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)

66 Hudson Boulevard East

New York, New York 10005

(Address of principal executive offices) (Zip code)

Stephen M. Woetzel

AllianceBernstein L.P.

66 Hudson Boulevard East

New York, New York 10005

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2024

Date of reporting period: December 31, 2024

Explanatory note:

This filing amends the registrant’s initial Form N-CSR filing for the reporting period ended December 31, 2024. The purpose of this amended filing is to update the response to Item 9 to include the proxy disclosure. No other changes have been made to the initial Form N-CSR filing, and this amended filing does not amend, update or change any other items or disclosure found in the initial Form N-CSR filing.

ITEM 1. REPORTS TO STOCKHOLDERS.

Class A

December 31, 2024 

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Portfolio Information

AB VPS Dynamic Asset Allocation Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Dynamic Asset Allocation Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VD-A-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$90	0.85%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period, the Portfolio underperformed the Morgan Stanley Capital International (“MSCI”) World Index (net) (the "benchmark"), largely due to its balanced construction of approximately 60% in equity and 40% in fixed-income. Through the course of the year, the Portfolio's Senior Investment Management Team (the “Team”) maintained an overweight in equity assets due to an expectation that inflation would cool and US growth would remain strong, creating a market-friendly environment of both central bank rate cuts and solid corporate earnings growth. The Team also tilted the Portfolio towards US stocks relative to international stocks due to the greater resilience of the US economy and very strong profitability and growth prospects for US technology companies.

In Late July and early August, market volatility rose due to concerns about US growth, fears that Japanese investors would unwind their US holdings in favor of domestic assets, and increased uncertainty around the US election outcome, leading the Team to moderate the size of the equity overweight. In the fourth quarter, the Team increased its equity overweight again as improved economic data supported continued expansion and sentiment improved due to the potential of a more supportive business environment following the election. While US equity holdings benefited, fixed-income investments and international assets suffered declines. The Team ended the period with an overweight to risk assets including developed-market equities.

The Portfolio continued to hold US treasury exposure to hedge equity risk as well as equity put options to guard against unexpected market shocks.

Performance Highlights

Top contributors to performance:

• During the 12-month period, equity overweight, equity country selection and foreign currency selection contributed to performance.

Top detractors from performance:

• During the 12-month period, fixed-income allocation and option positions detracted from performance.

Class A

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class A	MSCI World Index (net)	Blended Benchmark: 60% MSCI World Index/ 40% Bloomberg US Treasury Index	Bloomberg U.S. Treasury Index
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,891	$9,913	$10,008	$10,084
12/16	$10,246	$10,657	$10,516	$10,189
12/17	$11,749	$13,045	$11,987	$10,424
12/18	$10,919	$11,908	$11,420	$10,514
12/19	$12,612	$15,203	$13,617	$11,235
12/20	$13,246	$17,621	$15,492	$12,134
12/21	$14,527	$21,465	$17,304	$11,852
12/22	$11,847	$17,571	$14,607	$10,375
12/23	$13,470	$21,751	$16,893	$10,795
12/24	$14,905	$25,812	$18,779	$10,858

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class A	10.65%	3.40%	4.07%
MSCI World Index (net)	18.67%	11.17%	9.95%
Blended Benchmark: 60% MSCI World Index/ 40% Bloomberg US Treasury Index	11.16%	6.64%	6.50%
Bloomberg U.S. Treasury Index	0.58%	-0.68%	0.83%

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VD-A-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$251,418,002
# of Portfolio Holdings	1,501
Portfolio Turnover Rate	11%
Total Advisory Fees Paid	$1,713,037

Class A

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Apple, Inc.	$8,870,377	3.5%
NVIDIA Corp.	$7,674,673	3.1%
Microsoft Corp.	$6,934,518	2.8%
Amazon.com, Inc.	$4,828,116	1.9%
U.S. Treasury Notes, 2.00%, due 11/15/26	$4,613,618	1.8%
U.S. Treasury Notes, 2.38%, due 05/15/27	$4,181,498	1.7%
U.S. Treasury Notes, 2.25%, due 11/15/27	$3,392,159	1.4%
Meta Platforms, Inc. - Class A	$2,981,417	1.2%
Tesla, Inc.	$2,705,324	1.1%
U.S. Treasury Notes, 1.63%, due 05/15/31	$2,598,631	1.0%
Total	$48,780,331	19.5%

Security Type Breakdown

Value	Value
Common Stocks	64.7%
Governments - Treasuries	33.7%
Agencies	0.8%
Purchased Options - Puts	0.5%
Short-Term Investments	1.5%
Other assets less liabilities	-1.2%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VD-A-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class A 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VD-A-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Portfolio Information

Class A

4

VPS-DAA-A-0153-1224

Class B

December 31, 2024 

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Portfolio Information

AB VPS Dynamic Asset Allocation Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Dynamic Asset Allocation Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VD-B-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$116	1.10%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period, the Portfolio underperformed the Morgan Stanley Capital International (“MSCI”) World Index (net) (the "benchmark"), largely due to its balanced construction of approximately 60% in equity and 40% in fixed-income. Through the course of the year, the Portfolio's Senior Investment Management Team (the “Team”) maintained an overweight in equity assets due to an expectation that inflation would cool and US growth would remain strong, creating a market-friendly environment of both central bank rate cuts and solid corporate earnings growth. The Team also tilted the Portfolio towards US stocks relative to international stocks due to the greater resilience of the US economy and very strong profitability and growth prospects for US technology companies.

In Late July and early August, market volatility rose due to concerns about US growth, fears that Japanese investors would unwind their US holdings in favor of domestic assets, and increased uncertainty around the US election outcome, leading the Team to moderate the size of the equity overweight. In the fourth quarter, the Team increased its equity overweight again as improved economic data supported continued expansion and sentiment improved due to the potential of a more supportive business environment following the election. While US equity holdings benefited, fixed-income investments and international assets suffered declines. The Team ended the period with an overweight to risk assets including developed-market equities.

The Portfolio continued to hold US treasury exposure to hedge equity risk as well as equity put options to guard against unexpected market shocks.

Performance Highlights

Top contributors to performance:

• During the 12-month period, equity overweight, equity country selection and foreign currency selection contributed to performance.

Top detractors from performance:

• During the 12-month period, fixed-income allocation and option positions detracted from performance.

Class B

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class B	MSCI World Index (net)	Blended Benchmark: 60% MSCI World Index/ 40% Bloomberg US Treasury Index	Bloomberg U.S. Treasury Index
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,870	$9,913	$10,008	$10,084
12/16	$10,202	$10,657	$10,516	$10,189
12/17	$11,663	$13,045	$11,987	$10,424
12/18	$10,807	$11,908	$11,420	$10,514
12/19	$12,453	$15,203	$13,617	$11,235
12/20	$13,059	$17,621	$15,492	$12,134
12/21	$14,270	$21,465	$17,304	$11,852
12/22	$11,605	$17,571	$14,607	$10,375
12/23	$13,169	$21,751	$16,893	$10,795
12/24	$14,542	$25,812	$18,779	$10,858

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class B	10.43%	3.15%	3.82%
MSCI World Index (net)	18.67%	11.17%	9.95%
Blended Benchmark: 60% MSCI World Index/ 40% Bloomberg US Treasury Index	11.16%	6.64%	6.50%
Bloomberg U.S. Treasury Index	0.58%	-0.68%	0.83%

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VD-B-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$251,418,002
# of Portfolio Holdings	1,501
Portfolio Turnover Rate	11%
Total Advisory Fees Paid	$1,713,037

Class B

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Apple, Inc.	$8,870,377	3.5%
NVIDIA Corp.	$7,674,673	3.1%
Microsoft Corp.	$6,934,518	2.8%
Amazon.com, Inc.	$4,828,116	1.9%
U.S. Treasury Notes, 2.00%, due 11/15/26	$4,613,618	1.8%
U.S. Treasury Notes, 2.38%, due 05/15/27	$4,181,498	1.7%
U.S. Treasury Notes, 2.25%, due 11/15/27	$3,392,159	1.4%
Meta Platforms, Inc. - Class A	$2,981,417	1.2%
Tesla, Inc.	$2,705,324	1.1%
U.S. Treasury Notes, 1.63%, due 05/15/31	$2,598,631	1.0%
Total	$48,780,331	19.5%

Security Type Breakdown

Value	Value
Common Stocks	64.7%
Governments - Treasuries	33.7%
Agencies	0.8%
Purchased Options - Puts	0.5%
Short-Term Investments	1.5%
Other assets less liabilities	-1.2%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VD-B-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class B 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VD-B-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Portfolio Information

Class B

4

VPS-DAA-B-0153-1224

Class B

December 31, 2024 

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Portfolio Information

AB VPS Global Risk Allocation - Moderate Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Global Risk Allocation - Moderate Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64V2-B-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$79	0.74%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

For the 12-month period, Class B of the Portfolio underperformed the Morgan Stanley Capital International (“MSCI”) World Index (the "benchmark") (net, hedged to USD) and the blended benchmark. The Portfolio allocated most of its risk to global equity, with the balance allocated to global government bonds and cash. Over the period, the Portfolio’s overweight in equity and underweight in fixed income versus the blended benchmark contributed to the relative performance. The Portfolio's equity downside protection via equity index options detracted from performance.

During the 12-month period, the Portfolio used derivatives in the form of futures, currency forwards, purchased options and written options for hedging and investment purposes. Currency forwards and written options contributed, while futures and purchased options detracted from performance. 

Performance Highlights

Top contributors to performance:

• Within the global equity allocation, the strategy's overweight in US large-cap equity contributed to performance.

Top detractors from performance:

• Within the fixed-income allocation, the strategy's overweight in US duration detracted from performance.

Class B

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class B	MSCI World Index (net, USD Hedged)	Blended Benchmark: 60% MSCI World Index (net, USD hedged)/40% Bloomberg Global G7 Treasury Index (USD hedged)
04/15	$10,000	$10,000	$10,000
12/15	$9,380	$9,479	$9,691
12/16	$9,778	$10,369	$10,402
12/17	$10,903	$12,353	$11,655
12/18	$10,375	$11,539	$11,328
12/19	$12,172	$14,819	$13,546
12/20	$12,471	$16,933	$15,091
12/21	$13,964	$21,062	$17,104
12/22	$12,000	$17,822	$14,784
12/23	$13,775	$22,153	$17,261
12/24	$15,466	$26,997	$19,561

Average Annual Total Returns

AATR	1 Year	5 Years	Since Inception 04/28/15
Class B	12.28%	4.91%	4.61%
MSCI World Index (net, USD Hedged)	21.87%	12.75%	10.80%
Blended Benchmark: 60% MSCI World Index (net, USD hedged)/40% Bloomberg Global G7 Treasury Index (USD hedged)	13.33%	7.63%	7.17%

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64V2-B-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$715,718,987
# of Portfolio Holdings	1,234
Portfolio Turnover Rate	8%
Total Advisory Fees Paid	$3,270,604

Class B

2

Graphical Representation of Holdings

Security Type Breakdown

Value	Value
Common Stocks	63.9%
Governments - Treasuries	2.7%
Purchased Options - Puts	0.1%
Short-Term Investments	31.6%
Other assets less liabilities	1.7%

Country Breakdown

Value	Value
United States	49.3%
Japan	6.1%
United Kingdom	1.9%
France	1.5%
Germany	1.4%
Switzerland	1.4%
Australia	1.1%
Netherlands	0.7%
Sweden	0.5%
Denmark	0.4%
Italy	0.4%
Spain	0.4%
Ireland	0.3%
Hong Kong	0.3%
Others	1.0%
Short-Term Investments	31.6%
Other assets less liabilities	1.7%

Class B 

3

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64V2-B-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64V2-B-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Portfolio Information

Class B

4

VPS-GRA-B-0153-1224

Class A

December 31, 2024 

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Portfolio Information

AB VPS Balanced Hedged Allocation Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Balanced Hedged Allocation Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VW-A-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$69	0.66%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (the "benchmark") (net). The Portfolio's more diversified approach, which balances exposures to equities, bonds and risk management techniques, is expected to underperform the all-equity primary benchmark during normal and rising markets. During the period, equities and fixed-income assets contributed to absolute performance, while risk management techniques detracted.

The Portfolio used derivatives in the form of futures and purchased options for hedging and investment purposes. Futures detracted from performance, while purchased options contributed. 

Performance Highlights

Top contributors to performance:

• Equities and fixed-income assets contributed to overall performance.

Top detractors from performance:

• Risk management techniques detracted from absolute performance.

Class A

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class A	MSCI ACWI Index (net)	Bloomberg U.S. Aggregate Bond Index
12/14	$10,000	$10,000	$10,000
12/15	$10,165	$9,764	$10,055
12/16	$10,642	$10,531	$10,321
12/17	$12,328	$13,056	$10,687
12/18	$11,567	$11,827	$10,688
12/19	$13,711	$14,973	$11,620
12/20	$15,001	$17,406	$12,492
12/21	$17,060	$20,633	$12,299
12/22	$13,821	$16,844	$10,699
12/23	$15,623	$20,584	$11,291
12/24	$17,003	$24,183	$11,432

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class A	8.84%	4.40%	5.45%
MSCI ACWI Index (net)	17.49%	10.06%	9.23%
Bloomberg U.S. Aggregate Bond Index	1.25%	-0.33%	1.35%

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VW-A-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$156,346,511
# of Portfolio Holdings	25
Portfolio Turnover Rate	6%
Total Advisory Fees Paid	$734,983

Class A

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
iShares Core S&P 500 ETF	$47,035,532	30.1%
iShares Core U.S. Aggregate Bond ETF	$24,273,450	15.5%
Vanguard Total Bond Market ETF	$24,226,479	15.5%
iShares Core MSCI EAFE ETF	$18,321,996	11.7%
iShares Core MSCI Emerging Markets ETF	$9,712,920	6.2%
Vanguard Mid-Cap ETF	$4,873,198	3.1%
U.S. Treasury Inflation Index, 0.13%, due 01/15/32	$4,812,559	3.1%
Vanguard Real Estate ETF	$3,999,692	2.6%
Vanguard Small-Cap ETF	$3,520,102	2.3%
Purchased Options - Calls, S&P 500 Index, USD 5500.00, due 12/18/26	$1,242,240	0.8%
Total	$142,018,168	90.9%

Portfolio Breakdown

Investment Companies	87.0%
Inflation-Linked Securities	3.1%
Purchased Options - Calls	3.0%
Purchased Options - Puts	2.4%
Short-Term Investments	8.9%
Other assets less liabilities	-4.4%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VW-A-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class A 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VW-A-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Portfolio Information

Class A

4

VPS-BHA-A-0153-1224

Class B

December 31, 2024 

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Portfolio Information

AB VPS Balanced Hedged Allocation Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Balanced Hedged Allocation Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VW-B-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$95	0.91%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (the "benchmark") (net). The Portfolio's more diversified approach, which balances exposures to equities, bonds and risk management techniques, is expected to underperform the all-equity primary benchmark during normal and rising markets. During the period, equities and fixed-income assets contributed to absolute performance, while risk management techniques detracted.

The Portfolio used derivatives in the form of futures and purchased options for hedging and investment purposes. Futures detracted from performance, while purchased options contributed. 

Performance Highlights

Top contributors to performance:

• Equities and fixed-income assets contributed to overall performance.

Top detractors from performance:

• Risk management techniques detracted from absolute performance.

Class B

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class B	MSCI ACWI Index (net)	Bloomberg U.S. Aggregate Bond Index
12/14	$10,000	$10,000	$10,000
12/15	$10,129	$9,764	$10,055
12/16	$10,579	$10,531	$10,321
12/17	$12,232	$13,056	$10,687
12/18	$11,448	$11,827	$10,688
12/19	$13,532	$14,973	$11,620
12/20	$14,784	$17,406	$12,492
12/21	$16,760	$20,633	$12,299
12/22	$13,547	$16,844	$10,699
12/23	$15,262	$20,584	$11,291
12/24	$16,571	$24,183	$11,432

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class B	8.58%	4.14%	5.18%
MSCI ACWI Index (net)	17.49%	10.06%	9.23%
Bloomberg U.S. Aggregate Bond Index	1.25%	-0.33%	1.35%

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VW-B-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$156,346,511
# of Portfolio Holdings	25
Portfolio Turnover Rate	6%
Total Advisory Fees Paid	$734,983

Class B

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
iShares Core S&P 500 ETF	$47,035,532	30.1%
iShares Core U.S. Aggregate Bond ETF	$24,273,450	15.5%
Vanguard Total Bond Market ETF	$24,226,479	15.5%
iShares Core MSCI EAFE ETF	$18,321,996	11.7%
iShares Core MSCI Emerging Markets ETF	$9,712,920	6.2%
Vanguard Mid-Cap ETF	$4,873,198	3.1%
U.S. Treasury Inflation Index, 0.13%, due 01/15/32	$4,812,559	3.1%
Vanguard Real Estate ETF	$3,999,692	2.6%
Vanguard Small-Cap ETF	$3,520,102	2.3%
Purchased Options - Calls, S&P 500 Index, USD 5500.00, due 12/18/26	$1,242,240	0.8%
Total	$142,018,168	90.9%

Portfolio Breakdown

Investment Companies	87.0%
Inflation-Linked Securities	3.1%
Purchased Options - Calls	3.0%
Purchased Options - Puts	2.4%
Short-Term Investments	8.9%
Other assets less liabilities	-4.4%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VW-B-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class B 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VW-B-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Please scan QR code for

Portfolio Information

Class B

4

VPS-BHA-B-0153-1224

Class A

December 31, 2024 

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Portfolio Information

AB VPS Relative Value Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Relative Value Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VH-A-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$64	0.60%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Russell 1000 Value Index (the “benchmark”). Overall sector allocation drove the underperformance. Gains from underweights to materials and real estate were offset by losses from an overweight to health care and an underweight to utilities. Security selection was positive and added to gains, led by selection within consumer staples and technology. Selection within industrials and energy detracted from results.

Performance Highlights

Top contributors to performance:

• During the 12-month period, underweights to the materials and real estate sectors and security selection within the consumer-staples and technology sectors were the leading contributors to performance.

Top detractors from performance:

• During the 12-month period, an overweight to health care and an underweight to utilities detracted from performance, as did security selection within industrials and energy.

Class A

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class A	S&P 500 Index	Russell 1000 Value Index
12/14	$10,000	$10,000	$10,000
12/15	$10,170	$10,138	$9,617
12/16	$11,319	$11,351	$11,285
12/17	$13,462	$13,829	$12,827
12/18	$12,707	$13,223	$11,767
12/19	$15,745	$17,386	$14,890
12/20	$16,174	$20,585	$15,306
12/21	$20,728	$26,494	$19,157
12/22	$19,859	$21,696	$17,713
12/23	$22,247	$27,399	$19,743
12/24	$25,145	$34,254	$22,580

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class A	13.02%	9.81%	9.66%
S&P 500 Index	25.02%	14.53%	13.10%
Russell 1000 Value Index	14.37%	8.68%	8.49%

The addition of the S&P 500 Index broad-based benchmark provides a comparison of the Portfolio's performance against the broader market as regulatorily required.

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VH-A-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$922,434,257
# of Portfolio Holdings	73
Portfolio Turnover Rate	58%
Total Advisory Fees Paid	$4,958,987

Class A

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
JPMorgan Chase & Co.	$37,720,766	4.1%
Berkshire Hathaway, Inc. - Class B	$36,686,217	4.0%
Walmart, Inc.	$36,142,710	3.9%
Philip Morris International, Inc.	$32,846,644	3.6%
Fiserv, Inc.	$28,005,525	3.0%
Accenture PLC - Class A	$26,236,850	2.8%
Regeneron Pharmaceuticals, Inc.	$24,294,727	2.6%
Citigroup, Inc.	$23,972,229	2.6%
Electronic Arts, Inc.	$23,306,468	2.5%
Johnson & Johnson	$23,258,222	2.5%
Total	$292,470,358	31.6%

Sector Breakdown

Value	Value
Financials	23.2%
Health Care	17.4%
Industrials	15.1%
Consumer Staples	9.5%
Information Technology	9.3%
Consumer Discretionary	7.7%
Energy	6.4%
Communication Services	3.9%
Materials	3.2%
Real Estate	0.8%
Short-Term Investments	4.9%
Other assets less liabilities	-1.4%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VH-A-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class A 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VH-A-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCAN ME

Please scan QR code for

Portfolio Information

Class A

4

VPS-RV-A-0153-1224

Class B

December 31, 2024 

SCAN ME

Please scan QR code for

Portfolio Information

AB VPS Relative Value Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Relative Value Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VH-B-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$90	0.85%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Russell 1000 Value Index (the “benchmark”). Overall sector allocation drove the underperformance. Gains from underweights to materials and real estate were offset by losses from an overweight to health care and an underweight to utilities. Security selection was positive and added to gains, led by selection within consumer staples and technology. Selection within industrials and energy detracted from results.

Performance Highlights

Top contributors to performance:

• During the 12-month period, underweights to the materials and real estate sectors and security selection within the consumer-staples and technology sectors were the leading contributors to performance.

Top detractors from performance:

• During the 12-month period, an overweight to health care and an underweight to utilities detracted from performance, as did security selection within industrials and energy.

Class B

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class B	S&P 500 Index	Russell 1000 Value Index
12/14	$10,000	$10,000	$10,000
12/15	$10,143	$10,138	$9,617
12/16	$11,265	$11,351	$11,285
12/17	$13,360	$13,829	$12,827
12/18	$12,580	$13,223	$11,767
12/19	$15,550	$17,386	$14,890
12/20	$15,934	$20,585	$15,306
12/21	$20,370	$26,494	$19,157
12/22	$19,470	$21,696	$17,713
12/23	$21,752	$27,399	$19,743
12/24	$24,528	$34,254	$22,580

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class B	12.76%	9.54%	9.39%
S&P 500 Index	25.02%	14.53%	13.10%
Russell 1000 Value Index	14.37%	8.68%	8.49%

The addition of the S&P 500 Index broad-based benchmark provides a comparison of the Portfolio's performance against the broader market as regulatorily required.

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VH-B-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$922,434,257
# of Portfolio Holdings	73
Portfolio Turnover Rate	58%
Total Advisory Fees Paid	$4,958,987

Class B

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
JPMorgan Chase & Co.	$37,720,766	4.1%
Berkshire Hathaway, Inc. - Class B	$36,686,217	4.0%
Walmart, Inc.	$36,142,710	3.9%
Philip Morris International, Inc.	$32,846,644	3.6%
Fiserv, Inc.	$28,005,525	3.0%
Accenture PLC - Class A	$26,236,850	2.8%
Regeneron Pharmaceuticals, Inc.	$24,294,727	2.6%
Citigroup, Inc.	$23,972,229	2.6%
Electronic Arts, Inc.	$23,306,468	2.5%
Johnson & Johnson	$23,258,222	2.5%
Total	$292,470,358	31.6%

Sector Breakdown

Value	Value
Financials	23.2%
Health Care	17.4%
Industrials	15.1%
Consumer Staples	9.5%
Information Technology	9.3%
Consumer Discretionary	7.7%
Energy	6.4%
Communication Services	3.9%
Materials	3.2%
Real Estate	0.8%
Short-Term Investments	4.9%
Other assets less liabilities	-1.4%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VH-B-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class B 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VH-B-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCAN ME

Please scan QR code for

Portfolio Information

Class B

4

VPS-RV-B-0153-1224

Class A

December 31, 2024 

SCAN ME

Please scan QR code for

Portfolio Information

AB VPS International Value Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS International Value Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VF-A-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$92	0.90%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio outperformed the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (net) (the "benchmark"). Overall security selection contributed to returns, while sector allocation detracted. Security selection within industrials and materials contributed the most, offsetting losses from selection within consumer discretionary and utilities. In terms of sector allocation, an underweight to financials and an overweight to energy detracted and offset some of the gains from an overweight to communication services and an underweight to health care. Overall country selection (a result of bottom-up security analysis combined with fundamental research) detracted, as losses from overweights to Portugal and South Korea offset gains from an overweight to Taiwan and an underweight to Denmark.

The Portfolio used derivatives for hedging purchases, which detracted from performance over the 12-month period. 

Performance Highlights

Top contributors to performance:

• During the 12-month period, security selection within industrials and materials, an overweight to communication services and an underweight to health care contributed the most. Country selection including an overweight to Taiwan and an underweight to Denmark also added to gains.

Top detractors from performance:

• During the 12-month period, leading detractors to performance included an underweight to financials and an overweight to energy, as well as selection within consumer discretionary and utilities. Overweights to Portugal and South Korea also detracted from returns.

Class A

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class A	MSCI EAFE Index (net)
12/14	$10,000	$10,000
12/15	$10,259	$9,919
12/16	$10,208	$10,018
12/17	$12,802	$12,526
12/18	$9,885	$10,798
12/19	$11,579	$13,176
12/20	$11,864	$14,205
12/21	$13,179	$15,805
12/22	$11,386	$13,521
12/23	$13,110	$15,987
12/24	$13,774	$16,598

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class A	5.07%	3.53%	3.25%
MSCI EAFE Index (net)	3.82%	4.73%	5.20%

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VF-A-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$254,126,665
# of Portfolio Holdings	61
Portfolio Turnover Rate	51%
Total Advisory Fees Paid	$2,028,548

Class A

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Roche Holding AG	$8,919,731	3.5%
Shell PLC	$8,543,790	3.4%
NatWest Group PLC	$7,371,505	2.9%
Sony Group Corp.	$7,056,090	2.8%
Airbus SE	$6,370,805	2.5%
Deutsche Telekom AG	$6,291,167	2.5%
Resona Holdings, Inc.	$6,270,193	2.5%
Koninklijke Ahold Delhaize NV	$6,198,114	2.4%
Erste Group Bank AG	$6,048,360	2.4%
Haleon PLC	$5,788,100	2.3%
Total	$68,857,855	27.2%

Sector Breakdown

Value	Value
Industrials	18.9%
Financials	15.1%
Consumer Discretionary	11.8%
Health Care	11.4%
Consumer Staples	9.8%
Materials	8.5%
Energy	8.2%
Information Technology	6.6%
Communication Services	5.4%
Utilities	3.3%
Short-Term Investments	1.1%
Other assets less liabilities	-0.1%

Country Breakdown

Value	Value
Japan	20.4%
United Kingdom	16.6%
United States	10.2%
France	9.0%
Netherlands	7.7%
Germany	7.2%
Switzerland	5.6%
Spain	3.3%
Italy	3.2%
Hong Kong	2.7%
Austria	2.4%
Taiwan	2.0%
Canada	1.9%
Portugal	1.6%
Others	5.2%
Short-Term Investments	1.1%
Other assets less liabilities	-0.1%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VF-A-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class A 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VF-A-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCAN ME

Please scan QR code for

Portfolio Information

VPS-IV-A-0153-1224

Class A

4

Class B

December 31, 2024 

SCAN ME

Please scan QR code for

Portfolio Information

AB VPS International Value Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS International Value Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VF-B-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$117	1.14%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio outperformed the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (net) (the "benchmark"). Overall security selection contributed to returns, while sector allocation detracted. Security selection within industrials and materials contributed the most, offsetting losses from selection within consumer discretionary and utilities. In terms of sector allocation, an underweight to financials and an overweight to energy detracted and offset some of the gains from an overweight to communication services and an underweight to health care. Overall country selection (a result of bottom-up security analysis combined with fundamental research) detracted, as losses from overweights to Portugal and South Korea offset gains from an overweight to Taiwan and an underweight to Denmark.

The Portfolio used derivatives for hedging purchases, which detracted from performance over the 12-month period. 

Performance Highlights

Top contributors to performance:

• During the 12-month period, security selection within industrials and materials, an overweight to communication services and an underweight to health care contributed the most. Country selection including an overweight to Taiwan and an underweight to Denmark also added to gains.

Top detractors from performance:

• During the 12-month period, leading detractors to performance included an underweight to financials and an overweight to energy, as well as selection within consumer discretionary and utilities. Overweights to Portugal and South Korea also detracted from returns.

Class B

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class B	MSCI EAFE Index (net)
12/14	$10,000	$10,000
12/15	$10,240	$9,919
12/16	$10,158	$10,018
12/17	$12,708	$12,526
12/18	$9,788	$10,798
12/19	$11,431	$13,176
12/20	$11,684	$14,205
12/21	$12,952	$15,805
12/22	$11,165	$13,521
12/23	$12,821	$15,987
12/24	$13,438	$16,598

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class B	4.81%	3.29%	3.00%
MSCI EAFE Index (net)	3.82%	4.73%	5.20%

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VF-B-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$254,126,665
# of Portfolio Holdings	61
Portfolio Turnover Rate	51%
Total Advisory Fees Paid	$2,028,548

Class B

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Roche Holding AG	$8,919,731	3.5%
Shell PLC	$8,543,790	3.4%
NatWest Group PLC	$7,371,505	2.9%
Sony Group Corp.	$7,056,090	2.8%
Airbus SE	$6,370,805	2.5%
Deutsche Telekom AG	$6,291,167	2.5%
Resona Holdings, Inc.	$6,270,193	2.5%
Koninklijke Ahold Delhaize NV	$6,198,114	2.4%
Erste Group Bank AG	$6,048,360	2.4%
Haleon PLC	$5,788,100	2.3%
Total	$68,857,855	27.2%

Sector Breakdown

Value	Value
Industrials	18.9%
Financials	15.1%
Consumer Discretionary	11.8%
Health Care	11.4%
Consumer Staples	9.8%
Materials	8.5%
Energy	8.2%
Information Technology	6.6%
Communication Services	5.4%
Utilities	3.3%
Short-Term Investments	1.1%
Other assets less liabilities	-0.1%

Country Breakdown

Value	Value
Japan	20.4%
United Kingdom	16.6%
United States	10.2%
France	9.0%
Netherlands	7.7%
Germany	7.2%
Switzerland	5.6%
Spain	3.3%
Italy	3.2%
Hong Kong	2.7%
Austria	2.4%
Taiwan	2.0%
Canada	1.9%
Portugal	1.6%
Others	5.2%
Short-Term Investments	1.1%
Other assets less liabilities	-0.1%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VF-B-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class B 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VF-B-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Portfolio Information

VPS-IV-B-0153-1224

Class B

4

Class A

December 31, 2024 

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Portfolio Information

AB VPS Large Cap Growth Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Large Cap Growth Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VL-A-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$73	0.65%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Russell 1000 Growth Index (the “benchmark”). Overall sector allocation drove the underperformance led by an overweight to health care and an underweight to technology. Underweights to real estate and consumer discretionary contributed, offsetting some losses. Security selection also detracted. Contributions from selection within technology and communication services were offset by selection within consumer discretionary and health care, which detracted. 

Performance Highlights

Top contributors to performance:

• During the 12-month period, underweights to the real estate and consumer-discretionary sectors contributed, as did security selection within technology and communication services.

Top detractors from performance:

• During the 12-month period, an overweight to the health care sector and an underweight to the technology sector, and security selection within the consumer-discretionary and health care sectors were the leading detractors from performance.

Class A

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class A	S&P 500 Index	Russell 1000 Growth Index
12/14	$10,000	$10,000	$10,000
12/15	$11,111	$10,138	$10,567
12/16	$11,403	$11,351	$11,314
12/17	$15,051	$13,829	$14,733
12/18	$15,439	$13,223	$14,510
12/19	$20,796	$17,386	$19,790
12/20	$28,175	$20,585	$27,408
12/21	$36,338	$26,494	$34,971
12/22	$25,978	$21,696	$24,782
12/23	$35,104	$27,399	$35,358
12/24	$43,969	$34,254	$47,152

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class A	25.26%	16.16%	15.96%
S&P 500 Index	25.02%	14.53%	13.10%
Russell 1000 Growth Index	33.36%	18.96%	16.78%

The addition of the S&P 500 Index broad-based benchmark provides a comparison of the Fund's performance against the broader market as regulatorily required. 

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VL-A-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$951,493,333
# of Portfolio Holdings	55
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$5,235,485

Class A

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$90,508,640	9.5%
Microsoft Corp.	$78,498,053	8.2%
Amazon.com, Inc.	$63,558,380	6.7%
Alphabet, Inc. - Class C	$53,131,618	5.6%
Meta Platforms, Inc. - Class A	$51,157,765	5.4%
Visa, Inc. - Class A	$43,874,569	4.6%
Netflix, Inc.	$39,148,557	4.1%
Broadcom, Inc.	$33,402,812	3.5%
Costco Wholesale Corp.	$30,983,670	3.3%
Home Depot, Inc. (The)	$25,406,493	2.7%
Total	$509,670,557	53.6%

Sector Breakdown

Value	Value
Information Technology	35.7%
Communication Services	15.5%
Consumer Discretionary	15.0%
Health Care	11.5%
Industrials	7.5%
Financials	5.8%
Consumer Staples	5.6%
Materials	1.3%
Short-Term Investments	2.7%
Other assets less liabilities	-0.6%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VL-A-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class A 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VL-A-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCAN ME

Please scan QR code for

Portfolio Information

Class A

4

VPS-LCG-A-0153-1224

Class B

December 31, 2024 

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Portfolio Information

AB VPS Large Cap Growth Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Large Cap Growth Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VL-B-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$101	0.90%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Russell 1000 Growth Index (the “benchmark”). Overall sector allocation drove the underperformance led by an overweight to health care and an underweight to technology. Underweights to real estate and consumer discretionary contributed, offsetting some losses. Security selection also detracted. Contributions from selection within technology and communication services were offset by selection within consumer discretionary and health care, which detracted. 

