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)

Stephen M. Woetzel

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, 2023

Date of reporting period: December 31, 2023

ITEM 1. REPORTS TO STOCKHOLDERS.

DEC^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ AB BALANCED HEDGED ALLOCATION PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

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

BALANCED HEDGED ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2024

The following is an update of AB Variable Products Series Fund—Balanced Hedged Allocation Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2023.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its primary benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), and the Bloomberg US Aggregate Bond Index, for the one-, five- and 10-year periods ended December 31, 2023.

For the annual period, all share classes of the Portfolio underperformed the primary benchmark and outperformed the Bloomberg US Aggregate Bond Index. The Portfolio’s more diversified approach, which balances exposures to

1

AB Variable Products Series Fund

equities, bonds and risk-management techniques is expected to underperform the all-equity primary benchmark during normal and rising markets. During the 12-month period, equities and fixed-income assets contributed to absolute performance, while the risk-management techniques detracted.

During the 12-month period, the Portfolio used derivatives for hedging and investment purposes in the form of futures, which added to absolute performance, while purchased options detracted.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended December 31, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory in October. Equity markets rallied sharply during November and December, as optimism rose that the US Federal Reserve would begin to cut interest rates in 2024—both earlier and more than previously anticipated. Although US mega-cap technology stocks drove returns through much of the year, the rally broadened considerably during the fourth quarter as soft-landing expectations in the US continued to be underpinned by cooling inflation and moderating economic growth. Within large-cap markets, both growth- and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence optimism. Large-cap stocks outperformed small-cap stocks, although both rose in absolute terms.

Fixed-income government bond market yields were extremely volatile in all major developed markets, and developed-market government bond returns started to diverge based on individual country growth and inflation expectations and central bank decisions. Most central banks raised interest rates substantially to combat inflation, then paused further interest-rate hikes later in the period, and are now likely to begin to reduce short-term rates in 2024. Government bond returns in aggregate were strong as treasury yields fell significantly beginning in mid-October. Overall, developed-market investment-grade corporate bonds materially outperformed government bonds, including in the US and eurozone. High-yield corporate bonds advanced and significantly outperformed government bonds—especially in the eurozone and US. Emerging-market hard-currency sovereign bonds outperformed developed-market treasuries. Emerging-market hard-currency corporate bonds had strong relative positive returns. Among sovereigns and corporates, emerging-market high yield outperformed investment grade during the period. Local-currency sovereign bonds led emerging-market returns as the US dollar was mixed against all currencies over the year.

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

2

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

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolio may be subject to greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

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

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.

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

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

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

An Important Note About Historical Performance

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

Effective May 1, 2022, the Portfolio made certain changes to its principal strategies, including the modification of the strategies to invest in ETFs, most or all of which are passively managed; reduce allocations to international securities; add the Risk Management Component; and eliminate the targets for allocation of investments in natural resource equity securities and inflation-sensitive equity securities. In light of these changes, the performance shown for periods prior to May 1, 2022, is based on the Portfolio’s prior principal strategies and may not be representative of the Portfolio’s performance under its current principal strategies.

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

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

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

4

BALANCED HEDGED ALLOCATION PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2023 (unaudited)	1 Year		5 Years1		10 Years1
Balanced Hedged Allocation Portfolio Class A		13.04%		6.20%		5.31%
Balanced Hedged Allocation Portfolio Class B		12.66%		5.92%		5.04%
Primary Benchmark: MSCI ACWI (net)		22.20%		11.72%		7.93%
Bloomberg US Aggregate Bond Index2		5.53%		1.10%		1.81%
Bloomberg Global Aggregate Bond Index (USD hedged)		7.15%		1.40%		2.41%
1   Average annual returns. 2   Effective May 1, 2022, the secondary index used for comparison with the Portfolio’s performance has changed from the Bloomberg Global Aggregate Bond Index (USD hedged) to the Bloomberg US Aggregate Bond Index to show how the Portfolio’s performance compares with the returns of an index of securities similar to those in which the Portfolio invests.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.73% and 0.98% 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

12/31/2013 TO 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Balanced Hedged Allocation Portfolio Class A shares (from 12/31/2013 to 12/31/2023) as compared with the performance of the Portfolio’s current and previous benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

BALANCED HEDGED ALLOCATION PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,050.40	$	3.62		0.70	%	$	3.88		0.75	%
Hypothetical**	$	1,000	$	1,021.68	$	3.57		0.70	%	$	3.82		0.75	%
Class B
Actual	$	1,000	$	1,049.30	$	4.91		0.95	%	$	5.17		1.00	%
Hypothetical**	$	1,000	$	1,020.42	$	4.84		0.95	%	$	5.09		1.00	%

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

** Assumes 5% annual return before expenses.

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

6

BALANCED HEDGED ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
iShares Core S&P 500 ETF	$	52,146,210		30.2	%
iShares Core U.S. Aggregate Bond ETF		26,251,625		15.2
Vanguard Total Bond Market ETF		26,198,510		15.2
iShares Core MSCI EAFE ETF		20,886,915		12.1
iShares Core MSCI Emerging Markets ETF		11,208,528		6.5
S&P 500 Index		7,128,280		4.1
Vanguard Mid-Cap ETF		5,816,000		3.4
U.S. Treasury Inflation Index		4,766,149		2.8
Vanguard Real Estate ETF		4,329,640		2.5
Vanguard Small-Cap ETF		4,159,935		2.4
	$	162,891,792		94.4	%

SECURITY TYPE BREAKDOWN²

December 31, 2023 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	150,997,363		87.1	%
Inflation-Linked Securities		4,766,149		2.7
Purchased Options—Calls		3,955,465		2.3
Purchased Options—Puts		3,172,815		1.8
Corporates—Investment Grade		195,495		0.1
Short-Term Investments		10,352,282		6.0
Total Investments	$	173,439,569		100.0	%

1 Long-term investments.

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

7

BALANCED HEDGED ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2023	AB Variable Products Series Fund

Company			Shares		U.S. $ Value
INVESTMENT COMPANIES–87.4%
FUNDS AND INVESTMENT TRUSTS–87.4%*
iShares Core MSCI EAFE ETF				296,900	$	20,886,915
iShares Core MSCI Emerging Markets ETF				221,600		11,208,528
iShares Core S&P 500 ETF				109,177		52,146,210
iShares Core U.S. Aggregate Bond ETF				264,500		26,251,625
Vanguard Mid-Cap ETF(a)				25,000		5,816,000
Vanguard Real Estate ETF(a)				49,000		4,329,640
Vanguard Small-Cap ETF(a)				19,500		4,159,935
Vanguard Total Bond Market ETF				356,200		26,198,510
Total Investment Companies (cost $146,127,521)						150,997,363
	Principal Amount (000)
INFLATION-LINKED SECURITIES–2.7%
UNITED STATES–2.7%
U.S. Treasury Inflation Index 0.125%, 01/15/2032(b) (cost $5,436,229)		U.S.$		5,409		4,766,149
	Notional Amount
PURCHASED OPTIONS–CALLS–2.3%
OPTIONS ON EQUITY INDICES–2.3%
S&P 500 Index Expiration: Dec 2025; Contracts: 19; Exercise Price: USD 4,700.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD		8,930,000		1,230,725
S&P 500 Index Expiration: Dec 2025; Contracts: 18; Exercise Price: USD 4,500.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD		8,100,000		1,403,820
S&P 500 Index Expiration: Dec 2025; Contracts: 9; Exercise Price: USD 4,800.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD		4,320,000		526,275
S&P 500 Index Expiration: Dec 2025; Contracts: 7; Exercise Price: USD 4,900.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD		3,430,000		366,905
S&P 500 Index Expiration: Dec 2025; Contracts: 6; Exercise Price: USD 4,600.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD		2,760,000		427,740
Total Purchased Options–Calls (premiums paid $2,944,751)						3,955,465
PURCHASED OPTIONS–PUTS–1.8%
OPTIONS ON EQUITY INDICES–1.8%
S&P 500 Index Expiration: Dec 2025; Contracts: 42; Exercise Price: USD 4,600.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD		19,320,000		1,194,270
S&P 500 Index Expiration: Dec 2025; Contracts: 19; Exercise Price: USD 4,700.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD		8,930,000		591,280

8

AB Variable Products Series Fund

Company	Notional Amount			U.S. $ Value
S&P 500 Index Expiration: Dec 2025; Contracts: 18; Exercise Price: USD 4,500.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	8,100,000	$	466,740
S&P 500 Index Expiration: Dec 2025; Contracts: 15; Exercise Price: USD 4,400.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	6,600,000		354,225
S&P 500 Index Expiration: Dec 2025; Contracts: 9; Exercise Price: USD 4,800.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	4,320,000		306,180
S&P 500 Index Expiration: Dec 2025; Contracts: 7; Exercise Price: USD 4,900.00; Counterparty: Morgan Stanley & Co., Inc.(c)		USD	3,430,000		260,120
Total Purchased Options–Puts (premiums paid $4,074,243)					3,172,815
	Principal Amount (000)
CORPORATES–INVESTMENT GRADE–0.1%
INDUSTRIAL–0.1%
SERVICES–0.1%
Chicago Parking Meters LLC(d) (cost $200,000)		U.S.$	200		195,495
	Shares
COMMON STOCKS–0.0%
ENERGY–0.0%
OIL, GAS & CONSUMABLE FUELS–0.0%
Gazprom PJSC(c)(d)(e)			31,460		–0	–
LUKOIL PJSC(d)(e)(f)			790		–0	–
					–0	–
MATERIALS–0.0%
METALS & MINING–0.0%
MMC Norilsk Nickel PJSC (ADR)(c)(d)(e)			2,540		–0	–
Total Common Stocks (cost $272,696)					–0	–
SHORT-TERM INVESTMENTS–6.0%
INVESTMENT COMPANIES–6.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(g)(h)* (cost $10,352,282)			10,352,282		10,352,282
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.3% (cost $169,407,722)					173,439,569
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–3.6%
INVESTMENT COMPANIES–3.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(g)(h)* (cost $6,202,225)			6,202,225		6,202,225
TOTAL INVESTMENTS–103.9% (cost $175,609,947)					179,641,794
Other assets less liabilities–(3.9)%					(6,800,909	)
NET ASSETS–100.0%				$	172,840,885

9

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

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
E-Mini Russell 2000 Futures		10		March 2024	$	1,023,850	$	79,067
MSCI EAFE Futures		45		March 2024		5,067,900		199,345
MSCI Emerging Markets Futures		52		March 2024		2,687,620		124,373
S&P 500 E-Mini Futures		56		March 2024		13,496,000		502,209
S&P Mid 400 E-Mini Futures		4		March 2024		1,123,800		63,942
U.S. Long Bond (CBT) Futures		50		March 2024		6,246,875		501,869
U.S. T-Note 10 Yr (CBT) Futures		516		March 2024		58,251,563		1,901,820
							$	3,372,625

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

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

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

(c) Non-income producing security.

(d) Fair valued by the Adviser.

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

(f) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
LUKOIL PJSC		06/29/2018	$	61,154	$	–0	–		0.00	%

(g) Affiliated investments.

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

Currency Abbreviations:

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

MSCI—Morgan Stanley Capital International

PJSC—Public Joint Stock Company

See notes to financial statements.

10

BALANCED HEDGED ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $159,055,440)	$	163,087,287	(a)
Affiliated issuers (cost $16,554,507—including investment of cash collateral for securities loaned of $6,202,225)		16,554,507
Cash		2,476
Foreign currencies, at value (cost $6,778)		6,923
Affiliated dividends receivable		40,660
Unaffiliated interest and dividends receivable		17,852
Receivable due from Adviser		1,478
Receivable for capital stock sold		103
Total assets		179,711,286
LIABILITIES
Payable for collateral received on securities loaned		6,202,225
Payable for capital stock redeemed		144,521
Advisory fee payable		64,886
Payable for variation margin on futures		64,679
Distribution fee payable		32,719
Administrative fee payable		24,090
Foreign capital gains tax payable		5,943
Transfer Agent fee payable		150
Accrued expenses		331,188
Total liabilities		6,870,401
NET ASSETS	$	172,840,885
COMPOSITION OF NET ASSETS
Capital stock, at par	$	19,993
Additional paid-in capital		167,328,453
Distributable earnings		5,492,439
NET ASSETS	$	172,840,885

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	15,842,959		1,804,782	$	8.78
B	$	156,997,926		18,188,029	$	8.63

(a) Includes securities on loan with a value of $24,942,897 (see Note E).

See notes to financial statements.

11

BALANCED HEDGED ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $8,301)	$	3,864,791
Affiliated issuers		429,579
Interest		185,150
Securities lending income		37,429
		4,516,949
EXPENSES
Advisory fee (see Note B)		779,924
Distribution fee—Class B		393,840
Transfer agency—Class A		490
Transfer agency—Class B		4,892
Custody and accounting		129,746
Administrative		96,512
Audit and tax		86,643
Printing		39,667
Legal		37,518
Directors’ fees		18,989
Miscellaneous		17,400
Total expenses		1,605,621
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(12,811	)
Net expenses		1,592,810
Net investment income		2,924,139
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss on:
Investment transactions(a)		(4,552,830	)
Futures		(1,497,512	)
Foreign currency transactions		(116	)
Net change in unrealized appreciation (depreciation) of:
Investments		19,261,607
Futures		4,567,585
Foreign currency denominated assets and liabilities		2,270
Net gain on investment and foreign currency transactions		17,781,004
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	20,705,143

(a) Net of foreign realized capital gains taxes of $7,857.

See notes to financial statements.

12

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

	Year Ended December 31, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,924,139		$	2,576,399
Net realized gain (loss) on investment and foreign currency transactions		(6,050,458	)		10,294,648
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		23,831,462			(58,310,497	)
Contributions from Affiliates (see Note B)		–0	–		2,636
Net increase (decrease) in net assets from operations		20,705,143			(45,436,814	)
Distributions to Shareholders
Class A		(978,634	)		(2,419,129	)
Class B		(9,515,346	)		(24,164,652	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(14,760,704	)		3,638,903
Total decrease		(4,549,541	)		(68,381,692	)
NET ASSETS
Beginning of period		177,390,426			245,772,118
End of period	$	172,840,885		$	177,390,426

See notes to financial statements.

13

BALANCED HEDGED ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Balanced Hedged Allocation Portfolio (the “Portfolio”) (formerly known as AB Balanced Wealth Strategy Portfolio) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to maximize total return consistent with the determination of AllianceBernstein L.P. (the “Adviser”) of reasonable risk. The Portfolio is diversified as defined under the Investment Company Act of 1940 (the “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

14

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

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

15

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

150,997,363

$

–0

–

$

–0

–

$

150,997,363

Inflation-Linked Securities

–0

–

4,766,149

–0

–

4,766,149

Purchased Options—Calls

–0

–

3,955,465

–0

–

3,955,465

Purchased Options—Puts

–0

–

3,172,815

–0

–

3,172,815

Corporates—Investment Grade

–0

–

195,495

–0

–

195,495

Common Stocks

–0

–

–0

–

0

(a)

–0

–

Short-Term Investments

10,352,282

–0

–

–0

–

10,352,282

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

6,202,225

–0

–

–0

–

6,202,225

Total Investments in Securities

167,551,870

12,089,924

0

(a)

179,641,794

Other Financial Instruments(b):

Assets:

Futures

3,372,625

–0

–

–0

–

3,372,625

(c)

Total

$

170,924,495

$

12,089,924

$

0

(a)

$

183,014,419

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

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

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

3. Currency Translation

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

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.

16

AB Variable Products Series Fund

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion, .425% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. Prior to May 2, 2022, the Portfolio paid the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2023, there was no such reimbursement. This fee waiver and/or expense reimbursement agreement extends through May 1, 2024 and then may be extended by the Adviser for additional one-year terms.

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, 2023, the reimbursement for such services amounted to $96,512.

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 $1,800 for the year ended December 31, 2023.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. 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, 2023, such waiver amounted to $9,983.

17

BALANCED HEDGED 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, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	7,692	$	51,889	$	49,228	$	10,353	$	430
Government Money Market Portfolio*		1,978		308,531		304,307		6,202		12
Total							$	16,555	$	442

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

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

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the 1940 Act. 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, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	7,018,994		$	28,938,893
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	$	175,609,947
Gross unrealized appreciation	$	12,737,265
Gross unrealized depreciation		(8,705,418	)
Net unrealized appreciation	$	4,031,847

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

18

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, 2023, the Portfolio held futures for hedging and non-hedging purposes.

• Option Transactions

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

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

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

19

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

During the year ended December 31, 2023, the Portfolio held purchased options for hedging and non-hedging purposes.

During the year ended December 31, 2023, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	2,403,689	*
Equity contracts	Receivable for variation margin on futures		968,936	*
Equity contracts	Investments in securities, at value		7,128,280
Total		$	10,500,905

* 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	$	(3,923,823	)	$	2,869,782
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		2,426,311			1,697,803
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(4,498,171	)		926,466
Total		$	(5,995,683	)	$	5,494,051

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2023:

Futures:
Average notional amount of buy contracts	$	92,668,322
Average notional amount of sale contracts	$	11,027,693	(a)
Purchased Options:
Average notional amount	$	72,151,538

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

2. Currency Transactions

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

20

AB Variable Products Series Fund

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If 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, 2023 is as follows:

								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	24,942,897	$	6,202,225	$	19,388,944	$	25,581	$	11,848	$	2,828

* As of December 31, 2023.

21

BALANCED HEDGED ALLOCATION 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, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares sold		15,409			124,450		$	134,466		$	1,307,388
Shares issued in reinvestment of dividends and distributions		117,766			264,675			978,634			2,419,127
Shares redeemed		(289,545	)		(289,813	)		(2,475,377	)		(2,886,339	)
Net increase (decrease)		(156,370	)		99,312		$	(1,362,277	)	$	840,176
Class B
Shares sold		503,184			888,386		$	4,219,796		$	8,974,615
Shares issued on reinvestment of dividends and distributions		1,163,245			2,684,961			9,515,346			24,164,652
Shares redeemed		(3,256,453	)		(3,131,166	)		(27,133,569	)		(30,340,540	)
Net increase (decrease)		(1,590,024	)		442,181		$	(13,398,427	)	$	2,798,727

At December 31, 2023, certain shareholders of the Portfolio owned 69% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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

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

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

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

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

22

AB Variable Products Series Fund

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

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

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

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

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

LIBOR Replacement Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

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

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

23

BALANCED HEDGED ALLOCATION 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, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	1,598,559	$	8,298,483
Net long-term capital gains		8,895,421		18,285,298
Total taxable distributions paid	$	10,493,980	$	26,583,781

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	4,667,559
Undistributed capital gains		1,628,849
Other losses		(4,831,773	)(a)
Unrealized appreciation (depreciation)		4,033,747	(b)
Total accumulated earnings (deficit)	$	5,498,382

(a) As of December 31, 2023, the cumulative deferred loss on straddles was $4,831,773.

(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.

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, 2023, the Portfolio did not have any capital loss carryforwards.

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

NOTE J: Recent Accounting Pronouncements

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

NOTE K: Subsequent Events

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

24

BALANCED HEDGED ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$8.28			$11.75			$10.61			$10.24			$10.10
Income From Investment Operations
Net investment income(a)(b)		.16			.15			.16			.13			.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.89			(2.25	)		1.29			.78			1.58
Contributions from Affiliates		–0	–		.00	(c)		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		1.05			(2.10	)		1.45			.91			1.77
Less: Dividends and Distributions
Dividends from net investment income		(.10	)		(.35	)		(.06	)		(.24	)		(.29	)
Distributions from net realized gain on investment transactions		(.45	)		(1.02	)		(.25	)		(.30	)		(1.34	)
Total dividends and distributions		(.55	)		(1.37	)		(.31	)		(.54	)		(1.63	)
Net asset value, end of period		$8.78			$8.28			$11.75			$10.61			$10.24
Total Return
Total investment return based on net asset value(d)*		13.04	%		(18.99	)%		13.73	%		9.41	%		18.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,843			$16,241			$21,879			$21,252			$24,347
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.69	%		.63	%		.56	%		.55	%		.55	%
Expenses, before waivers/reimbursements(e)(f)‡		.70	%		.71	%		.75	%		.77	%		.75	%
Net investment income(b)		1.92	%		1.50	%		1.43	%		1.38	%		1.81	%
Portfolio turnover rate		4	%		135	%**		63	%**		66	%**		63	%**
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.04	%		.09	%		.20	%		.22	%		.22	%

See footnote summary on page 27.

25

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

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

	CLASS B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$8.15			$11.58			$10.47			$10.10			$9.98
Income From Investment Operations
Net investment income(a)(b)		.14			.12			.13			.11			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.87			(2.22	)		1.26			.78			1.56
Contributions from Affiliates		–0	–		.00	(c)		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		1.01			(2.10	)		1.39			.89			1.72
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(.31	)		(.03	)		(.22	)		(.26	)
Distributions from net realized gain on investment transactions		(.45	)		(1.02	)		(.25	)		(.30	)		(1.34	)
Total dividends and distributions		(.53	)		(1.33	)		(.28	)		(.52	)		(1.60	)
Net asset value, end of period		$8.63			$8.15			$11.58			$10.47			$10.10
Total Return
Total investment return based on net asset value(d)*		12.66	%		(19.17	)%		13.36	%		9.25	%		18.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$156,998			$161,149			$223,893			$222,427			$231,071
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.94	%		.88	%		.81	%		.80	%		.80	%
Expenses, before waivers/reimbursements(e)(f)‡		.95	%		.96	%		1.00	%		1.02	%		1.00	%
Net investment income(b)		1.66	%		1.24	%		1.20	%		1.14	%		1.57	%
Portfolio turnover rate		4	%		135	%**		63	%**		66	%**		63	%**
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
Portfolios		.04	%		.09	%		.20	%		.22	%		.22	%

See footnote summary on page 27.

26

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, 2023, December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019, such waiver amounted to .01%, .08%, .19%, .20% and .20%, respectively.

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

	Year Ended December 31,
	2023			2022			2021			2020			2019
Class A
Net of waivers/reimbursements		.69	%		.63	%		.56	%		.55	%		.54	%
Before waivers/reimbursements		.70	%		.71	%		.75	%		.77	%		.75	%
Class B
Net of waivers/reimbursements		.94	%		.88	%		.81	%		.80	%		.79	%
Before waivers/reimbursements		.95	%		.96	%		1.00	%		1.02	%		1.00	%

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

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

See notes to financial statements.

27

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Balanced Hedged Allocation Portfolio (the “Portfolio”) (one of the series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2024

28

2023 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, 2023. For corporate shareholders, 3.63% of dividends paid qualify for the dividends received deduction. The Portfolio designates $8,895,421 of dividends paid as long-term capital gain dividends.

29

BALANCED HEDGED ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
Rohith Eggidi(2), Vice President Daniel J. Loewy(2), Vice President Marshall Greenbaum(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company One Congress Street Suite 1 Boston, MA 02114	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

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

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

30

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

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors and Advisory Board member 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 48 (2021)	Senior Vice President of the Adviser**, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None
INDEPENDENT DIRECTORS
Garry L. Moody## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None
Jorge A. Bermudez,## 72 (2020)	Private Investor since prior to 2019. 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 (2017–2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014–2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011

31

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

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Michael J. Downey,## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 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.		82	None
Nancy P. Jacklin,## 75 (2006)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	None
Jeanette W. Loeb,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Carol C . McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		82	None
Marshall C. Turner, Jr.## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023–June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

33

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

* The address for each of the Company’s Directors and Advisory Board member 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 or Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with the Adviser.

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

34

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.
Rohith Eggidi 36	Vice President	Vice President of the Adviser** since 2020. Prior thereto, he was associated in a substantially similar capacity to his current position as an Associate Portfolio Manager since prior to 2019 at AnchorPath Financial, LLC, an investment management firm specializing in risk management solutions which was acquired by the Adviser in 2020.
Daniel J. Loewy 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer and Head of Multi-Asset and Hedge Fund Solutions; and Chief Investment Officer for Dynamic Asset Allocation.
Marshall Greenbaum 55	Vice President	Senior Vice President of the Adviser** since 2020. Prior thereto, principal (and founder) of AnchorPath Financial, LLC, an investment management firm specializing in risk management solutions which was acquired by the Adviser in 2020.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser,** with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of the ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

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

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

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

35

BALANCED HEDGED ALLOCATION PORTFOLIO	AB Variable Products Series Fund

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

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

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

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

36

BALANCED HEDGED ALLOCATION PORTFOLIO AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Balanced Hedged Allocation Portfolio (formerly AB Balanced Wealth Strategy Portfolio) (the “Fund”) at meetings held in-person on August 1-2, 2023 and October 31-November 2, 2023 (the “Meetings”).

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

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund 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 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is

37

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

difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

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

Investment Results

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

At the Meetings, 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, 2023 and July 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

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

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

Economies of Scale

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

38

AB Variable Products Series Fund

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-BHA- 0151-1223

DEC^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ AB DYNAMIC ASSET ALLOCATION PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

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

DYNAMIC ASSET ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2024

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, 2023.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index, the Bloomberg US Treasury Index and its blended benchmark, a 60%/40% blend of the MSCI World Index and the Bloomberg US Treasury Index, respectively, for the one-, five- and 10-year periods ended December 31, 2023.

For the 12-month period, all share classes of the Portfolio underperformed the primary and blended benchmarks, but outperformed the Bloomberg US Treasury Index. The Portfolio’s diversified approach, which targets a 60%/40% allocation to equities and bonds, underperformed due to

1

AB Variable Products Series Fund

multiple detractors over the 12-month period. Underperformance related to equity timing and the Portfolio’s strategic hedges, primarily an extension to duration and a long volatility option, detracted from performance.

The Portfolio began the year modestly underweight to equity, which was motivated by the uncertainty surrounding headline inflation and the hawkish tone by the US Federal Reserve (the “Fed”) leading many to believe significant tightening will continue in the future. The Portfolio was overweight to bonds, which added additional diversification and defensiveness.

By the beginning of February, the Portfolio moved to an overweight to equities. As recent economic data raised expectations that inflation could be curbed without triggering a significant recession, the optimism and less defensive positions for investors were short lived as a potential financial collapse became reality in late March. The Portfolio closed the overweight to equites, which was motivated by the collapse of US-based Silicon Valley Bank and Signature Bank, and later, Credit Suisse, triggered fears of broader financial contagion. Banking industry turmoil, concern over a potential credit crunch, and uncertainty around the direction of central bank policy revived recessionary fears. After the financial disruption, the Portfolio closed the underweight to equites. During the second half of the year, the Portfolio carried a modest overweight to equities with the exception of October. October brought uncertainty as stronger-than-expected third-quarter economic growth supported the Fed’s commitment to higher-for-longer rates and quantitative tightening. This triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment. Equity markets rallied sharply during November and December, as optimism rose that the Fed would begin to cut interest rates in 2024—both earlier and more than previously anticipated.

The Portfolio’s Senior Investment Management Team (the “Team”) ended the 12-month period with a modest overweight to risk assets including developed-market equities. The Team also ended the period with an overweight to both the Australian and US dollars, as well as the British pound.

During the 12-month period, an underweight US Large-Cap equity, international equity and strategic hedges detracted from performance, while equity country selection contributed to performance.

During the 12-month period, the Portfolio used derivatives for hedging and investment purposes in the form of futures, currency forwards, purchased options and total return swaps, which detracted from absolute returns, while credit default swaps added.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the 12-month period ended December 31, 2022. In response to persistently high inflation, central banks—led by the Fed—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

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

2

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

Benchmark Disclosure

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

A Word About Risk

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

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolio may be subject to greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

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

Allocation Risk: The allocation of investments among different global asset classes may have a significant effect on the Portfolio’s net asset value (“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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Portfolio to suffer a potentially unlimited loss.

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

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

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

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

An Important Note About Historical Performance

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

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

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

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

4

DYNAMIC ASSET ALLOCATION PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2023 (unaudited)	1 Year		5 Years1		10  Years1
Dynamic Asset Allocation Portfolio Class A		13.70%		4.29%		3.47%
Dynamic Asset Allocation Portfolio Class B		13.48%		4.03%		3.22%
Primary Benchmark: MSCI World Index		23.79%		12.80%		8.60%
Bloomberg US Treasury Index		4.05%		0.53%		1.27%
Blended Benchmark: 60% MSCI World Index/ 40% Bloomberg US Treasury Index		15.65%		8.15%		5.91%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.92% and 1.18% 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

12/31/2013 TO 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Dynamic Asset Allocation Portfolio Class A shares (from 12/31/2013 to 12/31/2023) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,049.70	$	4.39		0.85	%
Hypothetical**	$	1,000	$	1,020.92	$	4.33		0.85	%
Class B
Actual	$	1,000	$	1,048.40	$	5.68		1.10	%
Hypothetical**	$	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).

** Assumes 5% annual return before expenses.

6

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Notes & Bonds	$	87,020,873		34.3	%
Apple, Inc.		7,831,735		3.1
Microsoft Corp.		6,905,975		2.7
Amazon.com, Inc.		3,671,022		1.4
NVIDIA Corp.		3,182,779		1.3
Alphabet, Inc.—Class A		2,156,395		0.8
Meta Platforms, Inc.—Class A		2,046,951		0.8
Alphabet, Inc.—Class C		1,914,393		0.8
Tesla, Inc.		1,846,952		0.7
Broadcom, Inc.		1,291,501		0.5
	$	117,868,576		46.4	%

PORTFOLIO BREAKDOWN²

December 31, 2023 (unaudited)

ASSET CLASSES	ALLOCATION
Equities
US Large Cap		46.3	%
International Large Cap		18.4
Sub-total		64.7
Fixed Income
U.S. Bonds		35.1
International Bonds		0.2
Sub-total		35.3
Total		100.0	%

SECURITY TYPE BREAKDOWN³

December 31, 2023 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	156,575,088		62.3	%
Governments—Treasuries		87,020,873		34.6
Agencies		811,848		0.3
Purchased Options—Puts		729,943		0.3
Short-Term Investments		6,267,808		2.5
Total Investments	$	251,405,560		100.0	%

1 Long-term investments.

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

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

7

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2023	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–61.7%
INFORMATION TECHNOLOGY–14.2%
COMMUNICATIONS EQUIPMENT–0.4%
Arista Networks, Inc.(a)		685	$	161,324
Cisco Systems, Inc.		10,539		532,430
F5, Inc.(a)		155		27,742
Juniper Networks, Inc.		836		24,645
Motorola Solutions, Inc.		435		136,194
Nokia Oyj		14,068		47,915
Telefonaktiebolaget LM Ericsson–Class B		7,618		47,942
				978,192
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		1,552		153,850
Azbil Corp.		299		9,862
CDW Corp./DE		349		79,335
Corning, Inc.		2,108		64,189
Halma PLC		987		28,698
Hamamatsu Photonics KK		349		14,319
Hexagon AB–Class B		5,401		64,873
Hirose Electric Co., Ltd.		89		10,052
Ibiden Co., Ltd.		241		13,295
Jabil, Inc.		341		43,443
Keyence Corp.		524		230,223
Keysight Technologies, Inc.(a)		462		73,500
Kyocera Corp.		3,436		50,028
Murata Manufacturing Co., Ltd.		4,451		94,058
Omron Corp.		453		21,079
Shimadzu Corp.		578		16,116
TDK Corp.		962		45,622
TE Connectivity Ltd.		817		114,789
Teledyne Technologies, Inc.(a)		123		54,894
Trimble, Inc.(a)		646		34,367
Yaskawa Electric Corp.(b)		607		25,264
Yokogawa Electric Corp.		534		10,150
Zebra Technologies Corp.–Class A(a)		134		36,626
				1,288,632
IT SERVICES–0.9%
Accenture PLC–Class A		1,633		573,036
Akamai Technologies, Inc.(a)		395		46,748
Bechtle AG		213		10,669
Capgemini SE		407		85,059
CGI, Inc.(a)		544		58,278
Cognizant Technology Solutions Corp.–Class A		1,314		99,246
EPAM Systems, Inc.(a)		151		44,898
Fujitsu Ltd.		451		67,873

Company	Shares		U.S. $ Value
Gartner, Inc.(a)		206	$	92,929
GoDaddy, Inc.–Class A(a)		363		38,536
International Business Machines Corp.		2,371		387,777
MongoDB, Inc.(a)		186		76,046
NEC Corp.		609		35,983
Nomura Research Institute Ltd.		954		27,707
NTT Data Group Corp.		1,622		22,928
Obic Co., Ltd.		221		38,024
Okta, Inc.(a)		408		36,936
Otsuka Corp.(b)		230		9,466
SCSK Corp.		392		7,761
Shopify, Inc.–Class A(a)		3,131		243,760
Snowflake, Inc.–Class A(a)		729		145,071
TIS, Inc.		494		10,858
Twilio, Inc.–Class A(a)		448		33,990
VeriSign, Inc.(a)		242		49,842
Wix.com Ltd.(a)		141		17,346
				2,260,767
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.0%
Advanced Micro Devices, Inc.(a)		4,204		619,712
Advantest Corp.		1,908		64,291
Analog Devices, Inc.		1,291		256,341
Applied Materials, Inc.		2,177		352,826
ASM International NV		123		64,018
ASML Holding NV		1,049		791,877
BE Semiconductor Industries NV(b)		201		30,346
Broadcom, Inc.		1,157		1,291,501
Disco Corp.		268		66,187
Enphase Energy, Inc.(a)		355		46,910
Entegris, Inc.		391		46,850
First Solar, Inc.(a)		264		45,482
Infineon Technologies AG		3,397		141,868
Intel Corp.		10,896		547,524
KLA Corp.		355		206,361
Lam Research Corp.		344		269,441
Lasertec Corp.(b)		271		71,145
Lattice Semiconductor Corp.(a)		359		24,767
Marvell Technology, Inc.		2,245		135,396
Microchip Technology, Inc.		1,416		127,695
Micron Technology, Inc.		2,857		243,816
Monolithic Power Systems, Inc.		119		75,063
NVIDIA Corp.		6,427		3,182,779
NXP Semiconductors NV		671		154,115
ON Semiconductor Corp.(a)		1,123		93,804
Qorvo, Inc.(a)		255		28,716
QUALCOMM, Inc.		2,904		420,006
Renesas Electronics Corp.(a)		3,817		68,252
Rohm Co., Ltd.		816		15,578
Skyworks Solutions, Inc.		415		46,654

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
STMicroelectronics NV		1,778	$	89,183
SUMCO Corp.(b)		834		12,476
Teradyne, Inc.		401		43,517
Texas Instruments, Inc.		2,363		402,797
Tokyo Electron Ltd.(b)		1,290		229,284
				10,306,578
SOFTWARE–5.1%
Adobe, Inc.(a)		1,185		706,971
ANSYS, Inc.(a)		226		82,011
Aspen Technology, Inc.(a)		76		16,731
Atlassian Corp., Ltd.–Class A(a)		404		96,095
Autodesk, Inc.(a)		557		135,618
Bentley Systems, Inc.– Class B		552		28,803
BILL Holdings, Inc.(a)		250		20,398
Cadence Design Systems, Inc.(a)		708		192,838
Check Point Software Technologies Ltd.(a)		244		37,281
Cloudflare, Inc.–Class A(a)		723		60,197
Coinbase Global, Inc.–Class A(a)		445		77,394
Confluent, Inc.–Class A(a)		471		11,021
Constellation Software, Inc./Canada(b)		53		131,406
Crowdstrike Holdings, Inc.–Class A(a)		589		150,383
CyberArk Software Ltd.(a)		109		23,876
Dassault Systemes SE		1,738		85,070
Datadog, Inc.–Class A(a)		662		80,354
Descartes Systems Group, Inc. (The)(a)		222		18,652
DocuSign, Inc.(a)		528		31,390
Dropbox, Inc.–Class A(a)		675		19,899
Fair Isaac Corp.(a)		65		75,661
Fortinet, Inc.(a)		1,737		101,667
Gen Digital, Inc.		1,497		34,162
HubSpot, Inc.(a)		124		71,987
Intuit, Inc.		730		456,272
Manhattan Associates, Inc.(a)		161		34,667
Microsoft Corp.		18,365		6,905,975
Monday.com Ltd.(a)		69		12,959
Nemetschek SE		150		12,950
Nice Ltd.(a)		165		32,815
Open Text Corp.		705		29,630
Oracle Corp.		4,277		450,924
Oracle Corp. Japan		142		10,931
Palantir Technologies, Inc.–Class A(a)		4,801		82,433
Palo Alto Networks, Inc.(a)		803		236,789
PTC, Inc.(a)		309		54,063
Roper Technologies, Inc.		278		151,557
Sage Group PLC (The)		2,671		39,875
Salesforce, Inc.(a)		2,532		666,270
SAP SE		2,717		418,205

Company	Shares		U.S. $ Value
ServiceNow, Inc.(a)		532	$	375,853
Splunk, Inc.(a)		417		63,530
Synopsys, Inc.(a)		396		203,904
Temenos AG (REG)		166		15,469
Trend Micro, Inc./Japan(a)		289		15,424
Tyler Technologies, Inc.(a)		110		45,993
UiPath, Inc.–Class A(a)		1,008		25,039
Unity Software, Inc.(a)(b)		648		26,497
WiseTech Global Ltd.(b)		433		22,193
Workday, Inc.–Class A(a)		539		148,796
Xero Ltd.(a)		374		28,532
Zoom Video Communications, Inc.–Class A(a)		620		44,584
Zscaler, Inc.(a)		230		50,959
				12,952,953
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.3%
Apple, Inc.		40,678		7,831,735
Brother Industries Ltd.		585		9,316
Canon, Inc.(b)		2,511		64,417
Dell Technologies, Inc.–Class C		666		50,949
FUJIFILM Holdings Corp.		1,009		60,469
Hewlett Packard Enterprise Co.		3,337		56,662
HP, Inc.		2,314		69,628
Logitech International SA (REG)		428		40,698
NetApp, Inc.		543		47,871
Ricoh Co., Ltd.		1,372		10,508
Seagate Technology Holdings PLC		514		43,880
Seiko Epson Corp.		692		10,332
Super Micro Computer, Inc.(a)(b)		124		35,248
Western Digital Corp.(a)		843		44,148
				8,375,861
				36,162,983
FINANCIALS–9.3%
BANKS–3.5%
ABN AMRO Bank NV		1,238		18,618
AIB Group PLC		4,088		17,508
ANZ Group Holdings Ltd.		7,819		138,146
Banco Bilbao Vizcaya Argentaria SA		15,521		141,462
Banco BPM SpA		3,153		16,708
Banco Santander SA		42,108		176,124
Bank Hapoalim BM		3,305		29,691
Bank Leumi Le-Israel BM		3,965		31,910
Bank of America Corp.		18,607		626,498
Bank of Ireland Group PLC		2,749		24,957
Bank of Montreal		1,876		185,625
Bank of Nova Scotia (The)(b)		3,136		152,652

9

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

Company	Shares		U.S. $ Value
Banque Cantonale Vaudoise (REG)(b)		79	$	10,188
Barclays PLC		39,303		76,958
BNP Paribas SA		2,733		189,795
BOC Hong Kong Holdings Ltd.		9,031		24,533
CaixaBank SA		10,735		44,210
Canadian Imperial Bank of Commerce(b)		2,405		115,799
Chiba Bank Ltd. (The)		1,314		9,467
Citigroup, Inc.		5,010		257,714
Citizens Financial Group, Inc.		1,228		40,696
Commerzbank AG		2,742		32,591
Commonwealth Bank of Australia(b)		4,361		332,382
Concordia Financial Group Ltd.(b)		2,721		12,403
Credit Agricole SA		2,779		39,508
Danske Bank A/S		1,794		47,956
DBS Group Holdings Ltd.		4,175		105,581
DNB Bank ASA		2,408		51,197
Erste Group Bank AG		894		36,211
Fifth Third Bancorp		1,771		61,082
FinecoBank Banca Fineco SpA		1,588		23,890
First Citizens BancShares, Inc./NC–Class A		29		41,150
Hang Seng Bank Ltd.		1,305		15,236
HSBC Holdings PLC		50,697		410,137
Huntington Bancshares, Inc./OH		3,767		47,916
ING Groep NV		9,417		141,203
Intesa Sanpaolo SpA		40,433		118,323
Israel Discount Bank Ltd.–Class A		3,218		16,112
Japan Post Bank Co., Ltd.		3,718		37,838
JPMorgan Chase & Co.		7,561		1,286,126
KBC Group NV		651		42,249
KeyCorp		2,435		35,064
Lloyds Banking Group PLC		165,335		100,282
M&T Bank Corp.		432		59,219
Mediobanca Banca di Credito Finanziario SpA(b)		1,436		17,795
Mitsubishi UFJ Financial Group, Inc.		29,687		254,778
Mizrahi Tefahot Bank Ltd.		402		15,562
Mizuho Financial Group, Inc.		6,254		106,679
National Australia Bank Ltd.		8,140		170,133
National Bank of Canada(b)		879		67,000
NatWest Group PLC		14,987		41,745
Nordea Bank Abp (Helsinki)		8,309		103,155
Oversea-Chinese Banking Corp., Ltd.		8,327		81,933
PNC Financial Services Group, Inc. (The)		1,036		160,425

Company	Shares		U.S. $ Value
Regions Financial Corp.		2,441	$	47,307
Resona Holdings, Inc.		5,522		27,993
Royal Bank of Canada		3,630		367,096
Shizuoka Financial Group, Inc.		1,194		10,096
Skandinaviska Enskilda Banken AB–Class A		4,128		56,969
Societe Generale SA		1,921		51,109
Standard Chartered PLC		5,962		50,594
Sumitomo Mitsui Financial Group, Inc.		3,333		162,183
Sumitomo Mitsui Trust Holdings, Inc.		1,634		31,294
Svenska Handelsbanken AB–Class A		3,794		41,231
Swedbank AB–Class A		2,208		44,641
Toronto-Dominion Bank (The)		4,733		305,829
Truist Financial Corp.		3,465		127,928
UniCredit SpA		4,179		113,793
United Overseas Bank Ltd.		2,692		58,102
US Bancorp		3,988		172,601
Wells Fargo & Co.		9,519		468,525
Westpac Banking Corp.		9,129		142,435
				8,721,846
CAPITAL MARKETS–1.9%
3i Group PLC		2,532		77,934
abrdn PLC(b)		4,906		11,154
Ameriprise Financial, Inc.		267		101,415
Amundi SA		160		10,914
Ares Management Corp.–Class A		425		50,541
ASX Ltd.		503		21,610
Bank of New York Mellon Corp. (The)		2,026		105,453
BlackRock, Inc.		389		315,790
Blackstone, Inc.		1,847		241,809
Brookfield Asset Management Ltd.–Class A (Toronto)(b)		912		36,630
Brookfield Corp. (Toronto)(b)		3,624		145,365
Carlyle Group, Inc. (The)		561		22,827
Cboe Global Markets, Inc.		275		49,104
Charles Schwab Corp. (The)		3,915		269,352
CME Group, Inc.		936		197,122
Daiwa Securities Group, Inc.		3,463		23,244
Deutsche Bank AG (REG)		5,042		68,829
Deutsche Boerse AG		495		101,938
EQT AB(b)		925		26,190
Euronext NV(c)		223		19,380
FactSet Research Systems, Inc.		100		47,705
Franklin Resources, Inc.		778		23,177
Futu Holdings Ltd. (ADR)(a)		150		8,195

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Goldman Sachs Group, Inc. (The)		858	$	330,991
Hargreaves Lansdown PLC		925		8,645
Hong Kong Exchanges & Clearing Ltd.		2,601		89,215
IGM Financial, Inc.(b)		216		5,707
Intercontinental Exchange, Inc.		1,489		191,232
Japan Exchange Group, Inc.		1,288		27,184
Julius Baer Group Ltd.		536		30,069
KKR & Co., Inc.		1,496		123,944
London Stock Exchange Group PLC		1,084		128,141
LPL Financial Holdings, Inc.		197		44,841
Macquarie Group Ltd.		955		119,549
MarketAxess Holdings, Inc.		98		28,699
Moody’s Corp.		430		167,941
Morgan Stanley		3,233		301,477
MSCI, Inc.		206		116,524
Nasdaq, Inc.		895		52,035
Nomura Holdings, Inc.		7,721		34,772
Northern Trust Corp.		539		45,481
Onex Corp.		175		12,220
Partners Group Holding AG		60		86,757
Raymond James Financial, Inc.		516		57,534
Robinhood Markets, Inc.–Class A(a)		1,122		14,294
S&P Global, Inc.		847		373,120
SBI Holdings, Inc.		595		13,354
Schroders PLC		2,097		11,466
SEI Investments Co.		293		18,620
Singapore Exchange Ltd.		1,635		12,163
St. James’s Place PLC		1,427		12,415
State Street Corp.		829		64,214
T. Rowe Price Group, Inc.		584		62,891
TMX Group Ltd.		724		17,512
Tradeweb Markets, Inc.–Class A		284		25,810
UBS Group AG (REG)(a)		8,557		265,794
				4,870,289
CONSUMER FINANCE–0.2%
Ally Financial, Inc.		706		24,653
American Express Co.		1,629		305,177
Capital One Financial Corp.		993		130,202
Discover Financial Services		650		73,060
Synchrony Financial		1,088		41,551
				574,643
FINANCIAL SERVICES–1.8%
Adyen NV(a)(b)		57		73,584
Apollo Global Management, Inc.		1,033		96,265
Berkshire Hathaway, Inc.–Class B(a)		3,404		1,214,071

Company	Shares		U.S. $ Value
Block, Inc.(a)		1,430	$	110,611
Edenred SE		649		38,839
Equitable Holdings, Inc.		903		30,070
Eurazeo SE		113		8,985
EXOR NV		244		24,424
Fidelity National Information Services, Inc.		1,541		92,568
Fiserv, Inc.(a)		1,586		210,684
FleetCor Technologies, Inc.(a)		183		51,718
Global Payments, Inc.		677		85,979
Groupe Bruxelles Lambert NV		229		18,034
Industrivarden AB–Class A		338		11,051
Industrivarden AB– Class C(b)		380		12,399
Investor AB–Class B		4,503		104,423
Jack Henry & Associates, Inc.		190		31,048
L E Lundbergforetagen AB–Class B		198		10,782
M&G PLC		5,836		16,517
Mastercard, Inc.–Class A		2,189		933,630
Mitsubishi HC Capital, Inc.		2,023		13,554
Nexi SpA(a)(b)		1,536		12,584
ORIX Corp.		3,031		56,926
PayPal Holdings, Inc.(a)		2,714		166,667
Sofina SA(b)		40		9,973
Toast, Inc.–Class A(a)(b)		855		15,612
Visa, Inc.–Class A		4,181		1,088,523
Wise PLC–Class A(a)		1,599		17,783
Worldline SA/France(a)		625		10,869
				4,568,173
INSURANCE–1.9%
Admiral Group PLC		677		23,146
Aegon Ltd.(b)		4,224		24,559
Aflac, Inc.		1,468		121,110
Ageas SA/NV		415		18,040
AIA Group Ltd.		29,637		257,927
Allianz SE (REG)		1,050		280,603
Allstate Corp. (The)		681		95,326
American Financial Group, Inc./OH		188		22,351
American International Group, Inc.		1,852		125,473
Aon PLC–Class A		528		153,659
Arch Capital Group Ltd.(a)		970		72,042
Arthur J Gallagher & Co.		561		126,158
ASR Nederland NV		412		19,463
Assicurazioni Generali SpA		2,637		55,713
Assurant, Inc.		138		23,252
Aviva PLC		7,125		39,426
AXA SA		4,693		153,257
Baloise Holding AG (REG)		119		18,658
Brown & Brown, Inc.		627		44,586
Chubb Ltd.		1,069		241,594
Cincinnati Financial Corp.		408		42,212

11

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

Company	Shares		U.S. $ Value
Dai-ichi Life Holdings, Inc.		2,413	$	51,187
Erie Indemnity Co.–Class A		66		22,105
Everest Group Ltd.		113		39,955
Fairfax Financial Holdings Ltd.		56		51,666
Fidelity National Financial, Inc.		673		34,336
Gjensidige Forsikring ASA		520		9,596
Globe Life, Inc.		247		30,065
Great-West Lifeco, Inc.(b)		726		24,031
Hannover Rueck SE		157		37,539
Hartford Financial Services Group, Inc. (The)		796		63,982
Helvetia Holding AG (REG)(b)		97		13,375
iA Financial Corp., Inc.		264		17,997
Insurance Australia Group Ltd.		6,339		24,503
Intact Financial Corp.		463		71,233
Japan Post Holdings Co., Ltd.		5,367		47,914
Japan Post Insurance Co., Ltd.		492		8,733
Legal & General Group PLC		15,555		49,709
Loews Corp.		499		34,725
Manulife Financial Corp.		4,729		104,498
Markel Group, Inc.(a)		33		46,857
Marsh & McLennan Cos., Inc.		1,286		243,658
Medibank Pvt Ltd.		7,165		17,395
MetLife, Inc.		1,663		109,974
MS&AD Insurance Group Holdings, Inc.		1,092		42,936
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		355		147,259
NN Group NV(b)		704		27,823
Phoenix Group Holdings PLC		1,954		13,305
Poste Italiane SpA(b)		1,359		15,447
Power Corp. of Canada(b)		1,497		42,807
Principal Financial Group, Inc.		629		49,483
Progressive Corp. (The)		1,523		242,583
Prudential Financial, Inc.		945		98,006
Prudential PLC		7,163		80,818
QBE Insurance Group Ltd.		3,886		39,375
Sampo Oyj–Class A		1,174		51,436
Sompo Holdings, Inc.		722		35,326
Sun Life Financial, Inc.(b)		1,527		79,194
Suncorp Group Ltd.		3,304		31,287
Swiss Life Holding AG (REG)		77		53,511
Swiss Re AG		785		88,336
T&D Holdings, Inc.		1,296		20,575
Talanx AG(a)		168		12,006

Company	Shares		U.S. $ Value
Tokio Marine Holdings, Inc.		4,612	$	114,843
Travelers Cos., Inc. (The)		596		113,532
Tryg A/S		908		19,760
Willis Towers Watson PLC		273		65,848
WR Berkley Corp.		536		37,906
Zurich Insurance Group AG		381		199,197
				4,836,187
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)–0.0%
Annaly Capital Management, Inc.		1,285		24,891
				23,596,029
HEALTH CARE–7.5%
BIOTECHNOLOGY–1.1%
AbbVie, Inc.		4,593		711,777
Alnylam Pharmaceuticals, Inc.(a)		326		62,400
Amgen, Inc.		1,392		400,924
Argenx SE(a)		154		58,577
Biogen, Inc.(a)		377		97,556
BioMarin Pharmaceutical, Inc.(a)		490		47,246
CSL Ltd.		1,257		245,051
Exact Sciences Corp.(a)		470		34,771
Genmab A/S(a)		172		54,843
Gilead Sciences, Inc.		3,242		262,634
Grifols SA(a)(b)		776		13,275
Incyte Corp.(a)		495		31,081
Moderna, Inc.(a)		842		83,737
Neurocrine Biosciences, Inc.(a)		254		33,467
Regeneron Pharmaceuticals, Inc.(a)		278		244,165
Swedish Orphan Biovitrum AB(a)		506		13,395
United Therapeutics Corp.(a)		122		26,826
Vertex Pharmaceuticals, Inc.(a)		672		273,430
				2,695,155
HEALTH CARE EQUIPMENT & SUPPLIES–1.4%
Abbott Laboratories		4,515		496,966
Alcon, Inc.		1,300		101,707
Align Technology, Inc.(a)		190		52,060
Asahi Intecc Co., Ltd.(b)		541		10,971
Avantor, Inc.(a)		1,758		40,135
Baxter International, Inc.		1,317		50,915
Becton Dickinson & Co.		755		184,092
BioMerieux		108		12,016
Boston Scientific Corp.(a)		3,810		220,256
Carl Zeiss Meditec AG		105		11,430
Cochlear Ltd.(b)		171		34,789

