i)(j)		45		43,393
Series 2015-WF1, Class 2M2 5.603% (LIBOR 1 Month + 5.50%), 11/25/2025(i)(j)		12		11,748
				3,502,215
AGENCY FLOATING RATE–0.2%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 5.99% (6.10%–LIBOR 1 Month), 12/15/2044(i)(k)	U.S.$	302		50,763
Series 4693, Class SL 6.04% (6.15%–LIBOR 1 Month), 06/15/2047(i)(k)		315		58,312
Series 4719, Class JS 6.04% (6.15%–LIBOR 1 Month), 09/15/2047(i)(k)		198		31,111
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.438% (6.54%–LIBOR 1 Month), 12/25/2041(i)(k)		160		30,150
Series 2016-106, Class ES 5.898% (6.00%–LIBOR 1 Month), 01/25/2047(i)(k)		285		49,679
Series 2017-81, Class SA 6.098% (6.20%–LIBOR 1 Month), 10/25/2047(i)(k)		325		61,743
Series 2017-97, Class LS 6.098% (6.20%–LIBOR 1 Month), 12/25/2047(i)(k)		277		54,254
Government National Mortgage Association Series 2017-134, Class SE 6.096% (6.20%–LIBOR 1 Month), 09/20/2047(i)(k)		163		25,850
Series 2017-65, Class ST 6.046% (6.15%–LIBOR 1 Month), 04/20/2047(i)(k)		294		52,964
				414,826

23

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

Company	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.$	15	$	12,561
Series 2006-24CB, Class A16 5.75%, 08/25/2036			79		59,242
Series 2006-28CB, Class A14 6.25%, 10/25/2036			58		41,198
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			35		31,426
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037			27		17,466
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036			34		21,858
Series 2006-13, Class 1A19 6.25%, 09/25/2036			19		11,681
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036			70		44,720
					240,152
NON-AGENCY FLOATING RATE–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.482% (LIBOR 1 Month + 0.38%), 12/25/2036(i)			189		87,358
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.602% (LIBOR 1 Month + 0.50%), 03/25/2035(i)			42		37,532
					124,890
Total Collateralized Mortgage Obligations (cost $4,332,981)					4,282,083
MORTGAGE PASS-THROUGHS–1.3%
AGENCY FIXED RATE 30-YEAR–1.3%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 09/01/2049		U.S.$	203		216,822
Series 2020 2.50%, 07/01/2050			125		128,645
Federal Home Loan Mortgage Corp. Gold Series 2019 4.50%, 02/01/2049			104		113,571
Federal National Mortgage Association Series 2012 3.50%, 11/01/2042			223		241,056
Series 2013 3.50%, 04/01/2043			141		151,966
Series 2018 3.50%, 02/01/2048			88		93,142
4.50%, 09/01/2048			201		217,706
Series 2020 2.50%, 07/01/2050			692		717,150
Uniform Mortgage-Backed Security Series 2022 2.50%, 01/01/2052, TBA			1,341		1,369,635
Total Mortgage Pass-Throughs (cost $3,244,068)					3,249,693
QUASI-SOVEREIGNS–1.3%
QUASI-SOVEREIGN BONDS–1.3%
CHINA–1.2%
China Development Bank Series 1805 4.88%, 02/09/2028		CNY	12,590		2,180,143
Series 1910 3.65%, 05/21/2029			2,040		331,894
Series 2004 3.43%, 01/14/2027			1,780		286,256
Series 2009 3.39%, 07/10/2027			1,140		182,976
					2,981,269
MEXICO–0.1%
Comision Federal de Electricidad 3.348%, 02/09/2031(c)		U.S.$	200		196,100
Total Quasi-Sovereigns (cost $2,837,930)					3,177,369

24

AB Variable Products Series Fund

Company	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)(i)	U.S.$	250	$	249,858
Ballyrock CLO 16 Ltd. Series 2021-16A, Class A1 1.265% (LIBOR 3 Month + 1.13%), 07/20/2034(c)(i)		250		249,438
ICG US CLO Ltd. Series 2015-1A, Class A1R 1.264% (LIBOR 3 Month + 1.14%), 10/19/2028(c)(i)		249		249,491
Neuberger Berman Loan Advisers CLO 42 Ltd. Series 2021-42A, Class B 1.722% (LIBOR 3 Month + 1.60%), 07/16/2035(c)(i)		250		248,239
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 1.242% (LIBOR 3 Month + 1.13%), 07/17/2035(c)(i)		250		249,906
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 1.34% (LIBOR 3 Month + 1.18%), 11/18/2031(c)(i)		320		320,029
Pikes Peak CLO 8 Series 2021-8A, Class B 1.902% (LIBOR 3 Month + 1.75%), 07/20/2034(c)(i)		250		249,997
TIAA CLO IV Ltd. Series 2018-1A, Class A1A 1.362% (LIBOR 3 Month + 1.23%), 01/20/2032(c)(i)		250		250,009
Total Collateralized Loan Obligations (cost $2,069,482)				2,066,967
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.7%
NON-AGENCY FLOATING RATE CMBS–0.5%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.11% (LIBOR 1 Month + 1.00%), 06/15/2035(c)(i)	U.S.$	200		200,103
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.11% (LIBOR 1 Month + 1.00%), 11/15/2033(c)(i)		375		373,844
BHMS Series 2018-ATLS, Class A 1.36% (LIBOR 1 Month + 1.25%), 07/15/2035(c)(i)		158		157,944
BX Trust Series 2018-EXCL, Class A 1.198% (LIBOR 1 Month + 1.09%), 09/15/2037(c)(i)		148		147,584
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.134% (LIBOR 1 Month + 1.03%), 12/19/2030(c)(i)		166		165,221
Invitation Homes Trust Series 2018-SFR4, Class A 1.209% (LIBOR 1 Month + 1.10%), 01/17/2038(c)(i)		208		207,866
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.06% (LIBOR 1 Month + 1.95%), 11/15/2026(i)(j)		73		67,466
				1,320,028

25

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

Company	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	$	273,438
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.122%, 05/15/2045(c)			119		83,143
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)			137		138,736
					495,317
Total Commercial Mortgage-Backed Securities (cost $1,860,847)					1,815,345
INFLATION-LINKED SECURITIES–0.7%
AUSTRALIA–0.3%
Australia Government Bond Series 30CI 2.50%, 09/20/2030(c)		AUD	732		856,399
UNITED STATES–0.4%
U.S. Treasury Notes 0.125%, 10/15/2026 (TIPS)		U.S.$	804		875,874
Total Inflation-Linked Securities (cost $1,725,967)					1,732,273
GOVERNMENTS–SOVEREIGN BONDS–0.5%
COLOMBIA–0.1%
Colombia Government International Bond 3.875%, 04/25/2027			200		201,475
GERMANY–0.1%
Kreditanstalt fuer Wiederaufbau Zero Coupon, 06/15/2029(c)		EUR	115		131,293
INDONESIA–0.1%
Indonesia Government International Bond 3.375%, 07/30/2025(c)			180		225,141
MEXICO–0.1%
Mexico Government International Bond 4.75%, 04/27/2032		U.S.$	280		316,452
PANAMA–0.1%
Panama Government International Bond 6.70%, 01/26/2036		U.S.$	165		221,028
Total Governments–Sovereign Bonds (cost $1,133,012)					1,095,389
EMERGING MARKETS–CORPORATE BONDS–0.4%
INDUSTRIAL–0.4%
BASIC–0.1%
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026(c)			200		194,850
Volcan Cia Minera SAA 4.375%, 02/11/2026(c)			24		23,157
					218,007
CAPITAL GOODS–0.2%
Cemex SAB de CV 5.45%, 11/19/2029(c)			200		214,538
Embraer Netherlands Finance BV 6.95%, 01/17/2028(c)			200		221,662
					436,200
COMMUNICATIONS–MEDIA–0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)			200		194,225
ENERGY–0.0%
Leviathan Bond Ltd. 6.125%, 06/30/2025(c)			46		48,729
					897,161
UTILITY–0.0%
ELECTRIC–0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(j)			14		14,303
Total Emerging Markets– Corporate Bonds (cost $920,031)					911,464
EMERGING MARKETS–SOVEREIGNS–0.3%
BAHRAIN–0.1%
Bahrain Government International Bond 5.25%, 01/25/2033(b)(c)			200		187,438
EGYPT–0.1%
Egypt Government International Bond 7.30%, 09/30/2033(c)			200		183,760

26

AB Variable Products Series Fund

Company	Principal Amount (000)				U.S. $ Value
IVORY COAST–0.0%
Ivory Coast Government International Bond 5.875%, 10/17/2031(c)		EUR		100	$	116,824
SENEGAL–0.1%
Senegal Government International Bond 6.25%, 05/23/2033(c)		U.S.$		200		205,000
Total Emerging Markets– Sovereigns (cost $707,857)						693,022
GOVERNMENTS–SOVEREIGN AGENCIES–0.2%
CANADA–0.1%
Canada Housing Trust No. 1 2.10%, 09/15/2029(c)		CAD		380		308,404
JAPAN–0.1%
Development Bank of Japan, Inc. Series G 0.01%, 10/15/2024(c)		EUR		220		251,304
Total Governments–Sovereign Agencies (cost $568,197)						559,708
COVERED BONDS–0.1%
DNB Boligkreditt AS 0.625%, 06/19/2025(c) (cost $343,512)				282		329,382
LOCAL GOVERNMENTS– REGIONAL BONDS–0.1%
JAPAN–0.1%
Japan Finance Organization for Municipalities Series G 0.05%, 02/12/2027(c) (cost $222,976)				185		209,963
ASSET-BACKED SECURITIES–0.0%
OTHER ABS–FIXED RATE–0.0%
Nelnet Student Loan Trust Series 2021-CA, Class B 2.53%, 04/20/2062(c) (cost $103,575)		U.S.$		104		101,534
SHORT-TERM INVESTMENTS–2.2%
GOVERNMENTS– TREASURIES–1.6%
Japan Treasury Discount Bill
Series 1035 Zero Coupon, 02/14/2022		JPY		246,200		2,140,590
Series 1037 Zero Coupon, 02/21/2022 197,450						1,716,766
Total Governments–Treasuries (cost $3,892,478)						3,857,356
			Shares
INVESTMENT COMPANIES–0.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(f)(g)(l) (cost $1,525,025)				1,525,025		1,525,025
Total Short-Term Investments (cost $5,417,503)						5,382,381
Total Investments Before Security Lending Collateral for Securities Loaned–100.3% (cost $205,182,584)						246,596,540
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.1%
INVESTMENT COMPANIES–0.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(f)(g)(l) (cost $213,954)				213,954		213,954
TOTAL INVESTMENTS–100.4% (cost $205,396,538)						246,810,494
Other assets less liabilities–(0.4)%						(1,038,376	)
NET ASSETS–100.0%					$	245,772,118

27

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

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-Bund Futures		3		March 2022	$	382,638	$	(652	)
U.S. 10 Yr Ultra Futures		3		March 2022		439,312		6,254
U.S. T-Note 2 Yr (CBT) Futures		16		March 2022		3,490,750		(2,870	)
Sold Contracts
10 Yr Canadian Bond Futures		8		March 2022		901,980		(17,278	)
Euro-BOBL Futures		29		March 2022		4,399,117		38,221
Long Gilt Futures		3		March 2022		507,175		2,189
							$	25,864

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		INR	64,197		USD	847		01/07/2022	$	(15,494	)
BNP Paribas SA		USD	836		GBP	623		01/14/2022		7,054
BNP Paribas SA		USD	852		NZD	1,229		01/20/2022		(10,429	)
BNP Paribas SA		ZAR	19,945		USD	1,221		01/25/2022		(26,733	)
Citibank, NA		KRW	3,579,778		USD	3,034		01/20/2022		24,762
Citibank, NA		USD	1,049		KRW	1,247,934		01/20/2022		(116	)
Citibank, NA		USD	101		COP	393,926		01/21/2022		(4,318	)
Citibank, NA		USD	858		IDR	12,351,012		01/27/2022		10,333
Citibank, NA		JPY	1,211,574		USD	10,643		02/09/2022		108,092
Citibank, NA		USD	922		EUR	804		02/10/2022		(6,444	)
Deutsche Bank AG		EUR	17,986		USD	20,794		02/10/2022		301,857
Goldman Sachs Bank USA		CHF	759		USD	827		01/13/2022		(5,894	)
Goldman Sachs Bank USA		MXN	17,316		USD	848		01/13/2022		3,459
Goldman Sachs Bank USA		MXN	17,953		USD	820		01/13/2022		(55,659	)
Goldman Sachs Bank USA		NOK	7,559		USD	907		01/20/2022		48,593
Goldman Sachs Bank USA		NZD	1,222		USD	870		01/20/2022		33,571
Goldman Sachs Bank USA		MYR	1,237		USD	291		06/16/2022		(3,731	)
HSBC Bank USA		USD	858		INR	64,346		01/07/2022		6,424
HSBC Bank USA		TWD	24,252		USD	868		01/20/2022		(8,005	)
HSBC Bank USA		USD	881		TWD	24,365		01/20/2022		(1,228	)
HSBC Bank USA		IDR	12,477,341		USD	865		01/27/2022		(11,430	)
JPMorgan Chase Bank, NA		USD	884		NOK	7,566		01/20/2022		(25,040	)
JPMorgan Chase Bank, NA		USD	170		COP	666,395		01/21/2022		(6,792	)
JPMorgan Chase Bank, NA		AUD	718		USD	533		02/08/2022		11,001
JPMorgan Chase Bank, NA		EUR	1,517		USD	1,731		02/10/2022		2,098
Morgan Stanley Capital Services, Inc.		USD	866		TWD	24,251		01/20/2022		9,329
Morgan Stanley Capital Services, Inc.		USD	1,264		ZAR	20,124		01/25/2022		(4,823	)
Morgan Stanley Capital Services, Inc.		AUD	3,866		USD	2,858		02/08/2022		45,227
Morgan Stanley Capital Services, Inc.		CAD	1,810		USD	1,438		02/10/2022		7,181
Standard Chartered Bank		USD	985		KRW	1,174,275		01/20/2022		1,548
Standard Chartered Bank		JPY	197,522		USD	1,734		02/09/2022		16,840
Standard Chartered Bank		USD	892		EUR	786		02/10/2022		3,785

28

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		MXN	302		USD	15		01/13/2022	$	65
State Street Bank & Trust Co.		USD	197		CHF	181		01/13/2022		1,501
State Street Bank & Trust Co.		USD	836		MXN	17,175		01/13/2022		1,633
State Street Bank & Trust Co.		GBP	27		USD	37		01/14/2022		100
State Street Bank & Trust Co.		SGD	48		USD	35		01/14/2022		(308	)
State Street Bank & Trust Co.		USD	103		GBP	76		01/14/2022		(253	)
State Street Bank & Trust Co.		USD	82		SGD	110		01/14/2022		(13	)
State Street Bank & Trust Co.		DKK	559		USD	87		01/20/2022		1,499
State Street Bank & Trust Co.		NOK	373		USD	45		01/20/2022		2,509
State Street Bank & Trust Co.		NOK	372		USD	41		01/20/2022		(1,312	)
State Street Bank & Trust Co.		NZD	9		USD	6		01/20/2022		80
State Street Bank & Trust Co.		SEK	723		USD	83		01/20/2022		2,799
State Street Bank & Trust Co.		SEK	182		USD	20		01/20/2022		(130	)
State Street Bank & Trust Co.		USD	43		NOK	372		01/20/2022		(1,254	)
State Street Bank & Trust Co.		USD	97		SEK	845		01/20/2022		(3,950	)
State Street Bank & Trust Co.		AUD	769		USD	563		02/08/2022		3,660
State Street Bank & Trust Co.		USD	78		AUD	111		02/08/2022		2,906
State Street Bank & Trust Co.		USD	34		AUD	46		02/08/2022		(523	)
State Street Bank & Trust Co.		JPY	9,353		USD	83		02/09/2022		1,419
State Street Bank & Trust Co.		JPY	10,228		USD	89		02/09/2022		(109	)
State Street Bank & Trust Co.		USD	29		JPY	3,325		02/09/2022		(249	)
State Street Bank & Trust Co.		EUR	1,160		USD	1,342		02/10/2022		21,055
State Street Bank & Trust Co.		EUR	463		USD	524		02/10/2022		(3,177	)
State Street Bank & Trust Co.		HKD	260		USD	33		02/10/2022		42
State Street Bank & Trust Co.		USD	118		CAD	151		02/10/2022		832
State Street Bank & Trust Co.		USD	34		CAD	43		02/10/2022		(174	)
State Street Bank & Trust Co.		USD	453		EUR	400		02/10/2022		3,824
State Street Bank & Trust Co.		USD	135		EUR	118		02/10/2022		(462	)
State Street Bank & Trust Co.		THB	7,810		USD	232		03/10/2022		(1,636	)
UBS AG		USD	822		CHF	760		01/13/2022		11,814
UBS AG		USD	864		MXN	18,260		01/13/2022		26,077
UBS AG		GBP	1,824		USD	2,475		01/14/2022		5,834
UBS AG		TWD	24,261		USD	870		01/20/2022		(6,240	)
UBS AG		COP	1,149,249		USD	298		01/21/2022		15,730
UBS AG		USD	767		EUR	660		02/10/2022		(14,938	)
UBS AG		CNH	40,413		USD	6,302		02/17/2022		(32,239	)
									$	491,430

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2021			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
iTraxxx Xover Series 36, 5 Year Index, 12/20/2026*		(5.00	)%		Quarterly		2.42	%		EUR	1,050	$	(143,085)	$	(124,639)	$	(18,446)

* Termination date

29

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
NZD	561		11/01/2024	3 Month BKBM	2.580%	Quarterly/ Semi-Annual	$	3,172		$	–0	–	$	3,172
NZD	1,499		11/02/2024	3 Month BKBM	2.503%	Quarterly/Semi-Annual		6,121			–0	–		6,121
EUR	540		09/30/2050	0.122%	6 Month EURIBOR	Annual/ Semi-Annual		61,328			–0	–		61,328
EUR	540		09/30/2050	6 Month EURIBOR	(0.017)%	Semi-Annual/ Annual		(84,926	)		–0	–		(84,926	)
EUR	550		11/10/2050	0.022%	6 Month EURIBOR	Annual/ Semi-Annual		80,291			6,376			73,915
EUR	550		11/10/2050	6 Month EURIBOR	(0.043)%	Semi-Annual/ Annual		(91,571	)		–0	–		(91,571	)
							$	(25,585	)	$	6,376		$	(31,961	)

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 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	$	(2,232	)	$	(893	)	$	(1,339	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9		(2,511	)		(492	)		(2,019	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	52		(14,506	)		(5,663	)		(8,843	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	53		(14,785	)		(5,774	)		(9,011	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,115	)		(341	)		(774	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,232	)		(753	)		(1,479	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,232	)		(696	)		(1,536	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	58		(16,179	)		(9,029	)		(7,150	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	53		(14,785	)		(5,378	)		(9,407	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	82		(22,875	)		(12,949	)		(9,926	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	75		(20,922	)		(10,981	)		(9,941	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	78		(21,759	)		(10,111	)		(11,648	)
												$	(136,133	)	$	(63,060	)	$	(73,073	)

* Termination date

30

AB Variable Products Series Fund

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

$

74,398

$

–0–

$

74,398

# 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 December 31, 2021, the aggregate market value of these securities amounted to $37,569,612 or 15.3% of net assets.

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

(e) Fair valued by the Adviser.

(f) Affiliated investments.

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

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

(i) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2021.

(j) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.06% of net assets as of December 31, 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 Chase Commercial Mortgage Securities Trust Series 2014-CH1, Class M2 4.353%, 11/25/2024		11/06/2015	$	8,623	$	8,508		0.00	%
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.06%, 11/15/2026		11/16/2015		73,115		67,466		0.03	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		14,000		14,303		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.353%, 11/25/2025		09/28/2015		45,068		43,393		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.603%, 11/25/2025		09/28/2015		11,808		11,748		0.00	%

(k) Inverse interest only security.

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

CNY—Chinese Yuan Renminbi

COP—Colombian Peso

DKK—Danish Krone

EUR—Euro

31

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

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

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thailand Baht

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ABS—Asset-Backed Securities

ADR—American Depositary Receipt

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

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

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

CPI—Consumer Price Index

EURIBOR—Euro Interbank Offered Rate

LIBOR—London Interbank Offered Rate

PJSC—Public Joint Stock Company

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

32

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $143,468,758)	$	180,616,372	(a)
Affiliated issuers (cost $61,927,780—including investment of cash collateral for securities loaned of $213,954)		66,194,122
Cash		154,018
Cash collateral due from broker		143,422
Foreign currencies, at value (cost $304,488)		305,515
Receivable for investment securities sold and foreign currency transactions		1,858,724
Unrealized appreciation on forward currency exchange contracts		744,533
Unaffiliated interest and dividends receivable		571,646
Unrealized appreciation on inflation swaps		74,398
Receivable for capital stock sold		47,378
Receivable for variation margin on centrally cleared swaps		1,025
Receivable for variation margin on futures		1,019
Affiliated dividends receivable		7
Total assets		250,712,179
LIABILITIES
Payable for investment securities purchased		3,727,486
Unrealized depreciation on forward currency exchange contracts		253,103
Payable for collateral received on securities loaned		213,954
Payable for capital stock redeemed		147,791
Market value on credit default swaps (net premiums received $63,060)		136,133
Advisory fee payable		95,863
Distribution fee payable		47,218
Administrative fee payable		22,843
Foreign capital gains tax payable		22,117
Transfer Agent fee payable		146
Accrued expenses		273,407
Total liabilities		4,940,061
NET ASSETS	$	245,772,118
COMPOSITION OF NET ASSETS
Capital stock, at par	$	21,198
Additional paid-in capital		178,449,049
Distributable earnings		67,301,871
NET ASSETS	$	245,772,118

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	21,879,359		1,861,840	$	11.75
B	$	223,892,759		19,335,872	$	11.58

(a) Includes securities on loan with a value of $3,089,796 (see Note E).

See notes to financial statements.

33

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $54,185)	$	1,771,250
Affiliated issuers		1,652,656
Interest (net of foreign taxes withheld of $1,385)		1,554,760
Securities lending income		4,221
Other income		656
		4,983,543
EXPENSES
Advisory fee (see Note B)		1,364,016
Distribution fee—Class B		563,739
Transfer agency—Class A		559
Transfer agency—Class B		5,598
Custody and accounting		156,199
Audit and tax		99,937
Administrative		88,388
Printing		63,819
Legal		42,917
Directors’ fees		21,616
Miscellaneous		27,246
Total expenses		2,434,034
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(481,254	)
Net expenses		1,952,780
Net investment income		3,030,763
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Affiliated Underlying Portfolios		676,175
Investment transactions(a)		16,842,536
Forward currency exchange contracts		(101,939	)
Futures		271,509
Swaps		93,058
Foreign currency transactions		2,279,043
Net realized gain distributions from Affiliated Underlying Portfolios		2,321,524
Net change in unrealized appreciation/depreciation of:
Affiliated Underlying Portfolios		2,760,482
Investments(b)		1,714,970
Forward currency exchange contracts		1,071,447
Futures		14,305
Swaps		249,415
Foreign currency denominated assets and liabilities		(28,994	)
Net gain on investment and foreign currency transactions		28,163,531
Contributions from Affiliates (see Note B)		72
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	31,194,366

(a) Net of foreign realized capital gains taxes of $2,425.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $10,096.

See notes to financial statements.

34

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

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,030,763		$	2,685,630
Net realized gain on investment and foreign currency transactions		20,060,382			2,990,934
Net realized gain distributions from Affiliated Underlying Portfolios		2,321,524			412,213
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		5,781,625			13,329,050
Contributions from Affiliates (see Note B)		72			–0	–
Net increase in net assets from operations		31,194,366			19,417,827
Distributions to Shareholders
Class A		(615,351	)		(1,115,680	)
Class B		(5,621,797	)		(10,939,126	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(22,864,424	)		(19,101,220	)
Total increase (decrease)		2,092,794			(11,738,199	)
NET ASSETS
Beginning of period		243,679,324			255,417,523
End of period	$	245,772,118		$	243,679,324

See notes to financial statements.

35

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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

36

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

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

37

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

22,431,246

$

181,526

$

–0

–

$

22,612,772

Health Care

10,811,316

190,878

–0

–

11,002,194

Consumer Discretionary

9,933,736

321,224

–0

–

10,254,960

Real Estate

7,567,574

2,328,491

–0

–

9,896,065

Communication Services

9,460,980

67,976

–0

–

9,528,956

Financials

7,531,932

386,714

–0

–

7,918,646

Industrials

7,273,062

307,042

23,548

7,603,652

Energy

3,023,739

3,101,409

–0

–

6,125,148

Consumer Staples

4,696,660

224,558

–0

–

4,921,218

Materials

2,159,474

2,281,391

–0

–

4,440,865

Utilities

1,679,181

274,319

–0

–

1,953,500

Consumer Services

93,230

–0

–

–0

–

93,230

Transportation

–0

–

79,219

–0

–

79,219

Consumer Durables & Apparel

57,160

–0

–

–0

–

57,160

Telecommunication Services

–0

–

39,774

–0

–

39,774

Capital Goods

–0

–

28,763

–0

–

28,763

Software & Services

18,542

–0

–

–0

–

18,542

Investment Companies

64,455,143

–0

–

–0

–

64,455,143

Governments—Treasuries

–0

–

38,414,053

–0

–

38,414,053

Corporates—Investment Grade

–0

–

15,542,502

–0

–

15,542,502

Corporates—Non-Investment Grade

–0

–

6,003,605

–0

–

6,003,605

Collateralized Mortgage Obligations

–0

–

4,282,083

–0

–

4,282,083

Mortgage Pass-Throughs

–0

–

3,249,693

–0

–

3,249,693

Quasi-Sovereigns

–0

–

3,177,369

–0

–

3,177,369

Collateralized Loan Obligations

–0

–

2,066,967

–0

–

2,066,967

Commercial Mortgage-Backed Securities

–0

–

1,815,345

–0

–

1,815,345

Inflation-Linked Securities

–0

–

1,732,273

–0

–

1,732,273

Governments—Sovereign Bonds

–0

–

1,095,389

–0

–

1,095,389

Emerging Markets—Corporate Bonds

–0

–

911,464

–0

–

911,464

Emerging Markets—Sovereigns

–0

–

693,022

–0

–

693,022

Governments—Sovereign Agencies

–0

–

559,708

–0

–

559,708

Covered Bonds

–0

–

329,382

–0

–

329,382

Local Governments—Regional Bonds

–0

–

209,963

–0

–

209,963

Asset-Backed Securities

–0

–

101,534

–0

–

101,534

Short-Term Investments:

Governments—Treasuries

–0

–

3,857,356

–0

–

3,857,356

Investment Companies

1,525,025

–0

–

–0

–

1,525,025

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

213,954

–0

–

–0

–

213,954

Total Investments in Securities

152,931,954

93,854,992

23,548

246,810,494

Other Financial Instruments(a):

Assets:

Futures

46,664

–0

–

–0

–

46,664

(b)

Forward Currency Exchange Contracts

–0

–

744,533

–0

–

744,533

Centrally Cleared Interest Rate Swaps

–0

–

150,912

–0

–

150,912

(b)

Inflation (CPI) Swaps

–0

–

74,398

–0

–

74,398

38

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Liabilities:
Futures	$	(20,800	)	$	–0	–	$	–0	–	$	(20,800	)(b)
Forward Currency Exchange Contracts		–0	–		(253,103	)		–0	–		(253,103	)
Centrally Cleared Credit Default Swaps		–0	–		(143,085	)		–0	–		(143,085	)(b)
Centrally Cleared Interest Rate Swaps		–0	–		(176,497	)		–0	–		(176,497	)(b)
Credit Default Swaps		–0	–		(136,133	)		–0	–		(136,133	)
Total	$	152,957,818		$	94,116,017		$	23,548		$	247,097,383

(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.

39

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (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 .75% and 1.00% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2021, such reimbursements/waivers amounted to $7,198. 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 year ended December 31, 2021, the reimbursement for such services amounted to $88,388.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 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 year ended December 31, 2021, such waiver amounted to $684.

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 year ended December 31, 2021, such waivers and/or reimbursements amounted to $473,371.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 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 12/31/21 (000)		Dividend Income (000)			Realized Gains (000)
Government Money Market Portfolio	$	1,673	$	50,637	$	50,785	$	–0	–	$	–0	–	$	1,525	$	0	*	$	–0	–
AB Discovery Growth Fund, Inc.		3,073		432		240		53			(144	)		3,174		55			378
AB Trust—AB Discovery Value Fund		3,151		425		1,061		65			666			3,246		233			66
Bernstein Fund, Inc.—International Small Cap Portfolio		8,410		431		1,399		43			661			8,146		163			141

40

AB Variable Products Series Fund

																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 12/31/21 (000)		Dividend Income (000)			Realized Gains (000)
International Strategic Equities Portfolio	$	42,917		$	3,336	$	5,276	$	367		$	1,494		$	42,838	$	1,106		$	1,304
Small Cap Core Portfolio		3,105			266		604		98			402			3,267		4			179
Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio		3,965			509		421		50			(319	)		3,784		92			254
Government Money Market Portfolio**		–0	–		5,544		5,330		–0	–		–0	–		214		0	*		–0	–
Total								$	676		$	2,760		$	66,194	$	1,653		$	2,322

* Amount is less than $500.

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

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

Brokerage commissions paid on investment transactions for the year ended December 31, 2021 amounted to $18,501, of which $448 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	107,970,950	$	134,956,712
U.S. government securities		45,819,937		36,740,975

41

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

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

Cost	$	206,054,670
Gross unrealized appreciation	$	46,605,735
Gross unrealized depreciation		(5,864,272	)
Net unrealized appreciation	$	40,741,463

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 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.

42

AB Variable Products Series Fund

During the year ended December 31, 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 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

43

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

enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

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

During the year ended December 31, 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 year ended December 31, 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.

44

AB Variable Products Series Fund

During the year ended December 31, 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.

During the year ended December 31, 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	$	46,664	*	Receivable/Payable for variation margin on futures	$	20,800	*
Credit contracts					Receivable/Payable for variation margin on centrally cleared swaps		18,446	*
Interest rate contracts	Receivable/Payable for variation margin on centrally cleared swaps		144,536	*	Receivable/Payable for variation margin on centrally cleared swaps		176,497	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		744,533		Unrealized depreciation on forward currency exchange contracts		253,103
Interest rate contracts	Unrealized appreciation on inflation swaps		74,398
Credit contracts					Market value on credit default swaps		136,133
Total		$	1,010,131			$	604,979

* 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	$	271,509		$	14,305
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(101,939	)		1,071,447

45

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

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	110,415		$	239,245
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(17,357	)		10,170
Total		$	262,628		$	1,335,167

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2021:

Futures:
Average notional amount of buy contracts	$	5,558,177
Average notional amount of sale contracts	$	5,959,246
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	16,708,489
Average principal amount of sale contracts	$	62,946,742
Inflation Swaps:
Average notional amount	$	7,667,692
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	5,062,660
Credit Default Swaps:
Average notional amount of sale contracts	$	531,811
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	1,193,115	(a)

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 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

$

74,398

$

–0

–

$

–0

–

$

–0

–

$

74,398

BNP Paribas SA

7,054

(7,054

)

–0

–

–0

–

–0

–

Citibank, NA

143,187

(10,878

)

–0

–

–0

–

132,309

Deutsche Bank AG

301,857

(34,034

)

–0

–

–0

–

267,823

Goldman Sachs Bank USA/Goldman Sachs International

85,623

(85,623

)

–0

–

–0

–

–0

–

HSBC Bank USA

6,424

(6,424

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

13,099

(13,099

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

61,737

(4,823

)

–0

–

–0

–

56,914

Standard Chartered Bank

22,173

–0

–

–0

–

–0

–

22,173

State Street Bank & Trust Co.

43,924

(13,550

)

–0

–

–0

–

30,374

UBS AG

59,455

(53,417

)

–0

–

–0

–

6,038

Total

$

818,931

$

(228,902

)

$

–0

–

$

–0

–

$

590,029

^

46

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

Barclays Bank PLC

$

15,494

$

–0

–

$

–0

–

$

–0

–

$

15,494

BNP Paribas SA

37,162

(7,054

)

–0

–

–0

–

30,108

Citibank, NA

10,878

(10,878

)

–0

–

–0

–

–0

–

Deutsche Bank AG

34,034

(34,034

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA/Goldman Sachs International

167,383

(85,623

)

–0

–

–0

–

81,760

HSBC Bank USA

20,663

(6,424

)

–0

–

–0

–

14,239

JPMorgan Chase Bank, NA

31,832

(13,099

)

–0

–

–0

–

18,733

Morgan Stanley Capital Services, Inc.

4,823

(4,823

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

13,550

(13,550

)

–0

–

–0

–

–0

–

UBS AG

53,417

(53,417

)

–0

–

–0

–

–0

–

Total

$

389,236

$

(228,902

)

$

–0

–

$

–0

–

$

160,334

^

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

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

2. Currency Transactions

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

3. TBA and Dollar Rolls

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

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended December 31, 2021, the Portfolio earned drop income of $17,711 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

47

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

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

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 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
$	3,089,796	$	213,954	$	2,971,848	$	4,194	$	27	$	1

* As of December 31, 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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		195,158			77,220		$	2,203,872		$	757,635
Shares issued in reinvestment of dividends and distributions		53,369			114,782			615,351			1,115,680
Shares redeemed		(388,807	)		(567,977	)		(4,445,529	)		(5,567,327	)
Net decrease		(140,280	)		(375,975	)	$	(1,626,306	)	$	(3,694,012	)
Class B
Shares sold		1,167,051			1,282,047		$	13,063,851		$	11,968,828
Shares issued in reinvestment of dividends and distributions		494,442			1,140,680			5,621,797			10,939,126
Shares redeemed		(3,578,639	)		(4,048,921	)		(39,923,766	)		(38,315,162	)
Net decrease		(1,917,146	)		(1,626,194	)	$	(21,238,118	)	$	(15,407,208	)

48

AB Variable Products Series Fund

At December 31, 2021, certain shareholders of the Portfolio owned 68% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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

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

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

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. 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—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligation to the Portfolio.

Real Assets Risk—The Portfolio’s investments in securities linked to real assets involve significant risks, including financial, operating, and competitive risks. Investments in securities linked to real assets expose the Portfolio to adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located. Changes in inflation rates or in the market’s inflation expectations may adversely affect the market value of inflation-sensitive equities.

49

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

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 be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

50

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021		2020
Distributions paid from:
Ordinary income	$	2,456,552	$	5,219,650
Net long-term capital gains		3,780,596		6,835,156
Total taxable distributions paid	$	6,237,148	$	12,054,806

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	8,306,029
Undistributed capital gains		18,272,667
Other losses		(839	)(a)
Unrealized appreciation/(depreciation)		40,744,702	(b)
Total accumulated earnings/(deficit)	$	67,322,559	(c)

(a) As of December 31, 2021, the cumulative deferred loss on straddles was $839.

(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 difference 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, 2021, the Portfolio did not have any capital loss carryforwards.

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

NOTE 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

At a meeting held on November 2-4, 2021, the Adviser recommended and the Portfolio’s Board of Directors approved certain changes to the Portfolio, including changing the Portfolio’s name to “AB Balanced Hedged Allocation Portfolio” and changes to the Portfolio’s principal investment strategies. These changes are addressed in a supplement (dated November 5, 2021) to the Fund’s prospectus. In addition, the advisory fee will be revised to an annual rate of 0.45% of the Portfolio’s average daily net assets up to $2.5 billion, 0.425% of net assets in excess of $2.5 billion up to $5 billion, and 0.40% of net assets in excess of $5 billion. These changes will be effective on or about May 1, 2022.

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 other material events that would require disclosure in the Portfolio’s financial statements through this date.

51

BALANCED WEALTH STRATEGY PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$10.61			$10.24			$10.10			$11.86			$10.54
Income From Investment Operations
Net investment income (a)(b)		.16			.13			.19			.23			.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.29			.78			1.58			(.87	)		1.48
Contributions from Affiliates		.00	(c)		–0	–		–0	–		.00	(c)		.00	(c)
Net increase (decrease) in net asset value from operations		1.45			.91			1.77			(.64	)		1.65
Less: Dividends and Distributions
Dividends from net investment income		(.06	)		(.24	)		(.29	)		(.23	)		(.24	)
Distributions from net realized gain on investment transactions		(.25	)		(.30	)		(1.34	)		(.89	)		(.09	)
Total dividends and distributions		(.31	)		(.54	)		(1.63	)		(1.12	)		(.33	)
Net asset value, end of period		$11.75			$10.61			$10.24			$10.10			$11.86
Total Return
Total investment return based on net asset value (d)*		13.73	%		9.41	%		18.53	%		(6.17	)%		15.84	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$21,879			$21,252			$24,347			$23,967			$29,328
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)(f)‡		.56	%		.55	%		.55	%		.66	%		.73	%
Expenses, before waivers/reimbursements (e)(f)‡		.75	%		.77	%		.75	%		.75	%		.73	%
Net investment income (b)		1.43	%		1.38	%		1.81	%		2.05	%		1.51	%
Portfolio turnover rate**		63	%		66	%		63	%		150	%		108	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.20	%		.22	%		.22	%		.11	%		.00	%

See footnote summary on page 54.

52

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$10.47			$10.10			$9.98			$11.73			$10.42
Income From Investment Operations
Net investment income (a)(b)		.13			.11			.16			.20			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.26			.78			1.56			(.86	)		1.47
Contributions from Affiliates		.00	(c)		–0	–		–0	–		.00	(c)		.00	(c)
Net increase (decrease) in net asset value from operations		1.39			.89			1.72			(.66	)		1.61
Less: Dividends and Distributions
Dividends from net investment income		(.03	)		(.22	)		(.26	)		(.20	)		(.21	)
Distributions from net realized gain on investment transactions		(.25	)		(.30	)		(1.34	)		(.89	)		(.09	)
Total dividends and distributions		(.28	)		(.52	)		(1.60	)		(1.09	)		(.30	)
Net asset value, end of period		$11.58			$10.47			$10.10			$9.98			$11.73
Total Return
Total investment return based on net asset value (d)*		13.36	%		9.25	%		18.20	%		(6.41	)%		15.62	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$223,893			$222,427			$231,071			$220,274			$274,070
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)(f)‡		.81	%		.80	%		.80	%		.91	%		.98	%
Expenses, before waivers/reimbursements (e)(f)‡		1.00	%		1.02	%		1.00	%		1.00	%		.98	%
Net investment income (b)		1.20	%		1.14	%		1.57	%		1.79	%		1.26	%
Portfolio turnover rate**		63	%		66	%		63	%		150	%		108	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.20	%		.22	%		.22	%		.11	%		.00	%

See footnote summary on page 54.

53

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

(a) Based on average shares outstanding.

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

(c) 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, 2021, December 31, 2020, December 31, 2019 and December 31, 2018, such waiver amounted to .19%, .20%, .20% and .09%, respectively.

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

	Year Ended December 31,
	2021			2020			2019			2018			2017
Class A
Net of waivers/reimbursements		.56	%		.55	%		.54	%		.66	%		.73	%
Before waivers/reimbursements		.75	%		.77	%		.75	%		.75	%		.73	%
Class B
Net of waivers/reimbursements		.81	%		.80	%		.79	%		.91	%		.98	%
Before waivers/reimbursements		1.00	%		1.02	%		1.00	%		1.00	%		.98	%

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

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

See notes to financial statements.

54

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Balanced Wealth Strategy Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2022

55

2021 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2021. For corporate shareholders, 46.22% of dividends paid qualify for the dividends received deduction. The Portfolio designates $3,780,596 of dividends paid as long-term capital gain dividends.

56

BALANCED WEALTH STRATEGY
PORTFOLIO	AB Variable Products Series Fund

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

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

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

57

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

Board of Directors Information

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

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011

58

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011

59

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

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Carol C . McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S . and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

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

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

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

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

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

60

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Daniel J. Loewy 47	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of the ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

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

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

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

61

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.

62

BALANCED WEALTH STRATEGY PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

At a meeting of the Board of Directors (“Board” or “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) held by video conference on November 2-4, 2021 (the “November 2021 Meeting”), the Board approved, upon recommendation of the Adviser, certain changes to AB Balanced Wealth Strategy Portfolio (the “Fund”) as set forth in the Supplement dated November 5, 2021 to the Prospectuses and Summary Prospectuses dated May 1, 2021 of the Fund, including changes to the Fund’s name (to “AB Balanced Hedged Allocation Portfolio”) and principal investment strategies. In connection with these changes the Adviser also presented its recommendation that the Board consider and approve an amendment to the Company’s then-current Advisory Agreement with the Adviser in respect of the Fund to implement a reduction to the Fund’s then-current advisory fee schedule (the “Amended Advisory Agreement”).

At the recommendation of the Adviser, the disinterested directors (“the directors”) unanimously approved the Amended Advisory Agreement.

The Adviser’s changes, including the proposed advisory fee reduction, will be effective on or about May 1, 2022 and do not require shareholder approval.

The directors approved the continuance of the Fund’s then-current Advisory Agreement at a meeting held by video conference on August 4-5, 2021 (the “August 2021 Meeting”).

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

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

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Amended Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The directors noted that the proposed lowering of the advisory fee would benefit the Fund and its shareholders. The directors noted that the Adviser was reducing the fees for business reasons, and had assured them that there would be no diminution in the nature or quality of services to the Fund. 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 to be provided by the Adviser under the Amended Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Amended Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and

63

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

paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Amended Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant 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 to be provided to the Fund under the Amended Advisory Agreement.

Costs of Services Provided and Profitability

In connection with their approval of the continuance of the Fund’s then-current Advisory Agreement at the August 2021 Meeting, the directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 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 then-current Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

The Adviser agreed to provide the directors with profitability information in connection with future proposed continuances of the Amended Advisory Agreement. The directors noted that the proposed reduction in the advisory fee rate would likely impact the Adviser’s profitability analysis in future years.

Fall-Out Benefits

At the August 2021 Meeting, the directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the November 2021 Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the August 2021 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, 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 proposed advisory fee rate payable by the Fund to the Adviser under the Amended Advisory Agreement and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund following the implementation of the Adviser’s proposed changes. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s pro forma contractual effective advisory fee rate (reflecting a reduction in the advisory fee rate to take effect on or about May 1, 2022) with a peer group median. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s pro forma total rate of compensation was above the peer group median.

64

AB Variable Products Series Fund

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, and rules adopted, 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 proposed advisory fee, the directors also considered the projected total expense ratio of the Class B shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The information provided included the pro forma expense ratio to reflect a reduction in the Fund’s expense ratio effective on or about May 1, 2022. The Adviser had agreed to cap the Fund’s expenses at then-current cap level, but the directors noted that the Fund’s pro forma expense ratio was currently below the level of the Adviser’s then-current cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s pro forma expense ratio was above the expense group median. After reviewing and discussing the Adviser’s explanation for this, the directors concluded that the Fund’s pro forma expense ratio was acceptable.

Economies of Scale

The directors noted that the proposed advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the November 2021 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.

65

VPS-BW-0151-1221

DEC    ^12.31.21

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	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—Dynamic Asset Allocation Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index, the Bloomberg US Treasury Index and its blended benchmark, a 60%/40% blend of the MSCI World Index and the Bloomberg US Treasury Index, respectively, for the one-, five- and 10-year periods ended December 31, 2021.

All share classes of the Portfolio underperformed the primary and blended benchmarks but outperformed the Bloomberg US Treasury Index for the annual period. The Portfolio started the year with an overweight to risk assets.

1

AB Variable Products Series Fund

While the overweight was maintained through the fourth quarter, as economic activity and corporate earnings continued to benefit from increases in consumer spending and business sentiment, the Portfolio trimmed the overweight as concerns around a new coronavirus variant emerged. Within risk assets, the Portfolio started the period with exposure to developed-market equities, emerging-market equities and real assets, and moved to focusing more on developed-market equities in late 2021. The Portfolio averaged an overweight position to international equities over the period, and in a robust year for US equity returns, the international equity positioning detracted from performance, relative to the blended benchmark.

In fixed income, the Portfolio started with an underweight to bonds and moved to an overweight position for risk mitigation in the second half of the year, which detracted from overall performance in 2021. The Portfolio added additional tail protection through long volatility in the second half the year. In currency management, the Portfolio held an overweight to the US dollar and moved to an underweight in the fourth quarter.

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

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. Global markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets. Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, global markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and remained focused on still generally supportive monetary policy. Growth outperformed value, in terms of style, and large-cap stocks outperformed their small-cap peers.

Fixed-income government bond market yields were higher as numerous central banks became more hawkish, prompting short-term yields to rise more than longer-term yields and causing all major treasury market returns to fall on inflation concerns. Treasury losses were the greatest in the UK, Australia and the eurozone. Inflation bonds significantly outperformed nominal government bonds. Low interest rates set the stage for the continued outperformance of most risk assets, led by the large positive performance of high-yield corporate bonds—particularly in the US, eurozone and emerging markets. Emerging-market investment-grade corporate bonds rose, while developed-market bonds fell on rising yields and outperformed developed-market treasuries with a smaller loss. Securitized assets fell but outperformed US Treasuries. Emerging-market sovereign and local-currency bonds trailed as the US dollar gained against most developed- and emerging-market currencies. Commodity prices were strong, with Brent crude oil and copper climbing from pandemic-related lows.

2

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

Benchmark Disclosure

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

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), 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 (“NAV”) when one of these asset classes is performing more poorly than others. As both the direct investments and derivatives positions will be periodically adjusted to reflect the Adviser’s view of market and economic conditions, there will be transaction costs that may be, over time, significant. In addition, there is a risk that certain asset allocation decisions may not achieve the desired results and, as a result, the Portfolio may incur significant losses.

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

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

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

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

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

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

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

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

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

An Important Note About Historical Performance

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

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

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

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

4

DYNAMIC ASSET ALLOCATION PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
Dynamic Asset Allocation Portfolio Class A		9.67%		7.23%		6.31%
Dynamic Asset Allocation Portfolio Class B		9.28%		6.94%		6.04%
Primary Benchmark: MSCI World Index		21.82%		15.03%		12.70%
Bloomberg US Treasury Index		-2.32%		3.07%		2.13%
Blended Benchmark: 60% MSCI World Index/ 40% Bloomberg US Treasury Index		11.70%		10.47%		8.64%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.81% and 1.07% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 TO 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Dynamic Asset Allocation Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,035.60	$	4.36		0.85	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.92	$	4.33		0.85	%
Class B
Actual	$	1,000	$	1,033.60	$	5.64		1.10	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.66	$	5.60		1.10	%

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

6

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Bonds & Notes	$	107,208,478		35.5	%
Apple, Inc.		8,619,070		2.9
Microsoft Corp.		7,050,276		2.3
Amazon.com, Inc.		4,464,681		1.5
Tesla, Inc.		2,611,303		0.9
Alphabet, Inc.—Class A		2,563,880		0.8
Alphabet, Inc.—Class C		2,450,871		0.8
Meta Platforms, Inc.—Class A		2,354,450		0.8
NVIDIA Corp.		2,158,767		0.7
UnitedHealth Group, Inc.		1,390,426		0.5
	$	140,872,202		46.7	%

PORTFOLIO BREAKDOWN²

December 31, 2021 (unaudited)

ASSET CLASSES	ALLOCATION
Equities
US Large Cap		44.9	%
International Large Cap		20.5
Subtotal		65.4
Fixed Income
U.S. Bonds		32.8
International Bonds		1.8
Subtotal		34.6
Total		100.0	%

SECURITY TYPE BREAKDOWN³

December 31, 2021 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	183,184,684		61.2	%
Governments—Treasuries		107,208,478		35.8
Options Purchased—Puts		891,942		0.3
Short-Term Investments		7,966,107		2.7
Total Investments	$	299,251,211		100.0	%

1 Long-term investments.

2 All data are as of December 31, 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).

7

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–60.6%
INFORMATION TECHNOLOGY–14.4%
COMMUNICATIONS EQUIPMENT–0.4%
Arista Networks, Inc.(a)		676	$	97,175
Cisco Systems, Inc./Delaware		12,374		784,140
F5, Inc.(a)		177		43,314
Juniper Networks, Inc.		954		34,067
Motorola Solutions, Inc.		497		135,035
Nokia Oyj(a)		15,832		100,275
Telefonaktiebolaget LM Ericsson–Class B		8,570		94,296
				1,288,302
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Amphenol Corp.–Class A		1,756		153,580
Arrow Electronics, Inc.(a)		211		28,331
Azbil Corp.		299		13,637
CDW Corp./DE		404		82,731
Cognex Corp.		518		40,280
Corning, Inc.		2,382		88,682
Halma PLC		1,114		48,302
Hamamatsu Photonics KK		349		22,291
Hexagon AB		5,784		91,622
Hirose Electric Co., Ltd.		89		14,957
Ibiden Co., Ltd.		241		14,312
IPG Photonics Corp.(a)		110		18,935
Keyence Corp.		624		392,345
Keysight Technologies, Inc.(a)		540		111,515
Kyocera Corp.		859		53,710
Murata Manufacturing Co., Ltd.		1,617		128,976
Omron Corp.		553		55,105
Shimadzu Corp.		678		28,637
TDK Corp.		1,062		41,446
TE Connectivity Ltd.		963		155,370
Teledyne Technologies, Inc.(a)		137		59,854
Trimble, Inc.(a)		738		64,346
Venture Corp., Ltd.(b)		462		6,278
Yaskawa Electric Corp.		638		31,304
Yokogawa Electric Corp.		634		11,443
Zebra Technologies Corp.–Class A(a)		157		93,446
				1,851,435
IT SERVICES–2.5%
Accenture PLC–Class A		1,862		771,892
Adyen NV(a)(b)		59		154,875
Affirm Holdings, Inc.(a)		256		25,743
Afterpay Ltd.(a)		638		38,514
Akamai Technologies, Inc.(a)		478		55,945
Amadeus IT Group SA–Class A(a)		1,322		89,452

Company	Shares		U.S. $ Value
Automatic Data Processing, Inc.		1,242	$	306,252
Bechtle AG		240		17,078
Black Knight, Inc.(a)		459		38,046
Block, Inc.–Class A(a)		1,167		188,482
Broadridge Financial Solutions, Inc.		341		62,342
Capgemini SE		471		115,433
CGI, Inc.(a)		643		56,856
Cognizant Technology Solutions Corp.–Class A		1,543		136,895
Computershare Ltd.		1,595		23,219
Edenred		732		33,803
EPAM Systems, Inc.(a)		167		111,631
Fidelity National Information Services, Inc.		1,813		197,889
Fiserv, Inc.(a)		1,750		181,632
FleetCor Technologies, Inc.(a)		231		51,707
Fujitsu Ltd.		551		94,676
Gartner, Inc.(a)		246		82,243
Global Payments, Inc.		862		116,525
GMO Payment Gateway, Inc.		64		7,970
GoDaddy, Inc.–Class A(a)		495		42,006
International Business Machines Corp.		2,632		351,793
Itochu Techno-Solutions Corp.		255		8,203
Jack Henry & Associates, Inc.		217		36,237
Mastercard, Inc.–Class A		2,587		929,561
MongoDB, Inc.(a)(b)		171		90,519
NEC Corp.		709		32,784
Nexi SpA(a)(b)		1,374		21,773
Nomura Research Institute Ltd.		954		40,784
NTT Data Corp.		1,822		39,084
Nuvei Corp.(a)(c)		167		10,826
Obic Co., Ltd.		221		41,360
Okta, Inc.(a)		367		82,270
Otsuka Corp.		330		15,735
Paychex, Inc.		951		129,811
PayPal Holdings, Inc.(a)		3,278		618,165
SCSK Corp.		392		7,802
Shopify, Inc.–Class A(a)		333		458,503
Snowflake, Inc.(a)		619		209,686
TIS, Inc.		594		17,663
Twilio, Inc.–Class A(a)		490		129,037
VeriSign, Inc.(a)		296		75,131
Visa, Inc.–Class A(b)		4,956		1,074,015
Western Union Co., (The)–Class W		1,193		21,283
Wix.com Ltd.(a)		164		25,878
Worldline SA/France(a)		700		38,962
				7,507,971

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.2%
Advanced Micro Devices, Inc.(a)		3,562	$	512,572
Advantest Corp.		577		54,641
Analog Devices, Inc.		1,578		277,365
Applied Materials, Inc.		2,651		417,161
ASM International NV		138		60,916
ASML Holding NV		1,214		972,438
Broadcom, Inc.		1,205		801,819
Disco Corp.		56		17,117
Enphase Energy, Inc.(a)		376		68,785
Entegris, Inc.		398		55,155
Infineon Technologies AG		3,834		176,511
Intel Corp.		11,912		613,468
KLA Corp.		449		193,119
Lam Research Corp.		417		299,886
Lasertec Corp.(b)		271		83,008
Marvell Technology, Inc.		2,418		211,551
Microchip Technology, Inc.		1,609		140,080
Micron Technology, Inc.		3,305		307,861
Monolithic Power Systems, Inc.		128		63,146
NVIDIA Corp.		7,340		2,158,767
NXP Semiconductors NV		779		177,441
ON Semiconductor Corp.(a)		1,264		85,851
Qorvo, Inc.(a)		326		50,983
QUALCOMM, Inc.		3,299		603,288
Renesas Electronics Corp.(a)		3,617		44,926
Rohm Co., Ltd.		179		16,283
Skyworks Solutions, Inc.		485		75,243
SolarEdge Technologies, Inc.(a)		154		43,208
STMicroelectronics NV		2,005		98,596
SUMCO Corp.(b)		934		19,019
Teradyne, Inc.		484		79,148
Texas Instruments, Inc.		2,711		510,942
Tokyo Electron Ltd.		430		247,496
Xilinx, Inc.		727		154,146
				9,691,936
SOFTWARE–4.6%
Adobe, Inc.(a)		1,399		793,317
ANSYS, Inc.(a)		256		102,687
Asana, Inc.(a)		195		14,537
Autodesk, Inc.(a)		646		181,649
Avalara, Inc.(a)		253		32,665
AVEVA Group PLC		353		16,288
Bentley Systems, Inc.(b)		515		24,890
Bill.com Holdings, Inc.(a)		220		54,813
BlackBerry Ltd.(a)(b)		1,580		14,764
Cadence Design Systems, Inc.(a)		813		151,503
Ceridian HCM Holding, Inc.(a)		396		41,366
Check Point Software Technologies Ltd.(a)		312		36,367
Citrix Systems, Inc.		364		34,431

Company	Shares		U.S. $ Value
Cloudflare, Inc.–Class A(a)		696	$	91,524
Coinbase Global, Inc.(a)		111		28,013
Constellation Software, Inc./Canada		60		111,322
Coupa Software, Inc.(a)		216		34,139
Crowdstrike Holdings, Inc.–Class A(a)(b)		556		113,841
CyberArk Software Ltd.(a)		117		20,274
Dassault Systemes SE		1,952		115,842
Datadog, Inc.–Class A(a)		563		100,276
DocuSign, Inc.(a)		572		87,121
Dropbox, Inc.–Class A(a)		925		22,699
Fair Isaac Corp.(a)		84		36,428
Fortinet, Inc.(a)		408		146,635
Guidewire Software, Inc.(a)(b)		232		26,339
HubSpot, Inc.(a)		132		87,008
Intuit, Inc.		803		516,506
Lightspeed Commerce, Inc.(a)		314		12,680
Microsoft Corp.		20,963		7,050,276
Nemetschek SE		169		21,609
Nice Ltd.(a)		186		56,406
NortonLifeLock, Inc.		1,708		44,374
Nuance Communications, Inc.(a)		877		48,516
Open Text Corp.		797		37,829
Oracle Corp.		4,919		428,986
Oracle Corp./Japan		42		3,191
Palantir Technologies, Inc.(a)		4,657		84,804
Palo Alto Networks, Inc.(a)(b)		286		159,233
Paycom Software, Inc.(a)		150		62,278
PTC, Inc.(a)		327		39,616
RingCentral, Inc.–Class A(a)		227		42,528
Sage Group PLC (The)		3,094		35,800
salesforce.com, Inc.(a)		2,875		730,624
SAP SE		3,066		431,507
ServiceNow, Inc.(a)		582		377,782
Sinch AB(a)(b)		1,533		19,344
Splunk, Inc.(a)		481		55,661
SS&C Technologies Holdings, Inc.		674		55,255
Synopsys, Inc.(a)		448		165,088
Temenos AG		197		27,155
Trade Desk, Inc. (The)–Class A(a)		1,274		116,749
Trend Micro, Inc./Japan		389		21,596
Tyler Technologies, Inc.(a)		120		64,554
Unity Software, Inc.(a)		166		23,736
VMware, Inc.–Class A		615		71,266
WiseTech Global Ltd.		429		18,194
Workday, Inc.–Class A(a)		561		153,254
Xero Ltd.(a)		392		40,125
Zendesk, Inc.(a)		352		36,710
Zoom Video Communications, Inc.–Class A(a)		636		116,967
Zscaler, Inc.(a)		242		77,762
				13,768,699

9

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

Company	Shares		U.S. $ Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.1%
Apple, Inc.		48,539	$	8,619,070
Brother Industries Ltd.		685		13,203
Canon, Inc.(b)		2,911		71,010
Dell Technologies, Inc.–Class C(a)		815		45,779
FUJIFILM Holdings Corp.		1,009		74,802
Hewlett Packard Enterprise Co.		3,834		60,462
HP, Inc.		3,527		132,862
Logitech International SA		508		42,615
NetApp, Inc.		657		60,438
Ricoh Co., Ltd.		1,872		17,449
Seagate Technology Holdings PLC		601		67,901
Seiko Epson Corp.		792		14,264
Western Digital Corp.(a)		906		59,080
				9,278,935
				43,387,278
FINANCIALS–8.0%
BANKS–3.5%
ABN AMRO Bank NV (GDR)(b)		1,242		18,257
Australia & New Zealand Banking Group Ltd.		8,359		167,442
Banco Bilbao Vizcaya Argentaria SA		19,579		116,123
Banco Santander SA		50,918		169,102
Bank Hapoalim BM		3,335		34,324
Bank Leumi Le-Israel BM		4,266		45,757
Bank of America Corp.		22,238		989,369
Bank of Montreal		1,899		204,455
Bank of Nova Scotia (The)(b)		3,568		252,590
Barclays PLC		49,704		126,609
BNP Paribas SA		3,302		228,304
BOC Hong Kong Holdings Ltd.		10,031		32,897
CaixaBank SA		13,017		35,558
Canadian Imperial Bank of Commerce		1,321		153,983
Chiba Bank Ltd. (The)		1,514		8,661
Citigroup, Inc.		5,951		359,381
Citizens Financial Group, Inc.		1,251		59,110
Commerzbank AG(a)		2,941		22,250
Commonwealth Bank of Australia		5,209		382,920
Concordia Financial Group Ltd.		3,121		11,334
Credit Agricole SA		3,631		51,768
Danske Bank A/S		2,025		34,960
DBS Group Holdings Ltd.		5,175		125,333
DNB Bank ASA		2,731		62,468

Company	Shares		U.S. $ Value
Erste Group Bank AG		1,009	$	47,302
Fifth Third Bancorp		2,028		88,319
FinecoBank Banca Fineco SpA		1,790		31,347
First Republic Bank/CA		519		107,179
Hang Seng Bank Ltd.		2,005		36,715
HSBC Holdings PLC		59,978		362,223
Huntington Bancshares, Inc./OH		4,335		66,846
ING Groep NV		11,463		159,370
Intesa Sanpaolo SpA		48,496		125,261
Israel Discount Bank Ltd.–Class A		3,396		22,802
Japan Post Bank Co., Ltd.		1,118		10,248
JPMorgan Chase & Co.		8,774		1,389,363
KBC Group NV		734		63,066
KeyCorp		2,808		64,949
Lloyds Banking Group PLC		208,419		135,345
M&T Bank Corp.		378		58,053
Mediobanca Banca di Credito Finanziario SpA		1,823		20,929
Mitsubishi UFJ Financial Group, Inc.		35,887		195,307
Mizrahi Tefahot Bank Ltd.		412		15,866
Mizuho Financial Group, Inc.		7,054		89,595
National Australia Bank Ltd.		9,669		203,021
National Bank of Canada		991		75,554
Natwest Group PLC		16,913		51,793
Nordea Bank Abp		9,513		116,045
Oversea-Chinese Banking Corp., Ltd.		9,327		78,941
PNC Financial Services Group, Inc. (The)		1,248		250,249
Raiffeisen Bank International AG		434		12,747
Regions Financial Corp.		2,802		61,084
Resona Holdings, Inc.		6,022		23,403
Royal Bank of Canada		4,184		444,051
Shizuoka Bank Ltd. (The)		1,294		9,238
Signature Bank/New York NY		178		57,578
Skandinaviska Enskilda Banken AB–Class A		4,778		66,336
Societe Generale SA		2,380		81,797
Standard Chartered PLC		7,728		46,992
Sumitomo Mitsui Financial Group, Inc.		3,833		130,886
Sumitomo Mitsui Trust Holdings, Inc.		917		30,663
SVB Financial Group(a)		173		117,335
Svenska Handelsbanken AB–Class A		4,282		46,280
Swedbank AB–Class A		2,659		53,435
Toronto-Dominion Bank (The)		5,351		410,245
Truist Financial Corp.		3,919		229,457
UniCredit SpA		6,258		96,194