Performance Highlights

Top contributors to performance:

• During the 12-month period, underweights to the real estate and consumer-discretionary sectors contributed, as did security selection within technology and communication services.

Top detractors from performance:

• During the 12-month period, an overweight to the health care sector and an underweight to the technology sector, and security selection within the consumer-discretionary and health care sectors were the leading detractors from performance.

Class B

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class B	S&P 500 Index	Russell 1000 Growth Index
12/14	$10,000	$10,000	$10,000
12/15	$11,085	$10,138	$10,567
12/16	$11,346	$11,351	$11,314
12/17	$14,940	$13,829	$14,733
12/18	$15,287	$13,223	$14,510
12/19	$20,540	$17,386	$19,790
12/20	$27,760	$20,585	$27,408
12/21	$35,713	$26,494	$34,971
12/22	$25,468	$21,696	$24,782
12/23	$34,327	$27,399	$35,358
12/24	$42,893	$34,254	$47,152

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class B	24.95%	15.87%	15.67%
S&P 500 Index	25.02%	14.53%	13.10%
Russell 1000 Growth Index	33.36%	18.96%	16.78%

The addition of the S&P 500 Index broad-based benchmark provides a comparison of the Fund's performance against the broader market as regulatorily required. 

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VL-B-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$951,493,333
# of Portfolio Holdings	55
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$5,235,485

Class B

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$90,508,640	9.5%
Microsoft Corp.	$78,498,053	8.2%
Amazon.com, Inc.	$63,558,380	6.7%
Alphabet, Inc. - Class C	$53,131,618	5.6%
Meta Platforms, Inc. - Class A	$51,157,765	5.4%
Visa, Inc. - Class A	$43,874,569	4.6%
Netflix, Inc.	$39,148,557	4.1%
Broadcom, Inc.	$33,402,812	3.5%
Costco Wholesale Corp.	$30,983,670	3.3%
Home Depot, Inc. (The)	$25,406,493	2.7%
Total	$509,670,557	53.6%

Sector Breakdown

Value	Value
Information Technology	35.7%
Communication Services	15.5%
Consumer Discretionary	15.0%
Health Care	11.5%
Industrials	7.5%
Financials	5.8%
Consumer Staples	5.6%
Materials	1.3%
Short-Term Investments	2.7%
Other assets less liabilities	-0.6%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VL-B-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class B 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VL-B-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Please scan QR code for

Portfolio Information

Class B

4

VPS-LCG-B-0153-1224

Class A

December 31, 2024 

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Portfolio Information

AB VPS Small Cap Growth Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Small Cap Growth Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VS-A-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$98	0.90%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio outperformed the Russell 2000 Growth Index (the “benchmark”). Overall security selection and sector allocation were positive. Security selection within industrials and consumer discretionary contributed the most, while selection within technology and real estate detracted. Gains from an underweight to materials and an overweight to technology offset losses from overweights to consumer discretionary and financials.

Performance Highlights

Top contributors to performance:

• During the 12-month period, security selection within industrials and consumer discretionary, an underweight to materials and an overweight to technology were the leading contributors to performance.

Top detractors from performance:

• During the 12-month period, security selection within technology and real estate, along with overweights to consumer discretionary and financials were the leading detractors from performance.

Class A

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class A	S&P 500 Index	Russell 2000 Growth Index
12/14	$10,000	$10,000	$10,000
12/15	$9,875	$10,138	$9,862
12/16	$10,513	$11,351	$10,978
12/17	$14,101	$13,829	$13,411
12/18	$13,975	$13,223	$12,163
12/19	$19,062	$17,386	$15,628
12/20	$29,352	$20,585	$21,040
12/21	$32,128	$26,494	$21,636
12/22	$19,568	$21,696	$15,933
12/23	$23,094	$27,399	$18,906
12/24	$27,399	$34,254	$21,772

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class A	18.64%	7.53%	10.60%
S&P 500 Index	25.02%	14.53%	13.10%
Russell 2000 Growth Index	15.15%	6.86%	8.09%

The addition of the S&P 500 Index broad-based benchmark provides a comparison of the Portfolio's performance against the broader market as regulatorily required.

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VS-A-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$64,894,798
# of Portfolio Holdings	103
Portfolio Turnover Rate	92%
Total Advisory Fees Paid	$228,180

Class A

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Boot Barn Holdings, Inc.	$1,207,880	1.9%
ACV Auctions, Inc. - Class A	$1,196,186	1.8%
Semtech Corp.	$1,134,267	1.7%
Clearwater Analytics Holdings, Inc. - Class A	$1,129,861	1.7%
CSW Industrials, Inc.	$1,074,629	1.7%
Construction Partners, Inc. - Class A	$1,063,908	1.6%
SPS Commerce, Inc.	$1,053,711	1.6%
Intapp, Inc.	$1,038,771	1.6%
Piper Sandler Cos.	$1,034,527	1.6%
Modine Manufacturing Co.	$1,025,517	1.6%
Total	$10,959,257	16.8%

Sector Breakdown

Value	Value
Information Technology	24.3%
Industrials	23.1%
Health Care	21.1%
Consumer Discretionary	14.5%
Financials	10.0%
Consumer Staples	4.2%
Materials	1.2%
Energy	0.6%
Short-Term Investments	2.9%
Other assets less liabilities	-1.9%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VS-A-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class A 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VS-A-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Please scan QR code for

Portfolio Information

Class A

4

VPS-SCG-A-0153-1224

Class B

December 31, 2024 

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Portfolio Information

AB VPS Small Cap Growth Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Small Cap Growth Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VS-B-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$126	1.15%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio outperformed the Russell 2000 Growth Index (the “benchmark”). Overall security selection and sector allocation were positive. Security selection within industrials and consumer discretionary contributed the most, while selection within technology and real estate detracted. Gains from an underweight to materials and an overweight to technology offset losses from overweights to consumer discretionary and financials.

Performance Highlights

Top contributors to performance:

• During the 12-month period, security selection within industrials and consumer discretionary, an underweight to materials and an overweight to technology were the leading contributors to performance.

Top detractors from performance:

• During the 12-month period, security selection within technology and real estate, along with overweights to consumer discretionary and financials were the leading detractors from performance.

Class B

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class B	S&P 500 Index	Russell 2000 Growth Index
12/14	$10,000	$10,000	$10,000
12/15	$9,847	$10,138	$9,862
12/16	$10,459	$11,351	$10,978
12/17	$13,991	$13,829	$13,411
12/18	$13,837	$13,223	$12,163
12/19	$18,819	$17,386	$15,628
12/20	$28,913	$20,585	$21,040
12/21	$31,573	$26,494	$21,636
12/22	$19,176	$21,696	$15,933
12/23	$22,576	$27,399	$18,906
12/24	$26,739	$34,254	$21,772

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class B	18.44%	7.28%	10.34%
S&P 500 Index	25.02%	14.53%	13.10%
Russell 2000 Growth Index	15.15%	6.86%	8.09%

The addition of the S&P 500 Index broad-based benchmark provides a comparison of the Portfolio's performance against the broader market as regulatorily required.

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VS-B-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$64,894,798
# of Portfolio Holdings	103
Portfolio Turnover Rate	92%
Total Advisory Fees Paid	$228,180

Class B

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Boot Barn Holdings, Inc.	$1,207,880	1.9%
ACV Auctions, Inc. - Class A	$1,196,186	1.8%
Semtech Corp.	$1,134,267	1.7%
Clearwater Analytics Holdings, Inc. - Class A	$1,129,861	1.7%
CSW Industrials, Inc.	$1,074,629	1.7%
Construction Partners, Inc. - Class A	$1,063,908	1.6%
SPS Commerce, Inc.	$1,053,711	1.6%
Intapp, Inc.	$1,038,771	1.6%
Piper Sandler Cos.	$1,034,527	1.6%
Modine Manufacturing Co.	$1,025,517	1.6%
Total	$10,959,257	16.8%

Sector Breakdown

Value	Value
Information Technology	24.3%
Industrials	23.1%
Health Care	21.1%
Consumer Discretionary	14.5%
Financials	10.0%
Consumer Staples	4.2%
Materials	1.2%
Energy	0.6%
Short-Term Investments	2.9%
Other assets less liabilities	-1.9%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VS-B-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class B 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VS-B-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCAN ME

Please scan QR code for

Portfolio Information

Class B

4

VPS-SCG-B-0153-1224

Class A

December 31, 2024 

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Portfolio Information

AB VPS Discovery Value Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Discovery Value Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VQ-A-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$85	0.81%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Russell 2500 Value Index (the "benchmark"). Overall security selection detracted from performance, while sector allocation contributed. Gains from security selection within financials and communication services were offset by losses from selection within health care and consumer staples. Sector allocation was positive. An underweight to materials and overweight to technology added to gains, offsetting losses from an overweight to consumer discretionary and an underweight to utilities.

Performance Highlights

Top contributors to performance:

• During the 12-month period, an underweight to materials and overweight to technology and security selection within financials and communication services were the leading contributors to performance.

Top detractors from performance:

• During the 12-month period, leading detractors to performance were selection within health care and consumer staples and an overweight to consumer discretionary and an underweight to utilities.

Class A

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class A	S&P 500 Index	Russell 2500 Value Index
12/14	$10,000	$10,000	$10,000
12/15	$9,451	$10,138	$9,451
12/16	$11,823	$11,351	$11,833
12/17	$13,377	$13,829	$13,059
12/18	$11,367	$13,223	$11,445
12/19	$13,651	$17,386	$14,142
12/20	$14,111	$20,585	$14,832
12/21	$19,183	$26,494	$18,953
12/22	$16,185	$21,696	$16,473
12/23	$18,966	$27,399	$19,105
12/24	$20,866	$34,254	$21,204

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class A	10.02%	8.86%	7.63%
S&P 500 Index	25.02%	14.53%	13.10%
Russell 2500 Value Index	10.98%	8.44%	7.81%

The addition of the S&P 500 Index broad-based benchmark provides a comparison of the Portfolio's performance against the broader market as regulatorily required. 

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VQ-A-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$697,028,669
# of Portfolio Holdings	92
Portfolio Turnover Rate	53%
Total Advisory Fees Paid	$5,311,202

Class A

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Tapestry, Inc.	$13,519,456	1.9%
F5, Inc.	$12,613,735	1.8%
Bath & Body Works, Inc.	$12,002,106	1.7%
CH Robinson Worldwide, Inc.	$11,861,343	1.7%
Pentair PLC	$10,765,461	1.5%
Jones Lang LaSalle, Inc.	$10,595,934	1.5%
BJ's Wholesale Club Holdings, Inc.	$10,588,868	1.5%
Cameco Corp. (New York)	$10,305,751	1.5%
Encompass Health Corp.	$10,303,490	1.5%
NCR Atleos Corp.	$10,273,283	1.5%
Total	$112,829,427	16.1%

Sector Breakdown

Value	Value
Industrials	20.9%
Financials	20.4%
Consumer Discretionary	15.4%
Information Technology	12.0%
Real Estate	8.1%
Health Care	6.6%
Energy	5.4%
Materials	3.1%
Utilities	2.8%
Consumer Staples	2.7%
Communication Services	2.0%
Short-Term Investments	8.4%
Other assets less liabilities	-7.8%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VQ-A-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class A 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VQ-A-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Portfolio Information

Class A

4

VPS-DV-A-0153-1224

Class B

December 31, 2024 

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Portfolio Information

AB VPS Discovery Value Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Discovery Value Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VQ-B-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$111	1.06%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Russell 2500 Value Index (the "benchmark"). Overall security selection detracted from performance, while sector allocation contributed. Gains from security selection within financials and communication services were offset by losses from selection within health care and consumer staples. Sector allocation was positive. An underweight to materials and overweight to technology added to gains, offsetting losses from an overweight to consumer discretionary and an underweight to utilities.

Performance Highlights

Top contributors to performance:

• During the 12-month period, an underweight to materials and overweight to technology and security selection within financials and communication services were the leading contributors to performance.

Top detractors from performance:

• During the 12-month period, leading detractors to performance were selection within health care and consumer staples and an overweight to consumer discretionary and an underweight to utilities.

Class B

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class B	S&P 500 Index	Russell 2500 Value Index
12/14	$10,000	$10,000	$10,000
12/15	$9,431	$10,138	$9,451
12/16	$11,769	$11,351	$11,833
12/17	$13,281	$13,829	$13,059
12/18	$11,250	$13,223	$11,445
12/19	$13,489	$17,386	$14,142
12/20	$13,900	$20,585	$14,832
12/21	$18,850	$26,494	$18,953
12/22	$15,868	$21,696	$16,473
12/23	$18,544	$27,399	$19,105
12/24	$20,346	$34,254	$21,204

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class B	9.72%	8.57%	7.36%
S&P 500 Index	25.02%	14.53%	13.10%
Russell 2500 Value Index	10.98%	8.44%	7.81%

The addition of the S&P 500 Index broad-based benchmark provides a comparison of the Portfolio's performance against the broader market as regulatorily required. 

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VQ-B-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$697,028,669
# of Portfolio Holdings	92
Portfolio Turnover Rate	53%
Total Advisory Fees Paid	$5,311,202

Class B

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Tapestry, Inc.	$13,519,456	1.9%
F5, Inc.	$12,613,735	1.8%
Bath & Body Works, Inc.	$12,002,106	1.7%
CH Robinson Worldwide, Inc.	$11,861,343	1.7%
Pentair PLC	$10,765,461	1.5%
Jones Lang LaSalle, Inc.	$10,595,934	1.5%
BJ's Wholesale Club Holdings, Inc.	$10,588,868	1.5%
Cameco Corp. (New York)	$10,305,751	1.5%
Encompass Health Corp.	$10,303,490	1.5%
NCR Atleos Corp.	$10,273,283	1.5%
Total	$112,829,427	16.1%

Sector Breakdown

Value	Value
Industrials	20.9%
Financials	20.4%
Consumer Discretionary	15.4%
Information Technology	12.0%
Real Estate	8.1%
Health Care	6.6%
Energy	5.4%
Materials	3.1%
Utilities	2.8%
Consumer Staples	2.7%
Communication Services	2.0%
Short-Term Investments	8.4%
Other assets less liabilities	-7.8%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VQ-B-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class B 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VQ-B-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Portfolio Information

Class B

4

VPS-DV-B-0153-1224

Class A

December 31, 2024 

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Portfolio Information

AB VPS Sustainable Global Thematic Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Sustainable Global Thematic Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VA-A-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$94	0.91%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Morgan Stanley Capital

International All Country World Index (“MSCI ACWI”)(net)(the “benchmark”). Overall security selection drove the underperformance, while sector allocation contributed. Security selection within technology and financials detracted the most, while selection within consumer staples and utilities was positive. In terms of sector allocation, an overweight to technology and an underweight to materials contributed and helped offset losses from an underweight to communication services and an overweight to health care. Overall country selection (a result of bottom-up security analysis combined with fundamental research) detracted, as losses from overweights to Brazil and Indonesia offset gains from underweights to France and South Korea.

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. 

Performance Highlights

Top contributors to performance:

• During the 12-month period, an overweight to technology and an underweight to materials contributed, as did security selection within consumer staples and utilities. In terms of country selection, underweights to France and South Korea also added to gains.

Top detractors from performance:

• During the 12-month period, leading detractors to performance included security selection within technology and financials, an underweight to communication services and an overweight to health care. Country selection, including overweights to Brazil and Indonesia, also detracted from gains.

Class A

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class A	MSCI ACWI Index (net)
12/14	$10,000	$10,000
12/15	$10,289	$9,764
12/16	$10,225	$10,531
12/17	$13,974	$13,056
12/18	$12,605	$11,827
12/19	$16,406	$14,973
12/20	$22,872	$17,406
12/21	$28,103	$20,633
12/22	$20,520	$16,844
12/23	$23,805	$20,584
12/24	$25,283	$24,183

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class A	6.21%	9.03%	9.72%
MSCI ACWI Index (net)	17.49%	10.06%	9.23%

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VA-A-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$160,869,684
# of Portfolio Holdings	54
Portfolio Turnover Rate	47%
Total Advisory Fees Paid	$1,176,639

Class A

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Microsoft Corp.	$6,112,593	3.8%
NVIDIA Corp.	$5,201,992	3.2%
Taiwan Semiconductor Manufacturing Co., Ltd.	$4,940,003	3.1%
Flex Ltd.	$4,626,686	2.9%
Visa, Inc. - Class A	$4,374,941	2.7%
London Stock Exchange Group PLC	$4,225,046	2.6%
Fiserv, Inc.	$4,155,236	2.6%
Veralto Corp.	$4,057,093	2.5%
NextEra Energy, Inc.	$3,855,273	2.4%
MercadoLibre, Inc.	$3,849,796	2.4%
Total	$45,398,659	28.2%

Sector Breakdown

Value	Value
Information Technology	32.8%
Financials	19.1%
Industrials	18.5%
Health Care	13.6%
Consumer Discretionary	6.1%
Consumer Staples	3.9%
Utilities	3.7%
Energy	1.5%
Short-Term Investments	0.9%
Other assets less liabilities	-0.1%

Country Breakdown

Value	Value
United States	60.6%
United Kingdom	7.8%
Brazil	5.6%
Japan	4.0%
Switzerland	3.4%
Taiwan	3.1%
Canada	3.1%
Ireland	2.3%
Hong Kong	2.0%
India	2.0%
Jersey (Channel Islands)	1.5%
Netherlands	1.2%
Italy	1.0%
Norway	0.9%
Others	0.7%
Short-Term Investments	0.9%
Other assets less liabilities	-0.1%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VA-A-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class A 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VA-A-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCAN ME

Please scan QR code for

Portfolio Information

VPS-SGT-A-0153-1224

Class A

4

Class B

December 31, 2024 

SCAN ME

Please scan QR code for

Portfolio Information

AB VPS Sustainable Global Thematic Portfolio 

Annual Shareholder Report 

This annual shareholder report contains important information about the AB VPS Sustainable Global Thematic Portfolio (the “Portfolio”) for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VA-B-A. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$119	1.16%

How did the Portfolio perform last year? What affected the Portfolio’s performance?

During the 12-month period ended December 31, 2024, all share classes of the Portfolio underperformed the Morgan Stanley Capital

International All Country World Index (“MSCI ACWI”)(net)(the “benchmark”). Overall security selection drove the underperformance, while sector allocation contributed. Security selection within technology and financials detracted the most, while selection within consumer staples and utilities was positive. In terms of sector allocation, an overweight to technology and an underweight to materials contributed and helped offset losses from an underweight to communication services and an overweight to health care. Overall country selection (a result of bottom-up security analysis combined with fundamental research) detracted, as losses from overweights to Brazil and Indonesia offset gains from underweights to France and South Korea.

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. 

Performance Highlights

Top contributors to performance:

• During the 12-month period, an overweight to technology and an underweight to materials contributed, as did security selection within consumer staples and utilities. In terms of country selection, underweights to France and South Korea also added to gains.

Top detractors from performance:

• During the 12-month period, leading detractors to performance included security selection within technology and financials, an underweight to communication services and an overweight to health care. Country selection, including overweights to Brazil and Indonesia, also detracted from gains.

Class B

1

Portfolio Performance

The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends. 

	Class B	MSCI ACWI Index (net)
12/14	$10,000	$10,000
12/15	$10,265	$9,764
12/16	$10,175	$10,531
12/17	$13,868	$13,056
12/18	$12,484	$11,827
12/19	$16,201	$14,973
12/20	$22,533	$17,406
12/21	$27,619	$20,633
12/22	$20,116	$16,844
12/23	$23,274	$20,584
12/24	$24,662	$24,183

Average Annual Total Returns

AATR	1 Year	5 Years	10 Years
Class B	5.96%	8.77%	9.45%
MSCI ACWI Index (net)	17.49%	10.06%	9.23%

The Portfolio’s past performance is not a good predictor of the Portfolio’s future performance. 

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/AB/64VA-B-A for the most recent performance information.

Key Portfolio Statistics

Net Assets	$160,869,684
# of Portfolio Holdings	54
Portfolio Turnover Rate	47%
Total Advisory Fees Paid	$1,176,639

Class B

2

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Microsoft Corp.	$6,112,593	3.8%
NVIDIA Corp.	$5,201,992	3.2%
Taiwan Semiconductor Manufacturing Co., Ltd.	$4,940,003	3.1%
Flex Ltd.	$4,626,686	2.9%
Visa, Inc. - Class A	$4,374,941	2.7%
London Stock Exchange Group PLC	$4,225,046	2.6%
Fiserv, Inc.	$4,155,236	2.6%
Veralto Corp.	$4,057,093	2.5%
NextEra Energy, Inc.	$3,855,273	2.4%
MercadoLibre, Inc.	$3,849,796	2.4%
Total	$45,398,659	28.2%

Sector Breakdown

Value	Value
Information Technology	32.8%
Financials	19.1%
Industrials	18.5%
Health Care	13.6%
Consumer Discretionary	6.1%
Consumer Staples	3.9%
Utilities	3.7%
Energy	1.5%
Short-Term Investments	0.9%
Other assets less liabilities	-0.1%

Country Breakdown

Value	Value
United States	60.6%
United Kingdom	7.8%
Brazil	5.6%
Japan	4.0%
Switzerland	3.4%
Taiwan	3.1%
Canada	3.1%
Ireland	2.3%
Hong Kong	2.0%
India	2.0%
Jersey (Channel Islands)	1.5%
Netherlands	1.2%
Italy	1.0%
Norway	0.9%
Others	0.7%
Short-Term Investments	0.9%
Other assets less liabilities	-0.1%

Availability of Additional Information 

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/AB/64VA-B-A, including the Portfolio's:

•   Prospectus

•   Financial information

•   Portfolio holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

Class B 

3

Information Regarding the Review and Approval of the Portfolio’s Advisory Agreement

Information regarding the Portfolio’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Portfolio’s website https://www.abfunds.com/link/AB/64VA-B-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCAN ME

Please scan QR code for

Portfolio Information

VPS-SGT-B-0153-1224

Class B

4

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 19(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 registered public accounting firm 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 advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

		Audit Fees		Audit-Related Fees		Tax Fees
AB Balanced Hedged Allocation Portfolio	2023		60,807		—		29,670
	2024		45,000		—		9,274
AB Sustainable Global Thematic Portfolio	2023		44,022		—		19,327
	2024		44,022		—		4,222
AB Relative Value Portfolio	2023		32,974		—		19,617
	2024		32,974		—		3,780
AB International Value Portfolio	2023		44,022		—		46,938
	2024		44,022		—		12,660
AB Large Cap Growth Portfolio	2023		32,974		—		17,220
	2024		32,974		—		1,770
AB Small Cap Growth Portfolio	2023		32,974		—		18,663
	2024		32,974		—		1,893
AB Discovery Value Portfolio	2023		37,394		—		19,663
	2024		37,394		—		6,602
AB Dynamic Asset Allocation Portfolio	2023		89,404		—		59,547
	2024		55,000		—		24,499
AB Global Risk Allocation-Moderate Portfolio	2023		58,830		—		34,712
	2024		58,830		—		20,686

(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: (“Service Affiliates”):

		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	2023	$	1,917,111	$	29,670
					—
				$	(29,670	)
	2024	$	1,765,978	$	9,274
					—
					(9,274	)
AB Sustainable Global Thematic Portfolio	2023	$	1,906,768	$	19,327
					—
				$	(19,327	)
	2024	$	1,760,926	$	4,222
					—
					(4,222	)
AB Relative Value Portfolio	2023	$	1,907,058	$	19,617
					—
				$	(19,617	)
	2024	$	1,760,484	$	3,780
					—
				$	(3,780	)
AB International Value Portfolio	2023	$	1,934,379	$	46,938
					—
				$	(46,938	)
	2024	$	1,769,364	$	12,660
					—
					(12,660	)
AB Large Cap Growth Portfolio	2023	$	1,904,661	$	17,220
					—
				$	(17,220	)
	2024	$	1,758,474	$	1,770
					—
					(1,770	)
AB Small Cap Growth Portfolio	2023	$	1,906,104	$	18,663
					—
				$	(18,663	)
	2024	$	1,758,597	$	1,893
					—
					(1,893	)
AB Discovery Value Portfolio	2023	$	1,907,104	$	19,663
					—
				$	(19,663	)
	2024	$	1,763,306	$	6,602
					—
					(6,602	)
AB Dynamic Asset Allocation Portfolio	2023	$	1,946,988	$	59,547
					—
				$	(59,547	)
	2024	$	1,781,203	$	24,499
					—
					(24,499	)
AB Global Risk Allocation-Moderate Portfolio	2023	$	1,922,153	$	34,712
					—
				$	(34,712	)
	2024	$	1,777,390	$	20,686
					—
					(20,686	)

(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. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

DEC^12.31.24

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

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 and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

BALANCED HEDGED ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2024	AB Variable Products Series Fund

Company			Shares		U.S. $ Value
INVESTMENT COMPANIES–87.0%
FUNDS AND INVESTMENT TRUSTS–87.0%(a)
iShares Core MSCI EAFE ETF				260,700	$	18,321,996
iShares Core MSCI Emerging Markets ETF				186,000		9,712,920
iShares Core S&P 500 ETF				79,900		47,035,532
iShares Core U.S. Aggregate Bond ETF(b)				250,500		24,273,450
Vanguard Mid-Cap ETF(b)				18,450		4,873,198
Vanguard Real Estate ETF(b)				44,900		3,999,692
Vanguard Small-Cap ETF(b)				14,650		3,520,102
Vanguard Total Bond Market ETF(b)				336,900		24,226,479
Total Investment Companies (cost $123,782,313)						135,963,369
	Principal Amount (000)
INFLATION-LINKED SECURITIES–3.1%
UNITED STATES–3.1%
U.S. Treasury Inflation Index 0.125%, 01/15/2032 (TIPS)(c) (cost $5,573,156)		U.S.$		5,550		4,812,559
	Notional Amount
PURCHASED OPTIONS–CALLS–3.0%
OPTIONS ON EQUITY INDICES–3.0%
S&P 500 Index Expiration: Dec 2026; Contracts: 18; Exercise Price: USD 6,100.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD		10,980,000		1,164,600
S&P 500 Index Expiration: Dec 2026; Contracts: 14; Exercise Price: USD 6,000.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD		8,400,000		990,430
S&P 500 Index Expiration: Dec 2026; Contracts: 12; Exercise Price: USD 5,500.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD		6,600,000		1,242,240
S&P 500 Index Expiration: Dec 2026; Contracts: 6; Exercise Price: USD 5,600.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD		3,360,000		580,230
S&P 500 Index Expiration: Dec 2026; Contracts: 6; Exercise Price: USD 5,300.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD		3,180,000		700,050
Total Purchased Options–Calls (premiums paid $4,307,464)						4,677,550
PURCHASED OPTIONS– PUTS–2.4%
OPTIONS ON EQUITY INDICES–2.4%
S&P 500 Index Expiration: Dec 2026; Contracts: 33; Exercise Price: USD 5,600.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD		18,480,000		1,010,295

1

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

Company		Notional Amount		U.S. $ Value
S&P 500 Index Expiration: Dec 2026; Contracts: 24; Exercise Price: USD 5,500.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		13,200,000	$	680,160
S&P 500 Index Expiration: Dec 2026; Contracts: 18; Exercise Price: USD 6,100.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		10,980,000		798,120
S&P 500 Index Expiration: Dec 2026; Contracts: 14; Exercise Price: USD 6,000.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		8,400,000		577,570
S&P 500 Index Expiration: Dec 2026; Contracts: 12; Exercise Price: USD 5,700.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		6,840,000		396,480
S&P 500 Index Expiration: Dec 2026; Contracts: 12; Exercise Price: USD 5,300.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		6,360,000		289,920
Total Purchased Options–Puts (premiums paid $4,258,079)					3,752,545
Company		Shares		U.S. $ Value
COMMON STOCKS–0.0%
ENERGY–0.0%
OIL, GAS & CONSUMABLE FUELS–0.0%
Gazprom PJSC(d)(e)(f)(g)			31,460		–0	–
LUKOIL PJSC(e)(f)(g)			790		–0	–
					–0	–
MATERIALS–0.0%
METALS & MINING–0.0%
MMC Norilsk Nickel PJSC (ADR)(d)(e)(f)			2,540		–0	–
Total Common Stocks (cost $272,696)					–0	–
SHORT-TERM INVESTMENTS–4.8%
INVESTMENT COMPANIES–4.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(a)(h)(i) (cost $7,544,584)			7,544,584		7,544,584
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.3% (cost $145,738,292)					156,750,607
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–4.1%
INVESTMENT COMPANIES–4.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(a)(h)(i) (cost $6,437,125)			6,437,125		6,437,125
TOTAL INVESTMENTS–104.4% (cost $152,175,417)					163,187,732
Other assets less liabilities–(4.4)%					(6,841,221	)
NET ASSETS–100.0%				$	156,346,511

2

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		9		March 2025	$	1,012,410	$	(57,242	)
MSCI EAFE Futures		39		March 2025		4,421,625		(134,047	)
MSCI Emerging Markets Futures		46		March 2025		2,469,740		(91,060	)
S&P 500 E-Mini Futures		20		March 2025		5,935,750		(223,529	)
S&P Mid 400 E-Mini Futures		5		March 2025		1,573,350		(85,140	)
U.S. Long Bond (CBT) Futures		45		March 2025		5,122,969		(118,879	)
U.S. T-Note 10 Yr (CBT) Futures		496		March 2025		53,940,000		(481,871	)
							$	(1,191,768	)

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

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

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

(d) Non-income producing security.

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

(f) Fair valued by the Adviser.

(g) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Gazprom PJSC		09/28/2021-09/29/2021	$	154,651	$	–0	–		0.00	%
LUKOIL PJSC		06/29/2018-07/09/2021		61,154		–0	–		0.00	%

(h) Affiliated investments.

(i) 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

TIPS—Treasury Inflation-Protected Securities

See notes to financial statements.

3

BALANCED HEDGED ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2024	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $138,193,708)	$	149,206,023	(a)
Affiliated issuers (cost $13,981,709—including investment of cash collateral for securities loaned of $6,437,125)		13,981,709
Cash		20
Foreign currencies, at value (cost $3,025)		2,982
Affiliated dividends receivable		22,652
Unaffiliated dividends and interest receivable		6,223
Receivable due from Adviser		1,211
Receivable for capital stock sold		406
Total assets		163,221,226
LIABILITIES
Payable for collateral received on securities loaned		6,437,125
Payable for variation margin on futures		150,209
Advisory fee payable		59,436
Payable for capital stock redeemed		48,507
Distribution fee payable		29,775
Administrative fee payable		22,291
Transfer Agent fee payable		167
Accrued expenses		127,205
Total liabilities		6,874,715
NET ASSETS	$	156,346,511
COMPOSITION OF NET ASSETS
Capital stock, at par	$	17,327
Additional paid-in capital		143,244,739
Distributable earnings		13,084,445
NET ASSETS	$	156,346,511

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	15,427,768		1,683,143	$	9.17
B	$	140,918,743		15,643,773	$	9.01

(a) Includes securities on loan with a value of $11,706,815 (see Note E).

See notes to financial statements.

4

BALANCED HEDGED ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2024	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $555)	$	3,793,184
Affiliated issuers		274,992
Interest		145,954
Securities lending income		18,172
Other income		110,687
		4,342,989
EXPENSES
Advisory fee (see Note B)		747,060
Distribution fee—Class B		375,608
Transfer agency—Class A		498
Transfer agency—Class B		4,736
Administrative		92,747
Audit and tax		65,917
Custody and accounting		61,137
Printing		54,301
Legal		37,305
Directors’ fees		22,839
Miscellaneous		18,679
Total expenses		1,480,827
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(12,077	)
Net expenses		1,468,750
Net investment income		2,874,239
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		7,546,941
Futures		1,010,049
Foreign currency transactions		(90	)
Net change in unrealized appreciation (depreciation) of:
Investments		6,980,468
Futures		(4,564,393	)
Foreign currency denominated assets and liabilities		(389	)
Net gain on investment and foreign currency transactions		10,972,586
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	13,846,825

(a) Net of foreign realized capital gains taxes of $5,943.

See notes to financial statements.