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Coloplast A/S–Class B		356	$	40,679
Cooper Cos., Inc. (The)		129		48,819
Demant A/S(a)		262		11,491
Dexcom, Inc.(a)		1,009		125,207
DiaSorin SpA(b)		58		5,978
Edwards Lifesciences Corp.(a)		1,582		120,627
EssilorLuxottica SA		767		154,013
Fisher & Paykel Healthcare Corp., Ltd.		1,514		22,579
GE Healthcare, Inc.(a)		1,065		82,346
Getinge AB–Class B		595		13,249
Hologic, Inc.(a)		637		45,514
Hoya Corp.		948		118,063
IDEXX Laboratories, Inc.(a)		216		119,891
Insulet Corp.(a)		182		39,490
Intuitive Surgical, Inc.(a)		915		308,684
Koninklijke Philips NV(a)		2,053		48,045
Medtronic PLC		3,462		285,200
Olympus Corp.		3,080		44,457
ResMed, Inc.		383		65,884
Siemens Healthineers AG		734		42,615
Smith & Nephew PLC		2,272		31,211
Sonova Holding AG (REG)		132		43,170
STERIS PLC		257		56,501
Straumann Holding AG (REG)		291		47,026
Stryker Corp.		890		266,519
Sysmex Corp.		391		21,736
Teleflex, Inc.		123		30,669
Terumo Corp.		1,751		57,259
Zimmer Biomet Holdings, Inc.		544		66,205
				3,578,464
HEALTH CARE PROVIDERS & SERVICES–1.2%
Amplifon SpA(b)		323		11,192
Cardinal Health, Inc.		641		64,613
Cencora, Inc.		445		91,394
Centene Corp.(a)		1,409		104,562
Cigna Group (The)		770		230,577
CVS Health Corp.		3,342		263,884
DaVita, Inc.(a)		143		14,981
EBOS Group Ltd.		399		8,949
Elevance Health, Inc.		614		289,538
Fresenius Medical Care AG		530		22,158
Fresenius SE & Co. KGaA		1,099		34,064
HCA Healthcare, Inc.		531		143,731
Henry Schein, Inc.(a)		340		25,741
Humana, Inc.		323		147,873
Laboratory Corp. of America Holdings		231		52,504
McKesson Corp.		351		162,506
Molina Healthcare, Inc.(a)		152		54,919
Quest Diagnostics, Inc.		292		40,261

Company	Shares		U.S. $ Value
Ramsay Health Care Ltd.(b)		477	$	17,111
Sonic Healthcare Ltd.		1,172		25,609
UnitedHealth Group, Inc.		2,402		1,264,581
Universal Health Services, Inc.–Class B		162		24,695
				3,095,443
HEALTH CARE TECHNOLOGY–0.0%
M3, Inc.		1,130		18,648
Veeva Systems, Inc.–Class A(a)		397		76,430
				95,078
LIFE SCIENCES TOOLS & SERVICES–0.7%
Agilent Technologies, Inc.		762		105,941
Bachem Holding AG (REG)(b)		88		6,815
Bio-Rad Laboratories, Inc.–Class A(a)		57		18,405
Bio-Techne Corp.		412		31,790
Charles River Laboratories International, Inc.(a)		134		31,678
Danaher Corp.		1,825		422,195
Eurofins Scientific SE		351		22,897
Illumina, Inc.(a)		412		57,367
IQVIA Holdings, Inc.(a)		477		110,368
Lonza Group AG (REG)		194		81,788
Mettler-Toledo International, Inc.(a)		57		69,139
QIAGEN NV(a)		593		25,781
Repligen Corp.(a)		138		24,812
Revvity, Inc.		323		35,307
Sartorius AG		69		25,338
Sartorius Stedim Biotech		72		19,093
Thermo Fisher Scientific, Inc.		1,005		533,444
Waters Corp.(a)		154		50,701
West Pharmaceutical Services, Inc.		193		67,959
				1,740,818
PHARMACEUTICALS–3.1%
Astellas Pharma, Inc.		4,685		55,720
AstraZeneca PLC		4,033		544,011
Bayer AG (REG)		2,556		94,838
Bristol-Myers Squibb Co.		5,435		278,870
Catalent, Inc.(a)		469		21,072
Chugai Pharmaceutical Co., Ltd.		1,683		63,581
Daiichi Sankyo Co., Ltd.		4,758		130,259
Eisai Co., Ltd.		645		32,115
Eli Lilly & Co.		2,100		1,224,132
GSK PLC		10,654		196,771
Hikma Pharmaceuticals PLC		431		9,821
Ipsen SA		98		11,690
Jazz Pharmaceuticals PLC(a)		156		19,188

13

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

Company	Shares		U.S. $ Value
Johnson & Johnson		6,265	$	981,976
Kyowa Kirin Co., Ltd.		605		10,151
Merck & Co., Inc.		6,602		719,750
Merck KGaA		337		53,655
Novartis AG (REG)		5,333		538,689
Novo Nordisk A/S–Class B		8,491		879,932
Ono Pharmaceutical Co., Ltd.		994		17,683
Orion Oyj–Class B		280		12,133
Otsuka Holdings Co., Ltd.		1,078		40,314
Pfizer, Inc.		14,689		422,896
Recordati Industria Chimica e Farmaceutica SpA(b)		272		14,667
Roche Holding AG (BR)		84		26,101
Roche Holding AG (Genusschein)		1,828		531,388
Royalty Pharma PLC– Class A		992		27,865
Sandoz Group AG(a)		1,065		34,265
Sanofi SA		2,962		294,342
Shionogi & Co., Ltd.		659		31,716
Takeda Pharmaceutical Co., Ltd.		4,043		115,945
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		2,916		30,443
UCB SA		329		28,680
Viatris, Inc.		3,120		33,790
Zoetis, Inc.		1,198		236,449
				7,764,898
				18,969,856
INDUSTRIALS–6.8%
AEROSPACE & DEFENSE–1.0%
Airbus SE		1,543		238,376
Axon Enterprise, Inc.(a)		185		47,791
BAE Systems PLC		7,911		111,980
Boeing Co. (The)(a)		1,491		388,644
CAE, Inc.(a)		827		17,850
Dassault Aviation SA		53		10,501
Elbit Systems Ltd.		70		14,846
General Dynamics Corp.		604		156,841
HEICO Corp.		114		20,391
HEICO Corp.–Class A		196		27,918
Howmet Aerospace, Inc.		1,019		55,148
Huntington Ingalls Industries, Inc.		104		27,003
Kongsberg Gruppen ASA		229		10,484
L3Harris Technologies, Inc.		492		103,625
Leonardo SpA		1,052		17,382
Lockheed Martin Corp.		581		263,333
Melrose Industries PLC		3,502		25,314
MTU Aero Engines AG		140		30,162
Northrop Grumman Corp.		374		175,084
Rheinmetall AG		114		36,154
Rolls-Royce Holdings PLC(a)		21,898		83,527

Company	Shares		U.S. $ Value
RTX Corp.		3,787	$	318,638
Saab AB–Class B		208		12,535
Safran SA		890		156,916
Singapore Technologies Engineering Ltd.		3,908		11,508
Textron, Inc.		515		41,416
Thales SA		274		40,572
TransDigm Group, Inc.		144		145,670
				2,589,609
AIR FREIGHT & LOGISTICS–0.3%
CH Robinson Worldwide, Inc.		303		26,176
Deutsche Post AG (REG)		2,579		127,650
DSV A/S		485		85,218
Expeditors International of Washington, Inc.		385		48,972
FedEx Corp.		622		157,348
Nippon Express Holdings, Inc.		141		8,000
SG Holdings Co., Ltd.		752		10,781
United Parcel Service, Inc.–Class B		1,882		295,907
Yamato Holdings Co., Ltd.		596		10,998
				771,050
BUILDING PRODUCTS–0.5%
A O Smith Corp.		324		26,711
AGC, Inc.(b)		422		15,641
Allegion PLC		229		29,012
Assa Abloy AB–Class B		2,607		75,132
Builders FirstSource, Inc.(a)		326		54,422
Carlisle Cos., Inc.		130		40,616
Carrier Global Corp.		2,179		125,184
Cie de Saint-Gobain SA		1,186		87,464
Daikin Industries Ltd.		719		116,636
Fortune Brands Innovations, Inc.		330		25,126
Geberit AG (REG)		87		55,847
Johnson Controls International PLC		1,770		102,023
Kingspan Group PLC		403		34,829
Lennox International, Inc.		84		37,592
Masco Corp.		585		39,183
Nibe Industrier AB–Class B(b)		3,943		27,689
Otis Worldwide Corp.		1,071		95,822
Owens Corning		234		34,686
ROCKWOOL A/S–Class B		24		7,022
TOTO Ltd.(b)		261		6,856
Trane Technologies PLC		595		145,121
Xinyi Glass Holdings Ltd.		4,186		4,702
				1,187,316
COMMERCIAL SERVICES & SUPPLIES–0.4%
Brambles Ltd.		3,615		33,507

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Cintas Corp.		239	$	144,036
Copart, Inc.(a)		2,242		109,858
Dai Nippon Printing Co., Ltd.		466		13,762
Element Fleet Management Corp.(b)		1,013		16,483
GFL Environmental, Inc.(b)		604		20,836
RB Global, Inc.(b)		474		31,719
Rentokil Initial PLC		6,563		36,991
Republic Services, Inc.		576		94,988
Rollins, Inc.		757		33,058
Secom Co., Ltd.		570		41,006
Securitas AB–Class B		1,279		12,539
TOPPAN Holdings, Inc.		636		17,712
Veralto Corp.		609		50,096
Waste Connections, Inc.		671		100,160
Waste Management, Inc.		1,054		188,772
				945,523
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA		542		24,073
AECOM		343		31,704
Bouygues SA		496		18,714
Eiffage SA		191		20,504
Epiroc AB–Class A		1,714		34,501
Epiroc AB–Class B		1,014		17,783
Ferrovial SE(b)		1,334		48,692
Kajima Corp.		1,003		16,724
Obayashi Corp.		1,684		14,547
Quanta Services, Inc.		378		81,572
Shimizu Corp.		1,317		8,736
Skanska AB–Class B		885		16,034
Stantec, Inc.		289		23,202
Taisei Corp.		400		13,659
Vinci SA		1,321		166,242
WSP Global, Inc.(b)		325		45,557
				582,244
ELECTRICAL EQUIPMENT–0.6%
ABB Ltd. (REG)		4,162		184,785
AMETEK, Inc.		601		99,099
Eaton Corp. PLC		1,038		249,971
Emerson Electric Co.		1,487		144,730
Fuji Electric Co., Ltd.		330		14,144
Hubbell, Inc.		140		46,050
Legrand SA		690		71,854
Mitsubishi Electric Corp.		4,958		70,126
NIDEC Corp.		1,083		43,653
Prysmian SpA		683		31,135
Rockwell Automation, Inc.		299		92,833
Schneider Electric SE		1,416		285,050
Siemens Energy AG(a)		1,351		17,855
Vertiv Holdings Co.– Class A		891		42,795

Company	Shares		U.S. $ Value
Vestas Wind Systems A/S(a)		2,627	$	83,123
				1,477,203
GROUND TRANSPORTATION–0.7%
Aurizon Holdings Ltd.		4,789		12,398
Canadian National Railway Co.		1,450		182,255
Canadian Pacific Kansas City Ltd. (Toronto)(b)		2,424		191,791
Central Japan Railway Co.		1,835		46,573
CSX Corp.		5,220		180,977
East Japan Railway Co.(b)		793		45,647
Grab Holdings Ltd.–Class A(a)		4,203		14,164
Hankyu Hanshin Holdings, Inc.		538		17,098
JB Hunt Transport Services, Inc.		215		42,944
Keisei Electric Railway Co., Ltd.		351		16,564
Kintetsu Group Holdings Co., Ltd.(b)		428		13,561
Knight-Swift Transportation Holdings, Inc.		420		24,213
MTR Corp., Ltd.		3,764		14,609
Norfolk Southern Corp.		591		139,701
Odakyu Electric Railway Co., Ltd.		726		11,055
Old Dominion Freight Line, Inc.		256		103,765
TFI International, Inc.		212		28,837
Tobu Railway Co., Ltd.		482		12,932
Tokyu Corp.		1,253		15,278
U-Haul Holding Co. (Non-Voting)		252		17,751
Uber Technologies, Inc.(a)		4,785		294,613
Union Pacific Corp.		1,586		389,553
West Japan Railway Co.		548		22,834
				1,839,113
INDUSTRIAL CONGLOMERATES–0.6%
3M Co.		1,436		156,984
CK Hutchison Holdings Ltd.		6,047		32,488
DCC PLC		257		18,910
General Electric Co.		2,832		361,448
Hikari Tsushin, Inc.		86		14,213
Hitachi Ltd.		2,422		174,214
Honeywell International, Inc.		1,728		362,379
Investment AB Latour–Class B(b)		385		10,043
Jardine Cycle & Carriage Ltd.		1,000		22,537
Jardine Matheson Holdings Ltd.		640		26,344

15

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

Company	Shares		U.S. $ Value
Keppel Corp., Ltd.		2,974	$	15,913
Lifco AB–Class B		606		14,878
Siemens AG (REG)		1,978		371,091
Smiths Group PLC		904		20,291
				1,601,733
MACHINERY–1.2%
Alfa Laval AB		752		30,106
Alstom SA		749		10,100
Atlas Copco AB–Class A		6,988		120,411
Atlas Copco AB–Class B		4,061		60,250
Caterpillar, Inc.		1,328		392,650
CNH Industrial NV		2,603		31,705
Cummins, Inc.		369		88,401
Daifuku Co., Ltd.		706		14,236
Daimler Truck Holding AG		1,391		52,252
Deere & Co.		712		284,707
Dover Corp.		364		55,987
FANUC Corp.		2,470		72,492
Fortive Corp.		916		67,445
GEA Group AG		426		17,711
Graco, Inc.		440		38,174
Hitachi Construction Machinery Co., Ltd.		258		6,792
Hoshizaki Corp.(b)		202		7,379
Husqvarna AB–Class B(b)		909		7,498
IDEX Corp.		197		42,771
Illinois Tool Works, Inc.		787		206,147
Indutrade AB		710		18,504
Ingersoll Rand, Inc.		1,052		81,362
Knorr-Bremse AG		189		12,207
Komatsu Ltd.		2,400		62,456
Kone Oyj–Class B		884		44,219
Kubota Corp.		2,551		38,285
Makita Corp.		495		13,615
Metso Oyj(b)		1,725		17,512
MINEBEA MITSUMI, Inc.		933		19,097
MISUMI Group, Inc.		730		12,325
Mitsubishi Heavy Industries Ltd.		863		50,247
Nordson Corp.		134		35,397
PACCAR, Inc.		1,360		132,804
Parker-Hannifin Corp.		335		154,334
Pentair PLC		430		31,265
Rational AG		14		10,803
Sandvik AB		2,774		60,266
Schindler Holding AG		106		26,538
Schindler Holding AG (REG)		61		14,486
Seatrium Ltd.(a)		114,843		10,254
SKF AB–Class B		886		17,756
SMC Corp.		210		112,337
Snap-on, Inc.		138		39,860
Spirax-Sarco Engineering PLC		192		25,689
Stanley Black & Decker, Inc.		399		39,142
Techtronic Industries Co., Ltd.		3,244		38,652

Company	Shares		U.S. $ Value
Toro Co. (The)		270	$	25,917
Toyota Industries Corp.		406		33,004
VAT Group AG(c)		71		35,660
Volvo AB–Class A		520		13,797
Volvo AB–Class B		3,926		102,154
Wartsila OYJ Abp(b)		1,231		17,891
Westinghouse Air Brake Technologies Corp.		466		59,135
Xylem, Inc./NY		627		71,704
				3,085,888
MARINE TRANSPORTATION–0.1%
AP Moller–Maersk A/S–Class A		8		14,210
AP Moller–Maersk A/S–Class B		13		23,400
Kawasaki Kisen Kaisha Ltd.		300		12,839
Kuehne + Nagel International AG (REG)		142		49,004
Mitsui OSK Lines Ltd.		817		26,120
Nippon Yusen KK		1,189		36,721
SITC International Holdings Co., Ltd.		3,000		5,178
				167,472
PASSENGER AIRLINES–0.0%
Air Canada(a)		457		6,446
ANA Holdings, Inc.(a)		395		8,558
Delta Air Lines, Inc.		418		16,816
Deutsche Lufthansa AG (REG)(a)		1,556		13,833
Japan Airlines Co., Ltd.		358		7,033
Qantas Airways Ltd.(a)		2,198		8,051
Singapore Airlines Ltd.(b)		2,936		14,578
Southwest Airlines Co.		387		11,177
				86,492
PROFESSIONAL SERVICES–0.6%
Adecco Group AG (REG)		416		20,431
Automatic Data Processing, Inc.		1,072		249,744
BayCurrent Consulting, Inc.		300		10,502
Booz Allen Hamilton Holding Corp.		341		43,617
Broadridge Financial Solutions, Inc.		308		63,371
Bureau Veritas SA		767		19,405
Ceridian HCM Holding, Inc.(a)		385		25,841
Computershare Ltd.		1,413		23,534
Equifax, Inc.		320		79,133
Experian PLC		2,393		97,623
Intertek Group PLC		420		22,737
Jacobs Solutions, Inc.		328		42,574
Leidos Holdings, Inc.		340		36,802

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Paychex, Inc.		846	$	100,767
Paycom Software, Inc.		142		29,354
Paylocity Holding Corp.(a)		117		19,288
Randstad NV		287		18,012
Recruit Holdings Co., Ltd.		3,686		154,116
RELX PLC (London)		4,915		194,997
Robert Half, Inc.		279		24,530
SGS SA (REG)		390		33,669
SS&C Technologies Holdings, Inc.		581		35,505
Teleperformance SE		155		22,693
Thomson Reuters Corp.		415		60,676
TransUnion		503		34,561
Verisk Analytics, Inc.		378		90,289
Wolters Kluwer NV(b)		647		92,048
				1,645,819
TRADING COMPANIES & DISTRIBUTORS–0.5%
AerCap Holdings NV(a)		521		38,721
Ashtead Group PLC		1,139		79,169
Beijer Ref AB(b)		1,001		13,432
Brenntag SE		362		33,270
Bunzl PLC		879		35,719
Fastenal Co.		1,486		96,248
Ferguson PLC		531		102,520
ITOCHU Corp.		3,101		126,334
Marubeni Corp.		3,708		58,381
Mitsubishi Corp.		9,033		143,889
Mitsui & Co., Ltd.		3,331		124,792
MonotaRO Co., Ltd.(b)		632		6,877
Reece Ltd.(b)		588		8,969
Sumitomo Corp.		2,689		58,517
Toromont Industries Ltd.		214		18,751
Toyota Tsusho Corp.		592		34,740
United Rentals, Inc.		178		102,069
Watsco, Inc.		88		37,705
WW Grainger, Inc.		118		97,785
				1,217,888
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA		195		35,395
Aeroports de Paris SA		90		11,678
Auckland International Airport Ltd.		3,448		19,181
Getlink SE		930		17,033
Transurban Group		8,033		75,063
				158,350
				17,355,700
CONSUMER DISCRETIONARY–6.7%
AUTOMOBILE COMPONENTS–0.2%
Aisin Corp.		343		11,958
Aptiv PLC(a)		736		66,034
BorgWarner, Inc.		611		21,904
Bridgestone Corp.(b)		1,468		60,630

Company	Shares		U.S. $ Value
Cie Generale des Etablissements Michelin SCA		1,765	$	63,410
Continental AG		286		24,290
Denso Corp.		4,440		66,655
Koito Manufacturing Co., Ltd.		462		7,179
Lear Corp.		153		21,605
Magna International, Inc.		708		41,832
Sumitomo Electric Industries Ltd.		1,819		23,081
				408,578
AUTOMOBILES–1.4%
Bayerische Motoren Werke AG		830		92,355
Bayerische Motoren Werke AG (Preference Shares)		153		15,224
Dr Ing hc F Porsche AG (Preference Shares)(c)		296		26,071
Ferrari NV		328		110,735
Ford Motor Co.		10,228		124,679
General Motors Co.		3,579		128,558
Honda Motor Co., Ltd.		11,969		123,463
Isuzu Motors Ltd.		1,512		19,383
Lucid Group, Inc.(a)(b)		2,375		9,999
Mazda Motor Corp.		1,465		15,659
Mercedes-Benz Group AG		2,088		144,067
Nissan Motor Co., Ltd.		5,979		23,377
Porsche Automobil Holding SE (Preference Shares)		398		20,339
Renault SA		500		20,450
Rivian Automotive, Inc.–Class A(a)(b)		1,712		40,164
Stellantis NV (Milan)		5,756		134,867
Subaru Corp.		1,581		28,836
Suzuki Motor Corp.		884		37,673
Tesla, Inc.(a)		7,433		1,846,952
Toyota Motor Corp.		27,570		505,185
Volkswagen AG		77		10,076
Volkswagen AG (Preference Shares)		537		66,189
Volvo Car AB– Class B(a)(b)		1,550		5,027
Yamaha Motor Co., Ltd.(b)		2,085		18,553
				3,567,881
BROADLINE RETAIL–1.8%
Amazon.com, Inc.(a)		24,161		3,671,022
Canadian Tire Corp., Ltd.–Class A(b)		137		14,549
Cie Financiere Richemont SA (REG)		1,358		187,573
Dollarama, Inc.(b)		735		52,968
eBay, Inc.		1,384		60,370
Etsy, Inc.(a)		320		25,936
Global-e Online Ltd.(a)		235		9,313
MercadoLibre, Inc.(a)		118		185,442
Next PLC		314		32,460

17

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

Company	Shares		U.S. $ Value
Pan Pacific International Holdings Corp.		971	$	23,114
Prosus NV(a)		3,805		113,351
Rakuten Group, Inc.(a)(b)		3,813		17,000
Wesfarmers Ltd.		2,951		114,761
				4,507,859
DISTRIBUTORS–0.1%
D’ieteren Group		56		10,954
Genuine Parts Co.		366		50,691
LKQ Corp.		696		33,262
Pool Corp.		102		40,668
				135,575
DIVERSIFIED CONSUMER SERVICES–0.0%
IDP Education Ltd.(b)		687		9,371
Pearson PLC		1,663		20,427
				29,798
HOTELS, RESTAURANTS & LEISURE–1.3%
Accor SA		516		19,751
Airbnb, Inc.–Class A(a)		1,110		151,115
Amadeus IT Group SA		1,172		84,175
Aristocrat Leisure Ltd.		1,518		42,175
Booking Holdings, Inc.(a)		93		329,892
Caesars Entertainment, Inc.(a)		560		26,253
Carnival Corp.(a)		2,621		48,593
Chipotle Mexican Grill, Inc.(a)		72		164,661
Compass Group PLC		4,459		122,013
Darden Restaurants, Inc.		313		51,426
Delivery Hero SE(a)		457		12,578
Domino’s Pizza, Inc.		91		37,513
DoorDash, Inc.–Class A(a)		666		65,861
DraftKings, Inc.–Class A(a)		1,086		38,282
Entain PLC		1,661		20,947
Evolution AB		477		56,816
Expedia Group, Inc.(a)		359		54,493
Flutter Entertainment PLC(a)		460		81,186
Galaxy Entertainment Group Ltd.		5,343		29,925
Genting Singapore Ltd.		14,869		11,263
Hilton Worldwide Holdings, Inc.		681		124,003
Hyatt Hotels Corp.– Class A(b)		120		15,649
InterContinental Hotels Group PLC		430		38,776
La Francaise des Jeux SAEM		273		9,917
Las Vegas Sands Corp.		895		44,043
Lottery Corp., Ltd. (The)(b)		5,791		19,108
Marriott International, Inc./MD–Class A		660		148,837
McDonald’s Corp.		1,896		562,183

Company	Shares		U.S. $ Value
McDonald’s Holdings Co. Japan Ltd.(b)		192	$	8,317
MGM Resorts International(a)		730		32,616
Oriental Land Co., Ltd./Japan		2,805		104,257
Restaurant Brands International, Inc.		748		58,443
Royal Caribbean Cruises Ltd.(a)		633		81,967
Sands China Ltd.(a)		6,020		17,620
Sodexo SA		230		25,320
Starbucks Corp.		2,980		286,110
Vail Resorts, Inc.		100		21,347
Whitbread PLC		503		23,418
Wynn Resorts Ltd.		267		24,326
Yum! Brands, Inc.		729		95,251
Zensho Holdings Co., Ltd.		200		10,465
				3,200,891
HOUSEHOLD DURABLES–0.3%
Barratt Developments PLC		2,535		18,160
Berkeley Group Holdings PLC		277		16,537
DR Horton, Inc.		792		120,368
Garmin Ltd.		399		51,287
Iida Group Holdings Co., Ltd.		311		4,645
Lennar Corp.–Class A		651		97,025
NVR, Inc.(a)		9		63,004
Open House Group Co., Ltd.		200		5,916
Panasonic Holdings Corp.		5,671		55,846
Persimmon PLC		831		14,689
PulteGroup, Inc.		571		58,939
SEB SA		65		8,140
Sekisui Chemical Co., Ltd.		983		14,138
Sekisui House Ltd.		1,489		33,005
Sharp Corp./Japan(a)		597		4,249
Sony Group Corp.		3,334		315,506
Taylor Wimpey PLC		9,190		17,203
				898,657
LEISURE PRODUCTS–0.0%
Bandai Namco Holdings, Inc.		1,537		30,737
BRP, Inc.(b)		90		6,440
Hasbro, Inc.		343		17,514
Shimano, Inc.		260		40,052
Yamaha Corp.		294		6,772
				101,515
SPECIALTY RETAIL–1.0%
AutoZone, Inc.(a)		47		121,524
Avolta AG (REG)(a)		254		10,000
Bath & Body Works, Inc.		562		24,256
Best Buy Co., Inc.		510		39,923
Burlington Stores, Inc.(a)		169		32,867

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CarMax, Inc.(a)		413	$	31,694
Dick’s Sporting Goods, Inc.		160		23,512
Dynatrace, Inc.(a)		649		35,494
Fast Retailing Co., Ltd.		457		113,006
H & M Hennes & Mauritz AB–Class B		1,680		29,467
Home Depot, Inc. (The)		2,602		901,723
Industria de Diseno Textil SA		2,838		123,833
JD Sports Fashion PLC		6,742		14,228
Kingfisher PLC		4,922		15,250
Lowe’s Cos., Inc.		1,502		334,270
Nitori Holdings Co., Ltd.		213		28,601
O’Reilly Automotive, Inc.(a)		157		149,163
Ross Stores, Inc.		881		121,922
TJX Cos., Inc. (The)		2,977		279,272
Tractor Supply Co.		283		60,853
Ulta Beauty, Inc.(a)		129		63,209
USS Co., Ltd.		453		9,095
Zalando SE(a)		583		13,802
ZOZO, Inc.(b)		271		6,116
				2,583,080
TEXTILES, APPAREL & LUXURY GOODS–0.6%
adidas AG		422		85,753
Burberry Group PLC		945		17,045
Deckers Outdoor Corp.(a)		68		45,453
Gildan Activewear, Inc.(b)		456		15,080
Hermes International SCA		83		176,418
Kering SA		194		85,922
Lululemon Athletica, Inc.(a)		301		153,899
LVMH Moet Hennessy Louis Vuitton SE		719		584,214
Moncler SpA		536		33,001
NIKE, Inc.–Class B		3,174		344,601
Pandora A/S		220		30,416
Puma SE		275		15,298
Swatch Group AG (The)		76		20,679
Swatch Group AG (The) (REG)		137		7,183
VF Corp.		859		16,149
				1,631,111
				17,064,945
COMMUNICATION SERVICES–4.4%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.8%
AT&T, Inc.		18,600		312,108
BCE, Inc.		190		7,481
BT Group PLC		16,815		26,493
Cellnex Telecom SA(a)		1,470		57,878
Charter Communications, Inc.–Class A(a)		254		98,725
Comcast Corp.–Class A		10,708		469,546

Company	Shares		U.S. $ Value
Deutsche Telekom AG (REG)		8,432	$	202,733
Elisa Oyj		370		17,102
HKT Trust & HKT Ltd.–Class SS		9,744		11,634
Infrastrutture Wireless Italiane SpA(b)		874		11,066
Koninklijke KPN NV		8,729		30,072
Liberty Global Ltd.–Class C(a)(b)		593		11,053
Nippon Telegraph & Telephone Corp.		77,675		94,848
Orange SA		4,844		55,210
Quebecor, Inc.–Class B(b)		400		9,515
Singapore Telecommunications Ltd.		21,333		39,935
Sirius XM Holdings, Inc.(b)		1,999		10,935
Spark New Zealand Ltd.		4,783		15,662
Swisscom AG (REG)		68		40,927
Telecom Italia SpA/Milano(a)(b)		25,924		8,420
Telefonica SA(b)		12,717		49,722
Telenor ASA		1,638		18,798
Telia Co. AB		6,138		15,661
Telstra Group Ltd.		10,521		28,431
TELUS Corp.		1,248		22,209
Verizon Communications, Inc.		10,938		412,363
Washington H Soul Pattinson & Co., Ltd.(b)		610		13,627
				2,092,154
ENTERTAINMENT–0.7%
Bollore SE		1,919		12,009
Capcom Co., Ltd.		368		11,876
Electronic Arts, Inc.		670		91,663
Koei Tecmo Holdings Co., Ltd.		246		2,802
Konami Group Corp.		230		12,015
Liberty Media Corp.-Liberty Formula One–Class C(a)		513		32,386
Live Nation Entertainment, Inc.(a)		419		39,218
Netflix, Inc.(a)		1,153		561,373
Nexon Co., Ltd.(b)		840		15,279
Nintendo Co., Ltd.		2,660		138,410
ROBLOX Corp.–Class A(a)		1,105		50,520
Roku, Inc.(a)		323		29,606
Sea Ltd. (ADR)(a)		944		38,232
Square Enix Holdings Co., Ltd.		218		7,815
Take-Two Interactive Software, Inc.(a)		442		71,140
Toho Co., Ltd./Tokyo		296		9,993
Universal Music Group NV		2,132		60,862
Walt Disney Co. (The)		4,761		429,871
Warner Bros Discovery, Inc.(a)		6,024		68,553
				1,683,623

19

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

Company	Shares		U.S. $ Value
INTERACTIVE MEDIA & SERVICES–2.5%
Adevinta ASA(a)		909	$	10,042
Alphabet, Inc.–Class A(a)		15,437		2,156,395
Alphabet, Inc.–Class C(a)		13,584		1,914,393
Auto Trader Group PLC		2,380		21,864
CAR Group Ltd.		931		19,729
LY Corp.(b)		6,935		24,524
Match Group, Inc.(a)		723		26,389
Meta Platforms, Inc.–Class A(a)		5,783		2,046,951
Pinterest, Inc.–Class A(a)		1,513		56,041
REA Group Ltd.(b)		138		17,017
Scout24 SE		195		13,789
SEEK Ltd.(b)		926		16,847
Snap, Inc.–Class A(a)		2,670		45,203
				6,369,184
MEDIA–0.2%
Dentsu Group, Inc.(b)		526		13,467
Fox Corp.–Class A		650		19,286
Fox Corp.–Class B		367		10,148
Informa PLC		3,600		35,807
Interpublic Group of Cos., Inc. (The)		1,001		32,673
Liberty Broadband Corp.–Class C(a)		311		25,064
Liberty Media Corp.-Liberty SiriusXM–Class A(a)		426		12,260
News Corp.–Class A		991		24,329
Omnicom Group, Inc.		514		44,466
Paramount Global–Class B		1,270		18,783
Publicis Groupe SA		596		55,375
Trade Desk, Inc. (The)–Class A(a)		1,161		83,546
Vivendi SE		1,741		18,637
WPP PLC		2,796		26,707
				420,548
WIRELESS TELECOMMUNICATION SERVICES–0.2%
KDDI Corp.		3,868		122,687
Rogers Communications, Inc.–Class B(b)		923		43,209
SoftBank Corp.		7,387		92,055
SoftBank Group Corp.		2,662		117,497
T-Mobile US, Inc.		1,378		220,935
Tele2 AB–Class B		1,389		11,939
Vodafone Group PLC		59,882		52,297
				660,619
				11,226,128
CONSUMER STAPLES–4.3%
BEVERAGES–1.0%
Anheuser-Busch InBev SA/NV		2,260		145,879

Company	Shares		U.S. $ Value
Asahi Group Holdings Ltd.(b)		1,264	$	47,067
Brown-Forman Corp.–Class B(b)		807		46,080
Budweiser Brewing Co. APAC Ltd.(c)		4,137		7,756
Carlsberg AS–Class B		256		32,124
Celsius Holdings, Inc.(a)(b)		390		21,263
Coca-Cola Co. (The)		10,689		629,903
Coca-Cola Europacific Partners PLC		537		35,839
Coca-Cola HBC AG–Class SS(a)		574		16,854
Constellation Brands, Inc.–Class A		430		103,952
Davide Campari-Milano NV(b)		1,360		15,358
Diageo PLC		5,848		212,254
Heineken Holding NV		337		28,535
Heineken NV(b)		749		76,098
Keurig Dr Pepper, Inc.		2,726		90,830
Kirin Holdings Co., Ltd.(b)		1,928		28,226
Molson Coors Beverage Co.–Class B		494		30,238
Monster Beverage Corp.(a)		2,044		117,755
PepsiCo, Inc.		3,577		607,518
Pernod Ricard SA		532		94,016
Remy Cointreau SA		60		7,653
Suntory Beverage & Food Ltd.		338		11,113
Treasury Wine Estates Ltd.(b)		2,076		15,274
				2,421,585
CONSUMER STAPLES DISTRIBUTION & RETAIL–1.1%
Aeon Co., Ltd.		1,625		36,261
Albertsons Cos., Inc.– Class A		898		20,654
Alimentation Couche-Tard, Inc.		2,011		118,424
Carrefour SA		1,498		27,435
Coles Group Ltd.		3,482		38,250
Costco Wholesale Corp.		1,152		760,412
Dollar General Corp.		571		77,627
Dollar Tree, Inc.(a)		544		77,275
Empire Co., Ltd.–Class A		375		9,919
Endeavour Group Ltd./Australia(b)		3,727		13,236
George Weston Ltd.		162		20,112
HelloFresh SE(a)		404		6,370
J Sainsbury PLC		4,312		16,625
Jeronimo Martins SGPS SA		736		18,732
Kesko Oyj–Class B		710		14,075
Kobe Bussan Co., Ltd.		296		8,744
Koninklijke Ahold Delhaize NV		2,499		71,900

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Kroger Co. (The)		1,778	$	81,272
Loblaw Cos., Ltd.		409		39,596
MatsukiyoCocokara & Co.		800		14,139
Metro, Inc./CN(b)		598		30,955
Ocado Group PLC(a)(b)		1,507		14,557
Seven & i Holdings Co., Ltd.		1,912		75,619
Sysco Corp.		1,312		95,947
Target Corp.		1,201		171,046
Tesco PLC		18,489		68,497
Walgreens Boots Alliance, Inc.		1,910		49,870
Walmart, Inc.		3,852		607,268
Woolworths Group Ltd.(b)		3,178		80,626
				2,665,443
FOOD PRODUCTS–0.9%
Ajinomoto Co., Inc.		1,158		44,576
Archer-Daniels-Midland Co.		1,395		100,747
Associated British Foods PLC		896		27,004
Barry Callebaut AG (REG)		10		16,882
Bunge Global SA		392		39,572
Campbell Soup Co.		504		21,788
Chocoladefabriken Lindt & Spruengli AG		3		36,011
Chocoladefabriken Lindt & Spruengli AG (REG)		1		121,318
Conagra Brands, Inc.		1,243		35,624
Danone SA		1,675		108,671
Darling Ingredients, Inc.(a)		415		20,684
General Mills, Inc.		1,512		98,492
Hershey Co. (The)		390		72,712
Hormel Foods Corp.		782		25,110
J M Smucker Co. (The)		263		33,238
JDE Peet’s NV(b)		253		6,804
Kellanova		712		39,808
Kerry Group PLC–Class A		415		36,022
Kikkoman Corp.		337		20,593
Kraft Heinz Co. (The)		2,237		82,724
Lamb Weston Holdings, Inc.		377		40,750
Lotus Bakeries NV		2		18,171
McCormick & Co., Inc./MD		654		44,747
MEIJI Holdings Co., Ltd.		540		12,827
Mondelez International, Inc.–Class A		3,540		256,402
Mowi ASA		1,210		21,668
Nestle SA (REG)		6,947		805,295
Nissin Foods Holdings Co., Ltd.		492		17,180
Orkla ASA		1,823		14,157
Salmar ASA		189		10,585
Saputo, Inc.(b)		659		13,344
Tyson Foods, Inc.–Class A		743		39,936
WH Group Ltd.		21,359		13,794

Company	Shares		U.S. $ Value
Wilmar International Ltd.		4,113	$	11,111
Yakult Honsha Co., Ltd.		584		13,109
				2,321,456
HOUSEHOLD PRODUCTS–0.6%
Church & Dwight Co., Inc.		640		60,518
Clorox Co. (The)		323		46,057
Colgate-Palmolive Co.		2,043		162,848
Essity AB–Class B		1,584		39,255
Henkel AG & Co. KGaA		270		19,372
Henkel AG & Co. KGaA (Preference Shares)		440		35,395
Kimberly-Clark Corp.		880		106,929
Procter & Gamble Co. (The)		6,132		898,583
Reckitt Benckiser Group PLC		1,867		128,829
Unicharm Corp.(b)		994		35,950
				1,533,736
PERSONAL CARE PRODUCTS–0.4%
Beiersdorf AG		263		39,386
Estee Lauder Cos., Inc. (The)–Class A		604		88,335
Haleon PLC		14,415		59,019
Kao Corp.(b)		1,193		49,039
Kenvue, Inc.		4,483		96,519
Kose Corp.		96		7,176
L’Oreal SA		628		313,058
Shiseido Co., Ltd.(b)		963		29,027
Unilever PLC		6,505		314,913
				996,472
TOBACCO–0.3%
Altria Group, Inc.		4,617		186,250
British American Tobacco PLC		5,527		161,715
Imperial Brands PLC		2,215		51,007
Japan Tobacco, Inc.(b)		3,090		79,800
Philip Morris International, Inc.		4,039		379,989
				858,761
				10,797,453
ENERGY–2.8%
ENERGY EQUIPMENT & SERVICES–0.2%
Baker Hughes Co.		2,626		89,757
Halliburton Co.		2,337		84,482
Schlumberger NV		3,698		192,444
Tenaris SA		1,228		21,359
				388,042
OIL, GAS & CONSUMABLE FUELS–2.6%
Aker BP ASA		822		23,877
Ampol Ltd.		620		15,280

21

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

Company	Shares		U.S. $ Value
APA Corp.		799	$	28,668
ARC Resources Ltd.(b)		1,576		23,395
BP PLC		44,403		263,224
Cameco Corp.		1,127		48,591
Canadian Natural Resources Ltd.(b)		2,837		185,865
Cenovus Energy, Inc.		3,700		61,655
Cheniere Energy, Inc.		626		106,865
Chesapeake Energy Corp.(b)		293		22,543
Chevron Corp.		4,721		704,184
ConocoPhillips		3,116		361,674
Coterra Energy, Inc.		1,964		50,121
Devon Energy Corp.		1,667		75,515
Diamondback Energy, Inc.		442		68,545
Enbridge, Inc.		5,530		199,073
ENEOS Holdings, Inc.		7,437		29,497
Eni SpA		6,148		104,279
EOG Resources, Inc.		1,515		183,239
EQT Corp.		1,016		39,279
Equinor ASA		2,344		74,286
Exxon Mobil Corp.		10,423		1,042,092
Galp Energia SGPS SA		1,181		17,377
Hess Corp.		719		103,651
HF Sinclair Corp.		383		21,283
Idemitsu Kosan Co., Ltd.		2,120		11,513
Imperial Oil Ltd.		517		29,450
Inpex Corp.(b)		2,518		33,695
Keyera Corp.(b)		596		14,407
Kinder Morgan, Inc.		5,217		92,028
Marathon Oil Corp.		1,575		38,052
Marathon Petroleum Corp.		1,041		154,443
MEG Energy Corp.(a)		742		13,255
Neste Oyj		1,100		39,105
Occidental Petroleum Corp.		1,726		103,059
OMV AG		383		16,803
ONEOK, Inc.		1,516		106,454
Ovintiv, Inc. (New York)		674		29,602
Parkland Corp.		366		11,797
Pembina Pipeline Corp.		1,428		49,164
Phillips 66		1,159		154,309
Pioneer Natural Resources Co.		607		136,502
Repsol SA		3,323		49,293
Santos Ltd.		8,450		43,936
Shell PLC		17,216		563,550
Suncor Energy, Inc.		3,383		108,380
Targa Resources Corp.		553		48,039
TC Energy Corp.(b)		2,677		104,571
Texas Pacific Land Corp.		16		25,159
TotalEnergies SE		5,962		405,410
Tourmaline Oil Corp.		840		37,776
Valero Energy Corp.		919		119,470
Williams Cos., Inc. (The)		3,165		110,237
Woodside Energy Group Ltd.		4,940		104,316
				6,607,833
				6,995,875

Company	Shares		U.S. $ Value
MATERIALS–2.6%
CHEMICALS–1.3%
Air Liquide SA		1,363	$	265,370
Air Products and Chemicals, Inc.		578		158,256
Akzo Nobel NV(b)		444		36,766
Albemarle Corp.(b)		306		44,211
Arkema SA		156		17,771
Asahi Kasei Corp.		3,175		23,433
BASF SE		2,322		125,033
Celanese Corp.(b)		269		41,794
CF Industries Holdings, Inc.		502		39,909
Chr Hansen Holding A/S		275		23,063
Clariant AG (REG)(a)		561		8,289
Corteva, Inc.		1,846		88,460
Covestro AG(a)		503		29,311
Croda International PLC		363		23,350
Dow, Inc.		1,829		100,302
DSM-Firmenich AG		484		49,220
DuPont de Nemours, Inc.		1,194		91,854
Eastman Chemical Co.		309		27,754
Ecolab, Inc.		668		132,498
EMS-Chemie Holding AG (REG)		19		15,406
Evonik Industries AG		606		12,380
FMC Corp.		324		20,428
Givaudan SA (REG)		25		103,668
ICL Group Ltd.		2,012		10,116
IMCD NV(b)		149		25,950
International Flavors & Fragrances, Inc.		664		53,764
JSR Corp.		412		11,723
Linde PLC		1,266		519,959
LyondellBasell Industries NV–Class A		675		64,179
Mitsubishi Chemical Group Corp.		3,305		20,204
Mitsui Chemicals, Inc.		440		13,012
Mosaic Co. (The)		864		30,871
Nippon Paint Holdings Co., Ltd.		2,422		19,537
Nippon Sanso Holdings Corp.(b)		450		12,016
Nissan Chemical Corp.		297		11,565
Nitto Denko Corp.		414		30,895
Novozymes A/S–Class B		532		29,246
Nutrien Ltd.(b)		1,287		72,506
OCI NV(b)		274		7,941
Orica Ltd.		1,185		12,881
PPG Industries, Inc.		613		91,674
RPM International, Inc.		335		37,396
Sherwin-Williams Co. (The)		636		198,368
Shin-Etsu Chemical Co., Ltd.		4,745		198,451
Sika AG (REG)		397		129,452
Sumitomo Chemical Co., Ltd.		3,572		8,683

22

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Syensqo SA(a)		193	$	20,083
Symrise AG		346		38,024
Toray Industries, Inc.		3,553		18,405
Tosoh Corp.		616		7,853
Umicore SA		544		14,964
Wacker Chemie AG		48		6,052
Westlake Corp.		100		13,996
Yara International ASA		430		15,276
				3,223,568
CONSTRUCTION MATERIALS–0.2%
CRH PLC (London)		1,841		126,696
Heidelberg Materials AG		363		32,448
Holcim AG(a)		1,356		106,502
James Hardie Industries PLC(a)		1,145		44,147
Martin Marietta Materials, Inc.		161		80,325
Vulcan Materials Co.		346		78,545
				468,663
CONTAINERS & PACKAGING–0.1%
Amcor PLC		3,763		36,275
Avery Dennison Corp.		210		42,454
Ball Corp.		820		47,166
CCL Industries, Inc.– Class B		388		17,449
Crown Holdings, Inc.		314		28,916
International Paper Co.		855		30,908
Packaging Corp. of America		234		38,121
SIG Group AG(a)		795		18,310
Smurfit Kappa Group PLC		677		26,837
Westrock Co.		667		27,694
				314,130
METALS & MINING–0.9%
Agnico Eagle Mines Ltd.		1,287		70,564
Anglo American PLC		3,306		82,738
Antofagasta PLC		1,026		21,938
ArcelorMittal SA		1,331		37,774
Barrick Gold Corp. (Toronto)		4,567		82,513
BHP Group Ltd.		13,187		450,529
BlueScope Steel Ltd.		1,175		18,732
Boliden AB(a)		711		22,254
Cleveland-Cliffs, Inc.(a)		1,323		27,016
Endeavour Mining PLC		480		10,741
First Quantum Minerals Ltd.		1,533		12,553
Fortescue Ltd.		4,367		86,106
Franco-Nevada Corp.		500		55,383
Freeport-McMoRan, Inc.		3,730		158,786
Glencore PLC		27,234		163,705
IGO Ltd.(b)		1,773		10,927
Ivanhoe Mines Ltd.–Class A(a)(b)		1,585		15,371

Company	Shares		U.S. $ Value
JFE Holdings, Inc.		1,478	$	22,866
Kinross Gold Corp.		3,193		19,326
Lundin Mining Corp.		1,710		13,989
Mineral Resources Ltd.(b)		457		21,769
Newmont Corp. (New York)		2,972		123,011
Nippon Steel Corp.		2,195		50,142
Norsk Hydro ASA		3,452		23,203
Northern Star Resources Ltd.		2,990		27,742
Nucor Corp.		647		112,604
Pan American Silver Corp.(b)		948		15,475
Pilbara Minerals Ltd.(b)		7,438		19,964
Reliance Steel & Aluminum Co.		153		42,791
Rio Tinto Ltd.		966		89,449
Rio Tinto PLC		2,930		217,937
South32 Ltd.		11,800		26,687
Steel Dynamics, Inc.		410		48,421
Sumitomo Metal Mining Co., Ltd.		572		16,987
Teck Resources Ltd.– Class B		1,199		50,682
voestalpine AG		301		9,477
Wheaton Precious Metals Corp.		1,178		58,115
				2,338,267
PAPER & FOREST PRODUCTS–0.1%
Holmen AB–Class B		198		8,363
Mondi PLC		1,263		24,710
Oji Holdings Corp.		2,181		8,384
Stora Enso Oyj–Class R(b)		1,513		20,963
Svenska Cellulosa AB SCA–Class B(b)		1,576		23,675
UPM-Kymmene Oyj(b)		1,388		52,356
West Fraser Timber Co., Ltd.		148		12,662
				151,113
				6,495,741
UTILITIES–1.6%
ELECTRIC UTILITIES–0.9%
Acciona SA(b)		64		9,424
Alliant Energy Corp.		657		33,704
American Electric Power Co., Inc.		1,340		108,835
BKW AG		55		9,783
Chubu Electric Power Co., Inc.		1,639		21,162
CK Infrastructure Holdings Ltd.		903		4,997
CLP Holdings Ltd.		3,629		29,983
Constellation Energy Corp.		837		97,837
Duke Energy Corp.		2,005		194,565
Edison International		997		71,276

23

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

Company	Shares		U.S. $ Value
EDP–Energias de Portugal SA		8,164	$	41,089
Elia Group SA/NV(b)		77		9,638
Emera, Inc.		710		26,952
Endesa SA(b)		826		16,851
Enel SpA		21,161		157,434
Entergy Corp.		550		55,654
Evergy, Inc.		598		31,216
Eversource Energy		908		56,042
Exelon Corp.		2,589		92,945
FirstEnergy Corp.		1,417		51,947
Fortis, Inc./Canada(b)		1,265		52,040
Fortum Oyj		1,167		16,856
Hydro One Ltd.(c)		857		25,677
Iberdrola SA		15,696		205,881
Kansai Electric Power Co., Inc. (The)		1,771		23,505
Mercury NZ Ltd.		1,809		7,547
NextEra Energy, Inc.		5,336		324,109
NRG Energy, Inc.		596		30,813
Origin Energy Ltd.		4,482		25,864
Orsted AS		492		27,275
PG&E Corp.		5,272		95,054
Power Assets Holdings Ltd.		2,858		16,570
PPL Corp.		1,917		51,951
Redeia Corp. SA		1,055		17,385
Southern Co. (The)		2,837		198,930
SSE PLC		2,841		67,065
Terna–Rete Elettrica Nazionale(b)		3,660		30,534
Tokyo Electric Power Co. Holdings, Inc.(a)		3,884		20,325
Verbund AG		177		16,403
Xcel Energy, Inc.		1,435		88,841
				2,463,959
GAS UTILITIES–0.1%
AltaGas Ltd.(b)		733		15,390
APA Group(b)		3,338		19,426
Atmos Energy Corp.		386		44,737
Enagas SA(b)		647		10,914
Hong Kong & China Gas Co., Ltd.		28,787		22,073
Naturgy Energy Group SA		327		9,754
Osaka Gas Co., Ltd.		940		19,622
Snam SpA(b)		5,246		26,990
Tokyo Gas Co., Ltd.		950		21,792
				190,698
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		1,742		33,533
Brookfield Renewable Corp.–Class A		352		10,132
Corp. ACCIONA Energias Renovables SA(b)		171		5,307
EDP Renovaveis SA(b)		799		16,357