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
United Overseas Bank Ltd.(b)		2,692	$	53,764
US Bancorp		4,135		232,263
Wells Fargo & Co.		12,057		578,495
Westpac Banking Corp.		10,772		167,112
				10,507,998
CAPITAL MARKETS–1.9%
3i Group PLC		2,857		56,007
Abrdn PLC		6,403		20,861
Ameriprise Financial, Inc.		334		100,754
Amundi SA		178		14,682
Apollo Global Management, Inc.(b)		518		37,519
ASX Ltd.(b)		568		38,388
Bank of New York Mellon Corp. (The)		2,407		139,799
BlackRock, Inc.–Class A		447		409,255
Blackstone Group, Inc.		2,014		260,592
Brookfield Asset Management, Inc.–Class A (Canada)		4,144		250,255
Carlyle Group, Inc. (The)		468		25,693
Cboe Global Markets, Inc.		313		40,815
Charles Schwab Corp. (The)		4,248		357,257
CME Group, Inc.–Class A		1,055		241,025
Credit Suisse Group AG		7,783		75,461
Daiwa Securities Group, Inc.		4,163		23,492
Deutsche Bank AG(a)		6,068		75,577
Deutsche Boerse AG		558		93,172
EQT AB		868		47,054
Euronext NV(c)		251		26,095
FactSet Research Systems, Inc.		111		53,947
Franklin Resources, Inc.		885		29,639
Futu Holdings Ltd. (ADR)(a)(b)		282		12,211
Goldman Sachs Group, Inc. (The)		985		376,812
Hargreaves Lansdown PLC		1,044		19,185
Hong Kong Exchanges & Clearing Ltd.		2,790		163,170
IGM Financial, Inc.		245		8,836
Intercontinental Exchange, Inc.		1,653		226,081
Invesco Ltd.		1,016		23,388
Japan Exchange Group, Inc.		1,488		32,601
Julius Baer Group Ltd.		649		43,400
KKR & Co., Inc.		1,540		114,730
London Stock Exchange Group PLC		965		90,778
Macquarie Group Ltd.		1,029		153,820
Magellan Financial Group Ltd.(b)		404		6,243
MarketAxess Holdings, Inc.		112		46,062
Moody’s Corp.		492		192,165
Morgan Stanley		4,018		394,407
MSCI, Inc.–Class A		242		148,271
Nasdaq, Inc.		344		72,243

Company	Shares		U.S. $ Value
Nomura Holdings, Inc.		8,921	$	38,857
Northern Trust Corp.		581		69,493
Onex Corp.		224		17,581
Partners Group Holding AG		67		110,604
Raymond James Financial, Inc.		543		54,517
Robinhood Markets, Inc.(a)(b)		532		9,448
S&P Global, Inc.		708		334,126
SBI Holdings, Inc./Japan		695		18,957
Schroders PLC		365		17,618
SEI Investments Co.		352		21,451
Singapore Exchange Ltd.		1,635		11,286
St. James’s Place PLC		1,585		36,221
State Street Corp.		1,073		99,789
T. Rowe Price Group, Inc.		666		130,962
TMX Group Ltd.		164		16,628
Tradeweb Markets, Inc.–Class A		309		30,943
UBS Group AG		10,328		185,380
				5,745,603
CONSUMER FINANCE–0.3%
Ally Financial, Inc.		1,058		50,371
American Express Co.		1,983		324,419
Capital One Financial Corp.		1,310		190,068
Discover Financial Services		879		101,577
SoFi Technologies, Inc.(a)(b)		1,516		23,968
Synchrony Financial		1,672		77,564
Upstart Holdings, Inc.(a)		57		8,624
				776,591
DIVERSIFIED FINANCIAL SERVICES–0.6%
Berkshire Hathaway, Inc.–Class B(a)		3,892		1,163,708
Equitable Holdings, Inc.		1,089		35,708
EXOR NV		318		28,467
Groupe Bruxelles Lambert SA		331		36,968
IHS Markit Ltd.		1,112		147,807
Industrivarden AB		392		12,456
Industrivarden AB–Class C(b)		468		14,663
Investor AB		6,813		172,738
Kinnevik AB(a)		711		25,279
L E Lundbergforetagen AB–Class B(b)		223		12,494
M&G PLC		7,634		20,652
Mitsubishi HC Capital, Inc.		1,923		9,514
ORIX Corp.		3,531		72,061
Sofina SA		46		22,596
Tokyo Century Corp.		40		1,942
Wendel SE		79		9,466
				1,786,519
INSURANCE–1.7%
Admiral Group PLC		566		24,227
Aegon NV		5,248		26,091

11

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

Company	Shares		U.S. $ Value
Aflac, Inc.		1,871	$	109,248
Ageas SA/NV		504		26,101
AIA Group Ltd.		35,037		353,623
Alleghany Corp.(a)		41		27,371
Allianz SE		1,211		285,625
Allstate Corp. (The)		868		102,120
American Financial Group, Inc./OH		211		28,974
American International Group, Inc.		2,511		142,775
Aon PLC		663		199,271
Arch Capital Group Ltd.(a)		1,162		51,651
Arthur J Gallagher & Co.		607		102,990
Assicurazioni Generali SpA		3,249		68,667
Assurant, Inc.		173		26,964
Athene Holding Ltd.–Class A(a)		394		32,832
Aviva PLC		11,485		64,019
AXA SA		5,683		169,145
Baloise Holding AG		136		22,197
Brown & Brown, Inc.		702		49,337
Chubb Ltd.		1,288		248,983
Cincinnati Financial Corp.		449		51,155
CNP Assurances		504		12,466
Dai-ichi Life Holdings, Inc.		2,913		58,755
Erie Indemnity Co.–Class A		75		14,449
Everest Re Group Ltd.		117		32,049
Fairfax Financial Holdings Ltd.		76		37,385
Fidelity National Financial, Inc.		795		41,483
Gjensidige Forsikring ASA		587		14,241
Globe Life, Inc.		283		26,523
Great-West Lifeco, Inc.		818		24,547
Hannover Rueck SE		177		33,559
Hartford Financial Services Group, Inc. (The)		1,019		70,352
iA Financial Corp., Inc.		315		18,024
Insurance Australia Group Ltd.(b)		7,238		22,431
Intact Financial Corp.		517		67,200
Japan Post Holdings Co., Ltd.(a)		7,167		55,833
Japan Post Insurance Co., Ltd.		492		7,903
Legal & General Group PLC		17,529		70,787
Lincoln National Corp.		524		35,768
Loews Corp.		642		37,082
Manulife Financial Corp.		5,702		108,680
Markel Corp.(a)		41		50,594
Marsh & McLennan Cos., Inc.		1,488		258,644
Medibank Pvt Ltd.		8,086		19,694
MetLife, Inc.		2,138		133,604
MS&AD Insurance Group Holdings, Inc.		1,292		39,784
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		412		121,626

Company	Shares		U.S. $ Value
NN Group NV		793	$	42,886
Phoenix Group Holdings PLC		1,907		16,881
Poste Italiane SpA		1,534		20,096
Power Corp. of Canada		1,643		54,293
Principal Financial Group, Inc.		788		56,996
Progressive Corp. (The)		1,718		176,353
Prudential Financial, Inc.		1,133		122,636
Prudential PLC		7,680		132,809
QBE Insurance Group Ltd.		4,331		35,764
Sampo Oyj–Class A		1,464		73,270
Sompo Holdings, Inc.		891		37,577
Sun Life Financial, Inc.(b)		1,719		95,683
Suncorp Group Ltd.		3,767		30,328
Swiss Life Holding AG		93		56,821
Swiss Re AG		885		87,361
T&D Holdings, Inc.		1,496		19,113
Tokio Marine Holdings, Inc.		1,804		100,428
Travelers Cos., Inc. (The)		733		114,663
Tryg A/S		1,057		26,084
Willis Towers Watson PLC		379		90,009
WR Berkley Corp.		417		34,357
Zurich Insurance Group AG		442		193,631
				5,244,868
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)–0.0%
AGNC Investment Corp.		1,541		23,176
Annaly Capital Management, Inc.		4,240		33,157
				56,333
				24,117,912
HEALTH CARE–7.6%
BIOTECHNOLOGY–0.9%
AbbVie, Inc.		5,189		702,591
Alnylam Pharmaceuticals, Inc.(a)		349		59,183
Amgen, Inc.		1,668		375,250
Argenx SE(a)		135		48,461
Biogen, Inc.(a)		438		105,085
BioMarin Pharmaceutical, Inc.(a)		538		47,532
CSL Ltd.		1,337		282,776
Exact Sciences Corp.(a)		504		39,226
Genmab A/S(a)		193		77,037
Gilead Sciences, Inc.		3,681		267,277
Grifols SA(b)		875		16,837
Horizon Therapeutics PLC(a)		630		67,889
Incyte Corp.(a)		551		40,443
Moderna, Inc.(a)		1,008		256,012
Neurocrine Biosciences, Inc.(a)		277		23,592
Novavax, Inc.(a)(b)		208		29,759
Regeneron Pharmaceuticals, Inc.(a)		309		195,140
Seagen, Inc.(a)		401		61,995

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Vertex Pharmaceuticals, Inc.(a)		762	$	167,335
				2,863,420
HEALTH CARE EQUIPMENT & SUPPLIES–1.6%
Abbott Laboratories		5,205		732,552
ABIOMED, Inc.(a)		133		47,770
Alcon, Inc.		1,467		129,397
Align Technology, Inc.(a)		221		145,237
Ambu A/S		491		12,959
Asahi Intecc Co., Ltd.		541		11,623
Avantor, Inc.(a)		1,543		65,022
Baxter International, Inc.		1,467		125,927
Becton Dickinson and Co.		843		211,998
BioMerieux		122		17,348
Boston Scientific Corp.(a)		4,180		177,566
Carl Zeiss Meditec AG		118		24,754
Cochlear Ltd.(b)		193		30,291
Coloplast A/S–Class B		349		61,450
Cooper Cos., Inc. (The)		145		60,746
Demant A/S(a)		317		16,232
DENTSPLY SIRONA, Inc.		641		35,761
DexCom, Inc.(a)		284		152,494
DiaSorin SpA		74		14,078
Edwards Lifesciences Corp.(a)		1,830		237,077
Fisher & Paykel Healthcare Corp., Ltd.		1,693		37,929
Getinge AB–Class B		671		29,244
GN Store Nord A/S		365		22,902
Hologic, Inc.(a)		744		56,961
Hoya Corp.		1,048		155,515
IDEXX Laboratories, Inc.(a)		250		164,615
Inmode Ltd.(a)		145		10,234
Insulet Corp.(a)		202		53,746
Intuitive Surgical, Inc.(a)		1,048		376,546
Koninklijke Philips NV		2,693		99,672
Masimo Corp.(a)		154		45,088
Medtronic PLC		3,950		408,628
Novocure Ltd.(a)		274		20,572
Olympus Corp.		3,180		73,227
ResMed, Inc.		428		111,486
Sartorius AG (Preference Shares)		77		52,078
Siemens Healthineers AG		828		61,735
Smith & Nephew PLC		2,581		45,045
Sonova Holding AG		161		62,918
STERIS PLC		293		71,319
Straumann Holding AG		31		65,552
Stryker Corp.		997		266,618
Sysmex Corp.		491		66,276
Teleflex, Inc.		138		45,330
Terumo Corp.		1,851		78,187
Zimmer Biomet Holdings, Inc.		613		77,876
				4,869,581

Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–1.2%
AmerisourceBergen Corp.–Class A		457	$	60,731
Amplifon SpA		365		19,640
Anthem, Inc.		716		331,895
Cardinal Health, Inc.		852		43,869
Centene Corp.(a)		1,712		141,069
Cigna Corp.		999		229,400
CVS Health Corp.		3,874		399,642
DaVita, Inc.(a)		200		22,752
Fresenius Medical Care AG & Co. KGaA		602		39,027
Fresenius SE & Co. KGaA		1,229		49,398
HCA Healthcare, Inc.		752		193,204
Henry Schein, Inc.(a)		410		31,787
Humana, Inc.		378		175,339
Laboratory Corp. of America Holdings(a)		283		88,921
McKesson Corp.		454		112,851
Medipal Holdings Corp.		533		9,991
Molina Healthcare, Inc.(a)		172		54,710
Oak Street Health, Inc.(a)(b)		282		9,345
Orpea SA		151		15,143
Quest Diagnostics, Inc.		359		62,111
Ramsay Health Care Ltd.		537		27,908
Ryman Healthcare Ltd.		1,247		10,456
Sonic Healthcare Ltd.		1,334		45,244
UnitedHealth Group, Inc.		2,769		1,390,426
Universal Health Services, Inc.–Class B		223		28,914
				3,593,773
HEALTH CARE TECHNOLOGY–0.1%
Cerner Corp.		867		80,519
M3, Inc.		1,230		62,018
Teladoc Health, Inc.(a)(b)		421		38,656
Veeva Systems, Inc.–Class A(a)		406		103,725
				284,918
LIFE SCIENCES TOOLS & SERVICES–0.9%
10X Genomics, Inc.(a)		226		33,665
Agilent Technologies, Inc.		890		142,088
Bachem Holding AG		19		14,878
Bio-Rad Laboratories, Inc.–Class A(a)		66		49,868
Bio-Techne Corp.		115		59,494
Charles River Laboratories International, Inc.(a)		148		55,763
Danaher Corp.		1,887		620,842
Eurofins Scientific SE		392		48,565
Illumina, Inc.(a)		431		163,970
IQVIA Holdings, Inc.(a)		563		158,845
Lonza Group AG		219		182,337

13

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

Company	Shares		U.S. $ Value
Mettler-Toledo International, Inc.(a)		68	$	115,410
PerkinElmer, Inc.		329		66,149
QIAGEN NV(a)		670		37,152
Sartorius Stedim Biotech		82		45,035
Thermo Fisher Scientific, Inc.		1,156		771,329
Waters Corp.(a)		180		67,068
West Pharmaceutical Services, Inc.		218		102,244
				2,734,702
PHARMACEUTICALS–2.9%
Astellas Pharma, Inc.		5,385		87,644
AstraZeneca PLC		4,549		531,184
Bausch Health Cos., Inc.(a)		895		24,721
Bayer AG		2,884		154,018
Bristol-Myers Squibb Co.		6,524		406,771
Canopy Growth Corp.(a)(b)		692		6,040
Catalent, Inc.(a)		500		64,015
Chugai Pharmaceutical Co., Ltd.(b)		1,883		61,378
Daiichi Sankyo Co., Ltd.		5,058		128,733
Eisai Co., Ltd.		645		36,615
Elanco Animal Health, Inc.(a)		1,250		35,475
Eli Lilly & Co.		2,388		659,613
GlaxoSmithKline PLC		14,774		321,671
Hikma Pharmaceuticals PLC		509		15,286
Ipsen SA		110		10,066
Jazz Pharmaceuticals PLC(a)		179		22,805
Johnson & Johnson		7,730		1,322,371
Kyowa Kirin Co., Ltd.		705		19,222
Merck & Co., Inc.		7,433		569,665
Merck KGaA		380		97,758
Nippon Shinyaku Co., Ltd.		106		7,381
Novartis AG		6,433		565,280
Novo Nordisk A/S–Class B		4,944		555,339
Ono Pharmaceutical Co., Ltd.		994		24,706
Orion Oyj–Class B(b)		311		12,919
Otsuka Holdings Co., Ltd.		1,078		39,219
Pfizer, Inc.		16,463		972,140
Recordati Industria Chimica e Farmaceutica SpA		307		19,714
Roche Holding AG		2,157		897,932
Royalty Pharma PLC		1,003		39,970
Sanofi		3,339		335,048
Santen Pharmaceutical Co., Ltd.		1,008		12,306
Shionogi & Co., Ltd.		759		53,393
Sumitomo Dainippon Pharma Co., Ltd.(b)		495		5,711
Taisho Pharmaceutical Holdings Co., Ltd.		103		4,754
Takeda Pharmaceutical Co., Ltd.		4,643		126,792
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		3,237		25,928

Company	Shares		U.S. $ Value
UCB SA		371	$	42,341
Viatris, Inc.		3,550		48,031
Vifor Pharma AG		143		25,404
Zoetis, Inc.		1,392		339,690
				8,729,049
				23,075,443
CONSUMER DISCRETIONARY–7.4%
AUTO COMPONENTS–0.2%
Aisin Corp.		343		13,160
Aptiv PLC(a)		794		130,970
BorgWarner, Inc.		704		31,729
Bridgestone Corp.		1,668		71,612
Cie Generale des Etablissements Michelin SCA–Class B		497		81,401
Continental AG(a)		323		33,936
Denso Corp.		1,260		104,417
Faurecia SE		344		16,366
Koito Manufacturing Co., Ltd.		231		12,235
Lear Corp.		175		32,016
Magna International, Inc.–Class A (Canada)		838		67,805
Stanley Electric Co., Ltd.		360		9,039
Sumitomo Electric Industries Ltd.		2,119		27,655
Valeo		674		20,325
				652,666
AUTOMOBILES–1.6%
Bayerische Motoren Werke AG		972		97,241
Bayerische Motoren Werke AG (Preference Shares)		169		14,015
Daimler AG		2,513		192,004
Ferrari NV		370		95,240
Ford Motor Co.		11,522		239,312
General Motors Co.(a)		3,836		224,905
Honda Motor Co., Ltd.		4,723		134,373
Isuzu Motors Ltd.		1,712		21,308
Lucid Group, Inc.(a)(b)		1,188		45,204
Mazda Motor Corp.(a)		1,665		12,775
Nissan Motor Co., Ltd.(a)		6,779		32,651
Porsche Automobil Holding SE (Preference Shares)		449		42,391
Renault SA(a)		564		19,565
Rivian Automotive, Inc.(a)		507		52,571
Stellantis NV		5,977		112,837
Subaru Corp.		1,781		31,823
Suzuki Motor Corp.		1,081		41,687
Tesla, Inc.(a)		2,471		2,611,303
Toyota Motor Corp.		31,070		574,254
Volkswagen AG		96		28,064
Volkswagen AG (Preference Shares)		545		109,481
Yamaha Motor Co., Ltd.(b)		795		19,095
				4,752,099

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
DISTRIBUTORS–0.1%
Genuine Parts Co.		420	$	58,884
LKQ Corp.		819		49,164
Pool Corp.		118		66,788
				174,836
DIVERSIFIED CONSUMER SERVICES–0.0%
IDP Education Ltd.(b)		612		15,418
HOTELS, RESTAURANTS & LEISURE–1.0%
Accor SA(a)		499		16,174
Airbnb, Inc.(a)		692		115,211
Aramark		674		24,837
Aristocrat Leisure Ltd.		1,773		56,244
Booking Holdings, Inc.(a)		121		290,307
Caesars Entertainment, Inc.(a)		626		58,550
Carnival Corp.(a)(b)		2,430		48,892
Chipotle Mexican Grill, Inc.–Class A(a)		83		145,105
Compass Group PLC(a)		5,238		117,927
Crown Resorts Ltd.(a)(b)		1,093		9,514
Darden Restaurants, Inc.		383		57,695
Domino’s Pizza Enterprises Ltd.(b)		177		15,192
Domino’s Pizza, Inc.		109		61,512
DraftKings, Inc.(a)(b)		947		26,014
Entain PLC(a)		1,719		39,291
Evolution AB		505		71,377
Expedia Group, Inc.(a)		427		77,167
Flutter Entertainment PLC(a)		489		77,415
Galaxy Entertainment Group Ltd.(a)		6,343		32,905
Genting Singapore Ltd.(b)		16,869		9,703
Hilton Worldwide Holdings, Inc.(a)		818		127,600
InterContinental Hotels Group PLC(a)		537		34,717
La Francaise des Jeux SAEM		280		12,409
Las Vegas Sands Corp.(a)		1,009		37,979
Marriott International, Inc./MD–Class A(a)		813		134,340
McDonald’s Corp.		2,193		587,878
McDonald’s Holdings Co. Japan Ltd.(b)		192		8,497
Melco Resorts & Entertainment Ltd. (ADR)(a)		191		1,944
MGM Resorts International		1,131		50,759
Oriental Land Co., Ltd./Japan		581		97,972
Restaurant Brands International, Inc.(b)		839		50,873
Royal Caribbean Cruises Ltd.(a)		673		51,754
Sands China Ltd.(a)		6,620		15,364
Sodexo SA		259		22,706
Starbucks Corp.		3,462		404,950
Tabcorp Holdings Ltd.(b)		6,523		23,831

Company	Shares		U.S. $ Value
Vail Resorts, Inc.		118	$	38,692
Whitbread PLC(a)		593		24,122
Wynn Resorts Ltd.(a)(b)		305		25,937
Yum! Brands, Inc.		868		120,530
				3,223,886
HOUSEHOLD DURABLES–0.4%
Barratt Developments PLC		2,993		30,392
Berkeley Group Holdings PLC		330		21,369
DR Horton, Inc.		999		108,342
Electrolux AB(b)		662		16,033
Garmin Ltd.		452		61,549
Iida Group Holdings Co., Ltd.		411		9,559
Lennar Corp.–Class A		806		93,625
Mohawk Industries, Inc.(a)		172		31,335
Newell Brands, Inc.		1,124		24,548
NVR, Inc.(a)		10		59,089
Open House Co., Ltd.		200		10,451
Panasonic Corp.		6,471		71,134
Persimmon PLC		936		36,279
PulteGroup, Inc.		762		43,556
Rinnai Corp.		34		3,068
SEB SA		81		12,622
Sekisui Chemical Co., Ltd.		1,083		18,112
Sekisui House Ltd.		1,789		38,492
Sharp Corp./Japan		597		6,856
Sony Group Corp.		3,634		458,895
Taylor Wimpey PLC		10,707		25,527
Whirlpool Corp.(b)		184		43,178
				1,224,011
INTERNET & DIRECT MARKETING RETAIL–1.8%
Amazon.com, Inc.(a)		1,339		4,464,681
Chewy, Inc.(a)(b)		260		15,332
Delivery Hero SE(a)		476		52,689
DoorDash, Inc.(a)		315		46,903
eBay, Inc.		1,908		126,882
Etsy, Inc.(a)(b)		372		81,446
Fiverr International Ltd.(a)(b)		86		9,778
Just Eat Takeaway.com NV(a)(b)		529		28,741
MercadoLibre, Inc.(a)		132		177,989
Mercari, Inc.(a)		268		13,635
Prosus NV(a)(b)		2,740		226,940
Rakuten Group, Inc.(b)		2,513		25,214
Wayfair, Inc.–Class A(a)(b)		216		41,034
Zalando SE(a)		652		52,523
ZOZO, Inc.		271		8,450
				5,372,237
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		579		45,271
Hasbro, Inc.		384		39,083
Peloton Interactive, Inc.(a)		824		29,466

15

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

Company	Shares		U.S. $ Value
Shimano, Inc.(b)		260	$	69,243
Yamaha Corp.		294		14,505
				197,568
MULTILINE RETAIL–0.3%
Canadian Tire Corp., Ltd.–Class A		168		24,097
Cie Financiere Richemont SA		1,533		229,084
Dollar General Corp.		685		161,544
Dollar Tree, Inc.(a)		660		92,743
Dollarama, Inc.		849		42,492
Next PLC		390		43,135
Pan Pacific International Holdings Corp.		1,171		16,141
Ryohin Keikaku Co., Ltd.		726		11,070
Target Corp.		1,433		331,654
Wesfarmers Ltd.		3,329		143,634
				1,095,594
SPECIALTY RETAIL–1.1%
Advance Auto Parts, Inc.		185		44,378
AutoZone, Inc.(a)		64		134,169
Bath & Body Works, Inc.		777		54,227
Best Buy Co., Inc.		662		67,259
Burlington Stores, Inc.(a)		196		57,136
CarMax, Inc.(a)		478		62,250
Carvana Co.(a)		224		51,921
Chow Tai Fook Jewellery Group Ltd.(a)		5,000		9,009
Dynatrace, Inc.(a)		542		32,710
Fast Retailing Co., Ltd.		219		124,489
H & M Hennes & Mauritz AB–Class B		2,144		42,070
Hikari Tsushin, Inc.		86		13,245
Home Depot, Inc. (The)		3,087		1,281,136
Industria de Diseno Textil SA		3,203		103,297
JD Sports Fashion PLC		7,590		22,379
Kingfisher PLC		6,200		28,518
Lowe’s Cos., Inc.		2,033		525,490
Nitori Holdings Co., Ltd.		213		31,859
O’Reilly Automotive, Inc.(a)		203		143,365
Ross Stores, Inc.		1,048		119,765
TJX Cos., Inc. (The)		3,531		268,073
Tractor Supply Co.		336		80,169
Ulta Beauty, Inc.(a)		152		62,676
USS Co., Ltd.		553		8,640
				3,368,230
TEXTILES, APPAREL & LUXURY GOODS–0.8%
adidas AG		559		160,961
Burberry Group PLC		1,188		29,323
EssilorLuxottica SA		843		179,455
Gildan Activewear, Inc.		582		24,675
Hermes International		93		162,506
Kering SA		221		177,320
Lululemon Athletica, Inc.(a)		348		136,225

Company	Shares		U.S. $ Value
LVMH Moet Hennessy Louis Vuitton SE		816	$	674,370
Moncler SpA		602		43,505
NIKE, Inc.–Class B		3,753		625,512
Pandora A/S		293		36,447
Puma SE		310		37,858
Swatch Group AG (The)		85		25,886
Swatch Group AG (The) (REG)		154		9,004
VF Corp.		979		71,682
				2,394,729
				22,471,274
INDUSTRIALS–6.1%
AEROSPACE & DEFENSE–0.7%
Airbus SE(a)		1,731		221,471
BAE Systems PLC		9,443		70,418
Boeing Co. (The)(a)		1,635		329,158
CAE, Inc.(a)		930		23,460
Dassault Aviation SA		73		7,896
Elbit Systems Ltd.		78		13,483
General Dynamics Corp.		698		145,512
HEICO Corp.		127		18,316
HEICO Corp.–Class A		214		27,503
Howmet Aerospace, Inc.		1,133		36,063
Huntington Ingalls Industries, Inc.		118		22,035
L3Harris Technologies, Inc.		590		125,812
Lockheed Martin Corp.		732		260,160
MTU Aero Engines AG		157		31,878
Northrop Grumman Corp.		447		173,020
Raytheon Technologies Corp.		4,427		380,988
Rolls-Royce Holdings PLC(a)		24,570		41,011
Safran SA		1,003		122,790
Singapore Technologies Engineering Ltd.		3,908		10,906
Textron, Inc.		658		50,798
Thales SA		313		26,626
TransDigm Group, Inc.(a)		154		97,987
				2,237,291
AIR FREIGHT & LOGISTICS–0.4%
CH Robinson Worldwide, Inc.		386		41,545
Deutsche Post AG		2,910		187,173
DSV A/S		599		139,584
Expeditors International of Washington, Inc.		499		67,011
FedEx Corp.		743		192,170
InPost SA(a)		587		7,083
Kuehne & Nagel International AG		160		51,529
SG Holdings Co., Ltd.		852		19,978
United Parcel Service, Inc.–Class B		2,139		458,473

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Yamato Holdings Co., Ltd.		796	$	18,699
				1,183,245
AIRLINES–0.0%
Air Canada(a)(b)		514		8,586
ANA Holdings, Inc.(a)		395		8,257
Delta Air Lines, Inc.(a)		469		18,329
Deutsche Lufthansa AG(a)		1,755		12,288
Japan Airlines Co., Ltd.(a)		358		6,796
Qantas Airways Ltd.(a)		2,713		9,897
Singapore Airlines Ltd.(a)(b)		2,936		10,886
Southwest Airlines Co.(a)		434		18,593
				93,632
BUILDING PRODUCTS–0.4%
A O Smith Corp.		391		33,567
AGC, Inc.(b)		522		24,938
Allegion PLC		263		34,832
Assa Abloy AB–Class B		2,943		89,705
Carrier Global Corp.		2,420		131,261
Cie de Saint-Gobain		1,485		104,465
Daikin Industries Ltd.		719		162,867
Fortune Brands Home & Security, Inc.		405		43,295
Geberit AG		106		86,404
Johnson Controls International PLC		2,091		170,019
Kingspan Group PLC		452		53,917
Lennox International, Inc.		98		31,787
Lixil Corp.		772		20,595
Masco Corp.		725		50,909
Nibe Industrier AB		4,188		63,280
Otis Worldwide Corp.		1,190		103,613
Owens Corning		302		27,331
ROCKWOOL International A/S		25		10,917
TOTO Ltd.		361		16,656
Xinyi Glass Holdings Ltd.		5,186		12,990
				1,273,348
COMMERCIAL SERVICES & SUPPLIES–0.3%
Brambles Ltd.		4,233		32,748
Cintas Corp.		272		120,542
Copart, Inc.(a)		625		94,762
Dai Nippon Printing Co., Ltd.		566		14,244
GFL Environmental, Inc.		463		17,507
Rentokil Initial PLC		5,459		43,212
Republic Services, Inc.–Class A		654		91,200
Ritchie Bros Auctioneers, Inc.		324		19,828
Rollins, Inc.		650		22,237
Secom Co., Ltd.		570		39,607
Securitas AB–Class B		919		12,642
Sohgo Security Services Co., Ltd.		136		5,404

Company	Shares		U.S. $ Value
TOPPAN, Inc.		736	$	13,812
Waste Connections, Inc.		765		104,247
Waste Management, Inc.		1,236		206,288
				838,280
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA(b)		720		19,196
Bouygues SA		671		24,019
Eiffage SA		244		25,157
Epiroc AB–Class A		1,935		48,928
Epiroc AB–Class B		1,145		24,214
Ferrovial SA(b)		1,436		44,909
Kajima Corp.		1,303		14,975
Obayashi Corp.		1,884		14,581
Shimizu Corp.		1,617		10,026
Skanska AB–Class B		998		25,789
Taisei Corp.		500		15,205
Vinci SA		1,579		166,766
WSP Global, Inc.		345		50,083
				483,848
ELECTRICAL EQUIPMENT–0.6%
ABB Ltd.		4,823		183,818
AMETEK, Inc.		679		99,840
Ballard Power Systems, Inc.(a)(b)		699		8,781
Eaton Corp. PLC		1,170		202,199
Emerson Electric Co.		1,755		163,162
Fuji Electric Co., Ltd.		330		18,027
Generac Holdings, Inc.(a)		186		65,457
Legrand SA		785		91,940
Mitsubishi Electric Corp.		5,358		68,009
Nidec Corp.		1,283		151,772
Plug Power, Inc.(a)(b)		1,517		42,825
Prysmian SpA		748		28,137
Rockwell Automation, Inc.		341		118,958
Schneider Electric SE		1,587		311,997
Sensata Technologies Holding PLC(a)		465		28,686
Siemens Energy AG(a)		1,173		29,928
Siemens Gamesa Renewable Energy SA(a)(b)		700		16,624
Sunrun, Inc.(a)(b)		513		17,596
Vestas Wind Systems A/S		2,965		90,299
				1,738,055
INDUSTRIAL CONGLOMERATES–0.7%
3M Co.		1,699		301,793
CK Hutchison Holdings Ltd.		7,047		45,372
DCC PLC		289		23,659
General Electric Co.		3,223		304,477
Hitachi Ltd.		2,822		152,877
Honeywell International, Inc.		2,027		422,650

17

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

Company	Shares		U.S. $ Value
Investment AB Latour–Class B(b)		434	$	17,633
Jardine Matheson Holdings Ltd.		940		51,688
Keppel Corp., Ltd.(b)		3,974		15,113
Lifco AB		684		20,430
Melrose Industries PLC		12,839		27,922
Roper Technologies, Inc.		310		152,477
Siemens AG		2,246		389,013
Smiths Group PLC		1,163		24,894
Toshiba Corp.		1,145		47,115
				1,997,113
MACHINERY–1.2%
Alfa Laval AB		923		37,076
Alstom SA		931		33,060
Atlas Copco AB–Class A		1,971		136,198
Atlas Copco AB–Class B		1,145		67,257
Caterpillar, Inc.		1,608		332,438
CNH Industrial NV		3,004		58,080
Cummins, Inc.		422		92,055
Daifuku Co., Ltd.		202		16,518
Daimler Truck Holding AG(a)		1,256		46,173
Deere & Co.		865		296,600
Dover Corp.		423		76,817
FANUC Corp.		608		129,238
Fortive Corp.		999		76,214
GEA Group AG		450		24,579
Hino Motors Ltd.		759		6,259
Hitachi Construction Machinery Co., Ltd.		258		7,455
Hoshizaki Corp.		151		11,361
Husqvarna AB–Class B		1,228		19,634
IDEX Corp.		223		52,699
Illinois Tool Works, Inc.		925		228,290
Ingersoll Rand, Inc.		1,189		73,563
KION Group AG		212		23,156
Knorr-Bremse AG		213		21,037
Komatsu Ltd.		2,500		58,465
Kone Oyj–Class B		998		71,615
Kornit Digital Ltd.(a)		136		20,706
Kubota Corp.		2,951		65,619
Kurita Water Industries Ltd.		279		13,227
Makita Corp.		595		25,257
MINEBEA MITSUMI, Inc.		1,033		29,351
MISUMI Group, Inc.		830		34,098
Mitsubishi Heavy Industries Ltd.		855		19,768
Miura Co., Ltd.		181		6,231
NGK Insulators Ltd.		696		11,780
Nordson Corp.		154		39,312
PACCAR, Inc.		1,019		89,937
Parker-Hannifin Corp.		379		120,567
Pentair PLC		487		35,566
Rational AG		15		15,341
Sandvik AB		3,315		92,401
Schindler Holding AG		120		32,212

Company	Shares		U.S. $ Value
Schindler Holding AG (REG)		59	$	15,767
SKF AB–Class B		1,122		26,535
SMC Corp.		210		141,930
Snap-on, Inc.		159		34,245
Spirax-Sarco Engineering PLC		217		47,226
Stanley Black & Decker, Inc.		479		90,349
Techtronic Industries Co., Ltd.		3,244		64,669
Toyota Industries Corp.		406		32,477
Trane Technologies PLC		698		141,017
VAT Group AG(c)		80		39,642
Volvo AB		587		13,769
Volvo AB–Class B		4,197		97,062
Wartsila Oyj Abp		1,390		19,496
Westinghouse Air Brake Technologies Corp.		527		48,542
Xylem, Inc./NY		529		63,438
				3,523,374
MARINE–0.0%
AP Moller–Maersk A/S–Class A		10		33,176
AP Moller–Maersk A/S–Class B		17		60,678
Nippon Yusen KK		463		35,305
SITC International Holdings Co., Ltd.		3,000		10,850
				140,009
PROFESSIONAL SERVICES–0.5%
Adecco Group AG		455		23,186
Benefit One, Inc.		200		8,593
Booz Allen Hamilton Holding Corp.		396		33,577
Bureau Veritas SA		863		28,651
Clarivate PLC(a)		1,033		24,296
CoStar Group, Inc.(a)		1,159		91,596
Equifax, Inc.		358		104,819
Experian PLC		2,707		133,336
Intertek Group PLC		473		36,084
Jacobs Engineering Group, Inc.		383		53,325
Leidos Holdings, Inc.		394		35,027
Nihon M&A Center Holdings, Inc.		797		19,550
Persol Holdings Co., Ltd.		481		13,984
Randstad NV		351		23,944
Recruit Holdings Co., Ltd.		3,886		236,485
RELX PLC (London)		5,678		185,369
Robert Half International, Inc.		329		36,690
SGS SA		18		60,006
Teleperformance		173		77,344
Thomson Reuters Corp.		509		60,869
TransUnion		562		66,642

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Verisk Analytics, Inc.–Class A		450	$	102,928
Wolters Kluwer NV		785		92,395
				1,548,696
ROAD & RAIL–0.7%
AMERCO		29		21,061
Aurizon Holdings Ltd.		5,404		13,729
Canadian National Railway Co.		2,078		255,251
Canadian Pacific Railway Ltd.(b)		2,728		196,221
Central Japan Railway Co.		384		51,100
CSX Corp.		6,620		248,912
East Japan Railway Co.		793		48,750
Hankyu Hanshin Holdings, Inc.		638		18,131
JB Hunt Transport Services, Inc.		247		50,487
Keio Corp.		216		9,530
Keisei Electric Railway Co., Ltd.		351		9,495
Kintetsu Group Holdings Co., Ltd.(a)		428		11,965
Knight-Swift Transportation Holdings, Inc.		462		28,154
Lyft, Inc.(a)		766		32,731
MTR Corp., Ltd.		3,764		20,205
Nippon Express Co., Ltd.(a)(d)(e)		141		8,301
Norfolk Southern Corp.		725		215,840
Odakyu Electric Railway Co., Ltd.		826		15,357
Old Dominion Freight Line, Inc.		289		103,572
TFI International, Inc.		246		27,590
Tobu Railway Co., Ltd.		482		10,999
Tokyu Corp.		1,453		19,316
Uber Technologies, Inc.(a)		3,596		150,780
Union Pacific Corp.		1,915		482,446
West Japan Railway Co.		548		22,919
				2,072,842
TRADING COMPANIES & DISTRIBUTORS–0.3%
Ashtead Group PLC		1,313		105,847
Brenntag SE		453		40,908
Bunzl PLC		990		38,675
Fastenal Co.		1,687		108,069
Ferguson PLC		653		115,990
ITOCHU Corp.		3,401		104,050
Marubeni Corp.		4,508		43,921
Mitsubishi Corp.		3,611		114,661
Mitsui & Co., Ltd.		4,531		107,375
MonotaRO Co., Ltd.(b)		732		13,166
Reece Ltd.		853		16,775
Sumitomo Corp.		3,289		48,675
Toromont Industries Ltd.		242		21,878
Toyota Tsusho Corp.		592		27,289

Company	Shares		U.S. $ Value
United Rentals, Inc.(a)		213	$	70,778
WW Grainger, Inc.		130		67,371
				1,045,428
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(a)(b)		220		34,646
Aeroports de Paris(a)		87		11,223
Atlantia SpA(a)		1,454		28,850
Auckland International Airport Ltd.(a)		3,675		19,345
Getlink SE		1,292		21,398
Sydney Airport(a)(b)		3,882		24,509
Transurban Group		8,955		89,947
				229,918
				18,405,079
COMMUNICATION SERVICES–5.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.1%
AT&T, Inc.		20,965		515,739
BCE, Inc.		212		11,030
BT Group PLC(b)		26,211		60,298
Cable One, Inc.		16		28,215
Cellnex Telecom SA		1,496		86,660
Charter Communications, Inc.–Class A(a)(b)		378		246,445
Comcast Corp.–Class A		13,449		676,888
Deutsche Telekom AG		9,786		180,821
Elisa Oyj		417		25,677
Eurazeo SE		116		10,120
HKT Trust & HKT Ltd.–Class SS		10,744		14,436
Infrastrutture Wireless Italiane SpA(b)		986		11,956
Koninklijke KPN NV		9,872		30,683
Liberty Global PLC(a)		1,021		28,680
Liberty Global PLC–Class A(a)		466		12,927
Lumen Technologies, Inc.(b)		2,758		34,613
Nippon Telegraph & Telephone Corp.		3,767		103,021
Orange SA		5,858		62,576
Proximus SADP		446		8,710
Quebecor, Inc.–Class B		490		11,059
Shaw Communications, Inc.–Class B		1,329		40,334
Singapore Telecommunications Ltd.		23,733		40,856
Sirius XM Holdings, Inc.(b)		2,973		18,879
Spark New Zealand Ltd.		5,482		16,953
Swisscom AG		76		42,873
Telecom Italia SpA/Milano		29,258		14,394
Telefonica Deutschland Holding AG		3,057		8,480
Telefonica SA(b)		15,724		68,184
Telenor ASA		2,054		32,287

19

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

Company	Shares		U.S. $ Value
Telia Co. AB(b)		7,805	$	30,525
Telstra Corp., Ltd.		12,223		37,148
TELUS Corp.		1,312		30,898
United Internet AG		284		11,260
Verizon Communications, Inc.		12,156		631,626
Washington H Soul Pattinson & Co., Ltd.(b)		635		13,686
				3,198,937
ENTERTAINMENT–0.8%
Activision Blizzard, Inc.		2,283		151,888
AMC Entertainment Holdings, Inc.–Class A(a)		1,507		40,990
Bollore SA		2,596		14,521
Capcom Co., Ltd.		468		11,022
Electronic Arts, Inc.		835		110,137
Embracer Group AB(a)(b)		1,392		14,768
Koei Tecmo Holdings Co., Ltd.		123		4,830
Konami Holdings Corp.		230		11,040
Liberty Media Corp.-Liberty Formula One–Class C(a)		567		35,857
Live Nation Entertainment, Inc.(a)(b)		482		57,691
Netflix, Inc.(a)		1,300		783,172
Nexon Co., Ltd.		1,440		27,844
Nintendo Co., Ltd.		326		152,521
Roku, Inc.(a)(b)		342		78,044
Sea Ltd. (ADR)(a)		381		85,234
Square Enix Holdings Co., Ltd.		218		11,183
Take-Two Interactive Software, Inc.(a)		342		60,780
Toho Co., Ltd./Tokyo		296		12,667
Ubisoft Entertainment SA(a)		272		13,268
Universal Music Group NV		2,129		60,063
Walt Disney Co., (The)(a)		5,336		826,493
				2,564,013
INTERACTIVE MEDIA & SERVICES–2.6%
Adevinta ASA–Class B(a)		754		10,016
Alphabet, Inc.–Class A(a)		885		2,563,880
Alphabet, Inc.–Class C(a)		847		2,450,871
Auto Trader Group PLC		2,815		28,192
IAC/InterActiveCorp.(a)		233		30,455
Kakaku.com, Inc.		296		7,913
Match Group, Inc.(a)		772		102,097
Meta Platforms, Inc.–Class A(a)		7,000		2,354,450
Pinterest, Inc.–Class A(a)		1,630		59,251
REA Group Ltd.		155		18,901
Scout24 SE		256		17,876
SEEK Ltd.		986		23,506
Snap, Inc.–Class A(a)		3,114		146,451
Twitter, Inc.(a)		2,343		101,264
Z Holdings Corp.		7,835		45,208

Company	Shares		U.S. $ Value
ZoomInfo Technologies, Inc.(a)		660	$	42,372
				8,002,703
MEDIA–0.2%
CyberAgent, Inc.		1,104		18,403
Dentsu Group, Inc.(b)		626		22,281
Discovery, Inc.–Class A(a)		496		11,676
Discovery, Inc.–Class C(a)		920		21,068
DISH Network Corp.–Class A(a)(b)		722		23,422
Fox Corp.–Class A		949		35,018
Fox Corp.–Class B		442		15,147
Hakuhodo DY Holdings, Inc.		681		11,332
Informa PLC(a)		4,413		30,898
Interpublic Group of Cos., Inc. (The)		1,155		43,255
Liberty Broadband Corp.(a)		500		80,536
Liberty Media Corp.-Liberty SiriusXM–Class A(a)		243		12,356
Liberty Media Corp.-Liberty SiriusXM–Class C(a)		495		25,171
News Corp.–Class A		1,148		25,612
Omnicom Group, Inc.		629		46,087
Pearson PLC		2,221		18,425
Publicis Groupe SA		669		45,073
Schibsted ASA		214		8,251
Schibsted ASA–Class B		285		9,612
ViacomCBS, Inc.–Class B		1,778		53,660
Vivendi SE		2,278		30,814
WPP PLC		3,501		53,312
				641,409
WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		4,668		136,510
Rogers Communications, Inc.–Class B		1,040		49,519
SoftBank Corp.		8,387		105,933
SoftBank Group Corp.		3,462		165,969
T-Mobile US, Inc.(a)		1,832		212,475
Tele2 AB–Class B		1,470		20,970
Vodafone Group PLC		81,205		122,314
				813,690
				15,220,752
CONSUMER STAPLES–4.2%
BEVERAGES–0.9%
Anheuser-Busch InBev SA/NV		2,237		134,869
Asahi Group Holdings Ltd.		1,264		49,206
Brown-Forman Corp.–Class B		909		66,230
Budweiser Brewing Co. APAC Ltd.(c)		4,337		11,402
Carlsberg AS–Class B		295		50,931
Coca-Cola Co., (The)		12,050		713,480

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Coca-Cola Europacific Partners PLC		602	$	33,670
Coca-Cola HBC AG(a)		589		20,394
Constellation Brands, Inc.–Class A		494		123,979
Davide Campari-Milano NV		1,534		22,384
Diageo PLC		6,853		374,695
Heineken Holding NV(b)		338		31,165
Heineken NV(b)		761		85,643
Ito En Ltd.		76		3,993
Keurig Dr Pepper, Inc.		2,081		76,706
Kirin Holdings Co., Ltd.(b)		2,328		37,497
Molson Coors Beverage Co.–Class B		559		25,910
Monster Beverage Corp.(a)		1,164		111,790
PepsiCo, Inc.		4,058		704,915
Pernod Ricard SA		615		147,955
Remy Cointreau SA		67		16,286
Suntory Beverage & Food Ltd.		338		12,240
Treasury Wine Estates Ltd.		2,119		19,106
				2,874,446
FOOD & STAPLES RETAILING–0.9%
Aeon Co., Ltd.		1,825		43,008
Alimentation Couche Tard, Inc.		2,394		100,306
Carrefour SA		1,851		33,935
Coles Group Ltd.		3,916		51,096
Cosmos Pharmaceutical Corp.		78		11,467
Costco Wholesale Corp.		1,298		736,875
Empire Co., Ltd.–Class A		491		14,960
Endeavour Group Ltd./Australia		3,938		19,325
Etablissements Franz Colruyt NV(b)		159		6,747
George Weston Ltd.		223		25,855
HelloFresh SE(a)		485		37,170
J Sainsbury PLC		5,134		19,191
Jeronimo Martins SGPS SA		831		19,017
Kesko Oyj–Class B		802		26,731
Kobe Bussan Co., Ltd.		396		15,332
Koninklijke Ahold Delhaize NV		3,070		105,351
Kroger Co. (The)		2,084		94,322
Lawson, Inc.		146		6,928
Loblaw Cos., Ltd.		496		40,638
Metro, Inc./CN		718		38,212
Ocado Group PLC(a)		1,432		32,580
Seven & i Holdings Co., Ltd.		2,212		97,301
Sysco Corp.		1,502		117,982
Tesco PLC		22,703		89,383
Tsuruha Holdings, Inc.		130		12,482
Walgreens Boots Alliance, Inc.		2,158		112,561
Walmart, Inc.		4,525		654,722

Company	Shares		U.S. $ Value
Welcia Holdings Co., Ltd.		240	$	7,496
Woolworths Group Ltd.		3,722		102,889
				2,673,862
FOOD PRODUCTS–0.9%
Ajinomoto Co., Inc.		1,358		41,340
Archer-Daniels-Midland Co.		1,642		110,983
Associated British Foods PLC		1,046		28,633
Barry Callebaut AG		11		26,704
Bunge Ltd.		416		38,838
Campbell Soup Co.		578		25,120
Chocoladefabriken Lindt & Spruengli AG		4		55,443
Chocoladefabriken Lindt & Spruengli AG (REG)		1		134,109
Conagra Brands, Inc.		1,410		48,152
Danone SA		1,918		119,222
General Mills, Inc.		1,780		119,936
Hershey Co., (The)		427		82,612
Hormel Foods Corp.(b)		875		42,709
JDE Peet’s NV(b)		294		9,100
JM Smucker Co. (The)		318		43,191
Kellogg Co.		750		48,315
Kerry Group PLC–Class A		467		60,250
Kikkoman Corp.		395		33,263
Kraft Heinz Co. (The)		1,975		70,903
McCormick & Co., Inc./MD		731		70,622
MEIJI Holdings Co., Ltd.		320		19,102
Mondelez International, Inc.–Class A		4,104		272,136
Mowi ASA		1,290		30,530
Nestle SA		8,266		1,154,076
Nisshin Seifun Group, Inc.		562		8,108
Nissin Foods Holdings Co., Ltd.		164		11,969
Orkla ASA		2,205		22,102
Saputo, Inc.		728		16,402
Toyo Suisan Kaisha Ltd.		190		8,056
Tyson Foods, Inc.–Class A		865		75,393
WH Group Ltd.		24,359		15,291
Wilmar International Ltd.		5,113		15,736
Yakult Honsha Co., Ltd.		342		17,842
				2,876,188
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		721		73,903
Clorox Co., (The)		361		62,944
Colgate-Palmolive Co.		2,353		200,805
Essity AB–Class B		1,787		58,301
Henkel AG & Co. KGaA		305		23,775
Henkel AG & Co. KGaA (Preference Shares)		523		42,201
Kimberly-Clark Corp.		989		141,348
Lion Corp.		598		7,994
Procter & Gamble Co. (The)		7,130		1,166,325
Reckitt Benckiser Group PLC		2,097		180,517

21

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

Company	Shares		U.S. $ Value
Unicharm Corp.		1,094	$	47,597
				2,005,710
PERSONAL PRODUCTS–0.4%
Beiersdorf AG		296		30,342
Estee Lauder Cos., Inc. (The)–Class A		685		253,587
Kao Corp.		1,393		72,957
Kobayashi Pharmaceutical Co., Ltd.		138		10,855
Kose Corp.		96		10,890
L’Oreal SA		737		351,411
Pola Orbis Holdings, Inc.(b)		216		3,600
Shiseido Co., Ltd.		1,163		64,880
Unilever PLC		7,620		408,786
				1,207,308
TOBACCO–0.4%
Altria Group, Inc.		5,414		256,569
British American Tobacco PLC		6,400		237,643
Imperial Brands PLC		2,779		60,901
Japan Tobacco, Inc.(b)		3,490		70,470
Philip Morris International, Inc.		4,576		434,720
Swedish Match AB(b)		4,639		36,828
				1,097,131
				12,734,645
MATERIALS–2.5%
CHEMICALS–1.4%
Air Liquide SA		1,391		242,596
Air Products and Chemicals, Inc.		650		197,769
Akzo Nobel NV		550		60,426
Albemarle Corp.		344		80,417
Arkema SA		180		25,406
Asahi Kasei Corp.		3,675		34,620
BASF SE		2,696		189,220
Celanese Corp.–Class A		326		54,788
CF Industries Holdings, Inc.		631		44,662
Chr Hansen Holding A/S		309		24,365
Clariant AG(a)(b)		633		13,149
Corteva, Inc.		2,155		101,888
Covestro AG		567		34,898
Croda International PLC		410		56,158
Dow, Inc.		2,189		124,160
DuPont de Nemours, Inc.		1,535		123,997
Eastman Chemical Co.		398		48,122
Ecolab, Inc.		756		177,350
EMS-Chemie Holding AG		21		23,469
Evonik Industries AG		615		19,868
FMC Corp.		378		41,538
Fuchs Petrolub SE		204		9,219
Givaudan SA		28		146,905
ICL Group Ltd.		2,073		19,967
IMCD NV(b)		167		36,907

Company	Shares		U.S. $ Value
International Flavors & Fragrances, Inc.		731	$	110,125
Johnson Matthey PLC		568		15,784
JSR Corp.		512		19,458
Kansai Paint Co., Ltd.		478		10,395
Koninklijke DSM NV(b)		513		115,531
LANXESS AG		243		15,027
Linde PLC		1,517		525,534
LyondellBasell Industries NV–Class A		785		72,401
Mitsubishi Chemical Holdings Corp.		3,705		27,481
Mitsubishi Gas Chemical Co., Inc.		407		6,899
Mitsui Chemicals, Inc.		540		14,515
Mosaic Co. (The)		1,085		42,630
Nippon Paint Holdings Co., Ltd.(b)		2,022		22,082
Nippon Sanso Holdings Corp.		350		7,655
Nissan Chemical Corp.		297		17,274
Nitto Denko Corp.		414		31,982
Novozymes A/S–Class B		603		49,512
Nutrien Ltd.		1,675		125,901
Orica Ltd.(b)		1,196		11,927
PPG Industries, Inc.		697		120,191
RPM International, Inc.		381		38,481
Sherwin-Williams Co., (The)		735		258,838
Shin-Etsu Chemical Co., Ltd.		1,029		178,609
Sika AG		417		173,312
Solvay SA		217		25,228
Sumitomo Chemical Co., Ltd.		4,372		20,618
Symrise AG		378		55,904
Toray Industries, Inc.		4,053		24,013
Tosoh Corp.		716		10,637
Umicore SA(b)		578		23,579
Yara International ASA		486		24,503
				4,127,890
CONSTRUCTION MATERIALS–0.1%
CRH PLC		2,287		121,074
HeidelbergCement AG		436		29,507
Holcim Ltd.(a)		1,537		78,170
James Hardie Industries PLC		1,307		52,610
Martin Marietta Materials, Inc.		183		80,615
Vulcan Materials Co.		390		80,956
				442,932
CONTAINERS & PACKAGING–0.1%
AMCOR PLC		4,517		54,249
Avery Dennison Corp.		243		52,626
Ball Corp.		959		92,323
CCL Industries, Inc.–Class B(b)		443		23,755
Crown Holdings, Inc.		385		42,589

22

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
International Paper Co.		1,090	$	51,208
Packaging Corp. of America		279		37,986
Sealed Air Corp.		440		29,687
Smurfit Kappa Group PLC		722		39,794
Westrock Co.		784		34,778
				458,995
METALS & MINING–0.8%
Agnico Eagle Mines Ltd.		715		37,978
Anglo American PLC		3,794		156,056
Antofagasta PLC		1,157		21,043
ArcelorMittal SA		1,971		63,227
Barrick Gold Corp. (Toronto)		5,224		99,322
BHP Group Ltd.(b)		8,663		261,551
BHP Group PLC		6,201		184,509
BlueScope Steel Ltd.		1,479		22,579
Boliden AB		803		30,963
Evolution Mining Ltd.(b)		5,381		15,964
Evraz PLC		1,499		12,256
First Quantum Minerals Ltd.		1,724		41,255
Fortescue Metals Group Ltd.		4,972		69,890
Franco-Nevada Corp.		561		77,585
Freeport-McMoRan, Inc.		4,310		179,856
Glencore PLC(a)		29,321		149,399
Hitachi Metals Ltd.(a)		610		11,303
Ivanhoe Mines Ltd.(a)(b)		1,774		14,473
JFE Holdings, Inc.		1,378		17,581
Kinross Gold Corp.(b)		3,705		21,499
Kirkland Lake Gold Ltd.		783		32,813
Lundin Mining Corp.		1,946		15,199
Newcrest Mining Ltd.		2,399		42,966
Newmont Corp.		2,346		145,499
Nippon Steel Corp.		2,495		40,758
Norsk Hydro ASA		3,948		31,065
Northern Star Resources Ltd.(b)		3,247		22,331
Nucor Corp.(b)		862		98,397
Pan American Silver Corp.(b)		617		15,394
Rio Tinto Ltd.		1,090		79,540
Rio Tinto PLC		3,297		217,425
South32 Ltd.		13,726		40,143
Steel Dynamics, Inc.		599		37,180
Sumitomo Metal Mining Co., Ltd.		672		25,452
Teck Resources Ltd.–Class B		1,386		39,916
voestalpine AG		340		12,336
Wheaton Precious Metals Corp.		1,322		56,728
				2,441,431
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		1,425		35,346
Oji Holdings Corp.		2,381		11,536
Stora Enso Oyj–Class R		1,708		31,347
Svenska Cellulosa AB SCA–Class B		1,779		31,567
UPM-Kymmene Oyj		1,567		59,622

Company	Shares		U.S. $ Value
West Fraser Timber Co., Ltd.		280	$	26,713
				196,131
				7,667,379
ENERGY–1.9%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.–Class A		2,432		58,514
Halliburton Co.		2,614		59,782
Schlumberger NV		4,106		122,975
Tenaris SA		1,386		14,465
				255,736
OIL, GAS & CONSUMABLE FUELS–1.8%
Aker BP ASA		370		11,377
Ampol Ltd.		699		15,093
BP PLC		59,082		264,724
Cameco Corp.		1,167		25,444
Canadian Natural Resources Ltd.		3,479		147,004
Cenovus Energy, Inc.		3,850		47,206
Cheniere Energy, Inc.		707		71,704
Chevron Corp.		5,678		666,313
ConocoPhillips		3,932		283,812
Coterra Energy, Inc.		2,266		43,054
Devon Energy Corp.		1,888		83,166
Diamondback Energy, Inc.		505		54,464
Enbridge, Inc.		5,948		232,334
ENEOS Holdings, Inc.		8,937		33,387
Eni SpA		7,411		102,996
EOG Resources, Inc.		1,714		152,255
Equinor ASA		2,869		75,969
Exxon Mobil Corp.		12,431		760,653
Galp Energia SGPS SA		1,471		14,273
Hess Corp.		818		60,557
Idemitsu Kosan Co., Ltd.		524		13,372
Imperial Oil Ltd.(b)		724		26,111
Inpex Corp.(b)		2,918		25,374
Keyera Corp.(b)		649		14,638
Kinder Morgan, Inc.		5,989		94,986
Lundin Energy AB		587		21,005
Marathon Petroleum Corp.		1,873		119,853
Neste Oyj		1,242		61,126
Occidental Petroleum Corp.		2,741		79,462
OMV AG		432		24,431
ONEOK, Inc.		1,308		76,858
Parkland Corp.(b)		445		12,232
Pembina Pipeline Corp.(b)		1,614		48,958
Phillips 66		1,286		93,184
Pioneer Natural Resources Co.		681		123,860
Repsol SA		4,260		50,452
Royal Dutch Shell PLC–Class A		12,042		263,893
Royal Dutch Shell PLC–Class B		10,811		237,372
Santos Ltd.		9,140		42,103

23

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

Company	Shares		U.S. $ Value
Suncor Energy, Inc.		4,359	$	109,065
TC Energy Corp.(b)		2,874		133,663
TotalEnergies SE		7,365		374,880
Tourmaline Oil Corp.		909		29,348
Valero Energy Corp.		1,200		90,132
Williams Cos., Inc. (The)		3,567		92,885
Woodside Petroleum Ltd.(b)		2,829		45,100
				5,450,128
				5,705,864
REAL ESTATE–1.8%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.5%
Alexandria Real Estate Equities, Inc.		425		94,758
American Tower Corp.		1,337		391,072
Ascendas Real Estate Investment Trust		9,639		21,119
AvalonBay Communities, Inc.		410		103,562
Boston Properties, Inc.		435		50,103
British Land Co. PLC (The)		2,585		18,667
Camden Property Trust		295		52,711
Canadian Apartment Properties REIT		248		11,755
CapitaLand Integrated Commercial Trust		13,593		20,566
Covivio		152		12,477
Crown Castle International Corp.		1,269		264,891
Daiwa House REIT Investment Corp.		18		54,529
Dexus		3,158		25,535
Digital Realty Trust, Inc.		830		146,802
Duke Realty Corp.		1,110		72,860
Equinix, Inc.		264		223,302
Equity LifeStyle Properties, Inc.		512		44,882
Equity Residential		1,044		94,482
Essex Property Trust, Inc.		191		67,276
Extra Space Storage, Inc.		393		89,105
Gecina SA		135		18,891
GLP J-REIT		36		62,227
Goodman Group		4,882		94,109
GPT Group (The)		5,624		22,177
Healthpeak Properties, Inc.		1,582		57,094
Host Hotels & Resorts, Inc.(a)		2,096		36,449
Invitation Homes, Inc.		1,692		76,715
Iron Mountain, Inc.(b)		849		44,428
Japan Metropolitan Fund Invest		62		53,413
Japan Real Estate Investment Corp.		12		68,119
Klepierre SA(a)		596		14,103
Land Securities Group PLC		2,068		21,826
Link REIT		5,373		47,332