5

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

	Year Ended December 31, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,874,239		$	2,924,139
Net realized gain (loss) on investment and foreign currency transactions		8,556,900			(6,050,458	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		2,415,686			23,831,462
Net increase in net assets from operations		13,846,825			20,705,143
Distributions to Shareholders
Class A		(633,925	)		(978,634	)
Class B		(5,620,894	)		(9,515,346	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(24,086,380	)		(14,760,704	)
Total decrease		(16,494,374	)		(4,549,541	)
NET ASSETS
Beginning of period		172,840,885			177,390,426
End of period	$	156,346,511		$	172,840,885

See notes to financial statements.

6

BALANCED HEDGED ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2024	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 nine 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.

7

BALANCED HEDGED ALLOCATION 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.

8

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, 2024:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

135,963,369

$

–0

–

$

–0

–

$

135,963,369

Inflation-Linked Securities

–0

–

4,812,559

–0

–

4,812,559

Purchased Options—Calls

–0

–

4,677,550

–0

–

4,677,550

Purchased Options—Puts

–0

–

3,752,545

–0

–

3,752,545

Common Stocks

–0

–

–0

–

0

(a)

–0

–

Short-Term Investments

7,544,584

–0

–

–0

–

7,544,584

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

6,437,125

–0

–

–0

–

6,437,125

Total Investments in Securities

149,945,078

13,242,654

0

(a)

163,187,732

Other Financial Instruments(b):

Assets

–0

–

–0

–

–0

–

–0

–

Liabilities:

Futures

(1,191,768

)

–0

–

–0

–

(1,191,768

)(c)

Total

$

148,753,310

$

13,242,654

$

0

(a)

$

161,995,964

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

(b) Other financial instruments include 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.

9

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. 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 real estate investment trust (“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.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio’s President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolio’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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. 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, 2024, there was no such reimbursement. This fee waiver and/or expense reimbursement agreement extends through May 1, 2025 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, 2024, the reimbursement for such services amounted to $92,747.

10

AB Variable Products Series Fund

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,950 for the year ended December 31, 2024.

The Portfolio may invest in AB 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 AB 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 AB 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 AB 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 AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2024, such waiver amounted to $8,614.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2024 is as follows:

Portfolio	Market Value 12/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/24 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	10,353	$	41,185	$	43,993	$	7,545	$	275
AB Government Money Market Portfolio*		6,202		243,734		243,499		6,437		–0	–
Total							$	13,982	$	275

* 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, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	9,296,935		$	37,632,387
U.S. government securities		–0	–		–0	–

11

BALANCED HEDGED ALLOCATION 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	$	152,175,417
Gross unrealized appreciation	$	18,185,452
Gross unrealized depreciation		(7,037,690	)
Net unrealized appreciation	$	11,147,762

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 with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, 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; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments 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, 2024, 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

12

AB Variable Products Series Fund

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, 2024, the Portfolio held purchased options for hedging and non-hedging purposes.

During the year ended December 31, 2024, 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				Payable for variation margin on futures	$	600,750	*
Equity contracts				Payable for variation margin on futures		591,018	*
Equity contracts	Investments in securities, at value	$	8,430,095
Total		$	8,430,095		$	1,191,768

* 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	$	(538,792	)	$	(3,004,439	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		1,548,841			(1,559,954	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		2,907,209			(244,734	)
Total		$	3,917,258		$	(4,809,127	)

13

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

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2024:

Futures:
Average notional amount of buy contracts	$	73,122,412
Average notional amount of sale contracts	$	2,271,586	(a)
Purchased Options:
Average notional amount	$	92,024,615

(a) Positions were open for 10 months 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).

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.

14

AB Variable Products Series Fund

A summary of the Portfolio’s transactions surrounding securities lending for the year ended December 31, 2024 is as follows:

								AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned			Advisory Fee Waived
$	11,706,815	$	6,437,125	$	5,485,627	$	18,172	$	–0	–	$	3,463

* As of December 31, 2024.

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, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class A
Shares sold		83,454			15,409		$	745,767		$	134,466
Shares issued in reinvestment of dividends and distributions		70,909			117,766			633,925			978,634
Shares redeemed		(276,002	)		(289,545	)		(2,489,227	)		(2,475,377	)
Net decrease		(121,639	)		(156,370	)	$	(1,109,535	)	$	(1,362,277	)
Class B
Shares sold		447,965			503,184		$	4,013,635		$	4,219,796
Shares issued on reinvestment of dividends and distributions		639,464			1,163,245			5,620,894			9,515,346
Shares redeemed		(3,631,685	)		(3,256,453	)		(32,611,374	)		(27,133,569	)
Net decrease		(2,544,256	)		(1,590,024	)	$	(22,976,845	)	$	(13,398,427	)

At December 31, 2024, certain shareholders of the Portfolio owned 70% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The value of the Portfolio’s assets will fluctuate as the market or markets in which the Portfolio invests fluctuate. The value of the Portfolio’s 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.

15

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

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

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

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

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

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

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, 2024.

16

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended December 31, 2024 and December 31, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	4,625,970	$	1,598,559
Net long-term capital gains		1,628,849		8,895,421
Total taxable distributions paid	$	6,254,819	$	10,493,980

As of December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	10,897,149
Accumulated capital and other losses		(8,961,977	)(a)
Unrealized appreciation (depreciation)		11,149,273	(b)
Total accumulated earnings (deficit)	$	13,084,445

(a) As of December 31, 2024, the cumulative deferred loss on straddles was $8,961,977.

(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, 2024, the Portfolio did not have any capital loss carryforwards.

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

NOTE J: Subsequent Events

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

17

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$8.78			$8.28			$11.75			$10.61			$10.24
Income From Investment Operations
Net investment income(a)(b)		.18			.16			.15			.16			.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.59			.89			(2.25	)		1.29			.78
Contributions from Affiliates		–0	–		–0	–		.00	(c)		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.77			1.05			(2.10	)		1.45			.91
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.10	)		(.35	)		(.06	)		(.24	)
Distributions from net realized gain on investment transactions		(.19	)		(.45	)		(1.02	)		(.25	)		(.30	)
Total dividends and distributions		(.38	)		(.55	)		(1.37	)		(.31	)		(.54	)
Net asset value, end of period		$9.17			$8.78			$8.28			$11.75			$10.61
Total Return
Total investment return based on net asset value(d)*		8.84	%		13.04	%		(18.99	)%		13.73	%		9.41	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,428			$15,843			$16,241			$21,879			$21,252
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.66	%		.69	%		.63	%		.56	%		.55	%
Expenses, before waivers/reimbursements(e)‡		.67	%		.70	%		.71	%		.75	%		.77	%
Net investment income(b)		1.97	%		1.92	%		1.50	%		1.43	%		1.38	%
Portfolio turnover rate		6	%		4	%		135	%**		63	%**		66	%**
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.04	%		.04	%		.09	%		.20	%		.22	%

See footnote summary on page 20.

18

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$8.63			$8.15			$11.58			$10.47			$10.10
Income From Investment Operations
Net investment income(a)(b)		.15			.14			.12			.13			.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.58			.87			(2.22	)		1.26			.78
Contributions from Affiliates		–0	–		–0	–		.00	(c)		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		.73			1.01			(2.10	)		1.39			.89
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.08	)		(.31	)		(.03	)		(.22	)
Distributions from net realized gain on investment transactions		(.19	)		(.45	)		(1.02	)		(.25	)		(.30	)
Total dividends and distributions		(.35	)		(.53	)		(1.33	)		(.28	)		(.52	)
Net asset value, end of period		$9.01			$8.63			$8.15			$11.58			$10.47
Total Return
Total investment return based on net asset value(d)*		8.58	%		12.66	%		(19.17	)%		13.36	%		9.25	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$140,919			$156,998			$161,149			$223,893			$222,427
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.91	%		.94	%		.88	%		.81	%		.80	%
Expenses, before waivers/reimbursements(e)‡		.92	%		.95	%		.96	%		1.00	%		1.02	%
Net investment income(b)		1.71	%		1.66	%		1.24	%		1.20	%		1.14	%
Portfolio turnover rate		6	%		4	%		135	%**		63	%**		66	%**
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.04	%		.04	%		.09	%		.20	%		.22	%

See footnote summary on page 20.

19

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

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total investment 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, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020, such waiver amounted to .01%, .01%, .08%, .19% and .20%, respectively.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2024 and December 31, 2022 by .10% and .02%, respectively.

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

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 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, 2024, 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, 2024, 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, 2024, 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, 2025

21

2024 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, 2024. For corporate shareholders, 17.10% of dividends paid qualify for the dividends received deduction. The Portfolio designates $1,628,849 of dividends paid as long-term capital gain dividends.

22

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 (the “Fund”) at a meeting held in-person on November 5-7, 2024 (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 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 2022 and 2023 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

23

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

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

Fall-Out Benefits

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

Investment Results

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

At the 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 July 31, 2024 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 equal to 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. The Adviser had agreed to cap the Fund’s expenses, and the directors note that the Fund’s expense ratio was currently close to the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s 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 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

24

AB Variable Products Series Fund

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.

25

VPS-BHA-0151-1224

DEC^12.31.24

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

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 and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2024	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–64.7%
INFORMATION TECHNOLOGY–17.0%
COMMUNICATIONS EQUIPMENT–0.5%
Arista Networks, Inc.(a)		2,488	$	274,999
Cisco Systems, Inc.		9,298		550,442
F5, Inc.(a)		136		34,200
Juniper Networks, Inc.		767		28,724
Motorola Solutions, Inc.		389		179,807
Nokia Oyj		12,429		54,979
Telefonaktiebolaget LM Ericsson–Class B		6,474		52,429
				1,175,580
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.4%
Amphenol Corp.–Class A		2,806		194,877
CDW Corp./DE		311		54,126
Corning, Inc.		1,895		90,050
Halma PLC		885		29,691
Hexagon AB–Class B		4,839		46,200
Jabil, Inc.		264		37,990
Keyence Corp.		487		197,952
Keysight Technologies, Inc.(a)		404		64,894
Kyocera Corp.		3,036		30,092
Murata Manufacturing Co., Ltd.		3,951		62,682
Omron Corp.		453		15,253
Shimadzu Corp.		578		16,177
TDK Corp.		4,510		58,082
TE Connectivity PLC		711		101,652
Teledyne Technologies, Inc.(a)		109		50,590
Trimble, Inc.(a)		569		40,206
Yaskawa Electric Corp.		507		12,939
Yokogawa Electric Corp.		534		11,358
Zebra Technologies Corp.–Class A(a)		120		46,346
				1,161,157
IT SERVICES–0.9%
Accenture PLC–Class A		1,456		512,206
Akamai Technologies, Inc.(a)		353		33,764
Bechtle AG		191		6,126
Capgemini SE		362		59,125
CGI, Inc.		475		51,973
Cognizant Technology Solutions Corp.–Class A		1,155		88,819
EPAM Systems, Inc.(a)		133		31,098
Fujitsu Ltd.		3,910		68,685
Gartner, Inc.(a)		180		87,205
GoDaddy, Inc.–Class A(a)		329		64,935
International Business Machines Corp.		2,146		471,755

Company	Shares		U.S. $ Value
MongoDB, Inc.(a)		172	$	40,043
NEC Corp.		609		52,116
Nomura Research Institute Ltd.		854		25,075
NTT Data Group Corp.		1,422		27,039
Obic Co., Ltd.		705		20,980
Okta, Inc.(a)		379		29,865
Otsuka Corp.		560		12,807
SCSK Corp.		392		8,205
Shopify, Inc.–Class A(a)(b)		2,825		300,669
Snowflake, Inc.–Class A(a)		703		108,550
TIS, Inc.		494		11,668
Twilio, Inc.–Class A(a)		356		38,476
VeriSign, Inc.(a)		205		42,427
Wix.com Ltd.(a)		123		26,390
				2,220,001
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.9%
Advanced Micro Devices, Inc.(a)		3,771		455,499
Advantest Corp.		1,808		102,801
Analog Devices, Inc.		1,157		245,816
Applied Materials, Inc.		1,921		312,412
ASM International NV		109		63,022
ASML Holding NV(b)		931		652,104
BE Semiconductor Industries NV(b)		180		24,672
Broadcom, Inc.		10,337		2,396,530
Disco Corp.		231		61,279
Enphase Energy, Inc.(a)		316		21,703
Entegris, Inc.(b)		352		34,869
First Solar, Inc.(a)		237		41,769
Infineon Technologies AG		3,044		99,361
Intel Corp.		9,962		199,738
KLA Corp.		312		196,597
Kokusai Electric Corp.(b)		400		5,242
Lam Research Corp.		3,020		218,135
Lasertec Corp.		171		16,030
Marvell Technology, Inc.		2,018		222,888
Microchip Technology, Inc.		1,259		72,204
Micron Technology, Inc.		2,583		217,385
Monolithic Power Systems, Inc.		114		67,454
NVIDIA Corp.		57,150		7,674,673
NXP Semiconductors NV		594		123,463
ON Semiconductor Corp.(a)		998		62,924
Qorvo, Inc.(a)		221		15,455
QUALCOMM, Inc.		2,595		398,644
Renesas Electronics Corp.(a)		3,917		49,570
SCREEN Holdings Co., Ltd.		200		11,807
Skyworks Solutions, Inc.		372		32,989
STMicroelectronics NV		1,593		39,900
Teradyne, Inc.		380		47,850
Texas Instruments, Inc.		2,127		398,834
Tokyo Electron Ltd.		1,090		163,848
				14,747,467

1

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

Company	Shares		U.S. $ Value
SOFTWARE–5.5%
Adobe, Inc.(a)		1,026	$	456,242
ANSYS, Inc.(a)		204		68,815
AppLovin Corp.–Class A(a)		485		157,058
Aspen Technology, Inc.(a)		66		16,476
Atlassian Corp., Ltd.–Class A(a)		373		90,781
Autodesk, Inc.(a)		501		148,081
Bentley Systems, Inc.–Class B		372		17,372
Cadence Design Systems, Inc.(a)		638		191,693
Check Point Software Technologies Ltd.(a)		205		38,274
Cloudflare, Inc.–Class A(a)		709		76,345
Coinbase Global, Inc.–Class A(a)		449		111,487
Constellation Software, Inc./Canada		47		145,334
Crowdstrike Holdings, Inc.–Class A(a)		542		185,451
CyberArk Software Ltd.(a)		101		33,648
Dassault Systemes SE		1,560		53,982
Datadog, Inc.–Class A(a)		654		93,450
Descartes Systems Group, Inc. (The)(a)		199		22,621
DocuSign, Inc.(a)		473		42,542
Fair Isaac Corp.(a)		57		113,483
Fortinet, Inc.(a)		1,515		143,137
Gen Digital, Inc.		1,291		35,348
HubSpot, Inc.(a)		114		79,432
Intuit, Inc.		653		410,410
Manhattan Associates, Inc.(a)		143		38,644
Microsoft Corp.		16,452		6,934,518
MicroStrategy, Inc.–Class A(a)		426		123,378
Monday.com Ltd.(a)		87		20,483
Nemetschek SE		135		13,114
Nice Ltd.(a)		146		24,794
Nutanix, Inc.–Class A(a)		587		35,913
Open Text Corp.		619		17,518
Oracle Corp.		3,874		645,563
Oracle Corp. Japan		42		4,020
Palantir Technologies, Inc.–Class A(a)		4,742		358,637
Palo Alto Networks, Inc.(a)		1,518		276,215
PTC, Inc.(a)		280		51,484
Roper Technologies, Inc.		250		129,962
Sage Group PLC (The)		2,342		37,211
Salesforce, Inc.		2,227		744,553
Samsara, Inc.–Class A(a)		509		22,238
SAP SE		2,433		598,455
ServiceNow, Inc.(a)		480		508,858
Synopsys, Inc.(a)		358		173,759
Temenos AG (REG)		131		9,257
Trend Micro, Inc./Japan		289		15,581
Tyler Technologies, Inc.(a)		99		57,087

Company	Shares		U.S. $ Value
WiseTech Global Ltd.		429	$	32,026
Workday, Inc.–Class A(a)		496		127,983
Xero Ltd.(a)		338		35,173
Zoom Communications, Inc.–Class A(a)		580		47,334
Zscaler, Inc.(a)		213		38,427
				13,853,647
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.8%
Apple, Inc.		35,422		8,870,377
Brother Industries Ltd.		585		9,896
Canon, Inc.		2,211		71,817
Dell Technologies, Inc.–Class C		739		85,162
FUJIFILM Holdings Corp.		2,627		54,352
Hewlett Packard Enterprise Co.		3,027		64,627
HP, Inc.		2,246		73,287
Logitech International SA (REG)		354		29,221
NetApp, Inc.		477		55,370
Pure Storage, Inc.–Class A(a)		726		44,598
Ricoh Co., Ltd.		1,272		14,446
Seagate Technology Holdings PLC		491		42,378
Seiko Epson Corp.		692		12,486
Super Micro Computer, Inc.(a)		1,228		37,429
Western Digital Corp.(a)		806		48,062
				9,513,508
				42,671,360
FINANCIALS–10.3%
BANKS–3.8%
ABN AMRO Bank NV(b)		1,068		16,481
AIB Group PLC		4,341		24,005
ANZ Group Holdings Ltd.		6,940		122,281
Banco Bilbao Vizcaya Argentaria SA		13,431		131,415
Banco BPM SpA(b)		3,001		24,298
Banco de Sabadell SA		12,677		24,635
Banco Santander SA		36,104		167,026
Bank Hapoalim BM		2,946		35,565
Bank Leumi Le-Israel BM		3,514		41,807
Bank of America Corp.		16,271		715,110
Bank of Ireland Group PLC		2,340		21,339
Bank of Montreal		1,700		165,039
Bank of Nova Scotia (The)		2,883		154,815
Banque Cantonale Vaudoise (REG)		70		6,445
Barclays PLC		33,870		113,302
BNP Paribas SA		2,372		145,633
BOC Hong Kong Holdings Ltd.		8,531		27,241
BPER Banca SPA		2,319		14,790

2

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CaixaBank SA		9,316	$	50,578
Canadian Imperial Bank of Commerce(b)		2,198		139,041
Chiba Bank Ltd. (The)		1,314		10,128
Citigroup, Inc.		4,445		312,884
Citizens Financial Group, Inc.		1,045		45,729
Commerzbank AG		2,209		36,277
Commonwealth Bank of Australia(b)		3,899		368,928
Concordia Financial Group Ltd.(b)		2,421		13,314
Credit Agricole SA		2,481		34,137
Danske Bank A/S		1,608		45,591
DBS Group Holdings Ltd.		4,592		147,153
DNB Bank ASA		2,087		41,666
Erste Group Bank AG		785		48,588
Fifth Third Bancorp		1,577		66,676
FinecoBank Banca Fineco SpA		1,424		24,853
First Citizens BancShares, Inc./NC–Class A		24		50,712
Hang Seng Bank Ltd.(b)		1,705		20,884
HSBC Holdings PLC		42,414		416,637
Huntington Bancshares, Inc./OH		3,385		55,074
ING Groep NV		7,699		120,655
Intesa Sanpaolo SpA		34,087		136,717
Israel Discount Bank Ltd.–Class A		2,882		19,715
Japan Post Bank Co., Ltd.		3,418		32,306
JPMorgan Chase & Co.		6,629		1,589,038
KBC Group NV		535		41,307
KeyCorp		2,198		37,674
Lloyds Banking Group PLC		142,945		97,621
M&T Bank Corp.		389		73,136
Mediobanca Banca di Credito Finanziario SpA		1,164		16,999
Mitsubishi UFJ Financial Group, Inc.		25,887		302,223
Mizrahi Tefahot Bank Ltd.		361		15,627
Mizuho Financial Group, Inc.		5,654		138,029
National Australia Bank Ltd.		7,163		164,121
National Bank of Canada(b)		794		72,382
NatWest Group PLC		16,454		82,455
Nordea Bank Abp (Helsinki)		7,354		80,238
Oversea-Chinese Banking Corp., Ltd.		8,327		101,698
PNC Financial Services Group, Inc. (The)		926		178,579
Regions Financial Corp.		2,133		50,168
Resona Holdings, Inc.		4,922		35,482
Royal Bank of Canada		3,297		397,535
Shizuoka Financial Group, Inc.		994		8,061

Company	Shares		U.S. $ Value
Skandinaviska Enskilda Banken AB–Class A		3,698	$	50,678
Societe Generale SA		1,679		47,122
Standard Chartered PLC		4,898		60,300
Sumitomo Mitsui Financial Group, Inc.		8,699		208,778
Sumitomo Mitsui Trust Holdings, Inc.		1,534		35,834
Svenska Handelsbanken AB–Class A		3,399		35,095
Swedbank AB–Class A		1,979		39,077
Toronto-Dominion Bank (The)		4,072		216,794
Truist Financial Corp.		3,121		135,389
UniCredit SpA		3,433		137,486
United Overseas Bank Ltd.		2,692		71,488
US Bancorp		3,636		173,910
Wells Fargo & Co.		7,930		557,003
Westpac Banking Corp.		8,012		159,927
				9,600,724
CAPITAL MARKETS–2.2%
3i Group PLC		2,269		101,000
Ameriprise Financial, Inc.		229		121,926
Amundi SA		143		9,517
Ares Management Corp.–Class A		439		77,716
ASX Ltd.		452		18,176
Bank of New York Mellon Corp. (The)		1,720		132,148
Blackrock, Inc.		345		353,663
Blackstone, Inc.		1,678		289,321
Brookfield Asset Management Ltd.–Class A (Toronto)(b)		828		44,907
Brookfield Corp. (Toronto)(b)		3,185		183,064
Carlyle Group, Inc. (The)(b)		540		27,265
Cboe Global Markets, Inc.		244		47,678
Charles Schwab Corp. (The)		3,729		275,983
CME Group, Inc.		839		194,841
CVC Capital Partners PLC(a)(b)(c)		495		10,946
Daiwa Securities Group, Inc.		3,063		20,212
Deutsche Bank AG (REG)		4,416		76,206
Deutsche Boerse AG		439		101,126
EQT AB		868		23,995
Euronext NV		182		20,418
FactSet Research Systems, Inc.		89		42,745
Franklin Resources, Inc.		670		13,594
Futu Holdings Ltd. (ADR)		140		11,199
Goldman Sachs Group, Inc. (The)		736		421,448
Hargreaves Lansdown PLC		829		11,376
Hong Kong Exchanges & Clearing Ltd.		2,801		104,838

3

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

Company	Shares		U.S. $ Value
IGM Financial, Inc.(b)		193	$	6,164
Intercontinental Exchange, Inc.		1,338		199,375
Japan Exchange Group, Inc.(b)		2,276		25,253
Julius Baer Group Ltd.		480		31,138
KKR & Co., Inc.		1,447		214,026
London Stock Exchange Group PLC		1,114		157,246
LPL Financial Holdings, Inc.		174		56,813
Macquarie Group Ltd.		844		115,428
MarketAxess Holdings, Inc.		88		19,892
Moody’s Corp.		383		181,301
Morgan Stanley		2,827		355,410
MSCI, Inc.		183		109,802
Nasdaq, Inc.		1,005		77,697
Nomura Holdings, Inc.		7,021		40,735
Northern Trust Corp.		470		48,175
Onex Corp.		147		11,482
Partners Group Holding AG		53		71,989
Raymond James Financial, Inc.		456		70,830
Robinhood Markets, Inc.–Class A(a)		1,245		46,389
S&P Global, Inc.		745		371,032
SBI Holdings, Inc.		595		14,944
Schroders PLC		1,878		7,591
SEI Investments Co.		257		21,197
Singapore Exchange Ltd.		1,635		15,241
State Street Corp.		686		67,331
T. Rowe Price Group, Inc.		519		58,694
TMX Group Ltd.		647		19,931
Tradeweb Markets, Inc.–Class A		271		35,479
UBS Group AG (REG)		7,663		234,616
				5,420,509
CONSUMER FINANCE–0.3%
Ally Financial, Inc.		639		23,010
American Express Co.		1,325		393,247
Capital One Financial Corp.		890		158,705
Discover Financial Services		585		101,339
Synchrony Financial		921		59,865
				736,166
FINANCIAL SERVICES–2.0%
Adyen NV(a)(b)		51		75,790
Apollo Global Management, Inc.		929		153,434
Berkshire Hathaway, Inc.–Class B(a)		3,087		1,399,275
Block, Inc.(a)		1,294		109,977
Corebridge Financial, Inc.		621		18,586
Corpay, Inc.(a)		154		52,117
Edenred SE		571		18,772
Equitable Holdings, Inc.		735		34,670

Company	Shares		U.S. $ Value
Eurazeo SE		98	$	7,310
EXOR NV		232		21,269
Fidelity National Information Services, Inc.		1,271		102,659
Fiserv, Inc.(a)		1,341		275,468
Global Payments, Inc.		593		66,452
Groupe Bruxelles Lambert NV		193		13,197
Industrivarden AB–Class A		283		8,945
Industrivarden AB–Class C		374		11,813
Infratil Ltd.		2,139		15,077
Investor AB–Class B		4,034		106,848
Jack Henry & Associates, Inc.		170		29,801
L E Lundbergforetagen AB–Class B		177		8,020
M&G PLC		5,269		13,039
Mastercard, Inc.–Class A		1,922		1,012,068
Mitsubishi HC Capital, Inc.		2,023		13,332
Nexi SpA(a)(b)		1,200		6,679
ORIX Corp.		2,731		58,672
PayPal Holdings, Inc.(a)		2,263		193,147
Sofina SA(b)		36		8,126
Toast, Inc.–Class A(a)(b)		913		33,279
Visa, Inc.–Class A		3,892		1,230,028
Wise PLC–Class A(a)		1,552		20,628
				5,118,478
INSURANCE–2.0%
Admiral Group PLC		607		20,053
Aegon Ltd.(b)		3,146		18,721
Aflac, Inc.		1,240		128,266
Ageas SA/NV		372		18,087
AIA Group Ltd.		25,437		182,710
Allianz SE (REG)		913		280,622
Allstate Corp. (The)		615		118,566
American Financial Group, Inc./OH		166		22,730
American International Group, Inc.		1,501		109,273
Aon PLC–Class A		456		163,777
Arch Capital Group Ltd.		876		80,899
Arthur J Gallagher & Co.		511		145,047
ASR Nederland NV		369		17,550
Assurant, Inc.		121		25,800
Aviva PLC		6,239		36,567
AXA SA		4,103		146,024
Baloise Holding AG (REG)		101		18,302
Brown & Brown, Inc.		565		57,641
Chubb Ltd.		894		247,012
Cincinnati Financial Corp.		364		52,307
Dai-ichi Life Holdings, Inc.		2,113		56,304
Erie Indemnity Co.–Class A		59		24,322
Everest Group Ltd.		101		36,608
Fairfax Financial Holdings Ltd.		48		66,785
Fidelity National Financial, Inc.		605		33,965
Generali(b)		2,195		62,101

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Gjensidige Forsikring ASA		466	$	8,228
Great-West Lifeco, Inc.(b)		651		21,589
Hannover Rueck SE		141		35,309
Hartford Financial Services Group, Inc. (The)		683		74,720
Helvetia Holding AG (REG)		86		14,184
iA Financial Corp., Inc.		220		20,404
Insurance Australia Group Ltd.		5,524		28,892
Intact Financial Corp.		416		75,745
Japan Post Holdings Co., Ltd.		4,467		42,069
Japan Post Insurance Co., Ltd.		492		9,037
Legal & General Group PLC		13,744		39,464
Loews Corp.		435		36,840
Manulife Financial Corp.		4,099		125,926
Markel Group, Inc.(a)		30		51,787
Marsh & McLennan Cos., Inc.		1,146		243,422
Medibank Pvt Ltd.		6,417		15,041
MetLife, Inc.		1,387		113,568
MS&AD Insurance Group Holdings, Inc.		2,976		64,274
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		312		157,423
NN Group NV		631		27,517
Phoenix Group Holdings PLC		1,634		10,412
Poste Italiane SpA		1,065		15,062
Power Corp. of Canada(b)		1,310		40,864
Principal Financial Group, Inc.		540		41,801
Progressive Corp. (The)		1,364		326,828
Prudential Financial, Inc.		832		98,617
Prudential PLC		6,283		49,862
QBE Insurance Group Ltd.		3,509		41,672
Sampo Oyj–Class A(b)		1,153		47,094
Sompo Holdings, Inc.		2,066		53,531
Sun Life Financial, Inc.(b)		1,346		79,920
Suncorp Group Ltd.		2,965		34,835
Swiss Life Holding AG (REG)		67		51,729
Swiss Re AG		703		101,819
T&D Holdings, Inc.		1,096		20,061
Talanx AG		150		12,758
Tokio Marine Holdings, Inc.		4,412		158,338
Travelers Cos., Inc. (The)		531		127,913
Tryg A/S		790		16,665
Unipol Gruppo SpA		919		11,477
W R Berkley Corp.		710		41,549
Willis Towers Watson PLC		237		74,238
Zurich Insurance Group AG		341		202,815
				5,035,338

Company	Shares		U.S. $ Value
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)–0.0%
Annaly Capital Management, Inc.		1,254	$	22,948
				25,934,163
CONSUMER DISCRETIONARY–7.2%
AUTOMOBILE COMPONENTS–0.1%
Aisin Corp.		1,229		13,731
Aptiv PLC(a)		619		37,437
Bridgestone Corp.		1,368		45,983
Cie Generale des Etablissements Michelin SCA		1,557		51,234
Continental AG		256		17,250
Denso Corp.		4,440		61,214
Magna International, Inc.(b)		636		26,582
Sumitomo Electric Industries Ltd.		1,619		28,944
				282,375
AUTOMOBILES–1.6%
Bayerische Motoren Werke AG		676		55,290
Bayerische Motoren Werke AG (Preference Shares)		130		9,739
Dr. Ing. h.c. F. Porsche AG (Preference Shares)(c)		265		16,059
Ferrari NV(b)		294		125,450
Ford Motor Co.		9,100		90,090
General Motors Co.		2,619		139,514
Honda Motor Co., Ltd.		10,469		99,673
Isuzu Motors Ltd.(b)		1,312		17,848
Mercedes-Benz Group AG		1,745		97,287
Nissan Motor Co., Ltd.(b)		5,179		15,707
Porsche Automobil Holding SE (Preference Shares)		357		13,452
Renault SA		448		21,810
Rivian Automotive, Inc.–Class A(a)(b)		1,748		23,248
Stellantis NV (Milan)		4,580		59,579
Subaru Corp.		1,381		24,538
Suzuki Motor Corp.		3,636		40,739
Tesla, Inc.(a)		6,699		2,705,324
Toyota Motor Corp.		23,870		466,067
Volkswagen AG (Preference Shares)		481		44,380
Yamaha Motor Co., Ltd.		2,185		19,251
				4,085,045
BROADLINE RETAIL–2.3%
Amazon.com, Inc.(a)		22,007		4,828,116
Canadian Tire Corp., Ltd.–Class A(b)		122		12,834
Cie Financiere Richemont SA (REG)		1,253		189,546

5

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

Company	Shares		U.S. $ Value
Dollarama, Inc.		655	$	63,921
eBay, Inc.		1,140		70,623
Global-e Online Ltd.(a)		233		12,706
MercadoLibre, Inc.(a)		106		180,247
Next PLC		278		32,977
Pan Pacific International Holdings Corp.		871		23,662
Prosus NV(b)		3,188		126,643
Rakuten Group, Inc.(a)		3,513		18,926
Wesfarmers Ltd.		2,645		116,850
				5,677,051
DISTRIBUTORS–0.0%
D’ieteren Group		50		8,317
Genuine Parts Co.		325		37,947
LKQ Corp.		613		22,528
Pool Corp.		89		30,344
				99,136
DIVERSIFIED CONSUMER SERVICES–0.0%
Pearson PLC		1,397		22,401
HOTELS, RESTAURANTS & LEISURE–1.3%
Accor SA		454		22,081
Airbnb, Inc.–Class A(a)		1,025		134,695
Amadeus IT Group SA(b)		1,050		74,113
Aristocrat Leisure Ltd.		1,320		55,744
Booking Holdings, Inc.		78		387,537
Carnival Corp.(a)		2,421		60,331
Chipotle Mexican Grill, Inc.(a)		3,191		192,417
Compass Group PLC		3,955		131,596
Darden Restaurants, Inc.		274		51,153
Delivery Hero SE(a)		435		12,220
Domino’s Pizza, Inc.		80		33,581
DoorDash, Inc.–Class A(a)		717		120,277
DraftKings, Inc.–Class A(a)		1,018		37,870
Entain PLC		1,415		12,147
Evolution AB		395		30,461
Expedia Group, Inc.(a)		291		54,222
Flutter Entertainment PLC(a)		414		106,998
Galaxy Entertainment Group Ltd.		5,343		22,492
Genting Singapore Ltd.		13,869		7,780
Hilton Worldwide Holdings, Inc.		574		141,870
Hyatt Hotels Corp.–Class A(b)		105		16,483
InterContinental Hotels Group PLC		371		46,161
La Francaise des Jeux SACA		237		9,127
Las Vegas Sands Corp.(b)		858		44,067
Lottery Corp., Ltd. (The)		5,186		15,818
Marriott International, Inc./MD–Class A		558		155,649