Company	Shares		U.S. $ Value
Meridian Energy Ltd.		3,365	$	11,783
Northland Power, Inc.(b)		658		11,953
RWE AG		1,645		74,869
Vistra Corp.		860		33,127
				197,061
MULTI-UTILITIES–0.4%
Algonquin Power & Utilities Corp.(b)		1,702		10,738
Ameren Corp.		684		49,480
Canadian Utilities Ltd.–Class A		341		8,207
CenterPoint Energy, Inc.		1,642		46,912
Centrica PLC		14,256		25,557
CMS Energy Corp.		759		44,075
Consolidated Edison, Inc.		898		81,691
Dominion Energy, Inc.		2,177		102,319
DTE Energy Co.		537		59,210
E.ON SE		5,841		78,474
Engie SA		4,752		83,713
National Grid PLC		9,595		129,257
NiSource, Inc.		1,075		28,541
Public Service Enterprise Group, Inc.		1,299		79,434
Sembcorp Industries Ltd.		2,000		8,039
Sempra		1,637		122,333
Veolia Environnement SA		1,768		55,881
WEC Energy Group, Inc.		821		69,104
				1,082,965
WATER UTILITIES–0.1%
American Water Works Co., Inc.		507		66,919
Essential Utilities, Inc.		653		24,389
Severn Trent PLC		700		23,019
United Utilities Group PLC		1,774		23,964
				138,291
				4,072,974
REAL ESTATE–1.5%
DIVERSIFIED REITS–0.1%
Daiwa House REIT Investment Corp.		7		12,482
GPT Group (The)		4,983		15,726
KDX Realty Investment Corp.		11		12,529
Land Securities Group PLC		1,841		16,522
Mirvac Group(b)		10,266		14,605
Nomura Real Estate Master Fund, Inc.(a)		13		15,204
Stockland		6,210		18,833
WP Carey, Inc.		557		36,099
				142,000
HEALTH CARE REITS–0.1%
Healthpeak Properties, Inc.		1,423		28,175
Ventas, Inc.		1,047		52,182
Welltower, Inc.		1,350		121,730
				202,087

24

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HOTEL & RESORT REITS–0.0%
Host Hotels & Resorts, Inc.		1,851	$	36,039
INDUSTRIAL REITS–0.2%
CapitaLand Ascendas REIT		9,639		22,098
GLP J-Reit(a)		13		12,941
Goodman Group(b)		4,447		76,563
Mapletree Logistics Trust		8,093		10,656
Nippon Prologis REIT, Inc.(a)		6		11,537
Prologis, Inc.		2,404		320,453
Segro PLC		3,034		34,215
Warehouses De Pauw CVA		431		13,567
				502,030
OFFICE REITS–0.1%
Alexandria Real Estate Equities, Inc.		428		54,257
Boston Properties, Inc.		388		27,226
Covivio SA/France		131		7,049
Dexus(b)		2,798		14,623
Gecina SA		120		14,609
Japan Real Estate Investment Corp.		4		16,548
Nippon Building Fund, Inc.(b)		5		21,644
				155,956
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Azrieli Group Ltd.		110		7,115
Capitaland Investment Ltd./Singapore(b)		6,504		15,550
CBRE Group, Inc.– Class A(a)		806		75,030
City Developments Ltd.(b)		1,050		5,287
CK Asset Holdings Ltd.		5,031		25,251
CoStar Group, Inc.(a)		1,063		92,896
Daito Trust Construction Co., Ltd.		183		21,182
Daiwa House Industry Co., Ltd.		1,444		43,653
ESR Group Ltd.(c)		4,748		6,566
Fastighets AB Balder–Class B(a)(b)		1,696		12,028
FirstService Corp.(b)		105		17,009
Hang Lung Properties Ltd.		4,030		5,603
Henderson Land Development Co., Ltd.		2,938		9,047
Hongkong Land Holdings Ltd.		2,395		8,330
Hulic Co., Ltd.(b)		901		9,412
LEG Immobilien SE(a)		193		16,889
Mitsubishi Estate Co., Ltd.		2,835		38,862
Mitsui Fudosan Co., Ltd.		2,269		55,476
New World Development Co., Ltd.(b)		3,625		5,621

Company	Shares		U.S. $ Value
Nomura Real Estate Holdings, Inc.		231	$	6,062
Sagax AB–Class B		513		14,120
Sino Land Co., Ltd.		9,242		10,050
Sumitomo Realty & Development Co., Ltd.		656		19,440
Sun Hung Kai Properties Ltd.		3,616		39,130
Swire Pacific Ltd.–Class A		435		3,684
Swire Properties Ltd.		2,422		4,903
Swiss Prime Site AG (REG)		200		21,369
Unibail-Rodamco-Westfield(a)		307		22,707
UOL Group Ltd.		370		1,758
Vonovia SE		1,907		59,921
Wharf Holdings Ltd. (The)(b)		2,000		6,443
Wharf Real Estate Investment Co., Ltd.		3,876		13,103
Zillow Group, Inc.– Class C(a)		398		23,028
				716,525
RESIDENTIAL REITS–0.1%
American Homes 4 Rent–Class A		846		30,422
AvalonBay Communities, Inc.		370		69,271
Camden Property Trust		278		27,603
Canadian Apartment Properties REIT		213		7,845
Equity LifeStyle Properties, Inc.		460		32,448
Equity Residential		937		57,307
Essex Property Trust, Inc.		167		41,406
Invitation Homes, Inc.		1,592		54,303
Mid-America Apartment Communities, Inc.		304		40,876
Sun Communities, Inc.		324		43,303
UDR, Inc.		814		31,168
				435,952
RETAIL REITS–0.1%
CapitaLand Integrated Commercial Trust		13,593		21,189
Japan Metropolitan Fund Invest		21		15,158
Kimco Realty Corp.		1,612		34,352
Klepierre SA(a)		559		15,261
Link REIT		6,173		34,662
Mapletree Pan Asia Commercial Trust		5,196		6,173
Realty Income Corp.		1,844		105,882
Regency Centers Corp.		432		28,944
RioCan Real Estate Investment Trust		382		5,368
Scentre Group		13,504		27,500
Simon Property Group, Inc.		852		121,529
Vicinity Ltd.		10,067		13,984
				430,002

25

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

Company		Shares		U.S. $ Value
SPECIALIZED REITS–0.5%
American Tower Corp.			1,213	$	261,862
Crown Castle, Inc.			1,129		130,050
Digital Realty Trust, Inc.			788		106,049
Equinix, Inc.			244		196,515
Extra Space Storage, Inc.			550		88,181
Gaming and Leisure Properties, Inc.			683		33,706
Iron Mountain, Inc.			759		53,115
Public Storage			412		125,660
SBA Communications Corp.			282		71,541
VICI Properties, Inc.			2,636		84,036
Weyerhaeuser Co.			1,901		66,098
					1,216,813
					3,837,404
Total Common Stocks (cost $82,844,508)					156,575,088
		Principal Amount (000)
GOVERNMENTS–TREASURIES–34.3%
UNITED STATES–34.3%
U.S. Treasury Bonds 1.25%, 05/15/2050	$		552		299,191
2.25%, 08/15/2046			3,477		2,481,637
2.25%, 08/15/2049			287		201,259
2.25%, 02/15/2052			2,286		1,591,279
2.375%, 11/15/2049			584		420,302
2.375%, 05/15/2051			1,859		1,332,599
2.50%, 02/15/2045			288		218,486
2.50%, 05/15/2046			42		31,778
2.75%, 08/15/2047			143		112,043
2.875%, 05/15/2043			300		246,573
2.875%, 08/15/2045			2,897		2,343,725
2.875%, 11/15/2046			187		149,921
2.875%, 05/15/2049			313		250,053
2.875%, 05/15/2052			417		333,710
3.00%, 05/15/2045			265		219,288
3.00%, 02/15/2047			238		194,988
3.00%, 05/15/2047			409		335,562
3.00%, 02/15/2048			350		286,589
3.00%, 08/15/2048			792		647,539
3.00%, 02/15/2049			257		209,772
3.125%, 02/15/2043			521		446,415
3.50%, 02/15/2039			12		11,582
3.625%, 08/15/2043			1,869		1,723,584
3.625%, 05/15/2053			1,236		1,147,649
3.75%, 11/15/2043			48		44,696
4.00%, 11/15/2052			208		205,852
4.25%, 05/15/2039			134		138,253
4.375%, 11/15/2039			502		524,642
4.375%, 08/15/2043			128		131,427
4.50%, 08/15/2039			179		189,752
4.75%, 02/15/2037			465		510,486

Company		Principal Amount (000)		U.S. $ Value
5.25%, 11/15/2028	$		2,017	$	2,136,341
5.375%, 02/15/2031			359		392,659
5.50%, 08/15/2028			762		813,484
6.00%, 02/15/2026			1,336		1,377,649
6.125%, 11/15/2027			1,389		1,495,561
6.25%, 05/15/2030			374		422,842
6.875%, 08/15/2025			471		487,529
U.S. Treasury Notes
0.25%, 08/31/2025			850		794,061
0.375%, 01/31/2026			2,433		2,247,761
0.50%, 02/28/2026			1,120		1,034,765
0.625%, 05/15/2030			934		764,239
0.625%, 08/15/2030			997		810,306
0.75%, 04/30/2026			629		581,461
0.75%, 05/31/2026			1,952		1,802,088
0.75%, 08/31/2026			1,015		930,854
0.875%, 09/30/2026			1,513		1,389,977
1.00%, 07/31/2028			2,116		1,861,816
1.125%, 10/31/2026			1,163		1,073,594
1.25%, 12/31/2026			919		848,126
1.375%, 11/15/2031			73		60,311
1.50%, 08/15/2026			1,541		1,442,520
1.50%, 02/15/2030			523		456,143
1.625%, 02/15/2026			2,203		2,088,031
1.625%, 08/15/2029			937		834,987
1.625%, 05/15/2031			3,081		2,646,772
1.75%, 11/15/2029			984		879,693
1.875%, 02/15/2032			1,787		1,539,054
2.00%, 08/15/2025			811		780,268
2.00%, 11/15/2026			4,808		4,546,754
2.125%, 05/15/2025			2,550		2,467,836
2.25%, 11/15/2025			909		875,770
2.25%, 08/15/2027			2,292		2,162,076
2.25%, 11/15/2027			3,588		3,375,899
2.375%, 05/15/2027			4,367		4,150,110
2.375%, 05/15/2029			1,327		1,231,715
2.625%, 02/15/2029			451		424,855
2.75%, 02/15/2024			3,213		3,202,756
2.75%, 02/15/2028			129		123,069
2.75%, 08/15/2032			949		870,340
2.875%, 05/15/2028			400		384,163
2.875%, 05/15/2032			2,242		2,081,835
3.125%, 11/15/2028			912		881,978
3.125%, 08/31/2029			727		698,995
3.375%, 05/15/2033			1,329		1,277,643
3.50%, 04/30/2028			794		782,189
3.50%, 02/15/2033			1,420		1,379,938
3.625%, 03/31/2028			1,209		1,196,325
3.875%, 08/15/2033			1,128		1,129,282
4.00%, 06/30/2028			694		697,703
4.125%, 10/31/2027			603		606,837
4.125%, 11/15/2032			787		801,103
4.375%, 08/31/2028			1,306		1,334,670
4.375%, 11/30/2028			237		243,187
4.50%, 11/15/2033			497		523,175
4.625%, 09/30/2028			578		597,146
Total Governments–Treasuries (cost $94,425,001)					87,020,873

26

AB Variable Products Series Fund

Company		Principal Amount (000)		U.S. $ Value
AGENCIES–0.3%
AGENCY DEBENTURES–0.3%
Federal Home Loan Banks 4.625%, 11/17/2026 (cost $798,639)	$		800	$	811,848
		Notional Amount
PURCHASED OPTIONS–PUTS–0.3%
OPTIONS ON EQUITY INDICES–0.3%
Euro STOXX 50 Index Expiration: Nov 2024; Contracts: 1,010; Exercise Price: EUR 3,650.00; Counterparty: UBS AG(a)	EUR		3,686,500		68,492
FTSE 100 Index Expiration: Dec 2024; Contracts: 220; Exercise Price: GBP 6,600.00; Counterparty: UBS AG(a)	GBP		1,452,000		27,661
Nikkei 225 Index Expiration: Nov 2024; Contracts: 14,000; Exercise Price: JPY 27,000.00; Counterparty: UBS AG(a)	JPY		378,000,000		57,341
S&P 500 Index Expiration: Dec 2024; Contracts: 8,000; Exercise Price: USD 3,950.00; Counterparty: UBS AG(a)	USD		31,600,000		576,449
Total Purchased Options–Puts (premiums paid $864,999)					729,943

Company	Shares		U.S. $ Value
WARRANTS–0.0%
INFORMATION TECHNOLOGY–0.0%
SOFTWARE–0.0%
Constellation Software, Inc., expiring 03/31/2040(a)(b)(d)(e) (cost $0)		52	$	–0	–
SHORT-TERM INVESTMENTS–2.5%
INVESTMENT COMPANIES–2.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(f)(g)(h) (cost $6,267,808)		6,267,808		6,267,808
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.1% (cost $185,200,955)				251,405,560
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.6%
INVESTMENT COMPANIES–0.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(f)(g)(h) (cost $1,615,764)		1,615,764		1,615,764
TOTAL INVESTMENTS–99.7% (cost $186,816,719)				253,021,324
Other assets less liabilities–0.3%				795,589
NET ASSETS–100.0%			$	253,816,913

27

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

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		84		March 2024	$	4,212,807	$	(51,840	)
Euro-Bund Futures		3		March 2024		454,452		10,505
MSCI EAFE Futures		1		March 2024		112,620		2,538
Nikkei 225 (CME) Futures		2		March 2024		474,468		9,209
OMXS 30 Index Futures		2		January 2024		47,526		157
S&P 500 E-Mini Futures		53		March 2024		12,773,000		327,406
TOPIX Index Futures		12		March 2024		2,013,617		14,366
U.S. T-Note 2 Yr (CBT) Futures		60		March 2024		12,354,844		122,955
U.S. T-Note 10 Yr (CBT) Futures		125		March 2024		14,111,328		480,767
U.S. Ultra Bond (CBT) Futures		40		March 2024		5,343,750		429,921
Sold Contracts
FTSE 100 Index Futures		18		March 2024		1,779,628		(39,252	)
MSCI Singapore IX ETS Futures		1		January 2024		21,800		(756	)
S&P TSX 60 Index Futures		12		March 2024		2,301,015		(48,849	)
SPI 200 Futures		18		March 2024		2,325,959		(30,370	)
U.S. T-Note 5 Yr (CBT) Futures		8		March 2024		870,188		(12,692	)
							$	1,214,065

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		EUR	3,784		USD	4,024		01/10/2024	$	(154,387	)
Bank of America, NA		USD	759		JPY	112,243		01/12/2024		37,461
Bank of America, NA		GBP	2,080		USD	2,607		01/25/2024		(44,985	)
Bank of America, NA		NOK	14,840		USD	1,396		02/16/2024		(66,099	)
Bank of America, NA		USD	3,071		NOK	33,303		02/16/2024		210,084
Barclays Bank PLC		NZD	3,371		USD	2,071		01/11/2024		(59,995	)
Barclays Bank PLC		USD	746		AUD	1,133		01/25/2024		26,352
Barclays Bank PLC		SEK	10,007		USD	961		02/16/2024		(33,119	)
BNP Paribas SA		USD	3,104		CAD	4,207		01/10/2024		71,021
BNP Paribas SA		USD	1,152		EUR	1,045		01/10/2024		2,704
BNP Paribas SA		USD	1,732		NZD	2,972		01/11/2024		147,291
Deutsche Bank AG		USD	2,456		EUR	2,252		01/10/2024		31,132
Deutsche Bank AG		JPY	272,296		USD	1,839		01/12/2024		(93,910	)
Deutsche Bank AG		CHF	3,350		USD	3,782		01/18/2024		(206,588	)
Goldman Sachs Bank USA		EUR	1,229		USD	1,318		01/10/2024		(38,986	)
Goldman Sachs Bank USA		USD	2,320		CAD	3,181		01/10/2024		80,758
Goldman Sachs Bank USA		USD	1,313		JPY	192,837		01/12/2024		55,882
Goldman Sachs Bank USA		USD	5,149		GBP	4,071		01/25/2024		40,737
HSBC Bank USA		USD	1,755		EUR	1,599		01/10/2024		10,294
JPMorgan Chase Bank, NA		EUR	1,878		USD	2,011		01/10/2024		(62,134	)
JPMorgan Chase Bank, NA		USD	809		NZD	1,300		01/11/2024		13,195
JPMorgan Chase Bank, NA		JPY	420,755		USD	2,970		01/12/2024		(17,332	)
JPMorgan Chase Bank, NA		USD	1,182		JPY	174,375		01/12/2024		56,390

28

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, NA		NOK	16,368		USD	1,589		02/16/2024	$	(23,855	)
Morgan Stanley Capital Services, Inc.		CAD	7,624		USD	5,661		01/10/2024		(93,262	)
Morgan Stanley Capital Services, Inc.		USD	1,782		EUR	1,680		01/10/2024		72,644
Morgan Stanley Capital Services, Inc.		USD	2,554		AUD	3,921		01/25/2024		119,279
State Street Bank & Trust Co.		CAD	618		USD	450		01/10/2024		(16,437	)
State Street Bank & Trust Co.		EUR	466		USD	507		01/10/2024		(7,369	)
State Street Bank & Trust Co.		USD	373		CAD	512		01/10/2024		13,704
State Street Bank & Trust Co.		USD	243		EUR	228		01/10/2024		8,639
State Street Bank & Trust Co.		USD	734		NZD	1,233		01/11/2024		44,625
State Street Bank & Trust Co.		JPY	11,294		USD	80		01/12/2024		(200	)
State Street Bank & Trust Co.		AUD	380		USD	248		01/25/2024		(10,730	)
State Street Bank & Trust Co.		GBP	131		USD	163		01/25/2024		(4,271	)
State Street Bank & Trust Co.		USD	222		AUD	345		01/25/2024		13,164
State Street Bank & Trust Co.		USD	471		GBP	371		01/25/2024		1,959
State Street Bank & Trust Co.		CHF	246		USD	285		02/15/2024		(8,866	)
State Street Bank & Trust Co.		SEK	1,397		USD	139		02/16/2024		(185	)
UBS AG		CAD	6,164		USD	4,478		01/10/2024		(174,990	)
									$	(60,385	)

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 LLC Swiss Market Index Futures

0.00

%

Maturity

CHF

111

03/15/2024

$

(587

)

(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, 2023, the aggregate market value of these securities amounted to $121,110 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) The rate shown represents the 7-day yield as of period end.

(h) 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 Abbreviation:

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

EAFE—Europe, Australia, and Far East

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

30

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $178,933,147)	$	245,137,752	(a)
Affiliated issuers (cost $7,883,572—including investment of cash collateral for securities loaned of $1,615,764)		7,883,572
Cash		545
Cash collateral due from broker		2,019,389
Foreign currencies, at value (cost $491,375)		508,154
Unrealized appreciation on forward currency exchange contracts		1,057,315
Unaffiliated interest and dividends receivable		1,002,862
Receivable for investment securities sold		834,951
Receivable for capital stock sold		160,829
Affiliated dividends receivable		31,753
Receivable due from Adviser		29,567
Other assets		3,337
Total assets		258,670,026
LIABILITIES
Payable for collateral received on securities loaned		1,615,764
Unrealized depreciation on forward currency exchange contracts		1,117,700
Payable for investment securities purchased		770,783
Cash collateral due to broker		600,000
Custody and accounting fees payable		308,211
Advisory fee payable		148,528
Payable for variation margin on futures		64,403
Distribution fee payable		52,998
Administrative fee payable		23,900
Payable for capital stock redeemed		16,651
Unrealized depreciation on total return swaps		587
Transfer Agent fee payable		150
Accrued expenses		133,438
Total liabilities		4,853,113
NET ASSETS	$	253,816,913
COMPOSITION OF NET ASSETS
Capital stock, at par	$	28,518
Additional paid-in capital		199,268,598
Distributable earnings		54,519,797
NET ASSETS	$	253,816,913

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	225,992		25,256	$	8.95
B	$	253,590,921		28,492,567	$	8.90

(a) Includes securities on loan with a value of $4,324,366 (see Note E).

See notes to financial statements.

31

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $228,548)	$	2,943,923
Affiliated issuers		256,338
Interest		2,309,142
Securities lending income		15,479
		5,524,882
EXPENSES
Advisory fee (see Note B)		1,696,787
Distribution fee—Class B		605,464
Transfer agency—Class A		1
Transfer agency—Class B		2,503
Custody and accounting		180,318
Audit and tax		144,625
Administrative		96,215
Legal		44,534
Printing		33,607
Directors’ fees		19,826
Miscellaneous		46,626
Total expenses		2,870,506
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(207,213	)
Net expenses		2,663,293
Net investment income		2,861,589
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(5,168,904	)
Forward currency exchange contracts		(128,150	)
Futures		(2,214,207	)
Swaps		84,382
Foreign currency transactions		29,224
Net change in unrealized appreciation (depreciation) of:
Investments		34,156,138
Forward currency exchange contracts		(169,438	)
Futures		1,301,229
Swaps		(7,214	)
Foreign currency denominated assets and liabilities		32,552
Net gain on investment and foreign currency transactions		27,915,612
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	30,777,201

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, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,861,589		$	2,229,545
Net realized loss on investment and foreign currency transactions		(7,397,655	)		(6,155,550	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		35,313,267			(51,515,846	)
Net increase (decrease) in net assets from operations		30,777,201			(55,441,851	)
Distributions to Shareholders
Class A		(1,818	)		(82,065	)
Class B		(1,462,051	)		(88,612,765	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(11,093,686	)		77,402,279
Total increase (decrease)		18,219,646			(66,734,402	)
NET ASSETS
Beginning of period		235,597,267			302,331,669
End of period	$	253,816,913		$	235,597,267

See notes to financial statements.

33

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	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 “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

34

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

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

35

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	32,595,450		$	3,567,533		$	–0	–	$	36,162,983
Financials		15,715,008			7,881,021			–0	–		23,596,029
Health Care		13,671,981			5,297,875			–0	–		18,969,856
Industrials		10,686,505			6,669,195			–0	–		17,355,700
Consumer Discretionary		12,231,604			4,833,341			–0	–		17,064,945
Communication Services		9,606,550			1,619,578			–0	–		11,226,128
Consumer Staples		6,860,436			3,937,017			–0	–		10,797,453
Energy		5,179,075			1,816,800			–0	–		6,995,875
Materials		3,195,377			3,300,364			–0	–		6,495,741
Utilities		2,638,159			1,434,815			–0	–		4,072,974
Real Estate		2,832,964			1,004,440			–0	–		3,837,404
Governments—Treasuries		–0	–		87,020,873			–0	–		87,020,873
Agencies		–0	–		811,848			–0	–		811,848
Purchased Options—Puts		–0	–		729,943			–0	–		729,943
Warrants		–0	–		–0	–		0	(a)		–0	–
Short-Term Investments		6,267,808			–0	–		–0	–		6,267,808
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,615,764			–0	–		–0	–		1,615,764
Total Investments in Securities		123,096,681			129,924,643			0	(a)		253,021,324
Other Financial Instruments(b):
Assets:
Futures		1,397,824			–0	–		–0	–		1,397,824	(c)
Forward Currency Exchange Contracts		–0	–		1,057,315			–0	–		1,057,315
Liabilities:
Futures		(183,759	)		–0	–		–0	–		(183,759	)(c)
Forward Currency Exchange Contracts		–0	–		(1,117,700	)		–0	–		(1,117,700	)
Total Return Swaps		–0	–		(587	)		–0	–		(587	)
Total	$	124,310,746		$	129,863,671		$	0	(a)	$	254,174,417

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

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

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

3. Currency Translation

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

36

AB Variable Products Series Fund

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .70% of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .85% and 1.10% of daily average net assets for Class A and Class B shares, respectively. The Expense Caps will remain in effect until May 1, 2024 and then may be extended by the Adviser for additional one-year terms. For the year ended December 31, 2023, such reimbursements/waivers amounted to $200,299.

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, 2023, the reimbursement for such services amounted to $96,215.

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 $1,800 for the year ended December 31, 2023.

37

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

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. 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, 2023, such waiver amounted to $6,456.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	3,658	$	47,069	$	44,459	$	6,268	$	256
Government Money Market Portfolio*		165		13,207		11,756		1,616		3
Total							$	7,884	$	259

* 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 1940 Act. 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, 2023 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	8,554,241	$	24,939,962
U.S. government securities		20,240,186		19,235,038

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

Cost	$	188,613,002
Gross unrealized appreciation	$	81,375,618
Gross unrealized depreciation		(17,024,126	)
Net unrealized appreciation	$	64,351,492

38

AB Variable Products Series Fund

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2023, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2023, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

39

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

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

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

During the year ended December 31, 2023, the Portfolio held purchased options for hedging and non-hedging purposes.

• Swaps

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

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

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AB Variable Products Series Fund

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

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

Credit Default Swaps:

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

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

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

During the year ended December 31, 2023, the Portfolio held credit default swaps for hedging and non-hedging purposes.

41

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

Total Return Swaps:

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

During the year ended December 31, 2023, the Portfolio held total return swaps for hedging and non-hedging purposes.

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

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

During the year ended December 31, 2023, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	1,044,148	*	Payable for variation margin on futures	$	12,692	*
Equity contracts	Receivable for variation margin on futures		353,676	*	Payable for variation margin on futures		171,067	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		1,057,315		Unrealized depreciation on forward currency exchange contracts		1,117,700
Equity contracts	Investments in securities, at value		729,943
Equity contracts					Unrealized depreciation on total return swaps		587
Total		$	3,185,082			$	1,302,046

* 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.

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AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(1,978,561	)	$	1,195,899
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(235,646	)		105,330
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(128,150	)		(169,438	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(2,052,558	)		(120,151	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		83,804			–0	–
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		578			(7,214	)
Total		$	(4,310,533	)	$	1,004,426

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2023:

Futures:
Average notional amount of buy contracts	$	36,235,389
Average notional amount of sale contracts	$	7,142,539
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	27,861,760
Average principal amount of sale contracts	$	25,975,267
Purchased Options:
Average notional amount	$	36,889,735
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	3,188,500	(a)
Total Return Swaps:
Average notional amount	$	474,859	(b)

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

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

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

43

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Bank of America, NA	$	247,545	$	(247,545	)	$	–0	–	$	–0	–	$	–0	–
Barclays Bank PLC		26,352		(26,352	)		–0	–		–0	–		–0	–
BNP Paribas SA		221,016		–0	–		–0	–		–0	–		221,016
Deutsche Bank AG		31,132		(31,132	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA		177,377		(38,986	)		–0	–		–0	–		138,391
HSBC Bank USA		10,294		–0	–		–0	–		–0	–		10,294
JPMorgan Chase Bank, NA		69,585		(69,585	)		–0	–		–0	–		–0	–
Morgan Stanley Capital Services, Inc./Morgan Stanley Capital Services LLC		191,923		(93,849	)		–0	–		–0	–		98,074
State Street Bank & Trust Co.		82,091		(48,058	)		–0	–		–0	–		34,033
UBS AG		729,943		(174,990	)		(554,953	)		–0	–		–0	–
Total	$	1,787,258	$	(730,497	)	$	(554,953	)	$	–0	–	$	501,808	^
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	$	265,471	$	(247,545	)	$	–0	–	$	–0	–	$	17,926
Barclays Bank PLC		93,114		(26,352	)		–0	–		–0	–		66,762
Deutsche Bank AG		300,498		(31,132	)		–0	–		–0	–		269,366
Goldman Sachs Bank USA		38,986		(38,986	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank, NA		103,321		(69,585	)		–0	–		–0	–		33,736
Morgan Stanley Capital Services, Inc./Morgan Stanley Capital Services LLC		93,849		(93,849	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		48,058		(48,058	)		–0	–		–0	–		–0	–
UBS AG		174,990		(174,990	)		–0	–		–0	–		–0	–
Total	$	1,118,287	$	(730,497	)	$	–0	–	$	–0	–	$	387,790	^

* 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. If the Portfolio cannot sell or

44

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, 2023 is as follows:

								Government Money Market  Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	4,324,366	$	1,615,764	$	2,965,535	$	12,177	$	3,302	$	458

*As of December 31, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares sold		2,915			5,959		$	24,456		$	70,320
Shares issued in reinvestment of dividends and distributions		214			9,643			1,818			82,060
Shares redeemed		(6,942	)		(14,092	)		(57,972	)		(183,919	)
Net increase (decrease)		(3,813	)		1,510		$	(31,698	)	$	(31,539	)
Class B
Shares sold		1,935,596			1,391,617		$	16,171,966		$	14,302,037
Shares issued on reinvestment of dividends and distributions		172,819			10,461,956			1,462,051			88,612,765
Shares redeemed		(3,442,663	)		(2,353,134	)		(28,696,005	)		(25,480,984	)
Net increase (decrease)		(1,334,248	)		9,500,439		$	(11,061,988	)	$	77,433,818

45

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

At December 31, 2023, certain shareholders of the Portfolio owned 91% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

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

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

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

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

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

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

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

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

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AB Variable Products Series Fund

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

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

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

LIBOR Replacement Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2023.

47

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

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023			2022
Distributions paid from:
Ordinary income	$	1,463,869		$	6,479,716
Net long-term capital gains		–0	–		82,215,114
Total taxable distributions paid	$	1,463,869		$	88,694,830

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,748,690
Accumulated capital and other losses		(12,620,514	)(a)
Unrealized appreciation (depreciation)		64,391,621	(b)
Total accumulated earnings (deficit)	$	54,519,797

(a) As of December 31, 2023, the Portfolio had a net capital loss carryforward of $12,590,401. As of December 31, 2023, the cumulative deferred loss on straddles was $30,113.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, return of capital distributions received from underlying securities, the tax treatment of passive foreign investment companies (PFICs), the tax deferral of losses on wash sales, the tax treatment of partnership investments, and corporate restructuring.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2023, the Portfolio had a net short-term capital loss carryforward of $6,364,603 and a net long-term capital loss carryforward of $6,225,798, which may be carried forward for an indefinite period.

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

NOTE J: Recent Accounting Pronouncements

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

NOTE K: Subsequent Events

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

48

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$7.94			$14.94			$13.89			$13.46			$11.91
Income From Investment Operations
Net investment income(a)(b)		.12			.12			.14			.15			.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.96			(2.57	)		1.20			.51			1.60
Net increase (decrease) in net asset value from operations		1.08			(2.45	)		1.34			.66			1.83
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.38	)		(.29	)		(.23	)		(.27	)
Distributions from net realized gain on investment transactions		–0	–		(4.17	)		–0	–		–0	–		(.01	)
Total dividends and distributions		(.07	)		(4.55	)		(.29	)		(.23	)		(.28	)
Net asset value, end of period		$8.95			$7.94			$14.94			$13.89			$13.46
Total Return
Total investment return based on net asset value(c)		13.70	%		(18.45	)%		9.67	%		5.02	%		15.51	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$226			$231			$412			$364			$383
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.85	%		.84	%		.82	%		.80	%		.80	%
Expenses, before waivers/reimbursements(d)‡		.93	%		.91	%		.83	%		.80	%		.80	%
Net investment income(b)		1.42	%		1.10	%		.98	%		1.18	%		1.78	%
Portfolio turnover rate		12	%		16	%		32	%		13	%		19	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
Portfolios		.00	%		.01	%		.01	%		.01	%		.02	%

See footnote summary on page 50.

49

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

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

	CLASS B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$7.89			$14.85			$13.80			$13.36			$11.82
Income From Investment Operations
Net investment income(a)(b)		.10			.09			.12			.12			.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.96			(2.56	)		1.16			.51			1.60
Net increase (decrease) in net asset value from operations		1.06			(2.47	)		1.28			.63			1.79
Less: Dividends and Distributions
Dividends from net investment income		(.05	)		(.32	)		(.23	)		(.19	)		(.24	)
Distributions from net realized gain on investment transactions		–0	–		(4.17	)		–0	–		–0	–		(.01	)
Total dividends and distributions		(.05	)		(4.49	)		(.23	)		(.19	)		(.25	)
Net asset value, end of period		$8.90			$7.89			$14.85			$13.80			$13.36
Total Return
Total investment return based on net asset value(c)		13.48	%		(18.68	)%		9.28	%		4.86	%		15.24	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$253,591			$235,366			$301,920			$548,422			$568,985
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.10	%		1.09	%		1.06	%		1.05	%		1.05	%
Expenses, before waivers/reimbursements(d)‡		1.18	%		1.17	%		1.07	%		1.06	%		1.05	%
Net investment income(b)		1.18	%		.87	%		.80	%		.93	%		1.51	%
Portfolio turnover rate		12	%		16	%		32	%		13	%		19	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.01	%		.01	%		.02	%

(a) Based on average shares outstanding.

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

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

(d) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the year ended December 31, 2022, such waiver amounted to .01%.

See notes to financial statements.

50

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

To the Shareholders and 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 series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2024

51

2023 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, 2023. For corporate shareholders, 99.93% of dividends paid qualify for the dividends received deduction.

52

DYNAMIC ASSET ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
Caglasu Altunkopru(2), Vice President Alexander Barenboym(2), Vice President Daniel J. Loewy(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
One Congress Street Suite 1	One Battery Park Plaza New York, NY 10004
Boston, MA 02114
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
501 Commerce Street	P.O. Box 786003
Nashville, TN 37203	San Antonio, TX 78278
	Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
One Manhattan West
New York, NY 10001

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

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

53

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

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors and Advisory Board member 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 48 (2021)	Senior Vice President of the Adviser**, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None
INDEPENDENT DIRECTORS
Garry L. Moody,## Chairman of the Board 71 (2011)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None

54

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR	OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 72 (2020)	Private Investor since prior to 2019. 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 (2017–2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.	82	Moody’s Corporation since April 2011
Michael J. Downey,## 80 (2011)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 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.	82	None
Nancy P. Jacklin,## 75 (2011)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.	82	None

55

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR	OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.	82	None
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.	82	None

56

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Marshall C. Turner, Jr.## 82 (2011)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023–June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

* The address for each of the Fund’s disinterested Directors and Advisory Board member 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 or Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with the Adviser.

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

57

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

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE (5) YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.
Caglasu Altunkopru 51	Vice President	Senior Vice President of the Adviser**, with which she has been associated in a substantially similar capacity to her current position since prior to 2019.
Alexander Barenboym 53	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019.
Daniel J. Loewy 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer and Head of Multi-Asset and Hedge Fund Solutions; and Chief Investment Officer for Dynamic Asset Allocation.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

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

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

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

58

DYNAMIC ASSET ALLOCATION PORTFOLIO AB Variable Products Series Fund

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

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

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

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

59

DYNAMIC ASSET ALLOCATION PORTFOLIO 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 meetings held in-person on August 1-2, 2023 and October 31-November 2, 2023 (the “Meetings”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is

60

AB Variable Products Series Fund

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

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund 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 Meetings, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meetings, 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, 2023 and July 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the periods reviewed, the directors concluded that the Fund’s investment performance was acceptable. The directors determined to continue to monitor the Fund’s performance closely.

Advisory Fees and Other Expenses

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

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

61

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

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.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the 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 Meetings. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level (which was well below the level at which they would anticipate adding an initial breakpoint) and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

62

VPS-DAA- 0151-1223

DEC^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ AB DISCOVERY VALUE PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

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

DISCOVERY VALUE PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2024

The following is an update of AB Variable Products Series Fund—Discovery Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2023. Prior to May 1, 2023, the Portfolio was named Small/Mid Cap Value Portfolio.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization US companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in securities of small- to mid-capitalization companies. Because the Portfolio’s definition of small- to mid-capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Portfolio’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities.

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

The Portfolio may invest in securities issued by non-US companies.

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

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared with its primary benchmark, the Russell 2500 Value Index, as well as the Russell 2500 Index, which represents small-/mid-cap stocks, for the one-, five- and 10-year periods ended December 31, 2023.

All share classes of the Portfolio outperformed the primary benchmark and underperformed the Russell 2500 Index for the annual period. Both security and sector selection were positive, relative to the primary benchmark. Security selection within the financials and consumer discretionary sectors contributed, while selection within health care and consumer staples detracted. An overweight to industrials added to gains, which helped to offset losses from an overweight to financials.

The Portfolio did not use derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended December 31, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory in October. Equity markets rallied sharply during November and December, as optimism rose that the US Federal Reserve would begin to cut interest rates in 2024—both earlier and more than previously anticipated. Although US mega-cap technology stocks drove returns through much of the year, the rally broadened considerably during the fourth quarter as soft-landing expectations in the US continued to be underpinned by cooling inflation and moderating economic growth. Within large-cap markets, both growth-and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence optimism. Large-cap stocks outperformed small-cap stocks, although both rose in absolute terms.

The Portfolio’s Senior Investment Management Team (the “Team”) seeks to invest opportunistically in what it believes are undervalued companies with solid fundamentals, without sacrificing the Portfolio’s deep-value discipline. The Team remains focused on attractively valued opportunities, which the Team believes are widespread across most industry sectors and regions. The Portfolio’s emphasis continues to be at the stock-specific level, as the Team looks for companies that offer compelling valuation, strong free cash flow and significant company-level catalysts.

1

DISCOVERY 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

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

Foreign (Non-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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Portfolio to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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

DISCOVERY VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2023 (unaudited)	1 Year		5 Years1		10 Years1
Discovery Value Portfolio Class A		17.18%		10.78%		7.55%
Discovery Value Portfolio Class B		16.86%		10.51%		7.29%
Primary Benchmark: Russell 2500 Value Index		15.98%		10.79%		7.42%
Russell 2500 Index		17.42%		11.67%		8.36%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.80% and 1.05% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2013 TO 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Discovery Value Portfolio Class A shares (from 12/31/2013 to 12/31/2023) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

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

3

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,096.00	$	4.28		0.81	%
Hypothetical**	$	1,000	$	1,021.12	$	4.13		0.81	%
Class B
Actual	$	1,000	$	1,094.50	$	5.60		1.06	%
Hypothetical**	$	1,000	$	1,019.86	$	5.40		1.06	%

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

** Assumes 5% annual return before expenses.

4

DISCOVERY VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
PVH Corp.	$	12,895,994		1.8	%
Builders FirstSource, Inc.		11,765,931		1.6
Jones Lang LaSalle, Inc.		11,666,122		1.6
MasTec, Inc.		11,517,088		1.6
Bath & Body Works, Inc.		11,468,173		1.6
Dycom Industries, Inc.		11,340,163		1.6
First Citizens BancShares, Inc./NC—Class A		11,100,602		1.5
Cboe Global Markets, Inc.		10,827,878		1.5
Comerica, Inc.		10,765,358		1.5
Herc Holdings, Inc.		10,606,924		1.5
	$	113,954,233		15.8	%

SECTOR BREAKDOWN²

December 31, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Industrials	$	169,962,451		23.6	%
Financials		125,421,280		17.4
Consumer Discretionary		120,559,335		16.8
Information Technology		79,834,137		11.1
Real Estate		56,052,916		7.8
Health Care		45,014,493		6.2
Energy		37,287,948		5.2
Materials		24,262,172		3.4
Utilities		20,687,995		2.9
Consumer Staples		20,548,284		2.9
Communication Services		15,998,144		2.2
Short-Term Investments		3,804,925		0.5
Total Investments	$	719,434,080		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

DISCOVERY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2023	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.7%
INDUSTRIALS–23.7%
AEROSPACE & DEFENSE–1.3%
Spirit AeroSystems Holdings, Inc.–Class A(a)(b)		287,500	$	9,136,750
BUILDING PRODUCTS–1.6%
Builders FirstSource, Inc.(b)		70,480		11,765,931
COMMERCIAL SERVICES & SUPPLIES–2.3%
ABM Industries, Inc.		168,981		7,575,418
Stericycle, Inc.(b)		185,137		9,175,390
				16,750,808
CONSTRUCTION & ENGINEERING–4.6%
Dycom Industries, Inc.(b)		98,533		11,340,163
Fluor Corp.(b)		252,590		9,893,950
MasTec, Inc.(a)(b)		152,101		11,517,088
				32,751,201
ELECTRICAL EQUIPMENT–2.1%
Regal Rexnord Corp.		62,140		9,197,963
Sensata Technologies Holding PLC		158,800		5,966,116
				15,164,079
GROUND TRANSPORTATION–2.3%
ArcBest Corp.		69,366		8,338,487
Knight-Swift Transportation Holdings, Inc.		146,959		8,472,186
				16,810,673
MACHINERY–3.2%
Gates Industrial Corp. PLC(b)		219,779		2,949,434
Middleby Corp. (The)(a)(b)		71,076		10,460,255
Oshkosh Corp.		88,690		9,614,883
				23,024,572
MARINE TRANSPORTATION–1.0%
Star Bulk Carriers Corp.(a)		320,223		6,807,941
PASSENGER AIRLINES–1.0%
Alaska Air Group, Inc.(a)(b)		180,190		7,040,023
PROFESSIONAL SERVICES–2.8%
Korn Ferry		78,290		4,646,511
Robert Half, Inc.(a)		95,095		8,360,752
WNS Holdings Ltd. (ADR)(b)		112,283		7,096,286
				20,103,549
TRADING COMPANIES & DISTRIBUTORS–1.5%
Herc Holdings, Inc.		71,240		10,606,924
				169,962,451
FINANCIALS–17.5%
BANKS–10.6%
BankUnited, Inc.		141,761		4,597,309
Comerica, Inc.		192,893		10,765,358
First BanCorp./Puerto Rico		577,204		9,495,006
First Citizens BancShares, Inc./NC–Class A		7,823		11,100,602
First Hawaiian, Inc.		439,368		10,043,952
Texas Capital Bancshares, Inc.(b)		124,722		8,060,783
Webster Financial Corp.		122,339		6,209,928
Wintrust Financial Corp.		93,710		8,691,603
Zions Bancorp NA(a)		159,068		6,978,313
				75,942,854
CAPITAL MARKETS–3.6%
Cboe Global Markets, Inc.		60,640		10,827,878
Moelis & Co.–Class A		140,277		7,873,748
Stifel Financial Corp.		107,837		7,456,929
				26,158,555
INSURANCE–3.3%
American Financial Group, Inc./OH		59,790		7,108,433
Everest Group Ltd.		19,147		6,769,996
Hanover Insurance Group, Inc. (The)		39,330		4,775,449
Kemper Corp.		95,870		4,665,993
				23,319,871
				125,421,280
CONSUMER DISCRETIONARY–16.8%
AUTOMOBILE COMPONENTS–1.9%
Dana, Inc.		379,445		5,543,691
Goodyear Tire & Rubber Co. (The)(b)		545,184		7,807,035
				13,350,726
DIVERSIFIED CONSUMER SERVICES–1.1%
ADT, Inc.(a)		1,193,753		8,141,395
HOTELS, RESTAURANTS & LEISURE–1.7%
Dine Brands Global, Inc.		117,880		5,852,742
Papa John’s International, Inc.(a)		83,163		6,339,516
				12,192,258
HOUSEHOLD DURABLES–2.4%
PulteGroup, Inc.		95,790		9,887,444
Taylor Morrison Home Corp.(b)		140,859		7,514,827
				17,402,271
LEISURE PRODUCTS–1.5%
Brunswick Corp./DE(a)		108,530		10,500,278
SPECIALTY RETAIL–4.1%
Bath & Body Works, Inc.		265,713		11,468,173
Dick’s Sporting Goods, Inc.(a)		71,560		10,515,742

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Williams-Sonoma, Inc.(a)		38,959	$	7,861,147
				29,845,062
TEXTILES, APPAREL & LUXURY GOODS–4.1%
PVH Corp.		105,601		12,895,994
Ralph Lauren Corp.(a)		62,680		9,038,456
Tapestry, Inc.		195,406		7,192,895
				29,127,345
				120,559,335
INFORMATION TECHNOLOGY–11.1%
COMMUNICATIONS EQUIPMENT–2.2%
Calix, Inc.(b)		195,685		8,549,477
Lumentum Holdings, Inc.(a)(b)		134,490		7,049,966
				15,599,443
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.8%
Avnet, Inc.		138,750		6,993,000
Belden, Inc.		81,594		6,303,137
				13,296,137
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.9%
Amkor Technology, Inc.		293,748		9,772,996
FormFactor, Inc.(b)		197,280		8,228,549
Synaptics, Inc.(b)		88,837		10,134,525
				28,136,070
SOFTWARE–3.2%
ACI Worldwide, Inc.(b)		270,946		8,290,947
CommVault Systems, Inc.(b)		88,746		7,086,368
Gen Digital, Inc.		325,380		7,425,172
				22,802,487
				79,834,137
REAL ESTATE–7.8%
DIVERSIFIED REITS–0.8%
Broadstone Net Lease, Inc.–Class A		316,681		5,453,247
HOTEL & RESORT REITS–1.1%
Ryman Hospitality Properties, Inc.		71,850		7,907,811
INDUSTRIAL REITS–2.2%
First Industrial Realty Trust, Inc.		126,307		6,652,590
STAG Industrial, Inc.		239,778		9,413,684
				16,066,274
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.6%
Jones Lang LaSalle, Inc.(b)		61,768		11,666,122
RESIDENTIAL REITS–1.2%
Apartment Income REIT Corp.		249,951		8,680,798
SPECIALIZED REITS–0.9%
CubeSmart		135,462		6,278,664
				56,052,916
HEALTH CARE–6.3%
HEALTH CARE EQUIPMENT & SUPPLIES–3.0%
Avantor, Inc.(b)		328,560		7,501,025
Envista Holdings Corp.(b)		247,530		5,955,572
Integra LifeSciences Holdings Corp.(a)(b)		181,330		7,896,921
				21,353,518
HEALTH CARE PROVIDERS & SERVICES–2.3%
Acadia Healthcare Co., Inc.(b)		71,050		5,524,848
AMN Healthcare Services, Inc.(b)		86,190		6,453,907
Pediatrix Medical Group, Inc.(b)		467,240		4,345,332
				16,324,087
LIFE SCIENCES TOOLS & SERVICES–1.0%
Fortrea Holdings, Inc.(b)		210,226		7,336,888
				45,014,493
ENERGY–5.2%
ENERGY EQUIPMENT & SERVICES–1.0%
ChampionX Corp.		252,710		7,381,659
OIL, GAS & CONSUMABLE FUELS–4.2%
Cameco Corp.(a)		225,700		9,727,670
HF Sinclair Corp.		106,155		5,899,033
International Seaways, Inc.		135,228		6,150,170
Magnolia Oil & Gas Corp.–Class A(a)		381,842		8,129,416
				29,906,289
				37,287,948
MATERIALS–3.4%
CHEMICALS–1.2%
Element Solutions, Inc.		361,999		8,376,657
CONTAINERS & PACKAGING–1.3%
Berry Global Group, Inc.		134,650		9,074,064
METALS & MINING–0.9%
ATI, Inc.(b)		149,801		6,811,451
				24,262,172

7

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

Company	Shares		U.S. $ Value
UTILITIES–2.9%
ELECTRIC UTILITIES–2.1%
IDACORP, Inc.		71,284	$	7,008,643
Portland General Electric Co.		183,570		7,955,924
				14,964,567
MULTI-UTILITIES–0.8%
CenterPoint Energy, Inc.		200,330		5,723,428
				20,687,995
CONSUMER STAPLES–2.8%
FOOD PRODUCTS–2.8%
Hain Celestial Group, Inc. (The)(a)(b)		436,704		4,781,909
Lamb Weston Holdings, Inc.		72,250		7,809,503
Nomad Foods Ltd.(b)		469,432		7,956,872
				20,548,284
COMMUNICATION SERVICES–2.2%
MEDIA–2.2%
Criteo SA (Sponsored ADR)(b)		241,059		6,103,614
Nexstar Media Group, Inc.		63,123		9,894,530
				15,998,144
Total Common Stocks (cost $617,866,634)				715,629,155
SHORT-TERM INVESTMENTS–0.5%
INVESTMENT COMPANIES–0.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(c)(d)(e) (cost $3,804,925)		3,804,925		3,804,925
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.2% (cost $621,671,559)				719,434,080
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.1%
INVESTMENT COMPANIES–0.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(c)(d)(e) (cost $832,340)		832,340		832,340
TOTAL INVESTMENTS–100.3% (cost $622,503,899)				720,266,420
Other assets less liabilities–(0.3)%				(2,191,619	)
Net Assets–100.0%			$	718,074,801

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

(b) Non-income producing security.

(c) Affiliated investments.

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

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

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See notes to financial statements.

8

DISCOVERY VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $617,866,634)	$	715,629,155	(a)
Affiliated issuers (cost $4,637,265—including investment of cash collateral for securities loaned of $832,340)		4,637,265
Cash		52
Unaffiliated dividends receivable		766,169
Affiliated dividends receivable		18,717
Receivable for capital stock sold		17,141
Receivable due from Adviser		570
Total assets		721,069,069
LIABILITIES
Payable for capital stock redeemed		920,068
Payable for collateral received on securities loaned		832,340
Advisory fee payable		445,409
Payable for investment securities purchased		428,811
Custody and accounting fees payable		155,501
Distribution fee payable		94,978
Administrative fee payable		24,090
Transfer Agent fee payable		150
Accrued expenses		92,921
Total liabilities		2,994,268
NET ASSETS	$	718,074,801
COMPOSITION OF NET ASSETS
Capital stock, at par	$	40,941
Additional paid-in capital		582,177,604
Distributable earnings		135,856,256
NET ASSETS	$	718,074,801

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	259,538,131		14,653,054	$	17.71
B	$	458,536,670		26,287,799	$	17.44

(a) Includes securities on loan with a value of $65,117,379 (see Note E).

See notes to financial statements.

9

DISCOVERY VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $38,863)	$	11,116,095
Affiliated issuers		224,116
Interest		321
Securities lending income		60,370
Other income		18
	$	11,400,920
Expenses
Advisory fee (see Note B)		4,994,130
Distribution fee—Class B		1,080,454
Transfer agency—Class A		2,383
Transfer agency—Class B		4,402
Administrative		96,655
Custody and accounting		93,765
Legal		69,407
Audit and tax		49,182
Printing		34,872
Directors’ fees		25,123
Miscellaneous		32,605
Total expenses		6,482,978
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(5,919	)
Net expenses		6,477,059
Net investment income		4,923,861
REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		35,757,363
Foreign currency transactions		1,962
Net change in unrealized appreciation (depreciation) of investments		66,873,944
Net gain on investment and foreign currency transactions		102,633,269
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	107,557,130

See notes to financial statements.

10

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

	Year Ended December 31, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,923,861		$	5,968,602
Net realized gain on investment transactions		35,759,325			56,176,032
Net change in unrealized appreciation (depreciation) of investments		66,873,944			(192,080,807	)
Net increase (decrease) in net assets from operations		107,557,130			(129,936,173	)
Distributions to Shareholders
Class A		(22,107,220	)		(39,063,484	)
Class B		(40,508,165	)		(74,247,640	)
CAPITAL STOCK TRANSACTIONS
Net increase		13,461,192			52,787,833
Total increase (decrease)		58,402,937			(190,459,464	)
NET ASSETS
Beginning of period		659,671,864			850,131,328
End of period	$	718,074,801		$	659,671,864

See notes to financial statements.