Company	Shares		U.S. $ Value
Mapletree Commercial Trust(b)(d)(e)		6,196	$	9,196
Mapletree Logistics Trust(b)		9,093		12,824
Medical Properties Trust, Inc.		1,749		41,329
Mid-America Apartment Communities, Inc.		341		78,239
Mirvac Group		11,577		24,506
Nippon Building Fund, Inc.(b)		14		81,545
Nippon Prologis REIT, Inc.		19		67,160
Nomura Real Estate Master Fund, Inc.		38		53,479
Orix JREIT, Inc.		23		35,955
Prologis, Inc.		2,171		365,510
Public Storage		463		173,421
Realty Income Corp.		1,618		115,833
Regency Centers Corp.		448		33,757
RioCan Real Estate Investment Trust		456		8,270
SBA Communications Corp.		322		125,264
Scentre Group		15,240		35,058
Segro PLC		3,524		68,583
Simon Property Group, Inc.		965		154,178
Stockland		7,009		21,623
Sun Communities, Inc.		340		71,390
UDR, Inc.		871		52,251
Ventas, Inc.		1,155		59,044
VICI Properties, Inc.(b)		1,802		54,258
Vicinity Centres(b)		11,362		13,973
Vornado Realty Trust		478		20,009
Welltower, Inc.		1,240		106,355
Weyerhaeuser Co.		2,201		90,637
WP Carey, Inc.		543		44,553
				4,495,537
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Aroundtown SA		2,933		17,693
Azrieli Group Ltd.		124		11,831
Capitaland Investment Ltd./Singapore(a)		7,504		18,973
CBRE Group, Inc.–Class A(a)		985		106,882
City Developments Ltd.(b)		1,050		5,312
CK Asset Holdings Ltd.		5,031		31,735
Daito Trust Construction Co., Ltd.		183		20,994
Daiwa House Industry Co., Ltd.		1,644		47,247
ESR Cayman Ltd.(a)(c)		5,348		18,090
Fastighets AB Balder–Class B(a)		308		22,165
FirstService Corp.		116		22,797
Hang Lung Properties Ltd.		5,030		10,347
Henderson Land Development Co., Ltd.		3,938		16,798
Hongkong Land Holdings Ltd.		3,395		17,653

24

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Hulic Co., Ltd.(b)		1,101	$	10,470
LEG Immobilien SE		214		29,836
Lendlease Corp Ltd.(b)		2,021		15,737
Mitsubishi Estate Co., Ltd.		3,435		47,652
Mitsui Fudosan Co., Ltd.		2,669		52,902
New World Development Co., Ltd.		3,625		14,352
Nomura Real Estate Holdings, Inc.		331		7,627
Sagax AB		472		15,877
Sino Land Co., Ltd.		9,242		11,508
Sumitomo Realty & Development Co., Ltd.		856		25,236
Sun Hung Kai Properties Ltd.		3,616		43,877
Swire Pacific Ltd.–Class A		1,435		8,162
Swire Properties Ltd.		3,422		8,579
Swiss Prime Site AG		223		21,891
Unibail-Rodamco-Westfield(a)		366		25,615
UOL Group Ltd.		1,134		5,969
Vonovia SE		2,169		119,517
Wharf Real Estate Investment Co., Ltd.		4,876		24,776
Zillow Group, Inc.–Class A(a)		180		11,200
Zillow Group, Inc.–Class C(a)(b)		491		31,350
				900,650
				5,396,187
UTILITIES–1.7%
ELECTRIC UTILITIES–1.0%
Alliant Energy Corp.		734		45,119
American Electric Power Co., Inc.		1,468		130,608
AusNet Services Ltd.(b)		5,623		10,519
Chubu Electric Power Co., Inc.		1,839		19,424
CK Infrastructure Holdings Ltd.		1,903		12,124
CLP Holdings Ltd.		4,629		46,775
Duke Energy Corp.		2,259		236,969
Edison International		1,114		76,030
EDP–Energias de Portugal SA		8,151		44,776
Electricite de France SA		1,390		16,348
Elia Group SA/NV(b)		91		11,994
Emera, Inc.		753		37,634
Endesa SA(b)		932		21,456
Enel SpA		23,882		190,962
Entergy Corp.		590		66,463
Evergy, Inc.		673		46,175
Eversource Energy		1,009		91,799
Exelon Corp.		2,871		165,829
FirstEnergy Corp.		1,597		66,419
Fortis, Inc./Canada(b)		1,383		66,726
Fortum Oyj		1,304		39,994
HK Electric Investments & HK Electric Investments Ltd.–Class SS(c)		7,615		7,471

Company	Shares		U.S. $ Value
Hydro One Ltd.(c)		966	$	25,132
Iberdrola SA		16,823		199,184
Kansai Electric Power Co., Inc. (The)		1,971		18,423
Mercury NZ Ltd.		2,000		8,379
NextEra Energy, Inc.		5,760		537,754
NRG Energy, Inc.		718		30,931
Origin Energy Ltd.(b)		5,171		19,735
Orsted AS		555		71,077
PG&E Corp.(a)		4,372		53,076
Power Assets Holdings Ltd.		3,358		20,931
PPL Corp.		2,259		67,906
Red Electrica Corp. SA		1,271		27,485
Southern Co. (The)		3,109		213,215
SSE PLC		3,063		68,474
Terna–Rete Elettrica Nazionale(b)		4,131		33,418
Tokyo Electric Power Co. Holdings, Inc.(a)		4,384		11,334
Verbund AG		200		22,477
Xcel Energy, Inc.		1,581		107,034
				2,987,579
GAS UTILITIES–0.1%
AltaGas Ltd.		822		17,747
APA Group(b)		3,464		25,342
Atmos Energy Corp.		384		40,231
Enagas SA		730		16,959
Hong Kong & China Gas Co., Ltd.		32,787		51,140
Naturgy Energy Group SA(b)		569		18,507
Osaka Gas Co., Ltd.		1,040		17,201
Snam SpA		5,921		35,663
Tokyo Gas Co., Ltd.		1,050		18,848
UGI Corp.		613		28,143
				269,781
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		1,956		47,531
Brookfield Renewable Corp.(b)		379		13,947
EDP Renovaveis SA		846		21,038
Meridian Energy Ltd.		3,761		12,484
Northland Power, Inc.		663		19,891
Uniper SE		268		12,724
Vistra Corp.		1,275		29,032
				156,647
MULTI-UTILITIES–0.4%
Algonquin Power & Utilities Corp.(b)		1,972		28,482
Ameren Corp.		755		67,203
Canadian Utilities Ltd.–Class A		375		10,877
CenterPoint Energy, Inc.		1,740		48,563
CMS Energy Corp.		850		55,293

25

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

Company		Shares		U.S. $ Value
Consolidated Edison, Inc.			1,037	$	88,477
Dominion Energy, Inc.			2,374		186,502
DTE Energy Co.			569		68,018
E.ON SE			6,592		91,612
Engie SA			5,363		79,401
National Grid PLC			10,620		153,133
NiSource, Inc.			1,152		31,807
Public Service Enterprise Group, Inc.			1,484		99,027
RWE AG			1,886		76,414
Sempra Energy			937		123,946
Suez SA			1,032		23,275
United Utilities Group PLC			2,002		29,540
Veolia Environnement SA			1,924		70,657
WEC Energy Group, Inc.			926		89,887
					1,422,114
WATER UTILITIES–0.1%
American Water Works Co., Inc.			533		100,662
Essential Utilities, Inc.			685		36,778
Severn Trent PLC			734		29,310
					166,750
					5,002,871
Total Common Stocks (cost $103,834,282)					183,184,684
		Principal Amount (000)
GOVERNMENTS– TREASURIES–35.5%
UNITED STATES–35.5%
U.S. Treasury Bonds 1.375%, 08/15/2050	$		260		228,753
1.625%, 11/15/2050			1,414		1,323,569
1.75%, 08/15/2041			73		70,993
2.00%, 02/15/2050			559		570,049
2.25%, 08/15/2046–08/15/2049			3,919		4,163,875
2.375%, 11/15/2049–05/15/2051			2,440		2,703,456
2.50%, 02/15/2045–05/15/2046			330		364,545
2.75%, 08/15/2047			143		167,392
2.875%, 05/15/2043–05/15/2049			3,767		4,446,913
3.00%, 05/15/2045–02/15/2049			2,311		2,825,458
3.125%, 11/15/2041–02/15/2043			1,182		1,428,071
3.50%, 02/15/2039			12		15,330
3.625%, 08/15/2043			1,869		2,432,522
3.75%, 08/15/2041–11/15/2043			226		297,328
3.875%, 08/15/2040			161		211,910
4.25%, 05/15/2039			134		183,766

Company		Principal Amount (000)		U.S. $ Value
4.375%, 11/15/2039–05/15/2041	$		694	$	971,616
4.50%, 08/15/2039			179		252,974
4.75%, 02/15/2037–02/15/2041			626		898,312
5.25%, 11/15/2028			378		472,347
5.375%, 02/15/2031			359		480,029
5.50%, 08/15/2028			762		957,236
6.00%, 02/15/2026			1,336		1,593,031
6.125%, 11/15/2027			404		512,509
6.25%, 08/15/2023–05/15/2030			447		595,427
6.875%, 08/15/2025			471		566,993
7.625%, 02/15/2025			158		190,313
U.S. Treasury Notes 0.25%, 06/30/2025–09/30/2025			6,368		6,175,705
0.375%, 04/30/2025–01/31/2026			5,215		5,064,890
0.50%, 03/31/2025–02/28/2026			1,219		1,185,387
0.625%, 05/15/2030–08/15/2030			2,107		1,969,226
0.75%, 04/30/2026–08/31/2026			3,874		3,795,478
0.875%, 09/30/2026–11/15/2030			3,558		3,433,515
1.125%, 10/31/2026–02/15/2031			2,727		2,675,622
1.25%, 08/31/2024			1,105		1,115,086
1.50%, 09/30/2024–02/15/2030			5,694		5,773,910
1.625%, 02/15/2026–05/15/2031			6,221		6,317,628
1.75%, 05/15/2023–11/15/2029			5,009		5,105,517
1.875%, 10/31/2022			1,014		1,026,371
2.00%, 11/30/2022–11/15/2026			12,748		13,116,182
2.125%, 11/30/2023–05/15/2025			6,571		6,775,308
2.25%, 04/30/2024–11/15/2027			4,655		4,860,914
2.375%, 08/15/2024–05/15/2029			2,330		2,465,779
2.50%, 08/15/2023–05/15/2024			3,263		3,378,753
2.625%, 02/15/2029			451		487,531
2.75%, 11/15/2023–02/15/2028			1,171		1,221,284
2.875%, 10/31/2023–05/15/2028			1,256		1,325,471
3.125%, 11/15/2028			912		1,014,204
Total Governments–Treasuries (cost $103,414,819)					107,208,478

26

AB Variable Products Series Fund

Company	Notional Amount			U.S. $ Value
OPTIONS PURCHASED–PUTS–0.3%
OPTIONS ON EQUITY INDICES–0.3%
Euro STOXX 50 Index Expiration: Sep 2022; Contracts: 990; Exercise Price: EUR 3,300.00; Counterparty: UBS AG(a)		EUR	3,267,000	$	87,004
FTSE 100 Index Expiration: Dec 2022; Contracts: 190; Exercise Price: GBP 5,700.00; Counterparty: UBS AG(a)		GBP	1,083,000		38,536
Nikkei 225 Index Expiration: Dec 2022; Contracts: 11,000; Exercise Price: JPY 23,000.00; Counterparty: UBS AG(a)		JPY	253,000,000		67,239
S&P 500 Index Expiration: Nov 2022; Contracts: 7,000; Exercise Price: USD 3,575.00; Counterparty: UBS AG(a)		USD	25,025,000		699,163
Total Options Purchased–Puts (premiums paid $1,011,950)					891,942
Company	Shares			U.S. $ Value
SHORT-TERM INVESTMENTS–2.6%
INVESTMENT COMPANIES–2.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(f)(g)(h) (cost $7,966,107)			7,966,107		7,966,107
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.0% (cost $216,227,158)					299,251,211
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 $1,311,824)			1,311,824		1,311,824
TOTAL INVESTMENTS–99.4% (cost $217,538,982)					300,563,035
Other assets less liabilities–0.6%					1,768,634
NET ASSETS–100.0%				$	302,331,669

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		25		March 2022	$	2,531,280	$	1,132
10 Yr Mini Japan Government Bond Futures		11		March 2022		1,449,804		(4,734	)
Euro STOXX 50 Index Futures		91		March 2022		4,441,998		108,786
Euro-Bund Futures		3		March 2022		585,314		(10,762	)
FTSE 100 Index Futures		15		March 2022		1,487,010		(10,977	)
Long Gilt Futures		9		March 2022		1,521,525		(19,745	)
MSCI Emerging Market Futures		2		March 2022		232,180		7,899
MSCI Singapore IX ETS Futures		39		January 2022		984,406		4,985
Nikkei 225 (CME) Futures		2		March 2022		500,391		4,369
S&P 500 E-Mini Futures		57		March 2022		13,561,725		143,794

27

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

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
TOPIX Index Futures		13		March 2022	$	2,251,239	$	10,415
U.S. T-Note 2 Yr (CBT) Futures		50		March 2022		10,908,594		(7,241	)
U.S. T-Note 5 Yr (CBT) Futures		8		March 2022		967,813		(4,276	)
U.S. T-Note 10 Yr (CBT) Futures		93		March 2022		12,133,594		116,184
U.S. Ultra Bond (CBT) Futures		33		March 2022		6,505,125		143,795
Sold Contracts
Hang Seng Index Futures		9		January 2022		1,353,367		(16,715	)
OMXS30 Index Futures		48		January 2022		1,285,098		(798	)
S&P TSX 60 Index Futures		10		March 2022		2,025,218		(9,182	)
SPI 200 Futures		5		March 2022		668,164		6,187
							$	463,116

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		GBP	6,333		USD	8,588		01/14/2022	$	15,827
BNP Paribas SA		AUD	2,271		USD	1,659		02/08/2022		6,944
Citibank, NA		NOK	4,781		USD	526		01/20/2022		(16,809	)
Citibank, NA		USD	138		SEK	1,256		01/20/2022		967
Citibank, NA		EUR	12,115		USD	14,013		02/10/2022		209,495
Citibank, NA		USD	4,306		CAD	5,421		02/10/2022		(20,072	)
Credit Suisse International		USD	4,607		CHF	4,237		01/13/2022		44,395
Credit Suisse International		USD	5,742		GBP	4,294		01/14/2022		69,983
Credit Suisse International		USD	1,735		SEK	15,097		01/20/2022		(64,267	)
Credit Suisse International		USD	3,090		AUD	4,235		02/08/2022		(8,178	)
Credit Suisse International		USD	10,621		JPY	1,210,091		02/09/2022		(98,562	)
Credit Suisse International		USD	15,075		EUR	13,138		02/10/2022		(106,409	)
Goldman Sachs Bank USA		NOK	14,221		USD	1,580		01/20/2022		(34,190	)
Goldman Sachs Bank USA		USD	24		SEK	218		01/20/2022		108
Goldman Sachs Bank USA		EUR	3,742		USD	4,301		02/10/2022		38,242
HSBC Bank USA		CHF	7,906		USD	8,615		01/13/2022		(64,374	)
HSBC Bank USA		GBP	2,041		USD	2,735		01/14/2022		(27,364	)
HSBC Bank USA		SEK	22,242		USD	2,549		01/20/2022		86,826
HSBC Bank USA		USD	5,092		NOK	43,545		01/20/2022		(148,416	)
HSBC Bank USA		USD	67		SEK	582		01/20/2022		(2,313	)
JPMorgan Chase Bank, NA		USD	612		SEK	5,321		01/20/2022		(23,044	)
Morgan Stanley Capital Services, Inc.		CHF	1,057		USD	1,150		01/13/2022		(10,800	)
Morgan Stanley Capital Services, Inc.		USD	2,636		CHF	2,424		01/13/2022		24,403
Morgan Stanley Capital Services, Inc.		GBP	1,729		USD	2,322		01/14/2022		(19,297	)
Morgan Stanley Capital Services, Inc.		USD	2,962		GBP	2,240		01/14/2022		69,914
Morgan Stanley Capital Services, Inc.		NOK	29,966		USD	3,336		01/20/2022		(66,047	)
Morgan Stanley Capital Services, Inc.		SEK	16,618		USD	1,925		01/20/2022		85,310
Morgan Stanley Capital Services, Inc.		USD	1,862		NOK	16,165		01/20/2022		(27,154	)
Morgan Stanley Capital Services, Inc.		USD	3,451		SEK	31,255		01/20/2022		8,146
Morgan Stanley Capital Services, Inc.		USD	5,497		SEK	48,741		01/20/2022		(102,496	)
Morgan Stanley Capital Services, Inc.		AUD	7,251		USD	5,361		02/08/2022		84,841
Morgan Stanley Capital Services, Inc.		JPY	1,801,337		USD	15,800		02/09/2022		136,441

28

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services, Inc.		USD	1,199		JPY	135,221		02/09/2022	$	(23,569	)
Morgan Stanley Capital Services, Inc.		CAD	3,547		USD	2,808		02/10/2022		4,437
Morgan Stanley Capital Services, Inc.		EUR	3,633		USD	4,128		02/10/2022		(11,324	)
Morgan Stanley Capital Services, Inc.		USD	4,053		CAD	5,162		02/10/2022		28,097
Morgan Stanley Capital Services, Inc.		USD	1,799		EUR	1,581		02/10/2022		1,877
State Street Bank & Trust Co.		USD	238		CHF	218		01/13/2022		1,491
State Street Bank & Trust Co.		GBP	476		USD	638		01/14/2022		(6,003	)
State Street Bank & Trust Co.		NOK	10,427		USD	1,212		01/20/2022		28,052
State Street Bank & Trust Co.		NZD	264		USD	183		01/20/2022		2,350
State Street Bank & Trust Co.		USD	347		NOK	3,009		01/20/2022		(4,943	)
State Street Bank & Trust Co.		USD	218		SEK	1,938		01/20/2022		(3,062	)
State Street Bank & Trust Co.		USD	253		AUD	354		02/08/2022		4,749
State Street Bank & Trust Co.		JPY	94,188		USD	828		02/09/2022		9,344
State Street Bank & Trust Co.		USD	329		JPY	37,150		02/09/2022		(6,197	)
State Street Bank & Trust Co.		EUR	475		USD	545		02/10/2022		3,770
									$	71,119

TOTAL RETURN SWAPS (see Note D)

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency		Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Morgan Stanley Capital Services, Inc. Swiss Market Index Futures	0.00%		Maturity		CHF	1,023		03/18/2022	$  27,257

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2021, the aggregate market value of these securities amounted to $138,658 or 0.0% of net assets.

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

(e) Fair valued by the Adviser.

(f) Affiliated investments.

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

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

29

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

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

30

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $208,261,051)	$	291,285,104	(a)
Affiliated issuers (cost $9,277,931—including investment of cash collateral for securities loaned of $1,311,824)		9,277,931
Cash		5,082
Cash collateral due from broker		2,130,291
Foreign currencies, at value (cost $778,763)		775,891
Receivable for investment securities sold		1,944,135
Unaffiliated dividends and interest receivable		1,065,584
Unrealized appreciation on forward currency exchange contracts		966,009
Unrealized appreciation on total return swaps		27,257
Receivable for capital stock sold		4,091
Affiliated dividends receivable		76
Total assets		307,481,451
LIABILITIES
Payable for investment securities purchased		1,361,029
Payable for collateral received on securities loaned		1,256,388
Cash collateral due to broker		1,000,000
Unrealized depreciation on forward currency exchange contracts		894,890
Advisory fee payable		177,705
Distribution fee payable		63,548
Collateral due to securities lending agent		55,436
Payable for capital stock redeemed		34,508
Administrative fee payable		22,578
Payable for variation margin on futures		22,053
Transfer Agent fee payable		146
Foreign capital gains tax payable		46
Accrued expenses		261,455
Total liabilities		5,149,782
NET ASSETS	$	302,331,669
COMPOSITION OF NET ASSETS
Capital stock, at par	$	20,354
Additional paid-in capital		132,968,169
Distributable earnings		169,343,146
NET ASSETS	$	302,331,669

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	411,637		27,559	$	14.94
B	$	301,920,032		20,326,376	$	14.85

(a) Includes securities on loan with a value of $5,723,503 (see Note E).

See notes to financial statements.

31

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $339,758)	$	5,438,761
Affiliated issuers		1,381
Interest		2,560,707
Securities lending income		11,278
		8,012,127
EXPENSES
Advisory fee (see Note B)		3,002,768
Distribution fee—Class B		1,071,488
Transfer agency—Class A		4
Transfer agency—Class B		3,914
Custody and accounting		162,277
Audit and tax		118,974
Administrative		87,571
Legal		45,654
Directors’ fees		24,032
Printing		23,520
Miscellaneous		33,127
Total expenses		4,573,329
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(7,042	)
Net expenses		4,566,287
Net investment income		3,445,840
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		95,732,447
Forward currency exchange contracts		2,026,759
Futures		(1,766,702	)
Swaps		270
Foreign currency transactions		(29,011	)
Net change in unrealized appreciation/depreciation of:
Investments		(56,716,851	)
Forward currency exchange contracts		586,582
Futures		(861,013	)
Swaps		27,257
Foreign currency denominated assets and liabilities		(123,773	)
Net gain on investment and foreign currency transactions		38,875,965
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	42,321,805

See notes to financial statements.

32

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

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,445,840		$	4,934,873
Net realized gain (loss) on investment and foreign currency transactions		95,963,763			(10,066,061	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(57,087,798	)		28,883,717
Net increase in net assets from operations		42,321,805			23,752,529
Distributions to Shareholders
Class A		(7,238	)		(6,470	)
Class B		(4,827,444	)		(7,947,724	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(283,941,527	)		(36,380,539	)
Total decrease		(246,454,404	)		(20,582,204	)
NET ASSETS
Beginning of period		548,786,073			569,368,277
End of period	$	302,331,669		$	548,786,073

See notes to financial statements.

33

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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

34

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

35

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	38,567,821		$	4,819,457		$	–0	–	$	43,387,278
Financials		15,651,794			8,466,118			–0	–		24,117,912
Health Care		16,749,123			6,326,320			–0	–		23,075,443
Consumer Discretionary		16,142,341			6,328,933			–0	–		22,471,274
Industrials		10,434,249			7,962,529			8,301			18,405,079
Communication Services		13,124,070			2,096,682			–0	–		15,220,752
Consumer Staples		7,657,195			5,077,450			–0	–		12,734,645
Materials		3,809,371			3,858,008			–0	–		7,667,379
Energy		4,014,472			1,691,392			–0	–		5,705,864
Real Estate		3,700,103			1,686,888			9,196			5,396,187
Utilities		3,327,609			1,675,262			–0	–		5,002,871
Governments—Treasuries		–0	–		107,208,478			–0	–		107,208,478
Options Purchased—Puts		–0	–		891,942			–0	–		891,942
Short-Term Investments		7,966,107			–0	–		–0	–		7,966,107
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,311,824			–0	–		–0	–		1,311,824
Total Investments in Securities		142,456,079			158,089,459			17,497			300,563,035
Other Financial Instruments(a):
Assets:
Futures		547,546			–0	–		–0	–		547,546	(b)
Forward Currency Exchange Contracts		–0	–		966,009			–0	–		966,009
Total Return Swaps		–0	–		27,257			–0	–		27,257
Liabilities:
Futures		(84,430	)		–0	–		–0	–		(84,430	)(b)
Forward Currency Exchange Contracts		–0	–		(894,890	)		–0	–		(894,890	)
Total	$	142,919,195		$	158,187,835		$	17,497		$	301,124,527

(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.

36

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 year ended December 31, 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 year ended December 31, 2021, the reimbursement for such services amounted to $87,571.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 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 year ended December 31, 2021, such waiver amounted to $7,039.

37

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 year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	4,201	$	370,971	$	367,206	$	7,966	$	1
Government Money Market Portfolio*		67		61,803		60,558		1,312		0	**
Total							$	9,278	$	1

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

** Amount is less than $500.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	73,739,149	$	270,887,416
U.S. government securities		53,669,701		140,552,078

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

Cost	$	219,351,875
Gross unrealized appreciation	$	88,526,929
Gross unrealized depreciation		(7,292,854	)
Net unrealized appreciation	$	81,234,075

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

38

AB Variable Products Series Fund

the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Portfolio may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

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

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

During the year ended December 31, 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 year ended December 31, 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.

39

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

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

During the year ended December 31, 2021, the Portfolio held purchased options for hedging and non-hedging purposes.

• Swaps

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

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

Total Return Swaps:

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

40

AB Variable Products Series Fund

During the year ended December 31, 2021, the Portfolio held total return swaps for hedging and non-hedging purposes.

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

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

During the year ended December 31, 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	$	261,111	*	Receivable/Payable for variation margin on futures	$	46,758	*
Equity contracts	Receivable/Payable for variation margin on futures		286,435	*	Receivable/Payable for variation margin on futures		37,672	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		966,009		Unrealized depreciation on forward currency exchange contracts		894,890
Equity contracts	Investments in securities, at value		891,942
Equity contracts	Unrealized appreciation on total return swaps		27,257
Total		$	2,432,754			$	979,320

* 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	$	(2,813,830	)	$	182,003
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		1,047,128			(1,043,016	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		2,026,759			586,582

41

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

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments	$	(493,958	)	$	(120,008	)
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		270			27,257
Total		$	(233,631	)	$	(367,182	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2021:

Futures:
Average notional amount of buy contracts	$	93,146,865
Average notional amount of sale contracts	$	34,570,580
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	62,461,549
Average principal amount of sale contracts	$	92,896,716
Purchased Options:
Average notional amount	$	33,456,053	(a)
Total Return Swaps:
Average notional amount	$	1,095,482	(b)

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

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 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
BNP Paribas SA	$	22,771	$	–0	–	$	–0	–	$	–0	–	$	22,771
Citibank, NA		210,462		(36,881	)		–0	–		–0	–		173,581
Credit Suisse International		114,378		(114,378	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA		38,350		(34,190	)		–0	–		–0	–		4,160
HSBC Bank USA		86,826		(86,826	)		–0	–		–0	–		–0	–
Morgan Stanley Capital Services, Inc.		470,723		(260,687	)		–0	–		–0	–		210,036
State Street Bank & Trust Co.		49,756		(20,205	)		–0	–		–0	–		29,551
UBS AG		891,942		–0	–		(891,942	)		–0	–		–0	–
Total	$	1,885,208	$	(553,167	)	$	(891,942	)	$	–0	–	$	440,099	^

42

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

$

36,881

$

(36,881

)

$

–0

–

$

–0

–

$

–0

–

Credit Suisse International

277,416

(114,378

)

–0

–

–0

–

163,038

Goldman Sachs Bank USA

34,190

(34,190

)

–0

–

–0

–

–0

–

HSBC Bank USA

242,467

(86,826

)

–0

–

–0

–

155,641

JPMorgan Chase Bank, NA

23,044

–0

–

–0

–

–0

–

23,044

Morgan Stanley Capital Services, Inc.

260,687

(260,687

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

20,205

(20,205

)

–0

–

–0

–

–0

–

Total

$

894,890

$

(553,167

)

$

–0

–

$

–0

–

$

341,723

^

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

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

2. Currency Transactions

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

NOTE E: Securities Lending

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

43

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

acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 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
$	5,723,503	$	1,311,824	$	4,719,640	$	11,060	$	218	$	3

* As of December 31, 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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		4,182			6,869		$	60,584		$	86,958
Shares issued in reinvestment of dividends		493			502			7,238			6,470
Shares redeemed		(3,316	)		(9,641	)		(47,220	)		(126,155	)
Net increase (decrease)		1,359			(2,270	)	$	20,602		$	(32,727	)
Class B
Shares sold		1,070,080			1,311,598		$	15,318,153		$	16,672,485
Shares issued in reinvestment of dividends		330,195			619,947			4,827,444			7,947,724
Shares redeemed		(20,825,702	)		(4,763,950	)		(304,107,726	)		(60,968,021	)
Net decrease		(19,425,427	)		(2,832,405	)	$	(283,962,129	)	$	(36,347,812	)

At December 31, 2021, certain shareholders of the Portfolio owned 90% 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

44

AB Variable Products Series Fund

direct investments and derivatives positions will be periodically adjusted to reflect the Adviser’s view of market and economic conditions, there will be transaction costs that may be, over time, significant. In addition, there is a risk that certain asset allocation decisions may not achieve the desired results and, as a result, the Portfolio may incur significant losses.

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

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

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

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

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

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

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

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

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

LIBOR Transition and Associated Risk—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

45

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

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021		2020
Distributions paid from:
Ordinary income	$	4,834,682	$	7,954,194
Total taxable distributions paid	$	4,834,682	$	7,954,194

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	6,504,224
Undistributed capital gains		82,204,270	(a)
Other losses		(614,284	)(b)
Unrealized appreciation/(depreciation)		81,248,936	(c)
Total accumulated earnings/(deficit)	$	169,343,146

(a) During the fiscal year, the Portfolio utilized $9,750,954 of capital loss carry forwards to offset current year net realized gains.

(b) As of December 31, 2021, the cumulative deferred loss on straddles was $614,284.

(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, 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, 2021, the Portfolio did not have any capital loss carryforwards.

46

AB Variable Products Series Fund

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

NOTE J: Recent Accounting Pronouncements

In 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.

47

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$13.89			$13.46			$11.91			$13.07			$11.63
Income From Investment Operations
Net investment income (a)(b)		.14			.15			.23			.20			.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.20			.51			1.60			(1.11	)		1.52
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		1.34			.66			1.83			(.91	)		1.69
Less: Dividends and Distributions
Dividends from net investment income		(.29	)		(.23	)		(.27	)		(.23	)		(.25	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.01	)		(.02	)		–0	–
Total dividends and distributions		(.29	)		(.23	)		(.28	)		(.25	)		(.25	)
Net asset value, end of period		$14.94			$13.89			$13.46			$11.91			$13.07
Total Return
Total investment return based on net asset value (d)		9.67	%		5.02	%		15.51	%		(7.07	)%		14.67	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$412			$364			$383			$355			$328
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.82	%		.80	%		.80	%		.78	%		.77	%
Expenses, before waivers/reimbursements (e)‡		.83	%		.80	%		.80	%		.79	%		.78	%
Net investment income (b)		.98	%		1.18	%		1.78	%		1.60	%		1.39	%
Portfolio turnover rate		32	%		13	%		19	%		24	%		20	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.02	%		.03	%		.04	%

See footnote summary on page 49.

48

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$13.80			$13.36			$11.82			$12.98			$11.56
Income From Investment Operations
Net investment income (a)(b)		.12			.12			.19			.17			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.16			.51			1.60			(1.11	)		1.50
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		1.28			.63			1.79			(.94	)		1.64
Less: Dividends and Distributions
Dividends from net investment income		(.23	)		(.19	)		(.24	)		(.20	)		(.22	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.01	)		(.02	)		–0	–
Total dividends and distributions		(.23	)		(.19	)		(.25	)		(.22	)		(.22	)
Net asset value, end of period		$14.85			$13.80			$13.36			$11.82			$12.98
Total Return
Total investment return based on net asset value (d)		9.28	%		4.86	%		15.24	%		(7.35	)%		14.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$301,920			$548,422			$568,985			$533,467			$604,703
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		1.06	%		1.05	%		1.05	%		1.03	%		1.03	%
Expenses, before waivers/reimbursements (e)‡		1.07	%		1.06	%		1.05	%		1.04	%		1.04	%
Net investment income (b)		.80	%		.93	%		1.51	%		1.35	%		1.15	%
Portfolio turnover rate		32	%		13	%		19	%		24	%		20	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.02	%		.03	%		.04	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

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

See notes to financial statements.

49

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Dynamic Asset Allocation Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2022

50

2021 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2021. For corporate shareholders, 44.94% of dividends paid qualify for the dividends received deduction.

51

DYNAMIC ASSET ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

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

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

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

52

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

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

53

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

54

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR	OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.	74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.	74	None

55

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR	OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.	74	None

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

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

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

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

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

56

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE (5) YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Caglasu Altunkopru 49	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2017.
Alexander Barenboym 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.
Daniel J. Loewy 47	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel, and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

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

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

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

57

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.

58

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 3-4, 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 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 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

59

DYNAMIC ASSET ALLOCATION 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 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-, 5- and 10-year periods ended May 31, 2021 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the periods reviewed, the directors concluded that the Fund’s investment performance was acceptable. The directors determined to continue to monitor the Fund’s performance closely.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual advisory fee rate with a peer group median and noted that it was above the median. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s total rate of compensation was also 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 the those of Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more 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

60

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, 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 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 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.

61

VPS-DAA-0151-1221

DEC    ^12.31.21

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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—Global Risk Allocation—Moderate Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index (net, USD hedged) and a 60%/40% blend of the MSCI World Index (net, USD hedged) and the Bloomberg Global G7 Treasury Index (USD hedged), for the one- and five-year periods ended December 31, 2021, and the period since the Portfolio’s inception on April 28, 2015.

All share classes underperformed the primary and blended benchmarks for the annual period. The Portfolio allocated most of its risk to global equity, with the balance allocated to government bonds. The Portfolio’s systematic equity downside protection strategy detracted from performance for the whole period. The Portfolio’s timing of equity relative to bond exposures added to performance versus the blended benchmark, as an overweight to equity benefitted from strong performance throughout the period. Tactical currency hedging decisions detracted from relative performance.

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

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. Global markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets.

1

AB Variable Products Series Fund

Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, global markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and remained focused on still generally supportive monetary policy. Growth outperformed value, in terms of style, and large-cap stocks outperformed their small-cap peers.

Fixed-income government bond market yields were higher as numerous central banks became more hawkish, prompting short-term yields to rise more than longer-term yields and causing all major treasury market returns to fall on inflation concerns. Treasury losses were the greatest in the UK, Australia and the eurozone. Inflation bonds significantly outperformed nominal government bonds. Low interest rates set the stage for the continued outperformance of most risk assets, led by the large positive performance of high-yield corporate bonds—particularly in the US, eurozone and emerging markets. Emerging-market investment-grade corporate bonds rose, while developed-market bonds fell on rising yields and outperformed developed-market treasuries with a smaller loss. Securitized assets fell but outperformed US Treasuries. Emerging-market sovereign and local-currency bonds trailed as the US dollar gained against most developed- and emerging-market currencies. Commodity prices were strong, with Brent crude oil and copper climbing from pandemic-related lows.

The Portfolio’s Senior Investment Management Team seeks to allocate, on average, approximately 85% of its risk to equity and the balance to government bonds over time. Within global equity exposure, the Portfolio has deployed equity index options for downside protection. The Portfolio has invested in global bond duration exposures to seek diversification for growth-related risk.

2

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

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

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

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

An Important Note About Historical Performance

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

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

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

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

4

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

THE PORTFOLIO VS. ITS BENCHMARKS PERIODS ENDED DECEMBER 31, 2021 (unaudited)	Net Asset Value Returns
	1 Year		5 Years1		Since Inception1,2
Global Risk Allocation—Moderate Portfolio Class A		12.16%		7.65%		5.38%
Global Risk Allocation—Moderate Portfolio Class B		11.97%		7.39%		5.13%
Primary Benchmark: MSCI World Index (net, USD hedged)		24.38%		15.23%		11.79%
Blended Benchmark: 60% MSCI World Index (net, USD hedged)/ 40% Bloomberg Global G7 Treasury Index (USD hedged)		13.34%		10.46%		8.36%
1   Average annual returns.
2   Inception date: 4/28/2015.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.01% and 1.26% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios (excluding interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs) to 0.75% and 1.00% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2022, and may be extended by the Adviser for additional one-year terms. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

4/28/2015¹ TO 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Risk Allocation—Moderate Portfolio Class A shares (from 4/28/2015¹ to 12/31/2021) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 4/28/2015.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,048.40	$	3.41		0.66	%	$	3.56		0.69	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.88	$	3.36		0.66	%	$	3.52		0.69	%
Class B
Actual	$	1,000	$	1,047.90	$	3.77		0.73	%	$	3.92		0.76	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.53	$	3.72		0.73	%	$	3.87		0.76	%

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

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain affiliated/unaffiliated underlying portfolios acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	593,069,072		56.8	%
Inflation-Linked Securities		7,170,271		0.6
Options Purchased—Puts		704,793		0.1
Short-Term Investments		443,533,779		42.5
Total Investments	$	1,044,477,915		100.0	%

COUNTRY BREAKDOWN²

December 31, 2021 (unaudited)

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	421,341,342		40.3	%
Japan		46,135,220		4.4
United Kingdom		25,021,277		2.4
France		18,699,090		1.8
Switzerland		17,819,270		1.7
Germany		15,110,806		1.5
Australia		12,935,494		1.2
Netherlands		8,391,496		0.8
Sweden		6,419,297		0.6
Denmark		4,654,804		0.5
Hong Kong		4,083,352		0.4
Spain		3,912,282		0.4
Italy		3,548,817		0.3
Other		12,871,589		1.2
Short-Term Investments		443,533,779		42.5
Total Investments	$	1,044,477,915		100.0	%

1 All data are as of December 31, 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 December 31, 2021. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.2% or less in the following: Austria, Belgium, Brazil, Chile, China, Euro Zone, Finland, Ireland, Israel, Jordan, Luxembourg, Macau, New Zealand, Norway, Poland, Portugal, Russia, Singapore, South Africa and Taiwan.

7

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–55.6%
INFORMATION TECHNOLOGY–13.1%
COMMUNICATIONS EQUIPMENT–0.4%
Arista Networks, Inc.(a)		2,338	$	336,087
Cisco Systems, Inc./Delaware		43,971		2,786,442
F5, Inc.(a)		628		153,678
Juniper Networks, Inc.		3,390		121,057
Motorola Solutions, Inc.		1,761		478,464
Nokia Oyj(a)		53,751		340,442
Telefonaktiebolaget LM Ericsson–Class B		29,098		320,166
				4,536,336
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Amphenol Corp.–Class A		6,234		545,226
Azbil Corp.		1,230		56,099
CDW Corp./DE		1,414		289,559
Corning, Inc.		8,007		298,101
Halma PLC		3,784		164,070
Hamamatsu Photonics KK		1,398		89,290
Hexagon AB		19,640		311,108
Hirose Electric Co., Ltd.		323		54,283
Ibiden Co., Ltd.		1,053		62,533
IPG Photonics Corp.(a)		372		64,036
Keyence Corp.		1,939		1,219,162
Keysight Technologies, Inc.(a)		1,920		396,499
Kyocera Corp.		3,199		200,021
Murata Manufacturing Co., Ltd.		5,726		456,720
Omron Corp.		1,850		184,348
Shimadzu Corp.		2,361		99,724
TDK Corp.		3,875		151,225
TE Connectivity Ltd.		3,401		548,717
Teledyne Technologies, Inc.(a)		486		212,329
Trimble, Inc.(a)		2,616		228,089
Venture Corp., Ltd.		2,760		37,505
Yaskawa Electric Corp.		2,392		117,365
Yokogawa Electric Corp.		2,276		41,080
Zebra Technologies Corp.–Class A(a)		557		331,526
				6,158,615
IT SERVICES–2.1%
Accenture PLC–Class A		6,585		2,729,812
Adyen NV(a)(b)(c)		197		517,125
Afterpay Ltd.(a)		2,168		130,876
Akamai Technologies, Inc.(a)		1,693		198,149
Amadeus IT Group SA–Class A(a)		4,491		303,880
Automatic Data Processing, Inc.		4,393		1,083,226
Bechtle AG		816		58,066
Broadridge Financial Solutions, Inc.		1,215		222,126
Capgemini SE		1,598		391,639
Cognizant Technology Solutions Corp.–Class A		5,476		485,831
Computershare Ltd.		5,416		78,841
DXC Technology Co.(a)		2,629		84,627
Edenred		2,488		114,892
EPAM Systems, Inc.(a)		592		395,722
Fidelity National Information Services, Inc.		6,348		692,884
Fiserv, Inc.(a)		6,194		642,875
FleetCor Technologies, Inc.(a)		846		189,369
Fujitsu Ltd.		1,960		336,780
Gartner, Inc.(a)		857		286,512
Global Payments, Inc.		3,024		408,784
GMO Payment Gateway, Inc.		419		52,177
International Business Machines Corp.		9,349		1,249,587
Itochu Techno-Solutions Corp.		957		30,785
Jack Henry & Associates, Inc.		771		128,749
Mastercard, Inc.–Class A		9,044		3,249,690
NEC Corp.		2,448		113,195
Nexi SpA(a)(b)		4,666		73,939
Nomura Research Institute Ltd.		3,348		143,130
NTT Data Corp.		6,291		134,950
Obic Co., Ltd.		695		130,069
Otsuka Corp.		1,136		54,167
Paychex, Inc.		3,345		456,592
PayPal Holdings, Inc.(a)		12,249		2,309,916
SCSK Corp.		1,557		30,988
TIS, Inc.		2,231		66,341
VeriSign, Inc.(a)		1,007		255,597
Visa, Inc.–Class A		17,483		3,788,741
Wix.com Ltd.(a)		558		88,047
Worldline SA/France(a)(b)		2,376		132,249
				21,840,925
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.1%
Advanced Micro Devices, Inc.(a)		12,589		1,811,557
Advantest Corp.		1,989		188,357
Analog Devices, Inc.		5,602		984,664
Applied Materials, Inc.		9,413		1,481,230
ASM International NV		466		205,700
ASML Holding NV		4,120		3,300,202
Broadcom, Inc.		4,292		2,855,940
Disco Corp.		287		87,722

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Enphase Energy, Inc.(a)		1,406	$	257,214
Infineon Technologies AG		13,019		599,375
Intel Corp.		42,400		2,183,600
KLA Corp.		1,581		680,004
Lam Research Corp.		1,468		1,055,712
Lasertec Corp.(c)		751		230,032
Microchip Technology, Inc.		5,784		503,555
Micron Technology, Inc.		11,662		1,086,315
Monolithic Power Systems, Inc.		452		222,985
NVIDIA Corp.		26,064		7,665,683
NXP Semiconductors NV		2,772		631,406
Qorvo, Inc.(a)		1,149		179,692
QUALCOMM, Inc.		11,676		2,135,190
Renesas Electronics Corp.(a)		12,525		155,569
Rohm Co., Ltd.		872		79,325
Skyworks Solutions, Inc.		1,721		266,996
SolarEdge Technologies, Inc.(a)		547		153,472
STMicroelectronics NV		6,808		334,783
SUMCO Corp.(c)		3,316		67,523
Teradyne, Inc.		1,699		277,837
Texas Instruments, Inc.		9,628		1,814,589
Tokyo Electron Ltd.		1,488		856,452
Xilinx, Inc.		2,584		547,886
				32,900,567
SOFTWARE–4.0%
Adobe, Inc.(a)		4,961		2,813,185
ANSYS, Inc.(a)		910		365,019
Autodesk, Inc.(a)		2,292		644,487
AVEVA Group PLC		1,201		55,417
Cadence Design Systems, Inc.(a)		2,889		538,365
Ceridian HCM Holding, Inc.(a)		1,419		148,229
Check Point Software Technologies Ltd.(a)		1,059		123,437
Citrix Systems, Inc.		1,300		122,967
CyberArk Software Ltd.(a)		396		68,619
Dassault Systemes SE		6,627		393,282
Fortinet, Inc.(a)		1,415		508,551
Intuit, Inc.		2,952		1,898,785
Microsoft Corp.		78,275		26,325,448
Nemetschek SE		575		73,522
Nice Ltd.(a)		629		190,748
NortonLifeLock, Inc.		6,065		157,569
Oracle Corp.		16,815		1,466,436
Oracle Corp./Japan		383		29,098
Paycom Software, Inc.(a)		502		208,425
PTC, Inc.(a)		1,101		133,386
Sage Group PLC (The)		10,504		121,541
salesforce.com, Inc.(a)		10,206		2,593,651
SAP SE		10,410		1,465,098
ServiceNow, Inc.(a)		2,075		1,346,903
Sinch AB(a)(b)(c)		5,207		65,704
Synopsys, Inc.(a)		1,590		585,915
Temenos AG		669		92,216
Trend Micro, Inc./Japan		1,332		73,947
Tyler Technologies, Inc.(a)		427		229,705
WiseTech Global Ltd.		1,457		61,793
Xero Ltd.(a)		1,332		136,342
				43,037,790
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.9%
Apple, Inc.		162,493		28,853,882
Brother Industries Ltd.		2,352		45,334
Canon, Inc.(c)		9,972		243,254
FUJIFILM Holdings Corp.		3,591		266,216
Hewlett Packard Enterprise Co.		13,637		215,055
HP, Inc.		12,015		452,605
Logitech International SA		1,725		144,706
NetApp, Inc.		2,331		214,429
Ricoh Co., Ltd.		6,683		62,293
Seagate Technology Holdings PLC		2,135		241,212
Seiko Epson Corp.		2,788		50,213
Western Digital Corp.(a)		3,248		211,802
				31,001,001
				139,475,234
HEALTH CARE–7.3%
BIOTECHNOLOGY–0.8%
AbbVie, Inc.		18,431		2,495,557
Amgen, Inc.		5,872		1,321,024
Argenx SE(a)		457		164,049
Biogen, Inc.(a)		1,531		367,318
CSL Ltd.		4,537		959,577
Genmab A/S(a)		654		261,046
Gilead Sciences, Inc.		13,077		949,521
Grifols SA(c)		2,973		57,208
Incyte Corp.(a)		1,957		143,644
Moderna, Inc.(a)		3,677		933,884
Regeneron Pharmaceuticals, Inc.(a)		1,102		695,935
Vertex Pharmaceuticals, Inc.(a)		2,650		581,940
				8,930,703
HEALTH CARE EQUIPMENT & SUPPLIES–1.5%
Abbott Laboratories		18,435		2,594,542
ABIOMED, Inc.(a)		474		170,247
Alcon, Inc.		4,981		439,351
Align Technology, Inc.(a)		765		502,743
Ambu A/S		1,670		44,078
Asahi Intecc Co., Ltd.		2,161		46,426
Baxter International, Inc.		5,219		447,999
Becton Dickinson and Co.		2,994		752,931
BioMerieux		412		58,586

9

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

Company	Shares		U.S. $ Value
Boston Scientific Corp.(a)		14,856	$	631,083
Carl Zeiss Meditec AG		401		84,120
Cochlear Ltd.(c)		655		102,802
Coloplast A/S–Class B		1,184		208,473
Cooper Cos., Inc. (The)		514		215,335
Demant A/S(a)		1,077		55,149
DENTSPLY SIRONA, Inc.		2,279		127,145
DexCom, Inc.(a)		1,011		542,856
DiaSorin SpA		250		47,561
Edwards Lifesciences Corp.(a)		6,509		843,241
Fisher & Paykel Healthcare Corp., Ltd.		5,748		128,776
Getinge AB–Class B		2,280		99,367
GN Store Nord A/S		1,239		77,742
Hologic, Inc.(a)		2,642		202,272
Hoya Corp.		3,685		546,824
IDEXX Laboratories, Inc.(a)		884		582,079
Inmode Ltd.(a)		494		34,867
Intuitive Surgical, Inc.(a)		3,722		1,337,315
Koninklijke Philips NV		9,145		338,471
Medtronic PLC		14,030		1,451,403
Olympus Corp.		11,010		253,530
ResMed, Inc.		1,519		395,669
Sartorius AG (Preference Shares)		261		176,525
Siemens Healthineers AG(b)		2,811		209,586
Smith & Nephew PLC		8,765		152,970
Sonova Holding AG		545		212,984
STERIS PLC		1,042		253,633
Straumann Holding AG		103		217,803
Stryker Corp.		3,500		935,970
Sysmex Corp.		1,670		225,419
Teleflex, Inc.		488		160,298
Terumo Corp.		6,436		271,860
Zimmer Biomet Holdings, Inc.		2,177		276,566
				16,456,597
HEALTH CARE PROVIDERS & SERVICES–1.2%
AmerisourceBergen Corp.–Class A		1,559		207,175
Amplifon SpA		1,241		66,776
Anthem, Inc.		2,531		1,173,220
Cardinal Health, Inc.		2,937		151,226
Centene Corp.(a)		6,083		501,239
Cigna Corp.		3,455		793,372
CVS Health Corp.		13,762		1,419,688
DaVita, Inc.(a)		679		77,243
Fresenius Medical Care AG & Co. KGaA		2,044		132,509
Fresenius SE & Co. KGaA		4,175		167,807
HCA Healthcare, Inc.		2,497		641,529
Henry Schein, Inc.(a)		1,445		112,031
Humana, Inc.		1,340		621,572
Laboratory Corp. of America Holdings(a)		998		313,582
McKesson Corp.		1,591		395,475
Medipal Holdings Corp.		1,828		34,266
Orpea SA		515		51,648
Quest Diagnostics, Inc.		1,278		221,107
Ramsay Health Care Ltd.		1,825		94,845
Ryman Healthcare Ltd.		4,236		35,520
Sonic Healthcare Ltd.		4,529		153,607
UnitedHealth Group, Inc.		9,819		4,930,513
Universal Health Services, Inc.–Class B		762		98,801
				12,394,751
HEALTH CARE TECHNOLOGY–0.1%
Cerner Corp.		3,067		284,832
M3, Inc.		4,398		221,753
				506,585
LIFE SCIENCES TOOLS & SERVICES–0.9%
Agilent Technologies, Inc.		3,156		503,855
Bachem Holding AG		61		47,766
Bio-Rad Laboratories, Inc.–Class A(a)		226		170,759
Bio-Techne Corp.		410		212,109
Charles River Laboratories International, Inc.(a)		526		198,186
Danaher Corp.		6,630		2,181,336
Eurofins Scientific SE		1,331		164,900
Illumina, Inc.(a)		1,630		620,117
IQVIA Holdings, Inc.(a)		1,991		561,741
Lonza Group AG		742		617,780
Mettler-Toledo International, Inc.(a)		240		407,330
PerkinElmer, Inc.		1,315		264,394
QIAGEN NV(a)		2,277		126,261
Sartorius Stedim Biotech		275		151,032
Thermo Fisher Scientific, Inc.		4,108		2,741,022
Waters Corp.(a)		636		236,974
West Pharmaceutical Services, Inc.		772		362,076
				9,567,638
PHARMACEUTICALS–2.8%
Astellas Pharma, Inc.		18,560		302,074
AstraZeneca PLC		15,443		1,803,269
Bayer AG		9,794		523,042
Bristol-Myers Squibb Co.		23,140		1,442,779
Catalent, Inc.(a)		1,784		228,405
Chugai Pharmaceutical Co., Ltd.(c)		6,695		218,230
Daiichi Sankyo Co., Ltd.		17,469		444,611
Eisai Co., Ltd.		2,365		134,256
Eli Lilly & Co.		8,277		2,286,273

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
GlaxoSmithKline PLC		50,162	$	1,092,165
Hikma Pharmaceuticals PLC		1,730		51,954
Ipsen SA		376		34,408
Johnson & Johnson		27,446		4,695,187
Kyowa Kirin Co., Ltd.		2,691		73,372
Merck & Co., Inc.		26,334		2,018,238
Merck KGaA		1,288		331,347
Nippon Shinyaku Co., Ltd.		490		34,121
Novartis AG		21,842		1,919,300
Novo Nordisk A/S–Class B		16,787		1,885,614
Ono Pharmaceutical Co., Ltd.		3,687		91,642
Organon & Co.		2,643		80,479
Orion Oyj–Class B		1,058		43,948
Otsuka Holdings Co., Ltd.		3,892		141,594
Pfizer, Inc.		58,517		3,455,429
Recordati Industria Chimica e Farmaceutica SpA		1,042		66,911
Roche Holding AG		7,323		3,048,465
Sanofi		11,335		1,137,399
Santen Pharmaceutical Co., Ltd.		3,592		43,854
Shionogi & Co., Ltd.		2,640		185,714
Sumitomo Dainippon Pharma Co., Ltd.(c)		1,785		20,594
Taisho Pharmaceutical Holdings Co., Ltd.		381		17,587
Takeda Pharmaceutical Co., Ltd.		15,773		430,734
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		10,990		88,030
UCB SA		1,260		143,799
Viatris, Inc.		12,608		170,586
Vifor Pharma AG		486		86,337
Zoetis, Inc.		4,932		1,203,556
				29,975,303
				77,831,577
FINANCIALS–7.0%
BANKS–2.9%
ABN AMRO Bank NV (GDR)(b)(c)		4,217		61,989
Australia & New Zealand Banking Group Ltd.		28,381		568,509
Banco Bilbao Vizcaya Argentaria SA		66,474		394,256
Banco Santander SA		172,874		574,128
Bank Hapoalim BM		11,324		116,546
Bank Leumi Le-Israel BM		14,484		155,356
Bank of America Corp.		75,084		3,340,487
Barclays PLC		168,752		429,855
BNP Paribas SA		11,213		775,278
BOC Hong Kong Holdings Ltd.		36,891		120,984
CaixaBank SA		44,197		120,730
Chiba Bank Ltd. (The)		5,284		30,227
Citigroup, Inc.		20,687		1,249,288
Citizens Financial Group, Inc.		4,443		209,932
Comerica, Inc.		1,367		118,929
Commerzbank AG(a)		9,988		75,565
Commonwealth Bank of Australia		17,686		1,300,121
Concordia Financial Group Ltd.		10,853		39,413
Credit Agricole SA		12,330		175,793
Danske Bank A/S		6,876		118,707
DBS Group Holdings Ltd.		18,057		437,322
DNB Bank ASA		9,273		212,108
Erste Group Bank AG		3,427		160,659
Fifth Third Bancorp		7,128		310,424
FinecoBank Banca Fineco SpA		6,080		106,476
First Republic Bank/CA		1,868		385,761
Hang Seng Bank Ltd.		7,623		139,589
HSBC Holdings PLC		203,635		1,229,804
Huntington Bancshares, Inc./OH		15,080		232,534
ING Groep NV		38,920		541,105
Intesa Sanpaolo SpA		164,652		425,283
Israel Discount Bank Ltd.–Class A		11,531		77,422
Japan Post Bank Co., Ltd.		4,037		37,006
JPMorgan Chase & Co.		30,810		4,878,763
KBC Group NV		2,492		214,116
KeyCorp		9,706		224,500
Lloyds Banking Group PLC		707,607		459,514
M&T Bank Corp.		1,341		205,951
Mediobanca Banca di Credito Finanziario SpA		6,191		71,076
Mitsubishi UFJ Financial Group, Inc.		121,862		663,206
Mizrahi Tefahot Bank Ltd.		1,401		53,953
Mizuho Financial Group, Inc.		24,048		305,440
National Australia Bank Ltd.		32,829		689,314
Natwest Group PLC		57,422		175,844
Nordea Bank Abp		32,300		394,013
Oversea-Chinese Banking Corp., Ltd.		33,756		285,702
People’s United Financial, Inc.		4,462		79,513
PNC Financial Services Group, Inc. (The)		4,406		883,491
Raiffeisen Bank International AG		1,475		43,322
Regions Financial Corp.		9,938		216,648
Resona Holdings, Inc.		20,541		79,826
Shizuoka Bank Ltd. (The)		4,449		31,762
Signature Bank/New York NY		632		204,433
Skandinaviska Enskilda Banken AB–Class A		16,225		225,261

11

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

Company	Shares		U.S. $ Value
Societe Generale SA		8,082	$	277,768
Standard Chartered PLC		26,239		159,554
Sumitomo Mitsui Financial Group, Inc.		13,016		444,461
Sumitomo Mitsui Trust Holdings, Inc.		3,367		112,587
SVB Financial Group(a)		612		415,083
Svenska Handelsbanken AB–Class A		14,541		157,158
Swedbank AB–Class A		9,028		181,425
Truist Financial Corp.		13,916		814,782
UniCredit SpA		21,248		326,610
United Overseas Bank Ltd.		11,765		234,967
US Bancorp		14,067		790,143
Wells Fargo & Co.		41,569		1,994,481
Westpac Banking Corp.		36,518		566,522
Zions Bancorp NA		1,631		103,014
				31,235,789
CAPITAL MARKETS–1.7%
3i Group PLC		9,702		190,191
Ameriprise Financial, Inc.		1,166		351,736
Amundi SA(b)		607		50,068
ASX Ltd.(c)		1,930		130,437
Bank of New York Mellon Corp. (The)		7,920		459,994
BlackRock, Inc.–Class A		1,489		1,363,269
Cboe Global Markets, Inc.		1,111		144,874
Charles Schwab Corp. (The)		15,673		1,318,099
CME Group, Inc.–Class A		3,747		856,040
Credit Suisse Group AG		26,426		256,216
Daiwa Securities Group, Inc.		14,400		81,259
Deutsche Bank AG(a)		20,604		256,623
Deutsche Boerse AG		1,894		316,250
EQT AB		2,949		159,865
Euronext NV(b)		854		88,785
FactSet Research Systems, Inc.		393		191,002
Franklin Resources, Inc.		2,929		98,092
Futu Holdings Ltd. (ADR)(a)		507		21,953
Goldman Sachs Group, Inc. (The)		3,539		1,353,844
Hargreaves Lansdown PLC		3,546		65,162
Hong Kong Exchanges & Clearing Ltd.		12,007		702,217
Intercontinental Exchange, Inc.		5,873		803,250
Invesco Ltd.		3,558		81,905
Japan Exchange Group, Inc.		5,079		111,278
Julius Baer Group Ltd.		2,205		147,453
London Stock Exchange Group PLC		3,279		308,456
Macquarie Group Ltd.		3,493		522,152
Magellan Financial Group Ltd.(c)		1,374		21,232
MarketAxess Holdings, Inc.		396		162,863
Moody’s Corp.		1,686		658,518
Morgan Stanley		14,966		1,469,063
MSCI, Inc.–Class A		860		526,913
Nasdaq, Inc.		1,220		256,212
Nomura Holdings, Inc.		30,624		133,387
Northern Trust Corp.		2,164		258,836
Partners Group Holding AG		226		373,083
Raymond James Financial, Inc.		1,930		193,772
S&P Global, Inc.		2,513		1,185,960
SBI Holdings, Inc./Japan		2,439		66,525
Schroders PLC		1,239		59,803
Singapore Exchange Ltd.		8,012		55,307
St. James’s Place PLC		5,381		122,968
Standard Life Aberdeen PLC		21,740		70,829
State Street Corp.		3,811		354,423
T. Rowe Price Group, Inc.		2,343		460,728
UBS Group AG		35,065		629,392
				17,490,284
CONSUMER FINANCE–0.2%
American Express Co.		6,540		1,069,944
Capital One Financial Corp.		4,437		643,764
Discover Financial Services		3,055		353,036
Synchrony Financial		5,705		264,655
				2,331,399
DIVERSIFIED FINANCIAL SERVICES–0.7%
Berkshire Hathaway, Inc.–Class B(a)		19,093		5,708,807
EXOR NV		1,081		96,769
Groupe Bruxelles Lambert SA		1,126		125,759
IHS Markit Ltd.		4,158		552,681
Industrivarden AB		1,331		42,292
Industrivarden AB–Class C(c)		1,592		49,879
Investor AB		23,134		586,545
Kinnevik AB(a)		2,414		85,826
L E Lundbergforetagen AB–Class B(c)		757		42,411
M&G PLC		25,919		70,119
Mitsubishi HC Capital, Inc.		6,580		32,555
ORIX Corp.		12,176		248,490
Sofina SA		153		75,155
Tokyo Century Corp.(c)		367		17,816
Wendel SE		267		31,993
				7,767,097
INSURANCE–1.5%
Admiral Group PLC		1,924		82,356