Company	Shares		U.S. $ Value
McDonald’s Corp.		1,671	$	484,406
McDonald’s Holdings Co. Japan Ltd.		192		7,542
MGM Resorts International(a)		531		18,399
Oriental Land Co., Ltd./Japan		2,505		53,998
Restaurant Brands International, Inc.		717		46,733
Royal Caribbean Cruises Ltd.		570		131,493
Sands China Ltd.(a)		5,620		14,964
Sodexo SA		206		16,975
Starbucks Corp.		2,640		240,900
Whitbread PLC		418		15,387
Wynn Resorts Ltd.		233		20,075
Yum! Brands, Inc.		655		87,875
Zensho Holdings Co., Ltd.		200		11,327
				3,126,964
HOUSEHOLD DURABLES–0.3%
Barratt Redrow PLC		3,212		17,608
Berkeley Group Holdings PLC		238		11,583
DR Horton, Inc.		684		95,637
Garmin Ltd.		358		73,841
Lennar Corp.–Class A		557		75,958
NVR, Inc.(a)		7		57,252
Panasonic Holdings Corp.		5,471		55,917
Persimmon PLC		745		11,128
PulteGroup, Inc.		484		52,708
SEB SA		58		5,241
Sekisui House Ltd.		1,389		33,119
Sony Group Corp.		14,570		307,071
Taylor Wimpey PLC		8,248		12,553
				809,616
LEISURE PRODUCTS–0.0%
Bandai Namco Holdings, Inc.		1,337		31,881
Shimano, Inc.		160		21,523
				53,404
SPECIALTY RETAIL–1.1%
AutoZone, Inc.(a)		40		128,080
Avolta AG		213		8,551
Best Buy Co., Inc.		475		40,755
Burlington Stores, Inc.(a)		148		42,189
CarMax, Inc.(a)		361		29,515
Carvana Co.(a)		266		54,094
Dick’s Sporting Goods, Inc.		135		30,893
Dynatrace, Inc.(a)		694		37,719
Fast Retailing Co., Ltd.		457		154,165
H & M Hennes & Mauritz AB–Class B(b)		1,320		17,792
Home Depot, Inc. (The)		2,314		900,123
Industria de Diseno Textil SA		2,542		130,211

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
JD Sports Fashion PLC		6,039	$	7,218
Kingfisher PLC		4,252		13,217
Lowe’s Cos., Inc.		1,322		326,270
Nitori Holdings Co., Ltd.		213		25,239
O’Reilly Automotive, Inc.(a)		135		160,083
Ross Stores, Inc.		773		116,932
TJX Cos., Inc. (The)		2,628		317,489
Tractor Supply Co.		1,255		66,590
Ulta Beauty, Inc.(a)		110		47,842
Williams-Sonoma, Inc.		294		54,443
Zalando SE(a)		523		17,496
ZOZO, Inc.		271		8,346
				2,735,252
TEXTILES, APPAREL & LUXURY GOODS–0.5%
adidas AG		378		92,974
Asics Corp.		1,600		31,212
Deckers Outdoor Corp.(a)		355		72,097
Gildan Activewear, Inc.		329		15,484
Hermes International SCA		74		177,553
Kering SA		173		42,730
Lululemon Athletica, Inc.(a)		261		99,809
LVMH Moet Hennessy Louis Vuitton SE		641		421,645
Moncler SpA(b)		544		28,718
NIKE, Inc.–Class B		2,774		209,909
Pandora A/S		191		34,945
Puma SE		246		11,311
Swatch Group AG (The) (BR)		67		12,178
				1,250,565
				18,141,809
INDUSTRIALS–6.9%
AEROSPACE & DEFENSE–1.2%
Airbus SE		1,384		221,621
Axon Enterprise, Inc.(a)		167		99,251
BAE Systems PLC		7,043		101,034
Boeing Co. (The)(a)		1,698		300,546
CAE, Inc.(a)(b)		743		18,866
Dassault Aviation SA		46		9,399
Elbit Systems Ltd.		62		16,257
General Dynamics Corp.		544		143,339
General Electric Co.		2,526		421,312
HEICO Corp.(b)		102		24,249
HEICO Corp.–Class A		176		32,750
Howmet Aerospace, Inc.		904		98,871
Huntington Ingalls Industries, Inc.		91		17,196
Kongsberg Gruppen ASA		205		23,064
L3Harris Technologies, Inc.		442		92,944
Leonardo SpA		943		25,370
Lockheed Martin Corp.		500		242,970
Melrose Industries PLC		3,005		20,766
MTU Aero Engines AG		125		41,749
Northrop Grumman Corp.		324		152,050

Company	Shares		U.S. $ Value
Rheinmetall AG		102	$	65,169
Rolls-Royce Holdings PLC(a)		19,820		140,551
RTX Corp.		3,099		358,616
Saab AB–Class B		746		15,761
Safran SA		846		185,365
Singapore Technologies Engineering Ltd.		3,908		13,335
Textron, Inc.		437		33,426
Thales SA		216		31,017
TransDigm Group, Inc.		131		166,014
				3,112,858
AIR FREIGHT & LOGISTICS–0.2%
CH Robinson Worldwide, Inc.		273		28,206
Deutsche Post AG		2,377		83,914
DSV A/S		476		101,372
Expeditors International of Washington, Inc.		329		36,443
FedEx Corp.		541		152,200
InPost SA(a)		524		8,946
SG Holdings Co., Ltd.		752		7,188
United Parcel Service, Inc.–Class B		1,707		215,253
				633,522
BUILDING PRODUCTS–0.5%
A O Smith Corp.		280		19,099
AGC, Inc.		422		12,327
Allegion PLC		203		26,528
Assa Abloy AB–Class B		2,336		68,997
Builders FirstSource, Inc.(a)		271		38,734
Carlisle Cos., Inc.		108		39,835
Carrier Global Corp.		1,893		129,216
Cie de Saint-Gobain SA		1,057		93,927
Daikin Industries Ltd.		619		72,225
Fortune Brands Innovations, Inc.		290		19,816
Geberit AG (REG)		78		44,236
Johnson Controls International PLC		1,557		122,894
Kingspan Group PLC		360		26,171
Lennox International, Inc.		75		45,697
Masco Corp.		509		36,938
Nibe Industrier AB–Class B(b)		3,531		13,799
Otis Worldwide Corp.		934		86,498
Owens Corning		203		34,575
ROCKWOOL A/S–Class B		22		7,828
TOTO Ltd.		361		8,648
Trane Technologies PLC		526		194,278
				1,142,266
COMMERCIAL SERVICES & SUPPLIES–0.4%
Brambles Ltd.		3,246		38,605
Cintas Corp.		846		154,564

7

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

Company	Shares		U.S. $ Value
Copart, Inc.(a)		2,020	$	115,928
Dai Nippon Printing Co., Ltd.		932		13,042
Element Fleet Management Corp.		943		19,064
GFL Environmental, Inc.(b)		533		23,761
RB Global, Inc.(b)		429		38,720
Rentokil Initial PLC		5,884		29,370
Republic Services, Inc.		512		103,004
Rollins, Inc.		677		31,379
Secom Co., Ltd.		940		31,922
Securitas AB–Class B(b)		1,146		14,169
TOPPAN Holdings, Inc.		536		14,219
Veralto Corp.		576		58,666
Waste Connections, Inc.		601		103,119
Waste Management, Inc.		935		188,674
				978,206
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA(b)		411		20,596
AECOM		312		33,328
Bouygues SA		442		13,088
Eiffage SA		171		14,995
EMCOR Group, Inc.		109		49,475
Ferrovial SE(b)		1,109		46,550
Kajima Corp.		903		16,358
Obayashi Corp.		1,484		19,540
Quanta Services, Inc.(b)		343		108,405
Skanska AB–Class B		793		16,675
Stantec, Inc.		266		20,870
Taisei Corp.(b)		400		16,760
Vinci SA		1,166		120,047
WSP Global, Inc.		304		53,497
				550,184
ELECTRICAL EQUIPMENT–0.7%
ABB Ltd. (REG)		3,685		198,984
AMETEK, Inc.		540		97,340
Eaton Corp. PLC		927		307,643
Emerson Electric Co.		1,334		165,323
Fuji Electric Co., Ltd.		330		17,642
Fujikura Ltd.		600		24,495
GE Vernova, Inc.		640		210,515
Hubbell, Inc.		125		52,361
Legrand SA		611		59,433
Mitsubishi Electric Corp.		4,458		75,277
NIDEC Corp.		1,966		35,313
Prysmian SpA(b)		655		41,918
Rockwell Automation, Inc.		264		75,448
Schneider Electric SE		1,274		317,170
Siemens Energy AG(a)		1,490		79,077
Vertiv Holdings Co.–Class A		831		94,410
Vestas Wind Systems A/S(a)		2,354		32,290
				1,884,639

Company	Shares		U.S. $ Value
GROUND TRANSPORTATION–0.6%
Canadian National Railway Co.		1,247	$	126,630
Canadian Pacific Kansas City Ltd. (Toronto)		2,174		157,411
Central Japan Railway Co.		1,835		34,435
CSX Corp.		4,518		145,796
East Japan Railway Co.		2,079		36,821
Grab Holdings Ltd.–Class A(a)		4,925		23,246
Hankyu Hanshin Holdings, Inc.		526		13,710
JB Hunt Transport Services, Inc.		190		32,425
Knight-Swift Transportation Holdings, Inc.		377		19,996
MTR Corp., Ltd.		3,764		13,075
Norfolk Southern Corp.		527		123,687
Old Dominion Freight Line, Inc.		449		79,204
TFI International, Inc.		187		25,269
Tokyu Corp.(b)		1,253		13,353
U-Haul Holding Co. (Non-Voting)		226		14,475
Uber Technologies, Inc.(a)		4,405		265,710
Union Pacific Corp.		1,419		323,589
West Japan Railway Co.		996		17,641
				1,466,473
INDUSTRIAL CONGLOMERATES–0.5%
3M Co.		1,280		165,235
CK Hutchison Holdings Ltd.		6,047		32,149
DCC PLC		230		14,738
Hikari Tsushin, Inc.		86		18,666
Hitachi Ltd.		10,810		264,737
Honeywell International, Inc.		1,514		341,997
Investment AB Latour–Class B		345		8,606
Jardine Matheson Holdings Ltd.		340		13,917
Keppel Ltd.		2,974		14,900
Lifco AB–Class B		543		15,738
Sekisui Chemical Co., Ltd.		883		15,119
Siemens AG (REG)		1,771		345,336
Smiths Group PLC		803		17,217
Swire Pacific Ltd.–Class A		935		8,456
				1,276,811
MACHINERY–1.2%
Alfa Laval AB		674		28,210
Alstom SA(a)		807		18,007
Atlas Copco AB–Class A		6,260		95,538
Atlas Copco AB–Class B		3,638		49,153
Caterpillar, Inc.		1,130		409,919
CNH Industrial NV		2,045		23,170

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Cummins, Inc.		321	$	111,901
Daifuku Co., Ltd.		706		14,505
Daimler Truck Holding AG		1,151		44,086
Deere & Co.		606		256,762
Dover Corp.		320		60,032
Epiroc AB–Class A		1,536		26,769
Epiroc AB–Class B		909		14,181
FANUC Corp.		2,170		56,687
Fortive Corp.		817		61,275
GEA Group AG		361		17,932
Graco, Inc.		394		33,210
Hitachi Construction Machinery Co., Ltd.(b)		258		5,718
Hoshizaki Corp.		302		11,874
IDEX Corp.		176		36,835
Illinois Tool Works, Inc.		692		175,464
Indutrade AB		637		15,961
Ingersoll Rand, Inc.		940		85,032
Knorr-Bremse AG		169		12,266
Komatsu Ltd.		2,000		54,485
Kone Oyj–Class B(b)		792		38,610
Kubota Corp.		2,151		24,919
Makita Corp.		595		18,093
Metso Oyj(b)		1,449		13,490
MINEBEA MITSUMI, Inc.		833		13,343
Mitsubishi Heavy Industries Ltd.		7,430		103,604
Nordson Corp.		127		26,574
PACCAR, Inc.		1,222		127,112
Parker-Hannifin Corp.		300		190,809
Pentair PLC		386		38,847
Rational AG		12		10,278
Sandvik AB		2,485		44,559
Schindler Holding AG		95		26,247
Schindler Holding AG (REG)		55		15,004
SKF AB–Class B		794		14,903
SMC Corp.		110		42,715
Snap-on, Inc.		123		41,756
Spirax Group PLC		172		14,713
Stanley Black & Decker, Inc.		359		28,824
Techtronic Industries Co., Ltd.		3,244		42,645
Toro Co. (The)		239		19,144
Toyota Industries Corp.		406		32,653
Trelleborg AB–Class B		496		16,973
VAT Group AG(c)		63		23,821
Volvo AB–Class A		467		11,414
Volvo AB–Class B		3,702		89,967
Wartsila OYJ Abp		1,172		20,771
Westinghouse Air Brake Technologies Corp.		408		77,353
Xylem, Inc./NY		564		65,435
Yangzijiang Shipbuilding Holdings Ltd.		6,000		13,115
				2,966,663

Company	Shares		U.S. $ Value
MARINE TRANSPORTATION–0.1%
AP Moller–Maersk A/S–Class A		7	$	11,262
AP Moller–Maersk A/S–Class B		11		18,301
Kawasaki Kisen Kaisha Ltd.		900		12,804
Kuehne + Nagel International AG (REG)		113		25,927
Mitsui OSK Lines Ltd.		817		28,430
Nippon Yusen KK(b)		989		32,918
SITC International Holdings Co., Ltd.		3,000		7,955
				137,597
PASSENGER AIRLINES–0.0%
Air Canada(a)(b)		409		6,334
ANA Holdings, Inc.		395		7,169
Delta Air Lines, Inc.		376		22,748
Deutsche Lufthansa AG (REG)		1,398		8,984
Japan Airlines Co., Ltd.		358		5,644
Qantas Airways Ltd.(a)		1,785		9,882
Singapore Airlines Ltd.(b)		3,936		18,556
Southwest Airlines Co.(b)		349		11,733
				91,050
PROFESSIONAL SERVICES–0.7%
Adecco Group AG (REG)		392		9,683
Automatic Data Processing, Inc.		950		278,094
Booz Allen Hamilton Holding Corp.		301		38,739
Broadridge Financial Solutions, Inc.		272		61,496
Bureau Veritas SA		740		22,481
Computershare Ltd.		1,236		25,964
Dayforce, Inc.(a)(b)		368		26,732
Equifax, Inc.		289		73,652
Experian PLC		2,143		92,106
Intertek Group PLC		376		22,214
Jacobs Solutions, Inc.		290		38,750
Leidos Holdings, Inc.		298		42,930
Paychex, Inc.		755		105,866
Paycom Software, Inc.		120		24,596
Randstad NV(b)		253		10,652
Recruit Holdings Co., Ltd.		3,286		228,403
RELX PLC (London)		4,341		196,686
SGS SA (REG)		353		35,412
SS&C Technologies Holdings, Inc.		515		39,027
Teleperformance SE		127		10,893
Thomson Reuters Corp.(b)		367		58,931
TransUnion		453		41,998
Verisk Analytics, Inc.		332		91,443
Wolters Kluwer NV		556		92,376
				1,669,124

9

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

Company	Shares		U.S. $ Value
TRADING COMPANIES & DISTRIBUTORS–0.5%
AddTech AB		606	$	16,512
AerCap Holdings NV(b)		453		43,352
Ashtead Group PLC		1,019		63,044
Beijer Ref AB		897		13,238
Brenntag SE		303		18,222
Bunzl PLC		783		32,240
Fastenal Co.		1,335		96,000
Ferguson Enterprises, Inc.		468		81,231
ITOCHU Corp.		2,801		137,737
Marubeni Corp.		3,308		49,648
Mitsubishi Corp.		7,833		128,161
Mitsui & Co., Ltd.		5,862		121,573
MonotaRO Co., Ltd.		632		10,740
Reece Ltd.(b)		527		7,280
Rexel SA		521		13,270
SGH Ltd.(b)		474		13,484
Sumitomo Corp.		2,589		56,029
Toromont Industries Ltd.		191		15,100
Toyota Tsusho Corp.		1,476		26,102
United Rentals, Inc.		154		108,484
Watsco, Inc.(b)		81		38,385
WW Grainger, Inc.		102		107,513
				1,197,345
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA		175		35,717
Aeroports de Paris SA		81		9,379
Auckland International Airport Ltd.		3,527		17,168
Getlink SE		705		11,242
Transurban Group(b)		7,234		59,789
				133,295
				17,240,033
HEALTH CARE–6.7%
BIOTECHNOLOGY–1.0%
AbbVie, Inc.		4,115		731,235
Alnylam Pharmaceuticals, Inc.(a)		299		70,358
Amgen, Inc.		1,252		326,321
Argenx SE(a)		139		85,862
Biogen, Inc.(a)		339		51,840
BioMarin Pharmaceutical, Inc.(a)		444		29,184
CSL Ltd.		1,128		196,780
Exact Sciences Corp.(a)(b)		431		24,218
Genmab A/S(a)		147		30,700
Gilead Sciences, Inc.		2,901		267,965
Grifols SA(a)		695		6,568
Incyte Corp.(a)		381		26,316
Moderna, Inc.(a)		762		31,684
Neurocrine Biosciences, Inc.(a)		235		32,078
Regeneron Pharmaceuticals, Inc.(a)		253		180,219

Company	Shares		U.S. $ Value
Swedish Orphan Biovitrum AB(a)		456	$	13,082
United Therapeutics Corp.(a)		99		34,931
Vertex Pharmaceuticals, Inc.(a)		601		242,023
Zealand Pharma A/S(a)		149		14,822
				2,396,186
HEALTH CARE EQUIPMENT & SUPPLIES–1.4%
Abbott Laboratories		4,054		458,548
Alcon AG		1,165		98,777
Align Technology, Inc.(a)		165		34,404
Avantor, Inc.(a)		1,584		33,375
Baxter International, Inc.		1,189		34,671
Becton Dickinson & Co.		674		152,910
BioMerieux		97		10,382
Boston Scientific Corp.(a)		3,431		306,457
Carl Zeiss Meditec AG (BR)		94		4,401
Cochlear Ltd.		153		27,399
Coloplast A/S–Class B		294		32,211
Cooper Cos., Inc. (The)(a)		464		42,656
Demant A/S(a)		206		7,582
Dexcom, Inc.(a)		934		72,637
DiaSorin SpA		52		5,364
Edwards Lifesciences Corp.(a)		1,404		103,938
EssilorLuxottica SA		693		169,043
Fisher & Paykel Healthcare Corp., Ltd.		1,366		29,360
GE Healthcare, Inc.		1,064		83,184
Getinge AB–Class B		533		8,743
Hologic, Inc.(a)		541		39,001
Hoya Corp.		848		105,242
IDEXX Laboratories, Inc.(a)		192		79,381
Insulet Corp.(a)		163		42,554
Intuitive Surgical, Inc.(a)		828		432,183
Koninklijke Philips NV(a)(b)		1,862		47,167
Medtronic PLC		2,988		238,681
Olympus Corp.		2,780		41,506
ResMed, Inc.		342		78,212
Siemens Healthineers AG		657		34,694
Smith & Nephew PLC		2,037		25,243
Solventum Corp.(a)		342		22,593
Sonova Holding AG (REG)		118		38,587
STERIS PLC		230		47,279
Straumann Holding AG (REG)		260		32,750
Stryker Corp.		799		287,680
Sysmex Corp.		1,173		21,507
Teleflex, Inc.		110		19,578
Terumo Corp.		3,102		59,886
Zimmer Biomet Holdings, Inc.		475		50,174
				3,459,940

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–1.0%
Amplifon SpA(b)		290	$	7,473
Cardinal Health, Inc.		564		66,704
Cencora, Inc.		413		92,793
Centene Corp.(a)		1,226		74,271
Cigna Group (The)		651		179,767
CVS Health Corp.		2,931		131,573
DaVita, Inc.(a)		108		16,151
Elevance Health, Inc.		540		199,206
Fresenius Medical Care AG		479		21,809
Fresenius SE & Co. KGaA(a)		985		34,190
HCA Healthcare, Inc.		451		135,368
Henry Schein, Inc.(a)		295		20,414
Humana, Inc.		281		71,292
Labcorp Holdings, Inc.		195		44,717
McKesson Corp.		302		172,113
Molina Healthcare, Inc.(a)		137		39,874
Quest Diagnostics, Inc.		259		39,073
Ramsay Health Care Ltd.(b)		429		9,155
Sonic Healthcare Ltd.		1,063		17,730
UnitedHealth Group, Inc.		2,151		1,088,105
Universal Health Services, Inc.–Class B		139		24,939
				2,486,717
HEALTH CARE TECHNOLOGY–0.0%
M3, Inc.(b)		1,030		8,925
Pro Medicus Ltd.		134		20,699
Veeva Systems, Inc.–Class A(a)		359		75,480
				105,104
LIFE SCIENCES TOOLS & SERVICES–0.6%
Agilent Technologies, Inc.		670		90,008
Bachem Holding AG		79		5,052
Bio-Rad Laboratories, Inc.–Class A(a)		45		14,783
Bio-Techne Corp.		370		26,651
Charles River Laboratories International, Inc.(a)(b)		120		22,152
Danaher Corp.		1,514		347,539
Eurofins Scientific SE		315		16,066
Illumina, Inc.(a)(b)		370		49,443
IQVIA Holdings, Inc.(a)		425		83,517
Lonza Group AG (REG)		168		99,160
Mettler-Toledo International, Inc.(a)		50		61,184
QIAGEN NV(a)		517		23,174
Revvity, Inc.		287		32,032
Sartorius AG (Preference Shares)		61		13,556
Sartorius Stedim Biotech		68		13,275
Thermo Fisher Scientific, Inc.		890		463,005

Company	Shares		U.S. $ Value
Waters Corp.(a)		138	$	51,195
West Pharmaceutical Services, Inc.		169		55,358
				1,467,150
PHARMACEUTICALS–2.7%
Astellas Pharma, Inc.		4,185		40,639
AstraZeneca PLC		3,612		470,931
Bayer AG (REG)		2,290		45,743
Bristol-Myers Squibb Co.		4,723		267,133
Chugai Pharmaceutical Co., Ltd.		1,583		69,780
Daiichi Sankyo Co., Ltd.		4,058		111,040
Eisai Co., Ltd.		545		14,840
Eli Lilly & Co.		1,882		1,452,904
Galderma Group AG(a)		194		21,513
GSK PLC		9,659		162,921
Hikma Pharmaceuticals PLC		388		9,673
Ipsen SA		88		10,087
Johnson & Johnson		5,564		804,666
Kyowa Kirin Co., Ltd.		605		9,098
Merck & Co., Inc.		5,906		587,529
Merck KGaA		301		43,802
Novartis AG (REG)		4,592		447,064
Novo Nordisk A/S–Class B		7,503		647,373
Ono Pharmaceutical Co., Ltd.		894		9,308
Orion Oyj–Class B(b)		252		11,167
Otsuka Holdings Co., Ltd.		1,078		58,643
Pfizer, Inc.		13,202		350,249
Recordati Industria Chimica e Farmaceutica SpA(b)		244		12,791
Roche Holding AG (BR)		75		22,402
Roche Holding AG (Genusschein)		1,637		457,716
Royalty Pharma PLC–Class A		888		22,653
Sandoz Group AG		954		39,107
Sanofi SA		2,661		258,678
Shionogi & Co., Ltd.		1,756		24,628
Takeda Pharmaceutical Co., Ltd.		3,743		99,086
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		2,640		58,186
UCB SA		295		58,724
Viatris, Inc.		2,807		34,947
Zoetis, Inc.		1,056		172,054
				6,907,075
				16,822,172
COMMUNICATION SERVICES–5.3%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.7%
AT&T, Inc.		16,705		380,373

11

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

Company	Shares		U.S. $ Value
BCE, Inc.(b)		170	$	3,941
BT Group PLC(b)		15,081		27,183
Cellnex Telecom SA(a)(b)		1,235		39,009
Charter Communications, Inc.–Class A(a)		216		74,038
Comcast Corp.–Class A		9,000		337,770
Deutsche Telekom AG (REG)		8,132		243,660
Elisa Oyj		331		14,332
HKT Trust & HKT Ltd.–Class SS		8,744		10,799
Infrastrutture Wireless Italiane SpA		783		7,954
Koninklijke KPN NV		9,064		33,051
Nippon Telegraph & Telephone Corp.		69,675		69,596
Orange SA		4,340		43,304
Quebecor, Inc.–Class B(b)		370		8,108
Singapore Telecommunications Ltd.		17,333		39,048
Swisscom AG (REG)		60		33,393
Telecom Italia SpA/Milano(a)(b)		23,220		5,934
Telefonica SA(b)		9,251		37,752
Telenor ASA		1,435		16,011
Telia Co. AB		5,497		15,279
Telstra Group Ltd.		9,423		23,353
TELUS Corp.		1,147		15,552
Verizon Communications, Inc.		9,807		392,182
Washington H Soul Pattinson & Co., Ltd.(b)		557		11,774
				1,883,396
ENTERTAINMENT–0.9%
Bollore SE		1,661		10,214
Capcom Co., Ltd.		836		18,186
CTS Eventim AG & Co. KGaA		145		12,258
Electronic Arts, Inc.		585		85,585
Konami Group Corp.		230		21,521
Liberty Media Corp.-Liberty Formula One–Class C(a)		492		45,589
Live Nation Entertainment, Inc.(a)		376		48,692
Netflix, Inc.(a)		1,000		891,320
Nexon Co., Ltd.		740		11,008
Nintendo Co., Ltd.		2,460		143,275
ROBLOX Corp.–Class A(a)		1,116		64,572
Roku, Inc.(a)		297		22,079
Sea Ltd. (ADR)(a)		863		91,564
Spotify Technology SA(a)		357		159,715
Take-Two Interactive Software, Inc.(a)		409		75,289
Toho Co., Ltd./Tokyo		296		11,567
Universal Music Group NV(b)		1,919		49,086
Walt Disney Co. (The)		4,225		470,454

Company	Shares		U.S. $ Value
Warner Bros Discovery, Inc.(a)		5,429	$	57,384
				2,289,358
INTERACTIVE MEDIA & SERVICES–3.2%
Alphabet, Inc.–Class A		13,650		2,583,945
Alphabet, Inc.–Class C		11,711		2,230,243
Auto Trader Group PLC		2,085		20,631
CAR Group Ltd.		880		19,583
LY Corp.		6,635		17,544
Match Group, Inc.(a)(b)		571		18,677
Meta Platforms, Inc.–Class A		5,092		2,981,417
Pinterest, Inc.–Class A(a)		1,407		40,803
REA Group Ltd.(b)		123		17,695
Scout24 SE		175		15,442
SEEK Ltd.(b)		831		11,564
Snap, Inc.–Class A(a)(b)		2,456		26,451
				7,983,995
MEDIA–0.2%
Dentsu Group, Inc.		426		10,237
Fox Corp.–Class A		519		25,213
Fox Corp.–Class B		329		15,049
Informa PLC		3,100		30,918
Interpublic Group of Cos., Inc. (The)		875		24,518
News Corp.–Class A		884		24,345
Omnicom Group, Inc.(b)		456		39,234
Publicis Groupe SA		533		56,743
Trade Desk, Inc. (The)–Class A(a)		1,046		122,936
WPP PLC		2,513		25,904
				375,097
WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		3,568		113,643
Rogers Communications, Inc.–Class B(b)		835		25,669
SoftBank Corp.		66,670		84,160
SoftBank Group Corp.		2,262		129,264
T-Mobile US, Inc.		1,223		269,953
Tele2 AB–Class B		1,274		12,580
Vodafone Group PLC		51,782		44,174
				679,443
				13,211,289
CONSUMER STAPLES–3.9%
BEVERAGES–0.7%
Anheuser-Busch InBev SA/NV		2,094		104,834
Asahi Group Holdings Ltd.		3,392		35,584
Brown-Forman Corp.–Class B		424		16,104
Carlsberg AS–Class B		223		21,417

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Coca-Cola Co. (The)		9,539	$	593,898
Coca-Cola Europacific Partners PLC		483		37,099
Coca-Cola HBC AG–Class DI		506		17,286
Constellation Brands, Inc.–Class A		381		84,201
Davide Campari-Milano NV(b)		1,435		8,981
Diageo PLC		5,185		164,768
Heineken Holding NV		302		18,106
Heineken NV(b)		671		47,822
Keurig Dr Pepper, Inc.		2,687		86,306
Kirin Holdings Co., Ltd.		1,828		23,735
Molson Coors Beverage Co.–Class B(b)		424		24,304
Monster Beverage Corp.(a)		1,712		89,983
PepsiCo, Inc.		3,196		485,984
Pernod Ricard SA		472		53,330
Suntory Beverage & Food Ltd.		338		10,739
Treasury Wine Estates Ltd.		1,891		13,246
				1,937,727
CONSUMER STAPLES DISTRIBUTION & RETAIL–1.2%
Aeon Co., Ltd.		1,525		35,690
Albertsons Cos., Inc.–Class A		877		17,224
Alimentation Couche-Tard, Inc.		1,768		98,052
Carrefour SA		1,264		17,990
Coles Group Ltd.(b)		3,124		36,468
Costco Wholesale Corp.		1,032		945,591
Dollar General Corp.		513		38,896
Dollar Tree, Inc.(a)(b)		476		35,671
Empire Co., Ltd.–Class A		309		9,435
Endeavour Group Ltd./Australia(b)		3,547		9,202
George Weston Ltd.		137		21,305
J Sainsbury PLC		4,120		14,079
Jeronimo Martins SGPS SA		660		12,613
Kesko Oyj–Class B(b)		636		12,000
Kobe Bussan Co., Ltd.		396		8,657
Koninklijke Ahold Delhaize NV		2,166		70,652
Kroger Co. (The)		1,602		97,962
Loblaw Cos., Ltd.(b)		354		46,587
Marks & Spencer Group PLC		4,779		22,381
MatsukiyoCocokara & Co.		800		11,647
Metro, Inc./CN		493		30,919
Seven & i Holdings Co., Ltd.		5,136		80,520
Sysco Corp.		1,145		87,547
Target Corp.		1,074		145,183
Tesco PLC		15,970		73,452

Company	Shares		U.S. $ Value
Walgreens Boots Alliance, Inc.(b)		1,710	$	15,954
Walmart, Inc.		10,300		930,605
Woolworths Group Ltd.		2,847		53,668
				2,979,950
FOOD PRODUCTS–0.7%
Ajinomoto Co., Inc.		1,058		43,072
Archer-Daniels-Midland Co.		1,114		56,279
Associated British Foods PLC		778		19,846
Barry Callebaut AG (REG)		8		10,652
Bunge Global SA		330		25,661
Chocoladefabriken Lindt & Spruengli AG		2		22,186
Chocoladefabriken Lindt & Spruengli AG (REG)		1		109,894
Conagra Brands, Inc.		1,112		30,858
Danone SA		1,505		101,708
General Mills, Inc.		1,294		82,518
Hershey Co. (The)		344		58,256
Hormel Foods Corp.		703		22,053
J M Smucker Co. (The)		248		27,310
JDE Peet’s NV(b)		284		4,879
Kellanova		643		52,064
Kerry Group PLC–Class A		357		34,431
Kikkoman Corp.		1,585		17,600
Kraft Heinz Co. (The)		2,113		64,890
Lamb Weston Holdings, Inc.		332		22,188
Lotus Bakeries NV		1		11,193
McCormick & Co., Inc./MD (Non-Voting)		588		44,829
MEIJI Holdings Co., Ltd.		540		10,986
Mondelez International, Inc.–Class A		3,112		185,880
Mowi ASA		1,084		18,578
Nestle SA (REG)		6,104		500,792
Nissin Foods Holdings Co., Ltd.		492		11,886
Orkla ASA		1,633		14,127
Salmar ASA		154		7,319
Saputo, Inc.		593		10,309
The Campbell’s Company(b)		451		18,888
Tyson Foods, Inc.–Class A		666		38,255
WH Group Ltd.		19,359		14,919
Wilmar International Ltd.		4,113		9,335
Yakult Honsha Co., Ltd.		584		11,062
				1,714,703
HOUSEHOLD PRODUCTS–0.6%
Church & Dwight Co., Inc.		571		59,790
Clorox Co. (The)		288		46,774
Colgate-Palmolive Co.		1,809		164,456
Essity AB–Class B		1,421		37,979
Henkel AG & Co. KGaA		242		18,650