11

DISCOVERY VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Discovery Value Portfolio (the “Portfolio”) (formerly known as AB Small/Mid Cap Value Portfolio) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940 (the “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

12

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

715,629,155

$

–0

–

$

–0

–

$

715,629,155

Short-Term Investments

3,804,925

–0

–

–0

–

3,804,925

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

832,340

–0

–

–0

–

832,340

Total Investments in Securities

720,266,420

–0

–

–0

–

720,266,420

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

720,266,420

$

–0

–

$

–0

–

$

720,266,420

(a) See Portfolio of Investments for sector classifications.

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

13

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

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2023, 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, 2023, the reimbursement for such services amounted to $96,655.

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 $1,800 for the year ended December 31, 2023.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. 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, 2023, such waiver amounted to $5,319.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	4,206	$	138,713	$	139,114	$	3,805	$	224
Government Money Market Portfolio*		207		80,583		79,958		832		13
Total							$	4,637	$	237

* 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 1940 Act. 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, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	329,005,803		$	370,219,671
U.S. government securities		–0	–		–0	–

15

DISCOVERY 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	$	625,153,515
Gross unrealized appreciation	$	140,122,255
Gross unrealized depreciation		(45,009,350	)
Net unrealized appreciation	$	95,112,905

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, 2023.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If 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, 2023 is as follows:

								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	65,117,379	$	832,340	$	66,609,939	$	47,450	$	12,920	$	600

* As of December 31, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares sold		1,485,530			914,008		$	24,512,123		$	18,069,372
Shares issued in reinvestment of dividends and distributions		1,319,834			2,264,550			22,107,220			39,063,484
Shares redeemed		(1,902,203	)		(1,637,209	)		(31,889,060	)		(32,043,197	)
Net increase		903,161			1,541,349		$	14,730,283		$	25,089,659
Class B
Shares sold		1,449,832			1,801,924		$	23,808,551		$	35,459,120
Shares issued on reinvestment of dividends and distributions		2,453,553			4,359,814			40,508,165			74,247,640
Shares redeemed		(3,914,785	)		(4,193,215	)		(65,585,807	)		(82,008,586	)
Net increase (decrease)		(11,400	)		1,968,523		$	(1,269,091	)	$	27,698,174

At December 31, 2023, certain shareholders of the Portfolio owned 72% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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

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

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Portfolio to suffer a potentially unlimited loss.

17

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

Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

LIBOR Replacement Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	9,916,054	$	53,540,355
Net long-term capital gains		52,699,331		59,770,769
Total taxable distributions paid	$	62,615,385	$	113,311,124

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	10,008,506
Undistributed capital gains		30,734,846
Unrealized appreciation (depreciation)		95,112,906	(a)
Total accumulated earnings (deficit)	$	135,856,258

(a) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

18

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, 2023, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to undistributed net investment income, accumulated net realized loss on investment and foreign currency transactions, or additional paid-in capital.

NOTE J: Recent Accounting Pronouncements

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

NOTE K: Subsequent Events

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

19

DISCOVERY 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,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$16.62			$23.46			$17.39			$17.91			$16.93
Income From Investment Operations
Net investment income(a)(b)		.15			.19			.21			.17			.16
Net realized and unrealized gain (loss) on investment transactions		2.61			(3.74	)		6.03			.20			3.04
Net increase (decrease) in net asset value from operations		2.76			(3.55	)		6.24			.37			3.20
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.22	)		(.17	)		(.16	)		(.11	)
Distributions from net realized gain on investment transactions		(1.48	)		(3.07	)		–0	–		(.73	)		(2.11	)
Total dividends and distributions		(1.67	)		(3.29	)		(.17	)		(.89	)		(2.22	)
Net asset value, end of period		$17.71			$16.62			$23.46			$17.39			$17.91
Total Return
Total investment return based on net asset value(c)		17.18	%		(15.63	)%		35.95	%		3.37	%		20.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$259,538			$228,586			$286,390			$222,441			$211,046
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.81	%		.80	%		.80	%		.83	%		.82	%
Expenses, before waivers/reimbursements		.81	%		.80	%		.80	%		.83	%		.83	%
Net investment income(b)		.91	%		1.00	%		.98	%		1.17	%		.90	%
Portfolio turnover rate		49	%		42	%		54	%		58	%		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,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$16.39			$23.17			$17.19			$17.72			$16.75
Income From Investment Operations
Net investment income(a)(b)		.11			.14			.16			.13			.12
Net realized and unrealized gain (loss) on investment transactions		2.56			(3.68	)		5.95			.18			3.02
Net increase (decrease) in net asset value from operations		2.67			(3.54	)		6.11			.31			3.14
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.17	)		(.13	)		(.11	)		(.06	)
Distributions from net realized gain on investment transactions		(1.48	)		(3.07	)		–0	–		(.73	)		(2.11	)
Total dividends and distributions		(1.62	)		(3.24	)		(.13	)		(.84	)		(2.17	)
Net asset value, end of period		$17.44			$16.39			$23.17			$17.19			$17.72
Total Return
Total investment return based on net asset value(c)		16.86	%		(15.82	)%		35.60	%		3.05	%		19.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$458,537			$431,086			$563,741			$432,719			$423,246
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.06	%		1.05	%		1.05	%		1.08	%		1.07	%
Expenses, before waivers/reimbursements		1.06	%		1.05	%		1.05	%		1.08	%		1.08	%
Net investment income(b)		.65	%		.74	%		.73	%		.91	%		.65	%
Portfolio turnover rate.		49	%		42	%		54	%		58	%		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.

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 Discovery Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Discovery Value Portfolio (formerly known as AB Small/Mid Cap Value Portfolio) (the “Portfolio”) (one of the series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2024

22

2023 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, 2023. For corporate shareholders, 98.07% of dividends paid qualify for the dividends received deduction. The Portfolio designates $52,699,331 of dividends paid as long-term capital gain dividends.

23

DISCOVERY VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
James W. MacGregor(2), Vice President Erik A. Turenchalk(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company One Congress Street Suite 1 Boston, MA 02114	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

DISCOVERY 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 and Advisory Board member 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 48 (2021)	Senior Vice President of the Adviser, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None
INDEPENDENT DIRECTORS
Garry L. Moody## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None

25

DISCOVERY 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,## 72 (2020)	Private Investor since prior to 2019. 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 (2017–2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014–2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011
Michael J. Downey,## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 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.		82	None
Nancy P. Jacklin,## 75 (2006)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	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,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010–2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		82	None

27

DISCOVERY 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)
Marshall C. Turner, Jr.## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all the AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023–June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

* The address for each of the Fund’s Directors and the Advisory Board member 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 or the Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with 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 48	President and Chief Executive Officer	See biography above.
James W. MacGregor 56	Vice President	Senior Vice President and Chief Investment Officer of US Small and Mid-Cap Value Equities of the Adviser**, with which he has been associated since prior to 2019. He is also Head - US Value Equities since 2019.
Erik A. Turenchalk 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 to 2019.

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

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

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

29

DISCOVERY VALUE PORTFOLIO AB Variable Products Series Fund

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

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

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

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

30

DISCOVERY VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Discovery Value Portfolio (formerly AB Small/Mid Cap Value Portfolio) (the “Fund”) at a meeting held in person on May 2-4, 2023 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts

31

DISCOVERY 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, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

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

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 the medians for a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was equal to a median. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

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

33

VPS-DV-0151-1223

DEC^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ AB GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

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

GLOBAL RISK ALLOCATION—
MODERATE PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2024

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, 2023.

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 diversified.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index (net, USD hedged) and a 60%/40% blend of the MSCI World Index (net, USD hedged) and the Bloomberg Global G7 Treasury Index (USD hedged), for the one- and five-year periods ended December 31, 2023, and the period since the Portfolio’s inception on April 28, 2015.

For the 12-month period, all share classes of the Portfolio underperformed the primary benchmark and the blended benchmark. The Portfolio allocated most of its risk to global equity, with the balance allocated to government bonds and cash. Over the period, the Portfolio’s underweight to fixed income detracted from relative performance. For global equity exposure, the Portfolio entered the year with an underweight and ended the year with an overweight position. Overall equity positioning contributed, while equity index option protection detracted from performance.

During the 12-month period, the Portfolio used derivatives for hedging and investment purposes. Futures, forwards and purchased options detracted from absolute returns, while written options contributed.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended December 31, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish

1

AB Variable Products Series Fund

higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory in October. Equity markets rallied sharply during November and December, as optimism rose that the US Federal Reserve (the “Fed”) would begin to cut interest rates in 2024—both earlier and more than previously anticipated. Although US mega-cap technology stocks drove returns through much of the year, the rally broadened considerably during the fourth quarter as soft-landing expectations in the US continued to be underpinned by cooling inflation and moderating economic growth. Within large-cap markets, both growth-and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence optimism. Large-cap stocks outperformed small-cap stocks, although both rose in absolute terms.

Fixed-income government bond market yields were extremely volatile in all major developed markets, and developed-market government bond returns started to diverge based on individual country growth and inflation expectations and central bank decisions. Most central banks raised interest rates substantially to combat inflation, then paused further interest-rate hikes later in the period, and are now likely to begin to reduce short-term rates in 2024. Government bond returns in aggregate were strong as treasury yields fell significantly beginning in mid-October. Overall, developed-market investment-grade corporate bonds materially outperformed government bonds, including in the US and eurozone. High-yield corporate bonds advanced and significantly outperformed government bonds—especially in the eurozone and US. Emerging-market hard-currency sovereign bonds outperformed developed-market treasuries. Emerging-market hard-currency corporate bonds had strong relative positive returns. Among sovereigns and corporates, emerging-market high yield outperformed investment grade during the period. Local-currency sovereign bonds led emerging-market returns as the US dollar was mixed against all currencies over the year.

The Portfolio began the year with a modest equity underweight due to high market volatilities. An underweight bond, caused by concerns about inflation and restrictive monetary policies, negatively impacted fixed income investments. The Portfolio moved to an equity overweight in the second quarter of the year when the Silicon Valley Bank crisis heightened as market volatilities began to ease. The Portfolio’s Senior Investment Management Team (the “Team”) maintained dynamic risk management to equity exposure. The Team maintained a base case outlook of the US soft landing as the Fed and European Central Bank begin to cut rates in 2024.

The Portfolio ended the period with an overweight to equities as market volatilities eased.

2

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

Benchmark Disclosure

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

A Word About Risk

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

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

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolio may be subject to greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives, and resulting market reactions to those initiatives.

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

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

Foreign (Non-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.

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).

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

Leverage Risk: 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.

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

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

An Important Note About Historical Performance

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

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

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

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

4

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

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2023 (unaudited)	1 Year		5 Years1			Since Inception1,2
Global Risk Allocation—Moderate Portfolio Class B		14.79%		5.83%			3.76%
Primary Benchmark: MSCI World Index (net, USD hedged)		24.30%		13.93%			9.59%
Blended Benchmark: 60% MSCI World Index (net, USD hedged)/ 40% Bloomberg Global G7 Treasury Index (USD hedged)		16.76%		8.79%			6.49%
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 0.83% for Class B shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

4/28/2015¹ TO 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Risk Allocation—Moderate Portfolio Class B shares (from 4/28/2015¹ to 12/31/2023) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 4/28/2015.

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

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, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class B
Actual	$	1,000	$	1,052.90	$	3.98		0.77	%	$	4.14		0.80	%
Hypothetical**	$	1,000	$	1,021.32	$	3.92		0.77	%	$	4.08		0.80	%

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

** Assumes 5% annual return before expenses.

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

6

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S.$ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	606,512,480		81.2	%
Purchased Options—Puts		369,143		0.1
Short-Term Investments		139,612,098		18.7
Total Investments	$	746,493,721		100.0	%

COUNTRY BREAKDOWN²

December 31, 2023 (unaudited)

COUNTRY	U.S.$ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	436,957,968		58.5	%
Japan		39,014,612		5.2
United Kingdom		22,052,154		3.0
France		19,614,409		2.6
Switzerland		16,827,864		2.3
Germany		14,989,782		2.0
Australia		14,160,109		1.9
Netherlands		7,875,824		1.1
Denmark		5,858,956		0.8
Sweden		5,576,278		0.7
Spain		4,516,503		0.6
Italy		3,995,782		0.5
Hong Kong		3,453,371		0.5
Other		11,988,011		1.6
Short-Term Investments		139,612,098		18.7
Total Investments	$	746,493,721		100.0	%

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

2 The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivatives transactions, which may be used for hedging or investment purpose (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.3% or less in the following: Austria, Belgium, Brazil, Chile, China, Finland, Ireland, Israel, Jordan, Luxembourg, Macau, New Zealand, Norway, Portugal, Singapore, South Africa and South Korea.

7

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2023	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–78.2%
INFORMATION TECHNOLOGY–18.0%
COMMUNICATIONS EQUIPMENT–0.5%
Arista Networks, Inc.(a)		2,720	$	640,588
Cisco Systems, Inc.		43,724		2,208,886
F5, Inc.(a)		646		115,442
Juniper Networks, Inc.		3,442		101,470
Motorola Solutions, Inc.		1,792		561,058
Nokia Oyj		57,110		194,512
Telefonaktiebolaget LM Ericsson–Class B		31,254		196,687
				4,018,643
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.7%
Amphenol Corp.–Class A		6,444		638,794
Azbil Corp.		1,244		40,996
CDW Corp./DE		1,446		328,704
Corning, Inc.		8,290		252,400
Halma PLC		4,194		121,944
Hamamatsu Photonics KK		1,510		61,952
Hexagon AB–Class B		21,950		263,648
Hirose Electric Co., Ltd.		372		42,014
Ibiden Co., Ltd.		1,206		66,474
Jabil, Inc.		1,382		175,940
Keyence Corp.		2,098		921,770
Keysight Technologies, Inc.(a)		1,918		304,976
Kyocera Corp.		14,040		204,424
Murata Manufacturing Co., Ltd.		18,672		394,576
Omron Corp.		1,912		88,924
Shimadzu Corp.		2,568		71,576
TDK Corp.		4,192		198,756
TE Connectivity Ltd.		3,356		471,378
Teledyne Technologies, Inc.(a)		510		227,162
Trimble, Inc.(a)		2,686		142,842
Yaskawa Electric Corp.(b)		2,574		107,134
Yokogawa Electric Corp.		2,300		43,718
Zebra Technologies Corp.–Class A(a)		554		151,424
				5,321,526
IT SERVICES–0.9%
Accenture PLC–Class A		6,776		2,377,416
Akamai Technologies, Inc.(a)		1,628		192,674
Bechtle AG		934		46,732
Capgemini SE		1,686		352,150
Cognizant Technology Solutions Corp.–Class A		5,412		408,768
EPAM Systems, Inc.(a)		624		185,242
Fujitsu Ltd.		1,902		286,239
Gartner, Inc.(a)		842		379,384
International Business Machines Corp.		9,858		1,612,112
NEC Corp.		2,712		160,182
Nomura Research Institute Ltd.		4,140		120,208
NTT Data Group Corp.		6,710		94,836
Obic Co., Ltd.(b)		766		131,622
Otsuka Corp.		1,284		52,844
SCSK Corp.		1,574		31,162
TIS, Inc.		2,330		51,212
VeriSign, Inc.(a)		960		197,516
Wix.com Ltd.(a)		622		76,518
				6,756,817
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.4%
Advanced Micro Devices, Inc.(a)		17,440		2,570,830
Advantest Corp.		8,268		278,594
Analog Devices, Inc.		5,380		1,068,054
Applied Materials, Inc.		9,030		1,463,492
ASM International NV		512		266,482
ASML Holding NV		4,348		3,281,496
BE Semiconductor Industries NV		860		129,840
Broadcom, Inc.		4,738		5,288,792
Disco Corp.		1,002		247,214
Enphase Energy, Inc.(a)		1,474		194,774
First Solar, Inc.(a)		1,154		198,638
Infineon Technologies AG		14,080		588,018
Intel Corp.		45,510		2,286,878
KLA Corp.		1,468		852,768
Lam Research Corp.		1,424		1,114,580
Lasertec Corp.(b)		830		217,896
Microchip Technology, Inc.		5,840		526,652
Micron Technology, Inc.		11,854		1,011,536
Monolithic Power Systems, Inc.		518		326,114
NVIDIA Corp.		26,662		13,203,556
NXP Semiconductors NV		2,782		638,970
ON Semiconductor Corp.(a)		4,650		388,331
Qorvo, Inc.(a)		1,052		118,354
QUALCOMM, Inc.		12,014		1,737,584
Renesas Electronics Corp.(a)		15,836		283,162
Rohm Co., Ltd.		3,538		67,524
Skyworks Solutions, Inc.		1,722		193,474

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
STMicroelectronics NV		7,364	$	369,370
SUMCO Corp.(b)		3,702		55,378
Teradyne, Inc.		1,650		179,058
Texas Instruments, Inc.		9,804		1,671,190
Tokyo Electron Ltd.		5,086		903,808
				41,722,407
SOFTWARE–6.4%
Adobe, Inc.(a)		4,916		2,932,290
ANSYS, Inc.(a)		938		340,018
Autodesk, Inc.(a)		2,308		561,708
Cadence Design Systems, Inc.(a)		2,938		799,950
Check Point Software Technologies Ltd.(a)		1,022		156,152
CyberArk Software Ltd.(a)		466		102,078
Dassault Systemes SE		7,200		352,420
Fair Isaac Corp.(a)		268		310,790
Fortinet, Inc.(a)		6,880		402,686
Gen Digital, Inc.		6,086		138,882
Intuit, Inc.		3,026		1,890,716
Microsoft Corp.		80,228		30,168,938
Monday.com Ltd.(a)		288		53,902
Nemetschek SE		648		55,946
Nice Ltd.(a)		688		136,630
Oracle Corp.		17,152		1,808,230
Oracle Corp. Japan		456		35,102
Palo Alto Networks, Inc.(a)		3,356		989,322
PTC, Inc.(a)		1,284		224,474
Roper Technologies, Inc.		1,154		628,582
Sage Group PLC (The)		10,942		163,336
Salesforce, Inc.(a)		10,504		2,763,760
SAP SE		11,260		1,733,002
ServiceNow, Inc.(a)		2,214		1,563,462
Synopsys, Inc.(a)		1,642		845,482
Temenos AG (REG)		740		68,960
Trend Micro, Inc./Japan		1,438		76,692
Tyler Technologies, Inc.(a)		454		189,826
WiseTech Global Ltd.(b)		1,872		95,948
Xero Ltd.(a)		1,584		120,764
				49,710,048
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–4.1%
Apple, Inc.		157,810		30,383,155
Brother Industries Ltd.		2,378		37,854
Canon, Inc.(b)		10,710		274,726
FUJIFILM Holdings Corp.		4,034		241,696
Hewlett Packard Enterprise Co.		13,848		235,140
HP, Inc.		9,388		282,484
Logitech International SA (REG)		1,812		172,300
NetApp, Inc.		2,254		198,712
Ricoh Co., Ltd.		5,800		44,412
Seagate Technology Holdings PLC		2,100		179,278
Seiko Epson Corp.		3,140		46,868
Western Digital Corp.(a)		3,500		183,294
				32,279,919
				139,809,360
FINANCIALS–11.5%
BANKS–4.0%
ABN AMRO Bank NV–Class CVA		5,132		77,178
AIB Group PLC		16,940		72,550
ANZ Group Holdings Ltd.		32,402		572,462
Banco Bilbao Vizcaya Argentaria SA		64,316		586,192
Banco BPM SpA		13,068		69,246
Banco Santander SA		174,490		729,832
Bank Hapoalim BM		13,560		121,808
Bank Leumi Le-Israel BM		15,840		127,478
Bank of America Corp.		74,320		2,502,354
Bank of Ireland Group PLC		11,086		100,644
Banque Cantonale Vaudoise (REG)(b)		360		46,428
Barclays PLC		161,234		315,705
BNP Paribas SA		11,326		786,542
BOC Hong Kong Holdings Ltd.		39,084		106,170
CaixaBank SA		43,626		179,662
Chiba Bank Ltd. (The)		5,340		38,472
Citigroup, Inc.		20,660		1,062,700
Citizens Financial Group, Inc.		5,034		166,794
Comerica, Inc.		1,424		79,418
Commerzbank AG		11,362		135,034
Commonwealth Bank of Australia		18,072		1,377,394
Concordia Financial Group Ltd.(b)		10,968		49,994
Credit Agricole SA		11,520		163,762
Danske Bank A/S		7,404		197,892
DBS Group Holdings Ltd.		19,478		492,576
DNB Bank ASA		9,890		210,274
Erste Group Bank AG		3,756		152,136
Fifth Third Bancorp		7,352		253,536
FinecoBank Banca Fineco SpA		6,518		98,042
Hang Seng Bank Ltd.		8,010		93,508
HSBC Holdings PLC		209,914		1,698,188
Huntington Bancshares, Inc./OH		15,632		198,826
ING Groep NV		39,024		585,132
Intesa Sanpaolo SpA		165,870		485,400

9

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

Company	Shares		U.S. $ Value
Israel Discount Bank Ltd.–Class A		12,464	$	62,402
Japan Post Bank Co., Ltd.		15,602		158,770
JPMorgan Chase & Co.		31,208		5,308,310
KBC Group NV		2,758		178,992
KeyCorp		10,106		145,526
Lloyds Banking Group PLC		678,102		411,292
M&T Bank Corp.		1,792		245,510
Mediobanca Banca di Credito Finanziario SpA		5,772		71,512
Mitsubishi UFJ Financial Group, Inc.		123,114		1,056,572
Mizrahi Tefahot Bank Ltd.		1,726		66,778
Mizuho Financial Group, Inc.		25,812		440,296
National Australia Bank Ltd.		33,776		705,928
NatWest Group PLC		60,628		168,874
Nordea Bank Abp		34,220		424,824
Oversea-Chinese Banking Corp. Ltd.		36,044		354,642
PNC Financial Services Group, Inc. (The)		4,300		665,856
Regions Financial Corp.		10,040		194,556
Resona Holdings, Inc.		22,172		112,398
Shizuoka Financial Group, Inc.		4,498		38,026
Skandinaviska Enskilda Banken AB–Class A		16,832		232,280
Societe Generale SA		7,964		211,884
Standard Chartered PLC		24,600		208,758
Sumitomo Mitsui Financial Group, Inc.		13,700		666,640
Sumitomo Mitsui Trust Holdings, Inc.		7,118		136,324
Svenska Handelsbanken AB–Class A		15,726		170,890
Swedbank AB–Class A		8,976		181,474
Truist Financial Corp.		14,396		531,500
UniCredit SpA		17,318		471,536
United Overseas Bank Ltd.		13,676		295,150
US Bancorp		16,808		727,408
Wells Fargo & Co.		39,202		1,929,522
Westpac Banking Corp.		37,834		590,288
Zions Bancorp NA		1,600		70,148
				31,168,195
CAPITAL MARKETS–2.3%
3i Group PLC		10,526		323,986
abrdn PLC(b)		19,986		45,440
Ameriprise Financial, Inc.		1,092		414,774
Amundi SA		692		47,132
ASX Ltd.		2,054		88,246
Bank of New York Mellon Corp. (The)		8,302		432,120
BlackRock, Inc.		1,510		1,225,006
Blackstone, Inc.		7,670		1,004,156
Cboe Global Markets, Inc.		1,140		203,380
Charles Schwab Corp. (The)		16,066		1,105,272
CME Group, Inc.		3,886		818,392
Daiwa Securities Group, Inc.		14,382		96,534
Deutsche Bank AG (REG)		20,492		279,738
Deutsche Boerse AG		2,058		423,814
EQT AB(b)		3,916		110,848
Euronext NV(c)		936		81,344
FactSet Research Systems, Inc.		410		195,590
Franklin Resources, Inc.		3,044		90,650
Futu Holdings Ltd. (ADR)(a)		656		35,838
Goldman Sachs Group, Inc. (The)		3,520		1,357,910
Hargreaves Lansdown PLC		3,584		33,496
Hong Kong Exchanges & Clearing Ltd.		12,930		443,502
Intercontinental Exchange, Inc.		6,178		793,440
Invesco Ltd.		4,854		86,578
Japan Exchange Group, Inc.		5,414		114,266
Julius Baer Group Ltd.		2,200		123,360
London Stock Exchange Group PLC		4,492		530,888
Macquarie Group Ltd.		3,976		497,722
MarketAxess Holdings, Inc.		410		119,776
Moody’s Corp.		1,700		663,562
Morgan Stanley		13,642		1,272,116
MSCI, Inc.		854		483,066
Nasdaq, Inc.		3,676		213,664
Nomura Holdings, Inc.		32,078		144,461
Northern Trust Corp.		2,236		188,590
Partners Group Holding AG		246		354,258
Raymond James Financial, Inc.		2,028		226,122
S&P Global, Inc.		3,498		1,540,498
SBI Holdings, Inc.		2,696		60,508
Schroders PLC		8,348		45,644
Singapore Exchange Ltd.		8,880		66,062
St. James’s Place PLC		5,808		50,522
State Street Corp.		3,332		258,020
T Rowe Price Group, Inc.		2,412		259,748
UBS Group AG (REG)		35,460		1,101,442
				18,051,481

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER FINANCE–0.3%
American Express Co.		6,214	$	1,164,131
Capital One Financial Corp.		4,112		539,034
Discover Financial Services		2,700		303,368
Synchrony Financial		4,468		170,594
				2,177,127
FINANCIAL SERVICES–2.6%
Adyen NV(a)(b)		238		307,244
Berkshire Hathaway, Inc.–Class B(a)		19,640		7,004,802
Edenred SE		2,692		161,042
Eurazeo SE		464		36,894
EXOR NV		1,010		100,998
Fidelity National Information Services, Inc.		6,396		384,208
Fiserv, Inc.(a)		6,480		860,670
FleetCor Technologies, Inc.(a)		780		220,154
Global Payments, Inc.		2,812		356,998
Groupe Bruxelles Lambert NV		950		74,736
Industrivarden AB–Class A		1,482		48,420
Industrivarden AB–Class C(b)		1,638		53,416
Investor AB–Class B		18,560		430,400
Jack Henry & Associates, Inc.		786		128,440
L E Lundbergforetagen AB–Class B		872		47,432
M&G PLC		24,184		68,444
Mastercard, Inc.–Class A		8,940		3,812,572
Mitsubishi HC Capital, Inc.		8,514		57,042
Nexi SpA(a)(b)		6,114		50,084
ORIX Corp.		12,654		237,658
PayPal Holdings, Inc.(a)		11,638		714,690
Sofina SA		178		44,130
Visa, Inc.–Class A		17,206		4,479,582
Wise PLC–Class A(a)		6,500		72,290
Worldline SA/France(a)		2,518		43,788
				19,796,134
INSURANCE–2.3%
Admiral Group PLC		2,808		95,966
Aegon Ltd.(b)		17,090		99,362
Aflac, Inc.		5,740		473,550
Ageas SA/NV		1,792		77,900
AIA Group Ltd.		123,706		1,076,590
Allianz SE (REG)		4,350		1,162,232
Allstate Corp. (The)		2,826		395,444
American International Group, Inc.		7,578		513,410
Aon PLC–Class A		2,162		628,894
Arch Capital Group Ltd.(a)		4,028		299,160
Arthur J Gallagher & Co.		2,332		524,196
ASR Nederland NV		1,706		80,592
Assicurazioni Generali SpA		10,956		231,472
Assurant, Inc.		568		95,702
Aviva PLC		29,198		161,560
AXA SA		19,428		634,450
Baloise Holding AG (REG)		526		82,314
Brown & Brown, Inc.		2,550		181,330
Chubb Ltd.		4,404		995,304
Cincinnati Financial Corp.		1,682		174,020
Dai-ichi Life Holdings, Inc.		10,156		215,438
Everest Group Ltd.		468		165,476
Gjensidige Forsikring ASA		2,016		37,184
Globe Life, Inc.		926		112,590
Hannover Rueck SE		666		159,004
Hartford Financial Services Group, Inc. (The)		3,248		260,994
Helvetia Holding AG (REG)(b)		426		58,740
Insurance Australia Group Ltd.		26,270		101,544
Japan Post Holdings Co., Ltd.		22,390		199,876
Japan Post Insurance Co., Ltd.		2,014		35,732
Legal & General Group PLC		63,804		203,898
Loews Corp.		1,976		137,510
Marsh & McLennan Cos., Inc.		5,322		1,008,360
Medibank Pvt Ltd.		27,748		67,364
MetLife, Inc.		6,712		443,864
MS&AD Insurance Group Holdings, Inc.		4,612		181,338
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,472		610,606
NN Group NV		2,920		115,362
Phoenix Group Holdings PLC		7,768		52,894
Poste Italiane SpA		5,264		59,822
Principal Financial Group, Inc.		2,368		186,290
Progressive Corp. (The)		6,316		1,005,854
Prudential Financial, Inc.		3,898		404,158
Prudential PLC		29,684		334,904
QBE Insurance Group Ltd.		16,106		163,196
Sampo Oyj–Class A		4,862		212,972

11

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

Company	Shares		U.S. $ Value
Sompo Holdings, Inc.		3,266	$	159,800
Suncorp Group Ltd.		13,390		126,794
Swiss Life Holding AG (REG)		324		225,164
Swiss Re AG		3,258		366,624
T&D Holdings, Inc.		5,344		84,822
Talanx AG		740		52,884
Tokio Marine Holdings, Inc.		19,484		485,170
Travelers Cos, Inc. (The)		2,466		469,558
Tryg A/S		3,808		82,870
W R Berkley Corp.		2,200		155,514
Willis Towers Watson PLC		1,116		268,938
Zurich Insurance Group AG		1,578		825,020
				17,821,576
				89,014,513
HEALTH CARE–9.9%
BIOTECHNOLOGY–1.3%
AbbVie, Inc.		19,058		2,953,418
Amgen, Inc.		5,778		1,663,892
Argenx SE(a)		638		242,294
Biogen, Inc.(a)		1,564		404,716
CSL Ltd.		5,210		1,015,490
Genmab A/S(a)		716		228,300
Gilead Sciences, Inc.		13,450		1,089,584
Grifols SA(a)(b)		3,006		51,408
Incyte Corp.(a)		2,008		126,082
Moderna, Inc.(a)		3,582		356,130
Regeneron Pharmaceuticals, Inc.(a)		1,156		1,015,304
Swedish Orphan Biovitrum AB(a)		2,170		57,418
Vertex Pharmaceuticals, Inc.(a)		2,782		1,131,968
				10,336,004
HEALTH CARE EQUIPMENT & SUPPLIES–1.9%
Abbott Laboratories		18,732		2,061,832
Alcon, Inc.		5,442		425,682
Align Technology, Inc.(a)		770		210,706
Asahi Intecc Co., Ltd.(b)		2,190		44,390
Baxter International, Inc.		5,476		211,702
Becton Dickinson & Co.		3,132		763,676
BioMerieux		476		52,848
Boston Scientific Corp.(a)		15,806		913,744
Carl Zeiss Meditec AG		450		48,984
Cochlear Ltd.(b)		726		147,498
Coloplast A/S–Class B		1,474		168,314
Cooper Cos., Inc. (The)		536		202,466
Demant A/S(a)		1,082		47,456
DENTSPLY SIRONA, Inc.		2,288		81,394
Dexcom, Inc.(a)		4,172		517,580
DiaSorin SpA(b)		240		24,632
Edwards Lifesciences Corp.(a)		6,548		499,208
EssilorLuxottica SA		3,180		638,340
Fisher & Paykel Healthcare Corp. Ltd.		6,106		91,046
GE Healthcare, Inc.		4,226		326,754
Getinge AB–Class B		2,520		56,114
Hologic, Inc.(a)		2,644		188,914
Hoya Corp.		3,850		479,476
IDEXX Laboratories, Inc.(a)		898		497,880
Insulet Corp.(a)		754		163,602
Intuitive Surgical, Inc.(a)		3,800		1,281,968
Koninklijke Philips NV		8,510		199,152
Medtronic PLC		14,362		1,183,142
Olympus Corp.		12,968		187,184
ResMed, Inc.		1,588		273,168
Siemens Healthineers AG		3,096		179,750
Smith & Nephew PLC		9,172		125,996
Sonova Holding AG (REG)		556		181,838
STERIS PLC		1,066		234,360
Straumann Holding AG (REG)		1,218		196,832
Stryker Corp.		3,650		1,093,030
Sysmex Corp.		1,870		103,898
Teleflex, Inc.		508		126,416
Terumo Corp.		7,272		237,770
Zimmer Biomet Holdings, Inc.		2,256		274,556
				14,743,298
HEALTH CARE PROVIDERS & SERVICES–1.7%
Amplifon SpA		1,382		47,888
Cardinal Health, Inc.		2,660		268,128
Cencora, Inc.		1,800		369,684
Centene Corp.(a)		5,766		427,894
Cigna Group (The)		3,160		945,962
CVS Health Corp.		13,864		1,094,702
DaVita, Inc.(a)		582		60,866
EBOS Group Ltd.		1,688		37,856
Elevance Health, Inc.		2,536		1,195,876
Fresenius Medical Care AG		2,194		91,686
Fresenius SE & Co. KGaA		4,564		141,432
HCA Healthcare, Inc.		2,138		578,714
Henry Schein, Inc.(a)		1,410		106,750
Humana, Inc.		1,330		608,430
Laboratory Corp. of America Holdings		916		208,198

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
McKesson Corp.		1,436	$	664,840
Molina Healthcare, Inc.(a)		630		227,264
Quest Diagnostics, Inc.		1,214		167,386
Ramsay Health Care Ltd.(b)		1,960		70,310
Sonic Healthcare Ltd.		4,802		104,906
UnitedHealth Group, Inc.		9,984		5,256,276
Universal Health Services, Inc.–Class B		660		100,458
				12,775,506
HEALTH CARE TECHNOLOGY–0.0%
M3, Inc.		4,608		76,026
LIFE SCIENCES TOOLS & SERVICES–0.9%
Agilent Technologies, Inc.		3,158		439,056
Bachem Holding AG(b)		394		30,434
Bio-Rad Laboratories, Inc.–Class A(a)		226		72,974
Bio-Techne Corp.		1,708		131,712
Charles River Laboratories International, Inc.(a)		554		130,966
Danaher Corp.		7,100		1,642,282
Eurofins Scientific SE		1,486		96,870
Illumina, Inc.(a)		1,714		238,658
IQVIA Holdings, Inc.(a)		1,978		457,438
Lonza Group AG (REG)		812		341,906
Mettler-Toledo International, Inc.(a)		234		283,832
QIAGEN NV(a)		2,428		105,518
Revvity, Inc.		1,332		145,601
Sartorius AG (Preference Shares)		292		106,862
Sartorius Stedim Biotech		312		82,736
Thermo Fisher Scientific, Inc.		4,172		2,213,926
Waters Corp.(a)		638		210,048
West Pharmaceutical Services, Inc.		800		281,344
				7,012,163
PHARMACEUTICALS–4.1%
Astellas Pharma, Inc.		19,122		227,424
AstraZeneca PLC		16,712		2,254,144
Bayer AG (REG)		10,666		395,713
Bristol-Myers Squibb Co.		21,964		1,126,972
Catalent, Inc.(a)		1,946		87,434
Chugai Pharmaceutical Co., Ltd.		7,302		275,858
Daiichi Sankyo Co., Ltd.		19,942		545,946
Eisai Co., Ltd.		2,714		135,134
Eli Lilly & Co.		8,608		5,017,776
GSK PLC		44,150		815,414
Hikma Pharmaceuticals PLC		1,710		38,966
Ipsen SA		432		51,414
Johnson & Johnson		25,986		4,072,888
Kyowa Kirin Co., Ltd.		2,720		45,638
Merck & Co., Inc.		27,354		2,982,024
Merck KGaA		1,416		225,288
Novartis AG (REG)		22,100		2,232,332
Novo Nordisk A/S–Class B		35,184		3,646,158
Ono Pharmaceutical Co., Ltd.		4,104		72,990
Orion Oyj–Class B		1,168		50,568
Otsuka Holdings Co., Ltd.		4,512		168,698
Pfizer, Inc.		60,950		1,754,750
Recordati Industria Chimica e Farmaceutica SpA(b)		1,164		62,712
Roche Holding AG (BR)		356		110,308
Roche Holding AG (Genusschein)		7,576		2,202,004
Sandoz Group AG(a)		4,376		140,762
Sanofi SA		12,274		1,219,602
Shionogi & Co., Ltd.		2,878		138,464
Takeda Pharmaceutical Co., Ltd.		17,070		489,534
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		11,958		124,842
UCB SA		1,386		120,820
Viatris, Inc.		12,950		140,248
Zoetis, Inc.		4,956		978,166
				31,950,991
				76,893,988
CONSUMER DISCRETIONARY–8.7%
AUTOMOBILE COMPONENTS–0.2%
Aisin Corp.		1,642		57,208
Aptiv PLC(a)		3,054		273,916
BorgWarner, Inc.		2,538		90,952
Bridgestone Corp.(b)		6,140		253,590
Cie Generale des Etablissements Michelin SCA		7,310		262,586
Continental AG		1,198		101,662
Denso Corp.		18,488		277,548
Koito Manufacturing Co., Ltd.		2,104		32,694
Sumitomo Electric Industries Ltd.		7,626		96,763
				1,446,919
AUTOMOBILES–1.9%
Bayerische Motoren Werke AG		3,438		382,552
Bayerische Motoren Werke AG (Preference Shares)		654		64,976

13

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

Company	Shares		U.S. $ Value
Dr Ing hc F Porsche AG (Preference Shares)(c)		1,270	$	111,770
Ferrari NV		1,366		461,170
Ford Motor Co.		42,446		517,404
General Motors Co.		14,784		531,006
Honda Motor Co., Ltd.		49,802		513,708
Isuzu Motors Ltd.		6,286		80,584
Mazda Motor Corp.		5,730		61,238
Mercedes-Benz Group AG		8,652		596,900
Nissan Motor Co., Ltd.		24,778		96,876
Porsche Automobil Holding SE (Preference Shares)		1,700		86,874
Renault SA		2,082		85,112
Stellantis NV (Milan)		23,854		558,890
Subaru Corp.		6,506		118,666
Suzuki Motor Corp.		3,990		169,998
Tesla, Inc.(a)		29,854		7,418,122
Toyota Motor Corp.		114,336		2,095,042
Volkswagen AG		326		42,658
Volkswagen AG (Preference Shares)		2,222		273,876
Volvo Car AB–Class B(a)(b)		6,056		19,640
Yamaha Motor Co., Ltd.(b)		9,576		85,210
				14,372,272
BROADLINE RETAIL–2.2%
Amazon.com, Inc.(a)		98,164		14,915,038
Cie Financiere Richemont SA (REG)		5,628		777,362
eBay, Inc.		5,602		244,358
Etsy, Inc.(a)		1,294		104,798
Global-e Online Ltd.(a)		964		38,204
Next PLC		1,342		138,626
Pan Pacific International Holdings Corp.		4,058		96,598
Prosus NV		15,772		469,820
Rakuten Group, Inc.(a)(b)		15,954		71,124
Wesfarmers Ltd.		12,202		474,522
				17,330,450
DISTRIBUTORS–0.1%
D’ieteren Group		230		44,991
Genuine Parts Co.		1,514		209,550
LKQ Corp.		2,890		138,066
Pool Corp.		418		166,660
				559,267
DIVERSIFIED CONSUMER SERVICES–0.0%
IDP Education Ltd.(b)		2,648		36,122
Pearson PLC		6,880		84,494
				120,616
HOTELS, RESTAURANTS & LEISURE–1.6%
Accor SA		2,158		82,600
Airbnb, Inc.–Class A(a)		4,694		638,904
Amadeus IT Group SA		4,858		348,909
Aristocrat Leisure Ltd.		6,278		174,424
Booking Holdings, Inc.(a)		378		1,337,302
Caesars Entertainment, Inc.(a)		2,328		109,136
Carnival Corp.(a)		10,876		201,622
Chipotle Mexican Grill, Inc.(a)		296		676,940
Compass Group PLC		18,436		504,442
Darden Restaurants, Inc.		1,300		213,426
Delivery Hero SE(a)		1,890		52,018
Domino’s Pizza, Inc.		378		155,410
Entain PLC		6,818		85,970
Evolution AB		2,010		239,292
Expedia Group, Inc.(a)		1,440		218,426
Flutter Entertainment PLC(a)		1,926		339,922
Galaxy Entertainment Group Ltd.		22,738		127,352
Genting Singapore Ltd.		60,926		46,148
Hilton Worldwide Holdings, Inc.		2,768		504,026
InterContinental Hotels Group PLC		1,828		164,752
La Francaise des Jeux SAEM		1,096		39,812
Las Vegas Sands Corp.		3,986		196,102
Lottery Corp. Ltd. (The)		22,426		73,994
Marriott International, Inc./MD–Class A		2,664		600,534
McDonald’s Corp.		7,830		2,321,674
McDonald’s Holdings Co. Japan Ltd.(b)		930		40,242
MGM Resorts International(a)		2,950		131,806
Norwegian Cruise Line Holdings Ltd.(a)(b)		4,592		92,024
Oriental Land Co., Ltd./Japan		11,826		439,514
Royal Caribbean Cruises Ltd.(a)		2,546		329,552
Sands China Ltd.(a)		24,462		71,600
Sodexo SA		954		104,914
Starbucks Corp.		12,334		1,184,188
Whitbread PLC		2,170		101,030
Wynn Resorts Ltd.		1,036		94,390
Yum! Brands, Inc.		3,026		395,378
Zensho Holdings Co., Ltd.		992		51,906
				12,489,681

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HOUSEHOLD DURABLES–0.5%
Barratt Developments PLC		10,300	$	73,784
Berkeley Group Holdings PLC		1,132		67,522
DR Horton, Inc.		3,254		494,392
Garmin Ltd.		1,652		212,348
Iida Group Holdings Co., Ltd.		1,484		22,150
Lennar Corp.–Class A		2,700		402,408
Mohawk Industries, Inc.(a)		572		59,098
NVR, Inc.(a)		34		238,016
Open House Group Co., Ltd.		826		24,402
Panasonic Holdings Corp.		23,576		232,156
Persimmon PLC		3,216		56,830
PulteGroup, Inc.		2,324		239,780
SEB SA		278		34,812
Sekisui Chemical Co., Ltd.		4,128		59,358
Sekisui House Ltd.		6,470		143,416
Sharp Corp./Japan(a)		2,158		15,352
Sony Group Corp.		13,598		1,286,724
Taylor Wimpey PLC		36,790		68,866
Whirlpool Corp.		592		72,088
				3,803,502
LEISURE PRODUCTS–0.0%
Bandai Namco Holdings, Inc.		6,458		129,148
Hasbro, Inc.		1,408		71,892
Shimano, Inc.		854		131,400
Yamaha Corp.		1,474		33,954
				366,394
SPECIALTY RETAIL–1.3%
AutoZone, Inc.(a)		190		491,266
Avolta AG(a)		1,042		41,024
Bath & Body Works, Inc.		2,454		105,914
Best Buy Co., Inc.		2,092		163,684
CarMax, Inc.(a)		1,714		131,456
Fast Retailing Co., Ltd.		1,890		467,356
H & M Hennes & Mauritz AB–Class B		6,964		122,132
Home Depot, Inc. (The)		10,796		3,741,008
Industria de Diseno Textil SA		11,784		514,140
JD Sports Fashion PLC		25,984		54,834
Kingfisher PLC		19,546		60,558
Lowe’s Cos., Inc.		6,230		1,386,486
Nitori Holdings Co., Ltd.		864		115,880
O’Reilly Automotive, Inc.(a)		640		607,102
Ross Stores, Inc.		3,656		505,816
TJX Cos., Inc. (The)		12,350		1,158,554
Tractor Supply Co.		1,168		250,940
Ulta Beauty, Inc.(a)		532		260,184
USS Co., Ltd.		2,202		44,208
Zalando SE(a)		2,410		57,056
ZOZO, Inc.(b)		1,508		34,012
				10,313,610
TEXTILES, APPAREL & LUXURY GOODS–0.9%
adidas AG		1,768		359,270
Burberry Group PLC		3,808		68,684
Hermes International SCA		342		726,926
Kering SA		804		355,647
Lululemon Athletica, Inc.(a)		1,244		635,534
LVMH Moet Hennessy Louis Vuitton SE		2,978		2,419,734
Moncler SpA		2,256		138,900
NIKE, Inc.–Class B		13,214		1,434,536
Pandora A/S		942		130,098
Puma SE		1,150		63,974
Ralph Lauren Corp.		430		61,862
Swatch Group AG (The)		314		85,164
Swatch Group AG (The) (REG)		610		31,982
Tapestry, Inc.		2,474		91,068
VF Corp.		3,568		67,078
				6,670,457
				67,473,168
INDUSTRIALS–8.6%
AEROSPACE & DEFENSE–1.3%
Airbus SE		6,392		987,490
Axon Enterprise, Inc.(a)		760		196,330
BAE Systems PLC		32,536		460,546
Boeing Co. (The)(a)		6,140		1,600,192
Dassault Aviation SA		222		43,786
Elbit Systems Ltd.		294		62,142
General Dynamics Corp.		2,446		634,894
Howmet Aerospace, Inc.		4,222		228,494
Huntington Ingalls Industries, Inc.		430		111,386
Kongsberg Gruppen ASA		1,024		46,880
L3Harris Technologies, Inc.		2,046		430,928
Leonardo SpA		4,364		72,090
Lockheed Martin Corp.		2,384		1,080,524
Melrose Industries PLC		14,424		104,262
MTU Aero Engines AG		586		126,036
Northrop Grumman Corp.		1,530		716,254
Rheinmetall AG		472		149,688
Rolls-Royce Holdings PLC(a)		89,836		342,664

15

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

Company	Shares		U.S. $ Value
RTX Corp.		15,522	$	1,305,938
Saab AB–Class B		848		51,044
Safran SA		3,706		653,406
Singapore Technologies Engineering Ltd.		15,730		46,320
Textron, Inc.		2,116		170,168
Thales SA		1,148		169,840
TransDigm Group, Inc.		598		603,926
				10,395,228
AIR FREIGHT & LOGISTICS–0.4%
CH Robinson Worldwide, Inc.		1,260		108,766
Deutsche Post AG		10,750		532,034
DSV A/S		2,006		352,292
Expeditors International of Washington, Inc.		1,570		199,576
FedEx Corp.		2,498		631,666
Nippon Express Holdings, Inc.		768		43,520
SG Holdings Co., Ltd.		3,386		48,526
United Parcel Service, Inc.–Class B		7,808		1,227,494
Yamato Holdings Co., Ltd.		2,946		54,364
				3,198,238
BUILDING PRODUCTS–0.5%
AGC, Inc.(b)		2,064		76,502
Allegion PLC		948		120,102
AO Smith Corp.		1,326		109,316
Assa Abloy AB–Class B		10,788		310,872
Builders FirstSource, Inc.(a)		1,332		222,364
Carrier Global Corp.		9,058		520,324
Cie de Saint-Gobain SA		4,938		364,090
Daikin Industries Ltd.		2,854		462,814
Geberit AG (REG)		362		231,732
Johnson Controls International PLC		7,344		423,308
Kingspan Group PLC		1,690		146,058
Masco Corp.		2,424		162,292
Nibe Industrier AB–Class B(b)		15,904		111,678
Otis Worldwide Corp.		4,418		395,278
ROCKWOOL A/S–Class B		104		30,136
TOTO Ltd.		1,426		37,460
Trane Technologies PLC		2,466		601,214
Xinyi Glass Holdings Ltd.		14,858		16,688
				4,342,228
COMMERCIAL SERVICES & SUPPLIES–0.4%
Brambles Ltd.		14,464		134,066
Cintas Corp.		936		563,487
Copart, Inc.(a)		9,432		462,168
Dai Nippon Printing Co., Ltd.		2,206		65,146
Rentokil Initial PLC		26,644		150,166
Republic Services, Inc.		2,208		364,122
Rollins, Inc.		3,030		132,320
Secom Co., Ltd.		2,268		163,088
Securitas AB–Class B		4,956		48,588
TOPPAN Holdings, Inc.		2,642		73,578
Veralto Corp.		2,366		194,628
Waste Management, Inc.		3,956		708,520
				3,059,877
CONSTRUCTION & ENGINEERING–0.3%
ACS Actividades de Construccion y Servicios SA		2,312		102,642
Bouygues SA		2,144		80,854
Eiffage SA		828		88,780
Epiroc AB–Class A		7,082		142,532
Epiroc AB–Class B		4,236		74,290
Ferrovial SE(b)		5,532		201,924
Kajima Corp.		4,472		74,550
Obayashi Corp.		6,542		56,512
Quanta Services, Inc.		1,568		338,374
Shimizu Corp.		5,562		36,888
Skanska AB–Class B(b)		3,742		67,796
Taisei Corp.		1,910		65,222
Vinci SA		5,474		688,877
				2,019,241
ELECTRICAL EQUIPMENT–0.8%
ABB Ltd. (REG)		17,248		765,734
AMETEK, Inc.		2,492		410,742
Eaton Corp. PLC		4,310		1,037,934
Emerson Electric Co.		6,154		598,968
Fuji Electric Co., Ltd.		1,402		60,092
Generac Holdings, Inc.(a)		664		85,686
Hubbell, Inc.		580		190,450
Legrand SA		2,866		298,454
Mitsubishi Electric Corp.		20,626		291,736
NIDEC Corp.		4,512		181,866
Prysmian SpA		2,832		129,052
Rockwell Automation, Inc.		1,238		384,374
Schneider Electric SE		5,868		1,181,264
Siemens Energy AG(a)		5,452		72,056
Vestas Wind Systems A/S(a)		10,948		346,414
				6,034,822
GROUND TRANSPORTATION–0.8%
Aurizon Holdings Ltd.		18,546		48,012
Central Japan Railway Co.		7,686		195,048