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Aegon NV		17,817	$	88,578
Aflac, Inc.		6,345		370,485
Ageas SA/NV		1,714		88,763
AIA Group Ltd.		120,595		1,217,146
Allianz SE		4,110		969,379
Allstate Corp. (The)		2,988		351,538
American International Group, Inc.		8,656		492,180
Aon PLC		2,297		690,386
Arthur J Gallagher & Co.		2,160		366,487
Assicurazioni Generali SpA		11,033		233,179
Assurant, Inc.		594		92,581
Aviva PLC		38,994		217,359
AXA SA		19,295		574,282
Baloise Holding AG		462		75,404
Brown & Brown, Inc.		2,443		171,694
Chubb Ltd.		4,490		867,962
Cincinnati Financial Corp.		1,562		177,959
CNP Assurances		1,711		42,322
Dai-ichi Life Holdings, Inc.		10,021		202,123
Everest Re Group Ltd.		410		112,307
Gjensidige Forsikring ASA		1,993		48,352
Globe Life, Inc.		968		90,721
Hannover Rueck SE		601		113,948
Hartford Financial Services Group, Inc. (The)		3,548		244,954
Insurance Australia Group Ltd.(c)		24,575		76,158
Japan Post Holdings Co., Ltd.(a)		24,415		190,200
Japan Post Insurance Co., Ltd.		1,992		31,999
Legal & General Group PLC		59,515		240,339
Lincoln National Corp.		1,770		120,820
Loews Corp.		2,089		120,661
Marsh & McLennan Cos., Inc.		5,263		914,815
Medibank Pvt Ltd.		27,455		66,869
MetLife, Inc.		7,454		465,801
MS&AD Insurance Group Holdings, Inc.		4,438		136,656
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,396		412,111
NN Group NV		2,693		145,638
Phoenix Group Holdings PLC		6,476		57,326
Poste Italiane SpA(b)		5,208		68,226
Principal Financial Group, Inc.		2,570		185,888
Progressive Corp. (The)		6,099		626,062
Prudential Financial, Inc.		3,940		426,466
Prudential PLC		26,075		450,911
QBE Insurance Group Ltd.		14,706		121,438
Sampo Oyj–Class A		4,972		248,839
Sompo Holdings, Inc.		3,163		133,395
Suncorp Group Ltd.		12,790		102,973
Swiss Life Holding AG		314		191,847
Swiss Re AG		3,006		296,733
T&D Holdings, Inc.		5,363		68,516
Tokio Marine Holdings, Inc.		6,258		348,381
Travelers Cos., Inc. (The)		2,564		401,087
Tryg A/S		3,589		88,568
Willis Towers Watson PLC		1,299		308,500
WR Berkley Corp.		1,454		119,795
Zurich Insurance Group AG		1,499		656,680
				15,806,143
				74,630,712
CONSUMER DISCRETIONARY–7.0%
AUTO COMPONENTS–0.2%
Aisin Corp.		1,468		56,323
Aptiv PLC(a)		2,820		465,159
BorgWarner, Inc.		2,499		112,630
Bridgestone Corp.		5,692		244,373
Cie Generale des Etablissements Michelin SCA–Class B		1,689		276,631
Continental AG(a)		1,096		115,152
Denso Corp.		4,320		358,002
Faurecia SE		1,169		55,616
Koito Manufacturing Co., Ltd.		1,041		55,136
Stanley Electric Co., Ltd.		1,296		32,539
Sumitomo Electric Industries Ltd.		7,519		98,130
Valeo		2,289		69,028
				1,938,719
AUTOMOBILES–1.5%
Bayerische Motoren Werke AG		3,300		330,139
Bayerische Motoren Werke AG (Preference Shares)		575		47,683
Daimler AG		8,532		651,880
Ferrari NV		1,256		323,302
Ford Motor Co.		40,924		849,991
General Motors Co.(a)		15,136		887,424
Honda Motor Co., Ltd.		16,252		462,381
Isuzu Motors Ltd.		5,812		72,339
Mazda Motor Corp.(a)		5,668		43,490
Nissan Motor Co., Ltd.(a)		23,142		111,464
Porsche Automobil Holding SE (Preference Shares)		1,526		144,074
Renault SA(a)		1,916		66,467
Stellantis NV		20,292		383,084
Subaru Corp.		6,134		109,601
Suzuki Motor Corp.		3,672		141,603
Tesla, Inc.(a)		8,481		8,962,551

13

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

Company	Shares		U.S. $ Value
Toyota Motor Corp.		105,721	$	1,953,997
Volkswagen AG		323		94,424
Volkswagen AG (Preference Shares)		1,850		371,634
Yamaha Motor Co., Ltd.(c)		2,967		71,265
				16,078,793
DISTRIBUTORS–0.1%
Genuine Parts Co.		1,484		208,057
LKQ Corp.		2,795		167,784
Pool Corp.		418		236,588
				612,429
DIVERSIFIED CONSUMER SERVICES–0.0%
IDP Education Ltd.(c)		2,081		52,425
HOTELS, RESTAURANTS & LEISURE–1.0%
Accor SA(a)		1,696		54,973
Aristocrat Leisure Ltd.		6,042		191,668
Booking Holdings, Inc.(a)		429		1,029,270
Caesars Entertainment, Inc.(a)		2,228		208,385
Carnival Corp.(a)		8,386		168,726
Chipotle Mexican Grill, Inc.–Class A(a)		294		513,986
Compass Group PLC(a)		17,785		400,406
Crown Resorts Ltd.(a)(c)		3,712		32,313
Darden Restaurants, Inc.		1,353		203,816
Domino’s Pizza Enterprises Ltd.(c)		603		51,756
Domino’s Pizza, Inc.		379		213,881
Entain PLC(a)		5,837		133,414
Evolution AB(b)		1,715		242,400
Expedia Group, Inc.(a)		1,522		275,056
Flutter Entertainment PLC(a)		1,660		262,801
Galaxy Entertainment Group Ltd.(a)		21,694		112,540
Genting Singapore Ltd.		60,284		34,676
Hilton Worldwide Holdings, Inc.(a)		2,905		453,151
InterContinental Hotels Group PLC(a)		1,826		118,049
La Francaise des Jeux SAEM(b)		952		42,190
Las Vegas Sands Corp.(a)		3,584		134,902
Marriott International, Inc./MD–Class A(a)		2,852		471,264
McDonald’s Corp.		7,790		2,088,265
McDonald’s Holdings Co. Japan Ltd.(c)		795		35,184
Melco Resorts & Entertainment Ltd. (ADR)(a)		2,150		21,887
MGM Resorts International		4,058		182,123
Norwegian Cruise Line Holdings Ltd.(a)		3,857		79,994
Oriental Land Co., Ltd./Japan		1,994		336,242
Penn National Gaming, Inc.(a)		1,731		89,752
Royal Caribbean Cruises Ltd.(a)		2,337		179,715
Sands China Ltd.(a)		24,205		56,175
Sodexo SA		882		77,323
Starbucks Corp.		12,302		1,438,965
Tabcorp Holdings Ltd.(c)		22,147		80,910
Whitbread PLC(a)		2,013		81,884
Wynn Resorts Ltd.(a)		1,097		93,289
Yum! Brands, Inc.		3,056		424,356
				10,615,687
HOUSEHOLD DURABLES–0.4%
Barratt Developments PLC		10,161		103,180
Berkeley Group Holdings PLC		1,120		72,526
DR Horton, Inc.		3,398		368,513
Electrolux AB		2,248		54,446
Garmin Ltd.		1,584		215,693
Iida Group Holdings Co., Ltd.		1,467		34,119
Lennar Corp.–Class A		2,834		329,197
Mohawk Industries, Inc.(a)		571		104,025
Newell Brands, Inc.		3,947		86,202
NVR, Inc.(a)		35		206,810
Open House Co., Ltd.		817		42,694
Panasonic Corp.		22,017		242,028
Persimmon PLC		3,181		123,292
PulteGroup, Inc.		2,639		150,845
Rinnai Corp.		360		32,489
SEB SA		275		42,853
Sekisui Chemical Co., Ltd.		3,760		62,883
Sekisui House Ltd.		6,143		132,171
Sharp Corp./Japan		2,135		24,520
Sony Group Corp.		12,571		1,587,443
Taylor Wimpey PLC		36,353		86,670
Whirlpool Corp.		633		148,540
				4,251,139
INTERNET & DIRECT MARKETING RETAIL–1.6%
Amazon.com, Inc.(a)		4,548		15,164,578
Delivery Hero SE(a)(b)		1,615		178,765
eBay, Inc.		6,526		433,979
Etsy, Inc.(a)		1,321		289,220
Fiverr International Ltd.(a)		291		33,087
Just Eat Takeaway.com NV(a)(b)(c)		1,797		97,633
Mercari, Inc.(a)		1,027		52,251
Prosus NV(a)(c)		9,302		770,438
Rakuten Group, Inc.		8,655		86,838
Zalando SE(a)(b)		2,216		178,513
ZOZO, Inc.		1,242		38,726
				17,324,028

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		1,991	$	155,673
Hasbro, Inc.		1,351		137,505
Shimano, Inc.(c)		739		196,810
Yamaha Corp.		1,336		65,912
				555,900
MULTILINE RETAIL–0.3%
Cie Financiere Richemont SA		5,203		777,509
Dollar General Corp.		2,432		573,538
Dollar Tree, Inc.(a)		2,344		329,379
Next PLC		1,325		146,549
Pan Pacific International Holdings Corp.		4,109		56,638
Ryohin Keikaku Co., Ltd.		2,519		38,410
Target Corp.		5,088		1,177,567
Wesfarmers Ltd.		11,303		487,684
				3,587,274
SPECIALTY RETAIL–1.1%
Advance Auto Parts, Inc.		656		157,361
AutoZone, Inc.(a)		219		459,109
Bath & Body Works, Inc.		2,756		192,341
Best Buy Co., Inc.		2,307		234,391
CarMax, Inc.(a)		1,690		220,089
Chow Tai Fook Jewellery Group Ltd.(a)		19,938		35,926
Fast Retailing Co., Ltd.		581		330,266
Gap, Inc. (The)		2,235		39,448
H & M Hennes & Mauritz AB–Class B		7,280		142,849
Hikari Tsushin, Inc.		208		32,033
Home Depot, Inc. (The)		11,003		4,566,355
Industria de Diseno Textil SA		10,874		350,687
JD Sports Fashion PLC		25,150		74,155
Kingfisher PLC		21,050		96,825
Lowe’s Cos., Inc.		7,219		1,865,967
Nitori Holdings Co., Ltd.		798		119,358
O’Reilly Automotive, Inc.(a)		703		496,480
Ross Stores, Inc.		3,704		423,293
TJX Cos., Inc. (The)		12,537		951,809
Tractor Supply Co.		1,186		282,980
Ulta Beauty, Inc.(a)		567		233,797
USS Co., Ltd.		2,186		34,153
				11,339,672
TEXTILES, APPAREL & LUXURY GOODS–0.7%
adidas AG		1,898		546,520
Burberry Group PLC		4,036		99,618
EssilorLuxottica SA		2,862		609,253
Hermes International		316		552,170
Kering SA		747		599,357
LVMH Moet Hennessy Louis Vuitton SE		2,767		2,286,742
Moncler SpA		2,046		147,861
NIKE, Inc.–Class B		13,321		2,220,211
Pandora A/S		996		123,893
Puma SE		1,052		128,475
PVH Corp.		740		78,921
Ralph Lauren Corp.		508		60,381
Swatch Group AG (The)		288		87,706
Swatch Group AG (The) (REG)		524		30,636
Tapestry, Inc.		2,868		116,441
Under Armour, Inc.–Class A(a)		1,966		41,659
Under Armour, Inc.–Class C(a)		2,242		40,446
VF Corp.		3,398		248,802
				8,019,092
				74,375,158
INDUSTRIALS–5.6%
AEROSPACE & DEFENSE–0.7%
Airbus SE(a)		5,877		751,926
BAE Systems PLC		32,061		239,085
Boeing Co. (The)(a)		5,759		1,159,402
Dassault Aviation SA		249		26,931
Elbit Systems Ltd.		264		45,633
General Dynamics Corp.		2,416		503,663
Howmet Aerospace, Inc.		4,008		127,575
Huntington Ingalls Industries, Inc.		417		77,870
L3Harris Technologies, Inc.		2,045		436,076
Lockheed Martin Corp.		2,559		909,494
MTU Aero Engines AG		532		108,019
Northrop Grumman Corp.		1,554		601,507
Raytheon Technologies Corp.		15,604		1,342,880
Rolls-Royce Holdings PLC(a)		83,419		139,238
Safran SA		3,407		417,096
Singapore Technologies Engineering Ltd.		15,564		43,435
Textron, Inc.		2,298		177,406
Thales SA		1,063		90,426
TransDigm Group, Inc.(a)		546		347,409
				7,545,071
AIR FREIGHT & LOGISTICS–0.4%
CH Robinson Worldwide, Inc.		1,355		145,839
Deutsche Post AG		9,882		635,618
DSV A/S		2,033		473,746
Expeditors International of Washington, Inc.		1,766		237,156
FedEx Corp.		2,548		659,015
InPost SA(a)		1,993		24,047
Kuehne & Nagel International AG		541		174,233

15

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

Company	Shares		U.S. $ Value
SG Holdings Co., Ltd.		3,192	$	74,847
United Parcel Service, Inc.–Class B		7,601		1,629,198
Yamato Holdings Co., Ltd.		2,905		68,243
				4,121,942
AIRLINES–0.1%
Alaska Air Group, Inc.(a)		1,306		68,043
American Airlines Group, Inc.(a)		6,750		121,230
ANA Holdings, Inc.(a)		1,593		33,301
Delta Air Lines, Inc.(a)		6,672		260,742
Deutsche Lufthansa AG(a)		5,959		41,724
Japan Airlines Co., Ltd.(a)		1,438		27,298
Qantas Airways Ltd.(a)		9,213		33,608
Singapore Airlines Ltd.(a)(c)		13,357		49,524
Southwest Airlines Co.(a)		6,171		264,366
United Airlines Holdings, Inc.(a)		3,375		147,757
				1,047,593
BUILDING PRODUCTS–0.4%
AO Smith Corp.		1,388		119,160
AGC, Inc.(c)		1,927		92,059
Allegion PLC		935		123,831
Assa Abloy AB–Class B		9,992		304,566
Carrier Global Corp.		9,034		490,004
Cie de Saint-Gobain		5,043		354,758
Daikin Industries Ltd.		2,483		562,447
Fortune Brands Home & Security, Inc.		1,415		151,264
Geberit AG		357		291,003
Johnson Controls International PLC		7,388		600,718
Kingspan Group PLC		1,535		183,102
Lixil Corp.		2,655		70,827
Masco Corp.		2,544		178,640
Nibe Industrier AB		14,219		214,848
Otis Worldwide Corp.		4,428		385,546
ROCKWOOL International A/S		83		36,244
TOTO Ltd.		1,411		65,100
Xinyi Glass Holdings Ltd.		18,135		45,425
				4,269,542
COMMERCIAL SERVICES & SUPPLIES–0.2%
Brambles Ltd.		14,373		111,194
Cintas Corp.		916		405,944
Copart, Inc.(a)		2,224		337,203
Dai Nippon Printing Co., Ltd.		2,213		55,694
Rentokil Initial PLC		18,536		146,726
Republic Services, Inc.–Class A		2,181		304,140
Rollins, Inc.		2,359		80,701
Secom Co., Ltd.		2,093		145,435
Securitas AB–Class B		3,121		42,934
Sohgo Security Services Co., Ltd.		712		28,292
TOPPAN, Inc.		2,614		49,054
Waste Management, Inc.		4,012		669,603
				2,376,920
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA(c)		2,445		65,186
Bouygues SA		2,279		81,579
Eiffage SA		830		85,576
Epiroc AB–Class A		6,569		166,103
Epiroc AB–Class B		3,887		82,199
Ferrovial SA(c)		4,894		153,053
Kajima Corp.		4,479		51,475
Obayashi Corp.		6,473		50,097
Quanta Services, Inc.		1,485		170,270
Shimizu Corp.		5,502		34,114
Skanska AB–Class B		3,391		87,627
Taisei Corp.		1,902		57,840
Vinci SA		5,362		566,307
				1,651,426
ELECTRICAL EQUIPMENT–0.5%
ABB Ltd.		16,374		624,059
AMETEK, Inc.		2,411		354,513
Eaton Corp. PLC		4,155		718,067
Emerson Electric Co.		6,232		579,389
Fuji Electric Co., Ltd.		1,265		69,104
Generac Holdings, Inc.(a)		658		231,563
Legrand SA		2,666		312,245
Mitsubishi Electric Corp.		18,195		230,950
Nidec Corp.		4,458		527,356
Prysmian SpA		2,539		95,507
Rockwell Automation, Inc.		1,209		421,760
Schneider Electric SE		5,389		1,059,453
Siemens Energy AG(a)		3,984		101,649
Siemens Gamesa Renewable Energy SA(a)(c)		2,376		56,425
Vestas Wind Systems A/S		10,067		306,592
				5,688,632
INDUSTRIAL CONGLOMERATES–0.7%
3M Co.		6,007		1,067,023
CK Hutchison Holdings Ltd.		26,826		172,717
DCC PLC		983		80,472
General Electric Co.		11,448		1,081,493
Hitachi Ltd.		9,652		522,881
Honeywell International, Inc.		7,177		1,496,476
Investment AB Latour–Class B(c)		1,475		59,927

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Jardine Matheson Holdings Ltd.		2,158	$	118,663
Keppel Corp., Ltd.		14,519		55,216
Lifco AB		2,323		69,385
Melrose Industries PLC		43,590		94,799
Roper Technologies, Inc.		1,100		541,046
Siemens AG		7,626		1,320,844
Smiths Group PLC		3,951		84,572
Toshiba Corp.		4,084		168,050
				6,933,564
MACHINERY–1.1%
Alfa Laval AB		3,136		125,972
Alstom SA		3,163		112,320
Atlas Copco AB–Class A		6,694		462,561
Atlas Copco AB–Class B		3,890		228,500
Caterpillar, Inc.		5,639		1,165,807
CNH Industrial NV		10,201		197,228
Cummins, Inc.		1,491		325,247
Daifuku Co., Ltd.		1,009		82,511
Daimler Truck Holding AG(a)		4,266		156,827
Deere & Co.		2,942		1,008,782
Dover Corp.		1,501		272,582
FANUC Corp.		1,912		406,418
Fortive Corp.		3,738		285,172
GEA Group AG		1,529		83,513
Hino Motors Ltd.		2,864		23,616
Hitachi Construction Machinery Co., Ltd.		1,072		30,975
Hoshizaki Corp.		541		40,704
Husqvarna AB–Class B		4,171		66,690
IDEX Corp.		792		187,165
Illinois Tool Works, Inc.		2,978		734,970
Ingersoll Rand, Inc.		4,249		262,886
KION Group AG		719		78,533
Knorr-Bremse AG		723		71,407
Komatsu Ltd.		8,729		204,136
Kone Oyj–Class B		3,388		243,118
Kornit Digital Ltd.(a)		461		70,187
Kubota Corp.		10,241		227,719
Kurita Water Industries Ltd.		984		46,650
Makita Corp.		2,233		94,790
MINEBEA MITSUMI, Inc.		3,619		102,829
MISUMI Group, Inc.		2,834		116,426
Mitsubishi Heavy Industries Ltd.		3,195		73,870
Miura Co., Ltd.		874		30,088
NGK Insulators Ltd.		2,569		43,480
PACCAR, Inc.		3,619		319,413
Parker-Hannifin Corp.		1,346		428,190
Pentair PLC		1,725		125,977
Rational AG		51		52,161
Sandvik AB		11,254		313,689
Schindler Holding AG		405		108,714
Schindler Holding AG (REG)		200		53,448
SKF AB–Class B		3,810		90,105
SMC Corp.		570		385,239
Snap-on, Inc.		560		120,613
Spirax-Sarco Engineering PLC		735		159,958
Stanley Black & Decker, Inc.		1,699		320,465
Techtronic Industries Co., Ltd.		13,712		273,347
Toyota Industries Corp.		1,461		116,870
Trane Technologies PLC		2,476		500,226
VAT Group AG(b)		269		133,296
Volvo AB		1,996		46,821
Volvo AB–Class B		14,252		329,599
Wartsila Oyj Abp		4,719		66,188
Westinghouse Air Brake Technologies Corp.		1,947		179,338
Xylem, Inc./NY		1,879		225,330
				12,012,666
MARINE–0.0%
AP Moller–Maersk A/S–Class A		31		102,844
AP Moller–Maersk A/S–Class B		58		207,020
Nippon Yusen KK		1,610		122,767
SITC International Holdings Co., Ltd.		13,369		48,352
				480,983
PROFESSIONAL SERVICES–0.4%
Adecco Group AG		1,544		78,678
Benefit One, Inc.		797		34,243
Bureau Veritas SA		2,931		97,306
Equifax, Inc.		1,272		372,429
Experian PLC		9,191		452,711
Intertek Group PLC		1,608		122,670
Jacobs Engineering Group, Inc.		1,358		189,074
Leidos Holdings, Inc.		1,463		130,061
Nielsen Holdings PLC		3,740		76,707
Nihon M&A Center Holdings, Inc.		3,019		74,053
Persol Holdings Co., Ltd.		1,769		51,431
Randstad NV		1,192		81,315
Recruit Holdings Co., Ltd.		13,526		823,134
RELX PLC (London)		19,278		629,367
Robert Half International, Inc.		1,160		129,363
SGS SA		60		200,022
Teleperformance		585		261,539
Verisk Analytics, Inc.–Class A		1,680		384,266
Wolters Kluwer NV		2,666		313,791
				4,502,160
ROAD & RAIL–0.5%
Aurizon Holdings Ltd.		18,350		46,621

17

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

Company	Shares		U.S. $ Value
Central Japan Railway Co.		1,437	$	191,224
CSX Corp.		23,123		869,425
East Japan Railway Co.		3,014		185,287
Hankyu Hanshin Holdings, Inc.		2,281		64,823
JB Hunt Transport Services, Inc.		875		178,850
Keio Corp.		1,025		45,225
Keisei Electric Railway Co., Ltd.		1,289		34,871
Kintetsu Group Holdings Co., Ltd.(a)		1,710		47,802
MTR Corp., Ltd.		15,431		82,835
Nippon Express Co., Ltd.(a)(d)(e)		765		45,036
Norfolk Southern Corp.		2,537		755,290
Odakyu Electric Railway Co., Ltd.(c)		2,938		54,622
Old Dominion Freight Line, Inc.		971		347,987
Tobu Railway Co., Ltd.		1,882		42,947
Tokyu Corp.		4,983		66,242
Union Pacific Corp.		6,702		1,688,435
West Japan Railway Co.		2,152		90,003
				4,837,525
TRADING COMPANIES & DISTRIBUTORS–0.3%
Ashtead Group PLC		4,460		359,541
Brenntag SE		1,540		139,068
Bunzl PLC		3,362		131,337
Fastenal Co.		5,996		384,104
Ferguson PLC		2,216		393,621
ITOCHU Corp.		11,850		362,537
Marubeni Corp.		15,598		151,971
Mitsubishi Corp.		12,589		399,740
Mitsui & Co., Ltd.		15,554		368,596
MonotaRO Co., Ltd.		2,498		44,929
Reece Ltd.		2,898		56,993
Sumitomo Corp.		11,228		166,168
Toyota Tsusho Corp.		2,117		97,587
United Rentals, Inc.(a)		755		250,879
WW Grainger, Inc.		451		233,726
				3,540,797
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA(a)(b)(c)		747		117,641
Aeroports de Paris(a)		295		38,056
Atlantia SpA(a)		4,939		97,998
Auckland International Airport Ltd.(a)		12,479		65,687
Getlink SE		4,386		72,642
Sydney Airport(a)		13,183		83,231
Transurban Group		30,403		305,377
				780,632
				59,789,453
COMMUNICATION SERVICES–4.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.0%
AT&T, Inc.		74,448		1,831,421
BT Group PLC(c)		88,991		204,724
Cellnex Telecom SA(b)		5,079		294,214
Charter Communications, Inc.–Class A(a)		1,290		841,041
Comcast Corp.–Class A		47,535		2,392,437
Deutsche Telekom AG		33,227		613,951
Elisa Oyj		1,417		87,253
Eurazeo SE		385		33,589
HKT Trust & HKT Ltd.–Class SS		37,762		50,740
Infrastrutture Wireless Italiane SpA(b)(c)		3,350		40,622
Koninklijke KPN NV		33,519		104,181
Lumen Technologies, Inc.		9,607		120,568
Nippon Telegraph & Telephone Corp.		12,833		350,960
Orange SA		19,889		212,458
Proximus SADP		1,516		29,607
Singapore Telecommunications Ltd.		82,319		141,711
Spark New Zealand Ltd.		18,613		57,560
Swisscom AG		258		145,544
Telecom Italia SpA/Milano		99,335		48,870
Telefonica Deutschland Holding AG		10,378		28,786
Telefonica SA(c)		50,543		219,165
Telenor ASA		6,975		109,640
Telia Co. AB(c)		26,501		103,644
Telstra Corp., Ltd.		41,498		126,121
United Internet AG		967		38,338
Verizon Communications, Inc.		43,163		2,242,750
Washington H Soul Pattinson & Co., Ltd.(c)		2,158		46,511
				10,516,406
ENTERTAINMENT–0.8%
Activision Blizzard, Inc.		8,120		540,224
Bollore SA		8,815		49,307
Capcom Co., Ltd.		1,755		41,333
Electronic Arts, Inc.		2,948		388,841
Embracer Group AB(a)(c)		4,726		50,138
Koei Tecmo Holdings Co., Ltd.(c)		586		23,009
Konami Holdings Corp.		929		44,592
Live Nation Entertainment, Inc.(a)		1,408		168,523
Netflix, Inc.(a)		4,618		2,782,068
Nexon Co., Ltd.		4,918		95,096
Nintendo Co., Ltd.		1,115		521,661
Sea Ltd. (ADR)(a)		1,373		307,154

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Square Enix Holdings Co., Ltd.		855	$	43,861
Take-Two Interactive Software, Inc.(a)		1,202		213,619
Toho Co., Ltd./Tokyo		1,115		47,713
Ubisoft Entertainment SA(a)		923		45,024
Universal Music Group NV		7,230		203,973
Walt Disney Co. (The)(a)		18,944		2,934,236
				8,500,372
INTERACTIVE MEDIA & SERVICES–2.5%
Adevinta ASA–Class B(a)		2,560		34,007
Alphabet, Inc.–Class A(a)		3,137		9,088,014
Alphabet, Inc.–Class C(a)		2,916		8,437,708
Auto Trader Group PLC(b)		9,558		95,722
Kakaku.com, Inc.		1,339		35,796
Match Group, Inc.(a)		2,951		390,270
Meta Platforms, Inc.–Class A(a)		24,670		8,297,755
REA Group Ltd.		526		64,141
Scout24 SE(b)		872		60,889
SEEK Ltd.		3,348		79,815
Twitter, Inc.(a)		8,336		360,282
Z Holdings Corp.		26,714		154,140
				27,098,539
MEDIA–0.2%
CyberAgent, Inc.		4,033		67,229
Dentsu Group, Inc.		2,156		76,739
Discovery, Inc.–Class A(a)(c)		1,764		41,525
Discovery, Inc.–Class C(a)		3,166		72,501
DISH Network Corp.–Class A(a)		2,603		84,441
Fox Corp.–Class A		3,339		123,209
Fox Corp.–Class B		1,533		52,536
Hakuhodo DY Holdings, Inc.(c)		2,330		38,771
Informa PLC(a)		14,985		104,919
Interpublic Group of Cos., Inc. (The)		4,105		153,732
News Corp.–Class A		4,097		91,404
News Corp.–Class B		1,269		28,553
Omnicom Group, Inc.		2,216		162,366
Pearson PLC		7,542		62,567
Publicis Groupe SA		2,272		153,074
Schibsted ASA		728		28,068
Schibsted ASA–Class B		970		32,713
ViacomCBS, Inc.–Class B		6,325		190,889
Vivendi SE		7,734		104,617
WPP PLC		11,888		181,027
				1,850,880
WIRELESS TELECOMMUNICATION SERVICES–0.2%
KDDI Corp.		16,079		470,209
SoftBank Corp.		28,634		361,664
SoftBank Group Corp.		12,023		576,384
T-Mobile US, Inc.(a)		6,120		709,798
Tele2 AB–Class B		4,993		71,228
Vodafone Group PLC		275,701		415,271
				2,604,554
				50,570,751
CONSUMER STAPLES–4.0%
BEVERAGES–0.9%
Anheuser-Busch InBev SA/NV		7,596		457,962
Asahi Group Holdings Ltd.		4,549		177,087
Brown-Forman Corp.–Class B		1,905		138,798
Budweiser Brewing Co. APAC Ltd.(b)		17,163		45,121
Carlsberg AS–Class B		1,000		172,648
Coca-Cola Co., (The)		40,529		2,399,722
Coca-Cola Europacific Partners PLC		2,045		114,377
Coca-Cola HBC AG(a)		2,001		69,285
Constellation Brands, Inc.–Class A		1,712		429,661
Davide Campari-Milano NV		5,211		76,040
Diageo PLC		23,267		1,272,147
Heineken Holding NV(c)		1,148		105,851
Heineken NV(c)		2,584		290,803
Ito En Ltd.		533		28,005
Kirin Holdings Co., Ltd.(c)		8,200		132,076
Molson Coors Beverage Co.–Class B		1,964		91,031
Monster Beverage Corp.(a)		3,916		376,093
PepsiCo, Inc.		14,414		2,503,856
Pernod Ricard SA		2,088		502,326
Remy Cointreau SA		226		54,934
Suntory Beverage & Food Ltd.		1,386		50,191
Treasury Wine Estates Ltd.		7,196		64,882
				9,552,896
FOOD & STAPLES RETAILING–0.8%
Aeon Co., Ltd.		6,519		153,628
Carrefour SA		6,285		115,226
Coles Group Ltd.		13,298		173,514
Cosmos Pharmaceutical Corp.		199		29,256
Costco Wholesale Corp.		4,606		2,614,826
Endeavour Group Ltd./Australia		13,371		65,616
Etablissements Franz Colruyt NV(c)		542		22,998

19

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

Company	Shares		U.S. $ Value
HelloFresh SE(a)		1,646	$	126,146
J Sainsbury PLC		17,433		65,164
Jeronimo Martins SGPS SA		2,823		64,601
Kesko Oyj–Class B		2,722		90,727
Kobe Bussan Co., Ltd.		1,363		52,772
Koninklijke Ahold Delhaize NV		10,425		357,748
Kroger Co. (The)		7,055		319,309
Lawson, Inc.		499		23,677
Ocado Group PLC(a)		4,865		110,685
Seven & i Holdings Co., Ltd.		7,511		330,394
Sysco Corp.		5,344		419,771
Tesco PLC		77,079		303,466
Tsuruha Holdings, Inc.		394		37,831
Walgreens Boots Alliance, Inc.		7,490		390,678
Walmart, Inc.		14,826		2,145,174
Welcia Holdings Co., Ltd.		940		29,359
Woolworths Group Ltd.		12,637		349,331
				8,391,897
FOOD PRODUCTS–0.9%
Ajinomoto Co., Inc.		4,653		141,647
Archer-Daniels-Midland Co.		5,832		394,185
Associated British Foods PLC		3,551		97,205
Barry Callebaut AG		36		87,396
Campbell Soup Co.		2,110		91,701
Chocoladefabriken Lindt & Spruengli AG		11		152,469
Chocoladefabriken Lindt & Spruengli AG (REG)		2		268,218
Conagra Brands, Inc.		5,001		170,784
Danone SA		6,512		404,782
General Mills, Inc.		6,314		425,437
Hershey Co. (The)		1,515		293,107
Hormel Foods Corp.(c)		2,941		143,550
JDE Peet’s NV(c)		1,000		30,952
JM Smucker Co. (The)		1,129		153,341
Kellogg Co.		2,667		171,808
Kerry Group PLC–Class A		1,586		204,619
Kikkoman Corp.		1,449		122,022
Kraft Heinz Co. (The)		7,401		265,696
Lamb Weston Holdings, Inc.		1,522		96,464
McCormick & Co., Inc./MD		2,599		251,089
MEIJI Holdings Co., Ltd.		1,217		72,647
Mondelez International, Inc.–Class A		14,543		964,346
Mowi ASA		4,381		103,684
Nestle SA		28,063		3,918,080
Nisshin Seifun Group, Inc.		1,972		28,449
Nissin Foods Holdings Co., Ltd.		632		46,126
Orkla ASA		7,487		75,046
Toyo Suisan Kaisha Ltd.		884		37,480
Tyson Foods, Inc.–Class A		3,073		267,843
WH Group Ltd.(b)		83,140		52,191
Wilmar International Ltd.		19,151		58,939
Yakult Honsha Co., Ltd.		1,278		66,672
				9,657,975
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		2,545		260,863
Clorox Co. (The)		1,280		223,181
Colgate-Palmolive Co.		8,787		749,883
Essity AB–Class B		6,067		197,935
Henkel AG & Co. KGaA		1,035		80,679
Henkel AG & Co. KGaA (Preference Shares)		1,776		143,307
Kimberly-Clark Corp.		3,510		501,649
Lion Corp.		2,236		29,891
Procter & Gamble Co. (The)		25,229		4,126,960
Reckitt Benckiser Group PLC		7,120		612,915
Unicharm Corp.		4,023		175,029
				7,102,292
PERSONAL PRODUCTS–0.4%
Beiersdorf AG		1,004		102,915
Estee Lauder Cos., Inc. (The)–Class A		2,416		894,403
Kao Corp.		4,735		247,992
Kobayashi Pharmaceutical Co., Ltd.		531		41,767
Kose Corp.(c)		332		37,663
L’Oreal SA		2,501		1,192,509
Pola Orbis Holdings, Inc.		913		15,216
Shiseido Co., Ltd.		3,987		222,421
Unilever PLC		25,871		1,387,887
				4,142,773
TOBACCO–0.3%
Altria Group, Inc.		19,151		907,566
British American Tobacco PLC		21,732		806,947
Imperial Brands PLC		9,435		206,766
Japan Tobacco, Inc.(c)		11,963		241,556
Philip Morris International, Inc.		16,230		1,541,850
Swedish Match AB		15,751		125,042
				3,829,727
				42,677,560
MATERIALS–2.2%
CHEMICALS–1.3%
Air Liquide SA		4,722		823,537
Air Products and Chemicals, Inc.		2,308		702,232
Akzo Nobel NV		1,868		205,228

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Albemarle Corp.		1,219	$	284,966
Arkema SA		612		86,381
Asahi Kasei Corp.		12,506		117,811
BASF SE		9,156		642,617
Celanese Corp.–Class A		1,135		190,748
CF Industries Holdings, Inc.		2,236		158,264
Chr Hansen Holding A/S		1,051		82,872
Clariant AG(a)(c)		2,150		44,662
Corteva, Inc.		7,599		359,281
Covestro AG(b)		1,926		118,541
Croda International PLC		1,390		190,390
Dow, Inc.		7,710		437,311
DuPont de Nemours, Inc.		5,401		436,293
Eastman Chemical Co.		1,401		169,395
Ecolab, Inc.		2,599		609,699
EMS-Chemie Holding AG		69		77,113
Evonik Industries AG		2,090		67,518
FMC Corp.		1,321		145,165
Fuchs Petrolub SE		692		31,271
Givaudan SA		92		482,688
ICL Group Ltd.		7,041		67,820
IMCD NV(c)		568		125,530
International Flavors & Fragrances, Inc.		2,653		399,674
Johnson Matthey PLC		1,929		53,603
JSR Corp.		2,028		77,071
Kansai Paint Co., Ltd.		1,766		38,403
Koninklijke DSM NV(c)		1,742		392,309
LANXESS AG		828		51,202
Linde PLC		5,344		1,851,322
LyondellBasell Industries NV–Class A		2,740		252,710
Mitsubishi Chemical Holdings Corp.		12,764		94,675
Mitsubishi Gas Chemical Co., Inc.		1,575		26,699
Mitsui Chemicals, Inc.		1,836		49,352
Mosaic Co. (The)		3,861		151,699
Nippon Paint Holdings Co., Ltd.(c)		7,089		77,417
Nippon Sanso Holdings Corp.		1,511		33,050
Nissan Chemical Corp.		1,211		70,432
Nitto Denko Corp.		1,418		109,544
Novozymes A/S–Class B		2,048		168,161
Orica Ltd.(c)		4,062		40,507
PPG Industries, Inc.		2,475		426,789
Sherwin-Williams Co. (The)		2,515		885,682
Shin-Etsu Chemical Co., Ltd.		3,530		612,721
Sika AG		1,413		587,267
Solvay SA		738		85,797
Sumitomo Chemical Co., Ltd.		14,853		70,044
Symrise AG		1,282		189,601
Toray Industries, Inc.		13,825		81,908
Tosoh Corp.		2,592		38,508
Umicore SA(c)		1,965		80,161
Yara International ASA		1,650		83,190
				13,736,831
CONSTRUCTION MATERIALS–0.1%
CRH PLC		7,766		411,132
HeidelbergCement AG		1,483		100,365
Holcim Ltd.(a)		5,219		265,433
James Hardie Industries PLC		4,437		178,599
Martin Marietta Materials, Inc.		650		286,338
Vulcan Materials Co.		1,383		287,083
				1,528,950
CONTAINERS & PACKAGING–0.1%
AMCOR PLC		15,984		191,968
Avery Dennison Corp.		863		186,900
Ball Corp.		3,376		325,008
International Paper Co.		4,037		189,658
Packaging Corp. of America		990		134,788
Sealed Air Corp.		1,544		104,174
Smurfit Kappa Group PLC		2,453		135,200
Westrock Co.		2,783		123,454
				1,391,150
METALS & MINING–0.6%
Anglo American PLC		12,882		529,865
Antofagasta PLC		3,931		71,494
ArcelorMittal SA		6,692		214,670
BHP Group Ltd.(c)		29,411		887,969
BHP Group PLC		21,055		626,486
BlueScope Steel Ltd.		5,022		76,668
Boliden AB		2,726		105,114
Evolution Mining Ltd.(c)		18,271		54,206
Evraz PLC		5,089		41,607
Fortescue Metals Group Ltd.		16,882		237,306
Freeport-McMoRan, Inc.		15,309		638,844
Glencore PLC(a)		99,551		507,240
Hitachi Metals Ltd.(a)		2,137		39,597
JFE Holdings, Inc.		4,900		62,514
Newcrest Mining Ltd.		8,147		145,914
Newmont Corp.		8,313		515,572
Nippon Steel Corp.		8,526		139,281
Norsk Hydro ASA		13,407		105,494
Northern Star Resources Ltd.(c)		11,026		75,830
Nucor Corp.		2,979		340,053
Rio Tinto Ltd.		3,700		269,997
Rio Tinto PLC		11,196		738,334
South32 Ltd.		46,601		136,288
Sumitomo Metal Mining Co., Ltd.		2,464		93,322
voestalpine AG		1,157		41,980
				6,695,645

21

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

Company	Shares		U.S. $ Value
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		4,840	$	120,051
Oji Holdings Corp.		8,090		39,196
Stora Enso Oyj–Class R		5,799		106,431
Svenska Cellulosa AB SCA–Class B		6,040		107,176
UPM-Kymmene Oyj		5,320		202,419
				575,273
				23,927,849
ENERGY–1.6%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.–Class A		9,112		219,234
Halliburton Co.		9,332		213,423
Schlumberger NV		14,623		437,959
Tenaris SA		4,707		49,127
				919,743
OIL, GAS & CONSUMABLE FUELS–1.5%
Aker BP ASA		1,256		38,620
Ampol Ltd.		2,375		51,283
APA Corp.		3,787		101,832
BP PLC		200,590		898,768
Chevron Corp.		20,097		2,358,383
ConocoPhillips		13,750		992,475
Coterra Energy, Inc.		8,481		161,139
Devon Energy Corp.		6,564		289,144
Diamondback Energy, Inc.		1,775		191,434
ENEOS Holdings, Inc.		30,593		114,290
Eni SpA		25,161		349,682
EOG Resources, Inc.		6,099		541,774
Equinor ASA		9,743		257,988
Exxon Mobil Corp.		44,137		2,700,743
Galp Energia SGPS SA		4,997		48,487
Hess Corp.		2,873		212,688
Idemitsu Kosan Co., Ltd.		2,078		53,030
Inpex Corp.		10,204		88,730
Kinder Morgan, Inc.		20,329		322,418
Lundin Energy AB		1,995		71,387
Marathon Oil Corp.		8,116		133,265
Marathon Petroleum Corp.		6,417		410,624
Neste Oyj		4,217		207,543
Occidental Petroleum Corp.		9,250		268,157
OMV AG		1,468		83,019
ONEOK, Inc.		4,649		273,175
Phillips 66		4,568		330,997
Pioneer Natural Resources Co.		2,367		430,510
Repsol SA		14,465		171,311
Royal Dutch Shell PLC–Class A		40,886		895,992
Royal Dutch Shell PLC–Class B		36,707		805,960
Santos Ltd.		31,038		142,976
TotalEnergies SE		25,007		1,272,861
Valero Energy Corp.		4,262		320,119
Williams Cos., Inc. (The)		12,667		329,849
Woodside Petroleum Ltd.(c)		9,606		153,138
				16,073,791
				16,993,534
REAL ESTATE–1.6%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.3%
Alexandria Real Estate Equities, Inc.		1,470		327,751
American Tower Corp.		4,748		1,388,790
Ascendas Real Estate Investment Trust		33,456		73,302
AvalonBay Communities, Inc.		1,457		368,024
Boston Properties, Inc.		1,481		170,582
British Land Co. PLC (The)		8,776		63,374
CapitaLand Integrated Commercial Trust		48,439		73,287
Covivio		518		42,520
Crown Castle International Corp.		4,505		940,374
Daiwa House REIT Investment Corp.		22		66,646
Dexus		10,722		86,697
Digital Realty Trust, Inc.		2,958		523,181
Duke Realty Corp.		3,970		260,591
Equinix, Inc.		939		794,244
Equity Residential		3,557		321,909
Essex Property Trust, Inc.		679		239,164
Extra Space Storage, Inc.		1,395		316,288
Federal Realty Investment Trust		729		99,377
Gecina SA		457		63,948
GLP J-REIT		42		72,598
Goodman Group		16,575		319,513
GPT Group (The)		19,096		75,299
Healthpeak Properties, Inc.		5,620		202,826
Host Hotels & Resorts, Inc.(a)		7,444		129,451
Iron Mountain, Inc.		3,018		157,932
Japan Metropolitan Fund Invest		69		59,443
Japan Real Estate Investment Corp.		13		73,796
Kimco Realty Corp.		6,426		158,401
Klepierre SA(a)		2,026		47,940
Land Securities Group PLC		7,022		74,110
Link REIT		20,854		183,708
Mapletree Commercial Trust(d)(e)		21,521		31,940
Mapletree Logistics Trust		30,322		42,764

22

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Mid-America Apartment Communities, Inc.		1,200	$	275,328
Mirvac Group		39,305		83,200
Nippon Building Fund, Inc.		15		87,370
Nippon Prologis REIT, Inc.		21		74,229
Nomura Real Estate Master Fund, Inc.		42		59,108
Orix JREIT, Inc.		26		40,644
Prologis, Inc.		7,707		1,297,551
Public Storage		1,590		595,550
Realty Income Corp.		5,898		422,238
Regency Centers Corp.		1,606		121,012
SBA Communications Corp.		1,134		441,149
Scentre Group		51,744		119,031
Segro PLC		11,965		232,860
Simon Property Group, Inc.		3,425		547,212
Stockland		23,798		73,417
UDR, Inc.		3,030		181,770
Ventas, Inc.		4,161		212,710
Vicinity Centres(c)		38,575		47,441
Vornado Realty Trust		1,657		69,362
Welltower, Inc.		4,537		389,138
Weyerhaeuser Co.		7,809		321,575
				13,541,665
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Aroundtown SA		9,960		60,082
Azrieli Group Ltd.		423		40,359
Capitaland Investment Ltd./Singapore(a)		26,303		66,505
CBRE Group, Inc.–Class A(a)		3,489		378,591
City Developments Ltd.		4,079		20,637
CK Asset Holdings Ltd.		19,978		126,021
Daito Trust Construction Co., Ltd.		652		74,798
Daiwa House Industry Co., Ltd.		5,645		162,232
ESR Cayman Ltd.(a)(b)		19,834		67,091
Fastighets AB Balder–Class B(a)(c)		1,048		75,418
Hang Lung Properties Ltd.		20,183		41,518
Henderson Land Development Co., Ltd.		14,479		61,761
Hongkong Land Holdings Ltd.		11,633		60,487
Hulic Co., Ltd.		3,781		35,955
LEG Immobilien SE		726		101,221
Lendlease Corp Ltd.(c)		6,864		53,447
Mitsubishi Estate Co., Ltd.		11,791		163,571
Mitsui Fudosan Co., Ltd.		9,143		181,221
New World Development Co., Ltd.		15,209		60,217
Nomura Real Estate Holdings, Inc.		1,182		27,236
Sagax AB		1,605		53,988
Sino Land Co., Ltd.		33,180		41,314
Sumitomo Realty & Development Co., Ltd.		3,085		90,948
Sun Hung Kai Properties Ltd.		12,999		157,733
Swire Pacific Ltd.–Class A		4,963		28,230
Swire Properties Ltd.		11,664		29,240
Swiss Prime Site AG		757		74,313
Unibail-Rodamco-Westfield(a)		1,243		87,202
UOL Group Ltd.		4,629		24,366
Vonovia SE		7,224		398,058
Wharf Real Estate Investment Co., Ltd.		16,648		84,593
				2,928,353
				16,470,018
UTILITIES–1.5%
ELECTRIC UTILITIES–0.9%
Alliant Energy Corp.		2,610		160,437
American Electric Power Co., Inc.		5,250		467,093
AusNet Services Ltd.(c)		19,091		35,713
Chubu Electric Power Co., Inc.		6,423		67,843
CK Infrastructure Holdings Ltd.		6,606		42,088
CLP Holdings Ltd.		16,371		165,425
Duke Energy Corp.		8,019		841,193
Edison International		3,960		270,270
EDP–Energias de Portugal SA		27,674		152,022
Electricite de France SA		4,722		55,537
Elia Group SA/NV(c)		307		40,464
Endesa SA(c)		3,166		72,886
Enel SpA		81,083		648,346
Entergy Corp.		2,095		236,002
Evergy, Inc.		2,390		163,978
Eversource Energy		3,584		326,072
Exelon Corp.		10,199		589,094
FirstEnergy Corp.		5,675		236,023
Fortum Oyj		4,427		135,778
HK Electric Investments & HK Electric Investments Ltd.–Class SS(b)		26,427		25,927
Iberdrola SA		57,118		676,276
Kansai Electric Power Co., Inc. (The)		7,018		65,597
Mercury NZ Ltd.		6,790		28,446
NextEra Energy, Inc.		20,456		1,909,772
NRG Energy, Inc.		2,552		109,940
Origin Energy Ltd.(c)		17,558		67,010
Orsted AS(b)		1,885		241,406
Pinnacle West Capital Corp.		1,176		83,014

23

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

Company	Shares		U.S. $ Value
Power Assets Holdings Ltd.		13,830	$	86,207
PPL Corp.		7,826		235,250
Red Electrica Corp. SA(c)		4,315		93,309
Southern Co. (The)		11,049		757,740
SSE PLC		10,400		232,494
Terna–Rete Elettrica Nazionale(c)		14,026		113,465
Tokyo Electric Power Co. Holdings, Inc.(a)		15,219		39,344
Verbund AG		678		76,197
Xcel Energy, Inc.		5,615		380,136
				9,927,794
GAS UTILITIES–0.1%
APA Group(c)		11,762		86,048
Atmos Energy Corp.		1,380		144,583
Enagas SA		2,481		57,637
Hong Kong & China Gas Co., Ltd.		111,615		174,093
Naturgy Energy Group SA		1,933		62,871
Osaka Gas Co., Ltd.		3,738		61,824
Snam SpA		20,103		121,084
Tokyo Gas Co., Ltd.		3,736		67,062
				775,202
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.0%
AES Corp. (The)		6,950		168,885
EDP Renovaveis SA		2,872		71,419
Meridian Energy Ltd.		12,771		42,391
Uniper SE		912		43,302
				325,997
MULTI-UTILITIES–0.5%
Ameren Corp.		2,685		238,992
CenterPoint Energy, Inc.		6,556		182,978
CMS Energy Corp.		3,020		196,451
Consolidated Edison, Inc.		3,688		314,660
Dominion Energy, Inc.		8,443		663,282
DTE Energy Co.		2,019		241,351
E.ON SE		22,382		311,053
Engie SA		18,208		269,576
National Grid PLC		36,057		519,916
NiSource, Inc.		4,094		113,035
Public Service Enterprise Group, Inc.		5,271		351,734
RWE AG		6,404		259,468
Sempra Energy		3,329		440,360
Suez SA		3,505		79,051
United Utilities Group PLC		6,797		100,293
Veolia Environnement SA		6,534		239,954
WEC Energy Group, Inc.		3,288		319,166
				4,841,320
WATER UTILITIES–0.0%
American Water Works Co., Inc.		1,892		357,323
Severn Trent PLC		2,494		99,590
				456,913
				16,327,226
Total Common Stocks (cost $549,281,288)				593,069,072

		Principal Amount (000)
INFLATION-LINKED SECURITIES–0.7%
JAPAN–0.7%
Japanese Government CPI Linked Bond Series 22 0.10%, 03/10/2027 (cost $7,375,704)	JPY		785,109	7,170,271
		Notional Amount
OPTIONS PURCHASED–PUTS–0.1%
OPTIONS ON EQUITY INDICES–0.1%
Euro STOXX 50 Index Expiration: Jan 2022; Contracts: 766; Exercise Price: EUR 4,050.00; Counterparty: Morgan Stanley & Co., Inc.(a)	EUR		31,023,000	136,046
FTSE 100 Index Expiration: Jan 2022; Contracts: 105; Exercise Price: GBP 7,100.00; Counterparty: Morgan Stanley & Co., Inc.(a)	GBP		7,455,000	29,135
Nikkei 225 Index Expiration: Jan 2022; Contracts: 76; Exercise Price: JPY 27,875.00; Counterparty: Morgan Stanley & Co., Inc.(a)	JPY		2,118,500,000	77,632
S&P 500 Index Expiration: Jan 2022; Contracts: 181; Exercise Price: USD 4,520.00; Counterparty: Morgan Stanley & Co., Inc.(a)	USD		81,812,000	219,010
S&P 500 Index Expiration: Jan 2022; Contracts: 182; Exercise Price: USD 4,540.00; Counterparty: Morgan Stanley & Co., Inc.(a)	USD		82,628,000	242,970
Total Options Purchased–Puts (premiums paid $3,448,425)				704,793

24

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–41.6%
INVESTMENT COMPANIES–41.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(f)(g)(h) (cost $443,533,779)		443,533,779	$	443,533,779
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.0% (cost $1,003,639,196)				1,044,477,915
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(f)(g)(h) (cost $3,247,645)		3,247,645		3,247,645
TOTAL INVESTMENTS–98.3% (cost $1,006,886,841)				1,047,725,560
Other assets less liabilities–1.7%				18,117,417
NET ASSETS–100.0%			$	1,065,842,977

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		48		March 2022	$	5,411,882	$	121,347
10 Yr Mini Japan Government Bond Futures		223		March 2022		29,391,489		(77,297	)
Euro STOXX 50 Index Futures		313		March 2022		15,278,523		202,424
Euro-BOBL Futures		86		March 2022		13,045,657		(99,600	)
Euro-BTP Futures		162		March 2022		27,114,074		(343,847	)
Euro-Bund Futures		73		March 2022		14,242,642		(245,257	)
Euro-OAT Futures		188		March 2022		34,920,288		(636,037	)
FTSE 100 Index Futures		84		March 2022		8,327,256		30,684
Japan 10 Yr Bond (OSE) Futures		86		March 2022		113,333,391		(247,212	)
Long Gilt Futures		367		March 2022		62,044,429		(353,066	)
MSCI Emerging Market Futures		5		March 2022		580,450		12,948
MSCI Singapore IX ETS Futures		120		January 2022		3,028,940		19,505
Nikkei 225 (CME) Futures		46		March 2022		6,642,400		(2,776	)
S&P 500 E-Mini Futures		163		March 2022		38,781,775		576,984
S&P Mid 400 E Mini Futures		5		March 2022		1,418,850		31,554
S&P/TSX 60 Index Futures		80		March 2022		16,201,747		259,064
SPI 200 Futures		6		March 2022		801,797		13,666
TOPIX Index Futures		6		March 2022		1,039,033		4,807
U.S. T-Note 5 Yr (CBT) Futures		217		March 2022		26,251,914		16,629
U.S. T-Note 10 Yr (CBT) Futures		974		March 2022		127,076,563		386,649
U.S. Ultra Bond (CBT) Futures		58		March 2022		11,433,250		181,617
Sold Contracts
FTSE 100 Index Futures		18		March 2022		1,784,412		(31,981	)
Hang Seng Index Futures		18		January 2022		2,706,735		(31,286	)

25

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 (continued)
MSCI Singapore IX ETS Futures		37		January 2022	$	933,923	$	(6,141	)
OMXS30 Index Futures		16		January 2022		428,366		25
S&P 500 E-Mini Futures		8		March 2022		1,903,400		(39,714	)
SPI 200 Futures		12		March 2022		1,603,593		18,014
							$	(238,297	)

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	9,829		USD	1,178		01/20/2022	$	62,064
Bank of America, NA		AUD	4,400		USD	3,254		02/08/2022		52,660
Bank of America, NA		EUR	11,285		USD	13,038		02/10/2022		180,517
Bank of America, NA		USD	3,194		CAD	4,101		02/10/2022		48,238
Bank of America, NA		USD	12,742		EUR	11,269		02/10/2022		96,996
Barclays Bank PLC		GBP	19,806		USD	26,862		01/14/2022		54,015
Barclays Bank PLC		USD	5,311		GBP	4,003		01/14/2022		106,961
HSBC Bank USA		SEK	29,189		USD	3,345		01/20/2022		114,611
Morgan Stanley Capital Services, Inc.		CHF	7,863		USD	8,565		01/13/2022		(66,235	)
Morgan Stanley Capital Services, Inc.		AUD	8,126		USD	6,010		02/08/2022		97,522
Morgan Stanley Capital Services, Inc.		JPY	3,950,938		USD	34,674		02/09/2022		318,578
Morgan Stanley Capital Services, Inc.		USD	5,047		CAD	6,352		02/10/2022		(25,390	)
Standard Chartered Bank		EUR	35,492		USD	41,080		02/10/2022		642,226
UBS AG		SGD	1,908		USD	1,416		01/14/2022		(168	)
									$	1,682,595

PUT OPTIONS WRITTEN (see Note D)

Description	Counterparty		Contracts		Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index(i)		Morgan Stanley & Co., Inc.		766		EUR	3,875.00		January 2022		EUR	29,683	$	308,768	$	(65,843	)
FTSE 100 Index(i)		Morgan Stanley & Co., Inc.		105		GBP	6,750.00		January 2022		GBP	7,088		42,253		(9,593	)
Nikkei 225 Index(j)		Morgan Stanley & Co., Inc.		76		JPY	26,625.00		January 2022		JPY	2,023,500		113,346		(27,089	)
S&P 500 Index(k)		Morgan Stanley & Co., Inc.		182		USD	4,320.00		January 2022		USD	78,624		508,501		(95,550	)
S&P 500 Index(k)		Morgan Stanley & Co., Inc.		181		USD	4,330.00		January 2022		USD	78,373		727,251		(98,645	)
													$	1,700,119	$	(296,720)

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)

Buy Contracts

Citibank, NA USD/JPY 04/19/2022*

6.85%

Maturity

USD

343

$

(53,550)

$

–0

–

$

(53,550)

* Termination date

(a) Non-income producing security.

26

AB Variable Products Series Fund

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2021, the aggregate market value of these securities amounted to $3,299,833 or 0.3% of net assets.

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

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

(e) Fair valued by the Adviser.

(f) Affiliated investments.

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

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

(i) One contract relates to 10 shares.

(j) One contract relates to 1000 shares.

(k) One contract relates to 100 shares.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

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

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

27

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $560,105,417)	$	600,944,136	(a)
Affiliated issuers (cost $446,781,424—including investment of cash collateral for securities loaned of $3,247,645)		446,781,424
Cash		17,854
Cash collateral due from broker		16,632,080
Foreign currencies, at value (cost $2,960,184)		2,937,939
Unrealized appreciation on forward currency exchange contracts		1,774,388
Receivable for investment securities sold		690,777
Receivable for capital stock sold		507,011
Unaffiliated dividends and interest receivable		390,818
Receivable for variation margin on futures		29,988
Affiliated dividends receivable		3,822
Total assets		1,070,710,237
LIABILITIES
Options written, at value (premiums received $1,700,119)		296,720
Payable for collateral received on securities loaned		3,247,645
Payable for capital stock redeemed		418,637
Advisory fee payable		391,180
Distribution fee payable		225,533
Unrealized depreciation on forward currency exchange contracts		91,793
Unrealized depreciation on variance swaps		53,550
Administrative fee payable		22,843
Transfer Agent fee payable		146
Directors’ fees payable		57
Accrued expenses		119,156
Total liabilities		4,867,260
NET ASSETS	$	1,065,842,977
COMPOSITION OF NET ASSETS
Capital stock, at par	$	87,004
Additional paid-in capital		996,515,303
Distributable earnings		69,240,670
NET ASSETS	$	1,065,842,977

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	13,595		1,100	$	12.36
B	$	1,065,829,382		87,002,659	$	12.25

(a) Includes securities on loan with a value of $6,959,409 (see Note E).

See notes to financial statements.

28

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $162,038)	$	4,950,699
Affiliated issuers		26,408
Securities lending income		9,526
		4,986,633
EXPENSES
Advisory fee (see Note B)		2,825,586
Distribution fee—Class B		1,486,405
Transfer agency—Class B		3,144
Administrative		88,388
Custody and accounting		69,232
Audit and tax		52,581
Legal		31,300
Directors’ fees		25,659
Printing		23,208
Miscellaneous		51,591
Total expenses		4,657,094
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(188,387	)
Net expenses		4,468,707
Net investment income		517,926
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		6,378,454
Forward currency exchange contracts		3,590,128
Futures		10,390,143
Options written		6,401,403
Foreign currency transactions		(740,088	)
Net change in unrealized appreciation/depreciation of:
Investments		27,361,555
Forward currency exchange contracts		1,824,035
Futures		(472,114	)
Options written		1,332,770
Swaps		(53,550	)
Foreign currency denominated assets and liabilities		(6,266	)
Net gain on investment and foreign currency transactions		56,006,470
Contributions from Affiliates (see Note B)		1,736
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	56,526,132

See notes to financial statements.

29

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

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	517,926		$	12,563
Net realized gain (loss) on investment transactions and foreign currency transactions		26,020,040			(981,815	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		29,986,430			2,857,990
Contributions from Affiliates (see Note B)		1,736			–0	–
Net increase in net assets from operations		56,526,132			1,888,738
Distributions to Shareholders
Class A		–0	–		(565	)
Class B		–0	–		(3,956,811	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		919,608,907			(3,585,153	)
Total increase (decrease)		976,135,039			(5,653,791	)
Net Assets
Beginning of period		89,707,938			95,361,729
End of period	$	1,065,842,977		$	89,707,938

See notes to financial statements.

30

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Risk Allocation—Moderate Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the “Adviser”) considers undue risk. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 11 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. At December 31, 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 other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S.

31

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

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

2. Fair Value Measurements

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

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

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

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

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

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

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

32

AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	123,000,240		$	16,474,994		$	–0	–	$	139,475,234
Health Care		56,241,118			21,590,459			–0	–		77,831,577
Financials		45,541,539			29,089,173			–0	–		74,630,712
Consumer Discretionary		52,839,926			21,535,232			–0	–		74,375,158
Industrials		32,428,802			27,315,615			45,036			59,789,453
Communication Services		43,388,732			7,182,019			–0	–		50,570,751
Consumer Staples		25,324,290			17,353,270			–0	–		42,677,560
Materials		10,785,070			13,142,779			–0	–		23,927,849
Energy		11,239,342			5,754,192			–0	–		16,993,534
Real Estate		11,780,791			4,657,287			31,940			16,470,018
Utilities		10,603,792			5,723,434			–0	–		16,327,226
Inflation-Linked Securities		–0	–		7,170,271			–0	–		7,170,271
Options Purchased—Puts		–0	–		704,793			–0	–		704,793
Short-Term Investments		443,533,779			–0	–		–0	–		443,533,779
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		3,247,645			–0	–		–0	–		3,247,645
Total Investments in Securities		869,955,066			177,693,518			76,976			1,047,725,560
Other Financial Instruments(a):
Assets:
Futures		1,875,917			–0	–		–0	–		1,875,917	(b)
Forward Currency Exchange Contracts		–0	–		1,774,388			–0	–		1,774,388
Liabilities:
Futures		(2,114,214	)		–0	–		–0	–		(2,114,214	)(b)
Forward Currency Exchange Contracts		–0	–		(91,793	)		–0	–		(91,793	)
Put Options Written		–0	–		(296,720	)		–0	–		(296,720	)
Variance Swaps		–0	–		(53,550	)		–0	–		(53,550	)
Total	$	869,716,769		$	179,025,843		$	76,976		$	1,048,819,588

(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

33

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the first $100 million, .45% of the excess over $100 million up to $1 billion and .40% of the excess over $1 billion of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. Prior to January 1, 2020, the Portfolio paid the Adviser an advisory fee at an annual rate of .60% of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses, to the extent necessary to limit total operating expenses (excluding interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs), inclusive of the Portfolio’s proportionate share of fees and expenses of registered investment companies or series thereof in which the Portfolio invests (“Acquired Fund Expenses”) on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B, respectively. The Expense Caps may not be terminated by the Adviser before May 1, 2022. For the year ended December 31, 2021, there were no such operating expenses waived by the Adviser. For the year ended December 31, 2021, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $172,213 and $16,161, respectively.

34

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	12,180		$	1,093,426	$	662,073	$	443,533	$	26
AB Government Money Market Portfolio*		–0	–		75,484		72,236		3,248		0	**
Total								$	446,781	$	26

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

** Amount is less than $500.

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

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2021, the reimbursement for such services amounted to $88,388.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2021.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	556,925,434		$	54,587,469
U.S. government securities		–0	–		4,374,229

35

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

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

Cost	$	1,007,117,247
Gross unrealized appreciation		67,826,543
Gross unrealized depreciation		(25,794,058	)
Net unrealized appreciation	$	42,032,485

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 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.