13

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

Company	Shares		U.S. $ Value
Henkel AG & Co. KGaA (Preference Shares)		394	$	34,568
Kimberly-Clark Corp.		785		102,866
Procter & Gamble Co. (The)		5,474		917,716
Reckitt Benckiser Group PLC		1,611		97,515
Unicharm Corp.		2,682		22,111
				1,502,425
PERSONAL CARE PRODUCTS–0.3%
Beiersdorf AG		231		29,671
Estee Lauder Cos., Inc. (The)–Class A		544		40,789
Haleon PLC		17,936		84,571
Kao Corp.		1,093		44,224
Kenvue, Inc.		4,463		95,285
L’Oreal SA		560		198,242
Shiseido Co., Ltd.		963		17,029
Unilever PLC (London)		5,784		328,650
				838,461
TOBACCO–0.4%
Altria Group, Inc.		3,975		207,853
British American Tobacco PLC		4,642		167,505
Imperial Brands PLC		1,870		59,800
Japan Tobacco, Inc.		2,790		71,571
Philip Morris International, Inc.		3,622		435,908
				942,637
				9,915,903
ENERGY–2.4%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.		2,315		94,961
Halliburton Co.		2,058		55,957
Schlumberger NV		3,309		126,867
Tenaris SA		948		17,897
				295,682
OIL, GAS & CONSUMABLE FUELS–2.3%
Aker BP ASA		736		14,469
APA Corp.(b)		862		19,904
ARC Resources Ltd.(b)		1,381		25,046
BP PLC		37,688		186,290
Cameco Corp. (Toronto)		1,014		52,137
Canadian Natural Resources Ltd.		4,925		152,055
Cenovus Energy, Inc.(b)		3,198		48,478
Cheniere Energy, Inc.		527		113,236
Chevron Corp.		4,048		586,312
ConocoPhillips		3,053		302,766
Coterra Energy, Inc.		1,723		44,005
Devon Energy Corp.		1,457		47,688

Company	Shares		U.S. $ Value
Diamondback Energy, Inc.		444	$	72,741
Enbridge, Inc.		5,073		215,314
ENEOS Holdings, Inc.		6,337		33,245
Eni SpA(b)		5,358		73,289
EOG Resources, Inc.		1,325		162,418
EQT Corp.		1,317		60,727
Equinor ASA		1,953		46,323
Expand Energy Corp.(b)		476		47,386
Exxon Mobil Corp.		10,351		1,113,457
Galp Energia SGPS SA		1,083		17,950
Hess Corp.		646		85,924
HF Sinclair Corp.		378		13,249
Idemitsu Kosan Co., Ltd.		2,120		13,964
Imperial Oil Ltd.(b)		427		26,316
Inpex Corp.		2,018		25,389
Keyera Corp.		534		16,331
Kinder Morgan, Inc.		4,662		127,739
Marathon Petroleum Corp.		780		108,810
MEG Energy Corp.(b)		620		10,179
Neste Oyj(b)		986		12,478
Occidental Petroleum Corp.		1,477		72,979
OMV AG		343		13,302
ONEOK, Inc.		1,361		136,644
Ovintiv, Inc. (New York)		614		24,867
Parkland Corp.		326		7,373
Pembina Pipeline Corp.(b)		1,352		49,953
Phillips 66		975		111,082
Repsol SA		2,744		33,389
Santos Ltd.(b)		7,570		31,347
Shell PLC		14,454		450,546
Suncor Energy, Inc.		2,941		104,979
Targa Resources Corp.		485		86,573
TC Energy Corp.		2,418		112,687
Texas Pacific Land Corp.		46		50,874
TotalEnergies SE		5,027		280,079
Tourmaline Oil Corp.(b)		822		38,039
Valero Energy Corp.		747		91,575
Williams Cos., Inc. (The)		2,840		153,701
Woodside Energy Group Ltd.(b)		4,425		68,521
				5,794,125
				6,089,807
MATERIALS–2.1%
CHEMICALS–1.0%
Air Liquide SA		1,347		218,968
Air Products and Chemicals, Inc.		518		150,241
Akzo Nobel NV(b)		398		23,889
Albemarle Corp.(b)		274		23,586
Arkema SA		131		9,968
Asahi Kasei Corp.		2,875		19,809
BASF SE		2,080		91,210
Celanese Corp.		255		17,649
CF Industries Holdings, Inc.		420		35,834
Clariant AG (REG)		503		5,614
Corteva, Inc.		1,613		91,877
Covestro AG(a)		418		25,113

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Croda International PLC		309	$	13,070
Dow, Inc.		1,634		65,572
DSM-Firmenich AG		433		43,769
DuPont de Nemours, Inc.		973		74,191
Eastman Chemical Co.		272		24,839
Ecolab, Inc.		597		139,889
EMS-Chemie Holding AG (REG)		16		10,796
Evonik Industries AG		597		10,377
Givaudan SA (REG)		22		96,171
ICL Group Ltd.		1,804		8,910
IMCD NV(b)		133		19,765
International Flavors & Fragrances, Inc.		596		50,392
Linde PLC		1,112		465,561
LyondellBasell Industries NV–Class A		606		45,008
Mitsubishi Chemical Group Corp.		3,205		16,187
Mitsui Chemicals, Inc.		440		9,605
Mosaic Co. (The)		742		18,238
Nippon Paint Holdings Co., Ltd.		2,222		14,346
Nippon Sanso Holdings Corp.		450		12,487
Nitto Denko Corp.		1,670		27,920
Novonesis (Novozymes) B		821		46,523
Nutrien Ltd.(b)		1,153		51,592
Orica Ltd.		1,153		11,820
PPG Industries, Inc.		544		64,981
RPM International, Inc.		300		36,918
Sherwin-Williams Co. (The)		558		189,681
Shin-Etsu Chemical Co., Ltd.		4,245		139,818
Sika AG (REG)		355		84,706
Syensqo SA(b)		173		12,634
Symrise AG		309		32,962
Toray Industries, Inc.		3,253		20,598
Westlake Corp.		90		10,319
Yara International ASA		386		10,218
				2,593,621
CONSTRUCTION MATERIALS–0.2%
CRH PLC		1,597		147,754
Heidelberg Materials AG		318		39,293
Holcim AG		1,215		116,986
James Hardie Industries PLC(a)		1,001		30,852
Martin Marietta Materials, Inc.		142		73,343
Vulcan Materials Co.		308		79,227
				487,455
CONTAINERS & PACKAGING–0.1%
Amcor PLC		3,369		31,702
Avery Dennison Corp.		188		35,181

Company	Shares		U.S. $ Value
Ball Corp.		708	$	39,032
CCL Industries, Inc.–Class B		349		17,954
Crown Holdings, Inc.		281		23,236
International Paper Co.(b)		769		41,388
Packaging Corp. of America		209		47,052
SIG Group AG		713		14,098
Smurfit WestRock PLC		1,212		65,278
				314,921
METALS & MINING–0.7%
Agnico Eagle Mines Ltd.(b)		1,169		91,458
Anglo American PLC		2,962		87,578
Antofagasta PLC		919		18,205
ArcelorMittal SA		1,093		25,395
Barrick Gold Corp. (Toronto)		4,086		63,360
BHP Group Ltd.		11,821		288,370
BlueScope Steel Ltd.		1,022		11,817
Boliden AB		637		17,922
Endeavour Mining PLC		427		7,627
First Quantum Minerals Ltd.(a)		1,652		21,296
Fortescue Ltd.(b)		3,947		44,445
Franco-Nevada Corp.		448		52,646
Freeport-McMoRan, Inc.		3,348		127,492
Glencore PLC(a)		24,169		106,444
Ivanhoe Mines Ltd.–Class A(a)(b)		1,731		20,544
JFE Holdings, Inc.		1,378		15,516
Kinross Gold Corp.		2,864		26,599
Lundin Mining Corp.(b)		1,539		13,244
Mineral Resources Ltd.		412		8,695
Newmont Corp. (New York)		2,665		99,191
Nippon Steel Corp.		2,095		42,100
Norsk Hydro ASA		3,277		18,026
Northern Star Resources Ltd.		2,679		25,454
Nucor Corp.		553		64,541
Pan American Silver Corp.(b)		846		17,115
Reliance, Inc.		129		34,735
Rio Tinto Ltd.(b)		865		62,724
Rio Tinto PLC		2,627		155,072
South32 Ltd.		10,552		22,134
Steel Dynamics, Inc.		342		39,012
Sumitomo Metal Mining Co., Ltd.(b)		572		13,041
Teck Resources Ltd.–Class B		1,062		43,058
Wheaton Precious Metals Corp.(b)		1,057		59,495
				1,744,351
PAPER & FOREST PRODUCTS–0.1%
Holmen AB–Class B		178		6,529

15

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

Company	Shares		U.S. $ Value
Mondi PLC		1,029	$	15,319
Stora Enso Oyj–Class R(b)		1,356		13,647
Svenska Cellulosa AB SCA–Class B		1,413		17,922
UPM-Kymmene Oyj(b)		1,244		34,210
West Fraser Timber Co., Ltd.(b)		127		11,004
				98,631
				5,238,979
UTILITIES–1.6%
ELECTRIC UTILITIES–1.0%
Acciona SA(b)		58		6,527
Alliant Energy Corp.		598		35,366
American Electric Power Co., Inc.		1,240		114,365
BKW AG		49		8,118
Chubu Electric Power Co., Inc.		1,539		16,146
CK Infrastructure Holdings Ltd.		1,403		10,415
CLP Holdings Ltd.		3,629		30,437
Constellation Energy Corp.		729		163,085
Duke Energy Corp.		1,799		193,824
Edison International		900		71,856
EDP SA		7,312		23,391
Elia Group SA/NV(b)		69		5,309
Emera, Inc.		672		25,118
Endesa SA		740		15,913
Enel SpA		18,955		135,266
Entergy Corp.		996		75,517
Evergy, Inc.		536		32,991
Eversource Energy		833		47,839
Exelon Corp.		2,332		87,777
FirstEnergy Corp.(b)		1,275		50,720
Fortis, Inc./Canada		1,154		47,952
Fortum Oyj(b)		1,045		14,630
Hydro One Ltd.(c)		768		23,653
Iberdrola SA(b)		14,086		194,108
Kansai Electric Power Co., Inc. (The)(b)		1,671		18,521
Mercury NZ Ltd.		1,631		5,337
NextEra Energy, Inc.		4,821		345,618
NRG Energy, Inc.		481		43,396
Origin Energy Ltd.		4,015		27,045
PG&E Corp.		4,732		95,492
Power Assets Holdings Ltd.		3,358		23,386
PPL Corp.		1,720		55,831
Redeia Corp. SA		946		16,154
Southern Co. (The)		2,550		209,916
SSE PLC		2,573		51,574
Terna–Rete Elettrica Nazionale(b)		3,279		25,910
Tokyo Electric Power Co. Holdings, Inc.(a)		3,584		10,713
Verbund AG		159		11,529
Xcel Energy, Inc.		1,299		87,708
				2,458,453

Company	Shares		U.S. $ Value
GAS UTILITIES–0.1%
AltaGas Ltd.(b)		694	$	16,164
APA Group		3,017		12,989
Atmos Energy Corp.		362		50,416
Hong Kong & China Gas Co., Ltd.		25,787		20,547
Osaka Gas Co., Ltd.		840		18,372
Snam SpA(b)		4,699		20,829
Tokyo Gas Co., Ltd.		750		20,780
				160,097
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		1,657		21,325
Brookfield Renewable Corp.		314		8,690
EDP Renovaveis SA(b)		727		7,551
Meridian Energy Ltd.		3,037		10,042
Orsted AS(a)		392		17,700
RWE AG		1,474		44,019
Vistra Corp.		801		110,434
				219,761
MULTI-UTILITIES–0.4%
Ameren Corp.		622		55,445
Canadian Utilities Ltd.–Class A		310		7,516
CenterPoint Energy, Inc.		1,519		48,198
Centrica PLC		12,015		20,046
CMS Energy Corp.		696		46,388
Consolidated Edison, Inc.		807		72,009
Dominion Energy, Inc.		1,955		105,296
DTE Energy Co.		483		58,322
E.ON SE		5,233		60,954
Engie SA		4,257		67,513
National Grid PLC		11,386		135,269
NiSource, Inc.		1,045		38,414
Public Service Enterprise Group, Inc.		1,161		98,093
Sembcorp Industries Ltd.		2,000		8,091
Sempra		1,476		129,475
Veolia Environnement SA		1,640		46,014
WEC Energy Group, Inc.(b)		737		69,308
				1,066,351
WATER UTILITIES–0.0%
American Water Works Co., Inc.		454		56,518
Essential Utilities, Inc.		606		22,010
Severn Trent PLC		629		19,721
United Utilities Group PLC		1,589		20,903
				119,152
				4,023,814
REAL ESTATE–1.3%
DIVERSIFIED REITs–0.0%
Covivio SA/France		130		6,589
GPT Group (The)		4,463		12,023

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Land Securities Group PLC		1,649	$	12,042
Mirvac Group(b)		9,194		10,633
Stockland		5,562		16,497
WP Carey, Inc.(b)		510		27,785
				85,569
HEALTH CARE REITs–0.1%
Alexandria Real Estate Equities, Inc.		367		35,801
Healthpeak Properties, Inc.		1,630		33,040
Ventas, Inc.		967		56,947
Welltower, Inc.		1,441		181,609
				307,397
HOTEL & RESORT REITs–0.0%
Host Hotels & Resorts, Inc.		1,637		28,680
INDUSTRIAL REITs–0.1%
CapitaLand Ascendas REIT		8,639		16,224
Goodman Group		4,010		88,148
Prologis, Inc.		2,157		227,995
Segro PLC(b)		2,995		26,269
Warehouses De Pauw CVA(b)		420		8,256
				366,892
OFFICE REITs–0.0%
BXP, Inc.		350		26,026
Gecina SA		107		10,024
Japan Real Estate Investment Corp.		15		10,293
Nippon Building Fund, Inc.(b)		18		14,002
				60,345
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Azrieli Group Ltd.		99		8,171
CapitaLand Investment Ltd./Singapore		5,504		10,552
CBRE Group, Inc.–Class A(a)		714		93,741
CK Asset Holdings Ltd.		4,531		18,493
CoStar Group, Inc.(a)		955		68,368
Daito Trust Construction Co., Ltd.		183		20,458
Daiwa House Industry Co., Ltd.		1,344		41,262
Fastighets AB Balder–Class B(a)		1,544		10,746
FirstService Corp.		94		17,028
Henderson Land Development Co., Ltd.		2,938		8,906
Hongkong Land Holdings Ltd.		2,595		11,555
Hulic Co., Ltd.		901		7,826
LEG Immobilien SE		174		14,758
Mitsubishi Estate Co., Ltd.		2,535		35,190

Company	Shares		U.S. $ Value
Mitsui Fudosan Co., Ltd.		6,207	$	49,639
Sagax AB–Class B		512		10,507
Sino Land Co., Ltd.		8,242		8,317
Sumitomo Realty & Development Co., Ltd.		715		22,236
Sun Hung Kai Properties Ltd.		3,616		34,408
Swiss Prime Site AG (REG)		180		19,619
Unibail-Rodamco-Westfield(a)		276		20,787
Vonovia SE		1,726		52,544
Wharf Holdings Ltd. (The)		2,000		5,612
Wharf Real Estate Investment Co., Ltd.		3,876		9,859
Zillow Group, Inc.–Class C(a)		358		26,510
				627,092
RESIDENTIAL REITs–0.2%
American Homes 4 Rent–Class A		767		28,701
AvalonBay Communities, Inc.		331		72,810
Camden Property Trust		249		28,894
Canadian Apartment Properties REIT		191		5,665
Equity LifeStyle Properties, Inc.		413		27,506
Equity Residential		795		57,049
Essex Property Trust, Inc.		150		42,816
Invitation Homes, Inc.		1,356		43,351
Mid-America Apartment Communities, Inc.		272		42,043
Sun Communities, Inc.		291		35,784
UDR, Inc.		730		31,689
				416,308
RETAIL REITs–0.2%
CapitaLand Integrated Commercial Trust		13,354		18,832
Kimco Realty Corp.		1,571		36,809
Klepierre SA		501		14,429
Link REIT		5,973		25,119
Realty Income Corp.		2,030		108,422
Regency Centers Corp.		402		29,720
Scentre Group		12,121		25,658
Simon Property Group, Inc.		760		130,880
Vicinity Ltd.		9,016		11,685
				401,554
SPECIALIZED REITs–0.4%
American Tower Corp.		1,088		199,550
Crown Castle, Inc.		1,013		91,940
Digital Realty Trust, Inc.		763		135,303
Equinix, Inc.		221		208,379
Extra Space Storage, Inc.		494		73,902
Gaming and Leisure Properties, Inc.(b)		640		30,822
Iron Mountain, Inc.		684		71,895

17

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

Company			Shares		U.S. $ Value
Public Storage				367	$	109,895
SBA Communications Corp.				250		50,950
VICI Properties, Inc.				2,441		71,302
Weyerhaeuser Co.				1,695		47,714
						1,091,652
						3,385,489
Total Common Stocks (cost $67,220,207)						162,674,818
	Principal Amount (000)
GOVERNMENTS– TREASURIES–33.7%
UNITED STATES–33.7%
U.S. Treasury Bonds
1.25%, 05/15/2050		$		552		262,170
2.25%, 08/15/2046				3,477		2,246,947
2.25%, 08/15/2049				287		177,940
2.25%, 02/15/2052				2,286		1,387,727
2.375%, 11/15/2049				584		371,252
2.375%, 05/15/2051				1,859		1,170,526
2.50%, 02/15/2045				212		147,485
2.50%, 05/15/2046				42		28,830
2.75%, 08/15/2047				143		100,892
2.875%, 05/15/2043				221		167,325
2.875%, 08/15/2045				2,897		2,138,643
2.875%, 11/15/2046				187		135,693
2.875%, 05/15/2049				313		222,345
2.875%, 05/15/2052				417		292,240
3.00%, 05/15/2045				265		200,406
3.00%, 02/15/2047				238		176,344
3.00%, 05/15/2047				409		302,818
3.00%, 02/15/2048				350		257,252
3.00%, 08/15/2048				792		579,442
3.00%, 02/15/2049				257		186,990
3.125%, 02/15/2043				487		384,414
3.50%, 02/15/2039				555		486,668
3.625%, 08/15/2043				1,869		1,584,015
3.625%, 05/15/2053				1,351		1,099,976
3.75%, 11/15/2043				123		106,250
4.00%, 11/15/2052				208		181,306
4.25%, 05/15/2039				134		127,068
4.25%, 08/15/2054				214		195,719
4.375%, 11/15/2039				502		481,641
4.375%, 08/15/2043				128		120,843
4.50%, 08/15/2039				179		174,107
4.75%, 02/15/2037				651		660,053
4.75%, 11/15/2053				352		348,711
5.25%, 11/15/2028				2,017		2,075,825
5.375%, 02/15/2031				359		375,107
5.50%, 08/15/2028				762		791,826
6.00%, 02/15/2026				856		869,204
6.125%, 11/15/2027				1,389		1,454,753
6.25%, 05/15/2030				374		406,116

Company	Principal Amount (000)			U.S. $ Value
U.S. Treasury Notes
0.50%, 02/28/2026		$	1,120	$	1,072,733
0.625%, 05/15/2030			934		765,990
0.625%, 08/15/2030			997		809,839
0.75%, 05/31/2026			1,952		1,858,499
0.75%, 08/31/2026			1,015		958,288
0.875%, 09/30/2026			1,513		1,427,327
1.00%, 07/31/2028			2,116		1,882,973
1.125%, 10/31/2026			1,163		1,099,398
1.25%, 12/31/2026			919		866,211
1.375%, 11/15/2031			407		332,205
1.50%, 08/15/2026			1,541		1,475,026
1.50%, 02/15/2030			523		453,774
1.625%, 02/15/2026			640		621,503
1.625%, 05/15/2031			3,081		2,598,631
1.75%, 11/15/2029			984		872,466
1.875%, 02/15/2032			1,787		1,503,035
2.00%, 11/15/2026			4,808		4,613,618
2.25%, 08/15/2027			2,292		2,177,831
2.25%, 11/15/2027			3,588		3,392,159
2.375%, 05/15/2027			4,367		4,181,498
2.375%, 05/15/2029			1,096		1,009,782
2.625%, 02/15/2029			451		421,264
2.75%, 02/15/2028			129		122,848
2.75%, 08/15/2032			949		841,290
2.875%, 05/15/2028			400		382,224
2.875%, 05/15/2032			2,242		2,013,866
3.125%, 11/15/2028			912		872,289
3.125%, 08/31/2029			727		688,321
3.375%, 05/15/2033			1,115		1,024,938
3.50%, 04/30/2028			794		773,999
3.50%, 09/30/2029			608		584,530
3.50%, 02/15/2033			1,420		1,321,581
3.625%, 03/31/2028			1,209		1,183,673
3.625%, 08/31/2029			807		781,112
3.625%, 09/30/2031			599		569,332
3.75%, 12/31/2028			1,202		1,174,564
3.875%, 08/15/2033			1,128		1,074,448
3.875%, 08/15/2034			911		861,465
4.00%, 06/30/2028			694		686,537
4.00%, 01/31/2029			561		553,286
4.00%, 07/31/2029			752		739,523
4.00%, 02/15/2034			1,412		1,351,952
4.125%, 10/31/2027			603		600,152
4.125%, 11/15/2032			787		767,304
4.25%, 02/28/2029			1,018		1,013,129
4.25%, 06/30/2029			567		563,313
4.375%, 08/31/2028			1,306		1,306,316
4.375%, 11/30/2028			237		237,474
4.375%, 05/15/2034			888		874,286
4.50%, 05/31/2029			1,211		1,216,387
4.50%, 11/15/2033			1,206		1,201,211
4.625%, 09/30/2028			578		583,419
4.625%, 04/30/2029			1,925		1,943,751
Total Governments–Treasuries (cost $93,742,587)					84,779,439

18

AB Variable Products Series Fund

Company	Principal Amount (000)			U.S. $ Value
AGENCIES–0.8%
AGENCY DEBENTURES–0.8%
Federal Farm Credit Banks Funding Corp. 4.625%, 03/05/2026		$	219	$	219,813
Federal Home Loan Banks 4.625%, 11/17/2026			800		804,696
Federal National Mortgage Association 6.625%, 11/15/2030			900		999,234
Total Agencies (cost $2,021,844)					2,023,743
	Notional Amount
PURCHASED OPTIONS– PUTS–0.5%
OPTIONS ON EQUITY INDICES–0.5%
Euro STOXX 50 Index Expiration: Sep 2025; Contracts: 850; Exercise Price: EUR 4,200.00; Counterparty: UBS AG(a)		EUR	3,570,000		74,516
Euro STOXX 50 Index Expiration: Sep 2025; Contracts: 280; Exercise Price: EUR 4,200.00; Counterparty: UBS AG(a)		EUR	1,176,000		24,547
FTSE 100 Index Expiration: Oct 2025; Contracts: 190; Exercise Price: GBP 7,200.00; Counterparty: UBS AG(a)		GBP	1,368,000		23,867
FTSE 100 Index Expiration: Oct 2025; Contracts: 50; Exercise Price: GBP 7,200.00; Counterparty: UBS AG(a)		GBP	360,000		6,281
Nikkei 225 Index Expiration: Dec 2025; Contracts: 11,000; Exercise Price: JPY 31,000.00; Counterparty: UBS AG(a)		JPY	341,000,000		54,424

Company	Notional Amount			U.S. $ Value
Nikkei 225 Index Expiration: Dec 2025; Contracts: 3,000; Exercise Price: JPY 31,000.00; Counterparty: UBS AG(a)		JPY	93,000,000	$	14,843
S&P 500 Index Expiration: Nov 2025; Contracts: 6,900; Exercise Price: USD 5,150.00; Counterparty: UBS AG(a)		USD	35,535,000		835,501
S&P 500 Index Expiration: Nov 2025; Contracts: 1,500; Exercise Price: USD 5,150.00; Counterparty: UBS AG(a)		USD	7,725,000		181,631
Total Purchased Options–Puts (premiums paid $1,084,978)					1,215,610
	Shares
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	–
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.4%
U.S. TREASURY BILLS–0.4%
U.S. Treasury Bill Zero Coupon, 01/30/2025 (cost $914,102)		$	918		914,667
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.1% (cost $164,983,718)					251,608,277

19

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

Company		Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.1%
INVESTMENT COMPANIES–1.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(f)(g)(h) (cost $2,922,091)			2,922,091	$	2,922,091
TOTAL INVESTMENTS–101.2% (cost $167,905,809)					254,530,368
Other assets less liabilities–(1.2)%					(3,112,366	)
NET ASSETS–100.0%				$	251,418,002

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		43		March 2025	$	2,174,072	$	(35,563	)
Euro-Bund Futures		6		March 2025		829,343		(19,076	)
Long Gilt Futures		18		March 2025		2,082,385		(63,380	)
MSCI EAFE Futures		1		March 2025		113,375		(572	)
Nikkei 225 (OSE) Futures		2		March 2025		507,166		9,203
OMXS 30 Index Futures		2		January 2025		44,885		(1,117	)
S&P 500 E-Mini Futures		23		March 2025		6,826,113		(162,130	)
S&P 500 MIC E-Mini Futures		7		March 2025		207,751		(4,656	)
TOPIX Index Futures		8		March 2025		1,416,759		25,847
U.S. T-Note 2 Yr (CBT) Futures		55		March 2025		11,308,516		5,086
U.S. T-Note 10 Yr (CBT) Futures		106		March 2025		11,527,500		(114,433	)
U.S. Ultra Bond (CBT) Futures		24		March 2025		2,853,750		(165,788	)
Sold Contracts
FTSE 100 Index Futures		21		March 2025		2,150,645		13,715
MSCI Singapore IX ETS Futures		1		January 2025		27,346		57
S&P TSX 60 Index Futures		7		March 2025		1,446,409		26,742
SPI 200 Futures		7		March 2025		882,561		13,238
U.S. T-Note 5 Yr (CBT) Futures		35		March 2025		3,720,664		19,658
							$	(453,169)

20

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		GBP	5,760		USD	7,212		01/16/2025	$	2,125
Bank of America, NA		USD	4,211		GBP	3,286		01/16/2025		(97,856	)
Bank of America, NA		AUD	4,039		USD	2,618		02/05/2025		117,906
Bank of America, NA		NZD	1,799		USD	1,050		02/05/2025		42,747
Bank of America, NA		SEK	14,121		USD	1,280		02/05/2025		1,476
Bank of America, NA		USD	2,047		NZD	3,500		02/05/2025		(88,273	)
Bank of America, NA		USD	943		SEK	10,281		02/05/2025		(11,753	)
Bank of America, NA		USD	737		JPY	112,588		02/21/2025		(17,306	)
Barclays Bank PLC		USD	2,802		GBP	2,209		01/16/2025		(36,355	)
Barclays Bank PLC		AUD	6,393		USD	4,064		02/05/2025		107,092
Barclays Bank PLC		NOK	11,807		USD	1,064		02/05/2025		26,693
Citibank, NA		USD	3,478		GBP	2,772		01/16/2025		(8,001	)
Deutsche Bank AG		CAD	1,289		USD	930		02/05/2025		32,491
Deutsche Bank AG		NOK	10,766		USD	968		02/05/2025		21,968
Deutsche Bank AG		USD	6,387		CAD	9,090		02/05/2025		(55,267	)
Deutsche Bank AG		USD	2,403		NOK	26,638		02/05/2025		(62,778	)
Deutsche Bank AG		USD	1,533		JPY	233,615		02/21/2025		(40,228	)
Deutsche Bank AG		EUR	9,499		USD	9,993		02/27/2025		130,162
Goldman Sachs Bank USA		USD	869		GBP	687		01/16/2025		(9,449	)
Goldman Sachs Bank USA		CAD	3,421		USD	2,475		02/05/2025		92,402
Goldman Sachs Bank USA		SEK	20,589		USD	1,879		02/05/2025		15,275
HSBC Bank USA		CAD	2,520		USD	1,806		02/05/2025		51,081
JPMorgan Chase Bank, NA		USD	5,947		AUD	9,152		02/05/2025		(281,376	)
Morgan Stanley Capital Services, Inc.		USD	1,336		SEK	14,699		02/05/2025		(5,249	)
State Street Bank & Trust Co.		AUD	567		USD	367		02/05/2025		16,695
State Street Bank & Trust Co.		NOK	7,006		USD	629		02/05/2025		13,714
State Street Bank & Trust Co.		NZD	529		USD	305		02/05/2025		8,793
State Street Bank & Trust Co.		SEK	579		USD	53		02/05/2025		358
State Street Bank & Trust Co.		USD	274		CAD	384		02/05/2025		(6,705	)
State Street Bank & Trust Co.		USD	39		NOK	434		02/05/2025		(1,106	)
UBS AG		AUD	2,685		USD	1,745		02/05/2025		82,989
UBS AG		CHF	3,389		USD	3,822		02/27/2025		66,764
									$	109,029

(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, 2024, the aggregate market value of these securities amounted to $74,479 or 0.0% of net assets.

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

(e) Fair valued by the Adviser.

(f) Affiliated investments.

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

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

21

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

EAFE—Europe, Australia, and Far East

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

22

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2024	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $164,983,718)	$	251,608,277	(a)
Affiliated issuers (cost $2,922,091—investment of cash collateral for securities loaned)		2,922,091
Cash collateral due from broker		1,324,118
Foreign currencies, at value (cost $68,960)		69,036
Unaffiliated interest and dividends receivable		888,567
Unrealized appreciation on forward currency exchange contracts		830,731
Receivable for investment securities sold		528,044
Receivable due from Adviser		18,966
Affiliated dividends receivable		4,309
Receivable for capital stock sold		2,114
Total assets		258,196,253
LIABILITIES
Due to custodian		299,569
Payable for collateral received on securities loaned		2,922,091
Payable for investment securities purchased		1,102,698
Cash collateral due to broker		1,100,000
Unrealized depreciation on forward currency exchange contracts		721,702
Advisory fee payable		148,003
Payable for capital stock redeemed		91,205
Payable for variation margin on futures		90,094
Distribution fee payable		52,819
Administrative fee payable		24,045
Foreign capital gains tax payable		1,614
Transfer Agent fee payable		167
Directors’ fees payable		33
Accrued expenses		224,211
Total liabilities		6,778,251
NET ASSETS	$	251,418,002
COMPOSITION OF NET ASSETS
Capital stock, at par	$	25,865
Additional paid-in capital		174,003,053
Distributable earnings		77,389,084
NET ASSETS	$	251,418,002

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	188,823		19,323	$	9.77
B	$	251,229,179		25,845,779	$	9.72

(a) Includes securities on loan with a value of $5,551,153 (see Note E).

See notes to financial statements.

23

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2024	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $193,954)	$	2,842,750
Affiliated issuers		283,457
Interest		2,673,062
Securities lending income		12,458
		5,811,727
EXPENSES
Advisory fee (see Note B)		1,802,937
Distribution fee—Class B		643,438
Transfer agency—Class A		1
Transfer agency—Class B		2,232
Custody and accounting		121,821
Administrative		94,150
Audit and tax		93,122
Legal		41,737
Printing		39,531
Directors’ fees		24,104
Miscellaneous		50,009
Total expenses		2,913,082
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(89,900	)
Net expenses		2,823,182
Net investment income		2,988,545
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		1,160,797
Forward currency exchange contracts		761,623
Futures		1,904,753
Swaps		24,846
Foreign currency transactions		(27,489	)
Net change in unrealized appreciation (depreciation) of:
Investments(a)		20,418,340
Forward currency exchange contracts		169,414
Futures		(1,667,234	)
Swaps		587
Foreign currency denominated assets and liabilities		(61,257	)
Net gain on investment and foreign currency transactions		22,684,380
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	25,672,925

(a) Net of increase in accrued foreign capital gains taxes on unrealized gains of $1,614.

See notes to financial statements.

24

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

	Year Ended December 31, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,988,545		$	2,861,589
Net realized gain (loss) on investment and foreign currency transactions		3,824,530			(7,397,655	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		18,859,850			35,313,267
Net increase in net assets from operations		25,672,925			30,777,201
Distributions to Shareholders
Class A		(2,481	)		(1,818	)
Class B		(2,801,157	)		(1,462,051	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(25,268,198	)		(11,093,686	)
Total increase (decrease)		(2,398,911	)		18,219,646
NET ASSETS
Beginning of period		253,816,913			235,597,267
End of period	$	251,418,002		$	253,816,913

See notes to financial statements.