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CSX Corp.		21,332	$	739,546
East Japan Railway Co.(b)		3,320		191,050
Grab Holdings Ltd.–Class A(a)		19,722		66,460
Hankyu Hanshin Holdings, Inc.		2,464		78,274
JB Hunt Transport Services, Inc.		880		175,772
Keisei Electric Railway Co., Ltd.		1,438		67,812
Kintetsu Group Holdings Co., Ltd.(b)		2,054		65,078
MTR Corp. Ltd.		15,600		60,548
Norfolk Southern Corp.		2,442		577,004
Odakyu Electric Railway Co., Ltd.		3,344		50,906
Old Dominion Freight Line, Inc.		966		391,548
Tobu Railway Co., Ltd.		2,094		56,180
Tokyu Corp.		5,092		62,088
Uber Technologies, Inc.(a)		22,214		1,367,716
Union Pacific Corp.		6,580		1,616,180
West Japan Railway Co.		2,338		97,380
				5,906,602
INDUSTRIAL CONGLOMERATES–0.8%
3M Co.		5,962		651,766
CK Hutchison Holdings Ltd.		27,958		150,208
DCC PLC		1,088		80,056
General Electric Co.		11,750		1,499,524
Hikari Tsushin, Inc.		248		40,822
Hitachi Ltd.		10,016		720,376
Honeywell International, Inc.		7,116		1,492,296
Investment AB Latour–Class B(b)		1,492		38,894
Jardine Cycle & Carriage Ltd.		1,024		23,056
Jardine Matheson Holdings Ltd.		1,834		75,492
Keppel Corp. Ltd.		14,674		78,518
Lifco AB–Class B		2,578		63,268
Siemens AG (REG)		8,194		1,537,270
Smiths Group PLC		3,730		83,722
				6,535,268
MACHINERY–1.6%
Alfa Laval AB		3,094		123,866
Alstom SA		3,058		41,224
Atlas Copco AB–Class A		28,994		499,582
Atlas Copco AB–Class B		16,828		249,662
Caterpillar, Inc.		5,508		1,628,254
Cummins, Inc.		1,530		366,542
Daifuku Co., Ltd.		3,364		67,832
Daimler Truck Holding AG		5,768		216,632
Deere & Co.		2,892		1,156,024
Dover Corp.		1,510		232,254
FANUC Corp.		10,318		302,794
Fortive Corp.		3,794		279,352
GEA Group AG		1,786		74,252
Hitachi Construction Machinery Co., Ltd.		1,084		28,508
Hoshizaki Corp.(b)		1,230		44,896
Husqvarna AB– Class B(b)		3,618		29,844
IDEX Corp.		816		177,162
Illinois Tool Works, Inc.		2,956		774,294
Indutrade AB		2,988		77,874
Ingersoll Rand, Inc.		4,370		337,976
Knorr-Bremse AG		820		52,896
Komatsu Ltd.		10,018		260,702
Kone Oyj–Class B		3,664		183,278
Kubota Corp.		10,704		160,630
Makita Corp.		2,436		66,976
Metso Oyj(b)		6,908		70,120
MINEBEA MITSUMI, Inc.		3,918		80,194
MISUMI Group, Inc.		3,064		51,715
Mitsubishi Heavy Industries Ltd.		3,462		201,514
Nordson Corp.		584		154,006
PACCAR, Inc.		5,646		551,332
Parker-Hannifin Corp.		1,388		638,990
Pentair PLC		1,784		129,714
Rational AG		60		46,300
Sandvik AB		11,380		247,234
Schindler Holding AG		458		114,662
Schindler Holding AG (REG)		268		63,644
Seatrium Ltd.(a)		430,454		38,436
SKF AB–Class B		3,550		71,144
SMC Corp.		620		331,126
Snap-on, Inc.		570		164,638
Spirax-Sarco Engineering PLC		822		109,980
Stanley Black & Decker, Inc.		1,656		162,356
Techtronic Industries Co., Ltd.		14,362		171,124
Toyota Industries Corp.		1,574		127,950
VAT Group AG(c)		292		146,158
Volvo AB–Class A		2,234		59,246
Volvo AB–Class B		16,350		425,402
Wartsila OYJ Abp(b)		5,138		74,672
Westinghouse Air Brake Technologies Corp.		1,934		245,424
Xylem, Inc./NY		2,602		297,564
				12,207,951

17

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

Company	Shares		U.S. $ Value
MARINE TRANSPORTATION–0.1%
AP Moller–Maersk A/S–Class A		34	$	58,618
AP Moller–Maersk A/S–Class B		56		100,802
Kawasaki Kisen Kaisha Ltd.		1,458		62,396
Kuehne + Nagel International AG (REG)		602		207,403
Mitsui OSK Lines Ltd.		3,652		116,756
Nippon Yusen KK		5,250		162,108
SITC International Holdings Co., Ltd.		13,512		23,320
				731,403
PASSENGER AIRLINES–0.1%
American Airlines Group, Inc.(a)		7,056		96,936
ANA Holdings, Inc.(a)		1,610		34,882
Delta Air Lines, Inc.		6,946		279,438
Deutsche Lufthansa AG (REG)(a)		6,022		53,537
Japan Airlines Co., Ltd.		1,454		28,544
Qantas Airways Ltd.(a)		8,024		29,388
Singapore Airlines Ltd.		15,800		78,448
Southwest Airlines Co.		6,436		185,842
United Airlines Holdings, Inc.(a)		3,540		146,060
				933,075
PROFESSIONAL SERVICES–0.8%
Adecco Group AG (REG)		1,750		85,900
Automatic Data Processing, Inc.		4,440		1,034,386
BayCurrent Consulting, Inc.		1,376		48,168
Broadridge Financial Solutions, Inc.		1,270		261,302
Bureau Veritas SA		3,140		79,416
Ceridian HCM Holding, Inc.(a)		1,684		113,030
Computershare Ltd.		5,744		95,652
Equifax, Inc.		1,330		328,896
Experian PLC		9,880		403,018
Intertek Group PLC		1,730		93,602
Jacobs Solutions, Inc.		1,360		176,398
Leidos Holdings, Inc.		1,484		160,628
Paychex, Inc.		3,470		413,312
Paycom Software, Inc.		530		109,354
Randstad NV		1,252		78,576
Recruit Holdings Co., Ltd.		15,590		651,836
RELX PLC (London)		20,384		808,711
Robert Half, Inc.		1,144		100,492
SGS SA (REG)		1,642		141,668
Teleperformance SE		666		97,508
Verisk Analytics, Inc.		1,566		373,816
Wolters Kluwer NV(b)		2,680		381,282
				6,036,951
TRADING COMPANIES & DISTRIBUTORS–0.6%
AerCap Holdings NV(a)		2,160		160,456
Ashtead Group PLC		4,766		331,202
Beijer Ref AB(b)		4,108		55,124
Brenntag SE		1,500		137,862
Bunzl PLC		3,676		149,376
Fastenal Co.		6,168		399,502
ITOCHU Corp.		12,876		524,566
Marubeni Corp.		15,408		242,592
Mitsubishi Corp.		37,198		592,520
Mitsui & Co., Ltd.		14,018		525,170
MonotaRO Co., Ltd.(b)		2,526		27,476
Reece Ltd.		2,298		35,036
Sumitomo Corp.		11,162		242,904
Toyota Tsusho Corp.		2,274		133,384
United Rentals, Inc.		732		419,744
WW Grainger, Inc.		478		395,284
				4,372,198
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA		820		148,839
Aeroports de Paris SA		384		49,696
Auckland International Airport Ltd.		14,292		79,500
Getlink SE		3,780		69,230
Transurban Group		32,880		307,244
				654,509
				66,427,591
COMMUNICATION SERVICES–5.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.1%
AT&T, Inc.		77,182		1,295,096
BT Group PLC		68,924		108,596
Cellnex Telecom SA(a)		6,140		241,710
Charter Communications, Inc.–Class A(a)		1,086		422,106
Comcast Corp.–Class A		43,348		1,900,766
Deutsche Telekom AG (REG)		34,946		840,194
Elisa Oyj		1,530		70,720
HKT Trust & HKT Ltd.–Class SS		38,164		45,564
Infrastrutture Wireless Italiane SpA(b)		3,386		42,870
Koninklijke KPN NV		36,176		124,628
Nippon Telegraph & Telephone Corp.		322,170		393,396
Orange SA		19,686		224,374

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Singapore Telecommunications Ltd.		89,008	$	166,624
Spark New Zealand Ltd.		18,834		61,672
Swisscom AG (REG)		288		172,736
Telecom Italia SpA/Milano(a)(b)		100,392		32,606
Telefonica SA(b)		52,698		206,042
Telenor ASA		6,584		75,562
Telia Co. AB		24,714		63,054
Telstra Group Ltd.		42,438		114,676
Verizon Communications, Inc.		45,382		1,710,864
Washington H Soul Pattinson & Co., Ltd.(b)		2,482		55,424
				8,369,280
ENTERTAINMENT–0.8%
Bollore SE		7,874		49,274
Capcom Co., Ltd.		1,904		61,444
Electronic Arts, Inc.		2,642		361,452
Koei Tecmo Holdings Co., Ltd.		1,184		13,488
Konami Group Corp.		1,138		59,394
Live Nation Entertainment, Inc.(a)		1,532		143,396
Netflix, Inc.(a)		4,726		2,300,508
Nexon Co., Ltd.(b)		3,646		66,300
Nintendo Co., Ltd.		11,214		583,456
Sea Ltd. (ADR)(a)		3,914		158,516
Square Enix Holdings Co., Ltd.		966		34,631
Take-Two Interactive Software, Inc.(a)		1,708		274,742
Toho Co., Ltd./Tokyo		1,254		42,302
Universal Music Group NV		8,850		252,642
Walt Disney Co. (The)		19,752		1,783,408
Warner Bros Discovery, Inc.(a)		23,954		272,596
				6,457,549
INTERACTIVE MEDIA & SERVICES–3.3%
Adevinta ASA(a)		3,770		41,650
Alphabet, Inc.– Class A(a)		63,882		8,923,676
Alphabet, Inc.–Class C(a)		53,764		7,576,960
Auto Trader Group PLC		9,578		87,990
CAR Group Ltd.		3,862		81,820
LY Corp.		28,810		101,880
Match Group, Inc.(a)		2,934		107,092
Meta Platforms, Inc.–Class A(a)		23,960		8,480,528
REA Group Ltd.(b)		594		73,122
Scout24 SE		842		59,539
SEEK Ltd.(b)		3,802		69,170
				25,603,427
MEDIA–0.2%
Dentsu Group, Inc.(b)		2,180		55,790
Fox Corp.–Class A		2,670		79,190
Fox Corp.–Class B		1,424		39,374
Informa PLC		14,406		143,288
Interpublic Group of Cos., Inc. (The)		4,134		134,934
News Corp.–Class A		4,108		100,852
News Corp.–Class B		1,240		31,866
Omnicom Group, Inc.		2,138		184,872
Paramount Global– Class B		5,208		77,026
Publicis Groupe SA		2,462		228,656
Vivendi SE		6,770		72,472
WPP PLC		11,472		109,579
				1,257,899
WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		16,158		512,508
SoftBank Corp.		30,668		382,176
SoftBank Group Corp.		11,112		490,466
T-Mobile US, Inc.		5,494		880,693
Tele2 AB–Class B		5,236		44,998
Vodafone Group PLC		248,142		216,712
				2,527,553
				44,215,708
CONSUMER STAPLES–5.5%
BEVERAGES–1.2%
Anheuser-Busch InBev SA/NV		9,368		604,686
Asahi Group Holdings Ltd.(b)		5,226		194,560
Brown-Forman Corp.–Class B		1,976		112,772
Budweiser Brewing Co. APAC Ltd.(c)		17,346		32,518
Carlsberg AS–Class B		1,074		134,644
Coca-Cola Co. (The)		42,002		2,475,178
Coca-Cola Europacific Partners PLC		2,252		150,298
Coca-Cola HBC AG–Class DI		2,354		69,120
Constellation Brands, Inc.–Class A		1,746		421,854
Davide Campari-Milano NV(b)		5,266		59,468
Diageo PLC		24,236		879,650
Heineken Holding NV		1,450		122,692
Heineken NV		3,130		317,905
Keurig Dr Pepper, Inc.		10,868		362,122
Kirin Holdings Co., Ltd.(b)		8,214		120,254
Molson Coors Beverage Co.–Class B		2,000		122,358

19

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

Company	Shares		U.S. $ Value
Monster Beverage Corp.(a)		7,974	$	459,382
PepsiCo, Inc.		14,842		2,520,596
Pernod Ricard SA		2,214		391,086
Remy Cointreau SA		258		32,910
Suntory Beverage & Food Ltd.		1,532		50,372
Treasury Wine Estates Ltd.(b)		8,042		59,170
				9,693,595
CONSUMER STAPLES DISTRIBUTION & RETAIL–1.3%
Aeon Co., Ltd.		7,072		157,786
Carrefour SA		6,222		113,936
Coles Group Ltd.		14,430		158,504
Costco Wholesale Corp.		4,780		3,154,522
Dollar General Corp.		2,370		322,066
Dollar Tree, Inc.(a)		2,256		320,464
Endeavour Group Ltd./Australia		14,924		52,996
HelloFresh SE(a)		1,664		26,236
J Sainsbury PLC		17,682		68,172
Jeronimo Martins SGPS SA		3,054		77,700
Kesko Oyj–Class B		3,018		59,828
Kobe Bussan Co., Ltd.		1,598		47,176
Koninklijke Ahold Delhaize NV		10,316		296,806
Kroger Co. (The)		7,144		326,506
MatsukiyoCocokara & Co.		3,546		62,654
Ocado Group PLC(a)(b)		5,924		57,216
Seven & i Holdings Co., Ltd.		8,196		324,148
Sysco Corp.		5,444		398,046
Target Corp.		4,984		709,678
Tesco PLC		76,140		282,074
Walgreens Boots Alliance, Inc.		7,740		202,092
Walmart, Inc.		15,400		2,427,652
Woolworths Group Ltd.		13,090		332,068
				9,978,326
FOOD PRODUCTS–1.2%
Ajinomoto Co., Inc.		4,842		186,348
Archer-Daniels-Midland Co.		5,758		415,842
Associated British Foods PLC		3,778		113,866
Barry Callebaut AG (REG)		42		69,216
Bunge Global SA		1,568		158,290
Campbell Soup Co.		2,120		91,648
Chocoladefabriken Lindt & Spruengli AG (REG)		2		242,638
Chocoladefabriken Lindt & Spruengli AG–Class PC		12		132,040
Conagra Brands, Inc.		5,160		147,856
Danone SA		7,000		454,084
General Mills, Inc.		6,276		408,754
Hershey Co. (The)		1,618		301,660
Hormel Foods Corp.		3,126		100,376
J M Smucker Co. (The)		1,146		144,832
JDE Peet’s NV(b)		1,052		28,264
Kellanova		2,848		159,176
Kerry Group PLC– Class A		1,762		152,854
Kikkoman Corp.		1,516		92,638
Kraft Heinz Co. (The)		8,606		318,250
Lamb Weston Holdings, Inc.		1,564		169,052
Lotus Bakeries NV(b)		6		45,428
McCormick & Co., Inc./MD (Non-Voting)		2,714		185,624
MEIJI Holdings Co., Ltd.		2,506		59,526
Mondelez International, Inc.–Class A		14,686		1,063,634
Mowi ASA		5,018		89,862
Nestle SA (REG)		28,788		3,336,985
Nissin Foods Holdings Co., Ltd.		2,220		77,522
Orkla ASA		6,904		53,614
Salmar ASA		852		47,716
Tyson Foods, Inc.– Class A		3,080		165,496
WH Group Ltd.		84,024		54,262
Wilmar International Ltd.		19,354		52,282
Yakult Honsha Co., Ltd.		2,762		62,000
				9,181,635
HOUSEHOLD PRODUCTS–0.8%
Church & Dwight Co., Inc.		2,660		251,530
Clorox Co. (The)		1,340		190,928
Colgate-Palmolive Co.		8,888		708,462
Essity AB–Class B		6,522		161,629
Henkel AG & Co. KGaA		1,132		81,148
Henkel AG & Co. KGaA (Preference Shares)		1,856		149,220
Kimberly-Clark Corp.		3,648		443,268
Procter & Gamble Co. (The)		25,442		3,728,124
Reckitt Benckiser Group PLC		7,754		534,984
Unicharm Corp.		4,352		157,400
				6,406,693
PERSONAL CARE PRODUCTS–0.5%
Beiersdorf AG		1,104		165,330
Estee Lauder Cos., Inc. (The)–Class A		2,508		366,794
Haleon PLC		59,140		242,131
Kao Corp.(b)		5,034		206,926
Kenvue, Inc.		18,604		400,544

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Kose Corp.		386	$	28,776
L’Oreal SA		2,602		1,296,600
Shiseido Co., Ltd.		4,266		128,588
Unilever PLC (London)		26,960		1,305,112
				4,140,801
TOBACCO–0.5%
Altria Group, Inc.		19,092		770,172
British American Tobacco PLC		22,906		670,211
Imperial Brands PLC		9,150		210,682
Japan Tobacco, Inc.(b)		12,894		332,964
Philip Morris International, Inc.		16,758		1,576,498
				3,560,527
				42,961,577
ENERGY–3.1%
ENERGY EQUIPMENT & SERVICES–0.2%
Baker Hughes Co.		10,862		371,263
Halliburton Co.		9,662		349,282
Schlumberger NV		15,420		802,456
Tenaris SA		5,060		87,992
				1,610,993
OIL, GAS & CONSUMABLE FUELS–2.9%
Aker BP ASA		3,338		96,932
Ampol Ltd.		2,626		64,694
APA Corp.		3,312		118,798
BP PLC		184,002		1,090,776
Chevron Corp.		18,952		2,826,732
ConocoPhillips		12,818		1,487,670
Coterra Energy, Inc.		8,120		207,196
Devon Energy Corp.		6,916		313,294
Diamondback Energy, Inc.		1,932		299,614
ENEOS Holdings, Inc.		31,064		123,203
Eni SpA		25,524		432,906
EOG Resources, Inc.		6,296		761,380
EQT Corp.		4,440		171,650
Equinor ASA		9,770		309,598
Exxon Mobil Corp.		43,240		4,323,036
Galp Energia SGPS SA		4,718		69,420
Hess Corp.		2,984		430,174
Idemitsu Kosan Co., Ltd.		10,500		57,020
Inpex Corp.(b)		10,262		137,324
Kinder Morgan, Inc.		20,876		368,234
Marathon Oil Corp.		6,318		152,618
Marathon Petroleum Corp.		4,100		608,128
Neste Oyj		4,614		163,992
Occidental Petroleum Corp.		7,128		425,554
OMV AG		1,582		69,406
ONEOK, Inc.		6,288		441,544
Phillips 66		4,750		632,282
Pioneer Natural Resources Co.		2,518		566,248
Repsol SA		13,608		201,846
Santos Ltd.		35,016		182,060
Shell PLC		71,344		2,335,380
Targa Resources Corp.		2,408		209,096
TotalEnergies SE		24,708		1,680,118
Valero Energy Corp.		3,676		477,750
Williams Cos., Inc. (The)		13,132		457,352
Woodside Energy Group Ltd.		20,346		429,638
				22,722,663
				24,333,656
MATERIALS–3.1%
CHEMICALS–1.6%
Air Liquide SA		5,648		1,099,446
Air Products and Chemicals, Inc.		2,398		656,572
Akzo Nobel NV		1,864		154,352
Albemarle Corp.		1,268		183,056
Arkema SA		644		73,250
Asahi Kasei Corp.		13,526		99,818
BASF SE		9,660		520,108
Celanese Corp.		1,082		167,954
CF Industries Holdings, Inc.		2,062		163,928
Chr Hansen Holding A/S		1,144		95,860
Clariant AG (REG)		2,174		32,106
Corteva, Inc.		7,608		364,528
Covestro AG(a)		2,076		120,972
Croda International PLC		1,530		98,352
Dow, Inc.		7,572		415,194
DSM-Firmenich AG		2,038		207,252
DuPont de Nemours, Inc.		4,642		357,108
Eastman Chemical Co.		1,280		114,970
Ecolab, Inc.		2,732		541,694
EMS-Chemie Holding AG (REG)		78		62,434
Evonik Industries AG		2,512		51,318
FMC Corp.		1,348		84,928
Givaudan SA (REG)		102		418,818
ICL Group Ltd.		7,440		37,406
IMCD NV		644		111,988
International Flavors & Fragrances, Inc.		2,756		223,154
JSR Corp.		1,840		52,328
Linde PLC		5,234		2,149,656
LyondellBasell Industries NV–Class A		2,766		262,992
Mitsubishi Chemical Group Corp.		13,804		84,386
Mitsui Chemicals, Inc.		1,856		54,856
Mosaic Co. (The)		3,528		126,056
Nippon Paint Holdings Co., Ltd.		10,026		80,864
Nippon Sanso Holdings Corp.(b)		1,792		47,852

21

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

Company	Shares		U.S. $ Value
Nissan Chemical Corp.		1,430	$	55,682
Nitto Denko Corp.		1,582		118,056
Novozymes A/S–Class B		2,262		124,294
OCI NV		1,072		31,038
Orica Ltd.		4,656		50,600
PPG Industries, Inc.		2,546		380,604
Sherwin-Williams Co. (The)		2,542		792,850
Shin-Etsu Chemical Co., Ltd.		19,642		821,448
Sika AG (REG)		1,644		536,070
Sumitomo Chemical Co., Ltd.		13,360		32,474
Syensqo SA(a)		810		84,184
Symrise AG		1,470		161,546
Toray Industries, Inc.		14,952		77,446
Tosoh Corp.		2,620		33,400
Umicore SA		2,302		63,294
Wacker Chemie AG		194		24,334
Yara International ASA		1,776		63,060
				12,765,936
CONSTRUCTION MATERIALS–0.3%
CRH PLC		7,628		524,954
Heidelberg Materials AG		1,504		134,350
Holcim AG		5,634		442,424
James Hardie Industries PLC(a)		4,722		182,022
Martin Marietta Materials, Inc.		668		332,773
Vulcan Materials Co.		1,434		325,532
				1,942,055
CONTAINERS & PACKAGING–0.1%
Amcor PLC		15,602		150,404
Avery Dennison Corp.		870		175,677
Ball Corp.		3,404		195,740
International Paper Co.		3,736		135,020
Packaging Corp. of America		968		157,534
SIG Group AG		3,290		75,772
Smurfit Kappa Group PLC		2,898		114,878
Westrock Co.		2,768		114,928
				1,119,953
METALS & MINING–1.0%
Anglo American PLC		13,700		342,866
Antofagasta PLC		4,246		90,766
ArcelorMittal SA		5,462		155,012
BHP Group Ltd.		54,650		1,867,062
BlueScope Steel Ltd.		4,890		77,958
Boliden AB		2,900		90,738
Endeavour Mining PLC		1,964		43,924
Fortescue Ltd.		18,074		356,372
Freeport-McMoRan, Inc.		15,480		658,942
Glencore PLC		112,856		678,376
IGO Ltd.(b)		7,060		43,506
JFE Holdings, Inc.		6,204		95,984
Mineral Resources Ltd.(b)		1,938		92,266
Newmont Corp. (New York)		12,442		514,932
Nippon Steel Corp.		9,130		208,540
Norsk Hydro ASA		13,550		91,070
Northern Star Resources Ltd.		12,068		111,968
Nucor Corp.		2,654		461,902
Pilbara Minerals Ltd.(b)		30,824		82,736
Rio Tinto Ltd.		4,016		371,872
Rio Tinto PLC		12,140		902,986
South32 Ltd.		46,988		106,268
Steel Dynamics, Inc.		1,642		193,920
Sumitomo Metal Mining Co., Ltd.		2,644		78,522
voestalpine AG		1,344		42,317
				7,760,805
PAPER & FOREST PRODUCTS–0.1%
Holmen AB–Class B		822		34,718
Mondi PLC		5,196		101,658
Oji Holdings Corp.		8,176		31,428
Stora Enso Oyj–Class R		6,150		85,212
Svenska Cellulosa AB SCA–Class B(b)		6,532		98,127
UPM-Kymmene Oyj		5,816		219,384
				570,527
				24,159,276
UTILITIES–2.1%
ELECTRIC UTILITIES–1.3%
Acciona SA(b)		276		40,640
Alliant Energy Corp.		2,756		141,332
American Electric Power Co., Inc.		5,678		461,086
BKW AG		248		44,112
Chubu Electric Power Co., Inc.		6,878		88,792
CK Infrastructure Holdings Ltd.		5,928		32,802
CLP Holdings Ltd.		17,346		143,306
Constellation Energy Corp.		3,448		403,036
Duke Energy Corp.		8,320		807,276
Edison International		4,138		295,754
EDP–Energias de Portugal SA		33,494		168,570
Elia Group SA/NV(b)		358		44,812
Endesa SA(b)		3,434		70,058
Enel SpA		87,690		652,390
Entergy Corp.		2,284		231,016
Evergy, Inc.		2,480		129,456

22

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Eversource Energy		3,772	$	232,746
Exelon Corp.		10,746		385,746
FirstEnergy Corp.		5,576		204,380
Fortum Oyj		4,838		69,866
Iberdrola SA		64,982		852,354
Kansai Electric Power Co., Inc. (The)		7,514		99,726
Mercury NZ Ltd.		6,864		28,638
NextEra Energy, Inc.		22,148		1,345,208
NRG Energy, Inc.		2,438		125,992
Origin Energy Ltd.		17,744		102,396
Orsted AS		2,072		114,810
PG&E Corp.		23,030		415,232
Pinnacle West Capital Corp.		1,224		87,932
Power Assets Holdings Ltd.		13,978		81,034
PPL Corp.		7,958		215,634
Redeia Corp. SA		4,422		72,868
Southern Co. (The)		11,774		825,522
SSE PLC		11,776		277,960
Terna–Rete Elettrica Nazionale		14,764		123,172
Tokyo Electric Power Co. Holdings, Inc.(a)		15,382		80,490
Verbund AG		742		68,762
Xcel Energy, Inc.		5,958		368,798
				9,933,704
GAS UTILITIES–0.1%
APA Group(b)		13,442		78,220
Atmos Energy Corp.		1,604		185,788
Enagas SA(b)		2,508		42,291
Hong Kong & China Gas Co., Ltd.		118,302		90,712
Naturgy Energy Group SA		1,300		38,776
Osaka Gas Co., Ltd.		4,044		84,396
Snam SpA(b)		21,320		109,690
Tokyo Gas Co., Ltd.		3,986		91,410
				721,283
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		7,228		139,138
Corp. ACCIONA Energias Renovables SA(b)		682		21,166
EDP Renovaveis SA(b)		3,280		67,126
Meridian Energy Ltd.		12,972		45,424
RWE AG		6,802		309,534
				582,388
MULTI-UTILITIES–0.5%
Ameren Corp.		2,838		205,302
CenterPoint Energy, Inc.		6,814		194,676
Centrica PLC		57,452		102,992
CMS Energy Corp.		3,150		182,862
Consolidated Edison, Inc.		3,726		338,954
Dominion Energy, Inc.		9,034		424,552
DTE Energy Co.		2,226		245,438
E.ON SE		24,206		325,196
Engie SA		19,692		346,900
National Grid PLC		39,764		535,660
NiSource, Inc.		4,462		118,440
Public Service Enterprise Group, Inc.		5,380		328,926
Sembcorp Industries Ltd.		9,500		38,186
Sempra		6,794		507,640
Veolia Environnement SA		7,340		231,992
WEC Energy Group, Inc.		3,406		286,598
				4,414,314
WATER UTILITIES–0.1%
American Water Works Co., Inc.		2,102		277,443
Severn Trent PLC		2,902		95,430
United Utilities Group PLC		7,352		99,300
				472,173
				16,123,862
REAL ESTATE–2.0%
DIVERSIFIED REITS–0.1%
Daiwa House REIT Investment Corp.		26		44,580
GPT Group (The)		19,300		60,910
KDX Realty Investment Corp.		48		53,534
Land Securities Group PLC		7,098		63,692
Mirvac Group(b)		39,724		56,512
Nomura Real Estate Master Fund, Inc.		46		53,798
Stockland		24,052		72,938
				405,964
HEALTH CARE REITS–0.1%
Healthpeak Properties, Inc.		5,906		116,918
Ventas, Inc.		4,344		216,456
Welltower, Inc.		5,974		538,676
				872,050
HOTEL & RESORT REITS–0.0%
Host Hotels & Resorts, Inc.		7,616		148,264
INDUSTRIAL REITS–0.3%
CapitaLand Ascendas REIT		39,812		91,272
GLP J-Reit		52		50,768
Goodman Group		18,428		317,272

23

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

Company	Shares		U.S. $ Value
Mapletree Logistics Trust		35,328	$	46,514
Nippon Prologis REIT, Inc.(b)		26		48,070
Prologis, Inc.		9,974		1,329,534
Segro PLC		12,152		137,042
Warehouses De Pauw CVA		1,876		59,052
				2,079,524
OFFICE REITS–0.1%
Alexandria Real Estate Equities, Inc.		1,688		213,988
Boston Properties, Inc.		1,560		109,396
Covivio SA/France		524		28,196
Dexus(b)		10,836		56,630
Gecina SA		518		63,060
Japan Real Estate Investment Corp.		16		62,054
Nippon Building Fund, Inc.(b)		18		77,920
				611,244
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.4%
Azrieli Group Ltd.		442		28,588
Capitaland Investment Ltd./Singapore		26,948		64,426
CBRE Group, Inc.–Class A(a)		3,290		306,266
City Developments Ltd.		5,194		26,146
CK Asset Holdings Ltd.		20,190		101,336
CoStar Group, Inc.(a)		4,408		385,215
Daito Trust Construction Co., Ltd.		706		81,602
Daiwa House Industry Co., Ltd.		6,492		196,226
ESR Group Ltd.(c)		23,358		32,302
Fastighets AB Balder–Class B(a)(b)		6,354		45,062
Hang Lung Properties Ltd.		17,200		23,912
Henderson Land Development Co., Ltd.		14,634		45,062
Hongkong Land Holdings Ltd.		11,598		40,338
Hulic Co., Ltd.(b)		3,868		40,406
LEG Immobilien SE(a)		808		70,708
Mitsubishi Estate Co., Ltd.		12,136		166,362
Mitsui Fudosan Co., Ltd.		9,510		232,516
New World Development Co., Ltd.(b)		15,214		23,588
Nomura Real Estate Holdings, Inc.		1,196		31,358
Sagax AB–Class B		2,178		59,920
Sino Land Co., Ltd.		38,832		42,228
Sumitomo Realty & Development Co., Ltd.		3,118		92,370
Sun Hung Kai Properties Ltd.		15,092		163,306
Swire Pacific Ltd.– Class A		4,608		39,028
Swire Properties Ltd.		11,788		23,862
Swiss Prime Site AG (REG)		866		92,420
Unibail-Rodamco-Westfield(a)		1,282		94,822
UOL Group Ltd.(b)		4,678		22,222
Vonovia SE		8,006		251,562
Wharf Holdings Ltd. (The)(b)		11,500		37,046
Wharf Real Estate Investment Co., Ltd.		16,824		56,874
				2,917,079
RESIDENTIAL REITS–0.2%
AvalonBay Communities, Inc.		1,534		287,008
Camden Property Trust		1,154		114,482
Equity Residential		3,730		228,126
Essex Property Trust, Inc.		694		171,822
Invitation Homes, Inc.		6,210		211,789
Mid-America Apartment Communities, Inc.		1,260		169,420
UDR, Inc.		3,268		125,094
				1,307,741
RETAIL REITS–0.2%
CapitaLand Integrated Commercial Trust		53,736		83,762
Federal Realty Investment Trust		794		81,718
Japan Metropolitan Fund Invest		78		55,578
Kimco Realty Corp.		6,692		142,586
Klepierre SA		2,286		62,410
Link REIT		27,542		154,650
Mapletree Pan Asia Commercial Trust		21,758		25,848
Realty Income Corp.		7,814		448,680
Regency Centers Corp.		1,774		118,790
Scentre Group		55,400		112,816
Simon Property Group, Inc.		3,522		502,378
Vicinity Ltd.		38,986		54,154
				1,843,370
SPECIALIZED REITS–0.6%
American Tower Corp.		5,032		1,086,308
Crown Castle, Inc.		4,686		539,666
Digital Realty Trust, Inc.		3,270		439,942
Equinix, Inc.		1,014		815,860
Extra Space Storage, Inc.		2,282		365,712
Iron Mountain, Inc.		3,152		220,577

24

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Public Storage		1,708	$	520,940
SBA Communications Corp.		1,166		295,548
VICI Properties, Inc.		11,168		356,004
Weyerhaeuser Co.		7,880		273,988
				4,914,545
				15,099,781
Total Common Stocks (cost $562,438,553)				606,512,480

		Notional Amount
PURCHASED OPTIONS–PUTS–0.0%
OPTIONS ON INDICES–0.0%
Euro STOXX 50 Index Expiration: Jan 2024; Contracts: 462; Exercise Price: EUR 4,450.00; Counterparty: Morgan Stanley & Co., Inc.(a)	EUR		20,559,000	121,641
FTSE 100 Index Expiration: Jan 2024; Contracts: 75; Exercise Price: GBP 7,400.00; Counterparty: Morgan Stanley & Co., Inc.(a)	GBP		5,550,000	6,692
Nikkei 225 Index Expiration: Jan 2024; Contracts: 72; Exercise Price: JPY 31,500.00; Counterparty: Morgan Stanley & Co., Inc.(a)	JPY		2,268,000,000	12,000
S&P 500 Index Expiration: Jan 2024; Contracts: 263; Exercise Price: USD 4,625.00; Counterparty: Morgan Stanley & Co., Inc.(a)	USD		121,637,500	228,810
Total Purchased Options–Puts (premiums paid $929,608)				369,143

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–18.0%
INVESTMENT COMPANIES–18.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(d)(e)(f) (cost $139,612,098)		139,612,098	$	139,612,098
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–96.2% (cost $702,980,259)				746,493,721
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(d)(e)(f) (cost $1,939,050)		1,939,050		1,939,050
TOTAL INVESTMENTS–96.5% (cost $704,919,309)				748,432,771
Other assets less liabilities–3.5%				27,163,446
NET ASSETS–100.0%			$	775,596,217

25

GLOBAL RISK ALLOCATION—MODERATE 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
10 Yr Canadian Bond Futures		92		March 2024	$	8,621,984	$	415,033
Euro-BTP Futures		128		March 2024		16,836,565		625,807
Euro-Bund Futures		38		March 2024		5,756,394		187,067
Euro-OAT Futures		155		March 2024		22,502,975		786,903
Japan 10 Yr Bond (OSE) Futures		27		March 2024		28,093,404		189,448
Long Gilt Futures		143		March 2024		18,710,526		1,126,272
MSCI EAFE Futures		6		March 2024		675,720		21,556
MSCI Emerging Markets Futures		158		March 2024		8,166,230		396,387
S&P Mid 400 E-Mini Futures		5		March 2024		1,404,750		79,927
S&P/TSX 60 Index Futures		60		March 2024		11,505,075		389,080
TOPIX Index Futures		6		March 2024		1,006,809		3,434
U.S. T-Note 5 Yr (CBT) Futures		403		March 2024		43,835,696		1,022,692
U.S. T-Note 10 Yr (CBT) Futures		757		March 2024		85,458,203		3,115,468
U.S. Ultra Bond (CBT) Futures		106		March 2024		14,160,938		1,372,013
Sold Contracts
Euro STOXX 50 Index Futures		99		March 2024		4,965,093		36,462
FTSE 100 Index Futures		102		March 2024		10,084,560		(209,466	)
Hang Seng Index Futures		1		January 2024		109,701		(4,703	)
MSCI Singapore IX ETS Futures		22		January 2024		479,591		(16,625	)
Nikkei 225 (CME) Futures		32		March 2024		5,329,600		9,331
OMXS 30 Index Futures		91		January 2024		2,162,435		(43,479	)
S&P 500 E-Mini Futures		235		March 2024		56,635,000		(1,875,152	)
SPI 200 Futures		23		March 2024		2,972,059		(90,164	)
							$	7,537,291

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		EUR	45,713		USD	48,645		01/10/2024	$	(1,833,427	)
Bank of America, NA		JPY	4,092,950		USD	27,727		01/12/2024		(1,333,261	)
Bank of America, NA		NOK	3,521		USD	323		02/16/2024		(23,947	)
Bank of New York (The)		CNH	54,375		USD	7,608		01/11/2024		(27,187	)
Deutsche Bank AG		USD	3,480		CAD	4,780		01/10/2024		127,306
Deutsche Bank AG		CHF	11,766		USD	13,284		01/18/2024		(725,649	)
Goldman Sachs Bank USA		SEK	39,686		USD	3,795		02/16/2024		(147,002	)
HSBC Bank USA		USD	3,931		GBP	3,148		01/25/2024		81,567
Morgan Stanley Capital Services, Inc.		CAD	12,378		USD	9,002		01/10/2024		(341,055	)
Morgan Stanley Capital Services, Inc.		USD	7,576		EUR	6,914		01/10/2024		59,483
Morgan Stanley Capital Services, Inc.		AUD	14,954		USD	9,741		01/25/2024		(457,341	)
Morgan Stanley Capital Services, Inc.		GBP	16,734		USD	20,787		01/25/2024		(544,938	)
State Street Bank & Trust Co.		NZD	636		USD	369		01/11/2024		(32,670	)
									$	(5,198,121)

26

AB Variable Products Series Fund

PUT WRITTEN OPTIONS (see Note D)

Description	Counterparty		Contracts		Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index(g)		Morgan Stanley & Co., Inc.		462		EUR	4,275.00		January 2024		EUR	19,751	$	39,646	$	(23,461	)
FTSE 100 Index(g)		Morgan Stanley & Co., Inc.		75		GBP	7,100.00		January 2024		GBP	5,325		6,995		(2,629	)
Nikkei 225 Index(h)		Morgan Stanley & Co., Inc.		72		JPY	30,000.00		January 2024		JPY	2,160,000		51,671		(3,830	)
S&P 500 Index(i)		Morgan Stanley & Co., Inc.		263		USD	4,425.00		January 2024		USD	116,378		182,254		(62,462	)
													$	280,566	$	(92,382)

(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, 2023, the aggregate market value of these securities amounted to $404,092 or 0.1% of net assets.

(d) Affiliated investments.

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

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

(g) One contract relates to 10 shares.

(h) One contract relates to 1000 shares.

(i) One contract relates to 100 shares.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

BTP—Buoni del Tesoro Poliennali

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

EAFE—Europe, Australia, and Far East

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

OMXS—Stockholm Stock Exchange

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, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $563,368,161)	$	606,881,623	(a)
Affiliated issuers (cost $141,551,148—including investment of cash collateral for securities loaned of $1,939,050)		141,551,148
Cash		2,225
Cash collateral due from broker		15,480,760
Foreign currencies, at value (cost $18,371,850)		19,122,372
Unaffiliated dividends receivable		858,375
Affiliated dividends receivable		636,344
Unrealized appreciation on forward currency exchange contracts		268,356
Receivable for capital stock sold		55,747
Receivable for investment securities sold		31,161
Receivable due from Adviser		19,473
Total assets		784,907,584
LIABILITIES
Options written, at value (premiums received $280,566)		92,382
Unrealized depreciation on forward currency exchange contracts		5,466,477
Payable for collateral received on securities loaned		1,939,050
Payable for variation margin on futures		430,003
Payable for capital stock redeemed		384,196
Advisory fee payable		306,409
Distribution fee payable		163,149
Administrative fee payable		24,258
Transfer Agent fee payable		150
Accrued expenses		505,293
Total liabilities		9,311,367
NET ASSETS	$	775,596,217
COMPOSITION OF NET ASSETS
Capital stock, at par	$	67,682
Additional paid-in capital		787,899,530
Accumulated loss		(12,370,995	)
NET ASSETS	$	775,596,217

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

Class	Net Assets		Shares Outstanding		Net Asset Value
B	$	775,596,217		67,681,793	$	11.46

(a) Includes securities on loan with a value of $6,394,233 (see Note E).

See notes to financial statements.

28

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $492,248)	$	11,216,128
Affiliated issuers		9,952,447
Interest		456,218
Securities lending income		23,379
		21,648,172
EXPENSES
Advisory fee (see Note B)		3,703,880
Distribution fee—Class B		1,974,350
Transfer agency—Class B		1,808
Custody and accounting		226,982
Administrative		96,736
Audit and tax		88,708
Legal		73,973
Printing		28,810
Directors’ fees		26,648
Miscellaneous		78,434
Total expenses		6,300,329
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(252,052	)
Net expenses		6,048,277
Net investment income		15,599,895
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(14,361,547	)
Forward currency exchange contracts		630,797
Futures		(18,561,885	)
Options written		6,880,789
Foreign currency transactions		(833,778	)
Net change in unrealized appreciation (depreciation) of:
Investments		109,143,484
Forward currency exchange contracts		(1,660,625	)
Futures		10,707,185
Options written		113,596
Foreign currency denominated assets and liabilities		864,013
Net gain on investment and foreign currency transactions		92,922,029
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	108,521,924

See notes to financial statements.

29

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

	Year Ended December 31, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	15,599,895		$	8,260,192
Net realized loss on investment transactions and foreign currency transactions		(26,245,624	)		(37,872,269	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		119,167,653			(115,982,567	)
Contributions from Affiliates (see Note B)		–0	–		242,720
Net increase (decrease) in net assets from operations		108,521,924			(145,351,924	)
Distributions to Shareholders
Class A		(294	)		(400	)
Class B		(16,918,128	)		(27,864,579	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(115,408,919	)		(93,224,440	)
Total decrease		(23,805,417	)		(266,441,343	)
NET ASSETS
Beginning of period		799,401,634			1,065,842,977
End of period	$	775,596,217		$	799,401,634

See notes to financial statements.

30

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	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 diversified as defined under the Investment Company Act of 1940 (the “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class B shares. Effective December 1, 2023, Class A shares of the Portfolio were liquidated. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

31

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

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

2. Fair Value Measurements

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

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

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

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

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

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

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

32

AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	125,117,630		$	14,691,730		$	–0	–	$	139,809,360
Financials		56,109,591			32,904,922			–0	–		89,014,513
Health Care		54,859,737			22,034,251			–0	–		76,893,988
Consumer Discretionary		47,401,244			20,071,924			–0	–		67,473,168
Industrials		38,841,123			27,586,468			–0	–		66,427,591
Communication Services		37,481,073			6,734,635			–0	–		44,215,708
Consumer Staples		26,826,088			16,135,489			–0	–		42,961,577
Energy		16,801,351			7,532,305			–0	–		24,333,656
Materials		10,486,732			13,672,544			–0	–		24,159,276
Utilities		10,140,541			5,983,321			–0	–		16,123,862
Real Estate		10,881,151			4,218,630			–0	–		15,099,781
Purchased Options—Puts		–0	–		369,143			–0	–		369,143
Short-Term Investments		139,612,098			–0	–		–0	–		139,612,098
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,939,050			–0	–		–0	–		1,939,050
Total Investments in Securities		576,497,409			171,935,362			–0	–		748,432,771
Other Financial Instruments(a):
Assets:
Futures		9,776,880			–0	–		–0	–		9,776,880	(b)
Forward Currency Exchange Contracts		–0	–		268,356			–0	–		268,356
Liabilities:
Futures		(2,239,589	)		–0	–		–0	–		(2,239,589	)(b)
Forward Currency Exchange Contracts		–0	–		(5,466,477	)		–0	–		(5,466,477	)
Put Written Options		–0	–		(92,382	)		–0	–		(92,382	)
Total	$	584,034,700		$	166,644,859		$	–0	–	$	750,679,559

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

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

3. Currency Translation

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

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the first $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 1.00% of daily average net assets for Class B. The Expense Caps may not be terminated by the Adviser before May 1, 2024. For the year ended December 31, 2023, there were no such operating expenses waived by the Adviser. For the year ended December 31, 2023, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $251,109 and $0, respectively.

34

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	244,271	$	100,135	$	204,794	$	139,612	$	9,952
AB Government Money Market Portfolio*		64		20,472		18,597		1,939		5
Total							$	141,551	$	9,957

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

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

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2023, the reimbursement for such services amounted to $96,736.

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 $1,800 for the year ended December 31, 2023.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the 1940 Act. 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, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	20,293,401		$	17,768,892
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	$	705,608,590
Gross unrealized appreciation	$	104,426,829
Gross unrealized depreciation		(60,572,440	)
Net unrealized appreciation	$	43,854,389

35

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

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2023, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2023, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

36

AB Variable Products Series Fund

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

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

During the year ended December 31, 2023, the Portfolio held purchased options for hedging and non-hedging purposes.

During the year ended December 31, 2023, the Portfolio held written options for hedging and non-hedging purposes.

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

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

37

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

During the year ended December 31, 2023, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	8,840,703	*
Equity contracts	Receivable for variation margin on futures		936,177	*	Payable for variation margin on futures	$	2,239,589	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		268,356		Unrealized depreciation on forward currency exchange contracts		5,466,477
Equity contracts	Investments in securities, at value		369,143
Equity contracts					Options written, at value		92,382
Total		$	10,414,379			$	7,798,448

* 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	$	(10,425,618)		$	12,978,688
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(8,136,267	)		(2,271,503	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		630,797			(1,660,625	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(11,033,705	)		(1,267,529	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation (depreciation) of options written		6,880,789			113,596
Total		$	(22,084,004	)	$	7,892,627

38

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, 2023:

Futures:
Average notional amount of buy contracts	$	280,699,894
Average notional amount of sale contracts	$	82,860,125
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	16,242,113	(a)
Average principal amount of sale contracts	$	135,221,928
Purchased Options:
Average notional amount	$	160,510,557
Options Written:
Average notional amount	$	164,838,466

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

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

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, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Deutsche Bank AG

$

127,306

$

(127,306

)

$

–0

–

$

–0

–

$

–0

–

HSBC Bank USA

81,567

–0

–

–0

–

–0

–

81,567

Morgan Stanley Capital Services, Inc.

59,483

(59,483

)

–0

–

–0

–

–0

–

Total

$

268,356

$

(186,789

)

$

–0

–

$

–0

–

$

81,567

^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Bank of America, NA

$

3,190,635

$

–0

–

$

–0

–

$

–0

–

$

3,190,635

Bank of New York (The)

27,187

–0

–

–0

–

–0

–

27,187

Deutsche Bank AG

725,649

(127,306

)

–0

–

–0

–

598,343

Goldman Sachs Bank USA

147,002

–0

–

–0

–

–0

–

147,002

Morgan Stanley Capital Services, Inc.

1,343,334

(59,483

)

–0

–

–0

–

1,283,851

State Street Bank & Trust Co.

32,670

–0

–

–0

–

–0

–

32,670

Total

$

5,466,477

$

(186,789

)

$

–0

–

$

–0

–

$

5,279,688

^

* 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).

39

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If 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, 2023 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value  of Non-Cash Collateral*		Income from Borrowers		AB Government Money Market Portfolio
								Income Earned		Advisory Fee Waived
$	6,394,233	$	1,939,050	$	4,875,901	$	18,832	$	4,547	$	943

* As of December 31, 2023.

40

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, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares redeemed		(1,100	)		–0	–	$	(12,328	)	$	–0	–
Net increase (decrease)		(1,100	)		–0	–	$	(12,328	)	$	–0	–
Class B
Shares sold		962,162			1,710,854		$	10,335,729		$	18,775,444
Shares issued on reinvestment of dividends and distributions		1,554,975			2,584,840			16,918,128			27,864,579
Shares redeemed		(13,233,973	)		(12,899,724	)		(142,650,448	)		(139,864,463	)
Net decrease		(10,716,836	)		(8,604,030	)	$	(115,396,591	)	$	(93,224,440	)

At December 31, 2023, a shareholder of the Portfolio owned 97% of the Portfolio’s outstanding shares. Significant transactions by such shareholder, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

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

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

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

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

41

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

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

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

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

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

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity

42

AB Variable Products Series Fund

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, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023			2022
Distributions paid from:
Ordinary income	$	16,918,422		$	5,569,110
Net long-term capital gains		–0	–		22,295,869
Total taxable distributions paid	$	16,918,422		$	27,864,979

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	14,177,210
Accumulated capital and other losses		(71,205,044	)(a)
Unrealized appreciation (depreciation)		44,656,839	(b)
Total accumulated earnings (deficit)	$	(12,370,995	)

(a) As of December 31, 2023, the Portfolio had a net capital loss carryforward of $71,205,044.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2023, the Portfolio had a net short-term capital loss carryforward of $28,591,281 and a net long-term capital loss carryforward of $42,613,763, which may be carried forward for an indefinite period.

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

NOTE J: Recent Accounting Pronouncements

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

NOTE K: Subsequent Events

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

43

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 B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$10.20			$12.25			$10.94			$11.19			$9.72
Income From Investment Operations
Net investment income(a)(b)		.21			.10			.01			.00	(c)		.08
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		1.29			(1.80	)		1.30			.23			1.60
Contributions from Affiliates		–0	–		.00	(c)		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		1.50			(1.70	)		1.31			.23			1.68
Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.07	)		–0	–		(.14	)		(.21	)
Distributions from net realized gain on investment transactions		–0	–		(.28	)		–0	–		(.34	)		–0	–
Total dividends and distributions		(.24	)		(.35	)		–0	–		(.48	)		(.21	)
Net asset value, end of period		$11.46			$10.20			$12.25			$10.94			$11.19
Total Return
Total investment return based on net asset value(d)		14.79	%		(14.07	)%		11.97	%		2.45	%		17.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$775,596			$799,391			$1,065,829			$89,696			$95,350
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements(e)(f)‡		.77	%		.75	%		.75	%		.94	%		.94	%
Expenses, before waivers/ reimbursements(e)(f)‡		.80	%		.79	%		.78	%		1.20	%		1.20	%
Net investment income(b)		1.98	%		.92	%		.09	%		.01	%		.78	%
Portfolio turnover rate		3	%		2	%		18	%		31	%		29	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.03	%		.04	%		.03	%		.06	%		.07	%

See footnote summary on page 45.

44

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

(e) In connection with the Portfolio’s investments in affiliated 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, 2023, December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019, such waiver amounted to .03%, .04%, .03%, .06% and .07%, respectively.

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

	2023			2022			2021			2020			2019
Class B
Net of waivers/reimbursements		.77	%		.75	%		.75	%		.94	%		.93	%
Before waivers/reimbursements		.80	%		.79	%		.78	%		1.20	%		1.19	%

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 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 series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2024

46

2023 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, 2023. For corporate shareholders, 17.62% of dividends paid qualify for the dividends received deduction.

47

GLOBAL RISK ALLOCATION—
MODERATE PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
Daniel J. Loewy(2), Vice President Leon Zhu(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114	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.

48

GLOBAL RISK ALLOCATION—MODERATE 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 and Advisory Board Member 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 48 (2021)	Senior Vice President of the Adviser**, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None
DISINTERESTED DIRECTORS
Garry L. Moody## Chairman of the Board 71 (2015)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None

49

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)
Jorge A. Bermudez,## 72 (2020)	Private Investor since prior to 2019. 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 (2017–2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014–2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011
Michael J. Downey,## 80 (2015)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 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.		82	None
Nancy P. Jacklin,## 75 (2015)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	None

50

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82	None
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.		82	None

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)
Marshall C. Turner, Jr.## 82 (2015)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023–June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

* The address for each of the Fund’s disinterested Directors and Advisory Board member 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 or Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with 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 48	President and Chief Executive Officer	See biography above.
Daniel J. Loewy 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is Chief Investment Officer and Head of Multi-Asset and Hedge Fund Solutions; and Chief Investment Officer for Dynamic Asset Allocation.
Leon Zhu 56	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

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

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

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

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/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

54

GLOBAL RISK ALLOCATION—
MODERATE PORTFOLIO	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 meetings held in-person on August 1-2, 2023 and October 31-November 2, 2023 (the “Meetings”).