36

AB Variable Products Series Fund

During the year ended December 31, 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 year ended December 31, 2021, the Portfolio held purchased options for hedging and non-hedging purposes.

During the year ended December 31, 2021, the Portfolio held written options for hedging and non-hedging purposes.

• Swaps

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

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

37

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

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

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

Variance Swaps:

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

During the year ended December 31, 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.

38

AB Variable Products Series Fund

During the year ended December 31, 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	$	706,242	*	Receivable/Payable for variation margin on futures	$	2,002,316	*
Equity contracts	Receivable/Payable for variation margin on futures		1,169,675	*	Receivable/Payable for variation margin on futures		111,898	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		1,774,388		Unrealized depreciation on forward currency exchange contracts		91,793
Equity contracts	Investments in securities, at value		704,793
Equity contracts					Options written, at value		296,720
Foreign currency contracts					Unrealized depreciation on variance swaps		53,550
Total		$	4,355,098			$	2,556,277

* 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	$	327,573		$	(1,375,986	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		10,062,570			903,872
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		3,590,128			1,824,035
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(12,133,935	)		(2,602,443	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		6,401,403			1,332,770
Foreign exchange contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		–0	–		(53,550	)
Total		$	8,247,739		$	28,698

39

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

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2021:

Futures:
Average notional amount of buy contracts	$	350,602,196
Average notional amount of sale contracts	$	7,921,691
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	23,937,117
Average principal amount of sale contracts	$	102,861,086
Purchased Options:
Average notional amount	$	133,909,571
Options Written:
Average notional amount	$	134,462,796
Variance Swaps:
Average notional amount	$	342,500	(a)

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 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

$

440,475

$

–0

–

$

–0

–

$

–0

–

$

440,475

Barclays Bank PLC

160,976

–0

–

–0

–

–0

–

160,976

HSBC Bank USA

114,611

–0

–

–0

–

–0

–

114,611

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

1,120,893

(388,345

)

–0

–

–0

–

732,548

Standard Chartered Bank

642,226

–0

–

–0

–

–0

–

642,226

Total

$

2,479,181

$

(388,345

)

$

–0

–

$

–0

–

$

2,090,836

^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Citibank, NA

$

53,550

$

–0

–

$

–0

–

$

–0

–

$

53,550

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

388,345

(388,345

)

–0

–

–0

–

–0

–

UBS AG

168

–0

–

–0

–

–0

–

168

Total

$

442,063

$

(388,345

)

$

–0

–

$

–0

–

$

53,718

^

* 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.

40

AB Variable Products Series Fund

2. Currency Transactions

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

NOTE E: Securities Lending

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

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2021 is as follows:

								AB 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
$	6,959,409	$	3,247,645	$	4,055,407	$	9,366	$	160	$	13

* As of December 31, 2021.

41

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

NOTE F: Capital Stock

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

	Shares						Amount
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class B
Shares sold		86,522,189			618,184		$	1,011,606,507		$	6,428,418
Shares issued in reinvestment of dividends and distributions		–0	–		383,737			–0	–		3,956,326
Shares redeemed		(7,720,431	)		(1,324,181	)		(91,997,600	)		(13,969,897	)
Net increase (decrease)		78,801,758			(322,260	)	$	919,608,907		$	(3,585,153	)

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

At December 31, 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.

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).

42

AB Variable Products Series Fund

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

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

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

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

LIBOR Transition and Associated Risk—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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.

43

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021			2020
Distributions paid from:
Ordinary income	$	–0	–	$	1,703,669
Net long-term capital gains		–0	–		2,253,707
Total taxable distributions	$	–0	–	$	3,957,376

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	5,557,493
Undistributed capital gains		22,292,039	(a)
Other losses		(666,661	)(b)
Unrealized appreciation/(depreciation)		42,057,799	(c)
Total accumulated earnings/(deficit)	$	69,240,670

(a) During the fiscal year, the Portfolio utilized $715,878 of capital loss carry forwards to offset current year net realized gains.

(b) As of December 31, 2021, the cumulative deferred loss on straddles was $666,661

(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 passive foreign investment companies (PFICs), the tax treatment of Treasury inflation-protected securities, the tax deferral of losses on wash sales, and the tax treatment of partnership investments.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2021, the Portfolio did not have any capital loss carryforwards.

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

NOTE J: Recent Accounting Pronouncements

In 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.

44

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

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

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$11.02			$11.27			$9.79			$10.83			$9.78
Income From Investment Operations
Net investment income (loss) (a)(b)		(.01	)		.03			.11			.09			.06
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		1.35			.23			1.61			(.55	)		1.09
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		1.34			.26			1.72			(.46	)		1.15
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.17	)		(.24	)		–0	–		(.05	)
Distributions from net realized gain on investment transactions		–0	–		(.34	)		–0	–		(.58	)		(.05	)
Total dividends and distributions		–0	–		(.51	)		(.24	)		(.58	)		(.10	)
Net asset value, end of period		$12.36			$11.02			$11.27			$9.79			$10.83
Total Return
Total investment return based on net asset value (d)		12.16	%		2.72	%		17.61	%		(4.62	)%		11.87	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$14			$12			$12			$11			$12
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)(f)‡		.68	%		.69	%		.68	%		.67	%		.63	%
Expenses, before waivers/reimbursements (e)(f)‡		.72	%		.95	%		.95	%		.92	%		.94	%
Net investment income (loss) (b)		(.09	)%		.27	%		1.05	%		.88	%		.55	%
Portfolio turnover rate		18	%		31	%		29	%		67	%		59	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.03	%		.06	%		.07	%		.08	%		.11	%

See footnote summary on page 47.

45

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

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

	CLASS B
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$10.94			$11.19			$9.72			$10.78			$9.75
Income From Investment Operations
Net investment income (a)(b)		.01			.00	(c)		.08			.07			.03
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		1.30			.23			1.60			(.55	)		1.09
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		1.31			.23			1.68			(.48	)		1.12
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.14	)		(.21	)		–0	–		(.04	)
Distributions from net realized gain on investment transactions		–0	–		(.34	)		–0	–		(.58	)		(.05	)
Total dividends and distributions		–0	–		(.48	)		(.21	)		(.58	)		(.09	)
Net asset value, end of period		$12.25			$10.94			$11.19			$9.72			$10.78
Total Return
Total investment return based on net asset value (d)		11.97	%		2.45	%		17.32	%		(4.84	)%		11.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,065,829			$89,696			$95,350			$89,127			$98,502
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)(f)‡		.75	%		.94	%		.94	%		.92	%		.89	%
Expenses, before waivers/reimbursements (e)(f)‡		.78	%		1.20	%		1.20	%		1.16	%		1.17	%
Net investment income (b)		.09	%		.01	%		.78	%		.64	%		.31	%
Portfolio turnover rate		18	%		31	%		29	%		67	%		59	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.03	%		.06	%		.07	%		.08	%		.11	%

See footnote summary on page 47.

46

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

(e) In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of affiliated/unaffiliated acquired fund fees and expenses, and for the year ended December 31, 2021, December 31, 2020, December 31, 2019 December 31, 2018 and December 31, 2017, such waiver amounted to .03%, .06%, .07%, .08% and .11%, respectively.

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

	Year Ended December 31,
	2021			2020			2019			2018			2017
Class A
Net of waivers/reimbursements		.68	%		.69	%		.68	%		.67	%		.63	%
Before waivers/reimbursements		.72	%		.95	%		.95	%		.92	%		.94	%
Class B
Net of waivers/reimbursements		.75	%		.94	%		.94	%		.92	%		.89	%
Before waivers/reimbursements		.78	%		1.20	%		1.20	%		1.16	%		1.17	%

See notes to financial statements.

47

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Global Risk Allocation—Moderate Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2022

48

GLOBAL RISK ALLOCATION—
MODERATE PORTFOLIO	AB Variable Products Series Fund

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

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

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

49

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011

50

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011

51

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody, and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		74	None

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

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

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

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

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

52

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Daniel J. Loewy 47	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Leon Zhu 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

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

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

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

53

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.

54

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 3-4, 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 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 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

55

GLOBAL RISK ALLOCATION—MODERATE 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 noted that the Fund was not profitable to the Adviser in periods reviewed.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class 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, 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 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.

56

AB Variable Products Series Fund

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, 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 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 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.

57

VPS-GRA-0151-1221

DEC    ^12.31.21

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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—Global Thematic Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

At a meeting held on November 2-4, 2021, the Adviser recommended and the Portfolio’s Board of Directors approved certain changes to the Portfolio, including changing the Portfolio’s name to “AB Sustainable Global Thematic Portfolio” and changes to the Portfolio’s principal investment strategies. These changes are addressed in a prospectus supplement dated November 5, 2021, and will be effective on or about May 1, 2022.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio pursues opportunistic growth by investing in a global universe of companies in multiple industries that may benefit from innovation. The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying the most attractive securities worldwide, fitting into broader themes, which are developments that have broad effects across industries and companies. Drawing on its global fundamental research capabilities, the Adviser seeks to identify long-term secular growth trends that will affect multiple industries. The Adviser will assess the effects of these trends on entire industries and on individual companies. Through this process, the Adviser intends to identify key investment themes, which will be the focus of the Portfolio’s investments and which are expected to change over time based on the Adviser’s research.

In addition to this “top-down” thematic approach, the Adviser will also use a “bottom-up” analysis of individual companies that focuses on prospective earnings growth, valuation and quality of company management. The Adviser normally considers a large universe of mid- to large-capitalization companies worldwide for investment.

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

The Portfolio may invest in any company and industry and in any type of equity security, listed and unlisted, with potential for capital appreciation. It invests in well-known, established companies as well as new, smaller or less-seasoned companies. Investments in new, smaller or less-seasoned companies may offer more reward but may also entail more risk than is generally true of larger, established companies. The Portfolio may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities, real estate investment trusts and zero-coupon bonds.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), for the one-, five- and 10-year periods ended December 31, 2021.

All share classes of the Portfolio outperformed the benchmark for the annual period. Both security selection and sector allocation contributed to performance, relative to the benchmark. Selection within the health-care and industrials

1

AB Variable Products Series Fund

sectors contributed most, while selection within technology and materials detracted. In terms of sector allocation, an underweight to communication services and an overweight to technology contributed, while underweights to energy and financials detracted. Country selection (a result of bottom-up security analysis driven by fundamental research) was positive; an underweight to China contributed most but was partially offset by an underweight to Canada, which detracted.

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

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. Global markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets. Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, global markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and remained focused on still generally supportive monetary policy. Growth outperformed value, in terms of style, and large-cap stocks outperformed their small-cap peers.

The Portfolio’s exposures remain focused on secular growth themes, particularly those promoting social and environmental sustainability. This has helped the Portfolio’s Senior Investment Management Team (the “Team”) to identify financially strong companies that the Team believes are more likely to sustain higher-than-average growth over the long term. The Team believes organic sales and earnings growth will be a key driver of returns going forward. The Portfolio is positioned particularly well in this regard.

2

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

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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.

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

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

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

An Important Note About Historical Performance

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

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

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

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

4

GLOBAL THEMATIC GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
Global Thematic Growth Portfolio Class A		22.87%		22.41%		15.24%
Global Thematic Growth Portfolio Class B		22.57%		22.11%		14.95%
MSCI ACWI (net)		18.54%		14.40%		11.85%
1   Average annual returns. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.01% and 1.26% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios to 0.95% and 1.20% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2022, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 TO 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Thematic Growth Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,112.00	$	4.68		0.88	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.77	$	4.48		0.88	%
Class B
Actual	$	1,000	$	1,110.60	$	6.01		1.13	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.51	$	5.75		1.13	%

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

6

GLOBAL THEMATIC GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
SVB Financial Group	$	6,287,285		2.9	%
Waste Management, Inc.		5,602,833		2.5
Lumentum Holdings, Inc.		5,570,377		2.5
Laboratory Corp. of America Holdings		5,527,268		2.5
Calix, Inc.		5,419,487		2.5
Danaher Corp.		5,415,505		2.5
Erste Group Bank AG		5,319,984		2.4
MSCI, Inc.—Class A		5,263,007		2.4
Motorola Solutions, Inc.		5,170,451		2.3
Rockwell Automation, Inc.		4,999,020		2.3
	$	54,575,217		24.8	%

SECTOR BREAKDOWN²

December 31, 2021 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	66,633,365		30.2	%
Industrials		43,331,854		19.7
Health Care		42,167,214		19.1
Financials		27,027,909		12.3
Consumer Discretionary		16,853,186		7.6
Utilities		8,666,110		3.9
Materials		6,561,309		3.0
Consumer Staples		2,538,762		1.2
Short-Term Investments		6,674,164		3.0
Total Investments	$	220,453,873		100.0	%

1 Long-term investments.

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

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

7

GLOBAL THEMATIC GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	132,167,422		60.0	%
Netherlands		14,733,531		6.7
Switzerland		7,987,544		3.6
India		7,747,318		3.5
Denmark		7,369,512		3.3
Japan		6,756,780		3.1
Germany		6,630,503		3.0
Austria		5,319,984		2.4
France		4,568,404		2.1
Norway		4,042,359		1.8
Taiwan		3,432,761		1.6
United Kingdom		3,123,068		1.4
Sweden		2,749,021		1.2
Other		7,151,502		3.3
Short-Term Investments		6,674,164		3.0
Total Investments	$	220,453,873		100.0	%

1 All data are as of December 31, 2021. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.2% or less in the following: Argentina, China, Hong Kong and United Arab Emirates.

8

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.0%
INFORMATION TECHNOLOGY–30.2%
COMMUNICATIONS EQUIPMENT–8.6%
Calix, Inc.(a)		67,769	$	5,419,487
Lumentum Holdings, Inc.(a)		52,665		5,570,377
Motorola Solutions, Inc.		19,030		5,170,451
Telefonaktiebolaget LM Ericsson–Class B		249,842		2,749,021
				18,909,336
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.1%
Flex Ltd.(a)		252,400		4,626,492
IT SERVICES–4.1%
Adyen NV(a)		1,285		3,373,125
Block, Inc.–Class A(a)		11,289		1,823,286
Network International Holdings PLC(a)(b)		263,150		1,040,778
Visa, Inc.–Class A		12,640		2,739,214
				8,976,403
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.5%
Infineon Technologies AG		88,510		4,074,864
MediaTek, Inc.		80,000		3,432,761
NXP Semiconductors NV		17,700		4,031,706
Wolfspeed, Inc.(a)		25,150		2,811,015
				14,350,346
SOFTWARE–6.9%
Adobe, Inc.(a)		7,180		4,071,491
Coinbase Global, Inc.(a)		7,620		1,923,059
Dassault Systemes SE		76,980		4,568,404
Microsoft Corp.		13,920		4,681,575
				15,244,529
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.0%
Apple, Inc.		25,490		4,526,259
				66,633,365
INDUSTRIALS–19.7%
AEROSPACE & DEFENSE–1.2%
Hexcel Corp.(a)		52,390		2,713,802
BUILDING PRODUCTS–2.0%
Trex Co., Inc.(a)		32,680		4,412,780
COMMERCIAL SERVICES & SUPPLIES–5.8%
Tetra Tech, Inc.		18,180		3,086,964
TOMRA Systems ASA		56,530		4,042,359
Waste Management, Inc.		33,570		5,602,833
				12,732,156
ELECTRICAL EQUIPMENT–5.2%
Rockwell Automation, Inc.		14,330		4,999,020
Schneider Electric SE		18,310		3,599,662
Vestas Wind Systems A/S		94,400		2,874,964
				11,473,646
MACHINERY–3.9%
Deere & Co.		7,050		2,417,374
SMC Corp.		5,000		3,379,290
Xylem, Inc./NY		23,560		2,825,315
				8,621,979
PROFESSIONAL SERVICES–1.6%
Recruit Holdings Co., Ltd.		55,500		3,377,491
				43,331,854
HEALTH CARE–19.1%
BIOTECHNOLOGY–1.4%
Abcam PLC(a)		133,140		3,123,068
HEALTH CARE EQUIPMENT & SUPPLIES–6.1%
Alcon, Inc.		39,650		3,497,342
Becton Dickinson and Co.		10,670		2,683,291
Koninklijke Philips NV		83,070		3,074,554
STERIS PLC		17,441		4,245,314
				13,500,501
HEALTH CARE PROVIDERS & SERVICES–4.4%
Apollo Hospitals Enterprise Ltd.		62,811		4,237,736
Laboratory Corp. of America Holdings(a)		17,591		5,527,268
				9,765,004
LIFE SCIENCES TOOLS & SERVICES–7.2%
Bio-Rad Laboratories, Inc.–Class A(a)		5,760		4,352,083
Bruker Corp.		41,180		3,455,414
Danaher Corp.		16,460		5,415,505
Gerresheimer AG		26,580		2,555,639
				15,778,641
				42,167,214
FINANCIALS–12.3%
BANKS–6.9%
Erste Group Bank AG		113,480		5,319,984
HDFC Bank Ltd.		177,085		3,509,582
SVB Financial Group(a)		9,270		6,287,285
				15,116,851
CAPITAL MARKETS–4.4%
MSCI, Inc.–Class A		8,590		5,263,007
Partners Group Holding AG		2,720		4,490,202
				9,753,209

9

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

Company	Shares		U.S. $ Value
INSURANCE–1.0%
AIA Group Ltd.		213,800	$	2,157,849
				27,027,909
CONSUMER DISCRETIONARY–7.6%
AUTO COMPONENTS–1.6%
Aptiv PLC(a)		21,431		3,535,043
AUTOMOBILES–1.2%
BYD Co., Ltd.–Class H		77,000		2,604,475
HOUSEHOLD DURABLES–2.2%
TopBuild Corp.(a)		17,603		4,856,844
INTERNET & DIRECT MARKETING RETAIL–0.6%
MercadoLibre, Inc.(a)		1,000		1,348,400
TEXTILES, APPAREL & LUXURY GOODS–2.0%
NIKE, Inc.–Class B		27,050		4,508,424
				16,853,186
UTILITIES–3.9%
ELECTRIC UTILITIES–2.7%
NextEra Energy, Inc.		40,530		3,783,881
Orsted AS		17,080		2,187,385
				5,971,266
WATER UTILITIES–1.2%
American Water Works Co., Inc.		14,269		2,694,844
				8,666,110
MATERIALS–3.0%
CHEMICALS–3.0%
Chr Hansen Holding A/S		29,260		2,307,162
Koninklijke DSM NV		18,890		4,254,147
				6,561,309
CONSUMER STAPLES–1.2%
HOUSEHOLD PRODUCTS–1.2%
Procter & Gamble Co. (The)		15,520		2,538,762
Total Common Stocks (cost $126,019,685)				213,779,709
SHORT-TERM INVESTMENTS–3.0%
INVESTMENT COMPANIES–3.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c)(d)(e) (cost $6,674,164)		6,674,164		6,674,164
TOTAL INVESTMENTS–100.0% (cost $132,693,849)				220,453,873
Other assets less liabilities–0.0%				77,265
NET ASSETS–100.0%			$	220,531,138

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	749		EUR	664		02/10/2022	$	7,275
Barclays Bank PLC		INR	378,776		USD	5,052		01/07/2022		(36,796	)
Barclays Bank PLC		USD	325		INR	24,608		01/07/2022		5,356
Barclays Bank PLC		NOK	8,769		USD	989		01/20/2022		(6,682	)
Barclays Bank PLC		USD	6,196		CAD	7,808		02/10/2022		(24,035	)
Barclays Bank PLC		USD	642		RUB	47,981		03/02/2022		(7,354	)
BNP Paribas SA		HKD	6,152		USD	790		02/10/2022		1,023
Citibank, NA		USD	3,005		KRW	3,545,961		01/20/2022		(24,528	)
Citibank, NA		USD	776		TWD	21,719		01/20/2022		8,773
Citibank, NA		USD	5,720		JPY	651,152		02/09/2022		(58,093	)
Citibank, NA		USD	1,239		EUR	1,098		02/10/2022		12,400
Citibank, NA		CNH	2,694		USD	423		02/17/2022		273
Deutsche Bank AG		BRL	5,081		USD	900		01/04/2022		(11,960	)
Deutsche Bank AG		USD	910		BRL	5,081		01/04/2022		1,716
Deutsche Bank AG		USD	894		BRL	5,081		02/02/2022		12,044

10

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG		EUR	16,996		USD	19,650		02/10/2022	$	285,249
Goldman Sachs Bank USA		USD	5,659		CNH	36,278		02/17/2022		27,713
JPMorgan Chase Bank, NA		NOK	5,506		USD	643		01/20/2022		18,224
Morgan Stanley Capital Services, Inc.		USD	548		INR	41,501		01/07/2022		9,294
Morgan Stanley Capital Services, Inc.		USD	729		ZAR	11,611		01/25/2022		(2,783	)
Morgan Stanley Capital Services, Inc.		USD	3,357		AUD	4,541		02/08/2022		(53,130	)
Morgan Stanley Capital Services, Inc.		EUR	1,136		USD	1,286		02/10/2022		(8,434	)
Morgan Stanley Capital Services, Inc.		USD	1,629		EUR	1,440		02/10/2022		11,218
Natwest Markets PLC		NOK	12,176		USD	1,427		01/20/2022		44,497
Standard Chartered Bank		INR	28,571		USD	382		01/07/2022		(2,185	)
Standard Chartered Bank		USD	1,143		INR	85,791		01/07/2022		9,518
Standard Chartered Bank		TWD	7,197		USD	259		01/20/2022		(726	)
State Street Bank & Trust Co.		CHF	2,317		USD	2,525		01/13/2022		(17,909	)
State Street Bank & Trust Co.		USD	543		CHF	499		01/13/2022		4,507
State Street Bank & Trust Co.		GBP	291		USD	387		01/14/2022		(6,991	)
State Street Bank & Trust Co.		NOK	2,924		USD	350		01/20/2022		18,327
State Street Bank & Trust Co.		JPY	94,820		USD	836		02/09/2022		11,508
State Street Bank & Trust Co.		USD	497		JPY	56,425		02/09/2022		(6,368	)
State Street Bank & Trust Co.		USD	336		HKD	2,616		02/10/2022		(246	)
UBS AG		BRL	5,081		USD	910		01/04/2022		(1,716	)
UBS AG		USD	901		BRL	5,081		01/04/2022		11,700
UBS AG		USD	3,135		GBP	2,311		01/14/2022		(7,391	)
UBS AG		EUR	1,202		USD	1,361		02/10/2022		(8,165	)
									$	215,123

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2021, the market value of this security amounted to $1,040,778 or 0.5% of net assets.

(c) Affiliated investments.

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

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

11

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

RUB—Russian Ruble

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

See notes to financial statements.

12

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $126,019,685)	$	213,779,709
Affiliated issuers (cost $6,674,164)		6,674,164
Foreign currencies, at value (cost $309,899)		312,601
Unrealized appreciation on forward currency exchange contracts		500,615
Unaffiliated dividends receivable		174,994
Receivable for capital stock sold		134,811
Affiliated dividends receivable		37
Total assets		221,576,931
LIABILITIES
Foreign capital gains tax payable		353,740
Unrealized depreciation on forward currency exchange contracts		285,492
Advisory fee payable		128,532
Custody and accounting fees payable		79,779
Printing fee payable		53,982
Payable for capital stock redeemed		45,485
Distribution fee payable		31,325
Administrative fee payable		22,471
Transfer Agent fee payable		146
Accrued expenses		44,841
Total liabilities		1,045,793
NET ASSETS	$	220,531,138
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,951
Additional paid-in capital		116,093,440
Distributable earnings		104,432,747
NET ASSETS	$	220,531,138

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	70,722,842		1,530,784	$	46.20
B	$	149,808,296		3,420,637	$	43.80

See notes to financial statements.

13

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $122,836)	$	1,344,206
Affiliated issuers		560
Securities lending income		4,923
		1,349,689
EXPENSES
Advisory fee (see Note B)		1,527,308
Distribution fee—Class B		347,451
Transfer agency—Class A		2,098
Transfer agency—Class B		4,507
Custody and accounting		91,282
Administrative		87,441
Printing		60,170
Audit and tax		58,782
Legal		30,445
Directors’ fees		21,059
Miscellaneous		16,522
Total expenses		2,247,065
Less: expenses waived and reimbursed by the Adviser (see Note B)		(104,540	)
Net expenses		2,142,525
Net investment loss		(792,836	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions(a)		17,463,865
Forward currency exchange contracts		124,792
Foreign currency transactions		520,859
Net change in unrealized appreciation/depreciation of:
Investments(b)		23,924,970
Forward currency exchange contracts		138,989
Foreign currency denominated assets and liabilities		6,297
Net gain on investment and foreign currency transactions		42,179,772
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	41,386,936

(a) Net of foreign realized capital gains taxes of $146,914.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $358,173.

See notes to financial statements.

14

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

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(792,836	)	$	(665,917	)
Net realized gain on investment and foreign currency transactions		18,109,516			25,123,789
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		24,070,256			26,215,492
Net increase in net assets from operations		41,386,936			50,673,364
Distributions to Shareholders
Class A		(7,534,996	)		(4,560,500	)
Class B		(17,177,009	)		(9,895,739	)
CAPITAL STOCK TRANSACTIONS
Net increase		18,478,020			12,279,122
Total increase		35,152,951			48,496,247
NET ASSETS
Beginning of period		185,378,187			136,881,940
End of period	$	220,531,138		$	185,378,187

See notes to financial statements.

15

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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

16

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

17

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	48,435,190		$	18,198,175		$	–0	–	$	66,633,365
Industrials		26,058,088			17,273,766			–0	–		43,331,854
Health Care		28,801,943			13,365,271			–0	–		42,167,214
Financials		11,550,292			15,477,617			–0	–		27,027,909
Consumer Discretionary		14,248,711			2,604,475			–0	–		16,853,186
Utilities		6,478,725			2,187,385			–0	–		8,666,110
Materials		–0	–		6,561,309			–0	–		6,561,309
Consumer Staples		2,538,762			–0–			–0	–		2,538,762
Short-Term Investments		6,674,164			–0–			–0	–		6,674,164
Total Investments in Securities		144,785,875			75,667,998	(a)		–0	–		220,453,873
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		500,615			–0	–		500,615
Liabilities:
Forward Currency Exchange Contracts		–0	–		(285,492	)		–0	–		(285,492	)
Total	$	144,785,875		$	75,883,121		$	–0	–	$	220,668,996

(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.

18

AB Variable Products Series Fund

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has contractually agreed to waive its management fee and/or bear expenses of the Portfolio in order to reduce the Portfolio’s total operating expenses by an amount equal to .05% on an annual basis of the average net assets for Class A and Class B. For the year ended December 31, 2021, such reimbursements/waivers amounted to $101,820. 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 year ended December 31, 2021, the reimbursement for such services amounted to $87,441.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 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 year ended December 31, 2021, such waiver amounted to $2,720.

19

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

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)			Dividend Income (000)
Government Money Market Portfolio	$	8,795		$	37,001	$	39,122	$	6,674		$	1
Government Money Market Portfolio*		–0	–		5,611		5,611		–0	–		0	**
Total								$	6,674		$	1

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

** Amount is less than $500.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	47,229,812		$	51,579,966
U.S. government securities		–0	–		–0	–

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

Cost	$	133,056,566
Gross unrealized appreciation	$	91,084,958
Gross unrealized depreciation		(3,678,827	)
Net unrealized appreciation	$	87,406,131

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

20

AB Variable Products Series Fund

commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

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

During the year ended December 31, 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 year ended December 31, 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	$	500,615	Unrealized depreciation on forward currency exchange contracts	$	285,492
Total		$	500,615		$	285,492

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	$	124,792	$	138,989
Total		$	124,792	$	138,989

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2021:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	41,704,562
Average principal amount of sale contracts	$	40,869,350

21

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 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

$

7,275

$

–0

–

$

–0

–

$

–0

–

$

7,275

Barclays Bank PLC

5,356

(5,356

)

–0

–

–0

–

–0

–

BNP Paribas SA

1,023

–0

–

–0

–

–0

–

1,023

Citibank, NA

21,446

(21,446

)

–0

–

–0

–

–0

–

Deutsche Bank AG

299,009

(11,960

)

–0

–

–0

–

287,049

Goldman Sachs Bank USA

27,713

–0

–

–0

–

–0

–

27,713

JPMorgan Chase Bank, NA

18,224

–0

–

–0

–

–0

–

18,224

Morgan Stanley Capital Services, Inc.

20,512

(20,512

)

–0

–

–0

–

–0

–

Natwest Markets PLC

44,497

–0

–

–0

–

–0

–

44,497

Standard Chartered Bank

9,518

(2,911

)

–0

–

–0

–

6,607

State Street Bank & Trust Co.

34,342

(31,514

)

–0

–

–0

–

2,828

UBS AG

11,700

(11,700

)

–0

–

–0

–

–0

–

Total

$

500,615

$

(105,399

)

$

–0

–

$

–0

–

$

395,216

^

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

$

74,867

$

(5,356

)

$

–0

–

$

–0

–

$

69,511

Citibank, NA

82,621

(21,446

)

–0

–

–0

–

61,175

Deutsche Bank AG

11,960

(11,960

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

64,347

(20,512

)

–0

–

–0

–

43,835

Standard Chartered Bank

2,911

(2,911

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

31,514

(31,514

)

–0

–

–0

–

–0

–

UBS AG

17,272

(11,700

)

–0

–

–0

–

5,572

Total

$

285,492

$

(105,399

)

$

–0

–

$

–0

–

$

180,093

^

* 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

22

AB Variable Products Series Fund

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

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

$

–0

–

$

–0

–

$

–0

–

$

4,904

$

19

$

–0

–

* As of December 31, 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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		168,391			200,725		$	7,542,892		$	7,348,517
Shares issued in reinvestment of dividends and distributions		173,059			127,211			7,534,996			4,560,500
Shares redeemed		(186,103	)		(242,399	)		(8,388,232	)		(8,398,976	)
Net increase		155,347			85,537		$	6,689,656		$	3,510,041
Class B
Shares sold		519,440			515,559		$	22,261,300		$	18,322,349
Shares issued in reinvestment of dividends and distributions		415,707			288,421			17,177,009			9,895,739
Shares redeemed		(649,032	)		(578,470	)		(27,649,945	)		(19,449,007	)
Net increase		286,115			225,510		$	11,788,364		$	8,769,081

23

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

At December 31, 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.

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 have limited product lines, markets or financial resources.

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

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

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 be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

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

24

AB Variable Products Series Fund

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021		2020
Distributions paid from:
Ordinary income	$	1,797,950	$	1,036,748
Net long-term capital gains		22,914,055		13,419,491
Total taxable distributions paid	$	24,712,005	$	14,456,239

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	175,923
Undistributed capital gains		17,205,843
Unrealized appreciation/(depreciation)		87,050,981	(a)
Total accumulated earnings/(deficit)	$	104,432,747

(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, 2021, the Portfolio did not have any capital loss carryforwards.

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

25

GLOBAL THEMATIC GROWTH 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

At a meeting held on November 2-4, 2021, the Adviser recommended and the Portfolio’s Board of Directors approved certain changes to the Portfolio, including changing the Portfolio’s name to “AB Sustainable Global Thematic Portfolio” and changes to the Portfolio’s principal investment strategies. These changes are addressed in a supplement (dated November 5, 2021) to the Fund’s prospectus and will be effective on or about May 1, 2022.

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 other material events that would require disclosure in the Portfolio’s financial statements through this date.

26

GLOBAL THEMATIC GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$42.40			$33.52			$27.35			$30.32			$22.29
Income From Investment Operations
Net investment income (loss) (a)(b)		(.10	)		(.10	)		.08			.11			.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.46			12.64			8.00			(3.08	)		8.13
Net increase (decrease) in net asset value from operations		9.36			12.54			8.08			(2.97	)		8.16
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.24	)		(.13	)		–0	–		(.13	)
Distributions from net realized gain on investment transactions		(5.56	)		(3.42	)		(1.78	)		–0	–		–0	–
Total dividends and distributions		(5.56	)		(3.66	)		(1.91	)		–0	–		(.13	)
Net asset value, end of period		$46.20			$42.40			$33.52			$27.35			$30.32
Total Return
Total investment return based on net asset value (c)*		22.87	%		39.41	%		30.16	%		(9.79	)%		36.66	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$70,723			$58,316			$43,237			$35,799			$40,121
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)‡		.88	%		.94	%		.99	%		.99	%		1.02	%
Expenses, before waivers/reimbursements (d)‡		.93	%		1.00	%		1.04	%		1.01	%		1.02	%
Net investment income (loss) (b)		(.22	)%		(.29	)%		.27	%		.37	%		.09	%
Portfolio turnover rate		24	%		44	%		43	%		32	%		40	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 28.

27

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

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

	CLASS B
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$40.54			$32.19			$26.33			$29.25			$21.52
Income From Investment Operations
Net investment income (loss) (a)(b)		(.20	)		(.18	)		.01			.04			(.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.02			12.11			7.68			(2.96	)		7.84
Net increase (decrease) in net asset value from operations		8.82			11.93			7.69			(2.92	)		7.80
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.16	)		(.05	)		–0	–		(.07	)
Distributions from net realized gain on investment transactions		(5.56	)		(3.42	)		(1.78	)		–0	–		–0	–
Total dividends and distributions		(5.56	)		(3.58	)		(1.83	)		–0	–		(.07	)
Net asset value, end of period		$43.80			$40.54			$32.19			$26.33			$29.25
Total Return
Total investment return based on net asset value (c)*		22.57	%		39.08	%		29.78	%		(9.98	)%		36.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$149,808			$127,062			$93,645			$80,949			$106,331
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)‡		1.13	%		1.19	%		1.24	%		1.24	%		1.26	%
Expenses, before waivers/reimbursements (d)‡		1.18	%		1.25	%		1.29	%		1.25	%		1.27	%
Net investment income (loss) (b)		(.47	)%		(.54	)%		.02	%		.13	%		(.15	)%
Portfolio turnover rate		24	%		44	%		43	%		32	%		40	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.00	%		.00	%		.00	%

(a) Based on average shares outstanding.

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

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

(d) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the year ended December 31, 2020, such waiver amounted to .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 .04%.

See notes to financial statements.

28

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Global Thematic Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2022

29

2021 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2021. For corporate shareholders, 25.55% of dividends paid qualify for the dividends received deduction. The Portfolio designates $22,914,055 of dividends paid as long-term capital gain dividends.

30

GLOBAL THEMATIC GROWTH PORTFOLIO AB Variable Products Series Fund

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

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

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

31

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

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None

33

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995) where he was responsible for accounting, pricing, custody and reporting for the Fidelity Mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		74	None

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

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

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

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

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

34

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS,* AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer of Sustainable Thematic Equities.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

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

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

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

35

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.

36

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 for unaffiliated funds because comparative information is not generally publicly available and is

37

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

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

38

AB Variable Products Series Fund

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

39

VPS-GTG-0151-1221

DEC    ^12.31.21

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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—Growth and Income Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

INVESTMENT OBJECTIVE AND POLICIES

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

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

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 1000 Value Index, for the one-, five- and 10-year periods ended December 31, 2021.

All share classes of the Portfolio outperformed the benchmark for the annual period. Security selection contributed most, relative to the benchmark, due to selection within the industrials and consumer-discretionary sectors. Selection within financials and consumer staples detracted. Overall sector selection detracted from performance. Losses from underweights to energy and real estate offset gains from underweights to communication services and materials.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. Global markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets. Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, global markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and remained focused on still generally supportive monetary policy. Growth outperformed value, in terms of style, and large-cap stocks outperformed their small-cap peers.

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

1

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

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

An Important Note About Historical Performance

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

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

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

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

2

GROWTH AND INCOME PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
Growth and Income Portfolio Class A		28.15%		12.86%		13.67%
Growth and Income Portfolio Class B		27.84%		12.58%		13.39%
Russell 1000 Value Index		25.16%		11.16%		12.97%
1   Average annual returns. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.63% and 0.88% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 to 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Growth and Income Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

3

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A*
Actual	$	1,000	$	1,069.60	$	3.08		0.59	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.23	$	3.01		0.59	%
Class B
Actual	$	1,000	$	1,068.30	$	4.38		0.84	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.97	$	4.28		0.84	%

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

4

GROWTH AND INCOME PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Wells Fargo & Co.	$	35,123,999		3.8	%
Philip Morris International, Inc.		32,896,980		3.6
Anthem, Inc.		32,599,377		3.5
Comcast Corp.—Class A		32,295,906		3.5
Raytheon Technologies Corp.		31,917,416		3.5
Berkshire Hathaway, Inc.—Class B		28,109,289		3.0
Amgen, Inc.		26,826,548		2.9
Goldman Sachs Group, Inc. (The)		26,246,756		2.8
Walmart, Inc.		24,966,838		2.7
Roche Holding AG (Sponsored ADR)		23,972,271		2.6
	$	294,955,380		31.9	%

SECTOR BREAKDOWN²

December 31, 2021 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Industrials	$	183,436,770		19.9	%
Financials		159,118,424		17.2
Health Care		145,409,291		15.8
Information Technology		122,353,315		13.3
Consumer Discretionary		96,089,292		10.4
Consumer Staples		57,863,818		6.3
Communication Services		52,886,095		5.7
Real Estate		28,837,090		3.1
Energy		28,139,506		3.0
Materials		22,981,575		2.5
Utilities		9,015,510		1.0
Short-Term Investments		16,506,798		1.8
Total Investments	$	922,637,484		100.0	%

1 Long-term investments.

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

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

5

GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.2%
INDUSTRIALS–19.9%
AEROSPACE & DEFENSE–7.2%
Curtiss-Wright Corp.		65,339	$	9,060,559
Hexcel Corp.(a)		154,590		8,007,762
Raytheon Technologies Corp.		370,874		31,917,416
Textron, Inc.		222,783		17,198,848
				66,184,585
AIR FREIGHT & LOGISTICS–0.9%
Expeditors International of Washington, Inc.		59,854		8,037,794
CONSTRUCTION & ENGINEERING–0.9%
EMCOR Group, Inc.		69,020		8,792,458
Electrical Equipment–2.4%
Acuity Brands, Inc.		19,513		4,131,292
Emerson Electric Co.		197,879		18,396,811
				22,528,103
INDUSTRIAL CONGLOMERATES–0.6%
3M Co.		29,420		5,225,875
MACHINERY–2.7%
Altra Industrial Motion Corp.		59,336		3,059,957
Flowserve Corp.		103,287		3,160,582
Middleby Corp. (The)(a)		17,971		3,535,974
Westinghouse Air Brake Technologies Corp.		161,517		14,877,331
				24,633,844
PROFESSIONAL SERVICES–2.2%
Leidos Holdings, Inc.		80,706		7,174,763
Robert Half International, Inc.		114,277		12,744,171
				19,918,934
ROAD & RAIL–2.0%
Knight-Swift Transportation Holdings, Inc.		302,483		18,433,314
TRADING COMPANIES & DISTRIBUTORS–1.0%
MSC Industrial Direct Co., Inc.–Class A		115,178		9,681,863
				183,436,770
FINANCIALS–17.2%
BANKS–7.7%
Citigroup, Inc.		260,783		15,748,685
JPMorgan Chase & Co.		125,708		19,905,862
Wells Fargo & Co.		732,055		35,123,999
				70,778,546
CAPITAL MARKETS–4.2%
Goldman Sachs Group, Inc. (The)		68,610		26,246,756
Northern Trust Corp.		104,333		12,479,270
				38,726,026
CONSUMER FINANCE–0.3%
Capital One Financial Corp.		20,373		2,955,918
DIVERSIFIED FINANCIAL SERVICES–3.0%
Berkshire Hathaway, Inc.–Class B(a)		94,011		28,109,289
INSURANCE–2.0%
Aflac, Inc.		116,133		6,781,006
Allstate Corp. (The)		70,147		8,252,794
Fidelity National Financial, Inc.		67,360		3,514,845
				18,548,645
				159,118,424
HEALTH CARE–15.8%
BIOTECHNOLOGY–3.5%
Amgen, Inc.		119,245		26,826,548
Regeneron Pharmaceuticals, Inc.(a)		8,390		5,298,453
				32,125,001
HEALTH CARE PROVIDERS & SERVICES–5.9%
Anthem, Inc.		70,327		32,599,377
Cigna Corp.		68,052		15,626,781
Quest Diagnostics, Inc.		36,699		6,349,294
				54,575,452
LIFE SCIENCES TOOLS & SERVICES–2.0%
Bio-Rad Laboratories, Inc.–Class A(a)		10,866		8,210,024
PerkinElmer, Inc.		51,949		10,444,866
				18,654,890
PHARMACEUTICALS–4.4%
Pfizer, Inc.		272,340		16,081,677
Roche Holding AG (Sponsored ADR)		463,770		23,972,271
				40,053,948
				145,409,291
INFORMATION TECHNOLOGY–13.3%
COMMUNICATIONS EQUIPMENT–5.2%
Ciena Corp.(a)		171,037		13,164,718
Cisco Systems, Inc./Delaware		349,862		22,170,755
F5, Inc.(a)		51,557		12,616,514
				47,951,987
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.4%
Keysight Technologies, Inc.(a)		17,022		3,515,213
IT SERVICES–6.3%
Cognizant Technology Solutions Corp.–Class A		260,746		23,133,385
FleetCor Technologies, Inc.(a)		91,669		20,519,189

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MAXIMUS, Inc.		182,127	$	14,510,058
				58,162,632
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.2%
MKS Instruments, Inc.		64,401		11,216,722
SOFTWARE–0.2%
Dolby Laboratories, Inc.–Class A		15,824		1,506,761
				122,353,315
CONSUMER DISCRETIONARY–10.4%
AUTO COMPONENTS–0.9%
BorgWarner, Inc.		190,851		8,601,655
DISTRIBUTORS–2.5%
LKQ Corp.		383,116		22,998,453
HOUSEHOLD DURABLES–2.3%
DR Horton, Inc.		193,071		20,938,550
INTERNET & DIRECT MARKETING RETAIL–0.3%
eBay, Inc.		43,852		2,916,158
MULTILINE RETAIL–2.6%
Target Corp.		101,632		23,521,710
SPECIALTY RETAIL–1.5%
AutoZone, Inc.(a)		4,993		10,467,275
Murphy USA, Inc.		18,030		3,592,297
				14,059,572
TEXTILES, APPAREL & LUXURY GOODS–0.3%
Deckers Outdoor Corp.(a)		8,335		3,053,194
				96,089,292
CONSUMER STAPLES–6.3%
FOOD & STAPLES RETAILING–2.7%
Walmart, Inc.		172,554		24,966,838
TOBACCO–3.6%
Philip Morris International, Inc.		346,284		32,896,980
				57,863,818
COMMUNICATION SERVICES–5.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–5.7%
Comcast Corp.–Class A		641,683		32,295,906
Verizon Communications, Inc.		396,270		20,590,189
				52,886,095
REAL ESTATE–3.1%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–0.6%
Weyerhaeuser Co.		134,460		5,537,063
REAL ESTATE MANAGEMENT & DEVELOPMENT–2.5%
CBRE Group, Inc.–Class A(a)		214,727		23,300,027
				28,837,090
ENERGY–3.0%
ENERGY EQUIPMENT & SERVICES–0.4%
Helmerich & Payne, Inc.		147,522		3,496,271
OIL, GAS & CONSUMABLE FUELS–2.6%
Chevron Corp.		57,254		6,718,757
ConocoPhillips		92,751		6,694,767
EOG Resources, Inc.		126,418		11,229,711
				24,643,235
				28,139,506
MATERIALS–2.5%
CHEMICALS–1.0%
Mosaic Co. (The)		224,660		8,826,892
METALS & MINING–1.5%
BHP Group Ltd. (Sponsored ADR)(b)		112,308		6,777,788
Steel Dynamics, Inc.		118,848		7,376,895
				14,154,683
				22,981,575
UTILITIES–1.0%
ELECTRIC UTILITIES–1.0%
IDACORP, Inc.		79,565		9,015,510
Total Common Stocks (cost $674,104,500)				906,130,686
SHORT-TERM INVESTMENTS–1.8%
INVESTMENT COMPANIES–1.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio– Class AB, 0.01%(c)(d)(e) (cost $16,506,798)		16,506,798		16,506,798
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.0% (cost $690,611,298)				922,637,484

7

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

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.7%
INVESTMENT COMPANIES–0.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c)(d)(e) (cost $6,837,816)		6,837,816	$	6,837,816
TOTAL INVESTMENTS–100.7% (cost $697,449,114)				929,475,300
Other assets less liabilities–(0.7)%				(6,723,483	)
NET ASSETS–100.0%			$	922,751,817

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See notes to financial statements.

8

GROWTH AND INCOME PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $674,104,500)	$	906,130,686	(a)
Affiliated issuers (cost $23,344,614—including investment of cash collateral for securities loaned of $6,837,816)		23,344,614
Unaffiliated dividends receivable		1,257,876
Receivable for capital stock sold		201,225
Affiliated dividends receivable		167
Total assets		930,934,568
LIABILITIES
Payable for collateral received on securities loaned		6,837,816
Advisory fee payable		419,374
Payable for capital stock redeemed		369,917
Distribution fee payable		155,954
Administrative fee payable		22,472
Transfer Agent fee payable		146
Accrued expenses		377,072
Total liabilities		8,182,751
NET ASSETS	$	922,751,817
COMPOSITION OF NET ASSETS
Capital stock, at par	$	25,457
Additional paid-in capital		547,946,581
Distributable earnings		374,779,779
NET ASSETS	$	922,751,817

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	170,189,828		4,621,208	$	36.83
B	$	752,561,989		20,836,034	$	36.12

(a) Includes securities on loan with a value of $6,709,954 (see Note E).

See notes to financial statements.

9

GROWTH AND INCOME PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $126,610)	$	18,353,222
Affiliated issuers		5,174
Securities lending income		53,948
		18,412,344
EXPENSES
Advisory fee (see Note B)		5,912,227
Distribution fee—Class B		2,280,997
Transfer agency—Class A		1,526
Transfer agency—Class B		8,446
Custody and accounting		147,716
Administrative		87,359
Legal		73,569
Printing		58,050
Audit and tax		45,557
Directors’ fees		31,923
Miscellaneous		30,674
Total expenses		8,678,044
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(25,574	)
Net expenses		8,652,470
Net investment income		9,759,874
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions(a)		232,012,332
Net change in unrealized appreciation/depreciation of investments		23,259,079
Net gain on investment transactions		255,271,411
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	265,031,285

(a) On October 22, 2021, the Portfolio had a redemption-in-kind with total proceeds in the amount of $210,503,898. The realized gain of $58,959,295, resulting from redemption-in-kind, will not be recognized for tax purposes.

See notes to financial statements.

10

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

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	9,759,874		$	12,028,926
Net realized gain (loss) on investment transactions		232,012,332			(36,028,265	)
Net change in unrealized appreciation/depreciation of investments		23,259,079			38,846,348
Net increase in net assets from operations		265,031,285			14,847,009
Distributions to Shareholders
Class A		(1,352,804	)		(9,106,244	)
Class B		(6,060,547	)		(53,075,328	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(346,850,196	)		(19,049,810	)
Total decrease		(89,232,262	)		(66,384,373	)
NET ASSETS
Beginning of period		1,011,984,079			1,078,368,452
End of period	$	922,751,817		$	1,011,984,079

See notes to financial statements.

11

GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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

12

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

906,130,686

$

–0

–

$

–0

–

$

906,130,686

Short-Term Investments

16,506,798

–0

–

–0

–

16,506,798

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

6,837,816

–0

–

–0

–

6,837,816

Total Investments in Securities

929,475,300

–0

–

–0

–

929,475,300

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

929,475,300

$

–0

–

$

–0

–

$

929,475,300

(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

13

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

and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

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

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2021, the reimbursement for such services amounted to $87,359.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2021.

14

AB Variable Products Series Fund

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 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 year ended December 31, 2021, such waiver amounted to $25,381.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	38,262	$	357,687	$	379,442	$	16,507	$	5
Government Money Market Portfolio*		13,101		48,476		54,739		6,838		1
Total							$	23,345	$	6

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

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	517,717,088		$	630,598,095
U.S. government securities		–0	–		–0	–

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

Cost	$	701,493,898
Gross unrealized appreciation	$	238,506,952
Gross unrealized depreciation		(10,525,550	)
Net unrealized appreciation	$	227,981,402

1. Derivative Financial Instruments

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

15

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

The Portfolio did not engage in derivatives transactions for the year ended December 31, 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 investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 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
$	6,709,954	$	6,837,816	$	–0–	$	52,945	$	1,003	$	193

* As of December 31, 2021.

16

AB Variable Products Series Fund

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		519,539			711,385		$	17,715,000		$	18,355,193
Shares issued in reinvestment of dividends and distributions		38,563			361,798			1,352,804			9,106,244
Shares redeemed		(881,629	)		(1,268,671	)		(29,886,720	)		(32,792,160	)
Net decrease		(323,527	)		(195,488	)	$	(10,818,916	)	$	(5,330,723	)
Class B
Shares sold		1,732,963			2,404,541		$	57,304,403		$	60,446,536
Shares issued in reinvestment of dividends and distributions		175,974			2,145,887			6,060,547			53,075,328
Shares redeemed		(11,625,535	)		(4,994,251	)		(399,396,230	)		(127,240,951	)
Net decrease		(9,716,598	)		(443,823	)	$	(336,031,280	)	$	(13,719,087	)

At December 31, 2021, certain shareholders of the Portfolio owned 49% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

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 may have limited product lines, markets or financial resources.

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

LIBOR Transition and Associated Risk—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

17

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

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021			2020
Distributions paid from:
Ordinary income	$	7,413,351		$	17,089,865
Net long-term capital gains		–0	–		45,091,707
Total taxable distributions paid	$	7,413,351		$	62,181,572

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	21,192,615
Undistributed capital gains		125,605,762	(a)
Unrealized appreciation/(depreciation)		227,981,402	(b)
Total accumulated earnings/(deficit)	$	374,779,779

(a) During the fiscal year, the Portfolio utilized $35,158,323 of capital loss carry forwards to offset current year net realized gains.

(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, 2021, the Portfolio did not have any capital loss carryforwards.

18

AB Variable Products Series Fund

During the current fiscal year, permanent differences primarily due to the tax treatment of gains from a redemption-in-kind resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In 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.

19

GROWTH AND INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$28.97			$30.30			$27.78			$33.35			$31.21
Income From Investment Operations
Net investment income (a)(b)		.38			.40			.43			.41			.31
Net realized and unrealized gain (loss) on investment transactions		7.76			.13			5.84			(1.84	)		5.21
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		8.14			.53			6.27			(1.43	)		5.52
Less: Dividends and Distributions
Dividends from net investment income		(.28	)		(.42	)		(.39	)		(.34	)		(.49	)
Distributions from net realized gain on investment transactions		–0	–		(1.44	)		(3.36	)		(3.80	)		(2.89	)
Total dividends and distributions		(.28	)		(1.86	)		(3.75	)		(4.14	)		(3.38	)
Net asset value, end of period		$36.83			$28.97			$30.30			$27.78			$33.35
Total Return
Total investment return based on net asset value (d)*		28.15	%		2.72	%		23.91	%		(5.61	)%		18.93	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$170,190			$143,269			$155,765			$133,188			$159,324
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.59	%		.61	%		.61	%		.59	%		.60	%
Expenses, before waivers/reimbursements (e)‡		.59	%		.62	%		.62	%		.60	%		.60	%
Net investment income (b)		1.13	%		1.53	%		1.43	%		1.28	%		.97	%
Portfolio turnover rate		51	%		54	%		66	%		96	%		85	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.01	%		.00	%

See footnote summary on page 22.

20

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$28.43			$29.76			$27.34			$32.88			$30.82
Income From Investment Operations
Net investment income (a)(b)		.29			.33			.35			.33			.23
Net realized and unrealized gain (loss) on investment transactions		7.61			.13			5.74			(1.81	)		5.14
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		7.90			.46			6.09			(1.48	)		5.37
Less: Dividends and Distributions
Dividends from net investment income		(.21	)		(.35	)		(.31	)		(.26	)		(.42	)
Distributions from net realized gain on investment transactions		–0	–		(1.44	)		(3.36	)		(3.80	)		(2.89	)
Total dividends and distributions		(.21	)		(1.79	)		(3.67	)		(4.06	)		(3.31	)
Net asset value, end of period		$36.12			$28.43			$29.76			$27.34			$32.88
Total Return
Total investment return based on net asset value (d)*		27.84	%		2.47	%		23.61	%		(5.84	)%		18.59	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$752,562			$868,715			$922,603			$772,904			$906,790
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)‡		.84	%		.86	%		.86	%		.84	%		.85	%
Expenses, before waivers/reimbursements (e)‡		.85	%		.87	%		.87	%		.85	%		.85	%
Net investment income (b)		.87	%		1.28	%		1.18	%		1.03	%		.72	%
Portfolio turnover rate		51	%		54	%		66	%		96	%		85	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.01	%		.00	%

See footnote summary on page 22.

21

GROWTH AND INCOME 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, December 31, 2019 and December 31, 2018, such waiver amounted to .01%, .01% and .01%, respectively.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2019, December 31, 2018 and December 31, 2017 by .15%, .02% and .68%, respectively.

Includes the impact of a reimbursement from the Adviser as a result of an error made by the Adviser in processing a claim for class action settlement, which enhanced the Portfolio’s performance for the year ended December 31, 2017 by .01%.

See notes to financial statements.

22

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Growth and Income Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2022

23

2021 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2021. For corporate shareholders, 100.00% of dividends paid qualify for the dividends received deduction.

24

GROWTH AND INCOME PORTFOLIO AB Variable Products Series Fund

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

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

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

25

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

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

27

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

28

AB Variable Products Series Fund

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

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

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

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

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

29

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

Officer Information

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

NAME, ADDRESS,* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Frank V. Caruso 65	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer of US Growth Equities.
John H. Fogarty 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.
Vinay Thapar 43	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

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

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

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

30

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.

31

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

32

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.

33

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

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

Economies of Scale

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

34

VPS-GI-0151-1221

DEC    ^12.31.21

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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—Intermediate Bond Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

At a meeting of the Board of Directors of AB Variable Products Series Fund, Inc. (the “Fund”) held on November 2-4, 2021, the Board approved the liquidation and termination of the Portfolio (the “Liquidation”). The Portfolio expects to make liquidating distributions on or shortly after March 4, 2022, and will convert its assets to cash shortly before this date. The insurance company separate accounts through which owners of variable insurance contracts hold interests in the Portfolio will give such Contractholders notice of the Liquidation as well as information about allocating their variable insurance contract assets to other investment options available under their contracts.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to generate income and price appreciation without assuming what the Adviser considers undue risk. The Portfolio invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. The Portfolio expects to invest in readily marketable fixed-income securities with a range of maturities from short- to long-term and relatively attractive yields that do not involve undue risk of loss of capital. The Portfolio expects to invest in fixed-income securities with a dollar-weighted average maturity of between three and 10 years and an average duration of three to six years. The Portfolio may invest up to 25% of its net assets in below investment-grade bonds (commonly known as “junk bonds”). The Portfolio may use leverage for investment purposes.

The Portfolio may invest without limit in US dollar-denominated foreign fixed-income securities and may invest up to 25% of its assets in non-US dollar-denominated foreign fixed-income securities. These investments may include, in each case, developed- and emerging-market debt securities.

The Portfolio may invest in mortgage-related and other asset-backed securities, loan participations and assignments, inflation-indexed securities, structured securities, variable, floating and inverse floating-rate instruments, and preferred stock, and may use other investment techniques. The Portfolio intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Portfolio may invest, without limit, in derivatives, such as options, futures contracts, forwards and swaps.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Bloomberg US Aggregate Bond Index, for the one-, five- and 10-year periods ended December 31, 2021.

During the annual period, Class B shares underperformed the benchmark while Class A shares outperformed. Off-benchmark country allocations to Canada and Brazil detracted, relative to the benchmark. Sector allocation contributed due to an underweight to US Treasuries, off-benchmark allocations to agency risk-sharing transactions, high-yield corporate bonds in the US and exposure to US Treasury inflation-protected securities, which more than offset a loss from exposure to collateralized mortgage obligations. Security selection among commercial mortgage-backed securities and investment-grade corporate bonds added to returns, offsetting a loss within US agency mortgages. Yield-curve duration positioning also contributed, as an underweight to the 20-year part of the curve exceeded a shortfall from an underweight to the five- to 10-year parts of the curve. Currency decisions did not have a meaningful impact on performance during the period. Gains from short positions in the Australian dollar and Swedish krona, and a long position in the Russian ruble, offset losses from shorts in the euro and New Zealand dollar, as well as long positions in the Swiss franc and yen.

During the annual period, the Portfolio utilized currency forwards to hedge currency risk and actively manage currency positions. Credit default swaps were utilized in the corporate and commercial mortgage-backed securities sectors for hedging and investment purposes. Treasury futures and interest rate swaps were utilized to manage duration, country exposure and yield-curve positioning. Written swaptions were used for duration management. Consumer Price Index swaps were held to gain exposure to rising inflation expectations. The utilization of government-agency-related To Be Announced mortgage short-term positions was a significant contributor to the Portfolio’s turnover rate of 144%.

MARKET REVIEW AND INVESTMENT STRATEGY

Fixed-income government bond market yields were higher for the annual period ended December 31, 2021. Numerous central banks became more hawkish, prompting short-term yields to rise more than longer-term yields and causing all major treasury market returns to fall on inflation concerns. Treasury losses were the greatest in the UK, Australia and the eurozone. Inflation bonds significantly outperformed nominal government bonds. Low interest rates set the stage for the continued outperformance of most risk assets, led by the large positive performance of high-yield corporate bonds—particularly

1

INTERMEDIATE BOND PORTFOLIO
(continued)	AB Variable Products Series Fund Inc.

in the US, eurozone and emerging markets. Emerging-market investment-grade corporate bonds rose, while developed-market bonds fell on rising yields and outperformed developed-market treasuries with a smaller loss. Securitized assets fell but outperformed US Treasuries.

Emerging-market sovereign and local-currency bonds trailed as the US dollar gained against most developed- and emerging-market currencies. Commodity prices were strong, with Brent crude oil and copper climbing from pandemic-related lows.

2

INTERMEDIATE BOND PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Bloomberg US Aggregate Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

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

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. 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 Security Risk: Investments in fixed-income securities with lower ratings (“junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater if the Portfolio invests a significant portion of its assets in fixed-income securities with longer maturities.

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

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

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

Mortgage-Related and/or Other Asset-Backed Securities Risk: Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay

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

3

INTERMEDIATE BOND PORTFOLIO
DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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: To the extent the Portfolio uses leveraging techniques, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments.

Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally decline.

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

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

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

An Important Note About Historical Performance

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

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

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

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

4

INTERMEDIATE BOND PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
Intermediate Bond Portfolio Class A		-1.45%		3.03%		3.00%
Intermediate Bond Portfolio Class B		-1.64%		2.78%		2.75%
Bloomberg US Aggregate Bond Index		-1.54%		3.57%		2.90%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.27% and 1.52% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 TO 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Intermediate Bond Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	997.30	$	7.20		1.43	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.00	$	7.27		1.43	%
Class B
Actual	$	1,000	$	997.40	$	8.46		1.68	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,016.74	$	8.54		1.68	%

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

6

INTERMEDIATE BOND PORTFOLIO
TOP TEN SECTORS (including derivatives)1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

Governments—Treasuries2	32.3	%
Corporates—Investment Grade	24.7
Commercial Mortgage-Backed Securities	17.7
Mortgage Pass-Throughs	12.6
Collateralized Mortgage Obligations	9.8
Corporates—Non-Investment Grade	6.3
Asset-Backed Securities	5.5
Inflation-Linked Securities	3.1
Interest Rate Swaps3	2.0
Local Governments—US Municipal Bonds	1.7

SECTOR BREAKDOWN (excluding derivatives)⁴

December 31, 2021 (unaudited)

Corporates—Investment Grade	23.5	%
Governments—Treasuries	18.7
Commercial Mortgage-Backed Securities	16.8
Mortgage Pass-Throughs	12.0
Collateralized Mortgage Obligations	9.3
Asset-Backed Securities	5.2
Corporates—Non-Investment Grade	5.0
Inflation-Linked Securities	3.0
Local Governments—US Municipal Bonds	1.6
Emerging Markets—Corporate Bonds	0.3
Short-Term Investments	4.6

1 All data are as of December 31, 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 December 31, 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).