25

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2024	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 nine 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

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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

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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, 2024:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	39,486,233		$	3,185,127			$   –0	–	$	42,671,360
Financials		17,782,234			8,151,929			–0	–		25,934,163
Consumer Discretionary		14,097,820			4,043,989			–0	–		18,141,809
Industrials		10,718,529			6,521,504			–0	–		17,240,033
Health Care		12,249,007			4,573,165			–0	–		16,822,172
Communication Services		11,679,572			1,531,717			–0	–		13,211,289
Consumer Staples		6,908,606			3,007,297			–0	–		9,915,903
Energy		4,771,329			1,318,478			–0	–		6,089,807
Materials		2,967,418			2,271,561			–0	–		5,238,979
Utilities		2,843,614			1,180,200			–0	–		4,023,814
Real Estate		2,651,323			734,166			–0	–		3,385,489
Governments—Treasuries		–0	–		84,779,439			–0	–		84,779,439
Agencies		–0	–		2,023,743			–0	–		2,023,743
Purchased Options—Puts		–0	–		1,215,610			–0	–		1,215,610
Warrants		–0	–		–0	–		0	(a)		–0	–
Short-Term Investments		–0	–		914,667			–0	–		914,667
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,922,091			–0	–		–0	–		2,922,091
Total Investments in Securities		129,077,776			125,452,592			0	(a)		254,530,368
Other Financial Instruments(b):
Assets:
Futures		113,546			–0	–		–0	–		113,546	(c)
Forward Currency Exchange Contracts		–0	–		830,731			–0	–		830,731
Liabilities:
Futures		(566,715	)		–0	–		–0	–		(566,715	)(c)
Forward Currency Exchange Contracts		–0	–		(721,702	)		–0	–		(721,702	)
Total	$	128,624,607		$	125,561,621			$   0	(a)	$	254,186,228

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

(b) Other financial instruments include 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.

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AB Variable Products Series Fund

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. 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 real estate investment trust (“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.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio’s President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments

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

performance versus the Portfolio’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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, 2025 and then may be extended by the Adviser for additional one-year terms. For the year ended December 31, 2024, such reimbursements/waivers amounted to $80,263.

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, 2024, the reimbursement for such services amounted to $94,150.

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 $1,950 for the year ended December 31, 2024.

The Portfolio may invest in AB 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 AB 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 AB 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 AB 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 AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2024, such waiver amounted to $8,088.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2024 is as follows:

Portfolio	Market Value 12/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/24 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	6,268	$	46,274	$	52,542	$	–0	–	$	283
AB Government Money Market Portfolio*		1,616		14,975		13,669		2,922			–0	–
Total							$	2,922		$	283

* 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.

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AB Variable Products Series Fund

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2024 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	10,051,475	$	28,816,917
U.S. government securities		16,084,642		14,897,420

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

Cost	$	169,816,929
Gross unrealized appreciation	$	100,523,232
Gross unrealized depreciation		(15,762,565	)
Net unrealized appreciation	$	84,760,667

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 with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, 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; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments 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, 2024, 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”.

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

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

During the year ended December 31, 2024, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Portfolio were permitted to 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, 2024, the Portfolio held purchased options for hedging and non-hedging purposes.

• Swaps

The Portfolio may enter into swaps for investment purposes or 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, rates or indexes for a specified amount of an underlying asset or inflation. 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.

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AB Variable Products Series Fund

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

Total Return Swaps:

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

During the year ended December 31, 2024, 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, 2024, 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	$	24,744	*	Payable for variation margin on futures	$	362,677	*
Equity contracts	Receivable for variation margin on futures		88,802	*	Payable for variation margin on futures		204,038	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		830,731		Unrealized depreciation on forward currency exchange contracts		721,702
Equity contracts	Investments in securities, at value		1,215,610
Total		$	2,159,887			$	1,288,417

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

* 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	$	(356,132	)	$	(1,369,389	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		2,260,885			(297,845	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		761,623			169,414
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(1,372,449	)		265,688
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		24,846			587
Total		$	1,318,773		$	(1,231,545	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2024:

Futures:
Average notional amount of buy contracts	$	51,542,268
Average notional amount of sale contracts	$	7,362,272
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	32,998,311
Average principal amount of sale contracts	$	35,489,450
Purchased Options:
Average notional amount	$	47,212,584
Total Return Swaps:
Average notional amount	$	198,426	(a)

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

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

34

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, 2024. 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	$	164,254	$	(164,254	)	$	–0	–	$	–0	–	$	–0	–
Barclays Bank PLC		133,785		(36,355	)		–0	–		–0	–		97,430
Deutsche Bank AG		184,621		(158,273	)		–0	–		–0	–		26,348
Goldman Sachs Bank USA		107,677		(9,449	)		–0	–		–0	–		98,228
HSBC Bank USA		51,081		–0	–		–0	–		–0	–		51,081
State Street Bank & Trust Co.		39,560		(7,811	)		–0	–		–0	–		31,749
UBS AG		1,365,363		–0	–		(1,100,000	)		–0	–		265,363
Total	$	2,046,341	$	(376,142	)	$	(1,100,000	)	$	–0	–	$	570,199	^
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	$	215,188	$	(164,254	)	$	–0	–	$	–0	–	$	50,934
Barclays Bank PLC		36,355		(36,355	)		–0	–		–0	–		–0	–
Citibank, NA		8,001		–0	–		–0	–		–0	–		8,001
Deutsche Bank AG		158,273		(158,273	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA		9,449		(9,449	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank, NA		281,376		–0	–		–0	–		–0	–		281,376
Morgan Stanley Capital Services, Inc.		5,249		–0	–		–0	–		–0	–		5,249
State Street Bank & Trust Co.		7,811		(7,811	)		–0	–		–0	–		–0	–
Total	$	721,702	$	(376,142	)	$	–0	–	$	–0	–	$	345,560	^

* 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.

35

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

2. Currency Transactions

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

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, 2024 is as follows:

								Government Money Market  Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned			Advisory Fee Waived
$	5,551,153	$	2,922,091	$	2,914,260	$	12,458	$	–0	–	$	1,549

* As of December 31, 2024.

36

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, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class A
Shares sold		2,657			2,915		$	25,039		$	24,456
Shares issued in reinvestment of dividends		263			214			2,481			1,818
Shares redeemed		(8,853	)		(6,942	)		(80,486	)		(57,972	)
Net decrease		(5,933	)		(3,813	)	$	(52,966	)	$	(31,698	)
Class B
Shares sold		1,172,404			1,935,596		$	11,014,981		$	16,171,966
Shares issued on reinvestment of dividends		298,981			172,819			2,801,157			1,462,051
Shares redeemed		(4,118,173	)		(3,442,663	)		(39,031,370	)		(28,696,005	)
Net decrease		(2,646,788	)		(1,334,248	)	$	(25,215,232	)	$	(11,061,988	)

At December 31, 2024, certain shareholders of the Portfolio owned 92% 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 market or markets in which the Portfolio invests fluctuate. The value of the Portfolio’s 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 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.

37

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

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

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

Derivatives Risk—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, reference rate or index, 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, 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.

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, 2024.

38

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

	2024			2023
Distributions paid from:
Ordinary income	$	2,803,638		$	1,463,869
Net long-term capital gains		–0	–		–0	–
Total taxable distributions paid	$	2,803,638		$	1,463,869

As of December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	3,946,523
Accumulated capital and other losses		(11,295,364	)(a)
Unrealized appreciation (depreciation)		84,737,925	(b)
Total accumulated earnings (deficit)	$	77,389,084

(a) As of December 31, 2024, the Portfolio had a net capital loss carryforward of $11,119,481. During the fiscal year, the Portfolio utilized $1,471,863 of capital loss carry forwards to offset current year net realized gains. As of December 31, 2024, the cumulative deferred loss on straddles was $175,883.

(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), and the tax deferral of losses on wash sales, 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, 2024, the Portfolio had a net short-term capital loss carryforward of $7,078,145 and a net long-term capital loss carryforward of $4,041,336, which may be carried forward for an indefinite period.

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

NOTE J: Subsequent Events

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

39

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$8.95			$7.94			$14.94			$13.89			$13.46
Income From Investment Operations
Net investment income(a)(b)		.13			.12			.12			.14			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.82			.96			(2.57	)		1.20			.51
Net increase (decrease) in net asset value from operations		.95			1.08			(2.45	)		1.34			.66
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.07	)		(.38	)		(.29	)		(.23	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(4.17	)		–0	–		–0	–
Total dividends and distributions		(.13	)		(.07	)		(4.55	)		(.29	)		(.23	)
Net asset value, end of period		$9.77			$8.95			$7.94			$14.94			$13.89
Total Return
Total investment return based on net asset value(c)		10.65	%		13.70	%		(18.45	)%		9.67	%		5.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$189			$226			$231			$412			$364
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.85	%		.85	%		.84	%		.82	%		.80	%
Expenses, before waivers/reimbursements(d)‡		.88	%		.93	%		.91	%		.83	%		.80	%
Net investment income(b)		1.41	%		1.42	%		1.10	%		.98	%		1.18	%
Portfolio turnover rate		11	%		12	%		16	%		32	%		13	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.01	%		.01	%		.01	%

See footnote summary on page 41.

40

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$8.90			$7.89			$14.85			$13.80			$13.36
Income From Investment Operations
Net investment income(a)(b)		.11			.10			.09			.12			.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.81			.96			(2.56	)		1.16			.51
Net increase (decrease) in net asset value from operations		.92			1.06			(2.47	)		1.28			.63
Less: Dividends and Distributions
Dividends from net investment income		(.10	)		(.05	)		(.32	)		(.23	)		(.19	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(4.17	)		–0	–		–0	–
Total dividends and distributions		(.10	)		(.05	)		(4.49	)		(.23	)		(.19	)
Net asset value, end of period		$9.72			$8.90			$7.89			$14.85			$13.80
Total Return
Total investment return based on net asset value(c)		10.43	%		13.48	%		(18.68	)%		9.28	%		4.86	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$251,229			$253,591			$235,366			$301,920			$548,422
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.10	%		1.10	%		1.09	%		1.06	%		1.05	%
Expenses, before waivers/reimbursements(d)‡		1.13	%		1.18	%		1.17	%		1.07	%		1.06	%
Net investment income(b)		1.16	%		1.18	%		.87	%		.80	%		.93	%
Portfolio turnover rate		11	%		12	%		16	%		32	%		13	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.01	%		.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 investment 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.

41

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

To the Board of Directors and Shareholders 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, 2024, 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, 2024, 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, 2024, 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, 2025

42

2024 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, 2024. For corporate shareholders, 53.21% of dividends paid qualify for the dividends received deduction.

43

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 a meeting held in-person on November 5-7, 2024 (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 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 2022 and 2023 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts

44

AB Variable Products Series Fund

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods July 31, 2024 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors discussed with the Adviser the reasons for the Fund’s underperformance in the periods reviewed and 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 above 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, may not succeed, and generally must be priced to compete with larger, more

45

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

established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

46

VPS-DAA-0151-1224

DEC^12.31.24

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

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 and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

DISCOVERY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2024	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.4%
INDUSTRIALS–20.9%
AIR FREIGHT & LOGISTICS–1.7%
CH Robinson Worldwide, Inc.		114,802	$	11,861,343
BUILDING PRODUCTS–0.5%
Builders FirstSource, Inc.(a)(b)		26,050		3,723,326
COMMERCIAL SERVICES & SUPPLIES–2.2%
ABM Industries, Inc.		156,971		8,033,776
MillerKnoll, Inc.(a)		329,063		7,433,533
				15,467,309
CONSTRUCTION & ENGINEERING–3.7%
Fluor Corp.(b)		178,150		8,786,358
MasTec, Inc.(a)(b)		64,961		8,843,791
WillScot Holdings Corp.(b)		240,703		8,051,515
				25,681,664
ELECTRICAL EQUIPMENT–1.2%
Regal Rexnord Corp.(a)		54,508		8,455,826
GROUND TRANSPORTATION–1.2%
ArcBest Corp.		86,984		8,117,347
MACHINERY–6.6%
Gates Industrial Corp. PLC(a)(b)		413,690		8,509,603
John Bean Technologies Corp.(a)		73,143		9,296,475
Middleby Corp. (The)(a)(b)		71,106		9,631,308
Oshkosh Corp.		80,300		7,634,121
Pentair PLC(a)		106,970		10,765,461
				45,836,968
PROFESSIONAL SERVICES–2.1%
Robert Half, Inc.(a)		127,985		9,017,823
WNS Holdings Ltd.(a)(b)		115,093		5,454,257
				14,472,080
TRADING COMPANIES & DISTRIBUTORS–1.7%
Core & Main, Inc.–Class A(a)(b)		161,640		8,229,093
Herc Holdings, Inc.		18,880		3,574,550
				11,803,643
				145,419,506
FINANCIALS–20.4%
BANKS–11.0%
BankUnited, Inc.		191,404		7,305,891
Comerica, Inc.(a)		137,243		8,488,480
First BanCorp./Puerto Rico(a)		396,254		7,366,362
First Citizens BancShares, Inc./NC–Class A(a)		4,723		9,979,793
First Hawaiian, Inc.(a)		359,838		9,337,796
Texas Capital Bancshares, Inc.(a)(b)		91,562		7,160,148
Webster Financial Corp.		149,589		8,260,305
Wintrust Financial Corp.(a)		80,690		10,062,850
Zions Bancorp NA		159,186		8,635,840
				76,597,465
CAPITAL MARKETS–3.8%
Cboe Global Markets, Inc.		43,170		8,435,418
Invesco Ltd.		522,268		9,129,245
Stifel Financial Corp.		81,344		8,628,971
				26,193,634
FINANCIAL SERVICES–2.4%
NCR Atleos Corp.(a)(b)		302,868		10,273,283
Walker & Dunlop, Inc.(a)		68,840		6,691,936
				16,965,219
INSURANCE–3.2%
American Financial Group, Inc./OH(a)		73,326		10,040,529
Hanover Insurance Group, Inc. (The)		53,630		8,294,416
Kemper Corp.		61,800		4,105,992
				22,440,937
				142,197,255
CONSUMER DISCRETIONARY–15.4%
AUTOMOBILE COMPONENTS–2.2%
Adient PLC(b)		361,990		6,237,088
BorgWarner, Inc.(a)		300,175		9,542,563
				15,779,651
DIVERSIFIED CONSUMER SERVICES–1.2%
ADT, Inc.(a)		1,191,394		8,232,532
HOTELS, RESTAURANTS & LEISURE–1.4%
Dine Brands Global, Inc.(a)		101,030		3,041,003
Viking Holdings Ltd.(a)(b)		154,114		6,790,263
				9,831,266
HOUSEHOLD DURABLES–0.9%
Taylor Morrison Home Corp.(b)		100,829		6,171,743
LEISURE PRODUCTS–1.0%
Brunswick Corp./DE(a)		109,690		7,094,749
SPECIALTY RETAIL–4.5%
AutoNation, Inc.(a)(b)		53,959		9,164,397
Bath & Body Works, Inc.(a)		309,572		12,002,106
Group 1 Automotive, Inc.(a)		23,620		9,955,358
				31,121,861

1

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

Company	Shares		U.S. $ Value
TEXTILES, APPAREL & LUXURY GOODS–4.2%
Crocs, Inc.(a)(b)		78,117	$	8,556,155
PVH Corp.(a)		65,991		6,978,548
Tapestry, Inc.(a)		206,941		13,519,456
				29,054,159
				107,285,961
INFORMATION TECHNOLOGY–12.0%
COMMUNICATIONS EQUIPMENT–3.9%
Calix, Inc.(b)		145,005		5,056,325
F5, Inc.(b)		50,160		12,613,735
Lumentum Holdings, Inc.(a)(b)		108,756		9,130,066
				26,800,126
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–3.2%
Avnet, Inc.(a)		131,960		6,904,147
Belden, Inc.(a)		49,984		5,628,698
TD SYNNEX Corp.(a)		82,090		9,627,515
				22,160,360
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.7%
Amkor Technology, Inc.(a)		268,958		6,909,531
FormFactor, Inc.(a)(b)		200,922		8,840,568
Synaptics, Inc.(a)(b)		41,677		3,180,789
				18,930,888
SOFTWARE–2.2%
ACI Worldwide, Inc.(b)		114,806		5,959,579
CommVault Systems, Inc.(b)		26,496		3,998,511
Gen Digital, Inc.		203,991		5,585,274
				15,543,364
				83,434,738
REAL ESTATE–8.1%
DIVERSIFIED REITS–0.6%
Broadstone Net Lease, Inc.–Class A		245,061		3,886,668
HOTEL & RESORT REITS–0.9%
Ryman Hospitality Properties, Inc.		57,880		6,039,199
INDUSTRIAL REITS–1.9%
First Industrial Realty Trust, Inc.(a)		122,767		6,154,310
STAG Industrial, Inc.		211,298		7,146,098
				13,300,408
OFFICE REITS–1.2%
COPT Defense Properties(a)		282,450		8,741,828
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.5%
Jones Lang LaSalle, Inc.(b)		41,858		10,595,934
RESIDENTIAL REITS–1.4%
Independence Realty Trust, Inc.(a)		493,530		9,791,635
SPECIALIZED REITS–0.6%
CubeSmart		99,886		4,280,115
				56,635,787
HEALTH CARE–6.6%
HEALTH CARE EQUIPMENT & SUPPLIES–2.7%
Avantor, Inc.(a)(b)		352,820		7,433,918
Integra LifeSciences Holdings Corp.(a)(b)		181,700		4,120,956
Teleflex, Inc.(a)		39,290		6,992,834
				18,547,708
HEALTH CARE PROVIDERS & SERVICES–2.5%
AMN Healthcare Services, Inc.(b)		96,460		2,307,323
Encompass Health Corp.		111,570		10,303,490
Pediatrix Medical Group, Inc.(a)(b)		396,110		5,196,963
				17,807,776
LIFE SCIENCES TOOLS & SERVICES–1.4%
ICON PLC(a)(b)		47,610		9,984,293
				46,339,777
ENERGY–5.4%
OIL, GAS & CONSUMABLE FUELS–5.4%
Cameco Corp. (New York)		200,540		10,305,751
HF Sinclair Corp.(a)		71,685		2,512,559
Magnolia Oil & Gas Corp.–Class A(a)		338,292		7,909,267
Matador Resources Co.(a)		163,540		9,200,760
Northern Oil and Gas, Inc.(a)		212,497		7,896,389
				37,824,726
MATERIALS–3.1%
CHEMICALS–1.8%
Avient Corp.(a)		181,050		7,397,703
Element Solutions, Inc.		211,469		5,377,657
				12,775,360
CONTAINERS & PACKAGING–1.3%
Graphic Packaging Holding Co.(a)		331,670		9,008,157
				21,783,517

2

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
UTILITIES–2.8%
ELECTRIC UTILITIES–2.8%
IDACORP, Inc.(a)		86,574	$	9,460,807
Portland General Electric Co.(a)		55,225		2,408,914
TXNM Energy, Inc.(a)		153,747		7,559,740
				19,429,461
CONSUMER STAPLES–2.7%
CONSUMER STAPLES DISTRIBUTION & RETAIL–1.5%
BJ’s Wholesale Club Holdings, Inc.(a)(b)		118,510		10,588,868
FOOD PRODUCTS–1.2%
Nomad Foods Ltd.		477,541		8,013,138
				18,602,006
COMMUNICATION SERVICES–2.0%
MEDIA–2.0%
Criteo SA (Sponsored ADR)(b)		187,529		7,418,647
Nexstar Media Group, Inc.(a)		41,923		6,622,577
				14,041,224
Total Common Stocks (cost $608,759,973)				692,993,958
SHORT-TERM INVESTMENTS–0.5%
INVESTMENT COMPANIES–0.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(c)(d)(e) (cost $3,835,365)		3,835,365		3,835,365
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.9% (cost $612,595,338)				696,829,323
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–7.9%
INVESTMENT COMPANIES–7.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(c)(d)(e) (cost $54,912,779)		54,912,779		54,912,779
TOTAL INVESTMENTS–107.8% (cost $667,508,117)				751,742,102
Other assets less liabilities–(7.8)%				(54,713,433	)
NET ASSETS–100.0%			$	697,028,669

(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.

3

DISCOVERY VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2024	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $608,759,973)	$	692,993,958	(a)
Affiliated issuers (cost $58,748,144—including investment of cash collateral for securities loaned of $54,912,779)		58,748,144
Cash		22
Unaffiliated dividends receivable		969,591
Receivable for capital stock sold		277,672
Receivable for investment securities sold		179,267
Affiliated dividends receivable		16,226
Receivable due from Adviser		2,266
Total assets		753,187,146
LIABILITIES
Payable for collateral received on securities loaned		54,912,779
Advisory fee payable		448,283
Payable for capital stock redeemed		363,374
Payable for investment securities purchased		179,134
Distribution fee payable		91,364
Administrative fee payable		24,220
Transfer Agent fee payable		167
Directors’ fees payable		163
Accrued expenses		138,993
Total liabilities		56,158,477
NET ASSETS	$	697,028,669
COMPOSITION OF NET ASSETS
Capital stock, at par	$	38,432
Additional paid-in capital		535,103,721
Distributable earnings		161,886,516
NET ASSETS	$	697,028,669

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	271,350,714		14,813,460	$	18.32
B	$	425,677,955		23,618,330	$	18.02

(a) Includes securities on loan with a value of $177,659,464 (see Note E).

See notes to financial statements.

4

DISCOVERY VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2024	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $32,709)	$	11,457,767
Affiliated issuers		224,840
Interest		717
Securities lending income		138,178
		11,821,502
EXPENSES
Advisory fee (see Note B)		5,321,328
Distribution fee—Class B		1,107,483
Transfer agency—Class A		2,503
Transfer agency—Class B		4,158
Administrative		94,676
Printing		79,454
Custody and accounting		69,927
Legal		67,118
Audit and tax		51,419
Directors’ fees		30,413
Miscellaneous		22,855
Total expenses		6,851,334
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(10,126	)
Net expenses		6,841,208
Net investment income		4,980,294
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		75,328,717
Foreign currency transactions		(2,648	)
Net change in unrealized appreciation (depreciation) of investments		(13,528,536	)
Net gain on investment and foreign currency transactions		61,797,533
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	66,777,827

See notes to financial statements.

5

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

	Year Ended December 31, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,980,294		$	4,923,861
Net realized gain on investment transactions and foreign currency transactions		75,326,069			35,759,325
Net change in unrealized appreciation (depreciation) of investments		(13,528,536	)		66,873,944
Net increase in net assets from operations		66,777,827			107,557,130
Distributions to Shareholders
Class A		(15,717,646	)		(22,107,220	)
Class B		(25,029,921	)		(40,508,165	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(47,076,392	)		13,461,192
Total increase (decrease)		(21,046,132	)		58,402,937
NET ASSETS
Beginning of period		718,074,801			659,671,864
End of period	$	697,028,669		$	718,074,801

See notes to financial statements.

6

DISCOVERY VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2024	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 nine 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

7

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

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2024:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

692,993,958

$

–0

–

$

–0

–

$

692,993,958

Short-Term Investments

3,835,365

–0

–

–0

–

3,835,365

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

54,912,779

–0

–

–0

–

54,912,779

Total Investments in Securities

751,742,102

–0

–

–0

–

751,742,102

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

751,742,102

$

–0

–

$

–0

–

$

751,742,102

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments include 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.

8

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 real estate investment trust (“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.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating

9

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

results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio’s President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolio’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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, 2024, 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, 2024, the reimbursement for such services amounted to $94,676.

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 $1,950 for the year ended December 31, 2024.

The Portfolio may invest in AB 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 AB 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 AB 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 AB 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 AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2024, such waiver amounted to $6,728.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2024 is as follows:

Portfolio	Market Value 12/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/24 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	3,805	$	175,495	$	175,465	$	3,835	$	225
AB Government Money Market Portfolio*		832		219,797		165,716		54,913		–0	–
Total							$	58,748	$	225

* 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

10

AB Variable Products Series Fund

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, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	373,490,164		$	457,216,902
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	$	670,499,679
Gross unrealized appreciation	$	132,542,075
Gross unrealized depreciation		(51,299,652	)
Net unrealized appreciation	$	81,242,423

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, 2024.

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

11

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

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, 2024 is as follows:

								AB Government Money  Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned			Advisory Fee Waived
$	177,659,464	$	54,912,779	$	126,176,171	$	138,178	$	–0	–	$	3,398

* As of December 31, 2024.

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, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class A
Shares sold		1,081,016			1,485,530		$	19,812,611		$	24,512,123
Shares issued in reinvestment of dividends and distributions		910,113			1,319,834			15,717,646			22,107,220
Shares redeemed		(1,830,723	)		(1,902,203	)		(33,273,557	)		(31,889,060	)
Net increase		160,406			903,161		$	2,256,700		$	14,730,283
Class B
Shares sold		762,271			1,449,832		$	13,662,298		$	23,808,551
Shares issued on reinvestment of dividends and distributions		1,471,482			2,453,553			25,029,921			40,508,165
Shares redeemed		(4,903,222	)		(3,914,785	)		(88,025,311	)		(65,585,807	)
Net decrease		(2,669,469	)		(11,400	)	$	(49,333,092	)	$	(1,269,091	)

At December 31, 2024, 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 market or markets in which the Portfolio invests fluctuate. The value of the Portfolio’s 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.

12

AB Variable Products Series Fund

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 industrials sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

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

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

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, reference rate or index, 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.

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, 2024.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	10,009,617	$	9,916,054
Net long-term capital gains		30,737,950		52,699,331
Total taxable distributions paid	$	40,747,567	$	62,615,385

As of December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	17,767,166
Undistributed capital gains		62,876,928
Unrealized appreciation (depreciation)		81,242,424	(a)
Total accumulated earnings (deficit)	$	161,886,518

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

13

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2024, 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: 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.

14

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$17.71			$16.62			$23.46			$17.39			$17.91
Income From Investment Operations
Net investment income(a)(b)		.16			.15			.19			.21			.17
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		1.54			2.61			(3.74	)		6.03			.20
Net increase (decrease) in net asset value from operations		1.70			2.76			(3.55	)		6.24			.37
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.19	)		(.22	)		(.17	)		(.16	)
Distributions from net realized gain on investment transactions		(.93	)		(1.48	)		(3.07	)		–0	–		(.73	)
Total dividends and distributions		(1.09	)		(1.67	)		(3.29	)		(.17	)		(.89	)
Net asset value, end of period		$18.32			$17.71			$16.62			$23.46			$17.39
Total Return
Total investment return based on net asset value(c)		10.02	%		17.18	%		(15.63	)%		35.95	%		3.37	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$271,351			$259,538			$228,586			$286,390			$222,441
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.81	%		.81	%		.80	%		.80	%		.83	%
Expenses, before waivers/reimbursements		.81	%		.81	%		.80	%		.80	%		.83	%
Net investment income(b)		.86	%		.91	%		1.00	%		.98	%		1.17	%
Portfolio turnover rate		53	%		49	%		42	%		54	%		58	%

See footnote summary on page 16.

15

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

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

	CLASS B
	Year Ended December 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$17.44			$16.39			$23.17			$17.19			$17.72
Income From Investment Operations
Net investment income(a)(b)		.11			.11			.14			.16			.13
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		1.52			2.56			(3.68	)		5.95			.18
Net increase (decrease) in net asset value from operations		1.63			2.67			(3.54	)		6.11			.31
Less: Dividends and Distributions
Dividends from net investment income		(.12	)		(.14	)		(.17	)		(.13	)		(.11	)
Distributions from net realized gain on investment transactions		(.93	)		(1.48	)		(3.07	)		–0	–		(.73	)
Total dividends and distributions		(1.05	)		(1.62	)		(3.24	)		(.13	)		(.84	)
Net asset value, end of period		$18.02			$17.44			$16.39			$23.17			$17.19
Total Return
Total investment return based on net asset value(c)		9.72	%		16.86	%		(15.82	)%		35.60	%		3.05	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$425,678			$458,537			$431,086			$563,741			$432,719
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.06	%		1.06	%		1.05	%		1.05	%		1.08	%
Expenses, before waivers/reimbursements		1.06	%		1.06	%		1.05	%		1.05	%		1.08	%
Net investment income(b)		.61	%		.65	%		.74	%		.73	%		.91	%
Portfolio turnover rate.		53	%		49	%		42	%		54	%		58	%

(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 investment 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.

16

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

To the Board of Directors and Shareholders 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 (the “Portfolio”) (one of the series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2024, 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, 2024, 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, 2024, 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, 2025

17

2024 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, 2024. For corporate shareholders, 83.18% of dividends paid qualify for the dividends received deduction. The Portfolio designates $30,737,950 of dividends paid as long-term capital gain dividends.