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

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund 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 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is

55

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

difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors 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 Meetings, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meetings, 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, 2023 and July 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

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

56

AB Variable Products Series Fund

ability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

Economies of Scale

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

57

VPS-GRA-0151-1223

DEC^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS
SERIES FUND, INC.

+ AB INTERNATIONAL VALUE PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

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

INTERNATIONAL VALUE PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2024

The following is an update of AB Variable Products Series Fund—International Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2023.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and more than 40 developed- and emerging-market countries. These countries currently include the developed nations in Europe and the Far East, Canada, Australia and emerging-market countries worldwide. Under normal market conditions, the Portfolio invests significantly, at least 40%—unless market conditions are not deemed favorable by the Adviser—in securities of non-US companies. In addition, the Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using a fundamental value approach. In selecting securities for the Portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose stocks are priced low in relation to their perceived long-term earnings power.

Currency exposures can have a dramatic impact on equity return, 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. Decisions regarding portfolio investments and whether to hedge currency exposure are evaluated separately by the Adviser. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

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

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may invest in depositary receipts, instruments of supranational entities denominated in the currency of any country, securities of multinational companies and “semi-governmental securities,” and enter into forward commitments.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its benchmark, the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (net), for the one-, five- and 10-year periods ended December 31, 2023.

During the 12-month period, all share classes of the Portfolio underperformed the benchmark. Both sector and security selection were negative, relative to the benchmark. Security selection within the consumer staples and consumer discretionary sectors detracted most, while selection within technology and industrials contributed. Losses from an underweight to technology and an overweight to consumer staples were partially offset by an underweight to health care and an overweight to consumer discretionary, which contributed. In terms of country positioning (a result of bottom-up security analysis driven by fundamental research), an overweight to the United Kingdom 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

US, international and emerging-market stocks rose during the 12-month period ended December 31, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory in October.

1

AB Variable Products Series Fund

Equity markets rallied sharply during November and December, as optimism rose that the US Federal Reserve would begin to cut interest rates in 2024—both earlier and more than previously anticipated. Although US mega-cap technology stocks drove returns through much of the year, the rally broadened considerably during the fourth quarter as soft-landing expectations in the US continued to be underpinned by cooling inflation and moderating economic growth. Within large-cap markets, both growth-and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence optimism. Large-cap stocks outperformed small-cap stocks, although both rose in absolute terms.

The Portfolio’s Senior Investment Management Team (the “Team”) has continued to identify opportunities against a changing market backdrop. The Team has flexibility to adjust the Portfolio’s positions in real time when warranted, and to maintain conviction through short-term volatility. As markets face new uncertainties, the Team believes that this disciplined approach is the best way to capture the long-term potential for equities.

2

INTERNATIONAL VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing 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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Portfolio to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

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

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

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

An Important Note About Historical Performance

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

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

4

INTERNATIONAL VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2023 (unaudited)	1 Year	5  Years1	10  Years1
International Value Portfolio Class A	15.15%	5.81%	2.09%
International Value Portfolio Class B	14.83%	5.55%	1.83%
MSCI EAFE Index (net)	18.24%	8.16%	4.28%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.89% and 1.14% 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

12/31/2013 TO 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in International Value Portfolio Class A shares (from 12/31/2013 to 12/31/2023) as compared with the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,018.60	$	4.58		0.90	%
Hypothetical**	$	1,000	$	1,020.67	$	4.58		0.90	%
Class B
Actual	$	1,000	$	1,017.40	$	5.85		1.15	%
Hypothetical**	$	1,000	$	1,019.41	$	5.85		1.15	%

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

** Assumes 5% annual return before expenses.

6

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Roche Holding AG (Genusschein)	$	9,543,468		3.3	%
Nestle SA (REG)		9,148,395		3.2
Shell PLC		9,015,168		3.2
Sanofi SA		7,024,661		2.5
Deutsche Telekom AG (REG)		6,425,814		2.3
Stellantis NV (France)		6,402,052		2.2
Airbus SE		6,332,479		2.2
Safran SA		6,306,621		2.2
EDP—Energias de Portugal SA		6,005,243		2.1
British American Tobacco PLC		5,539,641		1.9
	$	71,743,542		25.1	%

SECTOR BREAKDOWN²

December 31, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Industrials	$	37,052,165		13.2	%
Health Care		36,521,769		13.0
Consumer Discretionary		35,517,233		12.6
Consumer Staples		35,408,832		12.6
Financials		33,658,658		12.0
Materials		24,238,172		8.6
Information Technology		21,807,098		7.7
Communication Services		21,167,521		7.5
Energy		17,579,087		6.2
Utilities		11,294,127		4.0
Real Estate		4,213,169		1.5
Short-Term Investments		3,119,358		1.1
Total Investments	$	281,577,189		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, 2023 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Japan	$	52,740,681		18.7	%
United Kingdom		48,309,963		17.2
France		44,903,916		15.9
United States		27,184,605		9.7
Switzerland		18,691,863		6.6
Netherlands		16,981,290		6.0
Germany		16,294,799		5.8
South Korea		9,200,810		3.3
Portugal		6,005,243		2.1
Italy		5,288,884		1.9
Austria		4,692,898		1.7
Canada		4,629,296		1.6
Luxembourg		4,425,294		1.6
Other		19,108,289		6.8
Short-Term Investments		3,119,358		1.1
Total Investments	$	281,577,189		100.0	%

1 The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.5% or less in the following: Denmark, Ireland, South Africa, Spain and Taiwan.

8

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2023	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.5%
INDUSTRIALS–13.0%
AEROSPACE & DEFENSE–7.8%
Airbus SE		40,990	$	6,332,479
BAE Systems PLC		331,870		4,697,616
Melrose Industries PLC		703,550		5,085,526
Safran SA		35,770		6,306,621
				22,422,242
ELECTRICAL EQUIPMENT–1.3%
Fuji Electric Co., Ltd.		88,100		3,776,137
INDUSTRIAL CONGLOMERATES–1.2%
Hitachi Ltd.		45,900		3,301,572
MACHINERY–1.9%
Amada Co., Ltd.		278,600		2,896,069
Kawasaki Heavy Industries Ltd.		111,500		2,457,303
				5,353,372
PROFESSIONAL SERVICES–0.8%
dip Corp.		68,700		1,561,830
UT Group Co., Ltd.(a)		36,900		637,012
				2,198,842
				37,052,165
HEALTH CARE–12.8%
HEALTH CARE EQUIPMENT & SUPPLIES–2.6%
ConvaTec Group PLC(b)		933,509		2,904,976
ResMed, Inc.–Class CDI		257,400		4,466,535
				7,371,511
HEALTH CARE PROVIDERS & SERVICES–1.6%
Fresenius SE & Co. KGaA		152,280		4,720,000
PHARMACEUTICALS–8.6%
GSK PLC		218,020		4,026,653
Merck KGaA		24,090		3,835,476
Roche Holding AG (Genusschein)		32,830		9,543,468
Sanofi SA		70,690		7,024,661
				24,430,258
				36,521,769
CONSUMER DISCRETIONARY–12.4%
AUTOMOBILE COMPONENTS–0.9%
Forvia SE (Paris)(a)		117,994		2,672,887
AUTOMOBILES–3.7%
Honda Motor Co., Ltd.		406,300		4,191,071
Stellantis NV (France)		273,368		6,402,052
				10,593,123
HOTELS, RESTAURANTS & LEISURE–1.0%
Entain PLC		232,830		2,936,236
HOUSEHOLD DURABLES–2.9%
Persimmon PLC		188,940		3,339,736
Sony Group Corp.		53,100		5,025,004
				8,364,740
SPECIALTY RETAIL–1.7%
JD Sports Fashion PLC		2,266,950		4,784,027
TEXTILES, APPAREL & LUXURY GOODS–2.2%
Burberry Group PLC		154,020		2,778,048
Kering SA		7,650		3,388,172
				6,166,220
				35,517,233
CONSUMER STAPLES–12.4%
BEVERAGES–1.8%
Heineken NV		50,080		5,088,102
CONSUMER STAPLES DISTRIBUTION & RETAIL–4.1%
Carrefour SA		287,240		5,260,697
HelloFresh SE(a)		83,310		1,313,510
Koninklijke Ahold Delhaize NV		174,040		5,007,382
				11,581,589
FOOD PRODUCTS–3.2%
Nestle SA (REG)		78,920		9,148,395
PERSONAL CARE PRODUCTS–1.4%
Haleon PLC		989,457		4,051,105
TOBACCO–1.9%
British American Tobacco PLC		189,330		5,539,641
				35,408,832
FINANCIALS–11.8%
BANKS–8.4%
ABN AMRO Bank NV		224,200		3,371,627
Bank of Ireland Group PLC		340,021		3,086,863
Danske Bank A/S		160,600		4,293,046
Erste Group Bank AG		115,860		4,692,898
NatWest Group PLC		1,669,360		4,649,842
Resona Holdings, Inc.		773,700		3,922,144
				24,016,420
FINANCIAL SERVICES–1.0%
ORIX Corp.		149,400		2,805,908
INSURANCE–2.4%
ASR Nederland NV		74,390		3,514,178
SCOR SE		113,380		3,322,152
				6,836,330
				33,658,658

9

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

Company	Shares		U.S. $ Value
MATERIALS–8.5%
CHEMICALS–3.1%
Arkema SA		40,050	$	4,562,412
Tosoh Corp.		326,500		4,162,231
				8,724,643
CONSTRUCTION MATERIALS–1.7%
CRH PLC		72,160		4,990,586
METALS & MINING–3.7%
Anglo American PLC		140,590		3,518,503
ArcelorMittal SA		155,930		4,425,294
Endeavour Mining PLC		115,263		2,579,146
				10,522,943
				24,238,172
INFORMATION TECHNOLOGY–7.6%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.9%
NXP Semiconductors NV		14,140		3,247,675
SK Hynix, Inc.		39,440		4,304,400
Taiwan Semiconductor Manufacturing Co., Ltd.		223,000		4,275,253
Tokyo Electron Ltd.		28,600		5,083,360
				16,910,688
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.7%
Samsung Electronics Co., Ltd.		80,670		4,896,410
				21,807,098
COMMUNICATION SERVICES–7.4%
DIVERSIFIED TELECOMMUNICATION SERVICES–3.2%
Deutsche Telekom AG (REG)		267,260		6,425,814
Nippon Telegraph & Telephone Corp.		2,298,100		2,806,173
				9,231,987
ENTERTAINMENT–3.4%
GungHo Online Entertainment, Inc.(a)(c)		88,100		1,466,677
Konami Group Corp.		84,900		4,435,022
Ubisoft Entertainment SA(a)		145,010		3,706,851
				9,608,550
MEDIA–0.8%
Criteo SA (Sponsored ADR)(a)		91,903		2,326,984
				21,167,521
ENERGY–6.2%
ENERGY EQUIPMENT & SERVICES–3.2%
Shell PLC		273,990		9,015,168
OIL, GAS & CONSUMABLE FUELS–3.0%
Cameco Corp.		107,370		4,629,296
Repsol SA		265,245		3,934,623
				8,563,919
				17,579,087
UTILITIES–3.9%
ELECTRIC UTILITIES–3.9%
EDP–Energias de Portugal SA		1,193,174		6,005,243
Enel SpA(c)		710,890		5,288,884
				11,294,127
REAL ESTATE–1.5%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.5%
Daito Trust Construction Co., Ltd.		36,400		4,213,169
Total Common Stocks (cost $249,175,420)				278,457,831
SHORT-TERM INVESTMENTS–1.1%
INVESTMENT COMPANIES–1.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(d)(e)(f) (cost $3,119,358)		3,119,358		3,119,358
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.6% (cost $252,294,778)				281,577,189
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.1%
INVESTMENT COMPANIES–0.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(d)(e)(f) (cost $272,524)		272,524		272,524
TOTAL INVESTMENTS–98.7% (cost $252,567,302)				281,849,713
Other assets less liabilities–1.3%				3,718,561
NET ASSETS–100.0%			$	285,568,274

10

AB Variable Products Series Fund

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		USD	979		EUR	906		01/10/2024	$	21,421
Bank of America, NA		USD	1,219		CNH	8,856		01/11/2024		24,881
Bank of America, NA		JPY	196,622		USD	1,330		01/12/2024		(65,898	)
Bank of America, NA		USD	6,692		JPY	989,949		01/12/2024		336,553
Bank of America, NA		USD	3,600		SGD	4,849		01/18/2024		77,197
Bank of America, NA		USD	2,356		NOK	25,544		02/16/2024		161,139
Barclays Bank PLC		BRL	7,129		USD	1,473		01/03/2024		4,941
Barclays Bank PLC		USD	1,450		BRL	7,129		01/03/2024		17,744
Barclays Bank PLC		USD	989		CAD	1,347		01/10/2024		27,702
Barclays Bank PLC		JPY	330,492		USD	2,212		01/12/2024		(134,492	)
Barclays Bank PLC		USD	3,182		JPY	460,960		01/12/2024		90,395
Barclays Bank PLC		KRW	1,070,531		USD	825		01/18/2024		(898	)
Barclays Bank PLC		GBP	699		USD	890		01/25/2024		(1,451	)
Barclays Bank PLC		USD	20,020		AUD	30,737		01/25/2024		940,172
Barclays Bank PLC		CHF	1,747		USD	2,000		02/15/2024		(86,054	)
Barclays Bank PLC		USD	9,238		SEK	96,215		02/16/2024		318,436
BNP Paribas SA		USD	1,156		JPY	170,329		01/12/2024		52,873
BNP Paribas SA		USD	262		KRW	352,135		01/18/2024		9,782
BNP Paribas SA		USD	2,612		GBP	2,078		01/25/2024		37,007
Citibank, NA		JPY	451,046		USD	3,150		01/12/2024		(52,077	)
Citibank, NA		KRW	9,918,994		USD	7,360		01/18/2024		(296,952	)
Citibank, NA		USD	8,796		CHF	7,769		02/15/2024		481,275
Goldman Sachs Bank USA		EUR	2,595		USD	2,840		01/10/2024		(25,237	)
Goldman Sachs Bank USA		JPY	181,490		USD	1,225		01/12/2024		(63,937	)
JPMorgan Chase Bank, NA		USD	1,474		ILS	5,848		01/17/2024		141,952
Morgan Stanley Capital Services, Inc.		BRL	7,129		USD	1,476		01/03/2024		8,386
Morgan Stanley Capital Services, Inc.		USD	1,473		BRL	7,129		01/03/2024		(4,941	)
Morgan Stanley Capital Services, Inc.		EUR	30,298		USD	32,278		01/10/2024		(1,179,047	)
Morgan Stanley Capital Services, Inc.		USD	3,239		EUR	3,017		01/10/2024		92,102
Morgan Stanley Capital Services, Inc.		USD	2,198		JPY	321,880		01/12/2024		87,414
Morgan Stanley Capital Services, Inc.		KRW	895,564		USD	693		01/18/2024		1,885
Morgan Stanley Capital Services, Inc.		USD	1,435		MXN	25,188		01/18/2024		45,201
Morgan Stanley Capital Services, Inc.		GBP	11,210		USD	13,931		01/25/2024		(359,839	)
Morgan Stanley Capital Services, Inc.		USD	854		AUD	1,271		01/25/2024		12,484
Morgan Stanley Capital Services, Inc.		USD	1,470		BRL	7,129		02/02/2024		(4,922	)
State Street Bank & Trust Co.		CAD	920		USD	673		01/10/2024		(21,791	)
State Street Bank & Trust Co.		EUR	650		USD	713		01/10/2024		(5,024	)
State Street Bank & Trust Co.		USD	544		CAD	746		01/10/2024		18,719
State Street Bank & Trust Co.		USD	3,349		EUR	3,127		01/10/2024		103,311
State Street Bank & Trust Co.		JPY	57,214		USD	388		01/12/2024		(18,387	)
State Street Bank & Trust Co.		USD	1,628		JPY	238,933		01/12/2024		68,857
State Street Bank & Trust Co.		USD	974		GBP	766		01/25/2024		2,697
UBS AG		CAD	5,962		USD	4,331		01/10/2024		(169,245	)
UBS AG		USD	1,859		EUR	1,696		01/10/2024		14,004
UBS AG		USD	3,540		JPY	515,659		01/12/2024		120,874
									$	829,212

11

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

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2023, the market value of this security amounted to $2,904,976 or 1.0% of net assets.

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

(d) Affiliated investments.

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

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

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

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

SEK—Swedish Krona

SGD—Singapore Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

12

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $249,175,420)	$	278,457,831	(a)
Affiliated issuers (cost $3,391,882—including investment of cash collateral for securities loaned of $272,524)		3,391,882
Cash collateral due from broker		270,000
Foreign currencies, at value (cost $288,057)		292,388
Unrealized appreciation on forward currency exchange contracts		3,319,404
Receivable for investment securities sold and foreign currency transactions		1,989,800
Unaffiliated dividends receivable		1,102,056
Receivable for capital stock sold		97,509
Affiliated dividends receivable		13,513
Receivable due from Adviser		464
Total assets		288,934,847
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		2,490,192
Payable for collateral received on securities loaned		272,524
Custody and accounting fees payable		179,524
Advisory fee payable		178,601
Payable for capital stock redeemed		69,723
Distribution fee payable		50,284
Administrative fee payable		24,090
Payable for investment securities purchased and foreign currency transactions		1,578
Transfer Agent fee payable		150
Accrued expenses		99,907
Total liabilities		3,366,573
NET ASSETS	$	285,568,274
COMPOSITION OF NET ASSETS
Capital stock, at par	$	19,398
Additional paid-in capital		271,292,590
Distributable earnings		14,256,286
NET ASSETS	$	285,568,274

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	44,286,239		2,993,975	$	14.79
B	$	241,282,035		16,403,663	$	14.71

(a) Includes securities on loan with a value of $1,251,154 (see Note E).

See notes to financial statements.

13

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,202,662)	$	7,827,021
Affiliated issuers		247,627
Interest		49,020
Foreign withholding tax reclaims (see Note A.4)		48,861
Securities lending income		21,627
		8,194,156
EXPENSES
Advisory fee (see Note B)		2,087,499
Distribution fee—Class B		587,549
Transfer agency—Class A		922
Transfer agency—Class B		5,000
Custody and accounting		104,581
Audit and tax		102,284
Administrative		96,526
Legal		42,805
Directors’ fees		20,317
Printing		13,241
Miscellaneous		33,761
Total expenses		3,094,485
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(6,404	)
Net expenses		3,088,081
Net investment income		5,106,075
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(1,102,353	)
Forward currency exchange contracts		47,441
Foreign currency transactions		101,591
Net change in unrealized appreciation (depreciation) of:
Investments		32,246,319
Forward currency exchange contracts		722,054
Foreign currency denominated assets and liabilities		74,504
Net gain on investment and foreign currency transactions		32,089,556
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	37,195,631

See notes to financial statements.

14

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

	Year Ended December 31, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	5,106,075		$	8,628,450
Net realized loss on investment and foreign currency transactions		(953,321	)		(7,826,246	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		33,042,877			(49,220,620	)
Net increase (decrease) in net assets from operations		37,195,631			(48,418,416	)
Distributions to Shareholders
Class A		(355,217	)		(1,768,399	)
Class B		(1,645,638	)		(9,099,819	)
Return of capital
Class A		–0	–		(100,200	)
Class B		–0	–		(515,610	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(12,883,371	)		(26,752,504	)
Total increase (decrease)		22,311,405			(86,654,948	)
NET ASSETS
Beginning of period		263,256,869			349,911,817
End of period	$	285,568,274		$	263,256,869

See notes to financial statements.

15

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	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 “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

16

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Industrials	$	4,697,616		$	32,354,549	$	–0	–	$	37,052,165
Health Care		–0	–		36,521,769		–0	–		36,521,769
Consumer Discretionary		–0	–		35,517,233		–0	–		35,517,233
Consumer Staples		–0	–		35,408,832		–0	–		35,408,832
Financials		–0	–		33,658,658		–0	–		33,658,658

17

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

	Level 1			Level 2			Level 3			Total
Materials	$	4,990,586		$	19,247,586		$	–0	–	$	24,238,172
Information Technology		3,247,675			18,559,423			–0	–		21,807,098
Communication Services		2,326,984			18,840,537			–0	–		21,167,521
Energy		4,629,296			12,949,791			–0	–		17,579,087
Utilities		–0	–		11,294,127			–0	–		11,294,127
Real Estate		–0	–		4,213,169			–0	–		4,213,169
Short-Term Investments		3,119,358			–0	–		–0	–		3,119,358
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		272,524			–0	–		–0	–		272,524
Total Investments in Securities		23,284,039			258,565,674	(a)		–0	–		281,849,713
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		3,319,404			–0	–		3,319,404
Liabilities:
Forward Currency Exchange Contracts		–0	–		(2,490,192	)		–0	–		(2,490,192	)
Total	$	23,284,039		$	259,394,886		$	–0	–	$	282,678,925

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

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

3. Currency Translation

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

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

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned. The Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Portfolio may record a reclaim receivable based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention.

In consideration of recent decisions rendered by the European courts, the Portfolio filed reclaims to recover taxes withheld on dividends earned from certain European Union countries during calendar year 2015. These filings are subject to various administrative and judicial proceedings within these countries. For the year ended December 31, 2023, the Portfolio successfully recovered taxes withheld by France and is reflected in the statement of operations. No other amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

18

AB Variable Products Series Fund

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2023, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2023, the reimbursement for such services amounted to $96,526.

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 $1,800 for the year ended December 31, 2023.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. 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, 2023, such waiver amounted to $5,716.

19

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

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	4,934		$	98,743	$	100,558	$	3,119	$	248
Government Money Market Portfolio*		–0	–		39,297		39,024		273		4
Total								$	3,392	$	252

* 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 1940 Act. 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, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	125,997,802		$	134,545,031
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	$	256,497,329
Gross unrealized appreciation	$	47,255,941
Gross unrealized depreciation		(21,826,360	)
Net unrealized appreciation	$	25,429,581

1. Derivative Financial Instruments

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

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

• Forward Currency Exchange Contracts

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

20

AB Variable Products Series Fund

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

During the year ended December 31, 2023, the Portfolio held forward currency exchange contracts for hedging purposes.

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

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

During the year ended December 31, 2023, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	3,319,404	Unrealized depreciation on forward currency exchange contracts	$	2,490,192
Total		$	3,319,404		$	2,490,192

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	$	47,441	$	722,054
Total		$	47,441	$	722,054

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2023:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	61,993,833
Average principal amount of sale contracts	$	56,902,943

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

21

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Bank of America, NA

$

621,191

$

(65,898

)

$

–0

–

$

–0

–

$

555,293

Barclays Bank PLC

1,399,390

(222,895

)

–0

–

–0

–

1,176,495

BNP Paribas SA

99,662

–0

–

–0

–

–0

–

99,662

Citibank, NA

481,275

(349,029

)

–0

–

–0

–

132,246

JPMorgan Chase Bank

141,952

–0

–

–0

–

–0

–

141,952

Morgan Stanley Capital Services, Inc.

247,472

(247,472

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

193,584

(45,202

)

–0

–

–0

–

148,382

UBS

134,878

(134,878

)

–0

–

–0

–

–0

–

Total

$

3,319,404

$

(1,065,374

)

$

–0

–

$

–0

–

$

2,254,030

^

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

$

65,898

$

(65,898

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

222,895

(222,895

)

–0

–

–0

–

–0

–

Citibank, NA

349,029

(349,029

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

89,174

–0

–

–0

–

–0

–

89,174

Morgan Stanley Capital Services, Inc.

1,548,749

(247,472

)

–0

–

–0

–

1,301,277

State Street Bank & Trust Co.

45,202

(45,202

)

–0

–

–0

–

–0

–

UBS

169,245

(134,878

)

–0

–

–0

–

34,367

Total

$

2,490,192

$

(1,065,374

)

$

–0

–

$

–0

–

$

1,424,818

^

* 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. If 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

22

AB Variable Products Series Fund

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, 2023 is as follows:

								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	1,251,154	$	272,524	$	1,042,949	$	17,154	$	4,473	$	688

* As of December 31, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares sold		416,897			459,051		$	5,999,806		$	6,374,956
Shares issued in reinvestment of dividends and distributions		24,650			143,446			355,217			1,868,599
Shares redeemed		(551,140	)		(372,951	)		(7,835,184	)		(5,083,971	)
Net increase (decrease)		(109,593	)		229,546		$	(1,480,161	)	$	3,159,584
Class B
Shares sold		2,539,673			1,107,715		$	37,164,439		$	14,215,373
Shares issued on reinvestment of dividends and distributions		114,759			741,725			1,645,638			9,615,429
Shares redeemed		(3,547,605	)		(4,064,954	)		(50,213,287	)		(53,742,890	)
Net decrease		(893,173	)		(2,215,514	)	$	(11,403,210	)	$	(29,912,088	)

At December 31, 2023, certain shareholders of the Portfolio owned 52% 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,

23

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

including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

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

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

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

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

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

LIBOR Replacement Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

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

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

24

AB Variable Products Series Fund

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023			2022
Distributions paid from:
Ordinary income	$	2,000,855		$	10,868,218
Total taxable distributions paid	$	2,000,855		$	10,868,218
Return of Capital		–0	–		615,810
Total distributions paid	$	2,000,855		$	11,484,028

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	4,345,081
Accumulated capital and other losses		(15,551,881	)(a)
Unrealized appreciation (depreciation)		25,463,087	(b)
Total accumulated earnings (deficit)	$	14,256,287

(a) As of December 31, 2023, the Portfolio had a net capital loss carryforward of $15,551,881.

(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, 2023, the Portfolio had a net short-term capital loss carryforward of $10,206,472 and a net long-term capital loss carryforward of $5,345,409, which may be carried forward for an indefinite period.

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

NOTE J: Recent Accounting Pronouncements

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

NOTE K: Subsequent Events

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

25

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,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$12.95			$15.72			$14.45			$14.37			$12.38
Income From Investment Operations
Net investment income(a)(b)		.29			.44			.37			.18			.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.67			(2.58	)		1.22			.14			1.84
Net increase (decrease) in net asset value from operations		1.96			(2.14	)		1.59			.32			2.12
Less: Dividends and Distributions
Dividends from net investment income		(.12	)		(.60	)		(.32	)		(.24	)		(.13	)
Return of capital		–0	–		(.03	)		–0	–		–0	–		–0	–
Total dividends and distributions		(.12	)		(.63	)		(.32	)		(.24	)		(.13	)
Net asset value, end of period		$14.79			$12.95			$15.72			$14.45			$14.37
Total Return
Total investment return based on net asset value(c)*		15.15	%		(13.61	)%		11.08	%		2.46	%		17.14	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$44,286			$40,197			$45,175			$41,994			$54,042
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.90	%		.88	%		.90	%		.91	%		.90	%
Expenses, before waivers/reimbursements		.90	%		.89	%		.90	%		.92	%		.90	%
Net investment income(b)		2.03	%		3.24	%		2.34	%		1.47	%		2.10	%
Portfolio turnover rate		46	%		37	%		43	%		54	%		44	%

See footnote summary on page 28.

26

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$12.90			$15.62			$14.34			$14.24			$12.29
Income From Investment Operations
Net investment income(a)(b)		.26			.40			.32			.14			.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.65			(2.56	)		1.23			.15			1.82
Net increase (decrease) in net asset value from operations		1.91			(2.16	)		1.55			.29			2.06
Less: Dividends and Distributions
Dividends from net investment income		(.10	)		(.53	)		(.27	)		(.19	)		(.11	)
Return of capital		–0	–		(.03	)		–0	–		–0	–		–0	–
Total dividends and distributions		(.10	)		(.56	)		(.27	)		(.19	)		(.11	)
Net asset value, end of period		$14.71			$12.90			$15.62			$14.34			$14.24
Total Return
Total investment return based on net asset value(c)*		14.83	%		(13.80	)%		10.86	%		2.21	%		16.79	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$241,282			$223,060			$304,737			$299,415			$323,582
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.15	%		1.13	%		1.15	%		1.16	%		1.15	%
Expenses, before waivers/reimbursements		1.15	%		1.14	%		1.15	%		1.17	%		1.15	%
Net investment income(b)		1.80	%		2.98	%		2.08	%		1.18	%		1.84	%
Portfolio turnover rate		46	%		37	%		43	%		54	%		44	%

See footnote summary on page 28.

27

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

(a) Based on average shares outstanding.

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

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

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2022, December 31, 2020, and December 31, 2019 by .01%, .04% and .18%, respectively.

See notes to financial statements.

28

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

To the Shareholders and the Board of Directors of AB International Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Value Portfolio (the “Portfolio”) (one of the series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2024

29

2023 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, 2023.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2023, $599,096 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $8,061,155.

30

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
Justin Moreau(2), Vice President Avi Lavi(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

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

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s International Value Senior Investment Management Team. Messrs. Moreau and Lavi are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

31

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors and the Advisory Board member 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 48 (2021)	Senior Vice President of the Adviser, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.	82	None
INDEPENDENT DIRECTORS
Garry L. Moody## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.	82	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR	OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jorge A. Bermudez,## 72 (2020)	Private Investor since prior to 2019. 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 (2017–2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014–2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.	82	Moody’s Corporation since April 2011
Michael J. Downey,## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.	82	None
Nancy P. Jacklin,## 75 (2006)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.	82	None

33

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)
Jeanette W. Loeb,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.	82	None
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.	82	None
Marshall C. Turner, Jr.## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.	82	None

34

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
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023 – June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.	82	None

* The address for each of the Fund’s Directors and the Advisory Board member 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 or the Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with the Adviser.

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

35

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 48	President and Chief Executive Officer	See biography above.
Justin Moreau 38	Vice President	Senior Vice President of the Adviser**, with which he has been associated in a substantially similar capacity to his current position, including as a research analyst, since prior to 2019.
Avi Lavi 57	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer of Global and International Value Equities.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

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

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

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

36

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/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

37

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Value Portfolio (the “Fund”) at a meeting held in-person on May 2-4, 2023 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

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, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

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

39

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

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

Economies of Scale

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

40

VPS-IV-0151-1223

DEC^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ AB LARGE CAP GROWTH PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

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

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2024

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, 2023.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in equity securities of a limited number of large, carefully selected, high-quality US companies. The Portfolio invests primarily in the domestic equity securities of companies selected by the Adviser for their growth potential within various market sectors. The Portfolio emphasizes investments in large, seasoned companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in common stocks of large-capitalization companies.

The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in securities issued by US companies, although it may invest in foreign securities. The Adviser’s research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.

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

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

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared with its benchmark, the Russell 1000 Growth Index, as well as the broad market as measured by the Standard & Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2022.

All share classes of the Portfolio underperformed the primary benchmark and outperformed the S&P 500 Index for the annual period. Both sector and security selection detracted, relative to the benchmark. An overweight to health care and an underweight to technology detracted the most, while overweights to energy and industrials contributed. Contributions from stock selection within health care and consumer staples were offset by losses from selection within technology and consumer discretionary.

The Portfolio did not use derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended December 31, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory in October. Equity markets rallied sharply during November and December, as optimism rose that the US Federal Reserve would begin to cut interest rates in 2024—both earlier and more than previously anticipated. Although US mega-cap technology stocks drove returns through much of the year, the rally broadened considerably during the fourth quarter as soft-landing expectations in the US continued to be underpinned by cooling inflation and moderating economic growth. Within large-cap markets, both growth-and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence optimism. Large-cap stocks outperformed small-cap stocks, although both rose in absolute terms.

The Portfolio’s Senior Investment Management Team (the “Team”) follows a bottom-up stock-picking methodology that seeks to identify companies that meet its investment criteria of healthy balance sheets, competitive advantages, strong cash-flow generation, transparent business models and sustainable growth. The Portfolio is conservatively positioned amid the current uncertainty in the global macro environment. The Team remains laser-focused 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

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

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

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

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

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, 2023 (unaudited)	1 Year		5 Years1		10 Years1
Large Cap Growth Portfolio Class A		35.13%		17.86%		14.89%
Large Cap Growth Portfolio Class B		34.78%		17.56%		14.60%
Primary Benchmark: Russell 1000 Growth Index		42.68%		19.50%		14.86%
S&P 500 Index		26.29%		15.69%		12.03%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.65% and 0.90% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH OF A $10,000 INVESTMENT

12/31/2013 to 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Large Cap Growth Portfolio Class A shares (from 12/31/2013 to 12/31/2023) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

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

3

LARGE CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,100.40	$	3.44		0.65	%	$	3.49		0.66	%
Hypothetical**	$	1,000	$	1,021.93	$	3.31		0.65	%	$	3.36		0.66	%
Class B
Actual	$	1,000	$	1,098.90	$	4.76		0.90	%	$	4.81		0.91	%
Hypothetical**	$	1,000	$	1,020.67	$	4.58		0.90	%	$	4.63		0.91	%

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

** Assumes 5% annual return before expenses.

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the 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).

4

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Microsoft Corp.	$	74,714,259		9.7	%
UnitedHealth Group, Inc.		40,517,131		5.2
Amazon.com, Inc.		39,374,491		5.1
Alphabet, Inc.—Class C		38,216,129		4.9
NVIDIA Corp.		37,611,959		4.9
Visa, Inc.—Class A		34,843,161		4.5
Monster Beverage Corp.		25,385,328		3.3
Costco Wholesale Corp.		23,222,934		3.0
Vertex Pharmaceuticals, Inc.		22,350,061		2.9
Intuitive Surgical, Inc.		22,032,307		2.8
	$	358,267,760		46.3	%

SECTOR BREAKDOWN²

December 31, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	255,131,784		32.9	%
Health Care		175,683,604		22.7
Consumer Discretionary		94,188,577		12.1
Communication Services		65,488,551		8.4
Consumer Staples		48,608,262		6.3
Industrials		48,194,642		6.2
Financials		41,711,849		5.4
Materials		10,748,698		1.4
Short-Term Investments		35,426,970		4.6
Total Investments	$	775,182,937		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, 2023	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.6%
INFORMATION TECHNOLOGY–33.0%
COMMUNICATIONS EQUIPMENT–3.3%
Arista Networks, Inc.(a)		70,797	$	16,673,401
Motorola Solutions, Inc.		28,573		8,945,921
				25,619,322
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Amphenol Corp.–Class A		31,580		3,130,525
Cognex Corp.		29,340		1,224,652
				4,355,177
IT SERVICES–0.4%
EPAM Systems, Inc.(a)		11,344		3,373,025
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–9.0%
ASML Holding NV (REG)		6,915		5,234,102
Broadcom, Inc.		5,481		6,118,166
Entegris, Inc.		26,880		3,220,762
NVIDIA Corp.		75,950		37,611,959
QUALCOMM, Inc.		118,684		17,165,267
				69,350,256
SOFTWARE–19.7%
Adobe, Inc.(a)		22,578		13,470,035
Autodesk, Inc.(a)		12,260		2,985,065
Cadence Design Systems, Inc.(a)		21,646		5,895,721
Crowdstrike Holdings, Inc.–Class A(a)		25,873		6,605,894
Fortinet, Inc.(a)		253,783		14,853,919
Manhattan Associates, Inc.(a)		22,290		4,799,483
Microsoft Corp.		198,687		74,714,259
Roper Technologies, Inc.		25,820		14,076,289
ServiceNow, Inc.(a)		9,376		6,624,050
Synopsys, Inc.(a)		10,783		5,552,275
Tyler Technologies, Inc.(a)		6,833		2,857,014
				152,434,004
				255,131,784
HEALTH CARE–22.7%
BIOTECHNOLOGY–3.5%
Genmab A/S (Sponsored ADR)(a)		145,598		4,635,840
Vertex Pharmaceuticals, Inc.(a)		54,929		22,350,061
				26,985,901
HEALTH CARE EQUIPMENT & SUPPLIES–6.7%
Align Technology, Inc.(a)		11,817		3,237,858
Edwards Lifesciences Corp.(a)		152,661		11,640,401
IDEXX Laboratories, Inc.(a)		26,673		14,804,849
Intuitive Surgical, Inc.(a)		65,308		22,032,307
				51,715,415
HEALTH CARE PROVIDERS & SERVICES–5.2%
ABIOMED, Inc. (CVR)(a)(b)(c)		11,373	$	11,601
UnitedHealth Group, Inc.		76,960		40,517,131
				40,528,732
HEALTH CARE TECHNOLOGY–1.6%
Veeva Systems, Inc.–Class A(a)		62,513		12,035,003
LIFE SCIENCES TOOLS & SERVICES–1.1%
Mettler-Toledo International, Inc.(a)		3,582		4,344,823
Waters Corp.(a)		13,715		4,515,389
				8,860,212
PHARMACEUTICALS–4.6%
Eli Lilly & Co.		32,004		18,655,772
Zoetis, Inc.		85,639		16,902,569
				35,558,341
				175,683,604
CONSUMER DISCRETIONARY–12.2%
AUTOMOBILES–0.7%
Ferrari NV		15,531		5,256,156
BROADLINE RETAIL–5.1%
Amazon.com, Inc.(a)		259,145		39,374,491
HOTELS, RESTAURANTS & LEISURE–1.3%
Chipotle Mexican Grill, Inc.(a)		4,510		10,314,190
SPECIALTY RETAIL–1.9%
Home Depot, Inc. (The)		30,260		10,486,603
Tractor Supply Co.		20,778		4,467,894
				14,954,497
TEXTILES, APPAREL & LUXURY GOODS–3.2%
Lululemon Athletica, Inc.(a)		28,303		14,471,041
NIKE, Inc.–Class B		90,432		9,818,202
				24,289,243
				94,188,577
COMMUNICATION SERVICES–8.4%
ENTERTAINMENT–1.8%
Netflix, Inc.(a)		29,552		14,388,278
INTERACTIVE MEDIA & SERVICES–6.6%
Alphabet, Inc.–Class C(a)		271,171		38,216,129
Meta Platforms, Inc.–Class A(a)		36,400		12,884,144
				51,100,273
				65,488,551
CONSUMER STAPLES–6.3%
BEVERAGES–3.3%
Monster Beverage Corp.(a)		440,641		25,385,328

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER STAPLES DISTRIBUTION & RETAIL–3.0%
Costco Wholesale Corp.		35,182	$	23,222,934
				48,608,262
INDUSTRIALS–6.2%
BUILDING PRODUCTS–1.7%
Otis Worldwide Corp.		105,985		9,482,478
Trex Co., Inc.(a)		46,358		3,837,979
				13,320,457
COMMERCIAL SERVICES & SUPPLIES–2.2%
Copart, Inc.(a)		347,174		17,011,526
ELECTRICAL EQUIPMENT–0.6%
AMETEK, Inc.		28,240		4,656,494
PROFESSIONAL SERVICES–1.7%
Paycom Software, Inc.		28,432		5,877,463
Verisk Analytics, Inc.		30,682		7,328,702
				13,206,165
				48,194,642
FINANCIALS–5.4%
CAPITAL MARKETS–0.9%
MSCI, Inc.		12,143		6,868,688
FINANCIAL SERVICES–4.5%
Visa, Inc.–Class A		133,832		34,843,161
				41,711,849
MATERIALS–1.4%
CHEMICALS–1.4%
Sherwin-Williams Co. (The)		34,462		10,748,698
Total Common Stocks (cost $385,542,260)				739,755,967
SHORT-TERM INVESTMENTS–4.6%
INVESTMENT COMPANIES–4.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(d)(e)(f) (cost $35,426,970)		35,426,970		35,426,970
TOTAL INVESTMENTS–100.2% (cost $420,969,230)				775,182,937
Other assets less liabilities–(0.2)%				(1,689,953	)
NET ASSETS–100.0%			$	773,492,984

(a) Non-income producing security.

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

(c) Fair valued by the Adviser.

(d) Affiliated investments.

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

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

Glossary:

ADR—American Depositary Receipt

CVR — Contingent Value Right

REG—Registered Shares

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $385,542,260)	$	739,755,967
Affiliated issuers (cost $35,426,970)		35,426,970
Unaffiliated dividends receivable		595,892
Affiliated dividends receivable		161,881
Receivable for capital stock sold		83,601
Receivable due from Adviser		5,116
Total assets		776,029,427
LIABILITIES
Payable for capital stock redeemed		1,020,808
Payable for investment securities purchased		760,625
Advisory fee payable		387,426
Custody and accounting fees payable		143,633
Distribution fee payable		92,349
Administrative fee payable		23,937
Transfer Agent fee payable		150
Accrued expenses and other liabilities		107,515
Total liabilities		2,536,443
NET ASSETS	$	773,492,984
COMPOSITION OF NET ASSETS
Capital stock, at par	$	11,052
Additional paid-in capital		385,522,863
Distributable earnings		387,959,069
NET ASSETS	$	773,492,984

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	330,245,258		4,432,855	$	74.50
B	$	443,247,726		6,619,454	$	66.96

See notes to financial statements.

8

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $12,131)	$	4,083,777
Affiliated issuers		1,557,157
Interest		123
Securities lending income		1,548
Other income		7
		5,642,612
EXPENSES
Advisory fee (see Note B)		4,108,960
Distribution fee—Class B		964,959
Transfer agency—Class A		3,753
Transfer agency—Class B		4,847
Administrative		96,131
Custody and accounting		86,437
Legal		62,585
Printing		59,795
Audit and tax		42,318
Directors’ fees		25,217
Miscellaneous		25,470
Total expenses		5,480,472
Less: expenses waived and reimbursed by the Adviser (see Note B)		(36,928	)
Net expenses		5,443,544
Net investment income		199,068
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		36,901,940
Net change in unrealized appreciation (depreciation) of investments		166,659,053
Net gain on investment transactions		203,560,993
Contributions from Affiliates (see Note B)		488
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	203,760,549

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, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	199,068		$	(1,400,113	)
Net realized gain on investment transactions		36,901,940			45,381,893
Net change in unrealized appreciation (depreciation) of investments		166,659,053			(289,990,519	)
Contributions from Affiliates (see Note B)		488			–0	–
Net increase (decrease) in net assets from operations		203,760,549			(246,008,739	)
Distributions to Shareholders
Class A		(20,050,816	)		(34,080,651	)
Class B		(28,501,444	)		(47,132,006	)
CAPITAL STOCK TRANSACTIONS
Net increase		27,201,448			39,142,914
Total increase (decrease)		182,409,737			(288,078,482	)
NET ASSETS
Beginning of period		591,083,247			879,161,729
End of period	$	773,492,984		$	591,083,247

See notes to financial statements.

10

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	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 “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

11

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

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

255,131,784

$

–0

–

$

–0

–

$

255,131,784

Health Care

175,672,003

–0

–

11,601

175,683,604

Consumer Discretionary

94,188,577

–0

–

–0

–

94,188,577

Communication Services

65,488,551

–0

–

–0

–

65,488,551

Consumer Staples

48,608,262

–0

–

–0

–

48,608,262

Industrials

48,194,642

–0

–

–0

–

48,194,642

Financials

41,711,849

–0

–

–0

–

41,711,849

Materials

10,748,698

–0

–

–0

–

10,748,698

Short-Term Investments

35,426,970

–0

–

–0

–

35,426,970

Total Investments in Securities

775,171,336

–0

–

11,601

775,182,937

Other Financial Instruments(a)

–0

–

–0

–

–0

–

–0

–

Total

$

775,171,336

$

–0

–

$

11,601

$

775,182,937

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

12

AB Variable Products Series Fund

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the first $2.5 billion, .50% of the next $2.5 billion and .45% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2023, the reimbursement for such services amounted to $96,131.

13

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

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,800 for the year ended December 31, 2023.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. 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, 2023, such waiver amounted to $36,928.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)			Dividend Income (000)
Government Money Market Portfolio	$	27,717		$	106,791	$	99,081	$	35,427		$	1,557
Government Money Market Portfolio*		–0	–		1,876		1,876		–0	–		–0	–
Total								$	35,427		$	1,557

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

During the year ended December 31, 2023, the Adviser reimbursed the Portfolio $488 for trading losses incurred due to a pricing error.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the 1940 Act. 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, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	193,709,028		$	222,554,568
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	$	425,414,280
Gross unrealized appreciation	$	358,358,367
Gross unrealized depreciation		(8,589,710	)
Net unrealized appreciation	$	349,768,657

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, 2023.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If 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

LARGE 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, 2023 is as follows:

Market Value of Securities on Loan*		Cash Collateral*		Market Value  of Non-Cash Collateral*		Income from Borrowers		Government Money Market  Portfolio
								Income Earned		Advisory Fee Waived
$	–0–	$	–0–	$	–0–	$	1,548	$	–0–	$	–0–

* As of December 31, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares sold		303,693			292,422		$	20,384,732		$	18,985,921
Shares issued in reinvestment of distributions		295,735			510,954			20,050,816			34,080,651
Shares redeemed		(591,209	)		(558,038	)		(40,029,950	)		(39,512,597	)
Net increase		8,219			245,338		$	405,598		$	13,553,975
Class B
Shares sold		606,789			614,151		$	37,120,401		$	38,755,142
Shares issued on reinvestment of distributions		467,160			777,885			28,501,444			47,132,006
Shares redeemed		(637,919	)		(929,554	)		(38,825,995	)		(60,298,209	)
Net increase		436,030			462,482		$	26,795,850		$	25,588,939

At December 31, 2023, certain shareholders of the Portfolio owned 65% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV, than would be the case if the Portfolio were invested in a larger number of companies.

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

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

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

16

AB Variable Products Series Fund

LIBOR Replacement Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Net long-term capital gains	$	48,552,260	$	81,212,657
Total taxable distributions paid	$	48,552,260	$	81,212,657

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	199,068
Undistributed capital gains		37,991,344
Unrealized appreciation (depreciation)		349,768,657	(a)
Total accumulated earnings (deficit)	$	387,959,069

(a) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2023, the Portfolio did not have any capital loss carryforwards.

17

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

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

NOTE K: Subsequent Events

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

18

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	58.90		$	93.09		$	77.09		$	61.26		$	51.75
Income From Investment Operations
Net investment income (loss)(a)(b)		.11			(.05	)		(.19	)		(.06	)		.05
Net realized and unrealized gain (loss) on investment transactions		20.12			(25.48	)		22.16			21.18			17.18
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		20.23			(25.53	)		21.97			21.12			17.23
Less: Distributions
Distributions from net realized gain on investment transactions		(4.63	)		(8.66	)		(5.97	)		(5.29	)		(7.72	)
Net asset value, end of period	$	74.50		$	58.90		$	93.09		$	77.09		$	61.26
Total Return
Total investment return based on net asset value(d)*		35.13	%		(28.51	)%		28.98	%		35.49	%		34.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	330,245		$	260,596		$	389,051		$	331,436		$	264,234
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.65	%		.65	%		.65	%		.66	%		.67	%
Expenses, before waivers/reimbursements(e)‡		.66	%		.65	%		.65	%		.67	%		.68	%
Net investment income (loss)(b)		.17	%		(.07	)%		(.22	)%		(.08	)%		.09	%
Portfolio turnover rate		30	%		34	%		17	%		33	%		38	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.00	%		.00	%		.01	%		.01	%

See footnote summary on page 20.

19

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

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

	CLASS B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	53.45		$	85.67		$	71.51		$	57.28		$	48.91
Income From Investment Operations
Net investment loss(a)(b)		(.05	)		(.20	)		(.37	)		(.21	)		(.09	)
Net realized and unrealized gain (loss) on investment transactions		18.19			(23.36	)		20.50			19.73			16.18
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		18.14			(23.56	)		20.13			19.52			16.09
Less: Distributions
Distributions from net realized gain on investment transactions		(4.63	)		(8.66	)		(5.97	)		(5.29	)		(7.72	)
Net asset value, end of period	$	66.96		$	53.45		$	85.67		$	71.51		$	57.28
Total Return
Total investment return based on net asset value(d)*		34.78	%		(28.69	)%		28.65	%		35.15	%		34.37	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	443,248		$	330,487		$	490,111		$	413,127		$	322,688
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.90	%		.90	%		.90	%		.91	%		.92	%
Expenses, before waivers/reimbursements(e)‡		.91	%		.90	%		.90	%		.92	%		.93	%
Net investment loss(b)		(.08	)%		(.32	)%		(.47	)%		(.33	)%		(.16	)%
Portfolio turnover rate		30	%		34	%		17	%		33	%		38	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.00	%		.00	%		.01	%		.01	%

(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, 2023, December 31, 2020 and December 31, 2019, 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 year ended December 31, 2019 by .04%.

See notes to financial statements.

20

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

To the Shareholders and the Board of Directors of AB Large Cap Growth Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Large Cap Growth Portfolio (the “Portfolio”) (one of the series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2024

21

2023 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, 2023. The Portfolio designates $48,552,260 of dividends paid as long-term capital gain dividends.

22

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
Frank V. Caruso(2)*, Vice President John H. Fogarty(2), Vice President Vinay Thapar(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company One Congress Street Suite 1 Boston, MA 02114	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.

* Mr. Caruso is expected to retire from the Adviser effective March 31, 2024.

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 and the Advisory Board member 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 48 (2021)	Senior Vice President of the Adviser, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None
INDEPENDENT DIRECTORS
Garry L. Moody## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	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,## 72 (2020)	Private Investor since prior to 2019. 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 (2017-2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011
Michael J. Downey,## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 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.		82	None
Nancy P. Jacklin,## 75 (2006)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	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,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82	None
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		82	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)
Marshall C. Turner, Jr.## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023–June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

* The address for each of the Fund’s Directors and the Advisory Board member 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 or the Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, because of her former role with 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 48	President and Chief Executive Officer	See biography above.
Frank V. Caruso# 67	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer of US Growth Equities.
John H. Fogarty 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Co-Chief Investment Officer—US Growth Equites.
Vinay Thapar 45	Vice President	Senior Vice President of the Adviser**, with which he was associated since prior to 2019. He is also Co-Chief Investment Officer—US Growth Equites.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

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

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

# Mr. Caruso is expected to retire from the Adviser effective March 31, 2024.

  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/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

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 in-person on May 2-4, 2023 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

30

AB Variable Products Series Fund

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another funds advised by the Adviser utilizing similar investment strategies.

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

31

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

Economies of Scale

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

32

VPS-LCG-0151-1223

DEC^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ AB RELATIVE VALUE PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

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

RELATIVE VALUE PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2024

The following is an update of AB Variable Products Series Fund—Relative Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2023. Prior to May 1, 2023, the Portfolio was named Growth and Income Portfolio.

INVESTMENT OBJECTIVE AND POLICIES

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

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

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared with its benchmark, the Russell 1000 Value Index, for the one-, five- and 10-year periods ended December 31, 2023.

All share classes of the Portfolio outperformed the benchmark for the annual period. Sector selection drove outperformance, relative to the benchmark. Contributions from overweights to utilities and technology offset losses from an underweight to communication services and an overweight to health care. Overall security selection also contributed. Security selection within health care and communication services added to gains, while selection within technology and consumer staples detracted.