7

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
CORPORATES–INVESTMENT GRADE–24.7%
INDUSTRIAL–14.4%
BASIC–1.3%
Alpek SAB de CV 4.25%, 09/18/2029(a)		U.S.$	200	$	212,413
Suzano Austria GmbH
2.50%, 09/15/2028			82		79,104
3.75%, 01/15/2031			17		17,253
WRKCo., Inc. 4.00%, 03/15/2028			62		68,428
Yamana Gold, Inc. 2.63%, 08/15/2031(a)			70		67,572
					444,770
CAPITAL GOODS–0.6%
Flowserve Corp. 2.80%, 01/15/2032			46		44,810
Parker-Hannifin Corp. 3.25%, 06/14/2029			25		26,479
Raytheon Technologies Corp. 4.125%, 11/16/2028			80		89,526
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/2025			15		15,655
4.40%, 03/15/2024			37		39,223
					215,693
COMMUNICATIONS–MEDIA–1.2%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.80%, 03/01/2050			15		16,815
5.125%, 07/01/2049			23		26,636
Comcast Corp. 4.15%, 10/15/2028			95		107,806
Discovery Communications LLC
4.65%, 05/15/2050			9		10,590
5.20%, 09/20/2047			15		18,548
5.30%, 05/15/2049			10		12,644
Fox Corp.
4.709%, 01/25/2029			25		28,578
5.576%, 01/25/2049			43		58,638
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028			20		22,969
Netflix, Inc. 5.875%, 11/15/2028			83		100,074
					403,298
COMMUNICATIONS– TELECOMMUNICATIONS–0.5%
AT&T, Inc.
3.50%, 09/15/2053			16		16,172
3.65%, 09/15/2059			74		74,699
4.30%, 12/15/2042			31		34,961
T-Mobile USA, Inc.
2.625%, 02/15/2029			10		9,843
2.875%, 02/15/2031			41		40,479
3.375%, 04/15/2029(a)			7		7,143
					183,297
CONSUMER CYCLICAL– AUTOMOTIVE–0.6%
General Motors Co. 6.125%, 10/01/2025		U.S.$	25		28,744
General Motors Financial Co., Inc.
4.30%, 07/13/2025			30		32,341
5.25%, 03/01/2026			21		23,553
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(a)			128		134,123
					218,761
CONSUMER CYCLICAL– OTHER –0.4%
Las Vegas Sands Corp. 3.90%, 08/08/2029			85		85,488
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025			12		13,514
MDC Holdings, Inc. 6.00%, 01/15/2043			38		47,944
					146,946
CONSUMER CYCLICAL– RETAILERS–0.7%
Advance Auto Parts, Inc. 3.90%, 04/15/2030			88		96,304
Lowe’s Cos., Inc. 3.65%, 04/05/2029			29		31,784
Ross Stores, Inc. 4.70%, 04/15/2027			113		127,410
					255,498
CONSUMER NON-CYCLICAL–1.4%
Altria Group, Inc.
3.40%, 05/06/2030			85		88,268
4.80%, 02/14/2029			26		29,364
BAT Capital Corp. 2.726%, 03/25/2031			50		48,564
Cigna Corp. 4.375%, 10/15/2028			58		65,934
CVS Health Corp. 4.30%, 03/25/2028			4		4,492
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			50		48,917
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023			200		211,654
					497,193
ENERGY–4.1%
BP Capital Markets America, Inc. 2.939%, 06/04/2051			129		124,619
Cenovus Energy, Inc.
4.25%, 04/15/2027			12		13,095
4.40%, 04/15/2029			132		146,081
Chevron USA, Inc. 3.85%, 01/15/2028			30		33,332

8

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Continental Resources, Inc./OK
2.875%, 04/01/2032(a)	U.S.$	51	$	49,909
5.75%, 01/15/2031(a)		36		42,434
Devon Energy Corp. 5.60%, 07/15/2041		50		62,945
Enbridge Energy Partners LP 7.375%, 10/15/2045		70		109,145
Energy Transfer LP
4.75%, 01/15/2026		175		191,403
6.25%, 04/15/2049		14		18,308
Marathon Oil Corp. 6.80%, 03/15/2032		100		129,064
Marathon Petroleum Corp.
5.125%, 12/15/2026		30		34,210
6.50%, 03/01/2041		18		24,827
ONEOK Partners LP 6.125%, 02/01/2041		5		6,333
ONEOK, Inc.
4.00%, 07/13/2027		87		94,095
4.35%, 03/15/2029		57		62,536
6.35%, 01/15/2031		23		28,994
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/2029		40		41,599
4.50%, 12/15/2026		25		27,445
Suncor Energy, Inc. 6.80%, 05/15/2038		59		82,886
TransCanada PipeLines Ltd. 6.10%, 06/01/2040		91		126,266
				1,449,526
SERVICES–0.8%
Booking Holdings, Inc. 4.625%, 04/13/2030		104		121,240
Expedia Group, Inc. 4.625%, 08/01/2027		40		44,701
Global Payments, Inc. 3.20%, 08/15/2029		28		29,154
IHS Markit Ltd.
4.25%, 05/01/2029		19		21,525
4.75%, 08/01/2028		7		8,094
Moody’s Corp. 4.25%, 02/01/2029		41		46,357
				271,071
TECHNOLOGY–2.5%
Broadcom, Inc.
3.137%, 11/15/2035(a)		16		16,083
3.187%, 11/15/2036(a)		52		52,168
4.11%, 09/15/2028		56		61,447
4.15%, 11/15/2030		120		133,080
Dell International LLC/EMC Corp. 6.02%, 06/15/2026		78		90,383
Fiserv, Inc. 3.50%, 07/01/2029		87		93,569
Infor, Inc. 1.75%, 07/15/2025(a)		34		33,838
KLA Corp. 4.10%, 03/15/2029	U.S.$	14		15,841
Kyndryl Holdings, Inc. 2.05%, 10/15/2026(a)		90		87,764
Micron Technology, Inc. 4.185%, 02/15/2027		59		64,777
NXP BV/NXP Funding LLC 5.55%, 12/01/2028(a)		28		33,553
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030(a)		30		31,946
Oracle Corp.
2.875%, 03/25/2031		57		57,286
3.95%, 03/25/2051		68		70,758
Western Digital Corp. 3.10%, 02/01/2032		30		30,216
				872,709
TRANSPORTATION– AIRLINES–0.3%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025(a)		39		41,332
4.75%, 10/20/2028(a)		46		50,317
				91,649
				5,050,411
FINANCIAL INSTITUTIONS–9.9%
BANKING–6.5%
Banco de Credito del Peru 3.125%, 07/01/2030(a)		87		85,956
Banco Santander SA 3.49%, 05/28/2030		200		211,742
Bank of America Corp.
2.299%, 07/21/2032		52		51,066
2.687%, 04/22/2032		56		56,882
Series DD
6.30%, 03/10/2026(b)		27		30,426
Series Z
6.50%, 10/23/2024(b)		41		44,765
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025(b)		17		18,192
Barclays Bank PLC 6.86%, 06/15/2032(a)(b)		29		39,186
BNP Paribas SA 2.871%, 04/19/2032(a)		200		202,622
CIT Group, Inc. 5.25%, 03/07/2025		56		61,536
Citigroup, Inc.
3.98%, 03/20/2030		37		40,815
4.075%, 04/23/2029		52		57,336
5.95%, 01/30/2023(b)		55		56,691
Series W
4.00%, 12/10/2025(b)		37		37,244
Citizens Financial Group, Inc. 4.30%, 12/03/2025		99		107,649
Credit Suisse Group AG 3.80%, 06/09/2023		265		274,680

9

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

	Principal Amount (000)		U.S. $ Value
Fifth Third Bancorp Series L 4.50%, 09/30/2025(b)	U.S.$	24	$	25,323
Goldman Sachs Group, Inc. (The)
2.383%, 07/21/2032		19		18,709
2.615%, 04/22/2032		78		78,396
Series V
4.125%, 11/10/2026(b)		28		28,394
JPMorgan Chase & Co.
2.58%, 04/22/2032		116		117,445
Series I
3.599% (LIBOR 3 Month + 3.47%), 04/30/2022(b)(c)		36		36,095
Series V
3.534% (LIBOR 3 Month + 3.32%), 04/01/2022(b)(c)		18		18,009
Series Z
3.932% (LIBOR 3 Month + 3.80%), 02/01/2022(b)(c)		51		51,070
Morgan Stanley
Series G
3.772%, 01/24/2029		82		89,285
Series H
3.734% (LIBOR 3 Month + 3.61%), 01/18/2022(b) (c)		10		10,004
Santander Holdings USA, Inc. 4.40%, 07/13/2027		41		45,056
Standard Chartered PLC 1.639% (LIBOR 3 Month + 1.51%), 01/30/2027(a)(b)(c)		100		96,320
Truist Financial Corp. Series Q 5.10%, 03/01/2030(b)		81		90,637
US Bancorp Series J 5.30%, 04/15/2027(b)		63		67,968
Wells Fargo & Co.
2.188%, 04/30/2026		62		63,171
3.584%, 05/22/2028		20		21,507
Series BB
3.90%, 03/15/2026(b)		33		33,762
				2,267,939
BROKERAGE–0.3%
Charles Schwab Corp. (The)
Series G
5.375%, 06/01/2025(b)		44		47,993
Series I
4.00%, 06/01/2026(b)		72		73,651
				121,644
FINANCE–1.5%
Air Lease Corp.
2.10%, 09/01/2028		23		22,242
2.875%, 01/15/2026		7		7,219
3.625%, 04/01/2027		8		8,420
Aircastle Ltd.
2.85%, 01/26/2028(a)		88		88,648
4.125%, 05/01/2024	U.S.$	18		18,829
4.25%, 06/15/2026		7		7,505
5.25%, 08/11/2025(a)		47		51,673
Aviation Capital Group LLC
1.95%, 01/30/2026-09/20/2026(a)		62		60,549
3.50%, 11/01/2027(a)		17		17,521
4.125%, 08/01/2025(a)		2		2,114
4.375%, 01/30/2024(a)		14		14,691
4.875%, 10/01/2025(a)		20		21,654
5.50%, 12/15/2024(a)		46		50,348
Synchrony Financial
2.875%, 10/28/2031		53		52,864
4.50%, 07/23/2025		81		87,568
				511,845
INSURANCE–0.9%
Alleghany Corp. 3.625%, 05/15/2030		95		103,055
Centene Corp. 2.625%, 08/01/2031		21		20,658
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)		35		60,474
Prudential Financial, Inc. 5.875%, 09/15/2042		83		84,889
Voya Financial, Inc. 5.65%, 05/15/2053		31		32,235
				301,311
REITs–0.7%
Digital Realty Trust LP 3.60%, 07/01/2029		56		60,840
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032		45		45,230
Host Hotels & Resorts LP
Series
4.00%, 06/15/2025		39		41,385
Series I
3.50%, 09/15/2030		7		7,188
Series J
2.90%, 12/15/2031		22		21,278
Vornado Realty LP 3.40%, 06/01/2031		77		79,348
				255,269
				3,458,008
UTILITY–0.4%
ELECTRIC–0.3%
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041		34		34,196
Entergy Corp. 1.90%, 06/15/2028		81		79,431
				113,627

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
OTHER UTILITY–0.1%
American Water Capital Corp. 3.45%, 06/01/2029		U.S.$	17	$	18,350
					131,977
Total Corporates–Investment Grade (cost $8,380,667)					8,640,396
GOVERNMENTS– TREASURIES–19.6%
MALAYSIA–0.3%
Malaysia Government Bond Series 117 3.882%, 03/10/2022		MYR	474		114,210
UNITED STATES–19.3%
U.S. Treasury Bonds
1.75%, 08/15/2041			1,218		1,184,310
1.875%, 02/15/2051			382		379,871
2.00%, 11/15/2041-08/15/2051			654		669,022
2.375%, 05/15/2051			15		16,756
5.375%, 02/15/2031			244		325,681
U.S. Treasury Notes
0.125%, 08/31/2022(d)			883		882,572
0.375%, 09/15/2024			493		486,046
0.875%, 09/30/2026-11/15/2030			825		801,046
1.125%, 10/31/2026			74		73,362
1.25%, 11/30/2026-08/15/2031			1,359		1,337,112
1.375%, 11/15/2031			192		190,235
1.625%, 05/15/2026			391		398,087
					6,744,100
Total Governments–Treasuries (cost $6,797,932)					6,858,310
COMMERCIAL MORTGAGE-BACKED SECURITIES–17.6%
NON-AGENCY FIXED RATE CMBS–14.0%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.534%, 03/10/2037(a)			110		100,089
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048			100		106,288
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/2050			155		167,347
CFCRE Commercial Mortgage Trust
Series 2016-C4, Class A4
3.283%, 05/10/2058			115		120,847
Series 2016-C4, Class AM
3.691%, 05/10/2058			45		47,499
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 03/13/2035(a)			260		265,053
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class A5
3.137%, 02/10/2048		U.S.$	144		149,699
Series 2015-GC35, Class A4
3.818%, 11/10/2048			55		58,965
Series 2016-C1, Class A4
3.209%, 05/10/2049			192		202,295
Series 2016-GC36, Class A5
3.616%, 02/10/2049			65		69,312
Commercial Mortgage Trust
Series 2013-SFS, Class A1
1.873%, 04/12/2035(a)			20		19,991
Series 2014-UBS3, Class A4
3.819%, 06/10/2047			130		136,750
Series 2014-UBS5, Class A4
3.838%, 09/10/2047			130		137,216
Series 201-4UBS6,Class AM
4.048%, 12/10/2047			45		47,483
Series 2015-CR24, Class A5
3.696%, 08/10/2048			65		69,126
Series 2015-DC1, Class A5
3.35%, 02/10/2048			80		83,867
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4
3.504%, 06/15/2057			100		105,410
Series 2015-C3, Class A4
3.718%, 08/15/2048			117		123,911
Series 2015-C4, Class A4
3.808%, 11/15/2048			215		230,113
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 04/10/2031(a)			136		135,236
Series 2014-GC22, Class A5
3.862%, 06/10/2047			77		81,075
Series 2015-GC28, Class A5
3.396%, 02/10/2048			95		99,602
Series 2018-GS9, Class A4
3.992%, 03/10/2051			75		83,233
GSF
Series 2021-1, Class A1 1.433%,08/15/2026(e)(f)			23		22,286
Series 2021-1, Class A2 2.435%,08/15/2026(e)(f)			46		46,590
Series 2021-1, Class AS 2.638%, 08/15/2026(e)(f)			4		4,024
JPMBB Commercial Mortgage Securities Trust
Series 2014-C21, Class A5 3.775%, 08/15/2047			100		105,292
Series 2014-C22, Class XA 0.823%, 09/15/2047(g)			2,434		43,434
Series 2014-C24, Class C 4.385%, 11/15/2047			110		106,343
Series 2015-C30, Class A5
3.822%, 07/15/2048			65		69,649

11

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

	Principal Amount (000)		U.S. $ Value
Series 2015-C31, Class A3
3.801%, 08/15/2048	U.S.$	194	$	206,441
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-C6, Class D
5.122%, 05/15/2045		110		107,483
Series 2012-C6, Class E
5.122%, 05/15/2045(a)		132		92,111
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		14		6,307
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)		136		137,402
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/2049		100		107,353
UBS Commercial Mortgage Trust
Series 2018-C8, Class A4
3.983%, 02/15/2051		100		110,686
Series 2018-C9, Class A4
4.117%, 03/15/2051		125		138,037
Series 2018-C10, Class A4
4.313%, 05/15/2051		125		140,104
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A5
2.85%, 12/10/2045		112		112,900
Series 2012-C4, Class C
4.31%, 12/10/2045(a)		90		89,467
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class A4
3.789%, 09/15/2048		94		98,695
Series 2016-C35, Class XA
1.888%, 07/15/2048(g)		857		59,330
Series 2016-LC25, Class C
4.341%, 12/15/2059		85		88,369
Series 2016-NXS6, Class C
4.392%, 11/15/2049		100		104,678
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA
1.13%, 03/15/2045(a)(g)		999		8,351
Series 2014-C19, Class A5
4.101%, 03/15/2047		130		136,689
Series 2014-C24, Class AS
3.931%, 11/15/2047		110		114,505
				4,896,933
NON–AGENCY FLOATING RATE CMBS–3.6%
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class A 1.06% (LIBOR 1 Month + 0.95%), 06/15/2035(a)(c)		100		99,810
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.11% (LIBOR 1 Month + 1.00%), 11/15/2033 (a)(c)	U.S.$	185		184,430
BBCMS Mortgage Trust Series 2020-BID, Class A 2.25% (LIBOR 1 Month + 2.14%), 10/15/2037(a)(c)		71		71,199
BCP Trust Series 2021-330N, Class A 0.909% (LIBOR 1 Month + 0.80%) , 06/15/2038(a)(c)		21		20,687
BFLD Trust Series 2021-FPM, Class A 1.71% (LIBOR 1 Month + 1.60%), 06/15/2038(a)(c)		113		112,932
BHMS Series 2018-ATLS, Class A 1.36% (LIBOR 1 Month + 1.25%), 07/15/2035(a)(c)		81		80,997
BX Trust Series 2018-EXCL, Class A 1.198% (LIBOR 1 Month + 1.09%), 09/15/2037(a)(c)		78		77,891
CLNY Trust Series 2019-IKPR, Class D 2.135% (LIBOR 1 Month + 2.03%), 11/15/2038(a)(c)		65		64,511
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.134% (LIBOR 1 Month + 1.03%), 12/19/2030(a)(c)		100		99,759
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 2.05% (SOFR + 2.00%), 01/25/2051(a)(c)		18		17,892
Great Wolf Trust Series 2019-WOLF, Class A 1.144% (LIBOR 1 Month + 1.03%), 12/15/2036(a)(c)		111		110,865
GS Mortgage Securities Corp. Trust
Series 2019-BOCA,Class A 1.31% (LIBOR 1 Month + 1.20%), 06/15/2038(a)(c)		115		114,929
Series 2019-SMP, Class A 1.26% (LIBOR 1 Month + 1.15%), 08/15/2032(a) (c)		100		99,878
Invitation Homes Trust Series 2018-SFR2, Class C 1.39% (LIBOR 1 Month + 1.28%), 06/17/2037(a)(c)		100		99,889
				1,255,669
Total Commercial Mortgage-Backed Securities (cost $6,099,583)				6,152,602

12

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
MORTGAGE PASS–THROUGHS–12.6%
AGENCY FIXED RATE 30-YEAR–11.0%
Federal Home Loan Mortgage Corp.
Series 2019 3.50%, 10/01/2049-11/01/2049	U.S.$	138		$	146,800
Series 2020 3.50%, 01/01/2050		75			81,187
Federal Home Loan Mortgage Corp. Gold
Series 2005 5.50%, 01/01/2035		36			40,491
Series 2007 5.50%, 07/01/2035		12			13,579
Series 2016 4.00%, 02/01/2046		98			105,902
Series 2017 4.00%, 07/01/2044		67			72,581
Series 2018 4.50%, 10/01/2048-11/01/2048		131			141,896
5.00%, 11/01/2048		34			37,626
Federal National Mortgage Association
Series 2003 5.50%, 04/01/2033-07/01/2033		35			39,043
Series 2004
5.50%, 04/01/2034-11/01/2034		31			35,090
Series 2005
5.50%, 02/01/2035		36			40,296
Series 2010
4.00%, 12/01/2040		43			46,424
Series 2012
3.50%, 02/01/2042-01/01/2043		138			149,110
Series 2013
3.50%, 04/01/2043		65			70,578
4.00%, 10/01/2043		171			185,538
Series 2018
3.50%, 04/01/2048-05/01/2048		497			530,567
4.50%, 09/01/2048		108			117,117
Series 2019
3.50%, 09/01/2049-11/01/2049		233			248,021
Series 2020
3.50%, 01/01/2050		67			72,068
Government National Mortgage Association
Series 1994
9.00%, 09/15/2024		0	**		181
Series 2016
3.00%, 04/20/2046		73			76,921
Uniform Mortgage-Backed Security
Series 2022
2.00%, 01/01/2052, TBA		415			414,222
2.50%, 01/01/2052, TBA		1,162			1,186,874
					3,852,112
AGENCY FIXED RATE 15-Year–1.6%
Federal National Mortgage Association Series 2016 2.50%, 07/01/2031-01/01/2032	U.S.$	538			558,261
Total Mortgage Pass-Throughs (cost $4,286,461)					4,410,373
COLLATERALIZED MORTGAGE OBLIGATIONS – 9.9%
RISK SHARE FLOATING RATE–6.8%
Bellemeade Re Ltd.
Series 2018-3A, Class M1B
1.953% (LIBOR 1 Month + 1.85%), 10/25/2028(a)(c)		82			81,858
Series 2019-4A, Class M1B
2.102% (LIBOR 1 Month + 2.00%), 10/25/2029(a)(c)		150			150,000
Series 2020-4A, Class M2A
2.702% (LIBOR 1 Month + 2.60%), 06/25/2030(a)(c)		7			7,359
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2
2.502% (LIBOR 1 Month + 2.40%), 04/25/2031(a)(c)		10			9,673
Series 2019-R02, Class 1M2
2.403% (LIBOR 1 Month + 2.30%), 08/25/2031(a)(c)		11			11,190
Series 2019-R03, Class 1M2
2.253% (LIBOR 1 Month + 2.15%), 09/25/2031(a)(c)		18			18,498
Series 2019-R04, Class 2M2
2.202% (LIBOR 1 Month + 2.10%), 06/25/2039(a)(c)		8			8,236
Series 2019-R05, Class 1M2
2.103% (LIBOR 1 Month + 2.00%), 07/25/2039(a)(c)		7			7,191
Series 2019-R06, Class 2M2
2.202% (LIBOR 1 Month + 2.10%), 09/25/2039(a)(c)		20			19,550
Series 2019-R07, Class 1M2
2.203% (LIBOR 1 Month + 2.10%), 10/25/2039(a)(c)		25			24,890
Series 2020-R01, Class 1M2
2.153% (LIBOR 1 Month + 2.05%), 01/25/2040(a)(c)		64			64,056
Series 2020-R02, Class 2M2
2.103% (LIBOR 1 Month + 2.00%), 01/25/2040(a)(c)		53			52,674
Series 2021-R01, Class 1M2
1.60% (SOFR + 1.55%), 10/25/2041(a)(c)		107			107,482
Series 2021-R03, Class 1M2
1.70%, 12/25/2041(a)(c)		27			26,845

13

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

	Principal Amount (000)		U.S. $ Value
Eagle Re Ltd. Series 2020-1, Class M1A 1.002% (LIBOR 1 Month + 0.90%), 01/25/2030 (a)(c)	U.S.$	150	$	149,193
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2019-DNA3, Class M2
2.153% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(c)		75		75,332
Series 2019-DNA4, Class M2
2.053% (LIBOR 1 Month + 1.95%), 10/25/2049(a)(c)		27		26,716
Series 2019-FTR2, Class M2
2.252% (LIBOR 1 Month + 2.15%), 11/25/2048(a)(c)		115		114,598
Series 2019-HQA1, Class M2
2.453% (LIBOR 1 Month + 2.35%), 02/25/2049(a)(c)		65		65,687
Series 2020-DNA1, Class M2
1.803% (LIBOR 1 Month + 1.70%), 01/25/2050(a)(c)		44		44,554
Series 2020-DNA5, Class M2
2.85% (SOFR + 2.80%), 10/25/2050(a)(c)		50		49,983
Series 2021-DNA3, Class B1
3.55% (SOFR + 3.50%), 10/25/2033(a)(c)		71		73,510
Series 2021-HQA4, Class M2
2.40% (SOFR + 2.35%), 12/25/2041(a)(c)		56		56,503
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2
5.003% (LIBOR 1 Month + 4.90%), 11/25/2024(c)		34		35,802
Series 2014-C04, Class 2M2
5.103% (LIBOR 1 Month + 5.00%), 11/25/2024(c)		6		6,483
Series 2015-C02, Class 1M2
4.103% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		25		25,078
Series 2015-C02, Class 2M2
4.103% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		3		2,860
Series 2015-C03, Class 1M2
5.103% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		26		27,210
Series 2015-C03, Class 2M2
5.103% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		3		3,095
Series 2015-C04, Class 1M2
5.803% (LIBOR 1 Month + 5.70%), 04/25/2028(c)		65		68,059
Series 2016-C01, Class 1M2 6.853% (LIBOR 1 Month + 6.75%), 08/25/2028(c)		71		74,565
Series 2016-C02, Class 1M2
6.103% (LIBOR 1 Month + 6.00%), 09/25/2028(c)	U.S.$	49	$	51,009
Series 2016-C05, Class 2M2 4.553% (LIBOR 1 Month + 4.45%), 01/25/2029(c)		50		51,286
Series 2016-C06, Class 1M2 4.353% (LIBOR 1 Month + 4.25%), 04/25/2029(c)		82		84,606
Series 2017-C01, Class 1M2 3.653% (LIBOR 1 Month + 3.55%), 07/25/2029(c)		67		68,624
Series 2017-C04, Class 2M2 2.953% (LIBOR 1 Month + 2.85%), 11/25/2029(c)		38		38,472
Series 2021-R02, Class 2B1 3.35% (SOFR+ 3.30%), 11/25/2041 (a)(c)		48		48,322
PMT Credit Risk Transfer Trust
Series 2019-1R, Class A 2.102% (LIBOR 1 Month + 2.00%), 03/27/2024(a)(c)		31		30,929
2.852% (LIBOR 1 Month + Series 2019-2R, Class A 2.75%), 05/27/2023(a)(c)		44		43,459
Series 2019-3R, Class A 2.802% (LIBOR 1 Month + 2.70%), 10/27/2022(a)(c)		22		22,442
Radnor Re Ltd. Series 2020-1, Class M1A
1.052% (LIBOR 1 Month + 0.95%), 01/25/2030(a) (c)		150		148,905
Series 2020-1, Class M2A 2.102% (LIBOR 1 Month + 2.00%), 01/25/2030(a)(c)		150		146,572
STACR Trust Series 2018-DNA3, Class M2 2.203% (LIBOR 1 Month + 2.10%), 09/25/2048 (a)(c)		31		30,915
Traingle Re Ltd. Series 2020-1, Class M1B 4.002% (LIBOR 1 Month + 3.90%), 10/25/2030 (a)(c)		100		99,603
Wells Far go Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
5.353% (LIBOR 1 Month + 5.25%), 11/25/2025(c)(f)		15		14,464
Series 2015-WF1, Class 2M2 5.603% (LIBOR 1 Month + 5.50%), 11/25/2025(c)(f)		6		5,917
				2,374,255

14

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
NON-AGENCY FIXED RATE–1.6%
Alternative Loan Trust Series 2005-20CB, Class 3A6
5.50%, 07/25/2035	U.S.$	10	$	8,374
Series 2006-24CB, Class A16 5.75%, 08/25/2036		47		35,170
Series 2006-28CB, Class A14 6.25%, 10/25/2036		34		24,344
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		21		18,722
Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2 2.50%, 06/25/2051(a)		94		93,990
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037		16		10,709
CIM Trust Series 2021-INV1, Class A2 2.50%, 07/01/2051(a)		95		94,419
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8
6.00%, 05/25/2036		20		13,115
Series 2006-13, Class 1A19 6.25%, 09/25/2036		11		6,933
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036		35		22,611
JPMorgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.159%, 07/25/2036		64		54,880
New Residential Mortgage Loan Trust Series 2021-INV1, Class A2 2.50%, 06/25/2051(a)		96		96,312
United Wholesale Mortgage Trust Series 2021-INV1, Class A3 2.50%, 08/25/2051(a)		72		71,894
				551,473
AGENCY FLOATING RATE – 0.8%
Federal Home Loan Mortgage Corp. REMICs Series 4981, Class HS 5.998% (6.10%–LIBOR 1 Month), 06/25/2050(c)(h)		287		45,779
Federal National Mortgage Association REMICs
Series 2011-131, Class ST 6.438% (6.54%–LIBOR 1 Month), 12/25/2041(c)(h)	U.S.$	85		15,912
Series 2015-90, Class SL 6.048% (6.15%–LIBOR 1 Month), 12/25/2045(c)(h)		169		33,004
Series 2016-77, Class DS 5.898% (6.00%–LIBOR 1 Month), 10/25/2046(c)(h)		132		22,750
Series 2017-26, Class TS 5.848% (5.95%7–LIBOR 1 Month), 04/25/2047(c)(h)		165		30,870
Series 2017-62, Class AS 6.048% (6.15%–LIBOR 1 Month), 08/25/2047(c)(h)		152		26,332
Series 2017-81, Class SA 6.098% (6.20%–LIBOR 1 Month), 10/25/2047(c)(h)		168		31,885
Series 2017-97, Class LS 6.098% (6.20%–LIBOR 1 Month), 12/25/2047(c)(h)		186		36,498
Government National Mortgage Association Series 2017-134, Class SE
6.096% (6.20%–LIBOR 1 Month), 09/20/2047(c)(h)		98		15,510
Series 2017-65, Class ST 6.046% (6.15%–LIBOR 1 Month), 04/20/2047(c)(h)		153		27,570
				286,110
AGENCY FIXED RATE–0.5%
Federal Home Loan Mortgage Corp. REMICs Series 5015, Class BI
4.00%, 09/25/2050(g)		180		30,571
Series 5049, Class CI 3.50%, 12/25/2050(g)		191		25,883
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.632%, 05/28/2035		50		48,515
Federal National Mortgage Association REMICs Series 2020-89, Class KI 4.00%, 12/25/2050 (g)		382		56,988
				161,957
NON-AGENCY FLOATING RATE–0.2%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.482% (LIBOR 1 Month + 0.38%), 12/25/2036 (c)		95		44,018

15

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

	Principal Amount (000)		U.S. $ Value
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.602% (LIBOR 1 Month + 0.50%), 03/25/2035(c)	U.S.$	21	$	18,862
				62,880
Total Collateralized Mortgage Obligations (cost $3,510,170)				3,436,675
ASSET-BACKED SECURITIES–5.5%
OTHER ABS–FIXED RATE 3.7%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(a)(e)		80		79,439
Affirm Asset Securitization Trust Series 2020-A, Class A 2.10%, 02/18/2025(a)		100		100,242
Series 2021-A, Class C 1.66%, 08/15/2025(a)		100		100,221
Series 2021-Z1, Class A
1.07%, 08/15/2025(a)		69		69,062
Atalaya Equipment Leasing Trust Series 2021-1A, Class C 2.69%, 06/15/2028(a)		100		99,697
College Ave Student Loans Series 2021-C, Class C 3.06%, 07/26/2055(a)		100		100,091
Conn’s Receivables Funding Series 2021-A, Class A 1.05%, 05/15/2026(a)		100		100,041
Diamond Issuer Series 2021-1A, Class B 2.701%, 11/20/2051(a)		63		62,100
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(a)		50		49,959
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(a)(e)		94		94,166
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(a)		36		40,127
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)		84		88,425
MVW Series 2021-2A, Class C 2.23%, 05/20/2039(a)		104		103,393
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(a)		33		33,259
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(a)		100		99,700
SEB Funding LLC Series 2021-1A, Class A2 4.969%, 01/30/2052(a)		76		75,567
				1,295,489
AUTOS–FIXED RATE–1.6%
Avis Budget Rental Car Funding AESOP LLC Series 2018-2A, Class A 4.00%, 03/20/2025(a)	U.S.$	105		110,688
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028		33		32,664
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027(a)		100		98,748
Exeter Automobile Receivables Trust Series 2017-3A, Class C 3.68%, 07/17/2023(a)		20		20,003
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(a)		32		31,528
First Investors Auto Owner Trust Series 2020-1A, Class A 1.49%, 01/15/2025(a)		6		6,396
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(a)		150		148,110
LAD Auto Receivables Trust Series 2021-1A, Class C 2.35%, 04/15/2027(a)		94		93,699
				541,836
CREDIT CARDS–FIXED RATE–0.2%
World Financial Network Credit Card Master Trust Series 2019-B, Class M 3.04%, 04/15/2026		80		80,909
Total Asset-Backed Securities (cost $1,913,290)				1,918,234
CORPORATES–NON-INVESTMENT GRADE–5.2%
INDUSTRIAL–3.2%
BASIC–0.3%
Ingevity Corp. 3.875%, 11/01/2028(a)		65		63,383
Sealed Air Corp. 4.00%, 12/01/2027(a)		47		49,028
				112,411
CAPITAL GOODS–0.3%
GFL Environmental, Inc. 3.50%, 09/01/2028(a)		37		36,447
TransDigm, Inc. 6.25%, 03/15/2026(a)		50		51,956
				88,403
COMMUNICATIONS–MEDIA–0.6%
Cable One, Inc. 4.00%, 11/15/2030(a)		37		36,482

16

AB Variable Products Series Fund

	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	$	76,649
DISH DBS Corp. 5.75%, 12/01/2028(a)			36		36,360
Sirius XM Radio, Inc. 4.00%, 07/15/2028(a)			57		57,385
					206,876
COMMUNICATIONS– TELECOMMUNICATIONS–0.2%
Lumen Technologies, Inc. 4.50%, 01/15/2029(a)			60		58,184
CONSUMER CYCLICAL– AUTOMOTIVE–0.4%
ZF Finance GmbH 3.75%, 09/21/2028(a)		EUR	100		122,673
CONSUMER CYCLICAL– ENTERTAINMENT–0.4%
Carnival Corp. 4.00%, 08/01/2028(a)		U.S.$	56		55,593
Mattel, Inc. 3.75%, 04/01/2029(a)			21		21,805
Royal Caribbean Cruises Ltd. 11.50%, 06/01/2025(a)			44		49,443
					126,841
CONSUMER CYCLICAL– RESTAURANTS–0.2%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(a)			77		76,227
CONSUMER CYCLICAL– RETAILERS–0.1%
Levi Strauss & Co. 3.50%, 03/01/2031(a)			42		42,828
CONSUMER NON-CYCLICAL–0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP /Albertsons LLC 3.50%, 03/15/2029(a)			41		41,031
Mozart Debt Merger Sub, Inc. 3.875%, 04/01/2029(a)			50		49,826
Newell Brands, Inc. 4.70%, 04/01/2026			26		28,358
					119,215
ENERGY–0.1%
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)			33		32,012
TRANSPORTATION–AIRLINES–0.3%
Deutsche Lufthansa AG 3.00%, 05/29/2026(a)		EUR	100		113,694
					1,099,364
FINANCIAL INSTITUTIONS–1.8%
BANKING–1.6%
Banco Santander SA 7.50%, 02/08/2024(a)(b)		U.S.$	200		215,428
Credit Suisse Group AG 7.50%, 07/17/2023(a)(b)			200		210,880
Discover Financial Services Series D 6.125%, 06/23/2025(b)		U.S.$	127		139,536
					565,844
FINANCE–0.2%
SLM Corp. 4.20%, 10/29/2025			68		71,223
					637,067
UTILITY–0.2%
ELECTRIC–0.2%
Vistra Corp. 7.00%, 12/15/2026(a)(b)			25		25,365
Vistra Operations Co. LLC 4.375%, 05/01/2029(a)			58		58,219
					83,584
Total Corporates– Non-investment Grade (cost $1,791,473)					1,820,015
INFLATION-LINKED SECURITIES–3.1%
CANADA–0.6%
Canadian Government Real Return Bond 1.50%, 12/01/2044		CAD	208		226,254
UNITED STATES–2.5%
U.S. Treasury Inflation Index
0.125%, 01/15/2031 (TIPS)		U.S.$	85		95,123
0.375%, 01/15/2027 (TIPS)			692		761,589
					856,712
Total Inflation-linked Securities (cost $1,071,736)					1,082,966
LOCAL GOVERNMENTS– US MUNICIPAL BONDS–1.7%
UNITED STATES–1.7%
Port Authority of New York & New Jersye Series 2020-A 1.086%, 07/01/2023			50		50,267
State Board of Administration Finance Corp. Series 2020-A 1.705%, 07/01/2027			80		79,800
State of California Series 2010 7.625%, 03/01/2040			200		331,253
Tobacco Settlement Finance Authority/WV Series 2020 3.00%, 06/01/2035			46		47,315
University of California Series 2021-B 3.071%, 05/15/2051			75		75,631
Total Local Governments–US Municipal Bonds (cost $453,293)					584,266

17

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

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS– CORPORATE BONDS–0.3%
INDUSTRIAL–0.3%
BASIC–0.1%
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)	U.S.$	19	$	18,333
CAPITAL GOODS–0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027		85		88,559
				106,892
UTILITY–0.0%
ELECTRIC–0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(f)		5		5,108
Total Emerging Markets– Corporate Bonds (cost $109,100)				112,000
SHORT-TERM INVESTMENTS–4.8%
U.S. TREASURY BILLS–3.9%
U.S. Treasury Bill Zero Coupon 01/06/2022-09/08/2022 (cost $1,369,829)		1,370		1,369,538
	Shares		U.S. $ Value
INVESTMENT COMPANIES–0.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(i)(j)(k) (cost $313,732)		313,732		313,732
Total Short-Term Investments (cost $1,683,561)				1,683,270
TOTAL INVESTMENTS–105.0% (cost $36,097,266)				36,699,107
Other assets less liabilities–(5.0)%				(1,758,427	)
NET ASSETS–100.0%			$	34,940,680

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		1		March 2022	$	146,437	$	45
U.S. T-Note 2 Yr (CBT) Futures		8		March 2022		1,745,375		(4,408	)
U.S. T-Note 5 Yr (CBT) Futures		3		March 2022		362,930		(35	)
U.S. Ultra Bond (CBT) Futures		11		March 2022		2,168,375		54,297
							$	49,899

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA		USD	361		RUB	26,970		03/02/2022	$	(4,496	)
Goldman Sachs Bank USA		MYR	497		USD	117		06/16/2022		(1,500	)
Morgan Stanley Capital Services, Inc.		AUD	953		USD	704		02/08/2022		11,149
Morgan Stanley Capital Services, Inc.		CAD	1,146		USD	911		02/10/2022		4,546
State Street Bank & Trust Co.		SEK	3,094		USD	354		01/20/2022		11,110
State Street Bank & Trust Co.		SEK	323		USD	35		01/20/2022		(205	)
State Street Bank & Trust Co.		USD	41		SEK	354		01/20/2022		(2,153	)
State Street Bank & Trust Co.		AUD	63		USD	45		02/08/2022		(1,053	)
State Street Bank & Trust Co.		USD	27		AUD	38		02/08/2022		112
State Street Bank & Trust Co.		EUR	63		USD	72		02/10/2022		1,130
State Street Bank & Trust Co.		EUR	210		USD	237		02/10/2022		(2,453	)
State Street Bank & Trust Co.		USD	72		EUR	64		02/10/2022		581
									$	16,768

18

AB Variable Products Series Fund

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2021			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00	%		Quarterly		2.48	%		USD	104	$	8,680	$	4,045	$	4,635
CDX-NAHY Series 37, 5 Year Index, 12/20/2026*		5.00			Quarterly		2.93			USD	239		22,270		21,616		654
												$	30,950	$	25,661	$	5,289

* Termination date

CENTRALLY CLEARED INFLATION (CPI) 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)

USD

450

09/07/2031

2.519

%

CPI

#

Maturity

$

20,283

$

—

$

20,283

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

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	$	(27,658	)	$	10		$	(27,668	)
USD	130		09/27/2029		1.593%		3 Month LIBOR	Semi-Annual/Quarterly		(1,455	)		–0	–		(1,455	)
USD	250		12/13/2029		1.764%		3 Month LIBOR	Semi-Annual/Quarterly		(5,077	)		–0	–		(5,077	)
CAD	240		03/04/2051		2.333%		3 Month CDOR	Semi-Annual		(9,950	)		–0	–		(9,950	)
									$	(44,140)		$	10		$	(44,150)

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 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		5.83	%		USD	7	$	654	$	1,379	$	(725	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.83			USD	7		654		1,380		(726	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.83			USD	119		11,116		22,974		(11,858	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.83			USD	128		11,958		25,568		(13,610	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.83			USD	298		27,838		58,055		(30,217	)

19

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts (continued)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)%		Monthly		5.83	%		USD	595	$	55,583		$	118,102		$	(62,519)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.83			USD	51		4,764			8,668			(3,904	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.83			USD	68		6,353			13,443			(7,090	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.83			USD	27		2,522			5,133			(2,611	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.83			USD	54		5,044			10,801			(5,757	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1		(279	)		(153	)		(126	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1		(279	)		(123	)		(156	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	2		(558	)		(230	)		(328	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	3		(837	)		(363	)		(474	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,116	)		(505	)		(611	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,116	)		(410	)		(706	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	5		(1,395	)		(545	)		(850	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6		(1,674	)		(749	)		(925	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6		(1,674	)		(725	)		(949	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	7		(1,953	)		(994	)		(959	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6		(1,674	)		(689	)		(985	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	7		(1,952	)		(763	)		(1,189	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,232	)		(1,035	)		(1,197	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,232	)		(967	)		(1,265	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9		(2,511	)		(960	)		(1,551	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9		(2,511	)		(941	)		(1,570	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	12		(3,347	)		(1,225	)		(2,122	)

20

AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 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	$	(3,906)		$	(1,493)		$	(2,413)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	28		(7,811	)		(1,844	)		(5,967	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	56		(15,622	)		(7,913	)		(7,709	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	94		(26,223	)		(5,792	)		(20,431	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	318		(88,763	)		(12,391	)		(76,372	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	350		(97,638	)		(19,293	)		(78,345	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00			Monthly		10.00			USD	135		(13,164	)		(2,518	)		(10,646	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,232	)		(893	)		(1,339	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,231	)		(437	)		(1,794	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	27		(7,532	)		(2,940	)		(4,592	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	28		(7,811	)		(3,051	)		(4,760	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	51		(14,227	)		(6,121	)		(8,106	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	132		(36,824	)		(8,812	)		(28,012	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,116	)		(579	)		(537	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	4		(1,115	)		(341	)		(774	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,232	)		(753	)		(1,479	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8		(2,232	)		(696	)		(1,536	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	14		(3,905	)		(1,710	)		(2,195	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	16		(4,463	)		(1,645	)		(2,818	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	28		(7,811	)		(4,359	)		(3,452	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	39		(10,880	)		(6,159	)		(4,721	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	41		(11,438	)		(5,315	)		(6,123	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	49		(13,669	)		(4,033	)		(9,636	)

21

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

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 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	$	(15,901	)	$	(5,784	)	$	(10,117	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	9		(2,511	)		(1,094	)		(1,417	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	18		(5,021	)		(2,121	)		(2,900	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	51		(14,227	)		(5,957	)		(8,270	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	35		(9,764	)		(2,351	)		(7,413	)
												$	(331,123)		$	137,731		$	(468,854)

* 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 December 31, 2021, the aggregate market value of these securities amounted to $9,332,952 or 26.7% of net assets.

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

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2021.

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

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

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.27% of net assets as of December 31, 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	$	22,472	$	22,286		0.06	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		47,286		46,590		0.13	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		4,103		4,024		0.01	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		5,000		5,108		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.353%, 11/25/2025		09/28/2015		15,023		14,464		0.04	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.603%, 11/25/2025		09/28/2015		5,947		5,917		0.02	%

22

AB Variable Products Series Fund

(g) IO—Interest Only.

(h) Inverse interest only security.

(i) Affiliated investments.

(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

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

CPI—Consumer Price Index

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

STIBOR—Stockholm Interbank Offered Rate

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

23

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $35,783,534)	$	36,385,375
Affiliated issuers (cost $313,732)		313,732
Cash		45,058
Cash collateral due from broker		169,014
Foreign currencies, at value (cost $502)		476
Receivable for investment securities sold		763,285
Interest receivable		181,673
Market value on credit default swaps (net premiums paid $265,503)		126,486
Unrealized appreciation on forward currency exchange contracts		28,628
Receivable for capital stock sold		22,520
Receivable for variation margin on futures		17,026
Receivable for variation margin on centrally cleared swaps		533
Affiliated dividends receivable		2
Total assets		38,053,808
LIABILITIES
Payable for investment securities purchased		2,425,473
Market value on credit default swaps (net premiums received $127,772)		457,609
Administrative fee payable		22,472
Advisory fee payable		13,403
Unrealized depreciation on forward currency exchange contracts		11,860
Foreign capital gains tax payable		2,860
Payable for capital stock redeemed		2,520
Distribution fee payable		2,103
Transfer Agent fee payable		146
Accrued expenses		174,682
Total liabilities		3,113,128
NET ASSETS	$	34,940,680
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,379
Additional paid-in capital		33,686,308
Distributable earnings		1,250,993
NET ASSETS	$	34,940,680

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	25,114,269		2,421,097	$	10.37
B	$	9,826,411		957,904	$	10.26

See notes to financial statements.

24

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Interest	$	1,012,768
Dividends—Affiliated issuers		52
		1,012,820
EXPENSES
Advisory fee (see Note B)		169,896
Distribution fee—Class B		26,131
Transfer agency—Class A		3,576
Transfer agency—Class B		1,372
Custody and accounting		97,252
Administrative		87,443
Audit and tax		80,651
Printing		33,145
Legal		22,962
Directors’ fees		18,953
Miscellaneous		9,656
Total expenses		551,037
Less: expenses waived and reimbursed by the Adviser (see Note B)		(255	)
Net expenses		550,782
Net investment income		462,038
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		422,052
Forward currency exchange contracts		76,861
Futures		(207,166	)
Swaps		(3,170	)
Swaptions written		(8,549	)
Foreign currency transactions		(44,736	)
Net change in unrealized appreciation/depreciation of:
Investments (a)		(1,369,659	)
Forward currency exchange contracts		45,535
Futures		119,576
Swaps		(102,064	)
Foreign currency denominated assets and liabilities		(10,373	)
Net loss on investment and foreign currency transactions		(1,081,693	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(619,655	)

(a) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $9,868.

See notes to financial statements.

25

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	462,038		$	819,646
Net realized gain on investment and foreign currency transactions		235,292			1,348,708
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(1,316,985	)		241,431
Net increase (decrease) in net assets from operations		(619,655	)		2,409,785
Distributions to Shareholders
Class A		(1,137,170	)		(1,056,131	)
Class B		(425,287	)		(355,053	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(4,715,609	)		(3,575,324	)
Total decrease		(6,897,721	)		(2,576,723	)
NET ASSETS
Beginning of period		41,838,401			44,415,124
End of period	$	34,940,680		$	41,838,401

See notes to financial statements.

26

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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

27

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.

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AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Corporates—Investment Grade

$

–0

–

$

8,640,396

$

–0

–

$

8,640,396

Governments—Treasuries

–0

–

6,858,310

–0

–

6,858,310

Commercial Mortgage-Backed Securities

–0

–

6,079,702

72,900

6,152,602

Mortgage Pass-Throughs

–0

–

4,410,373

–0

–

4,410,373

Collateralized Mortgage Obligations

–0

–

3,436,675

–0

–

3,436,675

Asset-Backed Securities

–0

–

1,744,629

173,605

1,918,234

Corporates—Non-Investment Grade

–0

–

1,820,015

–0

–

1,820,015

Inflation-Linked Securities

–0

–

1,082,966

–0

–

1,082,966

Local Governments—US Municipal Bonds

–0

–

584,266

–0

–

584,266

Emerging Markets—Corporate Bonds

–0

–

112,000

–0

–

112,000

Short-Term Investments:

U.S. Treasury Bills

–0

–

1,369,538

–0

–

1,369,538

Investment Companies

313,732

–0

–

–0

–

313,732

Total Investments in Securities

313,732

36,138,870

246,505

36,699,107

Other Financial Instruments(a):

Assets:

Futures

54,342

–0

–

–0

–

54,342

(b)

Forward Currency Exchange Contracts

–0

–

28,628

–0

–

28,628

Centrally Cleared Credit Default Swaps

–0

–

30,950

–0

–

30,950

(b)

Centrally Cleared Inflation (CPI) Swaps

–0

–

20,283

–0

–

20,283

(b)

Credit Default Swaps

–0

–

126,486

–0

–

126,486

Liabilities:

Futures

(4,443

)

–0

–

–0

–

(4,443

)(b)

Forward Currency Exchange Contracts

–0

–

(11,860

)

–0

–

(11,860

)

Centrally Cleared Interest Rate Swaps

–0

–

(44,140

)

–0

–

(44,140

)(b)

Credit Default Swaps

–0

–

(457,609

)

–0

–

(457,609

)

Total

$

363,631

$

35,831,608

$

246,505

$

36,441,744

(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.

29

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 .45% of the first $2.5 billion, .40% of the next $2.5 billion up to $5 billion, .35% of the excess over $5 billion up to $8 billion and .30% in excess of $8 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2021, the reimbursement for such services amounted to $87,443.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 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 year ended December 31, 2021, such waiver amounted to $255.

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AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	765	$	25,244	$	25,695	$	314	$	0	*

* Amount is less than $500.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	9,945,906	$	14,496,999
U.S. government securities		42,521,252		40,856,009

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

Cost	$	36,125,063
Gross unrealized appreciation	$	1,299,320
Gross unrealized depreciation		(800,676	)
Net unrealized appreciation	$	498,644

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”.

31

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

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

During the year ended December 31, 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 year ended December 31, 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

32

AB Variable Products Series Fund

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

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

During the year ended December 31, 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 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

33

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

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

Interest Rate Swaps:

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

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

During the year ended December 31, 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 year ended December 31, 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

34

AB Variable Products Series Fund

recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

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

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

During the year ended December 31, 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.

35

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

During the year ended December 31, 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	$	54,342	*	Receivable/Payable for variation margin on futures	$	4,443	*
Credit contracts	Receivable/Payable for variation margin on centrally cleared swaps		5,289	*
Interest rate contracts	Receivable/Payable for variation margin on centrally cleared swaps		20,283	*	Receivable/Payable for variation margin on centrally cleared swaps		44,150	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		28,628		Unrealized depreciation on forward currency exchange contracts		11,860
Credit contracts	Market value on credit default swaps		126,486		Market value on credit default swaps		457,609
Total		$	235,028				$518,062
*   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	$	(207,166	)	$	119,576
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		76,861			45,535
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		(8,549	)		–0	–
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(82,746	)		7,320
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		79,576			(109,384	)
Total		$	(142,024	)	$	63,047

36

AB Variable Products Series Fund

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2021:
Futures:
Average notional amount of buy contracts	$	8,125,343
Average notional amount of sale contracts	$	3,395,927	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	2,299,846
Average principal amount of sale contracts	$	4,430,142
Swaptions Written:
Average notional amount	$	954,000	(b)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	4,062,109
Centrally Cleared Inflation Swaps:
Average notional amount	$	787,500	(c)
Credit Default Swaps:
Average notional amount of buy contracts	$	1,375,692
Average notional amount of sale contracts	$	1,733,303
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	401,932

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

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

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 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
Citibank, NA/Citigroup Global Markets, Inc..	$	107,803	$	(35,742	)	$	–0	–	$	–0	–	$	72,061
Goldman Sachs Bank USA/Goldman Sachs International		4,764		(4,764	)		–0	–		–0	–		–0	–
JPMorgan Securities, LLC		6,353		(6,353	)		–0	–		–0	–		–0	–
Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services, Inc/Morgan Stanley Capital Services LLC		23,261		(9,764	)		–0	–		–0	–		13,497
State Street Bank & Trust Co.		12,933		(5,864	)		–0	–		–0	–		7,069
Total	$	155,114	$	(62,487	)	$	–0	–	$	–0	–	$	92,627	^

37

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.	$	35,742	$	(35,742	)	$	–0	–	$	–0	–	$	–0	–
Credit Suisse International		236,057		–0	–		–0	–		(236,057	)		–0	–
Deutsche Bank AG		84,021		–0	–		–0	–		–0	–		84,021
Goldman Sachs Bank USA/Goldman Sachs International		76,262		(4,764	)		–0	–		–0	–		71,498
JPMorgan Securities, LLC		21,759		(6,353	)		–0	–		–0	–		15,406
Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services, Inc/Morgan Stanley Capital Services LLC		9,764		(9,764	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		5,864		(5,864	)		–0	–		–0	–		–0	–
Total	$	469,469	$	(62,487	)	$	–0	–	$	(236,057	)	$	170,925	^

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

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

2. Currency Transactions

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

3. TBA and Dollar Rolls

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

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended December 31, 2021, the Portfolio earned drop income of $37,317 which is included in interest income in the accompanying statement of operations.

38

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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		152,317			137,413		$	1,636,861		$	1,476,072
Shares issued in reinvestment of dividends and distributions		108,199			97,250			1,137,170			1,056,131
Shares redeemed		(617,683	)		(509,318	)		(6,612,901	)		(5,519,329	)
Net decrease		(357,167	)		(274,655	)	$	(3,838,870	)	$	(2,987,126	)
Class B
Shares sold		111,263			132,767		$	1,175,080		$	1,411,697
Shares issued in reinvestment of dividends and distributions		40,893			33,028			425,287			355,053
Shares redeemed		(234,651	)		(222,779	)		(2,477,106	)		(2,354,948	)
Net decrease		(82,495	)		(56,984	)	$	(876,739	)	$	(588,198	)

At December 31, 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.

39

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

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

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

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

LIBOR Transition and Associated Risk—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

40

AB Variable Products Series Fund

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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 year ended December 31, 2021.

NOTE H: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021		2020
Distributions paid from:
Ordinary income	$	1,364,360	$	1,411,184
Net long-term capital gains		198,097		0
Total taxable distributions paid	$	1,562,457	$	1,411,184

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	491,453
Undistributed capital gains		270,798
Other losses		(3,643	)(a)
Unrealized appreciation/(depreciation)		492,385	(b)
Total accumulated earnings/(deficit)	$	1,250,993

(a) As of December 31, 2021, the cumulative deferred loss on straddles was $3,643.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of callable bonds.

41

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2021, the Portfolio did not have any capital loss carryforwards.

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

NOTE 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.

NOTE J: Subsequent Events

At a meeting held on November 2-4, 2021, the Portfolio’s Board of Directors approved the liquidation and termination of the Portfolio (the “Liquidation”). The Portfolio expects to make liquidating distributions on or shortly after March 4, 2022 and will convert its assets to cash shortly before this date. The insurance company separate accounts through which owners of variable insurance contracts hold interests in the Portfolio will give such Contractholders notice of the Liquidation as well as information about allocating their variable insurance contract assets to other investment options available under their contracts.

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 other material events that would require disclosure in the Portfolio’s financial statements through this date.

42

2021 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2021. The Portfolio designates $198,097 of dividends paid as long-term capital gains dividends.

43

INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$10.99			$10.73			$10.21			$10.56			$10.65
Income From Investment Operations
Net investment income (a)		.14	(b)		.22	(b)		.26	(b)		.23	(b)		.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.29	)		.41			.57			(.31	)		.14
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		(.15	)		.63			.83			(.08	)		.37
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.37	)		(.31	)		(.13	)		(.36	)
Distributions from net realized gain on investment transactions		(.30	)		–0	–		–0	–		(.14	)		(.10	)
Total dividends and distributions		(.47	)		(.37	)		(.31	)		(.27	)		(.46	)
Net asset value, end of period		$10.37			$10.99			$10.73			$10.21			$10.56
Total Return
Total investment return based on net asset value (d)*		(1.45	)%		5.96	%		8.20	%		(.72	)%		3.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$25,115			$30,529			$32,763			$33,267			$38,172
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.39	%		1.27	%		1.26	%		1.16	%		1.11	%
Expenses, before waivers/reimbursements		1.39	%		1.27	%		1.27	%		1.16	%		1.11	%
Net investment income		1.30	%(b)		1.99	%(b)		2.48	%(b)		2.20	%(b)		2.11	%
Portfolio turnover rate**		144	%		89	%		75	%		155	%		216	%

See footnote summary on page 45.

44

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
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$10.87			$10.62			$10.10			$10.45			$10.54
Income From Investment Operations
Net investment income (a)		.11	(b)		.19	(b)		.23	(b)		.20	(b)		.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.28	)		.41			.58			(.31	)		.14
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		(.17	)		.60			.81			(.11	)		.34
Less: Dividends and Distributions
Dividends from net investment income		(.14)			(.35)			(.29)			(.10)			(.33)
Distributions from net realized gain on investment transactions		(.30	)		–0	–		–0	–		(.14	)		(.10	)
Total dividends and distributions		(.44	)		(.35	)		(.29	)		(.24	)		(.43	)
Net asset value, end of period		$10.26			$10.87			$10.62			$10.10			$10.45
Total Return
Total investment return based on net asset value (d)*		(1.64	)%		5.64	%		7.99	%		(1.01	)%		3.28	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$9,826			$11,309			$11,652			$12,054			$14,786
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.64	%		1.52	%		1.51	%		1.41	%		1.36	%
Expenses, before waivers/reimbursements		1.64	%		1.52	%		1.52	%		1.41	%		1.36	%
Net investment income		1.03	%(b)		1.74	%(b)		2.23	%(b)		1.95	%(b)		1.87	%
Portfolio turnover rate **		144	%		89	%		75	%		155	%		216	%

(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.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2019 and December 31, 2017 by .03% and .03%, respectively.

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

See notes to financial statements.

45

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

To the Shareholders and the Board of Directors of AB Intermediate Bond Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Intermediate Bond Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2022

46

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

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

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

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s U.S. Core Fixed Income Investment Team. Messrs. Canter and Rao are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

47

INTERMEDIATE BOND PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan, # 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

48

INTERMEDIATE BOND PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jorge A. Bermudez, ## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey, ## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin, ## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

49

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb, ## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen, ## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody, ## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

50

INTERMEDIATE BOND PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

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

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

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

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

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

51

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS*, AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Michael Canter 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also the Director of Securitized Assets and US Multi-Sector Fixed-Income.
Janaki Rao 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

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

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

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

52

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

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

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

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

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 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.

53

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Intermediate Bond Portfolio (the “Fund”) at a meeting held by video conference on November 2-4, 2021 (the “Meeting”). At the Meeting the directors also approved the liquidation and termination of the Fund (the “Liquidation”) with the Liquidation expected to be effective on or shortly after March 4, 2022.

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 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

54

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the 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, 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 payable 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 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.

55

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

56

VPS-IB-0151-1221

DEC    ^12.31.21

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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—International Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

At a meeting held on November 2-4, 2021, the Adviser recommended and the Portfolio’s Board of Directors approved certain changes to the Portfolio, including changing the Portfolio’s name to “AB Sustainable International Thematic Portfolio” and changes to the Portfolio’s principal investment strategies. The changes to the principal investment strategies became effective on January 4, 2022, while the change to the Portfolio’s name will be effective on or about May 1, 2022.

INVESTMENT OBJECTIVE AND POLICIES

Effective until January 4, 2022

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in an international portfolio of equity securities of companies selected by the Adviser for their growth potential within various market sectors. Examples of the types of market sectors in which the Portfolio may invest include, but are not limited to, information technology (which includes telecommunications), health care, financial services, infrastructure, energy and natural resources, and consumer groups.

The Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries (and normally substantially more) other than the United States. The Portfolio invests in securities of companies in both developed- and emerging-market countries. Geographic distribution of the Portfolio’s investments among countries or regions also will be a product of the stock selection process rather than a predetermined allocation.

The Portfolio may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities. The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in larger capitalization companies, although the Portfolio may invest in smaller or medium capitalization companies.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

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

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

Effective on January 4, 2022

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

The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying, based on its internal research and analysis, securities of companies worldwide that fit into sustainable investment themes. First, the Adviser identifies through its “top-down” process the sustainable investment themes. In

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AB Variable Products Series Fund

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

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

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

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

INVESTMENT RESULTS

The table on page 6 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index ex USA (net), and the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) ex USA (net) for the one-, five- and 10-year periods ended December 31, 2021.

All share classes underperformed the primary benchmark and outperformed the MSCI ACWI ex USA (net) for the annual period. Security selection within the financials and energy sectors detracted from relative returns, while selection within health care and technology contributed. Regarding sector allocation, underweights to energy and materials detracted but were partially offset by gains from an underweight to communication services and an overweight to technology. Country selection (a result of bottom-up security analysis driven by fundamental research) contributed, mainly because of an underweight to China and an overweight to the Netherlands, while underweights to Canada and Taiwan detracted.

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

MARKET REVIEW AND INVESTMENT STRATEGY

International equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. Equity markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets. Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, global markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and

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AB Variable Products Series Fund

remained focused on still generally supportive monetary policy. Growth outperformed value, in terms of style, and large-cap stocks outperformed their small-cap peers.

The Portfolio’s exposures remain focused on secular growth themes, particularly those promoting social and environmental sustainability. This has helped the Portfolio’s Senior Investment Management Team (the “Team”) to identify financially strong companies that the Team believes are more likely to sustain higher-than-average growth over the long term. The Team believes organic sales and earnings growth will be key drivers of returns going forward. The Portfolio is positioned particularly well in this regard.