18

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 by video conference on May 7-9, 2024 (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 2022 and 2023 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

19

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 29, 2024 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 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

20

AB Variable Products Series Fund

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. 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 the median of a peer group and lower than the median of a peer universe. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

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

21

VPS-DV-0151-1224

DEC^12.31.24

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

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 and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2024	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–63.9%
INFORMATION TECHNOLOGY–17.2%
COMMUNICATIONS EQUIPMENT–0.5%
Arista Networks, Inc.(a)		7,257	$	802,116
Cisco Systems, Inc.		28,002		1,657,718
F5, Inc.(a)		408		102,600
Juniper Networks, Inc.		2,326		87,109
Motorola Solutions, Inc.		1,174		542,658
Nokia Oyj		35,738		158,084
Telefonaktiebolaget LM Ericsson–Class B		18,616		150,761
				3,501,046
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		8,470		588,241
CDW Corp./DE		936		162,901
Corning, Inc.		5,414		257,273
Halma PLC		2,544		85,348
Hexagon AB–Class B		13,913		132,833
Jabil, Inc.		793		114,113
Keyence Corp.		1,302		529,226
Keysight Technologies, Inc.(a)		1,219		195,808
Kyocera Corp.		8,595		85,191
Murata Manufacturing Co., Ltd.		11,327		179,701
Omron Corp.		1,173		39,496
Shimadzu Corp.		1,585		44,362
TDK Corp.		13,010		167,550
TE Connectivity PLC		2,102		300,523
Teledyne Technologies, Inc.(a)		327		151,771
Trimble, Inc.(a)		1,716		121,253
Yaskawa Electric Corp.		1,506		38,433
Yokogawa Electric Corp.		1,528		32,500
Zebra Technologies Corp.–Class A(a)		362		139,812
				3,366,335
IT SERVICES–0.7%
Accenture PLC–Class A		4,390		1,544,358
Akamai Technologies, Inc.(a)		1,055		100,911
Bechtle AG		549		17,607
Capgemini SE		1,041		170,024
Cognizant Technology Solutions Corp.–Class A		3,483		267,843
EPAM Systems, Inc.(a)		398		93,060
Fujitsu Ltd.		11,092		194,848
Gartner, Inc.(a)		542		262,583
GoDaddy, Inc.–Class A(a)		986		194,607
International Business Machines Corp.		6,496		1,428,016
NEC Corp.		1,643		140,603
Nomura Research Institute Ltd.		2,529		74,255
NTT Data Group Corp.		4,225		80,338
Obic Co., Ltd.		2,165		64,427
Otsuka Corp.		1,526		34,899
SCSK Corp.		1,046		21,893
TIS, Inc.		1,423		33,611
VeriSign, Inc.(a)		581		120,244
Wix.com Ltd.(a)		354		75,951
				4,920,078
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.1%
Advanced Micro Devices, Inc.(a)		11,400		1,377,006
Advantest Corp.		5,128		291,572
Analog Devices, Inc.		3,488		741,061
Applied Materials, Inc.		5,792		941,953
ASM International NV		315		182,128
ASML Holding NV		2,678		1,875,763
BE Semiconductor Industries NV(b)		517		70,864
Broadcom, Inc.		32,722		7,586,269
Disco Corp.		616		163,411
Enphase Energy, Inc.(a)		949		65,177
First Solar, Inc.(a)		752		132,532
Infineon Technologies AG		8,752		285,680
Intel Corp.		30,299		607,495
KLA Corp.		940		592,313
Kokusai Electric Corp.(b)		1,045		13,694
Lam Research Corp.		9,039		652,887
Lasertec Corp.(b)		536		50,247
Microchip Technology, Inc.		3,773		216,382
Micron Technology, Inc.		7,789		655,522
Monolithic Power Systems, Inc.		343		202,953
NVIDIA Corp.		172,324		23,141,390
NXP Semiconductors NV		1,785		371,012
ON Semiconductor Corp.(a)		2,991		188,583
QUALCOMM, Inc.		7,805		1,199,004
Renesas Electronics Corp.(a)		11,270		142,622
SCREEN Holdings Co., Ltd.		544		32,116
Skyworks Solutions, Inc.		1,122		99,499
STMicroelectronics NV		4,580		114,715
Teradyne, Inc.		1,144		144,052
Texas Instruments, Inc.		6,408		1,201,564
Tokyo Electron Ltd.		2,999		450,808
				43,790,274

1

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

Company	Shares		U.S. $ Value
SOFTWARE–5.5%
Adobe, Inc.(a)		3,092	$	1,374,951
ANSYS, Inc.(a)		614		207,121
Autodesk, Inc.(a)		1,510		446,311
Cadence Design Systems, Inc.(a)		1,927		578,986
Check Point Software Technologies Ltd.(a)		590		110,153
Crowdstrike Holdings, Inc.–Class A(a)		1,635		559,432
CyberArk Software Ltd.(a)		289		96,280
Dassault Systemes SE		4,485		155,198
Fair Isaac Corp.(a)		171		340,449
Fortinet, Inc.(a)		4,469		422,231
Gen Digital, Inc.		3,810		104,318
Intuit, Inc.		1,969		1,237,516
Microsoft Corp.		52,230		22,014,945
Monday.com Ltd.(a)		251		59,095
Nemetschek SE		387		37,594
Nice Ltd.(a)		421		71,496
Oracle Corp.		11,291		1,881,532
Oracle Corp. Japan		257		24,597
Palantir Technologies, Inc.–Class A(a)		14,400		1,089,072
Palo Alto Networks, Inc.(a)		4,598		836,652
PTC, Inc.(a)		844		155,186
Roper Technologies, Inc.		753		391,447
Sage Group PLC (The)		6,733		106,977
Salesforce, Inc.		6,716		2,245,360
SAP SE		6,998		1,721,327
ServiceNow, Inc.(a)		1,447		1,533,994
Synopsys, Inc.(a)		1,079		523,703
Temenos AG (REG)		378		26,710
Trend Micro, Inc./Japan		848		45,718
Tyler Technologies, Inc.(a)		301		173,569
WiseTech Global Ltd.		1,233		92,047
Workday, Inc.–Class A(a)		1,496		386,013
Xero Ltd.(a)		972		101,149
				39,151,129
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.9%
Apple, Inc.		106,190		26,592,100
Brother Industries Ltd.		1,552		26,254
Canon, Inc.		6,250		203,010
Dell Technologies, Inc.–Class C		2,158		248,688
FUJIFILM Holdings Corp.		7,494		155,048
Hewlett Packard Enterprise Co.		9,180		195,993
HP, Inc.		6,770		220,905
Logitech International SA (REG)		1,019		84,115
NetApp, Inc.		1,439		167,039
Ricoh Co., Ltd.		3,572		40,566
Seagate Technology Holdings PLC		1,486		128,257
Seiko Epson Corp.		1,933		34,877
Super Micro Computer, Inc.(a)		3,538		107,838
Western Digital Corp.(a)		2,429		144,841
				28,349,531
				123,078,393
FINANCIALS–9.9%
BANKS–3.4%
ABN AMRO Bank NV(b)		3,072		47,406
AIB Group PLC		12,488		69,057
ANZ Group Holdings Ltd.		19,960		351,691
Banco Bilbao Vizcaya Argentaria SA		38,624		377,914
Banco BPM SpA		8,634		69,906
Banco de Sabadell SA		36,469		70,869
Banco Santander SA		103,849		480,431
Bank Hapoalim BM		8,472		102,275
Bank Leumi Le-Israel BM		10,104		120,211
Bank of America Corp.		46,895		2,061,035
Bank of Ireland Group PLC		6,732		61,392
Banque Cantonale Vaudoise (REG)		202		18,599
Barclays PLC		97,398		325,815
BNP Paribas SA		6,821		418,787
BOC Hong Kong Holdings Ltd.		24,772		79,100
BPER Banca SPA		6,671		42,547
CaixaBank SA		26,789		145,442
Chiba Bank Ltd. (The)		3,848		29,660
Citigroup, Inc.		13,286		935,202
Citizens Financial Group, Inc.		3,096		135,481
Commerzbank AG		6,351		104,299
Commonwealth Bank of Australia		11,216		1,061,271
Concordia Financial Group Ltd.		7,034		38,683
Credit Agricole SA		7,133		98,147
Danske Bank A/S		4,622		131,046
DBS Group Holdings Ltd.		13,338		427,422
DNB Bank ASA		6,001		119,807
Erste Group Bank AG		2,257		139,699
Fifth Third Bancorp		4,711		199,181
FinecoBank Banca Fineco SpA		4,096		71,486
Hang Seng Bank Ltd.(b)		5,068		62,077
HSBC Holdings PLC		122,005		1,198,467
Huntington Bancshares, Inc./OH		10,206		166,052

2

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
ING Groep NV		22,138	$	346,937
Intesa Sanpaolo SpA		98,022		393,148
Israel Discount Bank Ltd.–Class A		8,293		56,731
Japan Post Bank Co., Ltd.		9,687		91,558
JPMorgan Chase & Co.		19,778		4,740,984
KBC Group NV		1,538		118,748
KeyCorp		6,964		119,363
Lloyds Banking Group PLC		411,051		280,718
M&T Bank Corp.		1,166		219,220
Mediobanca Banca di Credito Finanziario SpA		3,350		48,923
Mitsubishi UFJ Financial Group, Inc.		74,435		869,007
Mizrahi Tefahot Bank Ltd.		1,039		44,977
Mizuho Financial Group, Inc.		16,149		394,238
National Australia Bank Ltd.		20,604		472,086
NatWest Group PLC		47,310		237,082
Nordea Bank Abp (Helsinki)		21,144		230,697
Oversea-Chinese Banking Corp., Ltd.		22,668		276,846
PNC Financial Services Group, Inc. (The)		2,787		537,473
Regions Financial Corp.		6,385		150,175
Resona Holdings, Inc.		13,998		100,908
Shizuoka Financial Group, Inc.		2,912		23,617
Skandinaviska Enskilda Banken AB–Class A		10,634		145,729
Societe Generale SA		4,827		135,472
Standard Chartered PLC		14,082		173,366
Sumitomo Mitsui Financial Group, Inc.		25,034		600,822
Sumitomo Mitsui Trust Holdings, Inc.		4,346		101,521
Svenska Handelsbanken AB–Class A		9,774		100,917
Swedbank AB–Class A		5,689		112,335
Truist Financial Corp.		9,326		404,562
UniCredit SpA		9,874		395,437
United Overseas Bank Ltd.		8,464		224,769
US Bancorp		10,959		524,169
Wells Fargo & Co.		23,390		1,642,914
Westpac Banking Corp.		23,044		459,981
				24,535,887
CAPITAL MARKETS–2.0%
3i Group PLC		6,523		290,360
Ameriprise Financial, Inc.		682		363,117
Amundi SA		412		27,419
ASX Ltd.		1,300		52,277
Bank of New York Mellon Corp. (The)		5,108		392,448
Blackrock, Inc.		1,023		1,048,688
Blackstone, Inc.		5,072		874,514
Cboe Global Markets, Inc.		735		143,619
Charles Schwab Corp. (The)		10,502		777,253
CME Group, Inc.		2,532		588,006
CVC Capital Partners PLC(a)(b)(c)		1,425		31,511
Daiwa Securities Group, Inc.		8,930		58,927
Deutsche Bank AG (REG)		12,700		219,163
Deutsche Boerse AG		1,262		290,709
EQT AB		2,496		68,999
Euronext NV		524		58,786
FactSet Research Systems, Inc.		267		128,235
Franklin Resources, Inc.		2,171		44,050
Futu Holdings Ltd. (ADR)		375		29,996
Goldman Sachs Group, Inc. (The)		2,205		1,262,627
Hargreaves Lansdown PLC		2,385		32,727
Hong Kong Exchanges & Clearing Ltd.		8,063		301,788
Intercontinental Exchange, Inc.		4,034		601,106
Invesco Ltd.		3,157		55,184
Japan Exchange Group, Inc.(b)		6,642		73,696
Julius Baer Group Ltd.		1,380		89,522
KKR & Co., Inc.		4,742		701,389
London Stock Exchange Group PLC		3,205		452,401
Macquarie Group Ltd.		2,427		331,924
MarketAxess Holdings, Inc.		265		59,901
Moody’s Corp.		1,095		518,340
Morgan Stanley		8,715		1,095,650
MSCI, Inc.		551		330,606
Nasdaq, Inc.		2,907		224,740
Nomura Holdings, Inc.		20,119		116,727
Northern Trust Corp.		1,393		142,783
Partners Group Holding AG		152		206,460
Raymond James Financial, Inc.		1,285		199,599
S&P Global, Inc.		2,230		1,110,607
SBI Holdings, Inc.		1,819		45,686
Schroders PLC		5,404		21,844
Singapore Exchange Ltd.		5,739		53,497
State Street Corp.		2,059		202,091
T. Rowe Price Group, Inc.		1,561		176,533
UBS Group AG (REG)		22,043		674,884
				14,570,389

3

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

Company	Shares		U.S. $ Value
CONSUMER FINANCE–0.3%
American Express Co.		3,910	$	1,160,449
Capital One Financial Corp.		2,680		477,897
Discover Financial Services		1,764		305,578
Synchrony Financial		2,735		177,775
				2,121,699
FINANCIAL SERVICES–2.3%
Adyen NV(a)(b)		146		216,967
Apollo Global Management, Inc.		3,140		518,602
Berkshire Hathaway, Inc.–Class B(a)		12,877		5,836,887
Corpay, Inc.(a)		490		165,826
Edenred SE		1,643		54,015
Eurazeo SE		281		20,960
EXOR NV		667		61,148
Fidelity National Information Services, Inc.		3,782		305,472
Fiserv, Inc.(a)		3,997		821,064
Global Payments, Inc.		1,788		200,363
Groupe Bruxelles Lambert NV		557		38,085
Industrivarden AB–Class A		815		25,761
Industrivarden AB–Class C		1,076		33,986
Infratil Ltd.		6,156		43,392
Investor AB–Class B		11,600		307,248
Jack Henry & Associates, Inc.		513		89,929
L E Lundbergforetagen AB–Class B		509		23,064
M&G PLC		15,160		37,515
Mastercard, Inc.–Class A		5,758		3,031,990
Mitsubishi HC Capital, Inc.		5,901		38,889
Nexi SpA(a)(b)		3,451		19,209
ORIX Corp.		7,726		165,985
PayPal Holdings, Inc.(a)		7,043		601,120
Sofina SA(b)		103		23,250
Visa, Inc.–Class A		12,140		3,836,726
Wise PLC–Class A(a)		4,466		59,359
				16,576,812
INSURANCE–1.9%
Admiral Group PLC		1,745		57,648
Aegon Ltd.(b)		9,051		53,860
Aflac, Inc.		3,512		363,281
Ageas SA/NV		1,071		52,072
AIA Group Ltd.		73,195		525,750
Allianz SE (REG)		2,625		806,827
Allstate Corp. (The)		1,860		358,589
American International Group, Inc.		4,382		319,010
Aon PLC–Class A		1,519		545,564
Arch Capital Group Ltd.		2,632		243,065
Arthur J Gallagher & Co.		1,541		437,413
ASR Nederland NV		1,063		50,558
Assurant, Inc.		360		76,759
Aviva PLC		17,940		105,148
AXA SA		11,802		420,029
Baloise Holding AG (REG)		292		52,911
Brown & Brown, Inc.		1,667		170,067
Chubb Ltd.		2,634		727,774
Cincinnati Financial Corp.		1,098		157,783
Dai-ichi Life Holdings, Inc.		6,058		161,423
Erie Indemnity Co.–Class A		175		72,140
Everest Group Ltd.		302		109,463
Generali(b)		6,311		178,550
Gjensidige Forsikring ASA		1,341		23,678
Globe Life, Inc.		590		65,797
Hannover Rueck SE		404		101,169
Hartford Financial Services Group, Inc. (The)		2,037		222,848
Helvetia Holding AG (REG)		249		41,069
Insurance Australia Group Ltd.		15,883		83,072
Japan Post Holdings Co., Ltd.		12,878		121,282
Japan Post Insurance Co., Ltd.		1,282		23,548
Legal & General Group PLC		39,519		113,472
Loews Corp.		1,270		107,556
Marsh & McLennan Cos., Inc.		3,450		732,815
Medibank Pvt Ltd.		18,462		43,273
MetLife, Inc.		4,086		334,562
MS&AD Insurance Group Holdings, Inc.		8,612		185,998
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		897		452,592
NN Group NV		1,814		79,106
Phoenix Group Holdings PLC		4,700		29,949
Poste Italiane SpA		3,065		43,348
Principal Financial Group, Inc.		1,478		114,412
Progressive Corp. (The)		4,115		985,995
Prudential Financial, Inc.		2,501		296,444
Prudential PLC		18,066		143,372
QBE Insurance Group Ltd.		10,088		119,804
Sampo Oyj–Class A(b)		3,316		135,442
Sompo Holdings, Inc.		5,999		155,436
Suncorp Group Ltd.		8,526		100,170

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Swiss Life Holding AG (REG)		193	$	149,009
Swiss Re AG		2,021		292,711
T&D Holdings, Inc.		3,277		59,981
Talanx AG		433		36,827
Tokio Marine Holdings, Inc.		12,579		451,437
Travelers Cos., Inc. (The)		1,595		384,220
Tryg A/S		2,273		47,947
Unipol Gruppo SpA		2,645		33,032
W R Berkley Corp.		2,115		123,770
Willis Towers Watson PLC		708		221,774
Zurich Insurance Group AG		981		583,465
				13,286,066
				71,090,853
CONSUMER DISCRETIONARY–7.2%
AUTOMOBILE COMPONENTS–0.1%
Aisin Corp.		3,549		39,650
Aptiv PLC(a)		1,869		113,037
BorgWarner, Inc.		1,536		48,829
Bridgestone Corp.		3,822		128,469
Cie Generale des Etablissements Michelin SCA		4,477		147,318
Continental AG		737		49,662
Denso Corp.		12,659		174,530
Sumitomo Electric Industries Ltd.		4,783		85,508
				787,003
AUTOMOBILES–1.7%
Bayerische Motoren Werke AG		1,943		158,918
Bayerische Motoren Werke AG (Preference Shares)		375		28,093
Dr. Ing. h.c. F. Porsche AG (Preference Shares)(c)		763		46,237
Ferrari NV(b)		845		360,560
Ford Motor Co.		27,422		271,478
General Motors Co.		7,725		411,511
Honda Motor Co., Ltd.		30,044		286,043
Isuzu Motors Ltd.(b)		3,821		51,979
Mercedes-Benz Group AG		5,019		279,818
Nissan Motor Co., Ltd.(b)		14,903		45,198
Porsche Automobil Holding SE (Preference Shares)		1,027		38,698
Renault SA		1,289		62,753
Stellantis NV (Milan)		13,169		171,308
Subaru Corp.		3,937		69,954
Suzuki Motor Corp.		10,521		117,881
Tesla, Inc.(a)		19,619		7,922,937
Toyota Motor Corp.		68,830		1,343,922
Volkswagen AG (Preference Shares)		1,382		127,510
Yamaha Motor Co., Ltd.		6,226		54,855
				11,849,653
BROADLINE RETAIL–2.3%
Amazon.com, Inc.(a)		65,743		14,423,357
Cie Financiere Richemont SA (REG)		3,603		545,041
eBay, Inc.		3,365		208,462
Global-e Online Ltd.(a)		672		36,644
Next PLC		798		94,661
Pan Pacific International Holdings Corp.		2,550		69,275
Prosus NV		9,168		364,197
Rakuten Group, Inc.(a)		10,068		54,241
Wesfarmers Ltd.		7,605		335,970
				16,131,848
DISTRIBUTORS–0.0%
D’ieteren Group		144		23,954
Genuine Parts Co.		977		114,075
LKQ Corp.		1,826		67,105
Pool Corp.		267		91,031
				296,165
DIVERSIFIED CONSUMER SERVICES–0.0%
Pearson PLC		4,019		64,446
HOTELS, RESTAURANTS & LEISURE–1.2%
Accor SA		1,307		63,569
Airbnb, Inc.–Class A(a)		3,041		399,618
Amadeus IT Group SA(b)		3,019		213,094
Aristocrat Leisure Ltd.		3,796		160,307
Booking Holdings, Inc.		233		1,157,642
Caesars Entertainment, Inc.(a)		1,493		49,896
Carnival Corp.(a)		7,297		181,841
Chipotle Mexican Grill, Inc.(a)		9,572		577,192
Compass Group PLC		11,372		378,385
Darden Restaurants, Inc.		825		154,019
Delivery Hero SE(a)		1,251		35,143
Domino’s Pizza, Inc.		243		102,002
Entain PLC		4,071		34,947
Evolution AB		1,136		87,604
Expedia Group, Inc.(a)		863		160,803
Galaxy Entertainment Group Ltd.		14,639		61,625
Genting Singapore Ltd.		40,481		22,710
Hilton Worldwide Holdings, Inc.		1,713		423,385
InterContinental Hotels Group PLC		1,067		132,760

5

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

Company	Shares		U.S. $ Value
La Francaise des Jeux SACA		683	$	26,303
Las Vegas Sands Corp.		2,445		125,575
Lottery Corp., Ltd. (The)		14,921		45,510
Marriott International, Inc./MD–Class A		1,620		451,883
McDonald’s Corp.		5,034		1,459,306
McDonald’s Holdings Co. Japan Ltd.		578		22,705
MGM Resorts International(a)		1,590		55,093
Norwegian Cruise Line Holdings Ltd.(a)		3,089		79,480
Oriental Land Co., Ltd./Japan		7,304		157,446
Royal Caribbean Cruises Ltd.		1,738		400,939
Sands China Ltd.(a)		16,254		43,278
Sodexo SA		593		48,864
Starbucks Corp.		7,963		726,624
Whitbread PLC		1,203		44,282
Wynn Resorts Ltd.		650		56,004
Yum! Brands, Inc.		1,961		263,088
Zensho Holdings Co., Ltd.		645		36,528
				8,439,450
HOUSEHOLD DURABLES–0.3%
Barratt Redrow PLC		9,240		50,653
Berkeley Group Holdings PLC		685		33,336
DR Horton, Inc.		2,049		286,491
Garmin Ltd.		1,079		222,554
Lennar Corp.–Class A		1,678		228,829
Mohawk Industries, Inc.(a)		368		43,840
NVR, Inc.(a)		22		179,936
Panasonic Holdings Corp.		15,609		159,533
Persimmon PLC		2,144		32,026
PulteGroup, Inc.		1,441		156,925
SEB SA		167		15,092
Sekisui House Ltd.		3,994		95,233
Sony Group Corp.		41,890		882,854
Taylor Wimpey PLC		23,731		36,119
				2,423,421
LEISURE PRODUCTS–0.0%
Bandai Namco Holdings, Inc.		3,976		94,809
Hasbro, Inc.		921		51,493
Shimano, Inc.		511		68,738
				215,040
SPECIALTY RETAIL–1.1%
AutoZone, Inc.(a)		119		381,038
Avolta AG		614		24,648
Best Buy Co., Inc.		1,373		117,803
CarMax, Inc.(a)		1,088		88,955
Fast Retailing Co., Ltd.		1,278		431,123
H & M Hennes & Mauritz AB–Class B(b)		3,797		51,179
Home Depot, Inc. (The)		6,978		2,714,372
Industria de Diseno Textil SA		7,311		374,498
JD Sports Fashion PLC		17,374		20,766
Kingfisher PLC		12,234		38,028
Lowe’s Cos., Inc.		3,985		983,498
Nitori Holdings Co., Ltd.		536		63,512
O’Reilly Automotive, Inc.(a)		406		481,435
Ross Stores, Inc.		2,331		352,610
TJX Cos., Inc. (The)		7,923		957,178
Tractor Supply Co.		3,753		199,134
Ulta Beauty, Inc.(a)		331		143,962
Zalando SE(a)		1,504		50,314
ZOZO, Inc.		905		27,872
				7,501,925
TEXTILES, APPAREL & LUXURY GOODS–0.5%
adidas AG		1,086		267,117
Asics Corp.		4,575		89,248
Deckers Outdoor Corp.(a)		1,067		216,697
Hermes International SCA		212		508,666
Kering SA		499		123,251
Lululemon Athletica, Inc.(a)		794		303,634
LVMH Moet Hennessy Louis Vuitton SE		1,844		1,212,970
Moncler SpA(b)		1,566		82,670
NIKE, Inc.–Class B		8,364		632,904
Pandora A/S		549		100,443
Puma SE		708		32,554
Ralph Lauren Corp.		283		65,367
Swatch Group AG (The) (BR)		194		35,262
Tapestry, Inc.		1,637		106,945
				3,777,728
				51,486,679
HEALTH CARE–6.8%
BIOTECHNOLOGY–0.9%
AbbVie, Inc.		12,414		2,205,968
Amgen, Inc.		3,776		984,177
Argenx SE(a)		401		247,702
Biogen, Inc.(a)		1,024		156,590
CSL Ltd.		3,245		566,093
Genmab A/S(a)		421		87,923
Gilead Sciences, Inc.		8,755		808,699
Grifols SA(a)(b)		2,000		18,900
Incyte Corp.(a)		1,123		77,566
Moderna, Inc.(a)		2,379		98,919
Regeneron Pharmaceuticals, Inc.(a)		740		527,124

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Swedish Orphan Biovitrum AB(a)		1,313	$	37,667
Vertex Pharmaceuticals, Inc.(a)		1,809		728,484
Zealand Pharma A/S(a)		429		42,675
				6,588,487
HEALTH CARE EQUIPMENT & SUPPLIES–1.4%
Abbott Laboratories		12,185		1,378,245
Alcon AG		3,349		283,953
Align Technology, Inc.(a)		493		102,795
Baxter International, Inc.		3,587		104,597
Becton Dickinson & Co.		2,031		460,773
BioMerieux		278		29,755
Boston Scientific Corp.(a)		10,354		924,819
Carl Zeiss Meditec AG (BR)		270		12,640
Cochlear Ltd.		439		78,616
Coloplast A/S–Class B		845		92,580
Cooper Cos., Inc. (The)(a)		1,399		128,610
Demant A/S(a)		593		21,826
Dexcom, Inc.(a)		2,744		213,401
DiaSorin SpA		150		15,472
Edwards Lifesciences Corp.(a)		4,143		306,706
EssilorLuxottica SA		1,992		485,908
Fisher & Paykel Healthcare Corp., Ltd.		3,928		84,425
GE Healthcare, Inc.		3,210		250,958
Getinge AB–Class B		1,533		25,147
Hologic, Inc.(a)		1,632		117,651
Hoya Corp.		2,349		291,526
IDEXX Laboratories, Inc.(a)		575		237,728
Insulet Corp.(a)		493		128,708
Intuitive Surgical, Inc.(a)		2,502		1,305,944
Koninklijke Philips NV(a)		5,354		135,624
Medtronic PLC		9,009		719,639
Olympus Corp.		7,884		117,710
ResMed, Inc.		1,031		235,779
Siemens Healthineers AG		1,890		99,805
Smith & Nephew PLC		5,861		72,632
Solventum Corp.(a)		971		64,144
Sonova Holding AG (REG)		340		111,183
STERIS PLC		693		142,453
Straumann Holding AG (REG)		748		94,219
Stryker Corp.		2,410		867,721
Sysmex Corp.		3,370		61,788
Teleflex, Inc.		326		58,022
Terumo Corp.		8,981		173,385
Zimmer Biomet Holdings, Inc.		1,399		147,776
				10,184,663
HEALTH CARE PROVIDERS & SERVICES–1.1%
Amplifon SpA(b)		835		21,516
Cardinal Health, Inc.		1,700		201,059
Cencora, Inc.		1,232		276,806
Centene Corp.(a)		3,547		214,877
Cigna Group (The)		1,954		539,577
CVS Health Corp.		8,840		396,828
DaVita, Inc.(a)		317		47,407
Elevance Health, Inc.		1,629		600,938
Fresenius Medical Care AG		1,377		62,696
Fresenius SE & Co. KGaA(a)		2,831		98,267
HCA Healthcare, Inc.		1,281		384,492
Henry Schein, Inc.(a)		876		60,619
Humana, Inc.		846		214,639
Labcorp Holdings, Inc.		588		134,840
McKesson Corp.		892		508,360
Molina Healthcare, Inc.(a)		402		117,002
Quest Diagnostics, Inc.		784		118,274
Ramsay Health Care Ltd.(b)		1,235		26,354
Sonic Healthcare Ltd.		3,059		51,021
UnitedHealth Group, Inc.		6,465		3,270,385
Universal Health Services, Inc.–Class B		412		73,921
				7,419,878
HEALTH CARE TECHNOLOGY–0.0%
M3, Inc.(b)		2,954		25,596
Pro Medicus Ltd.		385		59,472
				85,068
LIFE SCIENCES TOOLS & SERVICES–0.6%
Agilent Technologies, Inc.		2,019		271,232
Bachem Holding AG		226		14,453
Bio-Techne Corp.		1,116		80,385
Charles River Laboratories International, Inc.(a)(b)		359		66,271
Danaher Corp.		4,516		1,036,648
Eurofins Scientific SE		906		46,208
IQVIA Holdings, Inc.(a)		1,211		237,974
Lonza Group AG (REG)		484		285,675
Mettler-Toledo International, Inc.(a)		148		181,105
QIAGEN NV(a)		1,487		66,653
Revvity, Inc.		855		95,427
Sartorius AG (Preference Shares)		176		39,113
Sartorius Stedim Biotech		196		38,265
Thermo Fisher Scientific, Inc.		2,687		1,397,858
Waters Corp.(a)		417		154,699

7

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

Company	Shares		U.S. $ Value
West Pharmaceutical Services, Inc.		509	$	166,728
				4,178,694
PHARMACEUTICALS–2.8%
Astellas Pharma, Inc.		12,114		117,636
AstraZeneca PLC		10,389		1,354,514
Bayer AG (REG)		6,584		131,515
Bristol-Myers Squibb Co.		14,248		805,867
Chugai Pharmaceutical Co., Ltd.		4,496		198,189
Daiichi Sankyo Co., Ltd.		11,782		322,393
Eisai Co., Ltd.		1,687		45,936
Eli Lilly & Co.		5,535		4,273,020
Galderma Group AG(a)		558		61,878
GSK PLC		27,782		468,606
Hikma Pharmaceuticals PLC		1,116		27,824
Ipsen SA		253		28,999
Johnson & Johnson		16,914		2,446,103
Kyowa Kirin Co., Ltd.		1,626		24,452
Merck & Co., Inc.		17,771		1,767,859
Merck KGaA		866		126,023
Novartis AG (REG)		13,208		1,285,894
Novo Nordisk A/S–Class B		21,583		1,862,221
Ono Pharmaceutical Co., Ltd.		2,503		26,060
Orion Oyj–Class B(b)		725		32,127
Otsuka Holdings Co., Ltd.		3,000		163,200
Pfizer, Inc.		39,811		1,056,186
Recordati Industria Chimica e Farmaceutica SpA(b)		701		36,749
Roche Holding AG (BR)		215		64,220
Roche Holding AG (Genusschein)		4,708		1,316,388
Sandoz Group AG		2,744		112,484
Sanofi SA		7,654		744,051
Shionogi & Co., Ltd.		5,061		70,981
Takeda Pharmaceutical Co., Ltd.		10,650		281,930
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		7,592		167,328
UCB SA		847		168,607
Viatris, Inc.		8,385		104,393
Zoetis, Inc.		3,169		516,325
				20,209,958
				48,666,748
INDUSTRIALS–6.6%
AEROSPACE & DEFENSE–1.3%
Airbus SE		3,982		637,641
Axon Enterprise, Inc.(a)		509		302,509
BAE Systems PLC		20,254		290,549
Boeing Co. (The)(a)		5,252		929,604
Dassault Aviation SA		132		26,972
Elbit Systems Ltd.		179		46,936
General Dynamics Corp.		1,813		477,707
General Electric Co.		7,603		1,268,104
Howmet Aerospace, Inc.		2,854		312,142
Huntington Ingalls Industries, Inc.		275		51,967
Kongsberg Gruppen ASA		590		66,379
L3Harris Technologies, Inc.		1,332		280,093
Leonardo SpA		2,713		72,990
Lockheed Martin Corp.		1,482		720,163
Melrose Industries PLC		8,645		59,740
MTU Aero Engines AG		361		120,572
Northrop Grumman Corp.		962		451,457
Rheinmetall AG		292		186,561
Rolls-Royce Holdings PLC(a)		56,999		404,202
RTX Corp.		9,351		1,082,098
Saab AB–Class B		2,147		45,360
Safran SA		2,434		533,308
Singapore Technologies Engineering Ltd.		10,451		35,660
Textron, Inc.		1,303		99,667
Thales SA		621		89,173
TransDigm Group, Inc.		395		500,576
				9,092,130
AIR FREIGHT & LOGISTICS–0.3%
CH Robinson Worldwide, Inc.		830		85,755
Deutsche Post AG		6,836		241,327
DSV A/S		1,370		291,763
Expeditors International of Washington, Inc.		983		108,887
FedEx Corp.		1,579		444,220
InPost SA(a)		1,508		25,745
SG Holdings Co., Ltd.		2,143		20,485
United Parcel Service, Inc.–Class B		5,138		647,902
				1,866,084
BUILDING PRODUCTS–0.4%
A O Smith Corp.		837		57,092
AGC, Inc.		1,310		38,266
Allegion PLC		611		79,845
Assa Abloy AB–Class B		6,717		198,395
Builders FirstSource, Inc.(a)		808		115,487
Carrier Global Corp.		5,882		401,505
Cie de Saint-Gobain SA		3,040		270,139
Daikin Industries Ltd.		1,766		206,058
Geberit AG (REG)		224		127,036
Johnson Controls International PLC		4,671		368,682
Kingspan Group PLC		1,036		75,315
Lennox International, Inc.		225		137,093
Masco Corp.		1,516		110,016

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Nibe Industrier AB–Class B		10,159	$	39,701
Otis Worldwide Corp.		2,806		259,864
ROCKWOOL A/S–Class B		63		22,418
TOTO Ltd.		947		22,687
Trane Technologies PLC		1,581		583,942
				3,113,541
COMMERCIAL SERVICES & SUPPLIES–0.3%
Brambles Ltd.		9,334		111,011
Cintas Corp.		2,408		439,942
Copart, Inc.(a)		6,159		353,465
Dai Nippon Printing Co., Ltd.		2,598		36,355
Rentokil Initial PLC		16,917		84,441
Republic Services, Inc.		1,430		287,687
Rollins, Inc.		1,973		91,449
Secom Co., Ltd.		2,810		95,427
Securitas AB–Class B(b)		3,297		40,764
TOPPAN Holdings, Inc.		1,600		42,445
Veralto Corp.		1,737		176,913
Waste Management, Inc.		2,566		517,793
				2,277,692
CONSTRUCTION & ENGINEERING–0.1%
ACS Actividades de Construccion y Servicios SA		1,184		59,333
Bouygues SA		1,271		37,635
Eiffage SA		493		43,232
Ferrovial SE(b)		3,189		133,857
Kajima Corp.		2,654		48,077
Obayashi Corp.		4,347		57,238
Quanta Services, Inc.		1,037		327,744
Skanska AB–Class B		2,281		47,964
Taisei Corp.(b)		1,113		46,633
Vinci SA		3,352		345,110
				1,146,823
ELECTRICAL EQUIPMENT–0.7%
ABB Ltd. (REG)		10,599		572,330
AMETEK, Inc.		1,625		292,922
Eaton Corp. PLC		2,776		921,271
Emerson Electric Co.		4,006		496,464
Fuji Electric Co., Ltd.		899		48,062
Fujikura Ltd.		1,700		69,404
GE Vernova, Inc.		1,938		637,466
Generac Holdings, Inc.(a)		418		64,811
Hubbell, Inc.		377		157,922
Legrand SA		1,757		170,906
Mitsubishi Electric Corp.		12,732		214,989
NIDEC Corp.		5,588		100,370
Prysmian SpA		1,883		120,505
Rockwell Automation, Inc.		793		226,631
Schneider Electric SE		3,665		912,423
Siemens Energy AG(a)		4,285		227,412
Vestas Wind Systems A/S(a)		6,767		92,822
				5,326,710
GROUND TRANSPORTATION–0.5%
Central Japan Railway Co.		5,171		97,037
CSX Corp.		13,547		437,162
East Japan Railway Co.		6,075		107,594
Grab Holdings Ltd.–Class A(a)		14,160		66,835
Hankyu Hanshin Holdings, Inc.		1,532		39,931
JB Hunt Transport Services, Inc.		560		95,570
MTR Corp., Ltd.		10,418		36,190
Norfolk Southern Corp.		1,589		372,938
Old Dominion Freight Line, Inc.		1,320		232,848
Tokyu Corp.		3,546		37,789
Uber Technologies, Inc.(a)		14,793		892,314
Union Pacific Corp.		4,259		971,222
West Japan Railway Co.		2,940		52,073
				3,439,503
INDUSTRIAL CONGLOMERATES–0.5%
3M Co.		3,826		493,898
CK Hutchison Holdings Ltd.		17,948		95,420
DCC PLC		663		42,482
Hikari Tsushin, Inc.(b)		118		25,612
Hitachi Ltd.		31,039		760,146
Honeywell International, Inc.		4,568		1,031,866
Investment AB Latour–Class B		993		24,769
Jardine Matheson Holdings Ltd.		1,070		43,799
Keppel Ltd.		9,750		48,849
Lifco AB–Class B		1,563		45,302
Sekisui Chemical Co., Ltd.		2,529		43,302
Siemens AG (REG)		5,093		993,108
Smiths Group PLC		2,310		49,528
Swire Pacific Ltd.–Class A		2,777		25,114
				3,723,195
MACHINERY–1.2%
Alfa Laval AB		1,939		81,157
Alstom SA(a)		2,320		51,766
Atlas Copco AB–Class A		18,001		274,725
Atlas Copco AB–Class B		10,460		141,325
Caterpillar, Inc.		3,392		1,230,482