The Portfolio did not use derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended December 31, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory in October. Equity markets rallied sharply during November and December, as optimism rose that the US Federal Reserve would begin to cut interest rates in 2024—both earlier and more than previously anticipated. Although US mega-cap technology stocks drove returns through much of the year, the rally broadened considerably during the fourth quarter as soft-landing expectations in the US continued to be underpinned by cooling inflation and moderating economic growth. Within large-cap markets, both growth- and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence optimism. Large-cap stocks outperformed small-cap stocks, although both rose in absolute terms.

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

1

RELATIVE VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

RELATIVE VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2023 (unaudited)	1 Year		5 Years1			10 Years1
Relative Value Portfolio Class A		12.03%		11.85%			9.32%
Relative Value Portfolio Class B		11.72%		11.57%			9.05%
Russell 1000 Value Index		11.46%		10.91%			8.40%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.59% and 0.84% 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

12/31/2013 to 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Relative Value Portfolio Class A shares (from 12/31/2013 to 12/31/2023) as compared with the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

3

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,080.40	$	3.20		0.61	%	$	3.25		0.62	%
Hypothetical**	$	1,000	$	1,022.13	$	3.11		0.61	%	$	3.16		0.62	%
Class B
Actual	$	1,000	$	1,078.80	$	4.51		0.86	%	$	4.56		0.87	%
Hypothetical**	$	1,000	$	1,020.87	$	4.38		0.86	%	$	4.43		0.87	%

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

** Assumes 5% annual return before expenses.

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the 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).

4

RELATIVE VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Elevance Health, Inc.	$	36,174,782		4.2	%
JPMorgan Chase & Co.		33,589,647		3.9
Wells Fargo & Co.		33,317,461		3.9
Berkshire Hathaway, Inc.—Class B		32,125,793		3.7
QUALCOMM, Inc.		31,004,622		3.6
Mastercard, Inc.—Class A		29,168,166		3.4
Regeneron Pharmaceuticals, Inc.		26,571,786		3.1
Walmart, Inc.		25,345,390		3.0
Philip Morris International, Inc.		24,266,431		2.8
Fiserv, Inc.		22,684,289		2.6
	$	294,248,367		34.2	%

SECTOR BREAKDOWN²

December 31, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	193,925,580		22.6	%
Health Care		156,834,624		18.2
Industrials		129,784,419		15.1
Information Technology		82,898,416		9.6
Energy		70,258,782		8.2
Consumer Staples		49,611,821		5.8
Consumer Discretionary		48,834,502		5.7
Communication Services		46,993,122		5.5
Materials		20,413,048		2.4
Real Estate		19,621,234		2.3
Short-Term Investments		39,969,912		4.6
Total Investments	$	859,145,460		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

RELATIVE VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2023	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.4%
FINANCIALS–22.6%
BANKS–8.2%
Bank OZK		63,608	$	3,169,587
JPMorgan Chase & Co.		197,470		33,589,647
Wells Fargo & Co.		676,909		33,317,461
				70,076,695
CAPITAL MARKETS–0.4%
Raymond James Financial, Inc.		29,410		3,279,215
FINANCIAL SERVICES–10.7%
Berkshire Hathaway, Inc.–Class B(a)		90,074		32,125,793
Fiserv, Inc.(a)		170,764		22,684,289
Mastercard, Inc.–Class A		68,388		29,168,166
PayPal Holdings, Inc.(a)		126,802		7,786,911
				91,765,159
INSURANCE–3.3%
American International Group, Inc.		98,756		6,690,719
Axis Capital Holdings Ltd.		278,872		15,441,143
MetLife, Inc.		100,902		6,672,649
				28,804,511
				193,925,580
HEALTH CARE–18.2%
BIOTECHNOLOGY–7.9%
Amgen, Inc.		71,409		20,567,220
Gilead Sciences, Inc.		254,928		20,651,717
Regeneron Pharmaceuticals, Inc.(a)		30,254		26,571,786
				67,790,723
HEALTH CARE EQUIPMENT & SUPPLIES–0.6%
GE Healthcare, Inc.		67,930		5,252,347
HEALTH CARE PROVIDERS & SERVICES–7.9%
Cencora, Inc.		107,699		22,119,221
Cigna Group (The)		16,037		4,802,280
Elevance Health, Inc.		76,713		36,174,782
Quest Diagnostics, Inc.		34,891		4,810,771
				67,907,054
PHARMACEUTICALS–1.8%
Roche Holding AG (Sponsored ADR)(b)		438,435		15,884,500
				156,834,624
INDUSTRIALS–15.1%
AEROSPACE & DEFENSE–2.1%
Curtiss-Wright Corp.		14,504		3,231,346
RTX Corp.(b)		39,459	$	3,320,080
Textron, Inc.		144,757		11,641,358
				18,192,784
BUILDING PRODUCTS–1.6%
Allegion PLC		61,672		7,813,226
Builders FirstSource, Inc.(a)		34,404		5,743,404
				13,556,630
CONSTRUCTION & ENGINEERING–0.8%
EMCOR Group, Inc.		33,459		7,208,072
ELECTRICAL EQUIPMENT–3.8%
Emerson Electric Co.		144,517		14,065,840
nVent Electric PLC		210,102		12,414,927
Sensata Technologies Holding PLC		151,080		5,676,076
				32,156,843
MACHINERY–3.6%
Dover Corp.		50,704		7,798,782
Middleby Corp. (The)(a)		24,183		3,559,012
PACCAR, Inc.		132,175		12,906,889
Westinghouse Air Brake Technologies Corp.		53,569		6,797,906
				31,062,589
PROFESSIONAL SERVICES–1.6%
Maximus, Inc.		73,995		6,205,221
Robert Half, Inc.		85,824		7,545,646
				13,750,867
TRADING COMPANIES & DISTRIBUTORS–1.6%
Ferguson PLC		71,770		13,856,634
				129,784,419
INFORMATION TECHNOLOGY–9.6%
COMMUNICATIONS EQUIPMENT–1.8%
Cisco Systems, Inc.		236,707		11,958,438
Telefonaktiebolaget LM Ericsson (Sponsored ADR)(b)		560,140		3,528,882
				15,487,320
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
IPG Photonics Corp.(a)		43,393		4,709,876
IT SERVICES–2.4%
Accenture PLC–Class A		46,100		16,176,951
EPAM Systems, Inc.(a)		15,796		4,696,783
				20,873,734

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.9%
QUALCOMM, Inc.		214,372	$	31,004,622
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		104,066		10,822,864
				41,827,486
				82,898,416
ENERGY–8.2%
ENERGY EQUIPMENT & SERVICES–1.4%
Cactus, Inc.–Class A		33,920		1,539,968
ChampionX Corp.		217,981		6,367,225
Helmerich & Payne, Inc.		117,074		4,240,420
				12,147,613
OIL, GAS & CONSUMABLE FUELS–6.8%
Chevron Corp.		77,469		11,555,276
ConocoPhillips		96,245		11,171,157
EOG Resources, Inc.		117,763		14,243,435
Phillips 66		158,790		21,141,301
				58,111,169
				70,258,782
CONSUMER STAPLES–5.8%
CONSUMER STAPLES DISTRIBUTION & RETAIL–3.0%
Walmart, Inc.		160,770		25,345,390
TOBACCO–2.8%
Philip Morris International, Inc.		257,934		24,266,431
				49,611,821
CONSUMER DISCRETIONARY–5.7%
AUTOMOBILE COMPONENTS–1.6%
Aptiv PLC(a)		69,380		6,224,774
BorgWarner, Inc.		208,950		7,490,857
				13,715,631
DISTRIBUTORS–1.5%
LKQ Corp.		259,785		12,415,125
HOUSEHOLD DURABLES–0.5%
DR Horton, Inc.		29,779		4,525,813
SPECIALTY RETAIL–2.1%
Lowe’s Cos., Inc.		14,569		3,242,331
Ross Stores, Inc.		107,924		14,935,602
				18,177,933
				48,834,502
COMMUNICATION SERVICES–5.5%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.9%
Comcast Corp.–Class A		372,828	$	16,348,508
ENTERTAINMENT–1.4%
Electronic Arts, Inc.		86,520		11,836,801
INTERACTIVE MEDIA & SERVICES–2.2%
Alphabet, Inc.–Class C(a)		133,455		18,807,813
				46,993,122
MATERIALS–2.4%
CHEMICALS–1.6%
LyondellBasell Industries NV–Class A		51,935		4,937,980
PPG Industries, Inc.		59,354		8,876,390
				13,814,370
METALS & MINING–0.8%
BHP Group Ltd. (Sponsored ADR)(b)		96,599		6,598,678
				20,413,048
REAL ESTATE–2.3%
SPECIALIZED REITs–2.3%
Public Storage		18,310		5,584,550
Weyerhaeuser Co.		403,701		14,036,684
				19,621,234
Total Common Stocks (cost $655,317,620)				819,175,548
SHORT-TERM INVESTMENTS–4.7%
INVESTMENT COMPANIES–4.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(c)(d)(e) (cost $39,969,912)		39,969,912		39,969,912
Total Investments Before Security Lending Collateral for Securities Loaned–100.1% (cost $695,287,532)				859,145,460
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.9%
INVESTMENT COMPANIES–1.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(c)(d)(e) (cost $16,533,262)		16,533,262		16,533,262

7

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

Company		U.S. $ Value
TOTAL INVESTMENTS–102.0% (cost $711,820,794)		$	875,678,722
Other assets less liabilities–(2.0)%			(16,928,759	)
NET ASSETS–100.0%		$	858,749,963

(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

RELATIVE VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $655,317,620)	$	819,175,548	(a)
Affiliated issuers (cost $56,503,174—including investment of cash collateral for securities loaned of $16,533,262)		56,503,174
Cash		30,023
Unaffiliated dividends receivable		1,733,928
Affiliated dividends receivable		166,232
Receivable for capital stock sold		154,883
Receivable due from Adviser		5,586
Total assets		877,769,374
LIABILITIES
Payable for collateral received on securities loaned		16,533,262
Payable for capital stock redeemed		973,838
Payable for investment securities purchased		576,936
Advisory fee payable		393,121
Distribution fee payable		142,523
Administrative fee payable		22,666
Transfer Agent fee payable		150
Accrued expenses and other liabilities		376,915
Total liabilities		19,019,411
NET ASSETS	$	858,749,963
COMPOSITION OF NET ASSETS
Capital stock, at par	$	29,690
Additional paid-in capital		655,875,947
Distributable earnings		202,844,326
NET ASSETS	$	858,749,963

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	174,389,442		5,911,961	$	29.50
B	$	684,360,521		23,777,786	$	28.78

(a) Includes securities on loan with a value of $26,901,186 (see Note E).

See notes to financial statements.

9

RELATIVE VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $178,220)	$	16,516,595
Affiliated issuers		2,054,345
Interest		603
Securities lending income		20,448
Other income		408
		18,592,399
EXPENSES
Advisory fee (see Note B)		4,546,236
Distribution fee—Class B		1,663,488
Transfer agency—Class A		1,953
Transfer agency—Class B		8,045
Printing		120,321
Administrative		94,860
Custody and accounting		81,707
Legal		78,963
Audit and tax		46,437
Directors’ fees		27,136
Miscellaneous		30,827
Total expenses		6,699,973
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(50,347	)
Net expenses		6,649,626
Net investment income		11,942,773
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		33,533,788
Net change in unrealized appreciation (depreciation) of investments		47,309,060
Net gain on investment transactions		80,842,848
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	92,785,621

See notes to financial statements.

10

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

	Year Ended December 31, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	11,942,773		$	10,958,513
Net realized gain on investment transactions		33,533,788			64,196,924
Net change in unrealized appreciation (depreciation) of investments		47,309,060			(115,477,318	)
Net increase (decrease) in net assets from operations		92,785,621			(40,321,881	)
Distributions to Shareholders
Class A		(15,270,443	)		(27,285,764	)
Class B		(62,328,817	)		(119,514,169	)
CAPITAL STOCK TRANSACTIONS
Net increase		8,728,514			99,205,085
Total increase (decrease)		23,914,875			(87,916,729	)
NET ASSETS
Beginning of period		834,835,088			922,751,817
End of period	$	858,749,963		$	834,835,088

See notes to financial statements.

11

RELATIVE VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Relative Value Portfolio (the “Portfolio”) (formerly known as AB Growth and Income Portfolio) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940 (the “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

12

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

819,175,548

$

–0

–

$

–0

–

$

819,175,548

Short-Term Investments

39,969,912

–0

–

–0

–

39,969,912

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

16,533,262

–0

–

–0

–

16,533,262

Total Investments in Securities

875,678,722

–0

–

–0

–

875,678,722

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

875,678,722

$

–0

–

$

–0

–

$

875,678,722

(a) See Portfolio of Investments for sector classifications.

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

13

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

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .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, 2023, the reimbursement for such services amounted to $94,860.

14

AB Variable Products Series Fund

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,800 for the year ended December 31, 2023.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. 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, 2023, such waiver amounted to $48,119.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	45,583		$	332,593	$	338,206	$	39,970	$	2,054
Government Money Market Portfolio*		–0	–		123,396		106,863		16,533		8
Total								$	56,503	$	2,062

* 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 1940 Act. 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, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	552,401,816		$	609,540,632
U.S. government securities		–0	–		–0	–

15

RELATIVE 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	$	717,093,614
Gross unrealized appreciation	$	166,992,414
Gross unrealized depreciation		(8,407,306	)
Net unrealized appreciation	$	158,585,108

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, 2023.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If 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, 2023 is as follows:

								Government Money Market  Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	26,901,186	$	16,533,262	$	10,893,868	$	12,197	$	8,251	$	2,228

* As of December 31, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares sold		958,264			726,184		$	27,676,936		$	22,884,961
Shares issued in reinvestment of dividends and distributions		545,958			968,955			15,270,443			27,285,764
Shares redeemed		(1,028,628	)		(879,980	)		(29,725,520	)		(28,582,107	)
Net increase		475,594			815,159		$	13,221,859		$	21,588,618
Class B
Shares sold		1,489,635			2,020,177		$	42,230,544		$	62,982,072
Shares issued on reinvestment of dividends and distributions		2,281,435			4,336,508			62,328,817			119,514,169
Shares redeemed		(3,874,936	)		(3,311,067	)		(109,052,706	)		(104,879,774	)
Net increase (decrease)		(103,866	)		3,045,618		$	(4,493,345	)	$	77,616,467

At December 31, 2023, certain shareholders of the Portfolio owned 47% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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

LIBOR Replacement Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar

17

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

LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	10,958,671	$	21,194,171
Net long-term capital gains		66,640,589		125,605,762
Total taxable distributions paid	$	77,599,260	$	146,799,933

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	11,941,059
Undistributed capital gains		32,318,159
Unrealized appreciation (depreciation)		158,585,108	(a)
Total accumulated earnings (deficit)	$	202,844,326

(a) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2023, the Portfolio did not have any capital loss carryforwards.

18

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

NOTE K: Subsequent Events

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

19

RELATIVE 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,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$29.00			$36.83			$28.97			$30.30			$27.78
Income From Investment Operations
Net investment income(a)(b)		.47			.48			.38			.40			.43
Net realized and unrealized gain (loss) on investment transactions		2.86			(2.21	)		7.76			.13			5.84
Net increase (decrease) in net asset value from operations		3.33			(1.73	)		8.14			.53			6.27
Less: Dividends and Distributions
Dividends from net investment income		(.45	)		(.49	)		(.28	)		(.42	)		(.39	)
Distributions from net realized gain on investment transactions		(2.38	)		(5.61	)		–0	–		(1.44	)		(3.36	)
Total dividends and distributions		(2.83	)		(6.10	)		(.28	)		(1.86	)		(3.75	)
Net asset value, end of period		$29.50			$29.00			$36.83			$28.97			$30.30
Total Return
Total investment return based on net asset value(c)*		12.03	%		(4.19	)%		28.15	%		2.72	%		23.91	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$174,389			$157,648			$170,190			$143,269			$155,765
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.60	%		.59	%		.59	%		.61	%		.61	%
Expenses, before waivers/reimbursements(d)‡		.61	%		.59	%		.59	%		.62	%		.62	%
Net investment income(b)		1.65	%		1.50	%		1.13	%		1.53	%		1.43	%
Portfolio turnover rate		70	%		66	%		51	%		54	%		66	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.00	%		.00	%		.01	%		.01	%

See footnote summary on page 21.

20

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

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

	Class B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$28.36			$36.12			$28.43			$29.76			$27.34
Income From Investment Operations
Net investment income(a)(b)		.39			.39			.29			.33			.35
Net realized and unrealized gain (loss) on investment transactions		2.79			(2.16	)		7.61			.13			5.74
Net increase (decrease) in net asset value from operations		3.18			(1.77	)		7.90			.46			6.09
Less: Dividends and Distributions
Dividends from net investment income		(.38	)		(.38	)		(.21	)		(.35	)		(.31	)
Distributions from net realized gain on investment transactions		(2.38	)		(5.61	)		–0	–		(1.44	)		(3.36	)
Total dividends and distributions		(2.76	)		(5.99	)		(.21	)		(1.79	)		(3.67	)
Net asset value, end of period		$28.78			$28.36			$36.12			$28.43			$29.76
Total Return
Total investment return based on net asset value(c)*		11.72	%		(4.42	)%		27.84	%		2.47	%		23.61	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$684,361			$677,187			$752,562			$868,715			$922,603
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.85	%		.84	%		.84	%		.86	%		.86	%
Expenses, before waivers/reimbursements(d)‡		.86	%		.84	%		.85	%		.87	%		.87	%
Net investment income(b)		1.40	%		1.25	%		.87	%		1.28	%		1.18	%
Portfolio turnover rate		70	%		66	%		51	%		54	%		66	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.00	%		.00	%		.01	%		.01	%

(a) Based on average shares outstanding.

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

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

(d) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the years ended December 31, 2023, December 31, 2020 and December 31, 2019, 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 year ended December 31, 2019 by .15%.

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 Relative Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Relative Value Portfolio (formerly known as AB Growth and Income Portfolio) (the “Portfolio”) (one of the series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2024

22

2023 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, 2023. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. The Portfolio designates $66,640,589 of dividends paid as long-term capital gain dividends.

23

RELATIVE VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
Frank V. Caruso(2)*, Vice President John H. Fogarty(2), Vice President Vinay Thapar(2), Vice President Christopher Kotowicz(2), Vice President Nancy E. Hay, Secretary	Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company One Congress Street Suite 1 Boston, MA 02114	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, Thapar and Kotowicz are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

* Mr. Caruso is expected to retire from the Adviser effective March 31, 2024.

24

RELATIVE 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 and the Advisory Board member 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 48 (2021)	Senior Vice President of the Adviser, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None
INDEPENDENT DIRECTORS
Garry L. Moody,## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None

25

RELATIVE VALUE 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,## 72 (2020)	Private Investor since prior to 2019. 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 (2017-2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011
Michael J. Downey,## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 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.		82	None
Nancy P. Jacklin,## 75 (2006)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Jeanette W. Loeb,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82	None
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		82	None

27

RELATIVE VALUE 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)
Marshall C. Turner, Jr.## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023—June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

* The address for each of the Fund’s Directors and the Advisory Board member 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 or the Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, because of her former role with 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 48	President and Chief Executive Officer	See biography above.
Frank V. Caruso# 67	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer—US Growth Equities.
John H. Fogarty 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Co-Chief Investment Officer—US Growth Equites.
Vinay Thapar 45	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Co-Chief Investment Officer—US Growth Equities.
Christopher Kotowicz 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated in a substantially similar capacity to his current position, including as a research analyst, since prior to 2019.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

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

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

^#  Mr. Caruso is expected to retire from the Adviser effective March 31, 2024.

  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

RELATIVE VALUE PORTFOLIO	AB Variable Products Series Fund

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

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

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

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

30

RELATIVE VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Relative Value Portfolio (formerly AB Growth and Income Portfolio) (the “Fund”) at a meeting held in-person on May 2-4, 2023 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

31

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

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

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

32

AB Variable Products Series Fund

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

Economies of Scale

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

33

VPS-RV-0151-1223

DEC^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ AB SMALL CAP GROWTH PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

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

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 15, 2024

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, 2023.

INVESTMENT OBJECTIVES AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall US market. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of smaller companies. For these purposes, “smaller companies” are those that, at the time of investment, fall within the lowest 20% of the total US equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). Because the Portfolio’s definition of smaller companies is dynamic, the limits on market capitalization will change with the markets.

The Portfolio may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Portfolio’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Portfolio may invest in foreign securities.

The Portfolio invests primarily in equity securities but may also invest in other types of securities, such as preferred stocks. The Portfolio invests, at times, in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may also invest up to 20% of its total assets in rights or warrants.

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

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared with its benchmark, the Russell 2000 Growth Index, for the one-, five- and 10-year periods ended December 31, 2023.

All share classes of the Portfolio underperformed the benchmark for the annual period. Security selection detracted from performance, relative to the benchmark. Security selection within the financials and health care sectors detracted the most, while selection within technology and industrials contributed. Sector selection was positive, as underweights to utilities and health care added to gains and offset losses from an underweight to consumer staples and an overweight to energy.

The Portfolio did not use derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended December 31, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory in October. Equity markets rallied sharply during November and December, as optimism rose that the US Federal Reserve would begin to cut interest rates in 2024—both earlier and more than previously anticipated. Although US mega-cap technology stocks drove returns through much of the year, the rally broadened considerably during the fourth quarter as soft-landing expectations in the US continued to be underpinned by cooling inflation and moderating economic growth. Within large-cap markets, both growth- and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence optimism. Large-cap stocks outperformed small-cap stocks, although both rose in absolute terms.

The Portfolio continues to be built from the bottom up, with an emphasis on companies that can deliver fundamental outperformance. The Portfolio remains overweight in secular growth companies that have unique drivers or company-specific initiatives to support their future earnings growth, regardless of the macro backdrop. At the end of the reporting period, technology reflected the Portfolio’s largest overweight, with health care the largest underweight.

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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

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

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

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

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

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

An Important Note About Historical Performance

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

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

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

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

2

SMALL CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2023 (unaudited)	1 Year		5 Years1		10 Years1
Small Cap Growth Portfolio Class A2		18.02%		10.57%		8.53%
Small Cap Growth Portfolio Class B2		17.72%		10.29%		8.26%
Russell 2000 Growth Index		18.66%		9.22%		7.16%
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, 2023, by 0.02%, respectively.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.22% and 1.47% 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, 2024, 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

12/31/2013 TO 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Small Cap Growth Portfolio Class A shares (from 12/31/2013 to 12/31/2023) as compared with the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

3

SMALL CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,014.20	$	4.57		0.90	%
Hypothetical**	$	1,000	$	1,020.67	$	4.58		0.90	%
Class B
Actual	$	1,000	$	1,012.70	$	5.83		1.15	%
Hypothetical**	$	1,000	$	1,019.41	$	5.85		1.15	%

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

** Assumes 5% annual return before expenses.

4

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Fabrinet	$	1,172,623		2.1	%
SPS Commerce, Inc.		1,132,801		2.0
Onto Innovation, Inc.		1,107,302		1.9
MACOM Technology Solutions Holdings, Inc.		1,101,086		1.9
Altair Engineering, Inc.—Class A		1,051,707		1.8
Freshworks, Inc.—Class A		1,000,815		1.8
Comfort Systems USA, Inc.		904,331		1.6
Universal Display Corp.		849,959		1.5
NEXTracker, Inc.—Class A		824,326		1.4
Leonardo DRS, Inc.		813,664		1.4
	$	9,958,614		17.4	%

SECTOR BREAKDOWN²

December 31, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	15,071,699		26.1	%
Health Care		12,683,565		22.0
Industrials		10,008,392		17.3
Consumer Discretionary		8,444,683		14.6
Financials		5,351,623		9.3
Consumer Staples		2,537,123		4.4
Energy		1,920,590		3.3
Materials		682,144		1.2
Short-Term Investments		1,030,554		1.8
Total Investments	$	57,730,373		100.0	%

1 Long-term investments.

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

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

5

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2023	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.3%
INFORMATION TECHNOLOGY–26.4%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.8%
Allegro MicroSystems, Inc.(a)		6,084	$	184,163
Fabrinet(a)		6,161		1,172,623
Littelfuse, Inc.		1,844		493,380
Novanta, Inc.(a)		4,574		770,307
Shoals Technologies Group, Inc.–Class A(a)		6,407		99,565
				2,720,038
IT SERVICES–1.3%
Fastly, Inc.–Class A(a)		40,830		726,774
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.2%
Lattice Semiconductor Corp.(a)		7,085		488,794
MACOM Technology Solutions Holdings, Inc.(a)		11,846		1,101,086
Onto Innovation, Inc.(a)		7,242		1,107,302
Universal Display Corp.		4,444		849,959
				3,547,141
SOFTWARE–12.8%
Altair Engineering, Inc.– Class A(a)		12,498		1,051,707
Braze, Inc.–Class A(a)		13,573		721,134
Clearwater Analytics Holdings, Inc.–Class A(a)		24,815		497,045
Five9, Inc.(a)		9,725		765,260
Freshworks, Inc.–Class A(a)		42,606		1,000,815
Instructure Holdings, Inc.(a)		15,316		413,685
Manhattan Associates, Inc.(a)		2,316		498,681
Monday.com Ltd.(a)		3,614		678,745
Smartsheet, Inc.–Class A(a)		11,892		568,675
SPS Commerce, Inc.(a)		5,844		1,132,801
				7,328,548
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.3%
ACV Auctions, Inc.–Class A(a)		49,452		749,198
				15,071,699
HEALTH CARE–22.2%
BIOTECHNOLOGY–13.3%
Akero Therapeutics, Inc.(a)		7,761		181,219
Ascendis Pharma A/S (ADR)(a)		2,928		368,782
Blueprint Medicines Corp.(a)		6,596		608,415
Bridgebio Pharma, Inc.(a)		12,821		517,584
Disc Medicine, Inc.(a)		3,070		177,323
Halozyme Therapeutics, Inc.(a)		13,662		504,948
Insmed, Inc.(a)		15,479		479,694
Intellia Therapeutics, Inc.(a)		7,711		235,108
Karuna Therapeutics, Inc.(a)		901		285,175
Legend Biotech Corp. (ADR)(a)		5,760		346,579
Madrigal Pharmaceuticals, Inc.(a)(b)		1,691		391,264

Company	Shares		U.S. $ Value
MoonLake Immunotherapeutics(a)		4,528	$	273,446
Natera, Inc.(a)		12,679		794,213
RayzeBio, Inc.(a)		5,678		353,001
Ultragenyx Pharmaceutical, Inc.(a)		6,229		297,871
Vaxcyte, Inc.(a)		9,581		601,687
Viking Therapeutics, Inc.(a)		18,192		338,553
Vir Biotechnology, Inc.(a)		13,256		133,355
Viridian Therapeutics, Inc.(a)		14,794		322,213
Xenon Pharmaceuticals, Inc.(a)		8,196		377,508
				7,587,938
HEALTH CARE EQUIPMENT & SUPPLIES–3.2%
AtriCure, Inc.(a)		16,137		575,930
iRhythm Technologies, Inc.(a)		6,459		691,371
Lantheus Holdings, Inc.(a)		9,132		566,184
				1,833,485
HEALTH CARE PROVIDERS & SERVICES–3.4%
Guardant Health, Inc.(a)		17,547		474,646
Inari Medical, Inc.(a)		11,525		748,203
PROCEPT BioRobotics Corp.(a)		17,605		737,826
				1,960,675
LIFE SCIENCES TOOLS & SERVICES–1.2%
Quanterix Corp.(a)		4,541		124,151
Repligen Corp.(a)		2,947		529,871
				654,022
PHARMACEUTICALS–1.1%
Intra-Cellular Therapies, Inc.(a)		9,040		647,445
				12,683,565
INDUSTRIALS–17.5%
AEROSPACE & DEFENSE–3.9%
Curtiss-Wright Corp.		2,979		663,692
Hexcel Corp.		10,171		750,111
Leonardo DRS, Inc.(a)		40,602		813,664
				2,227,467
BUILDING PRODUCTS–1.3%
AZEK Co., Inc. (The)(a)		20,185		772,076
COMMERCIAL SERVICES & SUPPLIES–1.2%
Tetra Tech, Inc.		4,292		716,463
CONSTRUCTION & ENGINEERING–1.6%
Comfort Systems USA, Inc.		4,397		904,331
ELECTRICAL EQUIPMENT–1.4%
NEXTracker, Inc.–Class A(a)(b)		17,595		824,326
GROUND TRANSPORTATION–2.2%
Saia, Inc.(a)		1,354		593,350
XPO, Inc.(a)		7,429		650,706
				1,244,056

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MACHINERY–3.6%
Esab Corp.		8,958	$	775,942
ITT, Inc.		6,480		773,193
SPX Technologies, Inc.(a)		4,770		481,818
				2,030,953
PROFESSIONAL SERVICES–1.1%
FTI Consulting, Inc.(a)		3,124		622,145
TRADING COMPANIES & DISTRIBUTORS–1.2%
SiteOne Landscape Supply, Inc.(a)		4,102		666,575
				10,008,392
CONSUMER DISCRETIONARY–14.8%
BROADLINE RETAIL–0.7%
Savers Value Village, Inc.(a)		21,328		370,681
DIVERSIFIED CONSUMER SERVICES–0.4%
European Wax Center, Inc.–Class A(a)		18,728		254,513
HOTELS, RESTAURANTS & LEISURE–5.0%
Cava Group, Inc.(a)(b)		9,100		391,118
Hilton Grand Vacations, Inc.(a)		16,690		670,604
Life Time Group Holdings, Inc.(a)		33,828		510,127
Texas Roadhouse, Inc.		5,944		726,535
Wingstop, Inc.		2,181		559,601
				2,857,985
HOUSEHOLD DURABLES–3.7%
Meritage Homes Corp.		4,496		783,203
SharkNinja, Inc.		12,440		636,555
Skyline Champion Corp.(a)		9,547		708,960
				2,128,718
SPECIALTY RETAIL–5.0%
Boot Barn Holdings, Inc.(a)		8,581		658,678
Five Below, Inc.(a)		3,752		799,776
Lithia Motors, Inc.		2,341		770,844
Wayfair, Inc.–Class A(a)		9,781		603,488
				2,832,786
				8,444,683
FINANCIALS–9.4%
CAPITAL MARKETS–4.0%
Houlihan Lokey, Inc.		6,153		737,806
P10, Inc.–Class A		21,373		218,432
StepStone Group, Inc.–Class A		21,513		684,759
Stifel Financial Corp.		8,830		610,595
				2,251,592
FINANCIAL SERVICES–2.1%
Flywire Corp.(a)		24,598		569,443
Shift4 Payments, Inc.– Class A(a)(b)		8,529		634,046
				1,203,489

Company	Shares		U.S. $ Value
INSURANCE–3.3%
Hamilton Insurance Group Ltd.–Class B(a)		16,600	$	248,170
Kinsale Capital Group, Inc.		1,467		491,313
RLI Corp.		5,095		678,246
Ryan Specialty Holdings, Inc.(a)		11,130		478,813
				1,896,542
				5,351,623
CONSUMER STAPLES–4.4%
CONSUMER STAPLES DISTRIBUTION & RETAIL–2.3%
Chefs’ Warehouse, Inc. (The)(a)		23,991		706,055
Grocery Outlet Holding Corp.(a)		22,918		617,869
				1,323,924
FOOD PRODUCTS–1.2%
Freshpet, Inc.(a)		8,227		713,775
PERSONAL CARE PRODUCTS–0.9%
BellRing Brands, Inc.(a)		9,010		499,424
				2,537,123
ENERGY–3.4%
ENERGY EQUIPMENT & SERVICES–2.1%
ChampionX Corp.		24,870		726,453
TechnipFMC PLC		21,664		436,313
				1,162,766
OIL, GAS & CONSUMABLE FUELS–1.3%
Permian Resources Corp.		30,371		413,045
Southwestern Energy Co.(a)		52,638		344,779
				757,824
				1,920,590
MATERIALS–1.2%
CHEMICALS–1.2%
Element Solutions, Inc.		29,479		682,144
Total Common Stocks (cost $45,497,391)				56,699,819
SHORT-TERM INVESTMENTS–1.8%
INVESTMENT COMPANIES–1.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(c)(d)(e) (cost $1,030,554)		1,030,554		1,030,554
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–101.1% (cost $46,527,945)				57,730,373

7

SMALL CAP GROWTH 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, 5.27%(c)(d)(e) (cost $412,162)		412,162	$	412,162
TOTAL INVESTMENTS–101.8% (cost $46,940,107)				58,142,535
Other assets less liabilities–(1.8)%				(1,015,122	)
NET ASSETS–100.0%			$	57,127,413

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $45,497,391)	$	56,699,819	(a)
Affiliated issuers (cost $1,442,716—including investment of cash collateral for securities loaned of $412,162)		1,442,716
Cash		21
Receivable due from Adviser		23,244
Receivable for investment securities sold		9,012
Affiliated dividends receivable		5,200
Receivable for capital stock sold		4,227
Unaffiliated dividends receivable		1,483
Total assets		58,185,722
LIABILITIES
Payable for collateral received on securities loaned		412,162
Payable for investment securities purchased		268,311
Payable for capital stock redeemed		141,017
Custody and accounting fees payable		109,135
Advisory fee payable		35,189
Administrative fee payable		23,922
Distribution fee payable		7,685
Transfer Agent fee payable		150
Accrued expenses		60,738
Total liabilities		1,058,309
NET ASSETS	$	57,127,413
COMPOSITION OF NET ASSETS
Capital stock, at par	$	6,539
Additional paid-in capital		57,581,292
Accumulated loss		(460,418	)
NET ASSETS	$	57,127,413

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	19,464,776		1,812,987	$	10.74
B	$	37,662,637		4,725,802	$	7.97

(a) Includes securities on loan with a value of $2,189,863 (see Note E).

See notes to financial statements.

9

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	209,755
Affiliated issuers		62,426
Securities lending income		5,072
		277,253
EXPENSES
Advisory fee (see Note B)		397,712
Distribution fee—Class B		87,012
Transfer agency—Class A		1,461
Transfer agency—Class B		2,790
Administrative		95,711
Custody and accounting		66,119
Audit and tax		44,100
Legal		33,080
Printing		24,924
Directors’ fees		17,476
Miscellaneous		9,328
Total expenses		779,713
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(216,992	)
Net expenses		562,721
Net investment loss		(285,468	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions		(805,999	)
Net change in unrealized appreciation (depreciation) of investments		9,867,204
Net gain on investment transactions		9,061,205
Contributions from Affiliates (see Note B)		90
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	8,775,827

See notes to financial statements.

10

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

	Year Ended December 31, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(285,468	)	$	(332,729	)
Net realized loss on investment transactions		(805,999	)		(9,386,634	)
Net change in unrealized appreciation (depreciation) of investments		9,867,204			(23,397,350	)
Contributions from Affiliates (see Note B)		90			–0	–
Net increase (decrease) in net assets from operations		8,775,827			(33,116,713	)
Distributions to Shareholders
Class A		–0	–		(8,363,912	)
Class B		–0	–		(17,518,976	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(1,352,135	)		22,329,390
Total increase (decrease)		7,423,692			(36,670,211	)
NET ASSETS
Beginning of period		49,703,721			86,373,932
End of period	$	57,127,413		$	49,703,721

See notes to financial statements.

11

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	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 “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

12

AB Variable Products Series Fund

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, 2023:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

56,699,819

$

–0

–

$

–0

–

$

56,699,819

Short-Term Investments

1,030,554

–0

–

–0

–

1,030,554

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

412,162

–0

–

–0

–

412,162

Total Investments in Securities

58,142,535

–0

–

–0

–

58,142,535

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

58,142,535

$

–0

–

$

–0

–

$

58,142,535

(a) See Portfolio of Investments for sector classifications.

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

13

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

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding expenses associated with acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to .90% and 1.15% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2023, such

14

AB Variable Products Series Fund

reimbursements/waivers amounted to $215,447. This fee waiver and/or expense reimbursement agreement extends through May 1, 2024 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2023, the reimbursement for such services amounted to $95,711.

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 $1,800 for the year ended December 31, 2023.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. 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, 2023, such waiver amounted to $1,454.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	707		$	16,875	$	16,551	$	1,031	$	62
Government Money Market Portfolio*		–0	–		4,800		4,388		412		3
Total								$	1,443	$	65

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

During the year ended December 31, 2023, the Adviser reimbursed the Portfolio $90 for trading losses incurred due to a trade entry error.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the 1940 Act. 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.

15

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	35,951,560		$	37,464,401
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	$	49,159,223
Gross unrealized appreciation	$	13,430,135
Gross unrealized depreciation		(4,446,823	)
Net unrealized appreciation	$	8,983,312

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, 2023.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If 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

16

AB Variable Products Series Fund

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

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2023 is as follows:

								Government Money Market  Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	2,189,863	$	412,162	$	1,861,598	$	2,497	$	2,575	$	91

* As of December 31, 2023.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares sold		240,943			108,682		$	2,405,631		$	1,527,332
Shares issued in reinvestment of distributions		–0	–		801,909			–0	–		8,363,912
Shares redeemed		(320,406	)		(303,311	)		(3,234,270	)		(4,515,651	)
Net increase (decrease)		(79,463	)		607,280		$	(828,639	)	$	5,375,593
Class B
Shares sold		885,610			977,425		$	6,484,511		$	10,088,393
Shares issued on reinvestment of distributions		–0	–		2,254,695			–0	–		17,518,976
Shares redeemed		(960,393	)		(964,903	)		(7,008,007	)		(10,653,572	)
Net increase (decrease)		(74,783	)		2,267,217		$	(523,496	)	$	16,953,797

At December 31, 2023, 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

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

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

17

SMALL CAP GROWTH 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.

LIBOR Replacement Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2023.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023			2022
Distributions paid from:
Ordinary income	$	–0	–	$	3,792,639
Net long-term capital gains		–0	–		22,090,249
Total taxable distributions paid	$	–0	–	$	25,882,888

18

AB Variable Products Series Fund

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(9,449,305	)(a)
Unrealized appreciation (depreciation)		8,988,887	(b)
Total accumulated earnings (deficit)	$	(460,418	)

(a) As of December 31, 2023, the Portfolio had a net capital loss carryforward of $9,449,305.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of passive foreign investment companies (PFICs) and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2023, the Portfolio had a net short-term capital loss carryforward of $6,917,184 and a net long-term capital loss carryforward of $2,532,121, which may be carried forward for an indefinite period.

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

NOTE J: Recent Accounting Pronouncements

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

NOTE K: Subsequent Events

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

19

SMALL 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,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 9.10			$25.13			$28.76			$19.92			$16.58
Income From Investment Operations
Net investment loss(a)(b)		(.04	)		(.06	)		(.20	)		(.13	)		(.08	)
Net realized and unrealized gain (loss) on investment transactions		1.68			(8.86	)		2.87			10.49			6.02
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		1.64			(8.92	)		2.67			10.36			5.94
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(7.11	)		(6.30	)		(1.52	)		(2.60	)
Net asset value, end of period		$10.74			$ 9.10			$25.13			$28.76			$19.92
Total Return
Total investment return based on net asset value(d)*		18.02	%		(39.09	)%		9.46	%		53.98	%		36.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$19,464			$17,213			$32,295			$34,314			$27,167
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.90	%		.90	%		.91	%		.90	%		.90	%
Expenses, before waivers/reimbursements(e)		1.31	%		1.22	%		1.08	%		1.09	%		1.16	%
Net investment loss(b)		(.38	)%		(.42	)%		(.71	)%		(.60	)%		(.39	)%
Portfolio turnover rate		69	%		67	%		67	%		103	%		69	%

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,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 6.77			$21.35			$25.36			$17.75			$15.03
Income From Investment Operations
Net investment loss(a)(b)		(.05	)		(.07	)		(.24	)		(.16	)		(.11	)
Net realized and unrealized gain (loss) on investment transactions		1.25			(7.40	)		2.53			9.29			5.43
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		1.20			(7.47	)		2.29			9.13			5.32
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(7.11	)		(6.30	)		(1.52	)		(2.60	)
Net asset value, end of period		$ 7.97			$ 6.77			$21.35			$25.36			$17.75
Total Return
Total investment return based on net asset value(d)*		17.72	%		(39.26	)%		9.20	%		53.64	%		36.01	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$37,663			$32,491			$54,079			$84,816			$50,978
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Expenses, before waivers/reimbursements(e)		1.56	%		1.47	%		1.31	%		1.33	%		1.42	%
Net investment loss(b)		(.62	)%		(.67	)%		(.96	)%		(.84	)%		(.64	)%
Portfolio turnover rate		69	%		67	%		67	%		103	%		69	%

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

	Year Ended December 31,
	2023			2022			2021			2020			2019
Class A
Net of waivers/reimbursements		.90	%		.90	%		.90	%		.90	%		.90	%
Before waivers/reimbursements		1.31	%		1.22	%		1.07	%		1.09	%		1.16	%
Class B
Net of waivers/reimbursements		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Before waivers/reimbursements		1.56	%		1.47	%		1.31	%		1.33	%		1.42	%

* 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, 2023 and December 31, 2021 by .02% 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 series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

February 14, 2024

22

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
Esteban Gomez(2), Vice President Samantha S. Lau(2), Vice President Heather Pavlak(2), Vice President Wen-Tse Tseng(2), Vice President Nancy E. Hay, Secretary	Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114	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. 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.

23

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 and Advisory Board member 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 48 (2021)	Senior Vice President of the Adviser**, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None
DISINTERESTED DIRECTORS
Garry L. Moody## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None

24

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,## 72 (2020)	Private Investor since prior to 2019. 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 (2017-2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011
Michael J. Downey,## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 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.		82	None
Nancy P. Jacklin,## 75 (2006)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	None

25

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82	None
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		82	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Marshall C. Turner, Jr.## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023–June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

* The address for each of the Fund’s disinterested Directors and Advisory Board member 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 or Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with 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 48	President and Chief Executive Officer	See biography above.
Esteban Gomez 40	Vice President	Senior Vice President of the Adviser**, with which he has been associated in a substantially similar capacity since prior to 2019.
Samantha S. Lau 51	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2019. She is also Chief Investment Officer of Small and SMID Cap Growth Equities.
Heather Pavlak 40	Vice President	Senior Vice President of the Adviser**, with which she has been associated since 2019.
Wen-Tse Tseng 58	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

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

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

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

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/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

29

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small Cap Growth Portfolio (the “Fund”) at a meeting held in-person on May 2-4, 2023 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

30

AB Variable Products Series Fund

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser utilizing similar investment strategies.

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

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.

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

Economies of Scale

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

32

VPS-SCG- 0151-1223

DEC ^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ AB SUSTAINABLE GLOBAL THEMATIC PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

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

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2024

The following is an update of AB Variable Products Series Fund—Sustainable Global Thematic Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2023.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

Currency exposures can have a dramatic impact on equity return, 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. Decisions regarding portfolio investments and whether to hedge currency exposure are evaluated separately by the Adviser. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), for the one-, five- and 10-year periods ended December 31, 2023.

All share classes of the Portfolio underperformed the benchmark for the 12-month period. Security selection drove underperformance, relative to the benchmark. Security selection within the technology and industrials sectors detracted the most, while selection within health care contributed. Sector allocation was positive. An overweight to technology and an underweight to energy helped offset losses from an overweight to health care and an underweight to communication services. Country selection (a result of bottom-up security analysis driven by fundamental research) was positive; losses from overweights to

1

AB Variable Products Series Fund

Hong Kong and India detracted most but were offset by underweights to China and Canada, which contributed.

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

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

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended December 31, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory in October. Equity markets rallied sharply during November and December, as optimism rose that the US Federal Reserve would begin to cut interest rates in 2024—both earlier and more than previously anticipated. Although US mega-cap technology stocks drove returns through much of the year, the rally broadened considerably during the fourth quarter as soft-landing expectations in the US continued to be underpinned by cooling inflation and moderating economic growth. Within large-cap markets, both growth-and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence optimism. Large-cap stocks outperformed small-cap stocks, although both rose in absolute terms.

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

2

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

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value (“NAV”), than would be the case if the Portfolio were invested in a larger number of companies.

(Disclosures, Risks and Note About Historical Performance continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your financial advisor or insurance agent representative at your financial institution to obtain portfolio performance information current to the most recent month-end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2023 (unaudited)	1 Year		5 Years1		10 Years1
Sustainable Global Thematic Portfolio Class A		16.01%		13.56%		9.60%
Sustainable Global Thematic Portfolio Class B		15.70%		13.27%		9.33%
MSCI ACWI (net)		22.20%		11.72%		7.93%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.96% and 1.21% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expense ratios to 0.90% and 1.15% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2024, 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

12/31/2013 TO 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Sustainable Global Thematic Portfolio Class A shares (from 12/31/2013 to 12/31/2023) as compared with the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

5

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The first line of each class’ table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The second line of each class’ table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,036.70	$	4.77		0.93	%
Hypothetical**	$	1,000	$	1,020.52	$	4.74		0.93	%
Class B
Actual	$	1,000	$	1,035.30	$	6.05		1.18	%
Hypothetical**	$	1,000	$	1,019.26	$	6.01		1.18	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

6

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Visa, Inc.—Class A	$	5,152,327		3.1	%
Microsoft Corp.		5,085,941		3.1
Partners Group Holding AG		4,616,918		2.8
Waste Management, Inc.		4,500,425		2.7
Accenture PLC—Class A		4,090,909		2.5
MSCI, Inc.		4,081,165		2.5
Deutsche Boerse AG		4,036,320		2.5
London Stock Exchange Group PLC		3,946,846		2.4
Flex Ltd.		3,847,006		2.3
Intuit, Inc.		3,755,805		2.3
	$	43,113,662		26.2	%

SECTOR BREAKDOWN²

December 31, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	53,258,557		32.6	%
Health Care		28,157,535		17.2
Industrials		28,009,087		17.2
Financials		27,594,326		16.9
Consumer Staples		10,493,082		6.4
Consumer Discretionary		8,425,352		5.2
Utilities		4,430,577		2.7
Energy		2,148,346		1.3
Materials		265,859		0.2
Short-Term Investments		535,667		0.3
Total Investments	$	163,318,388		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

7

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	110,971,923		67.9	%
United Kingdom		8,619,863		5.3
Germany		7,654,215		4.7
Switzerland		7,585,582		4.6
India		5,316,132		3.3
Japan		4,856,199		3.0
Taiwan		3,201,647		2.0
Netherlands		3,174,302		1.9
China		3,006,725		1.8
Hong Kong		2,245,343		1.4
Canada		2,231,039		1.4
Finland		2,148,346		1.3
Norway		1,505,546		0.9
Denmark		265,859		0.2
Short-Term Investments		535,667		0.3
Total Investments	$	163,318,388		100.0	%

1 The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

8

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2023	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.4%
INFORMATION TECHNOLOGY–32.5%
COMMUNICATIONS EQUIPMENT–1.3%
Calix, Inc.(a)		50,827	$	2,220,632
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–5.8%
Flex Ltd.(a)		126,297		3,847,006
Keyence Corp.		4,600		2,021,039
Keysight Technologies, Inc.(a)		22,854		3,635,843
				9,503,888
IT SERVICES–2.5%
Accenture PLC–Class A		11,658		4,090,909
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–10.3%
ASML Holding NV		4,205		3,174,302
Infineon Technologies AG		86,630		3,617,895
NVIDIA Corp.		5,010		2,481,052
NXP Semiconductors NV		10,376		2,383,160
ON Semiconductor Corp.(a)		24,112		2,014,075
Taiwan Semiconductor Manufacturing Co., Ltd.		167,000		3,201,647
				16,872,131
SOFTWARE–12.6%
Adobe, Inc.(a)		6,160		3,675,056
Bentley Systems, Inc.–Class B		38,684		2,018,531
Fair Isaac Corp.(a)		2,848		3,315,101
Intuit, Inc.		6,009		3,755,805
Microsoft Corp.		13,525		5,085,941
Palo Alto Networks, Inc.(a)		9,226		2,720,563
				20,570,997
				53,258,557
HEALTH CARE–17.2%
HEALTH CARE EQUIPMENT & SUPPLIES–5.3%
Alcon, Inc.		37,945		2,968,664
Becton Dickinson & Co.		12,261		2,989,599
STERIS PLC		12,101		2,660,405
				8,618,668
HEALTH CARE PROVIDERS & SERVICES–3.0%
Apollo Hospitals Enterprise Ltd.		40,797		2,796,678
Laboratory Corp. of America Holdings		9,226		2,096,978
				4,893,656
LIFE SCIENCES TOOLS & SERVICES–7.6%
Bio-Rad Laboratories, Inc.–Class A(a)		4,836		1,561,496
Bruker Corp.		25,666		1,885,938
Danaher Corp.		13,826		3,198,507
ICON PLC(a)		12,751		3,609,425
West Pharmaceutical Services, Inc.		6,276		2,209,905
				12,465,271
PHARMACEUTICALS–1.3%
Johnson & Johnson		13,908	$	2,179,940
				28,157,535
INDUSTRIALS–17.1%
AEROSPACE & DEFENSE–1.6%
Hexcel Corp.		35,767		2,637,816
COMMERCIAL SERVICES & SUPPLIES–6.6%
Tetra Tech, Inc.		19,823		3,309,053
Veralto Corp.		35,896		2,952,805
Waste Management, Inc.		25,128		4,500,425
				10,762,283
CONSTRUCTION & ENGINEERING–1.4%
WSP Global, Inc.		15,916		2,231,039
MACHINERY–4.3%
Deere & Co.		6,775		2,709,119
SMC Corp.		5,300		2,835,161
TOMRA Systems ASA		124,178		1,505,547
				7,049,827
PROFESSIONAL SERVICES–3.2%
Experian PLC		83,317		3,398,943
RELX PLC (London)		48,626		1,929,179
				5,328,122
				28,009,087
FINANCIALS–16.9%
CAPITAL MARKETS–10.2%
Deutsche Boerse AG		19,600		4,036,320
London Stock Exchange Group PLC		33,388		3,946,846
MSCI, Inc.		7,215		4,081,165
Partners Group Holding AG		3,193		4,616,918
				16,681,249
FINANCIAL SERVICES–3.2%
Visa, Inc.–Class A		19,790		5,152,327
INSURANCE–3.5%
Aflac, Inc.		42,611		3,515,407
AIA Group Ltd.		258,000		2,245,343
				5,760,750
				27,594,326
CONSUMER STAPLES–6.4%
HOUSEHOLD PRODUCTS–1.6%
Procter & Gamble Co. (The)		17,511		2,566,062
PERSONAL CARE PRODUCTS–4.8%
Dabur India Ltd.		376,777		2,519,454
Haleon PLC		650,599		2,663,728
Unilever PLC		56,678		2,743,838
				7,927,020
				10,493,082
CONSUMER DISCRETIONARY–5.1%
AUTOMOBILE COMPONENTS–1.6%
Aptiv PLC(a)		29,664		2,661,454

9

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
AUTOMOBILES–1.8%
BYD Co., Ltd.–Class H		109,000	$	3,006,725
HOUSEHOLD DURABLES–1.7%
TopBuild Corp.(a)		7,367		2,757,173
				8,425,352
UTILITIES–2.7%
ELECTRIC UTILITIES–1.7%
NextEra Energy, Inc.		46,893		2,848,281
WATER UTILITIES–1.0%
American Water Works Co., Inc.		11,988		1,582,296
				4,430,577
ENERGY–1.3%
OIL, GAS & CONSUMABLE FUELS–1.3%
Neste Oyj		60,432		2,148,346
MATERIALS–0.2%
CHEMICALS–0.2%
Chr Hansen Holding A/S		3,170		265,859
Total Common Stocks (cost $121,336,290)				162,782,721
SHORT-TERM INVESTMENTS–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(b)(c)(d) (cost $535,667)		535,667		535,667
TOTAL INVESTMENTS–99.7% (cost $121,871,957)				163,318,388
Other assets less liabilities–0.3%				426,925
NET ASSETS–100.0%			$	163,745,313

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		CNH	13,387		USD	1,842		01/11/2024	$	(37,656	)
Bank of America, NA		USD	3,080		CNH	22,379		01/11/2024		62,875
Bank of America, NA		USD	3,939		JPY	581,403		01/12/2024		189,390
Bank of America, NA		NOK	6,605		USD	609		02/16/2024		(41,666	)
Barclays Bank PLC		BRL	3,851		USD	795		01/03/2024		2,669
Barclays Bank PLC		USD	783		BRL	3,851		01/03/2024		9,585
Barclays Bank PLC		USD	1,139		SEK	11,865		02/16/2024		39,269
Barclays Bank PLC		INR	198,673		USD	2,376		03/14/2024		(3,957	)
Citibank, NA		USD	1,795		KRW	2,418,517		01/18/2024		72,405
Citibank, NA		CHF	2,699		USD	3,056		02/15/2024		(167,201	)
Citibank, NA		TWD	19,469		USD	625		02/26/2024		(18,237	)
Citibank, NA		HKD	9,960		USD	1,279		03/14/2024		1,308
Morgan Stanley Capital Services, Inc.		BRL	3,851		USD	797		01/03/2024		4,530
Morgan Stanley Capital Services, Inc.		USD	795		BRL	3,851		01/03/2024		(2,669	)
Morgan Stanley Capital Services, Inc.		USD	809		EUR	740		01/10/2024		8,368
Morgan Stanley Capital Services, Inc.		GBP	6,515		USD	8,095		01/25/2024		(210,711	)
Morgan Stanley Capital Services, Inc.		USD	794		BRL	3,851		02/02/2024		(2,659	)
State Street Bank & Trust Co.		EUR	353		USD	378		01/10/2024		(11,866	)
State Street Bank & Trust Co.		USD	376		EUR	353		01/10/2024		13,771
State Street Bank & Trust Co.		CNH	2,077		USD	284		01/11/2024		(7,721	)
State Street Bank & Trust Co.		USD	492		CNH	3,534		01/11/2024		4,055
State Street Bank & Trust Co.		JPY	129,329		USD	882		01/12/2024		(36,191	)
State Street Bank & Trust Co.		USD	395		JPY	57,827		01/12/2024		15,945
State Street Bank & Trust Co.		GBP	511		USD	645		01/25/2024		(6,572	)
State Street Bank & Trust Co.		USD	475		ZAR	9,091		02/07/2024		20,674
State Street Bank & Trust Co.		CHF	281		USD	326		02/15/2024		(9,399	)

10

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		NOK	4,176		USD	381		02/16/2024	$	(30,473	)
UBS AG		USD	1,947		CAD	2,680		01/10/2024		76,078
UBS AG		USD	2,471		AUD	3,791		01/25/2024		114,259
									$	48,203

(a) Non-income producing security.