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INTERNATIONAL GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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

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

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is

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AB Variable Products Series Fund

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

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

An Important Note About Historical Performance

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

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

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

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

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INTERNATIONAL GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
International Growth Portfolio Class A		8.25%		14.87%		9.02%
International Growth Portfolio Class B		8.01%		14.59%		8.74%
Primary Benchmark: MSCI World Index ex USA (net)		12.62%		9.63%		7.84%
MSCI ACWI ex USA (net)		7.82%		9.61%		7.28%
1   Average annual returns.
Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.37% and 1.62% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios to 1.31% and 1.56% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 to 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in International Growth Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 4-5.

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,034.40	$	6.36		1.24	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.95	$	6.31		1.24	%
Class B
Actual	$	1,000	$	1,033.20	$	7.64		1.49	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.69	$	7.58		1.49	%

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

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INTERNATIONAL GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Erste Group Bank AG	$	1,791,299		3.1	%
Partners Group Holding AG		1,774,620		3.1
Schneider Electric SE		1,508,673		2.6
STMicroelectronics NV		1,476,084		2.6
Alcon, Inc.		1,454,506		2.5
NXP Semiconductors NV		1,448,681		2.5
Dassault Systemes SE		1,441,202		2.5
STERIS PLC		1,409,344		2.4
Recruit Holdings Co., Ltd.		1,387,510		2.4
TOMRA Systems ASA		1,375,818		2.4
	$	15,067,737		26.1	%

SECTOR BREAKDOWN²

December 31, 2021 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	11,618,553		20.2	%
Financials		9,682,587		16.8
Industrials		9,187,247		16.0
Health Care		7,487,423		13.0
Consumer Discretionary		5,403,674		9.4
Consumer Staples		4,449,315		7.7
Materials		4,082,350		7.0
Communication Services		1,076,649		1.9
Energy		1,007,299		1.7
Utilities		969,468		1.7
Short-Term Investments		2,634,479		4.6
Total Investments	$	57,599,044		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.

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INTERNATIONAL GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	7,226,967		12.5	%
Switzerland		4,967,579		8.6
Netherlands		4,680,265		8.1
United Kingdom		4,119,469		7.2
France		3,806,725		6.6
Sweden		3,512,364		6.1
Japan		3,300,168		5.7
Germany		3,080,082		5.3
Denmark		2,516,360		4.4
India		2,458,716		4.3
Ireland		2,114,879		3.7
Canada		1,979,494		3.4
Finland		1,902,535		3.3
Other		9,298,962		16.2
Short-Term Investments		2,634,479		4.6
Total Investments	$	57,599,044		100.0	%

1 All data are as of December 31, 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 3.1% or less in the following: Argentina, Austria, China, Hong Kong, Indonesia, Norway, Spain, Taiwan and United Arab Emirates.

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INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.5%
INFORMATION TECHNOLOGY–20.2%
COMMUNICATIONS EQUIPMENT–1.3%
Telefonaktiebolaget LM Ericsson–Class B		66,454	$	731,196
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–3.8%
Flex Ltd.(a)		45,210		828,699
Halma PLC		31,040		1,345,859
				2,174,558
IT SERVICES–3.4%
Adyen NV(a)(b)		377		989,625
Network International Holdings PLC(a)(c)		75,230		297,540
Shopify, Inc.–Class A(a)		477		657,015
				1,944,180
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–9.2%
Infineon Technologies AG		27,955		1,287,005
MediaTek, Inc.		26,000		1,115,647
NXP Semiconductors NV		6,360		1,448,681
STMicroelectronics NV		30,017		1,476,084
				5,327,417
SOFTWARE–2.5%
Dassault Systemes SE		24,285		1,441,202
				11,618,553
FINANCIALS–16.8%
BANKS–8.4%
Bank Mandiri Persero Tbk PT		1,106,000		546,120
Erste Group Bank AG		38,210		1,791,299
HDFC Bank Ltd.		65,572		1,299,547
Svenska Handelsbanken AB–Class A		113,434		1,225,988
				4,862,954
CAPITAL MARKETS–4.8%
London Stock Exchange Group PLC		10,643		1,001,189
Partners Group Holding AG		1,075		1,774,620
				2,775,809
INSURANCE–3.6%
Aflac, Inc.		14,500		846,655
AIA Group Ltd.		72,800		734,759
Prudential PLC		26,740		462,410
				2,043,824
				9,682,587
INDUSTRIALS–16.0%
AEROSPACE & DEFENSE–1.8%
Hexcel Corp.(a)		19,690		1,019,942
COMMERCIAL SERVICES & SUPPLIES–2.4%
TOMRA Systems ASA		19,240		1,375,818
CONSTRUCTION & ENGINEERING–2.3%
WSP Global, Inc.		9,110		1,322,478
ELECTRICAL EQUIPMENT–4.1%
Schneider Electric SE		7,674		1,508,673
Vestas Wind Systems A/S		27,610		840,866
				2,349,539
MACHINERY–3.0%
SMC Corp.		1,800		1,216,544
Xylem, Inc./NY		4,298		515,416
				1,731,960
PROFESSIONAL SERVICES–2.4%
Recruit Holdings Co., Ltd.		22,800		1,387,510
				9,187,247
HEALTH CARE–13.0%
BIOTECHNOLOGY–1.4%
Abcam PLC(a)		34,541		810,229
HEALTH CARE EQUIPMENT & SUPPLIES–7.6%
Alcon, Inc.		16,490		1,454,506
ConvaTec Group PLC(c)		191,320		499,782
Koninklijke Philips NV		27,224		1,007,604
STERIS PLC		5,790		1,409,344
				4,371,236
HEALTH CARE PROVIDERS & SERVICES–2.0%
Apollo Hospitals Enterprise Ltd.		17,181		1,159,169
LIFE SCIENCES TOOLS & SERVICES–1.3%
Gerresheimer AG		7,483		719,482
PHARMACEUTICALS–0.7%
Roche Holding AG		1,030		427,307
				7,487,423
CONSUMER DISCRETIONARY–9.4%
AUTO COMPONENTS–3.4%
Aptiv PLC(a)		6,658		1,098,237
Autoliv, Inc.		8,420		870,712
				1,968,949
AUTOMOBILES–1.2%
BYD Co., Ltd.–Class H		21,000		710,312
INTERNET & DIRECT MARKETING RETAIL–1.2%
MercadoLibre, Inc.(a)		512		690,381

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AB Variable Products Series Fund

Company	Shares		U.S. $ Value
TEXTILES, APPAREL & LUXURY GOODS–3.6%
Puma SE		8,791	$	1,073,594
Shenzhou International Group Holdings Ltd.		49,600		960,438
				2,034,032
				5,403,674
CONSUMER STAPLES–7.7%
FOOD PRODUCTS–5.3%
Danone SA		14,309		889,440
Kerry Group PLC–Class A		6,729		868,146
Nestle SA		9,391		1,311,146
				3,068,732
HOUSEHOLD PRODUCTS–2.4%
Essity AB–Class B		20,980		684,468
Unicharm Corp.		16,000		696,115
				1,380,583
				4,449,315
MATERIALS–7.1%
CHEMICALS–3.4%
Chr Hansen Holding A/S		8,954		706,026
Koninklijke DSM NV		5,481		1,234,356
				1,940,382
CONTAINERS & PACKAGING–3.7%
Huhtamaki Oyj		20,240		895,235
Smurfit Kappa Group PLC		22,620		1,246,733
				2,141,968
				4,082,350
COMMUNICATION SERVICES–1.9%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.3%
Cellnex Telecom SA		13,025		754,507
ENTERTAINMENT–0.6%
Sea Ltd. (ADR)(a)		1,440		322,142
				1,076,649
ENERGY–1.7%
OIL, GAS & CONSUMABLE FUELS–1.7%
Neste Oyj		20,467		1,007,299
UTILITIES–1.7%
ELECTRIC UTILITIES–1.7%
Orsted AS		7,570		969,468
Total Common Stocks (cost $35,738,393)				54,964,565
SHORT-TERM INVESTMENTS–4.6%
INVESTMENT COMPANIES–4.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(d)(e)(f) (cost $2,634,479)		2,634,479		2,634,479
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.1% (cost $38,372,872)				57,599,044
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.8%
INVESTMENT COMPANIES–1.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(d)(e)(f) (cost $1,024,492)		1,024,492		1,024,492
TOTAL INVESTMENTS–101.9% (cost $39,397,364)				58,623,536
Other assets less liabilities–(1.9)%				(1,078,796	)
NET ASSETS–100.0%			$	57,544,740

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		INR	50,217		USD	670		01/07/2022	$	(4,642	)
Barclays Bank PLC		USD	589		RUB	43,982		03/02/2022		(6,741	)
Citibank, NA		USD	2,032		KRW	2,397,232		01/20/2022		(16,582	)
Citibank, NA		USD	5,202		JPY	592,206		02/09/2022		(52,834	)
Deutsche Bank AG		BRL	3,588		USD	636		01/04/2022		(8,446	)
Deutsche Bank AG		USD	643		BRL	3,588		01/04/2022		1,212

11

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)
Deutsche Bank AG		USD	631		BRL	3,588		02/02/2022	$	8,505
Deutsche Bank AG		EUR	6,385		USD	7,382		02/10/2022		107,161
Goldman Sachs Bank USA		CNH	1,602		USD	250		02/17/2022		(1,277	)
Goldman Sachs Bank USA		USD	3,990		CNH	25,582		02/17/2022		19,543
JPMorgan Chase Bank, NA		SEK	9,349		USD	1,072		01/20/2022		36,798
Morgan Stanley Capital Services, Inc.		USD	116		INR	8,763		01/07/2022		1,963
Morgan Stanley Capital Services, Inc.		USD	1,090		TWD	30,497		01/20/2022		11,732
Morgan Stanley Capital Services, Inc.		USD	2,518		AUD	3,406		02/08/2022		(39,850	)
Morgan Stanley Capital Services, Inc.		USD	2,241		CAD	2,821		02/10/2022		(11,189	)
Natwest Markets PLC		USD	130		INR	9,801		01/07/2022		1,921
Standard Chartered Bank		USD	292		INR	21,925		01/07/2022		2,432
Standard Chartered Bank		USD	96		TWD	2,667		01/20/2022		379
State Street Bank & Trust Co.		CHF	1,102		USD	1,201		01/13/2022		(8,431	)
State Street Bank & Trust Co.		USD	214		CHF	197		01/13/2022		2,278
State Street Bank & Trust Co.		USD	262		MXN	5,349		01/13/2022		(1,151	)
State Street Bank & Trust Co.		USD	119		GBP	89		01/14/2022		1,236
State Street Bank & Trust Co.		USD	398		GBP	293		01/14/2022		(1,086	)
State Street Bank & Trust Co.		USD	348		SGD	475		01/14/2022		4,727
State Street Bank & Trust Co.		NOK	6,838		USD	803		01/20/2022		26,904
State Street Bank & Trust Co.		NOK	2,397		USD	269		01/20/2022		(2,628	)
State Street Bank & Trust Co.		SEK	1,560		USD	179		01/20/2022		6,711
State Street Bank & Trust Co.		SEK	2,858		USD	314		01/20/2022		(2,084	)
State Street Bank & Trust Co.		USD	182		SEK	1,652		01/20/2022		962
State Street Bank & Trust Co.		USD	233		SEK	1,988		01/20/2022		(12,519	)
State Street Bank & Trust Co.		USD	442		ZAR	7,023		01/25/2022		(2,401	)
State Street Bank & Trust Co.		AUD	120		USD	85		02/08/2022		(1,926	)
State Street Bank & Trust Co.		USD	98		AUD	135		02/08/2022		279
State Street Bank & Trust Co.		JPY	82,222		USD	727		02/09/2022		11,948
State Street Bank & Trust Co.		USD	127		JPY	14,575		02/09/2022		123
State Street Bank & Trust Co.		USD	451		JPY	51,416		02/09/2022		(4,257	)
State Street Bank & Trust Co.		CAD	175		USD	136		02/10/2022		(1,915	)
State Street Bank & Trust Co.		EUR	755		USD	878		02/10/2022		17,686
State Street Bank & Trust Co.		USD	132		CAD	169		02/10/2022		1,681
State Street Bank & Trust Co.		USD	917		EUR	809		02/10/2022		4,937
State Street Bank & Trust Co.		CNH	812		USD	127		02/17/2022		181
State Street Bank & Trust Co.		USD	192		ILS	602		03/03/2022		1,396
UBS AG		BRL	4,544		USD	812		01/04/2022		(3,511	)
UBS AG		USD	806		BRL	4,544		01/04/2022		9,524
									$	98,749

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2021, the aggregate market value of these securities amounted to $797,322 or 1.4% of net assets.

(d) Affiliated investments.

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

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

12

AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

13

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $35,738,393)	$	54,964,565	(a)
Affiliated issuers (cost $3,658,971—including investment of cash collateral for securities loaned of $1,024,492)		3,658,971
Foreign currencies, at value (cost $64,824)		65,577
Unrealized appreciation on forward currency exchange contracts		282,219
Unaffiliated dividends receivable		94,783
Receivable for capital stock sold		1,207
Affiliated dividends receivable		20
Total assets		59,067,342
LIABILITIES
Payable for collateral received on securities loaned		1,024,492
Unrealized depreciation on forward currency exchange contracts		183,470
Foreign capital gains tax payable		106,053
Advisory fee payable		33,402
Administrative fee payable		22,472
Payable for capital stock redeemed		19,699
Distribution fee payable		6,428
Transfer Agent fee payable		146
Accrued expenses		126,440
Total liabilities		1,522,602
NET ASSETS	$	57,544,740
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,146
Additional paid-in capital		31,426,375
Distributable earnings		26,116,219
NET ASSETS	$	57,544,740

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	26,640,719		982,619	$	27.11
B	$	30,904,021		1,163,229	$	26.57

(a) Includes securities on loan with a value of $968,625 (see Note E).

See notes to financial statements.

14

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $103,309)	$	590,121
Affiliated issuers		297
Interest (net of foreign taxes withheld of $211)		828
Non-cash dividend income		76,448
Securities lending income		9,044
		676,738
EXPENSES
Advisory fee (see Note B)		443,642
Distribution fee—Class B		79,676
Transfer agency—Class A		2,323
Transfer agency—Class B		2,713
Administrative		87,443
Custody and accounting		74,148
Audit and tax		60,088
Printing		29,893
Legal		24,183
Directors’ fees		19,227
Miscellaneous		15,676
Total expenses		839,012
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(31,096	)
Net expenses		807,916
Net investment loss		(131,178	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		7,008,323
Forward currency exchange contracts		(46,124	)
Foreign currency transactions		268,315
Net change in unrealized appreciation/depreciation of:
Investments(b)		(2,291,114	)
Forward currency exchange contracts		(141,891	)
Foreign currency denominated assets and liabilities		5,049
Net gain on investment and foreign currency transactions		4,802,558
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	4,671,380

(a) Net of foreign realized capital gains taxes of $65,098.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $54,187.

See notes to financial statements.

15

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

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(131,178	)	$	(287,752	)
Net realized gain on investment and foreign currency transactions		7,230,514			5,175,567
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(2,427,956	)		9,124,962
Net increase in net assets from operations		4,671,380			14,012,777
Distributions to Shareholders
Class A		(2,543,196	)		(2,359,331	)
Class B		(3,008,549	)		(2,741,392	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(1,053,333	)		(3,312,483	)
Total increase (decrease)		(1,933,698	)		5,599,571
NET ASSETS
Beginning of period		59,478,438			53,878,867
End of period	$	57,544,740		$	59,478,438

See notes to financial statements.

16

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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

17

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 December 31, 2021:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	3,231,935		$	8,386,618	$	–0	–	$	11,618,553
Financials		846,655			8,835,932		–0	–		9,682,587
Industrials		2,857,836			6,329,411		–0	–		9,187,247
Health Care		2,219,573			5,267,850		–0	–		7,487,423
Consumer Discretionary		2,659,330			2,744,344		–0	–		5,403,674
Consumer Staples		–0	–		4,449,315		–0	–		4,449,315
Materials		–0	–		4,082,350		–0	–		4,082,350
Communication Services		322,142			754,507		–0	–		1,076,649

18

AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Energy

$

–0

–

$

1,007,299

$

–0

–

$

1,007,299

Utilities

–0

–

969,468

–0

–

969,468

Short-Term Investments

2,634,479

–0

–

–0

–

2,634,479

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

1,024,492

–0

–

–0

–

1,024,492

Total Investments in Securities

15,796,442

42,827,094

(a)

–0

–

58,623,536

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

282,219

–0

–

282,219

Liabilities:

Forward Currency Exchange Contracts

–0

–

(183,470

)

–0

–

(183,470

)

Total

$

15,796,442

$

42,925,843

$

–0

–

$

58,722,285

(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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. 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.

19

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 year ended December 31, 2021, such reimbursements/waivers amounted to $29,576. This fee waiver and/or expense reimbursement agreement extends through May 1, 2023 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2021, the reimbursement for such services amounted to $87,443.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 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 year ended December 31, 2021, such waiver amounted to $1,507.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,456	$	13,717	$	12,538	$	2,635	$	0	*
Government Money Market Portfolio**		2,335		17,220		18,531		1,024		0	*
Total							$	3,659	$	0	*

* Amount is less than $500.

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

NOTE C: Distribution Plan

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

20

AB Variable Products Series Fund

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	13,990,947		$	20,862,857
U.S. government securities		–0	–		–0	–

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

Cost	$	39,485,156
Gross unrealized appreciation	$	20,247,929
Gross unrealized depreciation		(1,092,711	)
Net unrealized appreciation	$	19,155,218

1. Derivative Financial Instruments

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

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

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 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.

21

INTERNATIONAL GROWTH 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 year ended December 31, 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	$	282,219	Unrealized depreciation on forward currency exchange contracts	$	183,470
Total		$	282,219		$	183,470

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	$	(46,124	)	$	(141,891	)
Total		$	(46,124	)	$	(141,891	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2021:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	26,056,534
Average principal amount of sale contracts	$	17,739,450

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 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

Deutsche Bank AG

$

116,878

$

(8,446

)

$

–0

–

$

–0

–

$

108,432

Goldman Sachs Bank USA

19,543

(1,277

)

–0

–

–0

–

18,266

JPMorgan Chase Bank, NA

36,798

–0

–

–0

–

–0

–

36,798

Morgan Stanley Capital Services, Inc.

13,695

(13,695

)

–0

–

–0

–

–0

–

Natwest Markets PLC

1,921

–0

–

–0

–

–0

–

1,921

Standard Chartered Bank

2,811

–0

–

–0

–

–0

–

2,811

State Street Bank & Trust Co.

81,049

(38,398

)

–0

–

–0

–

42,651

UBS AG

9,524

(3,511

)

–0

–

–0

–

6,013

Total

$

282,219

$

(65,327

)

$

–0

–

$

–0

–

$

216,892

^

22

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

Barclays Bank PLC

$

11,383

$

–0

–

$

–0

–

$

–0

–

$

11,383

Citibank, NA

69,416

–0

–

–0

–

–0

–

69,416

Deutsche Bank AG

8,446

(8,446

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

1,277

(1,277

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

51,039

(13,695

)

–0

–

–0

–

37,344

State Street Bank & Trust Co.

38,398

(38,398

)

–0

–

–0

–

–0

–

UBS AG

3,511

(3,511

)

–0

–

–0

–

–0

–

Total

$

183,470

$

(65,327

)

$

–0

–

$

–0

–

$

118,143

^

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

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

2. Currency Transactions

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

NOTE E: Securities Lending

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

23

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

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

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 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
$968,625	$1,024,492	$–0–	$8,883	$161	$13

* As of December 31, 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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		25,160			19,172		$	699,611		$	434,740
Shares issued in reinvestment of dividends and distributions		93,984			102,313			2,543,196			2,359,331
Shares redeemed		(131,186	)		(153,877	)		(3,650,448	)		(3,611,499	)
Net decrease		(12,042	)		(32,392	)	$	(407,641	)	$	(817,428	)
Class B
Shares sold		69,412			108,028		$	1,884,980		$	2,392,079
Shares issued in reinvestment of dividends and distributions		113,359			120,660			3,008,549			2,741,392
Shares redeemed		(202,023	)		(331,740	)		(5,539,221	)		(7,628,526	)
Net decrease		(19,252	)		(103,052	)	$	(645,692	)	$	(2,495,055	)

At December 31, 2021, certain shareholders of the Portfolio owned 79% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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

24

AB Variable Products Series Fund

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

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

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

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

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

LIBOR Transition and Associated Risk—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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.

25

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021			2020
Distributions paid from:
Ordinary income	$	–0	–	$	1,009,224
Net long-term capital gains		5,551,745			4,091,499
Total taxable distributions paid	$	5,551,745		$	5,100,723

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains	$	7,065,749
Unrealized appreciation/(depreciation)		19,050,470	(a)
Total accumulated earnings/(deficit)	$	26,116,219

(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, 2021, the Portfolio did not have any capital loss carryforwards.

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

NOTE J: Recent Accounting Pronouncements

In 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

At a meeting held on November 2-4, 2021, the Adviser recommended and the Portfolio’s Board of Directors approved certain changes to the Portfolio, including changing the Portfolio’s name to “AB Sustainable International Thematic Portfolio” and changes to the Portfolio’s principal investment strategies. The changes to the principal investment strategies became effective on January 4, 2022, while the change to the Portfolio’s name will be effective on or about May 1, 2022.

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 other material events that would require disclosure in the Portfolio’s financial statements through this date.

26

INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$27.56			$23.49			$18.99			$23.15			$17.34
Income From Investment Operations
Net investment income (loss) (a)(b)		(.02	)		(.10	)		.08			.15			.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.29			6.65			5.08			(4.16	)		6.00
Net increase (decrease) in net asset value from operations		2.27			6.55			5.16			(4.01	)		6.06
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.34	)		(.13	)		(.15	)		(.25	)
Distributions from net realized gain on investment transactions		(2.72	)		(2.14	)		(.53	)		–0	–		–0	–
Total dividends and distributions		(2.72	)		(2.48	)		(.66	)		(.15	)		(.25	)
Net asset value, end of period		$27.11			$27.56			$23.49			$18.99			$23.15
Total Return
Total investment return based on net asset value (c)*		8.25	%		29.94	%		27.53	%		(17.41	)%		35.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$26,641			$27,410			$24,123			$21,522			$30,318
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.23	%		1.31	%		1.36	%		1.27	%		1.24	%
Expenses, before waivers/reimbursements		1.28	%		1.37	%		1.41	%		1.29	%		1.24	%
Net investment income (loss) (b)		(.09	)%		(.42	)%		.40	%		.69	%		.30	%
Portfolio turnover rate		25	%		34	%		49	%		33	%		52	%

See footnote summary on page 28.

27

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
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$27.12			$23.15			$18.71			$22.80			$17.09
Income From Investment Operations
Net investment income (loss) (a)(b)		(.09	)		(.15	)		.03			.09			.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.26			6.54			5.00			(4.09	)		5.90
Net increase (decrease) in net asset value from operations		2.17			6.39			5.03			(4.00	)		5.91
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.28	)		(.06	)		(.09	)		(.20	)
Distributions from net realized gain on investment transactions		(2.72	)		(2.14	)		(.53	)		–0	–		–0	–
Total dividends and distributions		(2.72	)		(2.42	)		(.59	)		(.09	)		(.20	)
Net asset value, end of period		$26.57			$27.12			$23.15			$18.71			$22.80
Total Return
Total investment return based on net asset value (c)*		8.01	%		29.60	%		27.23	%		(17.60	)%		34.63	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$30,904			$32,068			$29,756			$28,169			$41,007
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.48	%		1.56	%		1.61	%		1.52	%		1.49	%
Expenses, before waivers/reimbursements		1.53	%		1.62	%		1.66	%		1.54	%		1.49	%
Net investment income (loss) (b)		(.34	)%		(.67	)%		.15	%		.43	%		.04	%
Portfolio turnover rate		25	%		34	%		49	%		33	%		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.

* 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 .01%.

See notes to financial statements.

28

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2022

29

2021 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2021. For Corporate shareholders, 19.64% of dividends paid qualify for the dividends received deduction. The Portfolio designates $5,551,745 of dividends paid as long-term capital gain dividends.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2021, $125,881 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $744,103.

30

INTERNATIONAL GROWTH PORTFOLIO AB Variable Products Series Fund

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

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

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

31

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership experience and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

33

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

34

AB Variable Products Series Fund

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

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

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

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

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

35

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

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer of Sustainable Thematic Equities.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

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

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

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

36

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.

37

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 for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

38

AB Variable Products Series Fund

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

Fall-Out Benefits

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

Investment Results

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

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

39

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.

40

VPS-IG-0151-1221

DEC    ^12.31.21

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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—International Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and more than 40 developed- and emerging-market countries. These countries currently include the developed nations in Europe and the Far East, Canada, Australia and emerging-market countries worldwide. Under normal market conditions, the Portfolio invests significantly, at least 40%—unless market conditions are not deemed favorable by the Adviser—in securities of non-US companies. In addition, the Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using a fundamental value approach. In selecting securities for the Portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose stocks are priced low in relation to their perceived long-term earnings power.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. The Adviser evaluates currency and equity positions separately and may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge a portion of its currency risk, the Portfolio may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures, options on futures, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”).

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may invest in depositary receipts, instruments of supranational entities denominated in the currency of any country, securities of multinational companies and “semi-governmental securities,” and enter into forward commitments.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (net), for the one-, five- and 10-year periods ended December 31, 2021.

During the annual period, all share classes of the Portfolio underperformed the benchmark. Sector selection drove underperformance, relative to the benchmark. Losses from underweights to the technology and industrials sectors detracted most, while underweights to health care and consumer staples contributed. Overall security selection was positive. Selection within financials and consumer staples contributed, offsetting losses within the materials and technology sectors. In terms of country positioning (a result of bottom-up security analysis driven by fundamental research), an overweight to South Korea detracted while an underweight to Hong Kong contributed.

The Portfolio used derivatives in the form of forwards for hedging purposes, which added to absolute returns during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

International equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. International markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets. Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, equity markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and

1

AB Variable Products Series Fund

remained focused on still generally supportive monetary policy. Growth outperformed value, in terms of style, and large-cap stocks outperformed their small-cap peers.

The Portfolio’s Senior Investment Management Team (the “Team”) has continued to identify opportunities against a changing market backdrop. The Team has flexibility to adjust the Portfolio’s positions in real time when warranted, and to maintain conviction through short-term volatility. As markets face new uncertainties, the Team believes that this disciplined approach is the best way to capture the long-term potential for equities.

2

INTERNATIONAL VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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

An Important Note About Historical Performance

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

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

INTERNATIONAL VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
International Value Portfolio Class A		11.08%		5.24%		5.70%
International Value Portfolio Class B		10.86%		4.98%		5.44%
MSCI EAFE Index (net)		11.26%		9.55%		8.03%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.92% and 1.17% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 TO 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in International Value Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 0		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,012.10	$	4.51		0.89	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.72	$	4.53		0.89	%
Class B
Actual	$	1,000	$	1,010.60	$	5.78		1.14	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.46	$	5.80		1.14	%

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

6

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Roche Holding AG	$	15,972,153		4.6	%
Nestle SA		11,681,778		3.3
SCREEN Holdings Co., Ltd.		8,531,774		2.4
Erste Group Bank AG		7,677,597		2.2
Stellantis NV		7,394,192		2.1
EDP—Energias de Portugal SA		7,253,599		2.1
Airbus SE		7,193,002		2.1
Fuji Electric Co., Ltd.		7,123,502		2.0
Bank of Ireland Group PLC		6,948,055		2.0
Suncorp Group Ltd.		6,570,727		1.9
	$	86,346,379		24.7	%

SECTOR BREAKDOWN²

December 31, 2021 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Consumer Discretionary	$	71,209,842		20.4	%
Financials		64,924,178		18.6
Industrials		41,786,883		12.0
Consumer Staples		40,313,966		11.6
Health Care		31,677,254		9.1
Information Technology		25,117,596		7.2
Materials		22,192,824		6.4
Communication Services		14,719,234		4.2
Energy		12,979,028		3.7
Utilities		12,113,615		3.5
Real Estate		9,421,001		2.7
Short-Term Investments		2,076,417		0.6
Total Investments	$	348,531,838		100.0	%

1 Long-term investments.

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

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

7

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Japan	$	81,668,054		23.4	%
United Kingdom		46,889,632		13.5
France		28,601,258		8.2
Switzerland		27,653,932		7.9
Italy		19,697,707		5.7
Germany		14,390,914		4.1
Netherlands		13,207,419		3.8
Ireland		12,741,811		3.7
South Korea		9,878,312		2.8
Spain		9,031,996		2.6
Canada		8,320,465		2.4
Sweden		8,080,595		2.3
Austria		7,677,597		2.2
Other		58,615,729		16.8
Short-Term Investments		2,076,417		0.6
Total Investments	$	348,531,838		100.0	%

1 All data are as of December 31, 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 2.1% or less in the following: Australia, Belgium, Denmark, Finland, Israel, Macau, Norway, Poland, Portugal, South Africa and United States.

8

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.0%
CONSUMER DISCRETIONARY–20.3%
AUTO COMPONENTS–3.3%
Faurecia SE		112,936	$	5,373,044
Pirelli & C SpA(a)		890,650		6,177,109
				11,550,153
AUTOMOBILES–3.4%
Stellantis NV		389,738		7,394,192
Suzuki Motor Corp.		113,300		4,369,169
				11,763,361
DIVERSIFIED CONSUMER SERVICES–1.3%
Benesse Holdings, Inc.		237,400		4,661,884
HOTELS, RESTAURANTS & LEISURE–3.6%
Entain PLC(b)		223,640		5,111,666
Galaxy Entertainment Group Ltd.(b)		547,000		2,837,618
Restaurant Brands International, Inc.(c)		77,540		4,701,623
				12,650,907
HOUSEHOLD DURABLES–3.0%
Persimmon PLC		117,240		4,544,107
Sony Group Corp.		48,100		6,073,980
				10,618,087
SPECIALTY RETAIL–1.6%
Kingfisher PLC		1,199,870		5,519,094
TEXTILES, APPAREL & LUXURY GOODS–4.1%
Burberry Group PLC		211,460		5,219,308
HUGO BOSS AG		91,500		5,538,859
Pandora A/S		29,650		3,688,189
				14,446,356
				71,209,842
FINANCIALS–18.6%
BANKS–13.9%
Banco Bilbao Vizcaya Argentaria SA		869,360		5,156,157
Bank Leumi Le-Israel BM		476,430		5,110,195
Bank of Ireland Group PLC(b)		1,226,821		6,948,055
Bank Polska Kasa Opieki SA		55,230		1,667,043
BNP Paribas SA		78,800		5,448,313
Erste Group Bank AG		163,770		7,677,597
KBC Group NV		71,080		6,107,281
Mediobanca Banca di Credito Finanziario SpA		435,470		4,999,403
Nordea Bank Abp		457,320		5,578,639
				48,692,683
DIVERSIFIED FINANCIAL SERVICES–1.1%
ORIX Corp.		179,500		3,663,266

Company	Shares		U.S. $ Value
INSURANCE–3.6%
NN Group NV		110,900	$	5,997,502
Suncorp Group Ltd.(c)		816,130		6,570,727
				12,568,229
				64,924,178
INDUSTRIALS–11.9%
AEROSPACE & DEFENSE–2.9%
Airbus SE(b)		56,220		7,193,002
Saab AB–Class B		124,200		3,154,642
				10,347,644
ELECTRICAL EQUIPMENT–3.1%
Fuji Electric Co., Ltd.		130,400		7,123,502
Prysmian SpA		97,330		3,661,179
				10,784,681
INDUSTRIAL CONGLOMERATES–1.8%
Melrose Industries PLC		2,930,120		6,372,378
MACHINERY–2.1%
Alstom SA		110,050		3,907,924
Amada Co., Ltd.		350,800		3,473,577
				7,381,501
PROFESSIONAL SERVICES–1.0%
UT Group Co., Ltd.		93,800		3,522,900
ROAD & RAIL–1.0%
Sankyu, Inc.		81,400		3,377,779
				41,786,883
CONSUMER STAPLES–11.5%
BEVERAGES–1.0%
Carlsberg AS–Class B		19,350		3,340,734
FOOD & STAPLES RETAILING–1.0%
Koninklijke Ahold Delhaize NV		99,120		3,401,435
FOOD PRODUCTS–6.4%
Morinaga & Co., Ltd./Japan		72,100		2,358,234
Nestle SA		83,670		11,681,778
Nichirei Corp.		142,400		3,305,556
Salmar ASA		75,900		5,234,812
				22,580,380
TOBACCO–3.1%
British American Tobacco PLC		163,350		6,065,464
Swedish Match AB		620,500		4,925,953
				10,991,417
				40,313,966
HEALTH CARE–9.1%
HEALTH CARE EQUIPMENT & SUPPLIES–2.3%
ConvaTec Group PLC(a)		1,560,619		4,076,778

9

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Smith & Nephew PLC		228,170	$	3,982,107
				8,058,885
PHARMACEUTICALS–6.8%
Nippon Shinyaku Co., Ltd.		38,100		2,653,101
Roche Holding AG		38,500		15,972,153
Sanofi		49,760		4,993,115
				23,618,369
				31,677,254
INFORMATION TECHNOLOGY–7.2%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.8%
Horiba Ltd.		49,300		2,899,029
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.1%
NXP Semiconductors NV		16,720		3,808,481
SCREEN Holdings Co., Ltd.		79,400		8,531,774
SK Hynix, Inc.(b)		48,340		5,309,308
				17,649,563
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.3%
Samsung Electronics Co., Ltd.		69,570		4,569,004
				25,117,596
MATERIALS–6.3%
CHEMICALS–2.6%
Tosoh Corp.		402,000		5,972,318
Zeon Corp.		257,400		2,975,208
				8,947,526
CONSTRUCTION MATERIALS–1.6%
CRH PLC		109,440		5,793,755
METALS & MINING–2.1%
Agnico Eagle Mines Ltd.		68,130		3,618,843
Anglo American PLC		93,180		3,832,700
				7,451,543
				22,192,824
COMMUNICATION SERVICES–4.2%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.9%
Deutsche Telekom AG		262,880		4,857,362
Orange SA		157,820		1,685,861
				6,543,223
ENTERTAINMENT–1.7%
GungHo Online Entertainment, Inc.		137,800		3,097,732
Konami Holdings Corp.(c)		59,700		2,865,572
				5,963,304

Company	Shares		U.S. $ Value
INTERACTIVE MEDIA & SERVICES–0.6%
Dip Corp.		65,000	$	2,212,707
				14,719,234
ENERGY–3.7%
OIL, GAS & CONSUMABLE FUELS–3.7%
ENEOS Holdings, Inc.		831,000		3,104,458
Repsol SA		327,265		3,875,840
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A		274,230		5,998,730
				12,979,028
UTILITIES–3.5%
ELECTRIC UTILITIES–3.5%
EDP–Energias de Portugal SA(c)		1,320,444		7,253,599
Enel SpA		607,800		4,860,016
				12,113,615
REAL ESTATE–2.7%
REAL ESTATE MANAGEMENT & DEVELOPMENT–2.7%
Aroundtown SA		662,210		3,994,694
Daito Trust Construction Co., Ltd.		47,300		5,426,307
				9,421,001
Total Common Stocks (cost $300,394,648)				346,455,421
SHORT-TERM INVESTMENTS–0.6%
INVESTMENT COMPANIES–0.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(d)(e)(f) (cost $2,076,417)		2,076,417		2,076,417
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.6% (cost $302,471,065)				348,531,838

10

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

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%(d)(e)(f) (cost $3,294,586)		3,294,586	$	3,294,586
TOTAL INVESTMENTS–100.5% (cost $305,765,651)				351,826,424
Other assets less liabilities–(0.5)%				(1,914,607	)
NET ASSETS–100.0%			$	349,911,817

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		GBP	2,756		USD	3,675		01/14/2022	$	(55,265	)
Bank of America, NA		USD	824		GBP	617		01/14/2022		11,242
Bank of America, NA		USD	1,058		AUD	1,453		02/08/2022		(438	)
Bank of America, NA		JPY	205,200		USD	1,822		02/09/2022		37,576
Bank of America, NA		USD	2,300		JPY	260,496		02/09/2022		(35,094	)
Bank of America, NA		USD	930		EUR	825		02/10/2022		9,034
Bank of America, NA		RUB	112,289		USD	1,496		03/02/2022		10,306
Barclays Bank PLC		GBP	859		USD	1,156		01/14/2022		(6,579	)
Barclays Bank PLC		KRW	980,611		USD	833		01/20/2022		8,724
Barclays Bank PLC		SEK	16,529		USD	1,820		01/20/2022		(9,718	)
Barclays Bank PLC		USD	909		SEK	8,263		01/20/2022		5,387
Barclays Bank PLC		JPY	158,371		USD	1,383		02/09/2022		5,626
Citibank, NA		KRW	9,052,117		USD	7,671		01/20/2022		62,616
Citibank, NA		JPY	212,330		USD	1,865		02/09/2022		18,943
Citibank, NA		EUR	945		USD	1,067		02/10/2022		(9,745	)
Citibank, NA		USD	5,737		EUR	5,069		02/10/2022		38,062
Citibank, NA		USD	2,128		EUR	1,868		02/10/2022		(265	)
Citibank, NA		USD	1,504		RUB	112,289		03/02/2022		(18,720	)
Credit Suisse International		USD	4,076		CHF	3,784		01/13/2022		77,887
Credit Suisse International		USD	1,874		SEK	16,025		01/20/2022		(100,216	)
Deutsche Bank AG		BRL	9,756		USD	1,729		01/04/2022		(22,965	)
Deutsche Bank AG		USD	1,748		BRL	9,756		01/04/2022		3,296
Deutsche Bank AG		USD	1,716		BRL	9,756		02/02/2022		23,126
Deutsche Bank AG		USD	1,030		AUD	1,396		02/08/2022		(14,205	)
Deutsche Bank AG		EUR	21,958		USD	25,386		02/10/2022		368,528
Deutsche Bank AG		EUR	1,183		USD	1,337		02/10/2022		(10,767	)
Deutsche Bank AG		ILS	8,002		USD	2,553		03/03/2022		(21,787	)

11

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		USD	11,710		CHF	10,744		01/13/2022	$	83,469
Goldman Sachs Bank USA		GBP	627		USD	832		01/14/2022		(16,983	)
Goldman Sachs Bank USA		USD	966		SEK	8,266		01/20/2022		(50,773	)
Goldman Sachs Bank USA		USD	2,168		CNH	13,900		02/17/2022		10,618
JPMorgan Chase Bank, NA		CHF	3,851		USD	4,170		01/13/2022		(57,966	)
JPMorgan Chase Bank, NA		GBP	1,327		USD	1,765		01/14/2022		(30,424	)
JPMorgan Chase Bank, NA		KRW	623,847		USD	529		01/20/2022		4,320
JPMorgan Chase Bank, NA		SEK	16,025		USD	1,837		01/20/2022		63,076
JPMorgan Chase Bank, NA		USD	559		NOK	4,788		01/20/2022		(15,847	)
Morgan Stanley Capital Services, Inc.		BRL	9,756		USD	1,748		01/04/2022		(3,296	)
Morgan Stanley Capital Services, Inc.		USD	1,731		BRL	9,756		01/04/2022		20,327
Morgan Stanley Capital Services, Inc.		USD	1,074		CHF	976		01/13/2022		(2,391	)
Morgan Stanley Capital Services, Inc.		GBP	474		USD	628		01/14/2022		(13,465	)
Morgan Stanley Capital Services, Inc.		USD	2,972		GBP	2,233		01/14/2022		50,732
Morgan Stanley Capital Services, Inc.		KRW	398,945		USD	336		01/20/2022		572
Morgan Stanley Capital Services, Inc.		NOK	18,975		USD	2,254		01/20/2022		99,652
Morgan Stanley Capital Services, Inc.		NOK	11,362		USD	1,251		01/20/2022		(38,657	)
Morgan Stanley Capital Services, Inc.		USD	1,127		NZD	1,622		01/20/2022		(16,179	)
Morgan Stanley Capital Services, Inc.		USD	1,716		IDR	24,732,687		01/27/2022		21,467
Morgan Stanley Capital Services, Inc.		AUD	1,343		USD	955		02/08/2022		(22,540	)
Morgan Stanley Capital Services, Inc.		USD	15,558		AUD	21,044		02/08/2022		(246,214	)
Morgan Stanley Capital Services, Inc.		JPY	247,942		USD	2,181		02/09/2022		25,465
Morgan Stanley Capital Services, Inc.		USD	1,716		JPY	197,642		02/09/2022		2,819
Morgan Stanley Capital Services, Inc.		USD	942		JPY	108,200		02/09/2022		(880	)
Morgan Stanley Capital Services, Inc.		CAD	9,606		USD	7,632		02/10/2022		38,101
Morgan Stanley Capital Services, Inc.		EUR	4,105		USD	4,649		02/10/2022		(28,277	)
Morgan Stanley Capital Services, Inc.		USD	1,212		CAD	1,559		02/10/2022		20,593
Morgan Stanley Capital Services, Inc.		USD	1,982		EUR	1,755		02/10/2022		17,241
Natwest Markets PLC		USD	1,660		MXN	33,905		01/13/2022		(6,980	)
Natwest Markets PLC		USD	2,236		GBP	1,679		01/14/2022		36,795
Natwest Markets PLC		USD	2,257		JPY	256,791		02/09/2022		(23,682	)
Natwest Markets PLC		HKD	9,610		USD	1,234		02/10/2022		1,683
Standard Chartered Bank		USD	1,765		INR	133,278		01/07/2022		25,838
Standard Chartered Bank		GBP	1,217		USD	1,638		01/14/2022		(9,658	)
Standard Chartered Bank		IDR	24,732,687		USD	1,715		01/27/2022		(22,419	)
Standard Chartered Bank		USD	3,602		EUR	3,173		02/10/2022		13,491
State Street Bank & Trust Co.		CHF	2,873		USD	3,130		01/13/2022		(23,882	)
State Street Bank & Trust Co.		USD	3,541		CHF	3,253		01/13/2022		29,708
State Street Bank & Trust Co.		GBP	452		USD	606		01/14/2022		(3,691	)
State Street Bank & Trust Co.		USD	2,173		GBP	1,628		01/14/2022		30,753
State Street Bank & Trust Co.		USD	1,980		AUD	2,758		02/08/2022		26,558
State Street Bank & Trust Co.		USD	200		JPY	22,712		02/09/2022		(2,653	)
State Street Bank & Trust Co.		CAD	445		USD	354		02/10/2022		1,921
State Street Bank & Trust Co.		EUR	1,079		USD	1,255		02/10/2022		25,277
State Street Bank & Trust Co.		EUR	2,633		USD	2,962		02/10/2022		(37,867	)
State Street Bank & Trust Co.		USD	431		CAD	549		02/10/2022		2,876
State Street Bank & Trust Co.		USD	1,601		EUR	1,410		02/10/2022		5,963
State Street Bank & Trust Co.		USD	1,109		EUR	958		02/10/2022		(17,371	)
State Street Bank & Trust Co.		USD	500		PLN	2,043		02/17/2022		5,344
UBS AG		CHF	4,369		USD	4,756		01/13/2022		(38,984	)

12

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

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
UBS AG		USD	3,466		GBP	2,555		01/14/2022	$	(8,171	)
UBS AG		USD	3,599		SGD	4,849		01/14/2022		(569	)
UBS AG		AUD	1,614		USD	1,158		02/08/2022		(16,714	)
UBS AG		JPY	109,712		USD	969		02/09/2022		14,715
UBS AG		PLN	7,041		USD	1,722		02/17/2022		(20,366	)
									$	277,064

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2021, the aggregate market value of these securities amounted to $10,253,887 or 2.9% of net assets.

(b) Non-income producing security.

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

(d) Affiliated investments.

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

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

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.

13

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $300,394,648)	$	346,455,421	(a)
Affiliated issuers (cost $5,371,003—including investment of cash collateral for securities loaned of $3,294,586)		5,371,003
Foreign currencies, at value (cost $424,654)		422,654
Unaffiliated dividends receivable		1,458,212
Unrealized appreciation on forward currency exchange contracts		1,359,727
Receivable for capital stock sold		29,722
Receivable for investment securities sold and foreign currency transactions		191
Affiliated dividends receivable		20
Total assets		355,096,950
LIABILITIES
Payable for collateral received on securities loaned		3,294,586
Unrealized depreciation on forward currency exchange contracts		1,082,663
Advisory fee payable		216,624
Payable for capital stock redeemed		99,313
Foreign capital gains tax payable		77,257
Distribution fee payable		63,160
Payable for investment securities purchased		36,504
Administrative fee payable		22,681
Transfer Agent fee payable		146
Accrued expenses		292,199
Total liabilities		5,185,133
NET ASSETS	$	349,911,817
COMPOSITION OF NET ASSETS
Capital stock, at par	$	22,386
Additional paid-in capital		309,583,865
Distributable earnings		40,305,566
NET ASSETS	$	349,911,817

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	45,175,112		2,874,022	$	15.72
B	$	304,736,705		19,512,350	$	15.62

(a) Includes securities on loan with a value of $7,685,985 (see Note E).

See notes to financial statements.

14

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,202,554)	$	11,142,972
Affiliated issuers		387
Securities lending income		142,887
		11,286,246
EXPENSES
Advisory fee (see Note B)		2,624,382
Distribution fee—Class B		764,154
Transfer agency—Class A		856
Transfer agency—Class B		5,909
Custody and accounting		136,631
Printing		118,658
Administrative		87,945
Audit and tax		64,275
Legal		38,206
Directors’ fees		22,899
Miscellaneous		37,202
Total expenses		3,901,117
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(1,998	)
Net expenses		3,899,119
Net investment income		7,387,127
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		30,296,682
Forward currency exchange contracts		145,094
Foreign currency transactions		231,704
Net change in unrealized appreciation/depreciation of:
Investments		(1,909,762	)
Forward currency exchange contracts		(95,882	)
Foreign currency denominated assets and liabilities		(67,452	)
Net gain on investment and foreign currency transactions		28,600,384
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	35,987,511

See notes to financial statements.

15

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

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	7,387,127		$	3,805,022
Net realized gain (loss) on investment and foreign currency transactions		30,673,480			(11,954,683	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(2,073,096	)		13,751,888
Net increase in net assets from operations		35,987,511			5,602,227
Distributions to Shareholders
Class A		(884,118	)		(699,773	)
Class B		(5,171,597	)		(4,157,435	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(21,428,971	)		(36,959,684	)
Total increase (decrease)		8,502,825			(36,214,665	)
NET ASSETS
Beginning of period		341,408,992			377,623,657
End of period	$	349,911,817		$	341,408,992

See notes to financial statements.

16

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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

17

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Consumer Discretionary	$	4,701,623		$	66,508,219	$	–0	–	$	71,209,842
Financials		–0	–		64,924,178		–0	–		64,924,178
Industrials		–0	–		41,786,883		–0	–		41,786,883
Consumer Staples		–0	–		40,313,966		–0	–		40,313,966
Health Care		–0	–		31,677,254		–0	–		31,677,254
Information Technology		3,808,481			21,309,115		–0	–		25,117,596
Materials		3,618,843			18,573,981		–0	–		22,192,824
Communication Services		–0	–		14,719,234		–0	–		14,719,234

18

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

Level 1

Level 2

Level 3

Total

Energy

$

–0

–

$

12,979,028

$

–0

–

$

12,979,028

Utilities

–0

–

12,113,615

–0

–

12,113,615

Real Estate

–0

–

9,421,001

–0

–

9,421,001

Short-Term Investments

2,076,417

–0

–

–0

–

2,076,417

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

3,294,586

–0

–

–0

–

3,294,586

Total Investments in Securities

17,499,950

334,326,474

(a)

–0

–

351,826,424

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

1,359,727

–0

–

1,359,727

Liabilities:

Forward Currency Exchange Contracts

–0

–

(1,082,663

)

–0

–

(1,082,663

)

Total

$

17,499,950

$

334,603,538

$

–0

–

$

352,103,488

(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.

19

AB Variable Products Series Fund

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 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 year ended December 31, 2021, the reimbursement for such services amounted to $87,945.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 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 year ended December 31, 2021, such waiver amounted to $1,933.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	318	$	88,260	$	86,502	$	2,076	$	0	*
Government Money Market Portfolio**		5,169		49,461		51,335		3,295		0	*
Total							$	5,371	$	0	***

* Amount is less than $500.

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

*** Amount is greater than $500.

NOTE C: Distribution Plan

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

20

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	144,760,291		$	162,508,260
U.S. government securities		–0	–		–0	–

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

Cost	$	307,995,121
Gross unrealized appreciation	$	63,442,189
Gross unrealized depreciation		(19,610,724	)
Net unrealized appreciation	$	43,831,465

1. Derivative Financial Instruments

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

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

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 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

21

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 year ended December 31, 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	$	1,359,727	Unrealized depreciation on forward currency exchange contracts	$	1,082,663
Total		$	1,359,727		$	1,082,663

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	$	145,094	$	(95,882	)
Total		$	145,094	$	(95,882	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2021:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	84,423,735
Average principal amount of sale contracts	$	85,209,761

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 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

$

68,158

$

(68,158

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

19,737

(16,297

)

–0

–

–0

–

3,440

Citibank, NA

119,621

(28,730

)

–0

–

–0

–

90,891

Credit Suisse International

77,887

(77,887

)

–0

–

–0

–

–0

–

Deutsche Bank AG

394,950

(69,724

)

–0

–

–0

–

325,226

Goldman Sachs Bank USA

94,087

(67,756

)

–0

–

–0

–

26,331

JPMorgan Chase Bank, NA

67,396

(67,396

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

296,969

(296,969

)

–0

–

–0

–

–0

–

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

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Natwest Markets PLC	$	38,478	$	(30,662	)	$	–0	–	$	–0	–	$	7,816
Standard Chartered Bank		39,329		(32,077	)		–0	–		–0	–		7,252
State Street Bank & Trust Co.		128,400		(85,464	)		–0	–		–0	–		42,936
UBS AG		14,715		(14,715	)		–0	–		–0	–		–0	–
Total	$	1,359,727	$	(855,835	)	$	–0	–	$	–0	–	$	503,892	^
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	$	90,797	$	(68,158	)	$	–0	–	$	–0	–	$	22,639
Barclays Bank PLC		16,297		(16,297	)		–0	–		–0	–		–0	–
Citibank, NA		28,730		(28,730	)		–0	–		–0	–		–0	–
Credit Suisse International		100,216		(77,887	)		–0	–		–0	–		22,329
Deutsche Bank AG		69,724		(69,724	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA		67,756		(67,756	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank, NA		104,237		(67,396	)		–0	–		–0	–		36,841
Morgan Stanley Capital Services, Inc.		371,899		(296,969	)		–0	–		–0	–		74,930
Natwest Markets PLC		30,662		(30,662	)		–0	–		–0	–		–0	–
Standard Chartered Bank		32,077		(32,077	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		85,464		(85,464	)		–0	–		–0	–		–0	–
UBS AG		84,804		(14,715	)		–0	–		–0	–		70,089
Total	$	1,082,663	$	(855,835	)	$	–0	–	$	–0	–	$	226,828	^

* 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

23

AB Variable Products Series Fund

same preferential tax treatment as qualified dividends. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 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
$	7,685,985	$	3,294,586	$	4,686,497	$	142,654	$	233	$	65

* As of December 31, 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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		303,835			486,449		$	4,730,676		$	5,692,849
Shares issued in reinvestment of dividends		57,915			54,029			884,118			699,773
Shares redeemed		(394,359	)		(1,395,831	)		(6,206,137	)		(17,164,618	)
Net decrease		(32,609	)		(855,353	)	$	(591,343	)	$	(10,771,996	)
Class B
Shares sold		1,373,223			2,131,892		$	21,413,712		$	23,010,244
Shares issued in reinvestment of dividends		342,454			323,268			5,171,597			4,157,435
Shares redeemed		(3,078,043	)		(4,300,841	)		(47,422,937	)		(53,355,367	)
Net decrease		(1,362,366	)		(1,845,681	)	$	(20,837,628	)	$	(26,187,688	)

At December 31, 2021, certain shareholders of the Portfolio owned 51% 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.

24

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

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

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

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

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

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

LIBOR Transition and Associated Risk—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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.

25

AB Variable Products Series Fund

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021		2020
Distributions paid from:
Ordinary income	$	6,055,715	$	4,857,208
Total taxable distributions paid	$	6,055,715	$	4,857,208

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	4,241,740
Accumulated capital and other losses		(7,752,674	)(a)
Unrealized appreciation/(depreciation)		43,816,500	(b)
Total accumulated earnings/(deficit)	$	40,305,566

(a) As of December 31, 2021, the Portfolio had a net capital loss carryforward of $7,752,674. During the fiscal year, the Portfolio utilized $29,545,586 of capital loss carry forwards to offset current year net realized gains.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2021, the Portfolio had a net long-term capital loss carryforward of $7,752,674, which may be carried forward for an indefinite period.

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

NOTE J: Recent Accounting Pronouncements

In 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.

26

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$14.45			$14.37			$12.38			$16.30			$13.28
Income From Investment Operations
Net investment income (a)(b)		.37			.18			.28			.25			.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.22			.14			1.84			(3.94	)		3.06
Net increase (decrease) in net asset value from operations		1.59			.32			2.12			(3.69	)		3.37
Less: Dividends
Dividends from net investment income		(.32	)		(.24	)		(.13	)		(.23	)		(.35	)
Net asset value, end of period		$15.72			$14.45			$14.37			$12.38			$16.30
Total Return
Total investment return based on net asset value (c)*		11.08	%		2.46	%		17.14	%		(22.79	)%		25.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$45,175			$41,994			$54,042			$57,234			$53,014
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.90	%		.91	%		.90	%		.86	%		.85	%
Expenses, before waivers/reimbursements		.90	%		.92	%		.90	%		.87	%		.86	%
Net investment income (b)		2.34	%		1.47	%		2.10	%		1.65	%		2.05	%
Portfolio turnover rate		43	%		54	%		44	%		42	%		45	%

See footnote summary on page 28.

27

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$14.34			$14.24			$12.29			$16.15			$13.16
Income From Investment Operations
Net investment income (a)(b)		.32			.14			.24			.23			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.23			.15			1.82			(3.92	)		3.02
Net increase (decrease) in net asset value from operations		1.55			.29			2.06			(3.69	)		3.29
Less: Dividends
Dividends from net investment income		(.27	)		(.19	)		(.11	)		(.17	)		(.30	)
Net asset value, end of period		$15.62			$14.34			$14.24			$12.29			$16.15
Total Return
Total investment return based on net asset value (c)*		10.86	%		2.21	%		16.79	%		(22.98	)%		25.09	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$304,737			$299,415			$323,582			$309,576			$432,885
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.15	%		1.16	%		1.15	%		1.11	%		1.10	%
Expenses, before waivers/reimbursements		1.15	%		1.17	%		1.15	%		1.11	%		1.11	%
Net investment income (b)		2.08	%		1.18	%		1.84	%		1.50	%		1.83	%
Portfolio turnover rate		43	%		54	%		44	%		42	%		45	%

(a) Based on average shares outstanding.

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

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2020, December 31, 2019 and December 31, 2017 by .04%, .18% and .01%, respectively.

See notes to financial statements.

28

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB International Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Value Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2022

29

2021 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2021.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2021, $642,751 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $12,345,524.

30

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan*, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1)
OFFICERS
Tawhid Ali(2), Vice President Avi Lavi(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Vice President and Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s International Value Senior Investment Management Team. Messrs. Ali and Lavi are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

31

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011

32

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None

33

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^# Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

34

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Tawhid Ali 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer of European Value Equities.
Avi Lavi 55	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer of Global and International Value Equities.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

* The address for each of the Portfolio Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

35

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 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.

36

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Value Portfolio (the “Fund”) at a meeting held 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

37

AB Variable Products Series Fund

factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 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

38

INTERNATIONAL 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. 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.

39

VPS-IV-0151-1221

DEC    ^12.31.21

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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—Large Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in equity securities of a limited number of large, carefully selected, high-quality US companies. The Portfolio invests primarily in the domestic equity securities of companies selected by the Adviser for their growth potential within various market sectors. The Portfolio emphasizes investments in large, seasoned companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in common stocks of large-capitalization companies.

The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in securities issued by US companies, although it may invest in foreign securities. The Adviser’s research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 1000 Growth Index, as well as the broad market as measured by the Standard & Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2021.

All share classes of the Portfolio outperformed the primary benchmark for the annual period. Class A shares also outperformed the S&P 500 Index, while Class B shares underperformed. Security selection contributed, relative to the primary benchmark, especially selection within the health-care and technology sectors. Selection within consumer discretionary and financials detracted. Overall sector selection was negative. An underweight to technology and an overweight to health care detracted, but an underweight to consumer discretionary and an overweight to communication services offset losses somewhat.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. Global markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets. Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, global markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and remained focused on still generally supportive monetary policy. Growth outperformed value, in terms of style, and large-cap stocks outperformed their small-cap peers.

The Portfolio’s Senior Investment Management Team (the “Team”) follows a bottom-up stock-picking methodology that seeks to identify companies that meet its investment criteria of healthy balance sheets, competitive advantages, strong cash-flow generation, transparent business models and sustainable growth. The Portfolio is conservatively positioned amid the current uncertainty in the global macro environment. The Team remains laser-focused in identifying companies that generate high return on assets with high reinvestment-rate opportunities.

1

LARGE CAP GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Growth Index and the S&P 500^® Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Growth Index represents the performance of large-cap growth companies within the US. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value (“NAV”).

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

LARGE CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
Large Cap Growth Portfolio Class A		28.98%		26.09%		20.82%
Large Cap Growth Portfolio Class B		28.65%		25.78%		20.52%
Primary Benchmark: Russell 1000 Growth Index		27.60%		25.32%		19.79%
S&P 500 Index		28.71%		18.47%		16.55%
1   Average annual returns. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.68% and 0.93% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 TO 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Large Cap Growth Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

LARGE CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,119.10	$	3.42		0.64	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.98	$	3.26		0.64	%
Class B
Actual	$	1,000	$	1,117.70	$	4.75		0.89	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.72	$	4.53		0.89	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to.reflect the one-half year period).

4

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Microsoft Corp.	$	75,578,503		8.6	%
Alphabet, Inc.—Class C		72,600,173		8.3
Amazon.com, Inc.		44,746,843		5.1
Meta Platforms, Inc.—Class A		43,310,444		4.9
Visa, Inc.—Class A		42,638,993		4.8
UnitedHealth Group, Inc.		36,088,300		4.1
Zoetis, Inc.		34,255,223		3.9
QUALCOMM, Inc.		34,254,477		3.9
Home Depot, Inc. (The)		30,108,975		3.4
Costco Wholesale Corp.		28,017,130		3.2
	$	441,599,061		50.2	%

SECTOR BREAKDOWN²

December 31, 2021 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	309,879,024		35.2	%
Health Care		180,897,523		20.6
Communication Services		128,340,127		14.6
Consumer Discretionary		117,350,127		13.3
Industrials		47,844,411		5.4
Consumer Staples		45,992,745		5.2
Materials		7,637,294		0.9
Financials		1,674,280		0.2
Short-Term Investments		40,409,139		4.6
Total Investments	$	880,024,670		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.5%
INFORMATION TECHNOLOGY–35.2%
COMMUNICATIONS EQUIPMENT–2.0%
Arista Networks, Inc.(a)		99,480	$	14,300,250
Motorola Solutions, Inc.		13,239		3,597,036
				17,897,286
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.0%
Amphenol Corp.–Class A		88,692		7,757,002
Cognex Corp.		49,457		3,845,776
IPG Photonics Corp.(a)		36,046		6,204,959
				17,807,737
IT SERVICES–7.9%
EPAM Systems, Inc.(a)		15,845		10,591,590
PayPal Holdings, Inc.(a)		85,792		16,178,656
Visa, Inc.–Class A(b)		196,756		42,638,993
				69,409,239
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–9.8%
ASML Holding NV ADR		12,120		9,649,217
Entegris, Inc.		2,886		399,942
NVIDIA Corp.		77,606		22,824,701
QUALCOMM, Inc.		187,315		34,254,477
Texas Instruments, Inc.		15,900		2,996,673
Xilinx, Inc.		76,688		16,260,156
				86,385,166
SOFTWARE–13.5%
Adobe, Inc.(a)		41,021		23,261,368
Fortinet, Inc.(a)		29,622		10,646,147
Microsoft Corp.		224,722		75,578,503
PTC, Inc.(a)		39,654		4,804,082
Tyler Technologies, Inc.(a)		7,602		4,089,496
				118,379,596
				309,879,024
HEALTH CARE–20.6%
BIOTECHNOLOGY–2.6%
Vertex Pharmaceuticals, Inc.(a)		105,136		23,087,866
HEALTH CARE EQUIPMENT & SUPPLIES –8.4%
ABIOMED, Inc.(a)		11,093		3,984,273
Align Technology, Inc.(a)		24,966		16,407,156
Edwards Lifesciences Corp.(a)		131,518		17,038,157
IDEXX Laboratories, Inc.(a)		17,028		11,212,257
Intuitive Surgical, Inc.(a)		69,926		25,124,411
				73,766,254
HEALTH CARE PROVIDERS & SERVICES –4.1%
UnitedHealth Group, Inc.		71,869		36,088,300

Company	Shares		U.S. $ Value
HEALTH CARE TECHNOLOGY–0.7%
Veeva Systems, Inc.–Class A(a)		23,427	$	5,985,130
LIFE SCIENCES TOOLS & SERVICES–0.9%
Illumina, Inc.(a)		11,200		4,260,928
Mettler-Toledo International, Inc.(a)		2,035		3,453,822
				7,714,750
PHARMACEUTICALS–3.9%
Zoetis, Inc.		140,373		34,255,223
				180,897,523
COMMUNICATION SERVICES–14.6%
ENTERTAINMENT–1.2%
Electronic Arts, Inc.		18,221		2,403,350
Take-Two Interactive Software, Inc.(a)		46,544		8,271,800
				10,675,150
INTERACTIVE MEDIA & SERVICES–13.4%
Alphabet, Inc.–Class C(a)		25,090		72,600,173
Meta Platforms, Inc.–Class A(a)		128,766		43,310,444
Pinterest, Inc.–Class A(a)		48,263		1,754,360
				117,664,977
				128,340,127
CONSUMER DISCRETIONARY –13.4%
HOTELS, RESTAURANTS & LEISURE–0.8%
Domino’s Pizza, Inc.		12,850		7,251,640
INTERNET & DIRECT MARKETING RETAIL–5.8%
Amazon.com, Inc.(a)		13,420		44,746,843
Etsy, Inc.(a)		28,847		6,315,762
				51,062,605
SPECIALTY RETAIL–4.3%
Burlington Stores, Inc.(a)		25,931		7,559,146
Home Depot, Inc. (The)		72,550		30,108,975
				37,668,121
TEXTILES, APPAREL & LUXURY GOODS–2.5%
NIKE, Inc.–Class B		128,204		21,367,761
				117,350,127
INDUSTRIALS–5.4%
BUILDING PRODUCTS –1.1%
Allegion PLC		36,574		4,843,861
Trex Co., Inc.(a)		36,604		4,942,638
				9,786,499

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMERCIAL SERVICES & SUPPLIES–1.6%
Copart, Inc.(a)		93,305	$	14,146,904
ELECTRICAL EQUIPMENT–0.6%
AMETEK, Inc.		36,270		5,333,141
INDUSTRIAL CONGLOMERATES–1.6%
Roper Technologies, Inc.		28,159		13,850,286
MACHINERY–0.5%
IDEX Corp.		20,005		4,727,581
				47,844,411
CONSUMER STAPLES–5.2%
BEVERAGES–2.0%
Monster Beverage Corp.(a)		187,168		17,975,615
FOOD & STAPLES RETAILING–3.2%
Costco Wholesale Corp.		49,352		28,017,130
				45,992,745
MATERIALS–0.9%
CHEMICALS–0.9%
Sherwin-Williams Co. (The)		21,687		7,637,294
FINANCIALS–0.2%
CAPITAL MARKETS–0.2%
MarketAxess Holdings, Inc.		4,071		1,674,280
Total Common Stocks (cost $362,070,358)				839,615,531
SHORT-TERM INVESTMENTS–4.6%
INVESTMENT COMPANIES–4.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c) (d) (e) (cost $40,409,139)		40,409,139		40,409,139
TOTAL INVESTMENTS–100.1% (cost $402,479,497)				880,024,670
Other assets less liabilities–(0.1)%				(862,941	)
NET ASSETS–100.0%			$	879,161,729

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Affiliated investments.

(d) The rate shown represents the 7-day yield as of period end.

(e) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $362,070,358)	$	839,615,531	(a)
Affiliated issuers (cost $40,409,139)		40,409,139
Receivable for capital stock sold		228,864
Unaffiliated dividends receivable		32,054
Affiliated dividends receivable		318
Total assets		880,285,906
LIABILITIES
Advisory fee payable		439,454
Payable for capital stock redeemed		345,136
Distribution fee payable		102,354
Custody and accounting fees payable		94,429
Administrative fee payable		22,471
Payable for investment securities purchased		11,038
Transfer Agent fee payable		146
Accrued expenses and other liabilities		109,149
Total liabilities		1,124,177
NET ASSETS	$	879,161,729
COMPOSITION OF NET ASSETS
Capital stock, at par	$	9,900
Additional paid-in capital		320,579,766
Distributable earnings		558,572,063
NET ASSETS	$	879,161,729

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	389,050,525		4,179,298	$	93.09
B	$	490,111,204		5,720,942	$	85.67

(a) Includes securities on loan with a value of $34,371,723 (see Note E).

See notes to financial statements.

8

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $9,093)	$	3,388,564
Affiliated issuers		3,771
Securities lending income		47,523
		3,439,858
EXPENSES
Advisory fee (see Note B)		4,826,816
Distribution fee—Class B		1,118,282
Transfer agency—Class A		4,018
Transfer agency—Class B		5,033
Custody and accounting		105,653
Administrative		87,358
Legal		58,972
Printing		56,456
Audit and tax		42,544
Directors’ fees		28,672
Miscellaneous		16,971
Total expenses		6,350,775
Less: expenses waived and reimbursed by the Adviser (see Note B)		(19,142	)
Net expenses		6,331,633
Net investment loss		(2,891,775	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		83,376,380
Net change in unrealized appreciation/depreciation of investments		123,567,078
Net gain on investment transactions		206,943,458
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	204,051,683

See notes to financial statements.

9

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(2,891,775	)	$	(1,402,550	)
Net realized gain on investment transactions		83,376,380			59,629,586
Net change in unrealized appreciation/depreciation of investments		123,567,078			138,582,497
Net increase in net assets from operations		204,051,683			196,809,533
Distributions to Shareholders
Class A		(24,139,212	)		(21,647,747	)
Class B		(32,992,991	)		(28,746,560	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(12,320,424	)		11,225,885
Total increase		134,599,056			157,641,111
NET ASSETS
Beginning of period		744,562,673			586,921,562
End of period	$	879,161,729		$	744,562,673

See notes to financial statements.

10

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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

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LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

839,615,531

$

–0

–

$

–0

–

$

839,615,531

Short-Term Investments

40,409,139

–0

–

–0

–

40,409,139

Total Investments in Securities

880,024,670

–0

–

–0

–

880,024,670

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

880,024,670

$

–0

–

$

–0

–

$

880,024,670

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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AB Variable Products Series Fund

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the first $2.5 billion, .50% of the next $2.5 billion and .45% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2021, the reimbursement for such services amounted to $87,358.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 2021.

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LARGE CAP GROWTH 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 year ended December 31, 2021, such waiver amounted to $19,142.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	37,157	$	129,732	$	126,480	$	40,409	$	4

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	129,232,088		$	208,523,174
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	402,664,985
Gross unrealized appreciation	$	478,374,161
Gross unrealized depreciation		(1,014,476	)
Net unrealized appreciation	$	477,359,685

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2021.

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AB Variable Products Series Fund

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 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
$	34,371,723	$	–0–	$	35,251,738	$	47,523	$	–0–	$	–0–

* As of December 31, 2021.

15

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		286,696			641,498		$	24,946,001		$	43,850,540
Shares issued in reinvestment of distributions		275,153			313,269			24,139,212			21,647,747
Shares redeemed		(681,760	)		(968,570	)		(58,481,060	)		(64,695,850	)
Net increase (decrease)		(119,911	)		(13,803	)	$	(9,395,847	)	$	802,437
Class B
Shares sold		433,548			588,384		$	33,926,340		$	36,577,399
Shares issued in reinvestment of distributions		408,228			447,960			32,992,991			28,746,560
Shares redeemed		(897,846	)		(892,446	)		(69,843,908	)		(54,900,511	)
Net increase (decrease)		(56,070	)		143,898		$	(2,924,577	)	$	10,423,448

At December 31, 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—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligation to the Portfolio.

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 be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York

16

AB Variable Products Series Fund

Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021		2020
Distributions paid from:
Ordinary income	$	830,314	$	2,813,054
Net long-term capital gains		56,301,889		47,581,253
Total taxable distributions paid	$	57,132,203	$	50,394,307

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains	$	81,212,377
Unrealized appreciation/(depreciation)		477,359,685	(a)
Total accumulated earnings/(deficit)	$	558,572,062

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales.

17

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2021, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss resulted in a net increase in distributable earnings and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In 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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LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$77.09			$61.26			$51.75			$56.34			$45.22
Income From Investment Operations
Net investment income (loss)(a)(b)		(.19	)		(.06	)		.05			.02			.02
Net realized and unrealized gain on investment transactions		22.16			21.18			17.18			2.09			14.10
Net increase in net asset value from operations		21.97			21.12			17.23			2.11			14.12
Less: Distributions
Distributions from net realized gain on investment transactions		(5.97	)		(5.29	)		(7.72	)		(6.70	)		(3.00	)
Net asset value, end of period		$93.09			$77.09			$61.26			$51.75			$56.34
Total Return
Total investment return based on net asset value(c)*		28.98	%		35.49	%		34.70	%		2.58	%		31.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$389,051			$331,436			$264,234			$190,899			$208,392
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.65	%		.66	%		.67	%		.68	%		.70	%
Expenses, before waivers/reimbursements(d)‡		.65	%		.67	%		.68	%		.68	%		.70	%
Net investment income (loss)(b)		(.22	)%		(.08	)%		.09	%		.04	%		.03	%
Portfolio turnover rate		17	%		33	%		38	%		46	%		48	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 20.

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LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$71.51			$57.28			$48.91			$53.70			$43.32
Income From Investment Operations
Net investment loss(a)(b)		(.37	)		(.21	)		(.09	)		(.12	)		(.11	)
Net realized and unrealized gain on investment transactions		20.50			19.73			16.18			2.03			13.49
Net increase in net asset value from operations		20.13			19.52			16.09			1.91			13.38
Less: Distributions
Distributions from net realized gain on investment transactions		(5.97	)		(5.29	)		(7.72	)		(6.70	)		(3.00	)
Net asset value, end of period		$85.67			$71.51			$57.28			$48.91			$53.70
Total Return
Total investment return based on net asset value(c)*		28.65	%		35.15	%		34.37	%		2.32	%		31.67	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$490,111			$413,127			$322,688			$218,027			$220,934
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.90	%		.91	%		.92	%		.93	%		.95	%
Expenses, before waivers/reimbursements(d)‡		.90	%		.92	%		.93	%		.93	%		.95	%
Net investment loss(b)		(.47	)%		(.33	)%		(.16	)%		(.21	)%		(.21	)%
Portfolio turnover rate		17	%		33	%		38	%		46	%		48	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.00	%		.00	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(d) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the years ended December 31, 2020 and December 31, 2019, such waiver amounted to .01% and .01%, respectively.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2019 and December 31, 2017 by .04% and .03%, respectively.

See notes to financial statements.

20

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Large Cap Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Large Cap Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2022

21

2021 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2021. The Portfolio designates $56,301,889 of dividends paid as long-term capital gain dividends.

22

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan*, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1)
OFFICERS
Frank V. Caruso(2), Vice President John H. Fogarty(2), Vice President Vinay Thapar(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Vice President and Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s U.S. Large Cap Growth Investment Team. Messrs. Caruso, Fogarty and Thapar are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

23

LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

25

LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

26

AB Variable Products Series Fund

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^# Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

27

LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Frank V. Caruso 65	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer of US Growth Equities.
John H. Fogarty 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.
Vinay Thapar 43	Vice President	Senior Vice President of the Adviser**, with which he was associated since prior to 2017.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

28

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.

29

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

30

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

31

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.

32

VPS-LCG-0151-1221

DEC    ^12.31.21

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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—Small Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

INVESTMENT OBJECTIVES AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall US market. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of smaller companies. For these purposes, “smaller companies” are those that, at the time of investment, fall within the lowest 20% of the total US equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). Because the Portfolio’s definition of smaller companies is dynamic, the limits on market capitalization will change with the markets.

The Portfolio may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Portfolio’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Portfolio may invest in foreign securities.

The Portfolio invests primarily in equity securities but may also invest in other types of securities, such as preferred stocks. The Portfolio invests, at times, in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may also invest up to 20% of its total assets in rights or warrants.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 2000 Growth Index, for the one-, five- and 10-year periods ended December 31, 2021.

All share classes of the Portfolio outperformed the benchmark for the annual period. Security selection drove outperformance, relative to the benchmark, led by selection within the consumer-discretionary and industrials sectors. Security selection within health care and consumer staples detracted. Sector selection was also positive, as underweights to health care and communication services contributed to returns and offset losses from underweights to real estate and consumer staples.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. Global markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets. Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, global markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and remained focused on still generally supportive monetary policy. Growth outperformed value, in terms of style, and large-cap stocks outperformed their small-cap peers.

The Portfolio continues to be built from the bottom up, with an emphasis on companies that can deliver fundamental outperformance. The Portfolio remains overweight in secular growth companies that have unique drivers or company-specific initiatives to support their future earnings growth, regardless of the macro backdrop. At the end of the reporting period, technology reflected the Portfolio’s largest overweight, with health care the largest underweight.

1

SMALL CAP GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2000^® Growth Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2000 Growth Index represents the performance of small-cap growth companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s growth approach, may underperform the market generally.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
Small Cap Growth Portfolio Class A2		9.46%		25.03%		18.12%
Small Cap Growth Portfolio Class B2		9.20%		24.73%		17.82%
Russell 2000 Growth Index		2.83%		14.53%		14.14%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2021, by 0.03%.
Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.09% and 1.33% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios (excluding expenses associated with acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) to 0.90% and 1.15% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2022, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 to 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Small Cap Growth Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

SMALL CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,012.20	$	4.62		0.91	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.62	$	4.63		0.91	%
Class B
Actual	$	1,000	$	1,011.10	$	5.88		1.16	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.36	$	5.90		1.16	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

4

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Lattice Semiconductor Corp.	$	1,780,780		2.1	%
Saia, Inc.		1,560,449		1.8
Synaptics, Inc.		1,509,795		1.7
Tetra Tech, Inc.		1,504,428		1.7
Novanta, Inc.		1,484,698		1.7
Silicon Laboratories, Inc.		1,464,343		1.7
MACOM Technology Solutions Holdings, Inc.		1,449,959		1.7
Simpson Manufacturing Co., Inc.		1,447,719		1.7
First Financial Bankshares, Inc.		1,440,297		1.7
Trupanion, Inc.		1,420,511		1.6
	$	15,062,979		17.4	%

SECTOR BREAKDOWN²

December 31, 2021 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	23,877,335		27.6	%
Health Care		18,750,261		21.7
Industrials		15,535,111		18.0
Consumer Discretionary		13,973,110		16.1
Financials		9,161,650		10.6
Materials		1,798,377		2.1
Consumer Staples		1,596,402		1.8
Energy		1,287,737		1.5
Short-Term Investments		540,482		0.6
Total Investments	$	86,520,465		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.6%
INFORMATION TECHNOLOGY–27.6%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.1%
Allegro MicroSystems, Inc.(a)		26,671	$	964,957
Littelfuse, Inc.		3,500		1,101,380
Novanta, Inc.(a)		8,420		1,484,698
				3,551,035
IT SERVICES–4.0%
Amplitude, Inc.(a)		10,214		540,729
BigCommerce Holdings, Inc.(a)(b)		12,739		450,579
DigitaloOean Holdings, Inc.(a)		8,790		706,101
Shift4 Payments, Inc.–Class A(a)		12,053		698,230
Switch, Inc.–Class A		38,680		1,107,795
				3,503,434
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–10.9%
Ambarella, Inc.(a)		6,660		1,351,247
Lattice Semiconductor Corp.(a)		23,109		1,780,780
MACOM Technology Solutions Holdings, Inc.(a)		18,518		1,449,959
Onto Innovation, Inc.(a)		5,160		522,347
Semtech Corp.(a)		14,760		1,312,607
Silicon Laboratories, Inc.(a)		7,094		1,464,343
Synaptics, Inc.(a)		5,215		1,509,795
				9,391,078
SOFTWARE–8.6%
Anaplan, Inc.(a)		12,669		580,874
Blackline, Inc.(a)		12,030		1,245,586
Braze, Inc.(a)		7,838		604,780
Enfusion, Inc.(a)		20,781		435,154
Manhattan Associates, Inc.(a)		7,998		1,243,609
Rapid7, Inc.(a)		12,032		1,416,046
Riskified Ltd.(a)		21,075		165,650
Smartsheet, Inc.–Class A(a)		8,778		679,856
Varonis Systems, Inc.(a)		21,735		1,060,233
				7,431,788
				23,877,335
HEALTH CARE–21.7%
BIOTECHNOLOGY–12.1%
ADC Therapeutics SA(a)		13,690		276,538
Annexon, Inc.(a)		17,935		206,073
Arrowhead Pharmaceuticals, Inc.(a)		11,590		768,417
Ascendis Pharma A/S (Sponsored ADR)(a)		3,247		436,819
Biohaven Pharmaceutical Holding Co., Ltd.(a)		5,206		717,439
Bioxcel Therapeutics, Inc.(a)		13,062		265,550
Blueprint Medicines Corp.(a)		7,127		763,373
Coherus Biosciences, Inc.(a)		26,661		425,510
Erasca, Inc.(a)		15,536		242,051
Insmed, Inc.(a)		19,676		535,974
Instil Bio, Inc.(a)(b)		20,669		353,647
Intellia Therapeutics, Inc.(a)		7,210		852,510
iTeos Therapeutics, Inc.(a)		11,439		532,600
Legend Biotech Corp. (ADR)(a)		9,412		438,693
Praxis Precision Medicines, Inc.(a)		16,540		325,838
Recursion Pharmaceuticals, Inc.(a)(b)		23,470		402,041
Relay Therapeutics, Inc.(a)		14,575		447,598
Turning Point Therapeutics, Inc.–Class I(a)		8,277		394,813
Twist Bioscience Corp.(a)		3,530		273,187
Ultragenyx Pharmaceutical, Inc.(a)		5,083		427,429
Vir Biotechnology, Inc.(a)		12,510		523,794
Y-mAbs Therapeutics, Inc.(a)		16,595		269,005
Zentalis Pharmaceuticals, Inc.(a)		7,236		608,258
				10,487,157
HEALTH CARE EQUIPMENT & SUPPLIES–4.8%
AtriCure, Inc.(a)		16,450		1,143,769
Figs, Inc.(a)		25,136		692,748
Outset Medical, Inc.(a)		22,761		1,049,055
Sight Sciences, Inc.(a)		12,766		224,299
Silk Road Medical, Inc.(a)		14,102		600,886
Treace Medical Concepts, Inc.(a)		21,746		405,345
				4,116,102
HEALTH CARE PROVIDERS & SERVICES–2.4%
Certara, Inc.(a)		28,308		804,513
Inari Medical, Inc.(a)		13,213		1,205,951
LianBio (ADR)(a)		14,580		89,813
				2,100,277
HEALTH CARE TECHNOLOGY–1.2%
Health Catalyst, Inc.(a)		26,592		1,053,575
LIFE SCIENCES TOOLS & SERVICES–1.2%
Repligen Corp.(a)		3,750		993,150
				18,750,261
INDUSTRIALS–18.0%
AEROSPACE & DEFENSE–1.1%
Axon Enterprise, Inc.(a)		5,910		927,870
BUILDING PRODUCTS–2.9%
AZEK Co., Inc. (The)(a)		23,219		1,073,646
Simpson Manufacturing Co., Inc.		10,410		1,447,719
				2,521,365
COMMERCIAL SERVICES & SUPPLIES–1.7%
Tetra Tech, Inc.		8,860		1,504,428
CONSTRUCTION & ENGINEERING–1.2%
Hayward Holdings, Inc.(a)		40,948		1,074,066
MACHINERY–6.9%
Chart Industries, Inc.(a)		6,878		1,096,972
Hydrofarm Holdings Group, Inc.(a)		16,023		453,291

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
ITT, Inc.		10,884	$	1,112,236
John Bean Technologies Corp.		8,478		1,301,882
Kornit Digital Ltd.(a)		5,529		841,790
Middleby Corp. (The)(a)		5,820		1,145,143
				5,951,314
PROFESSIONAL SERVICES–1.1%
Insperity, Inc.		7,690		908,266
ROAD & RAIL–1.8%
Saia, Inc.(a)		4,630		1,560,449
TRADING COMPANIES & DISTRIBUTORS–1.3%
SiteOne Landscape Supply, Inc.(a)		4,488		1,087,353
				15,535,111
CONSUMER DISCRETIONARY–16.2%
AUTO COMPONENTS–1.6%
Fox Factory Holding Corp.(a)		8,251		1,403,495
HOTELS, RESTAURANTS & LEISURE–5.2%
Hilton Grand Vacations, Inc.(a)		25,390		1,323,073
Life Time Group Holdings, Inc.(a)		41,537		714,852
Planet Fitness, Inc.(a)		11,554		1,046,561
Wingstop, Inc.		7,846		1,355,789
				4,440,275
HOUSEHOLD DURABLES–2.5%
Lovesac Co. (The)(a)		13,012		862,175
Skyline Champion Corp.(a)		16,730		1,321,336
				2,183,511
MULTILINE RETAIL–1.4%
Driven Brands Holdings, Inc.(a)		35,992		1,210,051
SPECIALTY RETAIL–5.5%
Five Below, Inc.(a)		4,792		991,417
Floor & Decor Holdings, Inc.–Class A(a)		8,030		1,043,980
Lithia Motors, Inc.–Class A		2,938		872,439
National Vision Holdings, Inc.(a)		22,130		1,062,019
Sleep Number Corp.(a)		9,999		765,923
				4,735,778
				13,973,110
FINANCIALS–10.6%
BANKS–3.1%
First Financial Bankshares, Inc.		28,330		1,440,297
Live Oak Bancshares, Inc.		14,010		1,222,933
				2,663,230
CAPITAL MARKETS–4.1%
Houlihan Lokey, Inc.		11,170		1,156,318
P10, Inc.(a)		24,143		337,519
StepStone Group, Inc.		22,770		946,549
Stifel Financial Corp.		15,925		1,121,439
				3,561,825
CONSUMER FINANCE–0.5%
Fisker, Inc.(a)		29,590		465,451
INSURANCE–2.9%
Ryan Specialty Group Holdings, Inc.(a)		26,038		1,050,633
Trupanion, Inc.(a)		10,759		1,420,511
				2,471,144
				9,161,650
MATERIALS–2.1%
CHEMICALS–1.0%
Element Solutions, Inc.		33,840		821,635
CONTAINERS & PACKAGING–1.1%
Ranpak Holdings Corp.(a)		25,991		976,742
				1,798,377
CONSUMER STAPLES–1.9%
FOOD & STAPLES RETAILING–1.0%
Chefs’ Warehouse, Inc. (The)(a)		24,762		824,574
FOOD PRODUCTS–0.9%
Freshpet, Inc.(a)		4,371		416,425
Vital Farms, Inc.(a)		19,679		355,403
				771,828
				1,596,402
ENERGY–1.5%
ENERGY EQUIPMENT & SERVICES–0.5%
ChampionX Corp.(a)		19,180		387,628
OIL, GAS & CONSUMABLE FUELS–1.0%
Matador Resources Co.		24,380		900,109
				1,287,737
Total Common Stocks (cost $61,247,409)				85,979,983
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 $540,482)		540,482		540,482
TOTAL INVESTMENTS–100.2% (cost $61,787,891)				86,520,465
Other assets less liabilities–(0.2)%				(146,533	)
NET ASSETS–100.0%			$	86,373,932

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Affiliated investments.

(d) The rate shown represents the 7-day yield as of period end.

(e) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

7

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $61,247,409)	$	85,979,983	(a)
Affiliated issuers (cost $540,482)		540,482
Receivable for investment securities sold		228,581
Receivable for capital stock sold		48,504
Unaffiliated dividends receivable		4,559
Affiliated dividends receivable		5
Total assets		86,802,114
LIABILITIES
Payable for investment securities purchased		182,396
Custody and accounting fees payable		87,708
Advisory fee payable		48,799
Audit and tax fee payable		31,929
Payable for capital stock redeemed		24,742
Administrative fee payable		22,472
Distribution fee payable		11,323
Transfer Agent fee payable		146
Accrued expenses		18,667
Total liabilities		428,182
NET ASSETS	$	86,373,932
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,819
Additional paid-in capital		36,981,185
Distributable earnings		49,388,928
NET ASSETS	$	86,373,932

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	32,294,590		1,285,170	$	25.13
B	$	54,079,342		2,533,368	$	21.35

(a) Includes securities on loan with a value of $1,050,043 (see Note E).

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	193,838
Affiliated issuers		183
Securities lending income		11,439
		205,460
EXPENSES
Advisory fee (see Note B)		788,098
Distribution fee—Class B		177,120
Transfer agency—Class A		1,662
Transfer agency—Class B		3,351
Custody and accounting		100,142
Administrative		87,443
Audit and tax		42,667
Printing		37,113
Legal		27,222
Directors’ fees		19,850
Miscellaneous		7,349
Total expenses before bank overdraft expense		1,292,017
Bank overdraft expense		6,540
Total expenses		1,298,557
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(170,087	)
Net expenses		1,128,470
Net investment loss		(923,010	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		27,157,393
Net change in unrealized appreciation/depreciation of investments		(16,424,739	)
Net gain on investment transactions		10,732,654
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	9,809,644

See notes to financial statements.

9

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(923,010	)	$	(673,231	)
Net realized gain on investment transactions		27,157,393			20,283,029
Net change in unrealized appreciation/depreciation of investments		(16,424,739	)		23,109,959
Net increase in net assets from operations		9,809,644			42,719,757
Distributions to Shareholders
Class A		(6,896,383	)		(1,828,600	)
Class B		(12,934,512	)		(5,259,631	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(22,734,728	)		5,353,821
Total increase (decrease)		(32,755,979	)		40,985,347
NET ASSETS
Beginning of period		119,129,911			78,144,564
End of period	$	86,373,932		$	119,129,911

See notes to financial statements.

10

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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.

11

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 December 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

85,979,983

$

–0

–

$

–0

–

$

85,979,983

Short-Term Investments

540,482

–0

–

–0

–

540,482

Total Investments in Securities

86,520,465

–0

–

–0

–

86,520,465

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

86,520,465

$

–0

–

$

–0

–

$

86,520,465

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

12

AB Variable Products Series Fund

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding expenses associated with acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to .90% and 1.15% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2021, such

13

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

reimbursements/waivers amounted to $169,178. 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 year ended December 31, 2021, the reimbursement for such services amounted to $87,443.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 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 year ended December 31, 2021, such waiver amounted to $893.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)			Dividend Income (000)
Government Money Market Portfolio	$	2,072	$	33,541	$	35,073	$	540		$	0	*
Government Money Market Portfolio**		1,351		13,700		15,051		–0	–		0	*
Total							$	540		$	0	*

* Amount is less than $500.

** Investments of cash collateral for securities lending transactions (see Note E).

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	69,368,475		$	111,814,389
U.S. government securities		–0	–		–0	–

14

AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	63,021,473
Gross unrealized appreciation	$	27,443,022
Gross unrealized depreciation		(3,944,030	)
Net unrealized appreciation	$	23,498,992

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 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 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.

15

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 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
$	1,050,043	$	–0	–	$	1,121,711	$	11,371	$	68	$	16

* As of December 31, 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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		66,661			90,208		$	1,842,053		$	1,939,754
Shares issued in reinvestment of distributions		276,519			79,956			6,896,383			1,828,600
Shares redeemed		(251,156	)		(341,056	)		(7,040,357	)		(7,601,528	)
Net increase (decrease)		92,024			(170,892	)	$	1,698,079		$	(3,833,174)
Class B
Shares sold		739,631			1,421,448		$	18,335,639		$	28,063,230
Shares issued in reinvestment of distributions		609,831			260,507			12,934,512			5,259,631
Shares redeemed		(2,160,255	)		(1,209,065	)		(55,702,958	)		(24,135,866	)
Net increase (decrease)		(810,793	)		472,890		$	(24,432,807	)	$	9,186,995

At December 31, 2021, certain shareholders of the Portfolio owned 70% 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.

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—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligation to the Portfolio.

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.

16

AB Variable Products Series Fund

LIBOR Transition and Associated Risk—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021		2020
Distributions paid from:
Ordinary income	$	2,673,240	$	–0	–
Net long-term capital gains		17,157,655		7,088,231
Total taxable distributions paid	$	19,830,895	$	7,088,231

17

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	3,793,099
Undistributed capital gains		22,091,262
Unrealized appreciation/(depreciation)		23,504,567	(a)
Total accumulated earnings/(deficit)	$	49,388,928

(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, 2021, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J: Recent Accounting Pronouncements

In 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.

18

SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$28.76			$19.92			$16.58			$17.53			$13.07
Income From Investment Operations
Net investment loss (a)(b)		(.20	)		(.13	)		(.08	)		(.13	)		(.18	)
Net realized and unrealized gain on investment transactions		2.87			10.49			6.02			.14	(c)		4.64
Contributions from Affiliates		–0	–		–0	–		.00	(d)		–0	–		–0	–
Net increase in net asset value from operations		2.67			10.36			5.94			.01			4.46
Less: Distributions
Distributions from net realized gain on investment transactions		(6.30	)		(1.52	)		(2.60	)		(.96	)		–0	–
Net asset value, end of period		$25.13			$28.76			$19.92			$16.58			$17.53
Total Return
Total investment return based on net asset value (e)*		9.46	%		53.98	%		36.40	%		(.89	)%		34.12	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$32,295			$34,314			$27,167			$22,724			$26,039
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)		.91	%		.90	%		.90	%		1.06	%		1.38	%
Expenses, before waivers/reimbursements (f)(g)		1.08	%		1.09	%		1.16	%		1.15	%		1.38	%
Net investment loss (b)		(.71	)%		(.60	)%		(.39	)%		(.65	)%		(1.19	)%
Portfolio turnover rate		67	%		103	%		69	%		73	%		69	%

See footnote summary on page 21.

19

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
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$25.36			$17.75			$15.03			$16.00			$11.96
Income From Investment Operations
Net investment loss (a)(b)		(.24	)		(.16	)		(.11	)		(.16	)		(.20	)
Net realized and unrealized gain on investment transactions		2.53			9.29			5.43			.15	(c)		4.24
Contributions from Affiliates		–0	–		–0	–		.00	(d)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		2.29			9.13			5.32			(.01	)		4.04
Less: Distributions
Distributions from net realized gain on investment transactions		(6.30	)		(1.52	)		(2.60	)		(.96	)		–0	–
Net asset value, end of period		$21.35			$25.36			$17.75			$15.03			$16.00
Total Return
Total investment return based on net asset value (e)*		9.20	%		53.64	%		36.01	%		(1.11	)%		33.78	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$54,079			$84,816			$50,978			$40,096			$23,396
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)		1.15	%		1.15	%		1.15	%		1.30	%		1.61	%
Expenses, before waivers/reimbursements (f)(g)		1.31	%		1.33	%		1.42	%		1.40	%		1.62	%
Net investment loss (b)		(.96	)%		(.84	)%		(.64	)%		(.88	)%		(1.42	)%
Portfolio turnover rate		67	%		103	%		69	%		73	%		69	%

See footnote summary on page 21.

20

AB Variable Products Series Fund

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Portfolio’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(d) Amount is less than $.005.

(e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(f) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the years ended December 31, 2018 and December 31, 2017, such waiver amounted to .01% and .01%, respectively.

(g) The expense ratios presented below exclude interest/bank overdraft expense:

	Year Ended December 31,
	2021			2020			2019			2018			2017
Class A
Net of waivers/reimbursements		.90	%		.90	%		.90	%		1.06	%		1.38	%
Before waivers/reimbursements		1.07	%		1.09	%		1.16	%		1.15	%		1.38	%
Class B
Net of waivers/reimbursements		1.15	%		1.15	%		1.15	%		1.30	%		1.61	%
Before waivers/reimbursements		1.31	%		1.33	%		1.42	%		1.40	%		1.62	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2021, December 31, 2018 and December 31, 2017 by .03%, .05% and .03%, respectively.

See notes to financial statements.

21

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Small Cap Growth Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Small Cap Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2022

22

2021 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2021. For corporate shareholders, 5.93% of dividends paid qualify for the dividends received deduction. The Portfolio designates $17,157,655 of dividends paid as long-term capital gain dividends.

23

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan*, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1)
OFFICERS
Bruce K. Aronow(2), Vice President Esteban Gomez(2), Vice President Samantha S. Lau(2), Vice President Heather Pavlak(2), Vice President Wen-Tse Tseng(2), Vice President	Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Vice President and Senior Analyst Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Small Cap Growth Investment Team. Messrs. Aronow, Gomez and Tseng, and Mses. Lau and Pavlak are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

24

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011

25

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		74	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^# Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

27

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
Bruce K. Aronow 55	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer of Small and SMID Cap Growth Equities.
Esteban Gomez 38	Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2017. Before joining the Adviser in 2016, he spent three years at J.P. Morgan as an equity research analyst on the Broadlines Retailing, Apparel/Footwear & Specialty Equity Research Team.
Samantha S. Lau 49	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2017. She is also Co-Chief Investment Officer of US Small and SMID Cap Growth Equities.
Heather Pavlak 38	Vice President	Vice President of the Adviser**, with which she has been associated since 2018. Before joining the Adviser in 2018, she spent four years at Schroders Investment Management, where she covered materials, utilities and transports as an equity research analyst.
Wen-Tse Tseng 56	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (SAI) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www. abfunds.com, for a free prospectus or SAI.

28

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

30

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

31

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.

32

VPS-SCG-0151-1221

DEC    ^12.31.21

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 AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2022

The following is an update of AB Variable Products Series Fund—Small/Mid Cap Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2021.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization US companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in securities of small- to mid-capitalization companies. Because the Portfolio’s definition of small- to mid-capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Portfolio’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may invest in securities issued by non-US companies.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its primary benchmark, the Russell 2500 Value Index, as well as the Russell 2500 Index, which represents small-/mid-cap stocks, for the one-, five- and 10-year periods ended December 31, 2021.

All share classes of the Portfolio outperformed the primary benchmark and the Russell 2500 Index for the annual period. Security selection within consumer discretionary and technology contributed most, relative to the primary benchmark, while selection within the energy and materials sectors detracted. Overall sector selection also contributed to performance. Underweights to health care and utilities contributed, while an underweight to energy and an overweight to consumer discretionary detracted.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities recorded double-digit returns and emerging markets lost ground during the annual period ended December 31, 2021. Global markets were supported by accommodative monetary policy and strong company earnings growth, while economic turbulence in China, geopolitical risks and inflation pressured emerging markets. Increased market volatility periodically sent risk assets lower, but investors continued to buy the dip. Toward the end of the period, global markets fell as the rapid spread of the coronavirus omicron variant triggered concern that new restrictions could derail the economic recovery. Encouraging developments in COVID-19 treatments and vaccines and a reluctance to reinstate shutdowns helped investors look past the potential impact of the omicron variant. Stock markets gave back gains, however, after the US Federal Reserve (the “Fed”) took a hawkish pivot and confirmed that it would accelerate the wind-down of its bond purchases and raise rates multiple times in 2022. After digesting the Fed’s comments, equity markets rose as investors appeared to adjust to the shift and remained focused on still generally supportive monetary policy. In smaller-cap markets, value outperformed growth, in terms of style, while large-cap stocks outperformed their small-cap peers.

The Portfolio’s Senior Investment Management Team (the “Team”) seeks to invest opportunistically in what it believes are undervalued companies with solid fundamentals, without sacrificing the Portfolio’s deep-value discipline. The Team remains focused on attractively valued opportunities, which the Team believes are widespread across most industry sectors and regions. The Portfolio’s emphasis continues to be at the stock-specific level, as the Team looks for companies that offer compelling valuation, strong free cash flow and significant company-level catalysts.

1

SMALL/MID CAP VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2500^® Value Index and the Russell 2500™ Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2500 Value Index represents the performance of small- to mid-cap value companies within the US. The Russell 2500 Index represents the performance of 2,500 small- to mid-cap cap companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may underperform the market generally.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL/MID CAP VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2021 (unaudited)	1 Year		5 Years1		10 Years1
Small/Mid Cap Value Portfolio Class A		35.95%		10.16%		13.13%
Small/Mid Cap Value Portfolio Class B		35.60%		9.88%		12.85%
Primary Benchmark: Russell 2500 Value Index		27.78%		9.88%		12.43%
Russell 2500 Index		18.18%		13.75%		14.15%
1   Average annual returns. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.83% and 1.08% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2011 TO 12/31/2021 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Small/Mid Cap Value Portfolio Class A shares (from 12/31/2011 to 12/31/2021) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on page 2.

3

SMALL/MID CAP VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During Period*		Annualized Expense Ratio*
Class A*
Actual	$	1,000	$	1,071.20	$	4.18		0.80	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.17	$	4.08		0.80	%
Class B
Actual	$	1,000	$	1,069.80	$	5.48		1.05	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.91	$	5.35		1.05	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

4

SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2021 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Regal Rexnord Corp.	$	15,214,943		1.8	%
AECOM		14,261,019		1.7
Camden Property Trust		14,017,982		1.6
PulteGroup, Inc.		13,708,111		1.6
Robert Half International, Inc.		13,570,311		1.6
ON Semiconductor Corp.		13,533,739		1.6
Goodyear Tire & Rubber Co. (The)		13,396,635		1.6
MEDNAX, Inc.		12,914,138		1.5
IDACORP, Inc.		12,772,756		1.5
Herc Holdings, Inc.		12,722,818		1.5
	$	136,112,452		16.0	%

SECTOR BREAKDOWN²

December 31, 2021 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Industrials	$	193,578,534		22.9	%
Consumer Discretionary		154,392,358		18.3
Financials		153,821,731		18.2
Information Technology		77,473,882		9.2
Real Estate		75,867,650		9.0
Materials		54,624,686		6.5
Health Care		54,197,484		6.4
Energy		26,993,828		3.2
Consumer Staples		22,471,432		2.7
Utilities		19,276,198		2.3
Communication Services		9,392,897		1.1
Short-Term Investments		1,852,515		0.2
Total Investments	$	843,943,195		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2021	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.1%
INDUSTRIALS–22.8%
AEROSPACE & DEFENSE–1.5%
Spirit AeroSystems Holdings, Inc.–Class A		287,960	$	12,408,196
AIRLINES–1.0%
SkyWest, Inc.(a)		217,664		8,554,195
BUILDING PRODUCTS–1.0%
Masonite International Corp.(a)		76,319		9,001,826
COMMERCIAL SERVICES & SUPPLIES–2.0%
ADT, Inc.(b)		954,800		8,029,868
MillerKnoll, Inc.		228,980		8,973,726
				17,003,594
CONSTRUCTION & ENGINEERING–4.0%
AECOM(a)		184,370		14,261,019
Dycom Industries, Inc.(a)		109,660		10,281,722
WillScot Mobile Mini Holdings Corp.(a)(b)		235,450		9,615,778
				34,158,519
ELECTRICAL EQUIPMENT–2.7%
Regal Rexnord Corp.		89,405		15,214,943
Sensata Technologies Holding PLC(a)		33,995		2,097,152
Vertiv Holdings Co.		238,260		5,949,352
				23,261,447
MACHINERY–3.2%
Crane Co.		62,664		6,374,809
Oshkosh Corp.		112,300		12,657,333
Timken Co. (The)		115,870		8,028,632
				27,060,774
MARINE–0.4%
Kirby Corp.(a)		56,280		3,344,158
PROFESSIONAL SERVICES–2.6%
Korn Ferry		108,660		8,228,822
Robert Half International, Inc.		121,685		13,570,311
				21,799,133
ROAD & RAIL–1.4%
Knight-Swift Transportation Holdings, Inc.		191,091		11,645,086
TRADING COMPANIES & DISTRIBUTORS–3.0%
Applied Industrial Technologies, Inc.		69,700		7,158,190
GATX Corp.		52,410		5,460,598
Herc Holdings, Inc.		81,270		12,722,818
				25,341,606
				193,578,534

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–18.2%
AUTO COMPONENTS–3.1%
Dana, Inc.		255,978	$	5,841,418
Goodyear Tire & Rubber Co. (The)(a)		628,360		13,396,635
Lear Corp.		38,081		6,966,919
				26,204,972
DIVERSIFIED CONSUMER SERVICES–0.7%
Houghton Mifflin Harcourt Co.(a)		351,035		5,651,664
HOTELS, RESTAURANTS & LEISURE–4.1%
Dine Brands Global, Inc.		129,250		9,798,443
Hilton Grand Vacations, Inc.(a)		145,210		7,566,893
Papa John’s International, Inc.		79,612		10,625,814
Scientific Games Corp./DE–Class A(a)		104,440		6,979,725
				34,970,875
HOUSEHOLD DURABLES–3.6%
KB Home		219,620		9,823,603
PulteGroup, Inc.		239,820		13,708,111
Taylor Morrison Home Corp.–Class A(a)		192,499		6,729,765
				30,261,479
LEISURE PRODUCTS–0.5%
Brunswick Corp./DE		43,606		4,392,432
SPECIALTY RETAIL–1.9%
Sally Beauty Holdings, Inc.(a)		406,920		7,511,743
Williams-Sonoma, Inc.(b)		53,344		9,022,071
				16,533,814
TEXTILES, APPAREL & LUXURY GOODS–4.3%
Carter’s, Inc.		121,530		12,301,266
Kontoor Brands, Inc.(b)		132,980		6,815,225
Ralph Lauren Corp.		83,980		9,981,863
Tapestry, Inc.		179,280		7,278,768
				36,377,122
				154,392,358
FINANCIALS–18.1%
BANKS–10.7%
Comerica, Inc.		138,950		12,088,650
First Citizens BancShares, Inc./NC–Class A(b)		15,170		12,588,673
First Hawaiian, Inc.		336,750		9,203,378
Synovus Financial Corp.		220,972		10,577,930
Texas Capital Bancshares, Inc.(a)		159,902		9,634,095
Umpqua Holdings Corp.		347,880		6,693,211
Webster Financial Corp.		175,832		9,818,459
Wintrust Financial Corp.		116,290		10,561,458
Zions Bancorp NA		150,028		9,475,768
				90,641,622

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CAPITAL MARKETS–2.2%
Moelis & Co.		154,815	$	9,677,485
Stifel Financial Corp.		132,447		9,326,918
				19,004,403
INSURANCE–4.2%
American Financial Group, Inc./OH		72,470		9,951,580
Everest Re Group Ltd.		26,973		7,388,444
Hanover Insurance Group, Inc. (The)		66,500		8,715,490
Kemper Corp.		39,876		2,344,310
Selective Insurance Group, Inc.		90,175		7,388,940
				35,788,764
THRIFTS & MORTGAGE FINANCE–1.0%
BankUnited, Inc.		198,226		8,386,942
				153,821,731
INFORMATION TECHNOLOGY–9.1%
COMMUNICATIONS EQUIPMENT–1.3%
Lumentum Holdings, Inc.(a)		104,830		11,087,869
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.3%
Avnet, Inc.		239,130		9,859,330
Belden, Inc.		148,704		9,774,314
				19,633,644
IT SERVICES–0.7%
Genpact Ltd.		107,311		5,696,068
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.0%
Kulicke & Soffa Industries, Inc.		121,678		7,366,386
MaxLinear, Inc.–Class A(a)		57,395		4,327,009
ON Semiconductor Corp.(a)		199,260		13,533,739
				25,227,134
SOFTWARE–1.8%
ACI Worldwide, Inc.(a)		213,510		7,408,797
CommVault Systems, Inc.(a)		122,176		8,420,370
				15,829,167
				77,473,882
REAL ESTATE–8.9%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–8.9%
American Campus Communities, Inc.		159,565		9,141,479
Broadstone Net Lease, Inc.		277,500		6,887,550
Camden Property Trust		78,453		14,017,982
Cousins Properties, Inc.		222,530		8,963,508
CubeSmart		203,892		11,603,494

Company	Shares		U.S. $ Value
MGM Growth Properties LLC–Class A		99,842	$	4,078,546
Physicians Realty Trust		595,941		11,221,569
STAG Industrial, Inc.		207,538		9,953,522
				75,867,650
MATERIALS–6.4%
CHEMICALS–2.1%
GCP Applied Technologies, Inc.(a)		24,308		769,591
Innospec, Inc.		59,680		5,391,491
Orion Engineered Carbons SA(a)		299,135		5,492,119
Trinseo PLC		116,706		6,122,397
				17,775,598
CONTAINERS & PACKAGING–2.3%
Berry Global Group, Inc.(a)		138,340		10,206,725
Sealed Air Corp.		140,137		9,455,044
				19,661,769
METALS & MINING–2.0%
Carpenter Technology Corp.		244,662		7,141,684
Reliance Steel & Aluminum Co.		61,926		10,045,635
				17,187,319
				54,624,686
HEALTH CARE–6.4%
HEALTH CARE EQUIPMENT & SUPPLIES–1.2%
Integra LifeSciences Holdings Corp.(a)		146,040		9,783,220
HEALTH CARE PROVIDERS & SERVICES–2.8%
Acadia Healthcare Co., Inc.(a)		180,850		10,977,595
MEDNAX, Inc.(a)		474,610		12,914,138
				23,891,733
HEALTH CARE TECHNOLOGY–1.1%
Change Healthcare, Inc.(a)		431,990		9,235,946
LIFE SCIENCES TOOLS & SERVICES–1.3%
Syneos Health, Inc.(a)		109,920		11,286,585
				54,197,484
ENERGY–3.2%
ENERGY EQUIPMENT & SERVICES–0.9%
Cactus, Inc.–Class A		206,100		7,858,593
OIL, GAS & CONSUMABLE FUELS–2.3%
Coterra Energy, Inc.		530,091		10,071,729
HollyFrontier Corp.		276,495		9,063,506
				19,135,235
				26,993,828

7

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER STAPLES–2.6%
FOOD PRODUCTS–2.6%
Hain Celestial Group, Inc. (The)(a)		276,504	$	11,781,836
Nomad Foods Ltd.(a)		421,016		10,689,596
				22,471,432
UTILITIES–2.3%
ELECTRIC UTILITIES–1.5%
IDACORP, Inc.		112,724		12,772,756
GAS UTILITIES–0.8%
Southwest Gas Holdings, Inc.		92,840		6,503,442
				19,276,198
COMMUNICATION SERVICES–1.1%
MEDIA–1.1%
Criteo SA (Sponsored ADR)(a)		241,649		9,392,897
Total Common Stocks (cost $619,121,296)				842,090,680
SHORT-TERM INVESTMENTS–0.2%
INVESTMENT COMPANIES–0.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.01%(c)(d)(e) (cost $1,852,515)		1,852,515		1,852,515
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.3% (cost $620,973,811)				843,943,195

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%(c)(d)(e) (cost $19,854)		19,854	$	19,854
TOTAL INVESTMENTS–99.3% (cost $620,993,665)				843,963,049
Other assets less liabilities–0.7%				6,168,279
NET ASSETS–100.0%			$	850,131,328

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Affiliated investments.

(d) The rate shown represents the 7-day yield as of period end.

(e) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See notes to financial statements.

8

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2021	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $619,121,296)	$	842,090,680	(a)
Affiliated issuers (cost $1,872,369—including investment of cash collateral for securities loaned of $19,854)		1,872,369
Receivable for investment securities sold		6,494,672
Receivable for capital stock sold		2,802,824
Unaffiliated dividends receivable		767,127
Affiliated dividends receivable		43
Total assets		854,027,715
LIABILITIES
Payable for investment securities purchased		2,239,066
Payable for capital stock redeemed		774,281
Advisory fee payable		528,670
Distribution fee payable		116,441
Administrative fee payable		22,683
Payable for collateral received on securities loaned		19,854
Transfer Agent fee payable		146
Accrued expenses		195,246
Total liabilities		3,896,387
NET ASSETS	$	850,131,328
COMPOSITION OF NET ASSETS
Capital stock, at par	$	36,539
Additional paid-in capital		515,932,981
Distributable earnings		334,161,808
NET ASSETS	$	850,131,328

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	286,389,905		12,208,544	$	23.46
B	$	563,741,423		24,330,676	$	23.17

(a) Includes securities on loan with a value of $26,372,779 (see Note E).

See notes to financial statements.

9

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2021	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $10,792)	$	14,111,468
Affiliated issuers		856
Securities lending income		38,515
		14,150,839
EXPENSES
Advisory fee (see Note B)		5,953,717
Distribution fee—Class B		1,311,537
Transfer agency—Class A		2,415
Transfer agency—Class B		4,705
Custody and accounting		124,945
Administrative		87,949
Legal		55,102
Printing		52,099
Audit and tax		51,774
Directors’ fees		28,362
Miscellaneous		24,686
Total expenses		7,697,291
Less: expenses waived and reimbursed by the Adviser (see Note B)		(4,184	)
Net expenses		7,693,107
Net investment income		6,457,732
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		128,124,776
Net change in unrealized appreciation/depreciation of investments		91,844,970
Net gain on investment transactions		219,969,746
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	226,427,478

See notes to financial statements.

10

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	6,457,732		$	5,454,467
Net realized gain (loss) on investment transactions		128,124,776			(22,104,001	)
Net change in unrealized appreciation/depreciation of investments		91,844,970			52,509,733
Net increase in net assets from operations		226,427,478			35,860,199
Distributions to Shareholders
Class A		(2,074,675	)		(10,812,568	)
Class B		(3,152,352	)		(21,414,765	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(26,229,493	)		17,235,925
Total increase		194,970,958			20,868,791
NET ASSETS
Beginning of period		655,160,370			634,291,579
End of period	$	850,131,328		$	655,160,370

See notes to financial statements.

11

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2021	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

12

AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

842,090,680

$

–0

–

$

–0

–

$

842,090,680

Short-Term Investments

1,852,515

–0

–

–0

–

1,852,515

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

19,854

–0

–

–0

–

19,854

Total Investments in Securities

843,963,049

–0

–

–0

–

843,963,049

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

843,963,049

$

–0

–

$

–0

–

$

843,963,049

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

13

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2021, there were no expenses waived by the Adviser.

14

AB Variable Products Series Fund

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2021, the reimbursement for such services amounted to $87,949.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,636 for the year ended December 31, 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 year ended December 31, 2021, such waiver amounted to $4,184.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2021 is as follows:

Portfolio	Market Value 12/31/20 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	10,258		$	202,773	$	211,179	$	1,852	$	1
Government Money Market Portfolio*		–0	–		23,487		23,467		20		0	**
Total								$	1,872	$	1

* Investments of cash collateral for securities lending transactions (see Note E).

** Amount is less than $500.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2021 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	419,835,679		$	440,605,737
U.S. government securities		–0	–		–0	–

15

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	623,307,815
Gross unrealized appreciation		231,417,303
Gross unrealized depreciation		(10,762,069	)
Net unrealized appreciation	$	220,655,234

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 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 investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

16

AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 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
$26,372,779	$19,854	$27,010,535	$38,460	$55	$–0–

* As of December 31, 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
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
Class A
Shares sold		1,695,215			2,448,083		$	36,964,186		$	33,752,481
Shares issued in reinvestment of dividends and distributions		95,343			788,663			2,074,675			10,812,568
Shares redeemed		(2,370,503	)		(2,229,236	)		(50,998,841	)		(32,550,890	)
Net increase (decrease)		(579,945	)		1,007,510		$	(11,959,980	)	$	12,014,159
Class B
Shares sold		5,030,121			4,230,893		$	108,632,675		$	51,341,662
Shares issued in reinvestment of dividends and distributions		146,485			1,579,260			3,152,352			21,414,765
Shares redeemed		(6,011,642	)		(4,535,252	)		(126,054,540	)		(67,534,661	)
Net increase (decrease)		(835,036	)		1,274,901		$	(14,269,513	)	$	5,221,766

At December 31, 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.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligation to the Portfolio.

17

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

LIBOR Transition and Associated Risk—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

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. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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 Portfolios, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2021.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021			2020
Distributions paid from:
Ordinary income	$	5,227,027		$	4,931,851
Net long-term capital gains		–0	–		27,295,482
Total taxable distributions	$	5,227,027		$	32,227,333

18

AB Variable Products Series Fund

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	53,849,918
Undistributed capital gains		59,656,656	(a)
Unrealized appreciation/(depreciation)		220,655,234	(b)
Total accumulated earnings/(deficit)	$	334,161,808

(a) During the fiscal year, the Portfolio utilized $21,198,650 of capital loss carry forwards to offset current year net realized gains.

(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, 2021, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J: Recent Accounting Pronouncements

In 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.

19

SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$17.39			$17.91			$16.93			$21.68			$20.29
Income From Investment Operations
Net investment income (a)(b)		.21			.17			.16			.13			.10
Net realized and unrealized gain (loss) on investment transactions		6.03			.20			3.04			(3.04	)		2.41
Net increase (decrease) in net asset value from operations		6.24			.37			3.20			(2.91	)		2.51
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.16	)		(.11	)		(.11	)		(.09	)
Distributions from net realized gain on investment transactions		–0	–		(.73	)		(2.11	)		(1.73	)		(1.03	)
Total dividends and distributions		(.17	)		(.89	)		(2.22	)		(1.84	)		(1.12	)
Net asset value, end of period		$23.46			$17.39			$17.91			$16.93			$21.68
Total Return
Total investment return based on net asset value (c)*		35.95	%		3.37	%		20.10	%		(15.03	)%		13.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$286,390			$222,441			$211,046			$188,052			$233,652
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.80	%		.83	%		.82	%		.81	%		.81	%
Expenses, before waivers/reimbursements		.80	%		.83	%		.83	%		.81	%		.82	%
Net investment income (b)		.98	%		1.17	%		.90	%		.61	%		.47	%
Portfolio turnover rate		54	%		58	%		33	%		39	%		33	%

See footnote summary on page 21.

20

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period		$17.19			$17.72			$16.75			$21.48			$20.12
Income From Investment Operations
Net investment income (a)(b)		.16			.13			.12			.07			.05
Net realized and unrealized gain (loss) on investment transactions		5.95			.18			3.02			(3.02	)		2.39
Net increase (decrease) in net asset value from operations		6.11			.31			3.14			(2.95	)		2.44
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.11	)		(.06	)		(.05	)		(.05	)
Distributions from net realized gain on investment transactions		–0	–		(.73	)		(2.11	)		(1.73	)		(1.03	)
Total dividends and distributions		(.13	)		(.84	)		(2.17	)		(1.78	)		(1.08	)
Net asset value, end of period		$23.17			$17.19			$17.72			$16.75			$21.48
Total Return
Total investment return based on net asset value (c)*		35.60	%		3.05	%		19.90	%		(15.29	)%		12.85	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$563,741			$432,719			$423,246			$374,941			$469,501
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.05	%		1.08	%		1.07	%		1.06	%		1.06	%
Expenses, before waivers/reimbursements		1.05	%		1.08	%		1.08	%		1.06	%		1.07	%
Net investment income (b)		.73	%		.91	%		.65	%		.36	%		.22	%
Portfolio turnover rate.		54	%		58	%		33	%		39	%		33	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2018 and December 31, 2017 by .07% and .11%, respectively.

See notes to financial statements.

21

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Small/Mid Cap Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Small/Mid Cap Value Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2022

22

2021 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2021. For corporate shareholders, 99.99% of dividends paid qualify for the dividends received deduction.

23

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Garry L. Moody(1)
OFFICERS
James W. MacGregor(2), Vice President Erik A. Turenchalk(2), Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Vice President and Senior Analyst	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Small/Mid-Cap Value Senior Investment Management Team. Messrs. MacGregor and Turenchalk are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

24

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan,# 1345 Avenue of the Americas New York, NY 10105 46 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		74	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 80 (2005)	Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		74	None

25

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 70 (2020)	Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.		74	Moody’s Corporation since April 2011
Michael J. Downey,## 78 (2005)	Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		74	None
Nancy P. Jacklin,## 73 (2006)	Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.		74	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 69 (2020)	Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.		74	Apollo Investment Corp. (business development company) since August 2011
Carol C. McMullen,## 66 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		74	None
Garry L. Moody,## 69 (2008)	Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		74	None

27

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^# Mr. Erzan is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

28

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 46	President and Chief Executive Officer	See biography above.
James W. MacGregor 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Head - US Value Equities since 2019; Chief Investment Officer of US Small and Mid Cap Value Equities.
Erik A. Turenchalk 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.
Emilie D. Wrapp 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI **, with which she has been associated since prior to 2017.
Michael B. Reyes 45	Senior Vice President and Senior Analyst	Vice President of the Adviser**, with which he has been associated since prior to 2017.
Joseph J. Mantineo 62	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.
Phyllis J. Clarke 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.
Vincent S. Noto 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2017.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618 or visit www.abfunds.com, for a free prospectus or SAI.

29

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 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.

30

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small/Mid Cap Value Portfolio (the “Fund”) at a meeting held by video conference on May 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

31

SMALL/MID CAP VALUE 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 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

32

AB Variable Products Series Fund

Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

33

VPS-SMCV-0151-1221

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent auditor Ernst & Young LLP, for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include multi-class distribution testing, advice and education on accounting and auditing issues, and consent letters; and (iii) tax compliance, tax advice and tax return preparation.

		Audit Fees		Audit-Related Fees		Tax Fees
AB Balanced Wealth Strategy Portfolio	2020		72,197		—		12,297
	2021		72,197		—		34,220
AB Global Thematic Growth Portfolio	2020		41,926		—		3,729
	2021		41,926		—		24,819
AB Growth & Income Portfolio	2020		31,404		—		6,443
	2021		31,404		—		19,713
AB Intermediate Bond Portfolio	2020		67,988		—		1,089
	2021		67,988		—		18,422
AB International Growth Portfolio	2020		41,926		—		3,806
	2021		41,926		—		28,698
AB International Value Portfolio	2020		41,926		—		9,096
	2021		41,926		—		26,898
AB Large Cap Growth Portfolio	2020		31,404		—		5,623
	2021		31,404		—		17,925
AB Small Cap Growth Portfolio	2020		31,404		—		1,630
	2021		31,404		—		17,664
AB Small/Mid Cap Value Portfolio	2020		35,613		—		7,674
	2021		35,613		—		22,877
AB Dynamic Asset Allocation Portfolio	2020		85,147		—		16,732
	2021		85,147		—		37,771
AB Global Risk Allocation-Moderate Portfolio	2020		36,029		—		10,547
	2021		36,029		—		22,497

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

		All Fees for Non-Audit Services Provided to the Portfolio, the Adviser and Service Affiliates		Total Amount of Foregoing Column Pre-approved by the Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB Balanced Wealth Strategy Portfolio	2020	$	910,348	$	12,297
					(12,297	)
	2021	$	1,153,105	$	34,220
					—
					(34,220	)
AB Global Thematic Growth Portfolio	2020	$	901,780	$	3,729
					—
					(3,729	)
	2021	$	1,143,703	$	24,819
					—
					(24,819	)
AB Growth & Income Portfolio	2020	$	904,494	$	6,443
					—
					(6,443	)
	2021	$	1,138,598	$	19,713
					—
					(19,713	)
AB Intermediate Bond Portfolio	2020	$	899,140	$	1,089
					—
					(1,089	)
	2021	$	1,137,307	$	18,422
					—
					(18,422	)
AB International Growth Portfolio	2020	$	901,857	$	3,806
					—
					(3,806	)
	2021	$	1,147,583	$	28,698
					—
					(28,698	)
AB International Value Portfolio	2020	$	907,147	$	9,096
					—
					(9,096	)
	2021	$	1,145,783	$	26,898
					—
					(26,898	)
AB Large Cap Growth Portfolio	2020	$	903,674	$	5,623
					—
					(5,623	)
	2021	$	1,136,810	$	17,925
					—
					(17,925	)
AB Small Cap Growth Portfolio	2020	$	899,681	$	1,630
					—
					(1,630	)
	2021	$	1,136,549	$	17,664
					—
					(17,664	)
AB Small/Mid Cap Value Portfolio	2020	$	905,725	$	7,674
					—
					(7,674	)
	2021	$	1,141,762	$	22,877
					—
					(22,877	)
AB Dynamic Asset Allocation Portfolio	2020	$	914,783	$	16,732
					—
					(16,732	)
	2021	$	1,156,656	$	37,771
					—
					(37,771	)
AB Global Risk Allocation-Moderate Portfolio	2020	$	908,598	$	10,547
					—
					(10,547	)
	2021	$	1,141,382	$	22,497
					—
					(22,497	)

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal controls over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (a) (1)	Code of ethics that is subject to the disclosure of Item 2 hereof
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Variable Products Series Fund, Inc.

By:	/s/ Onur Erzan
	Onur Erzan President
Date:	February 14, 2022

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:	February 14, 2022

By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo Treasurer and Chief Financial Officer
Date:	February 14, 2022