(b) Affiliated investments.

(c) The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

See notes to financial statements.

11

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $121,336,290)	$	162,782,721
Affiliated issuers (cost $535,667)		535,667
Foreign currencies, at value (cost $653,528)		666,539
Unrealized appreciation on forward currency exchange contracts		635,181
Unaffiliated dividends receivable		231,444
Receivable for investment securities sold		44,328
Receivable due from Advisor		6,946
Affiliated dividends receivable		4,746
Receivable for capital stock sold		2,387
Total assets		164,909,959
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		586,978
Foreign capital gains tax payable		179,830
Custody and accounting fees payable		132,507
Advisory fee payable		102,142
Payable for capital stock redeemed		34,657
Administrative fee payable		23,300
Distribution fee payable		21,961
Transfer Agent fee payable		150
Accrued expenses		83,121
Total liabilities		1,164,646
NET ASSETS	$	163,745,313
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,154
Additional paid-in capital		122,293,371
Distributable earnings		41,446,788
NET ASSETS	$	163,745,313

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	58,246,685		1,756,219	$	33.17
B	$	105,498,628		3,397,917	$	31.05

See notes to financial statements.

12

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $147,130)	$	1,703,372
Affiliated issuers		224,027
Interest		1,451
Securities lending income		3,510
Other income		67
		1,932,427
EXPENSES
Advisory fee (see Note B)		1,171,880
Distribution fee—Class B		253,819
Transfer agency—Class A		2,002
Transfer agency—Class B		3,710
Administrative		94,632
Custody and accounting		82,237
Audit and tax		64,640
Legal		36,592
Printing		26,898
Directors’ fees		18,752
Miscellaneous		17,543
Total expenses		1,772,705
Less: expenses waived and reimbursed by the Adviser (see Note B)		(83,266	)
Net expenses		1,689,439
Net investment income		242,988
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		1,275,766
Forward currency exchange contracts		(419,408	)
Foreign currency transactions		7,680
Net change in unrealized appreciation (depreciation) of:
Investments(b)		22,763,844
Forward currency exchange contracts		(654,576	)
Foreign currency denominated assets and liabilities		21,239
Net gain on investment and foreign currency transactions		22,994,545
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	23,237,533

(a) Net of foreign realized capital gains taxes of $71,136.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $32,256.

See notes to financial statements.

13

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	242,988		$	52,469
Net realized gain on investment and foreign currency transactions		864,038			9,249,524
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		22,130,507			(68,416,642	)
Net increase (decrease) in net assets from operations		23,237,533			(59,114,649	)
Distributions to Shareholders
Class A		(3,403,390	)		(5,619,793	)
Class B		(6,377,144	)		(11,762,309	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(2,769,396	)		9,023,323
Total increase (decrease)		10,687,603			(67,473,428	)
NET ASSETS
Beginning of period		153,057,710			220,531,138
End of period	$	163,745,313		$	153,057,710

See notes to financial statements.

14

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Sustainable Global Thematic Portfolio (the “Portfolio”) (formerly known as AB Global Thematic Growth Portfolio) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940 (the “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

15

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

	Level 1		Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	41,243,674	$	12,014,883	$	–0	–	$	53,258,557
Health Care		22,392,193		5,765,342		–0	–		28,157,535
Industrials		18,340,257		9,668,830		–0	–		28,009,087
Financials		12,748,899		14,845,427		–0	–		27,594,326
Consumer Staples		2,566,062		7,927,020		–0	–		10,493,082

16

AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Consumer Discretionary

$

5,418,627

$

3,006,725

$

–0

–

$

8,425,352

Utilities

4,430,577

–0

–

–0

–

4,430,577

Energy

–0

–

2,148,346

–0

–

2,148,346

Materials

–0

–

265,859

–0

–

265,859

Short-Term Investments

535,667

–0

–

–0

–

535,667

Total Investments in Securities

107,675,956

55,642,432

(a)

–0

–

163,318,388

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

635,181

–0

–

635,181

Liabilities:

Forward Currency Exchange Contracts

–0

–

(586,978

)

–0

–

(586,978

)

Total

$

107,675,956

$

55,690,635

$

–0

–

$

163,366,591

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

17

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has contractually agreed to waive its management fee and/or bear expenses of the Portfolio in order to reduce the Portfolio’s total operating expenses by an amount equal to .05% on an annual basis of the average net assets for Class A and Class B. For the year ended December 31, 2023, such reimbursements/waivers amounted to $78,128. This fee waiver and/or expense reimbursement agreement extends through May 1, 2024 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2023, the reimbursement for such services amounted to $94,632.

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 $1,800 for the year ended December 31, 2023.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. 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, 2023, such waiver amounted to $5,138.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,497	$	31,249	$	36,210	$	536	$	224

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the 1940 Act. 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

18

AB Variable Products Series Fund

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, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	47,883,025		$	55,567,274
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	$	122,192,479
Gross unrealized appreciation	$	44,666,924
Gross unrealized depreciation		(3,557,944	)
Net unrealized appreciation	$	41,108,980

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, 2023, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

19

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

During the year ended December 31, 2023, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	635,181	Unrealized depreciation on forward currency exchange contracts	$	586,978
Total		$	635,181		$	586,978

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	$	(419,408	)	$	(654,576	)
Total		$	(419,408	)	$	(654,576	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2023:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	24,102,617
Average principal amount of sale contracts	$	25,435,845

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, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Bank of America, NA

$

252,265

$

(79,322

)

$

–0

–

$

–0

–

$

172,943

Barclays Bank PLC

51,523

(3,957

)

–0

–

–0

–

47,566

Citibank, NA

73,713

(73,713

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

12,898

(12,898

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

54,445

(54,445

)

–0

–

–0

–

–0

–

UBS

190,337

–0

–

–0

–

–0

–

190,337

Total

$

635,181

$

(224,335

)

$

–0

–

$

–0

–

$

410,846

^

20

AB Variable Products Series Fund

Counterparty	DerivativeLiabilities Subjectto a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America, NA	$	79,322	$	(79,322	)	$	–0	–	$	–0	–	$	–0	–
Barclays Bank PLC		3,957		(3,957	)		–0	–		–0	–		–0	–
Citibank, NA		185,438		(73,713	)		–0	–		–0	–		111,725
Morgan Stanley Capital Services, Inc.		216,039		(12,898	)		–0	–		–0	–		203,141
State Street Bank & Trust Co.		102,222		(54,445	)		–0	–		–0	–		47,777
Total	$	586,978	$	(224,335	)	$	–0	–	$	–0	–	$	362,643	^

* 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. If 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.

21

SUSTAINABLE GLOBAL THEMATIC 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, 2023 is as follows:

Government Money Market  Portfolio

Market Value of Securities on Loan*

Cash Collateral*

Market Value of Non-Cash Collateral*

Income from Borrowers

Income Earned

Advisory Fee Waived

$

–0

–

$

–0

–

$

–0

–

$

3,510

$

–0

–

$

–0

–

* As of December 31, 2023.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares sold		129,672			203,270		$	4,084,925		$	7,169,402
Shares issued in reinvestment of dividends and distributions		106,924			170,090			3,403,390			5,619,793
Shares redeemed		(207,721	)		(176,800	)		(6,621,923	)		(6,064,541	)
Net increase		28,875			196,560		$	866,392		$	6,724,654
Class B
Shares sold		197,320			342,113		$	5,765,234		$	11,115,948
Shares issued on reinvestment of dividends and distributions		213,783			378,453			6,377,144			11,762,309
Shares redeemed		(529,397	)		(624,992	)		(15,778,166	)		(20,579,588	)
Net increase (decrease)		(118,294	)		95,574		$	(3,635,788	)	$	2,298,669

At December 31, 2023, certain shareholders of the Portfolio owned 59% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

Sector Risk—The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

ESG Risk—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Portfolio may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Portfolio’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Portfolio’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

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.

22

AB Variable Products Series Fund

Emerging-Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Portfolio to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV, than would be the case if the Portfolio were invested in a larger number of companies.

LIBOR Replacement Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2023.

23

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	186,160	$	176,259
Net long-term capital gains		9,594,374		17,205,843
Total taxable distributions paid	$	9,780,534	$	17,382,102

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed capital gains	$	498,580
Unrealized appreciation (depreciation)		40,948,208	(a)
Total accumulated earnings (deficit)	$	41,446,788

(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, 2023, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss resulted in a net increase in distributable earnings and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE K: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

24

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	30.42		$	46.20		$	42.40		$	33.52		$	27.35
Income From Investment Operations
Net investment income (loss)(a)(b)		.10			.07			(.10	)		(.10	)		.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.68			(12.25	)		9.46			12.64			8.00
Net increase (decrease) in net asset value from operations		4.78			(12.18	)		9.36			12.54			8.08
Less: Dividends and Distributions
Dividends from net investment income		(.09	)		–0	–		–0	–		(.24	)		(.13	)
Distributions from net realized gain on investment transactions		(1.94	)		(3.60	)		(5.56	)		(3.42	)		(1.78	)
Total dividends and distributions		(2.03	)		(3.60	)		(5.56	)		(3.66	)		(1.91	)
Net asset value, end of period	$	33.17		$	30.42		$	46.20		$	42.40		$	33.52
Total Return
Total investment return based on net asset value(c)		16.01	%		(26.98	)%		22.87	%		39.41	%		30.16	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	58,246		$	52,543		$	70,723		$	58,316		$	43,237
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.92	%		.90	%		.88	%		.94	%		.99	%
Expenses, before waivers/reimbursements(d)‡		.97	%		.96	%		.93	%		1.00	%		1.04	%
Net investment income (loss)(b)		.32	%		.20	%		(.22	)%		(.29	)%		.27	%
Portfolio turnover rate		32	%		43	%		24	%		44	%		43	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.00	%		.01	%		.00	%

See footnote summary on page 26.

25

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	28.59		$	43.80		$	40.54		$	32.19		$	26.33
Income From Investment Operations
Net investment income (loss)(a)(b)		.02			(.02	)		(.20	)		(.18	)		.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.39			(11.59	)		9.02			12.11			7.68
Net increase (decrease) in net asset value from operations		4.41			(11.61	)		8.82			11.93			7.69
Less: Dividends and Distributions
Dividends from net investment income		(.01	)		–0	–		–0	–		(.16	)		(.05	)
Distributions from net realized gain on investment transactions		(1.94	)		(3.60	)		(5.56	)		(3.42	)		(1.78	)
Total dividends and distributions		(1.95	)		(3.60	)		(5.56	)		(3.58	)		(1.83	)
Net asset value, end of period	$	31.05		$	28.59		$	43.80		$	40.54		$	32.19
Total Return
Total investment return based on net asset value(c)		15.70	%		(27.17	)%		22.57	%		39.08	%		29.78	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	105,499		$	100,515		$	149,808		$	127,062		$	93,645
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.17	%		1.15	%		1.13	%		1.19	%		1.24	%
Expenses, before waivers/reimbursements(d)‡		1.22	%		1.21	%		1.18	%		1.25	%		1.29	%
Net investment income (loss)(b)		.07	%		(.05	)%		(.47	)%		(.54	)%		.02	%
Portfolio turnover rate		32	%		43	%		24	%		44	%		43	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.00	%		.01	%		.00	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(d) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the year ended December 31, 2020, such waiver amounted to .01%.

See notes to financial statements.

26

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Sustainable Global Thematic Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Sustainable Global Thematic Portfolio (the “Portfolio”) (one of the series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2024

27

2023 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, 2023. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. The Portfolio designates $9,594,374 of dividends paid as long-term capital gain dividends.

28

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
Daniel C. Roarty(2), Vice President Benjamin Ruegsegger(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
One Congress Street, Suite 1 Boston, MA 02114	One Battery Park Plaza New York, NY 10004
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
501 Commerce Street Nashville, TN 37203	P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP
One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Sustainable Thematic Equities Investment Team. Messrs. Roarty and Ruegsegger are the investment professional with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

29

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors and Advisory Board Member 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 48 (2021)	Senior Vice President of the Adviser**, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 20 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None
DISINTERESTED DIRECTORS
Garry L. Moody## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None

30

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,## 72 (2020)	Private Investor since prior to 2019. 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 (2017–2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014–2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011
Michael J. Downey,## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2018 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		82	None
Nancy P. Jacklin,## 75 (2006)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	None

31

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82	None
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.		82	None
Marshall C. Turner, Jr.## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	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
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023-June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

* The address for each of the Fund’s disinterested Directors and Advisory Board member 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 or Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with the Adviser.

^## Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

33

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS,* AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer of Sustainable Thematic Equities.
Benjamin Ruegsegger 44	Vice President	Senior Vice President and Senior Research Analyst of the Adviser**, with which he has been associated since prior to 2019.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

  The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

34

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

35

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Sustainable Global Thematic Portfolio (formerly AB Global Thematic Growth Portfolio) (the “Fund”) at a meeting held in-person on May 2-4, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts

36

AB Variable Products Series Fund

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2023. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and the directors took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

37

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians, after giving effect to a voluntary waiver by the Adviser. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

38

VPS-SGT-0151-1223

DEC^12.31.23

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ AB SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

SUSTAINABLE INTERNATIONAL
THEMATIC PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2024

The following is an update of AB Variable Products Series Fund—Sustainable International Thematic Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2023.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a focused international portfolio of equity securities of companies whose business activities the Adviser believes position the company to benefit from certain sustainable investment themes that align with one or more of the United Nations Sustainable Development Goals (“SDGs”) 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 thematic criteria and in derivative instruments related to such securities. An issuer that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets such criteria, although many of the issuers in which the Portfolio invests will derive a much greater portion of their revenues from such activities.

The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying, based on its internal research and analysis, securities of companies worldwide that fit into sustainable investment themes. First, the Adviser identifies through its “top-down” process the sustainable investment themes. In addition to this “top-down” thematic approach, the Adviser then uses a “bottom-up” analysis of individual companies that focuses on prospective earnings growth, valuation, and quality of company management and on evaluating a company’s risks, including those related to environmental, social and corporate governance (“ESG”) factors. ESG factors, which can vary across companies and industries, may include environmental impact, corporate governance, ethical business practices, diversity and employee practices, product safety, supply-chain management and community impact. Eligible investments include securities of issuers that the Adviser believes will maximize total return while also contributing to positive societal impact aligned with one or more SDGs. While the Adviser emphasizes company-specific positive selection criteria over broad-based negative screens in assessing a company’s exposure to ESG factors, the Portfolio will not invest in companies that derive revenue in adult entertainment, alcohol, coal, controversial weapons, firearms, gambling, genetically modified organisms, military contracting, prisons or tobacco.

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 return, 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. Decisions regarding portfolio investments and whether to hedge currency exposure are evaluated separately by the Adviser. The Adviser also may 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 or futures contracts (including futures contracts on individual securities and stock indices). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared with its primary benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) ex USA (net), and the Morgan Stanley Capital International (“MSCI”) World Index ex USA (net), for the one-, five- and 10-year periods ended December 31, 2023.

1

AB Variable Products Series Fund

All share classes of the Portfolio underperformed the primary benchmark and the MSCI World ex USA Index (net) for the annual period. Overall security selection detracted, relative to the primary benchmark, especially within the technology and utilities sectors. Security selection within health care and consumer discretionary added to gains. Sector allocation contributed, as an overweight to technology and an underweight to communication services helped offset losses from overweights to health care and consumer staples. Country selection (a result of bottom-up security analysis driven by fundamental research) contributed as an overweight to the US and an underweight to China helped offset losses from an underweight to Japan and an overweight to Finland.

The Climate theme consists of companies that improve overall resource efficiency and provide environmentally positive solutions in fields such as energy production, manufacturing, construction, transportation, agriculture and sanitation. The Health theme consists of companies that develop innovative health treatments and therapies, broaden access to high-quality and affordable care, ensure a steady supply of nutritious food and clean water, and promote overall physical and emotional well-being. The Empowerment theme consists of companies that provide the physical, financial and technological infrastructure and services that allow more people to gain control of their lives by enabling sustainable economic development, employment growth, poverty eradication, knowledge sharing and social inclusion.

The Portfolio used derivatives in the form of currency forwards for hedging purposes, which had no material impact on absolute returns for the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended December 31, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory in October. Equity markets rallied sharply during November and December, as optimism rose that the US Federal Reserve would begin to cut interest rates in 2024—both earlier and more than previously anticipated. Although US mega-cap technology stocks drove returns through much of the year, the rally broadened considerably during the fourth quarter as soft-landing expectations in the US continued to be underpinned by cooling inflation and moderating economic growth. Within large-cap markets, both growth-and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence optimism. Large-cap stocks outperformed small-cap stocks, although both rose in absolute terms.

The Portfolio’s exposures remain focused on secular growth themes, particularly those related to providing solutions to some of the world’s largest and most persistent sustainability challenges. This has helped the Portfolio’s Senior Investment Management Team (the “Team”) to identify financially strong companies that the Team believes are less dependent on overall macroeconomic strength for success, leading to more resilient earnings growth. The Team also believes higher quality attributes like lower leverage, durable earnings growth, and profitability, are more likely to hold up well during challenging economic periods. The Portfolio is positioned particularly well in this regard.

2

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

All indices are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI ACWI ex USA (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets, excluding the US. The MSCI World Index ex USA (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets, excluding the US. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value (“NAV”), than would be the case if the Portfolio were invested in a larger number of companies.

Sector Risk: The Portfolio may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the technology or financial-services sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Portfolio may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Portfolio’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Portfolio’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Portfolio to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the

(Disclosures, Risks and Note About Historical Performance continued on next page)

3

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2023 (unaudited)	1 Year		5 Years1		10 Years1
Sustainable International Thematic Portfolio Class A		12.63%		7.90%		3.95%
Sustainable International Thematic Portfolio Class B		12.35%		7.63%		3.69%
Primary Benchmark: MSCI ACWI ex USA (net)		15.62%		7.08%		3.83%
MSCI World Index ex USA (net)		17.94%		8.45%		4.32%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.60% and 1.85% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expense ratios to 1.54% and 1.79% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2024, 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

12/31/2013 TO 12/31/2023 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Sustainable International Thematic Portfolio Class A shares (from 12/31/2013 to 12/31/2023) as compared with the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note About Historical Performance on pages 3-4.

5

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,028.80	$	8.13		1.59	%	$	8.18		1.60	%
Hypothetical**	$	1,000	$	1,017.19	$	8.08		1.59	%	$	8.13		1.60	%
Class B
Actual	$	1,000	$	1,027.90	$	9.41		1.84	%	$	9.46		1.85	%
Hypothetical**	$	1,000	$	1,015.93	$	9.35		1.84	%	$	9.40		1.85	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain affiliated/unaffiliated underlying portfolios acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Partners Group Holding AG	$	1,483,545		3.8	%
BYD Co., Ltd.—Class H		1,365,439		3.5
Veralto Corp.		1,217,283		3.1
London Stock Exchange Group PLC		1,160,719		3.0
Accenture PLC—Class A		1,153,441		2.9
Danone SA		1,145,301		2.9
Deutsche Boerse AG		1,102,780		2.8
ICON PLC		1,101,708		2.8
Autoliv, Inc.		1,033,472		2.6
Halma PLC		1,030,392		2.6
	$	11,794,080		30.0	%

SECTOR BREAKDOWN²

December 31, 2023 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	8,769,955		22.4	%
Information Technology		8,238,133		21.0
Health Care		6,659,268		17.0
Industrials		5,660,620		14.5
Consumer Staples		4,798,652		12.2
Consumer Discretionary		2,398,911		6.1
Materials		732,042		1.9
Energy		685,578		1.8
Short-Term Investments		1,229,764		3.1
Total Investments	$	39,172,923		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

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2023 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	9,033,849		23.1	%
United Kingdom		4,678,836		11.9
Switzerland		4,568,877		11.7
India		2,875,633		7.3
France		2,744,777		7.0
Germany		2,127,175		5.4
Canada		1,796,153		4.6
Japan		1,587,542		4.1
China		1,365,439		3.5
Finland		1,324,779		3.4
Sweden		1,033,472		2.6
Hong Kong		983,167		2.5
Taiwan		958,577		2.5
Other		2,864,883		7.3
Short-Term Investments		1,229,764		3.1
Total Investments	$	39,172,923		100.0	%

1 The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 2.4% or less in the following: Denmark, Indonesia, Ireland, Netherlands and Norway. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

8

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2023	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–96.6%
FINANCIALS–22.3%
BANKS–4.1%
Bank Mandiri Persero Tbk PT		2,103,500	$	826,333
HDFC Bank Ltd.		38,359		785,164
				1,611,497
CAPITAL MARKETS–9.5%
Deutsche Boerse AG		5,355		1,102,780
London Stock Exchange Group PLC		9,819		1,160,719
Partners Group Holding AG		1,026		1,483,545
				3,747,044
FINANCIAL SERVICES–2.3%
Edenred SE		14,791		885,163
INSURANCE–6.4%
Aflac, Inc.		12,368		1,020,360
AIA Group Ltd.		78,200		680,565
Beazley PLC		78,657		522,724
Prudential PLC		26,820		302,602
				2,526,251
				8,769,955
INFORMATION TECHNOLOGY–21.0%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–5.1%
Flex Ltd.(a)		13,583		413,738
Halma PLC		35,438		1,030,392
Keyence Corp.		1,300		571,163
				2,015,293
IT SERVICES–3.0%
Accenture PLC–Class A		3,287		1,153,441
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–11.3%
ASML Holding NV		1,256		948,138
Infineon Technologies AG		24,529		1,024,395
NXP Semiconductors NV		3,426		786,884
STMicroelectronics NV		14,241		714,314
Taiwan Semiconductor Manufacturing Co., Ltd.		50,000		958,577
				4,432,308
SOFTWARE–1.6%
Descartes Systems Group, Inc. (The)(a)		7,579		637,091
				8,238,133
HEALTH CARE–17.0%
HEALTH CARE EQUIPMENT & SUPPLIES–5.4%
Alcon, Inc.		9,983		781,030
ConvaTec Group PLC(b)		147,185		458,023
STERIS PLC		4,049		890,173
				2,129,226
HEALTH CARE PROVIDERS & SERVICES–2.4%
Apollo Hospitals Enterprise Ltd.		13,650		935,722
LIFE SCIENCES TOOLS & SERVICES–6.6%
Danaher Corp.		2,905		672,043
ICON PLC(a)		3,892		1,101,708
Tecan Group AG (REG)		1,993		815,351
				2,589,102
PHARMACEUTICALS–2.6%
Roche Holding AG (Genusschein)		3,458		1,005,218
				6,659,268
INDUSTRIALS–14.4%
COMMERCIAL SERVICES & SUPPLIES–3.1%
Veralto Corp.		14,798		1,217,283
CONSTRUCTION & ENGINEERING–2.0%
WSP Global, Inc.(c)		5,727		802,787
MACHINERY–4.6%
ATS Corp.(a)		8,272		356,275
SMC Corp.		1,900		1,016,379
TOMRA Systems ASA		34,628		419,833
				1,792,487
PROFESSIONAL SERVICES–4.7%
Experian PLC		25,061		1,022,372
RELX PLC (London)		20,812		825,691
				1,848,063
				5,660,620
CONSUMER STAPLES–12.2%
FOOD PRODUCTS–6.7%
Danone SA		17,653		1,145,301
Kerry Group PLC–Class A		6,656		577,736
Marico Ltd.		65,958		433,582
Nestle SA (REG)		4,173		483,734
				2,640,353
PERSONAL CARE PRODUCTS–5.5%
Dabur India Ltd.		107,848		721,164
Haleon PLC		184,611		755,847
Unilever PLC		14,073		681,288
				2,158,299
				4,798,652
CONSUMER DISCRETIONARY–6.1%
AUTOMOBILE COMPONENTS–2.6%
Autoliv, Inc.		9,379		1,033,472
AUTOMOBILES–3.5%
BYD Co., Ltd.–Class H(c)		49,500		1,365,439
				2,398,911

9

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MATERIALS–1.9%
CHEMICALS–0.3%
Chr Hansen Holding A/S		1,107	$	92,841
CONTAINERS & PACKAGING–1.6%
Huhtamaki Oyj(c)		15,748		639,201
				732,042
ENERGY–1.7%
OIL, GAS & CONSUMABLE FUELS–1.7%
Neste Oyj		19,285		685,578
Total Common Stocks (cost $30,202,178)				37,943,159
SHORT-TERM INVESTMENTS–3.1%
INVESTMENT COMPANIES–3.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(d)(e)(f) (cost $1,229,764)		1,229,764		1,229,764
Total Investments Before Security Lending Collateral for Securities Loaned–99.7% (cost $31,431,942)				39,172,923
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.7%
INVESTMENT COMPANIES–1.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.27%(d)(e)(f) (cost $673,583)		673,583		673,583
TOTAL INVESTMENTS–101.4% (cost $32,105,525)				39,846,506
Other assets less liabilities–(1.4)%				(568,954	)
NET ASSETS–100.0%			$	39,277,552

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	2,609		CNH	18,961		01/11/2024	$	53,121
Bank of America, NA		USD	4,027		JPY	594,500		01/12/2024		193,656
Bank of America, NA		USD	94		INR	7,864		03/14/2024		155
Barclays Bank PLC		BRL	2,841		USD	587		01/03/2024		1,969
Barclays Bank PLC		USD	578		BRL	2,841		01/03/2024		7,071
Barclays Bank PLC		USD	111		KRW	145,047		01/18/2024		1,059
Barclays Bank PLC		HKD	3,986		USD	511		03/14/2024		(94	)
Barclays Bank PLC		INR	74,193		USD	887		03/14/2024		(1,478	)
Citibank, NA		KRW	138,363		USD	103		01/18/2024		(3,744	)
Citibank, NA		USD	1,224		KRW	1,649,986		01/18/2024		49,397
Citibank, NA		IDR	8,511,440		USD	545		01/25/2024		(8,038	)
Citibank, NA		CHF	1,826		USD	2,067		02/15/2024		(113,119	)
Citibank, NA		USD	719		TWD	22,393		02/26/2024		20,976
Deutsche Bank AG		CNH	3,257		USD	454		01/11/2024		(3,553	)
Deutsche Bank AG		INR	13,541		USD	162		03/14/2024		40
Deutsche Bank AG		USD	511		HKD	3,986		03/14/2024		284
Goldman Sachs Bank USA		KRW	71,084		USD	55		01/18/2024		374
Morgan Stanley Capital Services, Inc.		BRL	2,841		USD	588		01/03/2024		3,342
Morgan Stanley Capital Services, Inc.		USD	587		BRL	2,841		01/03/2024		(1,969	)

10

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		USD	95		KRW	124,274		01/18/2024	$	1,261
Morgan Stanley Capital Services, Inc.		GBP	2,473		USD	3,073		01/25/2024		(79,983	)
Morgan Stanley Capital Services, Inc.		USD	586		BRL	2,841		02/02/2024		(1,962	)
Morgan Stanley Capital Services, Inc.		USD	60		INR	5,058		03/14/2024		109
State Street Bank & Trust Co.		CAD	74		USD	54		01/10/2024		(2,041	)
State Street Bank & Trust Co.		EUR	441		USD	477		01/10/2024		(10,149	)
State Street Bank & Trust Co.		USD	283		CAD	383		01/10/2024		5,721
State Street Bank & Trust Co.		USD	2,009		EUR	1,862		01/10/2024		47,414
State Street Bank & Trust Co.		USD	107		EUR	96		01/10/2024		(658	)
State Street Bank & Trust Co.		CNH	4,433		USD	609		01/11/2024		(13,073	)
State Street Bank & Trust Co.		JPY	93,376		USD	643		01/12/2024		(19,791	)
State Street Bank & Trust Co.		USD	496		JPY	72,716		01/12/2024		20,289
State Street Bank & Trust Co.		ILS	216		USD	54		01/17/2024		(5,729	)
State Street Bank & Trust Co.		USD	152		ILS	602		01/17/2024		14,638
State Street Bank & Trust Co.		USD	235		MXN	4,137		01/18/2024		7,667
State Street Bank & Trust Co.		USD	285		SGD	384		01/18/2024		6,445
State Street Bank & Trust Co.		GBP	363		USD	456		01/25/2024		(6,719	)
State Street Bank & Trust Co.		USD	179		AUD	269		01/25/2024		4,265
State Street Bank & Trust Co.		USD	466		GBP	370		01/25/2024		5,937
State Street Bank & Trust Co.		USD	95		GBP	74		01/25/2024		(310	)
State Street Bank & Trust Co.		USD	258		ZAR	4,946		02/07/2024		11,248
State Street Bank & Trust Co.		CHF	296		USD	342		02/15/2024		(11,318	)
State Street Bank & Trust Co.		USD	518		CHF	448		02/15/2024		17,288
State Street Bank & Trust Co.		NOK	2,072		USD	190		02/16/2024		(14,102	)
State Street Bank & Trust Co.		USD	746		SEK	7,692		02/16/2024		17,877
UBS AG		USD	867		CAD	1,194		01/10/2024		33,894
UBS AG		USD	1,588		AUD	2,437		01/25/2024		73,450
									$	301,117

(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, 2023, the market value of this security amounted to $458,023 or 1.2% of net assets.

(c) Represents entire or partial securities out on loan. See Note E for securities lending information.

(d) Affiliated investments.

(e) The rate shown represents the 7-day yield as of period end.

(f) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

11

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

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

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

REG—Registered Shares

See notes to financial statements.

12

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2023	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $30,202,178)	$	37,943,159	(a)
Affiliated issuers (cost $1,903,347—including investment of cash collateral for securities loaned of $673,583)		1,903,347
Cash		47
Foreign currencies, at value (cost $38,223)		38,821
Unrealized appreciation on forward currency exchange contracts		598,947
Unaffiliated dividends receivable		116,261
Receivable for investment securities sold		14,944
Affiliated dividends receivable		4,906
Receivable due from Adviser		1,786
Receivable for capital stock sold		608
Total assets		40,622,826
LIABILITIES
Payable for collateral received on securities loaned		673,583
Unrealized depreciation on forward currency exchange contracts		297,830
Custody and accounting fees payable		109,160
Payable for capital stock redeemed		78,233
Foreign capital gains tax payable		60,176
Advisory fee payable		24,380
Administrative fee payable		23,937
Distribution fee payable		4,289
Transfer Agent fee payable		150
Accrued expenses		73,536
Total liabilities		1,345,274
NET ASSETS	$	39,277,552
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,234
Additional paid-in capital		31,316,012
Distributable earnings		7,959,306
NET ASSETS	$	39,277,552

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	18,503,767		1,035,359	$	17.87
B	$	20,773,785		1,198,585	$	17.33

(a) Includes securities on loan with a value of $2,122,516 (see Note E).

See notes to financial statements.

13

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2023	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $81,117)	$	599,633
Affiliated issuers		91,681
Interest		5,246
Securities lending income		1,958
		698,518
EXPENSES
Advisory fee (see Note B)		292,460
Distribution fee—Class B		51,710
Transfer agency—Class A		1,912
Transfer agency—Class B		2,160
Administrative		95,094
Custody and accounting		67,572
Audit and tax		66,239
Legal		29,409
Printing		26,477
Directors’ fees		17,312
Miscellaneous		17,071
Total expenses		667,416
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(21,762	)
Net expenses		645,654
Net investment income		52,864
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		331,160
Forward currency exchange contracts		(586,191	)
Foreign currency transactions		(18,658	)
Net change in unrealized appreciation (depreciation) of:
Investments(b)		5,095,963
Forward currency exchange contracts		(258,447	)
Foreign currency denominated assets and liabilities		7,917
Net gain on investment and foreign currency transactions		4,571,744
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	4,624,608

(a) Net of foreign realized capital gains taxes of $24,380.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $8,564.

See notes to financial statements.

14

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2023			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	52,864		$	(8,120	)
Net realized gain (loss) on investment and foreign currency transactions		(273,689	)		347,829
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		4,845,433			(16,078,192	)
Net increase (decrease) in net assets from operations		4,624,608			(15,738,483	)
Distributions to Shareholders
Class A		(673,198	)		(3,231,780	)
Class B		(774,059	)		(3,834,063	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(2,786,817	)		4,146,604
Total increase (decrease)		390,534			(18,657,722	)
NET ASSETS
Beginning of period		38,887,018			57,544,740
End of period	$	39,277,552		$	38,887,018

See notes to financial statements.

15

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2023	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Sustainable International Thematic Portfolio (the “Portfolio”) (formerly known as AB International Growth Portfolio) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940 (the “1940 Act”). The Fund was incorporated in the State of Maryland as an open-end series investment company. The Fund offers 10 separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolio’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolio’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but

16

AB Variable Products Series Fund

are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	1,020,360		$	7,749,595	$	–0	–	$	8,769,955
Information Technology		2,991,154			5,246,979		–0	–		8,238,133
Health Care		2,663,924			3,995,344		–0	–		6,659,268
Industrials		2,376,345			3,284,275		–0	–		5,660,620
Consumer Staples		–0	–		4,798,652		–0	–		4,798,652
Consumer Discretionary		1,033,472			1,365,439		–0	–		2,398,911

17

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Level 1

Level 2

Level 3

Total

Materials

$

–0

–

$

732,042

$

–0

–

$

732,042

Energy

–0

–

685,578

–0

–

685,578

Short-Term Investments

1,229,764

–0

–

–0

–

1,229,764

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

673,583

–0

–

–0

–

673,583

Total Investments in Securities

11,988,602

27,857,904

(a)

–0

–

39,846,506

Other Financial Instruments(b):

Assets:

Forward Currency Exchange Contracts

–0

–

598,947

–0

–

598,947

Liabilities:

Forward Currency Exchange Contracts

–0

–

(297,830

)

–0

–

(297,830

)

Total

$

11,988,602

$

28,159,021

$

–0

–

$

40,147,623

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

18

AB Variable Products Series Fund

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has contractually agreed to waive its management fee and/or bear expenses of the Portfolio in order to reduce the Portfolio’s total operating expenses by an amount equal to .05% on an annual basis of the average net assets for Class A and Class B. For the year ended December 31, 2023, such reimbursements/waivers amounted to $19,498. This fee waiver and/or expense reimbursement agreement extends through May 1, 2024 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2023, the reimbursement for such services amounted to $95,094.

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 $1,800 for the year ended December 31, 2023.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. 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, 2023, such waiver amounted to $2,100.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2023 is as follows:

Portfolio	Market Value 12/31/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,145		$	10,943	$	10,859	$	1,229	$	92
Government Money Market Portfolio*		–0	–		5,963		5,289		674		1
Total								$	1,903	$	93

* 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 1940 Act. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

19

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2023 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	10,624,350		$	15,307,444
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	$	32,184,686
Gross unrealized appreciation	$	9,336,777
Gross unrealized depreciation		(1,655,384	)
Net unrealized appreciation	$	7,681,393

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, 2023, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single

20

AB Variable Products Series Fund

net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended December 31, 2023, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	598,947	Unrealized depreciation on forward currency exchange contracts	$	297,830
Total		$	598,947		$	297,830

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	$	(586,191	)	$	(258,447	)
Total		$	(586,191	)	$	(258,447	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2023:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	18,005,899
Average principal amount of sale contracts	$	10,951,741

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, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Bank of America, NA

$

246,932

$

–0

–

$

–0

–

$

–0

–

$

246,932

Barclays Bank PLC

10,099

(1,572

)

–0

–

–0

–

8,527

Citibank, NA

70,373

(70,373

)

–0

–

–0

–

–0

–

Deutsche Bank AG

324

(324

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

374

–0

–

–0

–

–0

–

374

Morgan Stanley Capital Services, Inc.

4,712

(4,712

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

158,789

(83,890

)

–0

–

–0

–

74,899

UBS AG

107,344

–0

–

–0

–

–0

–

107,344

Total

$

598,947

$

(160,871

)

$

–0

–

$

–0

–

$

438,076

^

21

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Barclays Bank PLC	$	1,572	$	(1,572	)	$	–0	–	$	–0	–	$	–0	–
Citibank, NA		124,901		(70,373	)		–0	–		–0	–		54,528
Deutsche Bank AG		3,553		(324	)		–0	–		–0	–		3,229
Morgan Stanley Capital Services, Inc.		83,914		(4,712	)		–0	–		–0	–		79,202
State Street Bank & Trust Co.		83,890		(83,890	)		–0	–		–0	–		–0	–
Total	$	297,830	$	(160,871	)	$	–0	–	$	–0	–	$	136,959	^

* 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. If the Portfolio cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Portfolio earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Portfolio in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

22

AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2023 is as follows:

				Government Money Market Portfolio
Market Value of Securities on Loan*	Cash Collateral*	Market Value of Non-Cash Collateral*	Income from Borrowers	Income Earned	Advisory Fee Waived
$2,122,516	$673,583	$1,563,206	$1,407	$551	$164

* As of December 31, 2023.

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Class A
Shares sold		30,025			46,298		$	508,454		$	910,370
Shares issued in reinvestment of distributions		39,004			182,587			673,198			3,231,780
Shares redeemed		(136,516	)		(108,658	)		(2,344,683	)		(2,111,779	)
Net increase (decrease)		(67,487	)		120,227		$	(1,163,031	)	$	2,030,371
Class B
Shares sold		83,117			80,711		$	1,404,702		$	1,510,744
Shares issued on reinvestment of distributions		46,212			222,393			774,059			3,834,063
Shares redeemed		(225,443	)		(171,634	)		(3,802,547	)		(3,228,574	)
Net increase (decrease)		(96,114	)		131,470		$	(1,623,786	)	$	2,116,233

At December 31, 2023, certain shareholders of the Portfolio owned 78% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV, than would be the case if the Portfolio were invested in a larger number of companies.

Sector Risk—The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology or financial services sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

ESG Risk—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Portfolio may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Portfolio’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Portfolio’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

23

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Portfolio to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio.

LIBOR Replacement Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolio is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2023.

24

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2023 and December 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Net long-term capital gains	$	1,447,257		7,065,843
Total taxable distributions paid	$	1,447,257	$	7,065,843

As of December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed capital gains	$	332,597
Unrealized appreciation (depreciation)		7,626,709	(a)
Total accumulated earnings (deficit)	$	7,959,306

(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, 2023, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss resulted in a net increase in distributable earnings and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE K: Subsequent Events

At a meeting of the Board held on October 31-November 2, 2023, the Board approved the liquidation and termination of the Portfolio (the “Liquidation”). The Portfolio expects to make liquidating distributions on or about April 16, 2024 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.

25

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$16.46			$27.11			$27.56			$23.49			$18.99
Income From Investment Operations
Net investment income (loss)(a)(b)		.05			.02			(.02	)		(.10	)		.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.01			(7.27	)		2.29			6.65			5.08
Net increase (decrease) in net asset value from operations		2.06			(7.25	)		2.27			6.55			5.16
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.34	)		(.13	)
Distributions from net realized gain on investment transactions		(.65	)		(3.40	)		(2.72	)		(2.14	)		(.53	)
Total dividends and distributions		(.65	)		(3.40	)		(2.72	)		(2.48	)		(.66	)
Net asset value, end of period		$17.87			$16.46			$27.11			$27.56			$23.49
Total Return
Total investment return based on net asset value(c)		12.63	%		(27.61	)%		8.25	%		29.94	%		27.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$18,504			$18,149			$26,641			$27,410			$24,123
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.52	%		1.53	%		1.23	%		1.31	%		1.36	%
Expenses, before waivers/reimbursements(d)‡		1.58	%		1.59	%		1.28	%		1.37	%		1.41	%
Net investment income (loss)(b)		.27	%		.12	%		(.09	)%		(.42	)%		.40	%
Portfolio turnover rate		29	%		38	%		25	%		34	%		49	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 27.

26

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period		$16.02			$26.57			$27.12			$23.15			$18.71
Income From Investment Operations
Net investment income (loss)(a)(b)		.00	(e)		(.03	)		(.09	)		(.15	)		.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.96			(7.12	)		2.26			6.54			5.00
Net increase (decrease) in net asset value from operations		1.96			(7.15	)		2.17			6.39			5.03
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.28	)		(.06	)
Distributions from net realized gain on investment transactions		(.65	)		(3.40	)		(2.72	)		(2.14	)		(.53	)
Total dividends and distributions		(.65	)		(3.40	)		(2.72	)		(2.42	)		(.59	)
Net asset value, end of period		$17.33			$16.02			$26.57			$27.12			$23.15
Total Return
Total investment return based on net asset value(c)		12.35	%		(27.81	)%		8.01	%		29.60	%		27.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$20,774			$20,738			$30,904			$32,068			$29,756
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.77	%		1.78	%		1.48	%		1.56	%		1.61	%
Expenses, before waivers/reimbursements(d)‡		1.83	%		1.84	%		1.53	%		1.62	%		1.66	%
Net investment income (loss)(b)		.02	%		(.14	)%		(.34	)%		(.67	)%		.15	%
Portfolio turnover rate		29	%		38	%		25	%		34	%		49	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.00	%		.00	%		.00	%

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) 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, 2023 and December 31, 2022, such waiver amounted to .01% and .01%, respectively.

(e) Amount is less than $.005.

See notes to financial statements.

27

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Sustainable International Thematic Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Sustainable International Thematic Portfolio (the “Portfolio”) (one of the series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2023, 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 series constituting AB Variable Products Series Fund, Inc.) at December 31, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2024

28

2023 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, 2023. The Portfolio designates $1,447,257 of dividends paid as long-term capital gain dividends.

29

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer	Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member
OFFICERS
Daniel C. Roarty(2), Vice President Benjamin Ruegsegger(2), Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President	Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP One Manhattan West New York, NY 10001

(1) Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Sustainable Thematic Equities Investment Team. Messrs. Roarty and Ruegsegger are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

30

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors and Advisory Board member 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 48 New York, NY 10105 (2021)	Senior Vice President of the Adviser**, Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None
DISINTERESTED DIRECTORS
Garry L. Moody,## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. 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 served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None

31

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jorge A. Bermudez,## 72 (2020)	Private Investor since prior to 2019. 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 (2017–2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014–2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011
Michael J. Downey,## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 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.		82	None
Nancy P. Jacklin,## 75 (2006)	Private Investor since prior to 2019. 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 served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jeanette W. Loeb,## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (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 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82	None
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016, and serves as Chair of the Audit Committees of such funds since February 2023.		82	None

33

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Marshall C. Turner, Jr. ## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None
ADVISORY BOARD MEMBER
Emilie D. Wrapp,# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023–June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

* The address for the Portfolio’s disinterested Directors and Advisory Board member 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 or Advisory Board member.

*** 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. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with the Adviser.

^## Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

34

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer of Sustainable Thematic Equities.
Benjamin Ruegsegger 44	Vice President	Senior Vice President and Senior Research Analyst of the Adviser**, with which he has been associated since prior to 2019.
Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

  The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

35

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO AB Variable Products Series Fund

OPERATION AND EFFECTIVENESS OF THE PORTFOLIO’S LIQUIDITY RISK MANAGEMENT PROGRAM:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Portfolio’s Board of Directors/Trustees (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 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolio’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

36

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Sustainable International Thematic Portfolio (formerly AB International Growth Portfolio) (the “Fund”) at a meeting held in-person on May 2-4, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts

37

SUSTAINABLE INTERNATIONAL THEMATIC PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s total rate of compensation was above the median and discussed with the Adviser the reasons it was above the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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 the medians for a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians, after giving effect to a voluntary waiver by the Adviser. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

39

VPS-SIT-0151-1223

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., Jorge A. Bermudez and Carol C. McMullen qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent auditor Ernst & Young LLP, for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include multi-class distribution testing, advice and education on accounting and auditing issues, and consent letters; and (iii) tax compliance, tax advice and tax return preparation.

		Audit Fees		Audit-Related Fees		Tax Fees
AB Balanced Hedged Allocation Portfolio	2022		75,807		—		13,457
	2023		60,807		—		29,670
AB Sustainable Global Thematic Portfolio	2022		44,022		—		1,816
	2023		44,022		—		19,327
AB Relative Value Portfolio	2022		32,974		—		2,648
	2023		32,974		—		19,617
AB Sustainable International Thematic Portfolio	2022		44,022		—		3,551
	2023		44,022		—		22,330
AB International Value Portfolio	2022		44,022		—		20,557
	2023		44,022		—		46,938
AB Large Cap Growth Portfolio	2022		32,974		—		1,831
	2023		32,974		—		17,220
AB Small Cap Growth Portfolio	2022		32,974		—		2,696
	2023		32,974		—		18,663
AB Discovery Value Portfolio	2022		37,394		—		6,897
	2023		37,394		—		19,663
AB Dynamic Asset Allocation Portfolio	2022		89,404		—		16,219
	2023		89,404		—		59,547
AB Global Risk Allocation-Moderate Portfolio	2022		58,830		—		14,577
	2023		58,830		—		34,712

(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) No percentage of services addressed by (b) and (c) of this Item 4 were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. No amounts are reported for Item 4 (d).

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

		All Fees for Non-Audit Services Provided to the Portfolio, the Adviser and Service Affiliates		Total Amount of Foregoing Column Pre- approved by the Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB Balanced Hedged Allocation Portfolio	2022	$	1,998,140	$	13,457
					—
				$	(13,457	)
	2023	$	1,917,111	$	29,670
					—
					(29,670	)
AB Sustainable Global Thematic Portfolio	2022	$	1,986,499	$	1,816
					—
				$	(1,816	)
	2023	$	1,906,768	$	19,327
					—
					(19,327	)
AB Relative Value Portfolio	2022	$	1,987,331	$	2,648
				$	—
				$	(2,648	)
	2023	$	1,907,058	$	19,617
					—
					(19,617	)
AB Sustainable International Thematic Portfolio	2022	$	1,988,234	$	3,551
					—
				$	(3,551	)
	2023	$	1,909,771	$	22,330
					—
					(22,330	)
AB International Value Portfolio	2022	$	2,005,240	$	20,557
					—
				$	(20,557	)
	2023	$	1,934,379	$	46,938
					—
					(46,938	)
AB Large Cap Growth Portfolio	2022	$	1,986,514	$	1,831
					—
				$	(1,831	)
	2023	$	1,904,661	$	17,220
					—
					(17,220	)
AB Small Cap Growth Portfolio	2022	$	1,987,379	$	2,696
					—
				$	(2,696	)
	2023	$	1,906,104	$	18,663
					—
					(18,663	)
AB Discovery Value Portfolio	2022	$	1,991,580	$	6,897
					—
				$	(6,897	)
	2023	$	1,907,104	$	19,663
					—
					(19,663	)
AB Dynamic Asset Allocation Portfolio	2022	$	2,000,902	$	16,219
					—
				$	(16,219	)
	2023	$	1,946,988	$	59,547
					—
					(59,547	)
AB Global Risk Allocation-Moderate Portfolio	2022	$	1,999,260	$	14,577
					—
				$	(14,577	)
	2023	$	1,922,153	$	34,712
					—
					(34,712	)

(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.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
13(a)(1)	Code of ethics that is subject to the disclosure of Item 2 hereof
13(b)(1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13(b)(2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13(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, 2024

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, 2024

By:	/s/ Stephen M. Woetzel
	Stephen M. Woetzel
	Treasurer and Chief Financial Officer

Date: February 14, 2024