9

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

Company	Shares		U.S. $ Value
Cummins, Inc.		964	$	336,050
Daifuku Co., Ltd.		2,161		44,398
Daimler Truck Holding AG		3,309		126,742
Deere & Co.		1,788		757,576
Dover Corp.		964		180,846
Epiroc AB–Class A		4,418		76,995
Epiroc AB–Class B		2,614		40,781
FANUC Corp.		6,330		165,358
Fortive Corp.		2,437		182,775
GEA Group AG		1,040		51,660
Hitachi Construction Machinery Co., Ltd.(b)		720		15,958
Hoshizaki Corp.		727		28,585
IDEX Corp.		532		111,342
Illinois Tool Works, Inc.		1,888		478,721
Indutrade AB		1,832		45,904
Ingersoll Rand, Inc.		2,831		256,092
Knorr-Bremse AG		486		35,275
Komatsu Ltd.		5,893		160,539
Kone Oyj–Class B		2,278		111,053
Kubota Corp.		6,295		72,926
Makita Corp.		1,593		48,442
Metso Oyj(b)		4,168		38,802
MINEBEA MITSUMI, Inc.		2,430		38,924
Mitsubishi Heavy Industries Ltd.		21,455		299,167
Nordson Corp.		382		79,930
PACCAR, Inc.		3,789		394,132
Parker-Hannifin Corp.		904		574,971
Pentair PLC		1,161		116,843
Rational AG		34		29,121
Sandvik AB		7,145		128,120
Schindler Holding AG		273		75,425
Schindler Holding AG (REG)		157		42,830
SKF AB–Class B		2,285		42,888
SMC Corp.		383		148,727
Snap-on, Inc.		369		125,268
Spirax Group PLC		493		42,172
Stanley Black & Decker, Inc.		1,083		86,954
Techtronic Industries Co., Ltd.		9,200		120,943
Toyota Industries Corp.		1,081		86,940
Trelleborg AB–Class B		1,428		48,867
VAT Group AG(c)		181		68,439
Volvo AB–Class A		1,342		32,800
Volvo AB–Class B		10,646		258,721
Wartsila OYJ Abp		3,372		59,761
Westinghouse Air Brake Technologies Corp.		1,208		229,025
Xylem, Inc./NY		1,707		198,046
Yangzijiang Shipbuilding Holdings Ltd.		17,000		37,159
				8,512,448
MARINE TRANSPORTATION–0.1%
AP Moller–Maersk A/S–Class A		20		32,177
AP Moller–Maersk A/S–Class B		31		51,577
Kawasaki Kisen Kaisha Ltd.		2,531		36,008
Kuehne + Nagel International AG (REG)		324		74,340
Mitsui OSK Lines Ltd.		2,304		80,175
Nippon Yusen KK(b)		2,886		96,056
SITC International Holdings Co., Ltd.		8,980		23,813
				394,146
PASSENGER AIRLINES–0.1%
ANA Holdings, Inc.		1,069		19,402
Delta Air Lines, Inc.		4,504		272,492
Deutsche Lufthansa AG (REG)		4,022		25,848
Japan Airlines Co., Ltd.		965		15,213
Qantas Airways Ltd.(a)		5,137		28,438
Singapore Airlines Ltd.(b)		9,966		46,984
Southwest Airlines Co.(b)		4,213		141,641
United Airlines Holdings, Inc.(a)		2,310		224,301
				774,319
PROFESSIONAL SERVICES–0.6%
Adecco Group AG (REG)		1,129		27,889
Automatic Data Processing, Inc.		2,862		837,793
Broadridge Financial Solutions, Inc.		821		185,620
Bureau Veritas SA		2,130		64,710
Computershare Ltd.		3,555		74,678
Dayforce, Inc.(a)(b)		1,108		80,485
Equifax, Inc.		871		221,974
Experian PLC		6,163		264,885
Intertek Group PLC		1,082		63,924
Jacobs Solutions, Inc.		873		116,650
Leidos Holdings, Inc.		937		134,984
Paychex, Inc.		2,250		315,495
Paycom Software, Inc.		342		70,100
Randstad NV(b)		728		30,651
Recruit Holdings Co., Ltd.		9,440		656,155
RELX PLC (London)		12,489		565,864
SGS SA (REG)		1,016		101,922
Teleperformance SE		366		31,393
Verisk Analytics, Inc.		992		273,227
Wolters Kluwer NV		1,598		265,499
				4,383,898

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
TRADING COMPANIES & DISTRIBUTORS–0.4%
AddTech AB		1,742	$	47,466
AerCap Holdings NV		1,302		124,601
Ashtead Group PLC		2,931		181,335
Beijer Ref AB		2,580		38,076
Brenntag SE		871		52,381
Bunzl PLC		2,251		92,685
Fastenal Co.		4,025		289,438
ITOCHU Corp.		7,957		391,280
Marubeni Corp.		9,538		143,152
Mitsubishi Corp.		22,381		366,192
Mitsui & Co., Ltd.		16,926		351,030
MonotaRO Co., Ltd.		1,678		28,516
Reece Ltd.		1,516		20,943
Rexel SA		1,499		38,179
SGH Ltd.		1,364		38,802
Sumitomo Corp.		7,259		157,093
Toyota Tsusho Corp.		4,266		75,442
United Rentals, Inc.		461		324,747
WW Grainger, Inc.		311		327,809
				3,089,167
TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA		503		102,661
Aeroports de Paris SA		232		26,862
Auckland International Airport Ltd.		10,146		49,387
Getlink SE		2,028		32,338
Transurban Group		20,799		171,904
				383,152
				47,522,808
COMMUNICATION SERVICES–5.3%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.8%
AT&T, Inc.		50,407		1,147,767
BT Group PLC(b)		43,361		78,157
Cellnex Telecom SA(a)(b)		3,551		112,164
Charter Communications, Inc.–Class A(a)		679		232,741
Comcast Corp.–Class A		26,816		1,006,405
Deutsche Telekom AG (REG)		23,393		700,926
Elisa Oyj		954		41,307
HKT Trust & HKT Ltd.–Class SS		25,371		31,334
Infrastrutture Wireless Italiane SpA		2,253		22,887
Koninklijke KPN NV		26,061		95,030
Nippon Telegraph & Telephone Corp.		200,242		200,015
Orange SA		12,478		124,503
Singapore Telecommunications Ltd.		49,850		112,303
Swisscom AG (REG)		174		96,840
Telecom Italia SpA/Milano(a)(b)		66,799		17,072
Telefonica SA(b)		26,598		108,543
Telenor ASA		4,128		46,057
Telia Co. AB		15,816		43,960
Telstra Group Ltd.		27,110		67,187
Verizon Communications, Inc.		29,573		1,182,624
Washington H Soul Pattinson & Co., Ltd.(b)		1,602		33,863
				5,501,685
ENTERTAINMENT–0.9%
Bollore SE		4,780		29,392
Capcom Co., Ltd.		2,319		50,446
CTS Eventim AG & Co. KGaA		418		35,336
Electronic Arts, Inc.		1,677		245,345
Konami Group Corp.		672		62,879
Live Nation Entertainment, Inc.(a)		1,102		142,709
Netflix, Inc.(a)		3,003		2,676,634
Nexon Co., Ltd.		2,252		33,499
Nintendo Co., Ltd.		6,955		405,072
Sea Ltd. (ADR)(a)		2,481		263,234
Spotify Technology SA(a)		1,027		459,459
Take-Two Interactive Software, Inc.(a)		1,147		211,140
Toho Co., Ltd./Tokyo		749		29,271
Universal Music Group NV(b)		5,516		141,094
Walt Disney Co. (The)		12,722		1,416,595
Warner Bros Discovery, Inc.(a)		15,683		165,769
				6,367,874
INTERACTIVE MEDIA & SERVICES–3.3%
Alphabet, Inc.–Class A		41,047		7,770,197
Alphabet, Inc.–Class C		33,434		6,367,171
Auto Trader Group PLC		5,999		59,359
CAR Group Ltd.		2,531		56,325
LY Corp.		19,194		50,751
Match Group, Inc.(a)		1,764		57,700
Meta Platforms, Inc.–Class A		15,315		8,967,086
REA Group Ltd.(b)		354		50,928
Scout24 SE		503		44,384
SEEK Ltd.(b)		2,392		33,287
				23,457,188
MEDIA–0.1%
Dentsu Group, Inc.		1,356		32,586
Fox Corp.–Class A		1,554		75,493
Fox Corp.–Class B		927		42,401

11

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

Company	Shares		U.S. $ Value
Informa PLC		8,914	$	88,905
Interpublic Group of Cos., Inc. (The)		2,617		73,328
News Corp.–Class A		2,662		73,311
News Corp.–Class B(b)		787		23,948
Omnicom Group, Inc.		1,382		118,907
Paramount Global–Class B		4,180		43,723
Publicis Groupe SA		1,534		163,309
WPP PLC		7,230		74,526
				810,437
WIRELESS TELECOMMUNICATION SERVICES–0.2%
KDDI Corp.		10,271		327,138
SoftBank Corp.		191,670		241,952
SoftBank Group Corp.		6,388		365,047
T-Mobile US, Inc.		3,424		755,780
Tele2 AB–Class B		3,664		36,180
Vodafone Group PLC		148,889		127,014
				1,853,111
				37,990,295
CONSUMER STAPLES–4.0%
BEVERAGES–0.8%
Anheuser-Busch InBev SA/NV		6,022		301,485
Asahi Group Holdings Ltd.		9,672		101,466
Brown-Forman Corp.–Class B		1,279		48,576
Carlsberg AS–Class B		640		61,467
Coca-Cola Co. (The)		27,236		1,695,713
Coca-Cola Europacific Partners PLC		1,388		106,612
Coca-Cola HBC AG–Class DI		1,456		49,740
Constellation Brands, Inc.–Class A		1,097		242,437
Davide Campari-Milano NV(b)		4,127		25,829
Diageo PLC		14,913		473,903
Heineken Holding NV		869		52,101
Heineken NV(b)		1,930		137,549
Keurig Dr Pepper, Inc.		7,909		254,037
Kirin Holdings Co., Ltd.		5,200		67,517
Molson Coors Beverage Co.–Class B		1,227		70,332
Monster Beverage Corp.(a)		4,919		258,543
PepsiCo, Inc.		9,638		1,465,554
Pernod Ricard SA		1,358		153,436
Suntory Beverage & Food Ltd.		930		29,548
Treasury Wine Estates Ltd.		5,440		38,106
				5,633,951
CONSUMER STAPLES DISTRIBUTION & RETAIL–1.2%
Aeon Co., Ltd.		4,377		102,437
Carrefour SA		3,636		51,750
Coles Group Ltd.(b)		8,982		104,852
Costco Wholesale Corp.		3,113		2,852,349
Dollar General Corp.		1,545		117,142
Dollar Tree, Inc.(a)(b)		1,420		106,415
Endeavour Group Ltd./Australia(b)		10,206		26,477
J Sainsbury PLC		11,852		40,500
Jeronimo Martins SGPS SA		1,898		36,273
Kesko Oyj–Class B(b)		1,831		34,546
Kobe Bussan Co., Ltd.		1,007		22,013
Koninklijke Ahold Delhaize NV		6,228		203,151
Kroger Co. (The)		4,676		285,937
Marks & Spencer Group PLC		13,749		64,389
MatsukiyoCocokara & Co.		2,197		31,986
Seven & i Holdings Co., Ltd.		14,820		232,342
Sysco Corp.		3,451		263,863
Target Corp.		3,236		437,442
Tesco PLC		45,920		211,202
Walgreens Boots Alliance, Inc.		5,042		47,042
Walmart, Inc.		30,493		2,755,043
Woolworths Group Ltd.		8,187		154,330
				8,181,481
FOOD PRODUCTS–0.7%
Ajinomoto Co., Inc.		3,107		126,489
Archer-Daniels-Midland Co.		3,359		169,697
Associated British Foods PLC		2,238		57,088
Barry Callebaut AG (REG)		24		31,955
Bunge Global SA		981		76,283
Chocoladefabriken Lindt & Spruengli AG		7		77,650
Chocoladefabriken Lindt & Spruengli AG (REG)		1		109,894
Conagra Brands, Inc.		3,353		93,046
Danone SA		4,327		292,417
General Mills, Inc.		3,900		248,703
Hershey Co. (The)		1,038		175,785
Hormel Foods Corp.		2,042		64,057
J M Smucker Co. (The)		748		82,370
JDE Peet’s NV		817		14,037
Kellanova		1,889		152,952
Kerry Group PLC–Class A		1,026		98,954
Kikkoman Corp.		4,542		50,435
Kraft Heinz Co. (The)		6,201		190,433

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Lamb Weston Holdings, Inc.		1,002	$	66,964
Lotus Bakeries NV		3		33,579
McCormick & Co., Inc./MD (Non-Voting)		1,772		135,097
MEIJI Holdings Co., Ltd.		1,571		31,960
Mondelez International, Inc.–Class A		9,394		561,104
Mowi ASA		3,120		53,471
Nestle SA (REG)		17,558		1,440,514
Nissin Foods Holdings Co., Ltd.		1,342		32,421
Orkla ASA		4,699		40,652
Salmar ASA		443		21,055
The Campbell’s Company		1,380		57,794
Tyson Foods, Inc.–Class A		2,008		115,339
WH Group Ltd.		55,829		43,024
Wilmar International Ltd.		12,860		29,189
Yakult Honsha Co., Ltd.		1,717		32,524
				4,806,932
HOUSEHOLD PRODUCTS–0.6%
Church & Dwight Co., Inc.		1,721		180,206
Clorox Co. (The)		870		141,297
Colgate-Palmolive Co.		5,740		521,823
Essity AB–Class B		4,087		109,232
Henkel AG & Co. KGaA		697		53,716
Henkel AG & Co. KGaA (Preference Shares)		1,134		99,493
Kimberly-Clark Corp.		2,343		307,027
Procter & Gamble Co. (The)		16,544		2,773,601
Reckitt Benckiser Group PLC		4,633		280,439
Unicharm Corp.		7,503		61,855
				4,528,689
PERSONAL CARE PRODUCTS–0.3%
Beiersdorf AG		665		85,416
Estee Lauder Cos., Inc. (The)–Class A		1,640		122,967
Haleon PLC		51,573		243,175
Kao Corp.		3,118		126,159
Kenvue, Inc.		13,469		287,563
L’Oreal SA		1,610		569,945
Shiseido Co., Ltd.		2,677		47,338
Unilever PLC (London)		16,637		945,324
				2,427,887
TOBACCO–0.4%
Altria Group, Inc.		11,906		622,565
British American Tobacco PLC		13,353		481,839
Imperial Brands PLC		5,376		171,918
Japan Tobacco, Inc.		8,033		206,069
Philip Morris International, Inc.		10,923		1,314,583
				2,796,974
				28,375,914
ENERGY–2.1%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.		6,952		285,171
Halliburton Co.		6,172		167,817
Schlumberger NV		9,921		380,371
Tenaris SA		2,728		51,500
				884,859
OIL, GAS & CONSUMABLE FUELS–2.0%
Aker BP ASA		2,118		41,637
APA Corp.(b)		2,599		60,011
BP PLC		108,404		535,837
Chevron Corp.		11,741		1,700,566
ConocoPhillips		9,087		901,158
Coterra Energy, Inc.		5,175		132,169
Devon Energy Corp.		4,615		151,049
Diamondback Energy, Inc.		1,313		215,109
ENEOS Holdings, Inc.		18,288		95,942
Eni SpA		15,408		210,756
EOG Resources, Inc.		3,951		484,314
EQT Corp.		4,192		193,293
Equinor ASA		5,615		133,182
Exxon Mobil Corp.		30,876		3,321,331
Galp Energia SGPS SA		3,116		51,647
Hess Corp.		1,942		258,305
Idemitsu Kosan Co., Ltd.		6,026		39,693
Inpex Corp.		5,921		74,495
Kinder Morgan, Inc.		13,578		372,037
Marathon Petroleum Corp.		2,258		314,991
Neste Oyj(b)		2,836		35,890
Occidental Petroleum Corp.		4,746		234,500
OMV AG		987		38,278
ONEOK, Inc.		4,104		412,042
Phillips 66		2,901		330,511
Repsol SA		7,890		96,005
Santos Ltd.		21,764		90,123
Shell PLC		41,577		1,295,996
Targa Resources Corp.		1,532		273,462
Texas Pacific Land Corp.		132		145,987
TotalEnergies SE		14,462		805,748
Valero Energy Corp.		2,224		272,640
Williams Cos., Inc. (The)		8,564		463,484
Woodside Energy Group Ltd.(b)		12,725		197,046
				13,979,234
				14,864,093

13

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

Company	Shares		U.S. $ Value
MATERIALS–1.9%
CHEMICALS–1.0%
Air Liquide SA		3,875	$	629,919
Air Products and Chemicals, Inc.		1,562		453,042
Akzo Nobel NV(b)		1,145		68,726
Albemarle Corp.		826		71,102
Arkema SA		377		28,687
Asahi Kasei Corp.		8,398		57,864
BASF SE		5,982		262,317
Celanese Corp.		768		53,153
CF Industries Holdings, Inc.		1,223		104,346
Clariant AG (REG)		1,446		16,139
Corteva, Inc.		4,828		275,003
Covestro AG(a)		1,204		72,335
Croda International PLC		889		37,602
Dow, Inc.		4,918		197,359
DSM-Firmenich AG		1,246		125,951
DuPont de Nemours, Inc.		2,936		223,870
Eastman Chemical Co.		814		74,334
Ecolab, Inc.		1,770		414,746
EMS-Chemie Holding AG (REG)		47		31,714
Evonik Industries AG		1,718		29,862
FMC Corp.		877		42,631
Givaudan SA (REG)		62		271,026
ICL Group Ltd.		5,190		25,633
IMCD NV(b)		382		56,769
International Flavors & Fragrances, Inc.		1,805		152,613
Linde PLC		3,345		1,400,451
LyondellBasell Industries NV–Class A		1,825		135,543
Mitsubishi Chemical Group Corp.		9,075		45,834
Mitsui Chemicals, Inc.		1,142		24,929
Mosaic Co. (The)		2,232		54,863
Nippon Paint Holdings Co., Ltd.		6,347		40,979
Nippon Sanso Holdings Corp.		1,159		32,160
Nitto Denko Corp.		4,730		79,080
Novonesis (Novozymes) B		2,361		133,790
Orica Ltd.		3,316		33,994
PPG Industries, Inc.		1,630		194,704
Sherwin-Williams Co. (The)		1,628		553,406
Shin-Etsu Chemical Co., Ltd.		12,060		397,222
Sika AG (REG)		1,022		243,856
Syensqo SA(b)		497		36,296
Symrise AG		890		94,939
Toray Industries, Inc.		9,283		58,779
Yara International ASA		1,110		29,384
				7,366,952
CONSTRUCTION MATERIALS–0.2%
Heidelberg Materials AG		915		113,060
Holcim AG		3,493		336,323
James Hardie Industries PLC(a)		2,878		88,702
Martin Marietta Materials, Inc.		429		221,579
Vulcan Materials Co.		928		238,710
				998,374
CONTAINERS & PACKAGING–0.1%
Amcor PLC		10,154		95,549
Avery Dennison Corp.		564		105,541
Ball Corp.		2,097		115,608
International Paper Co.		2,441		131,375
Packaging Corp. of America		630		141,832
SIG Group AG		2,050		40,534
Smurfit WestRock PLC		3,471		186,948
				817,387
METALS & MINING–0.5%
Anglo American PLC		8,516		251,794
Antofagasta PLC		2,644		52,376
ArcelorMittal SA		3,144		73,049
BHP Group Ltd.		34,005		829,544
BlueScope Steel Ltd.		2,941		34,007
Boliden AB		1,834		51,599
Endeavour Mining PLC		1,228		21,935
Fortescue Ltd.		11,348		127,785
Freeport-McMoRan, Inc.		10,095		384,418
Glencore PLC(a)		69,502		306,099
JFE Holdings, Inc.		3,852		43,374
Mineral Resources Ltd.		1,186		25,030
Newmont Corp. (New York)		7,998		297,686
Nippon Steel Corp.		6,096		122,503
Norsk Hydro ASA		9,427		51,855
Northern Star Resources Ltd.		7,704		73,197
Nucor Corp.		1,650		192,571
Rio Tinto Ltd.(b)		2,488		180,412
Rio Tinto PLC		7,557		446,090
South32 Ltd.		30,356		63,674
Steel Dynamics, Inc.		995		113,500
Sumitomo Metal Mining Co., Ltd.(b)		1,654		37,709
				3,780,207
PAPER & FOREST PRODUCTS–0.1%
Holmen AB–Class B		511		18,744
Mondi PLC		2,959		44,053
Stora Enso Oyj–Class R(b)		3,902		39,270
Svenska Cellulosa AB SCA–Class B		4,066		51,571

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
UPM-Kymmene Oyj(b)		3,577	$	98,366
				252,004
				13,214,924
UTILITIES–1.6%
ELECTRIC UTILITIES–1.0%
Acciona SA(b)		165		18,568
Alliant Energy Corp.		1,803		106,629
American Electric Power Co., Inc.		3,741		345,032
BKW AG		142		23,527
Chubu Electric Power Co., Inc.		4,313		45,248
CK Infrastructure Holdings Ltd.		4,216		31,297
CLP Holdings Ltd.		10,993		92,202
Constellation Energy Corp.		2,197		491,491
Duke Energy Corp.		5,427		584,705
Edison International		2,720		217,165
EDP SA		21,035		67,291
Elia Group SA/NV(b)		197		15,158
Endesa SA		2,129		45,783
Enel SpA		54,508		388,978
Entergy Corp.		3,012		228,370
Evergy, Inc.		1,616		99,465
Eversource Energy		2,574		147,825
Exelon Corp.		7,059		265,701
FirstEnergy Corp.		3,603		143,327
Fortum Oyj(b)		3,008		42,111
Iberdrola SA		40,525		558,443
Kansai Electric Power Co., Inc. (The)(b)		4,713		52,238
Mercury NZ Ltd.		4,691		15,349
NextEra Energy, Inc.		14,447		1,035,705
NRG Energy, Inc.		1,423		128,383
Origin Energy Ltd.		11,544		77,761
PG&E Corp.		15,358		309,924
Pinnacle West Capital Corp.		799		67,731
Power Assets Holdings Ltd.		9,273		64,581
PPL Corp.		5,184		168,273
Redeia Corp. SA		2,720		46,448
Southern Co. (The)		7,697		633,617
SSE PLC		7,400		148,329
Terna–Rete Elettrica Nazionale(b)		9,431		74,522
Tokyo Electric Power Co. Holdings, Inc.(a)		10,220		30,549
Verbund AG		456		33,064
Xcel Energy, Inc.		4,034		272,376
				7,117,166
GAS UTILITIES–0.1%
APA Group		8,681		37,373
Atmos Energy Corp.		1,091		151,943
Hong Kong & China Gas Co., Ltd.		74,951		59,720
Osaka Gas Co., Ltd.		2,469		54,001
Snam SpA(b)		13,518		59,922
Tokyo Gas Co., Ltd.		2,312		64,058
				427,017
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		4,995		64,286
EDP Renovaveis SA(b)		2,091		21,718
Meridian Energy Ltd.		8,738		28,893
Orsted AS(a)		1,127		50,888
RWE AG		4,237		126,532
Vistra Corp.		2,394		330,061
				622,378
MULTI-UTILITIES–0.4%
Ameren Corp.		1,875		167,138
CenterPoint Energy, Inc.		4,578		145,260
Centrica PLC		34,568		57,672
CMS Energy Corp.		2,099		139,898
Consolidated Edison, Inc.		2,434		217,186
Dominion Energy, Inc.		5,901		317,828
DTE Energy Co.		1,455		175,691
E.ON SE		15,046		175,257
Engie SA		12,240		194,119
National Grid PLC		32,745		389,019
NiSource, Inc.		3,279		120,536
Public Service Enterprise Group, Inc.		3,500		295,715
Sembcorp Industries Ltd.		5,983		24,204
Sempra		4,450		390,354
Veolia Environnement SA		4,715		132,291
WEC Energy Group, Inc.(b)		2,222		208,957
				3,151,125
WATER UTILITIES–0.0%
American Water Works Co., Inc.		1,369		170,427
Severn Trent PLC		1,811		56,779
United Utilities Group PLC		4,571		60,130
				287,336
				11,605,022
REAL ESTATE–1.3%
DIVERSIFIED REITs–0.0%
Covivio SA/France		374		18,956
GPT Group (The)		12,841		34,592
Land Securities Group PLC		4,744		34,645
Mirvac Group(b)		26,452		30,592
Stockland		16,003		47,466
				166,251
HEALTH CARE REITs–0.1%
Alexandria Real Estate Equities, Inc.		1,093		106,622

15

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

Company	Shares		U.S. $ Value
Healthpeak Properties, Inc.		4,914	$	99,607
Ventas, Inc.		2,947		173,549
Welltower, Inc.		4,156		523,780
				903,558
HOTEL & RESORT REITs–0.0%
Host Hotels & Resorts, Inc.		4,911		86,041
INDUSTRIAL REITs–0.2%
CapitaLand Ascendas REIT		25,020		46,987
Goodman Group		11,530		253,452
Prologis, Inc.		6,506		687,684
Segro PLC(b)		8,612		75,536
Warehouses De Pauw CVA(b)		1,210		23,787
				1,087,446
OFFICE REITS–0.0%
BXP, Inc.		1,022		75,996
Gecina SA		308		28,855
Japan Real Estate Investment Corp.		45		30,877
Nippon Building Fund, Inc.(b)		51		39,674
				175,402
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.2%
Azrieli Group Ltd.		285		23,522
CapitaLand Investment Ltd./Singapore		15,674		30,048
CBRE Group, Inc.–Class A(a)		2,113		277,416
CK Asset Holdings Ltd.		12,887		52,597
CoStar Group, Inc.(a)		2,880		206,179
Daito Trust Construction Co., Ltd.		392		43,823
Daiwa House Industry Co., Ltd.		3,951		121,300
Fastighets AB Balder–Class B(a)		4,443		30,922
Henderson Land Development Co., Ltd.		9,723		29,475
Hongkong Land Holdings Ltd.		7,386		32,889
Hulic Co., Ltd.		2,570		22,322
LEG Immobilien SE		499		42,324
Mitsubishi Estate Co., Ltd.		7,259		100,768
Mitsui Fudosan Co., Ltd.		17,875		142,952
Sagax AB–Class B		1,473		30,229
Sino Land Co., Ltd.		26,057		26,293
Sumitomo Realty & Development Co., Ltd.		2,112		65,681
Sun Hung Kai Properties Ltd.		9,699		92,289
Swiss Prime Site AG (REG)		518		56,459
Unibail-Rodamco-Westfield(a)		794		59,800
Vonovia SE		4,963		151,088
Wharf Holdings Ltd. (The)		7,160		20,090
Wharf Real Estate Investment Co., Ltd.		11,179		28,434
				1,686,900
RESIDENTIAL REITs–0.1%
AvalonBay Communities, Inc.		998		219,530
Camden Property Trust		749		86,914
Equity Residential		2,399		172,152
Essex Property Trust, Inc.		451		128,733
Invitation Homes, Inc.		4,002		127,944
Mid-America Apartment Communities, Inc.		821		126,902
UDR, Inc.		2,109		91,552
				953,727
RETAIL REITs–0.2%
CapitaLand Integrated Commercial Trust		39,468		55,658
Federal Realty Investment Trust		537		60,117
Kimco Realty Corp.		4,736		110,964
Klepierre SA		1,442		41,529
Link REIT		17,296		72,738
Realty Income Corp.		6,148		328,365
Regency Centers Corp.		1,148		84,872
Scentre Group		34,869		73,812
Simon Property Group, Inc.		2,155		371,113
Vicinity Ltd.		25,940		33,619
				1,232,787
SPECIALIZED REITs–0.5%
American Tower Corp.		3,283		602,135
Crown Castle, Inc.		3,053		277,090
Digital Realty Trust, Inc.		2,191		388,530
Equinix, Inc.		678		639,280
Extra Space Storage, Inc.		1,489		222,754
Iron Mountain, Inc.		2,062		216,737
Public Storage		1,107		331,480
SBA Communications Corp.		755		153,869
VICI Properties, Inc.		7,406		216,329
Weyerhaeuser Co.		5,104		143,678
				3,191,882
				9,483,994
Total Common Stocks (cost $357,683,865)				457,379,723

16

AB Variable Products Series Fund

Company		Principal Amount (000)		U.S. $ Value
GOVERNMENTS–TREASURIES–2.7%
JAPAN–2.7%
Japan Government Ten Year Bond Series 374 0.80%, 03/20/2034	JPY		1,260,000	$	7,855,971
Japan Government Twenty Year Bond Series 188 1.60%, 03/20/2044			1,367,000		8,353,083
Japan Government Thirty Year Bond Series 82 1.80%, 03/20/2054			504,000		2,908,847
Total Governments–Treasuries (cost $19,487,808)					19,117,901
		Notional Amount
PURCHASED OPTIONS–PUTS–0.1%
OPTIONS ON INDICES–0.1%
Euro STOXX 50 Index Expiration: Jan 2025; Contracts: 340; Exercise Price: EUR 4,725.00; Counterparty: Morgan Stanley & Co., Inc.(a)	EUR		16,065,000		69,910
FTSE 100 Index Expiration: Jan 2025; Contracts: 59; Exercise Price: GBP 7,850.00; Counterparty: Morgan Stanley & Co., Inc.(a)	GBP		4,631,500		7,940
Nikkei 225 Index Expiration: Jan 2025; Contracts: 46; Exercise Price: JPY 38,875.00; Counterparty: Morgan Stanley & Co., Inc.(a)	JPY		1,788,250,000		39,467
S&P 500 Index Expiration: Jan 2025; Contracts: 190; Exercise Price: USD 5,720.00; Counterparty: Morgan Stanley & Co., Inc.(a)	USD		108,680,000		381,900
Total Purchased Options–Puts (premiums paid $1,047,455)					499,217
		Shares
SHORT-TERM INVESTMENTS–31.3%
INVESTMENT COMPANIES–31.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(d)(e)(f) (cost $223,884,798)			223,884,798		223,884,798
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.0% (cost $602,103,926)					700,881,639
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(d)(e)(f) (cost $2,321,175)			2,321,175		2,321,175
TOTAL INVESTMENTS–98.3% (cost $604,425,101)					703,202,814
Other assets less liabilities–1.7%					12,516,173
NET ASSETS–100.0%				$	715,718,987

17

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		85		March 2025	$	7,250,235	$	131,721
Euro STOXX 50 Index Futures		118		March 2025		5,966,059		(56,172	)
Euro-BTP Futures		123		March 2025		15,286,594		(318,716	)
Euro-Bund Futures		109		March 2025		15,066,393		(362,575	)
Euro-OAT Futures		152		March 2025		19,429,226		(379,660	)
Long Gilt Futures		155		March 2025		17,931,649		(495,014	)
MSCI EAFE Futures		4		March 2025		453,500		(10,568	)
Nikkei 225 (CME) Futures		9		March 2025		1,776,825		7,498
OMXS 30 Index Futures		14		January 2025		314,194		(7,797	)
S&P Mid 400 E-Mini Futures		13		March 2025		4,090,710		(221,366	)
S&P/TSX 60 Index Futures		52		March 2025		10,744,749		(261,815	)
TOPIX Index Futures		27		March 2025		4,781,563		87,234
U.S. Long Bond (CBT) Futures		266		March 2025		30,282,437		(702,719	)
U.S. T-Note 2 Yr (CBT) Futures		110		March 2025		22,617,031		(5,319	)
U.S. T-Note 5 Yr (CBT) Futures		760		March 2025		80,791,563		(452,316	)
U.S. T-Note 10 Yr (CBT) Futures		4		March 2025		435,000		(4,350	)
U.S. Ultra Bond (CBT) Futures		118		March 2025		14,030,937		(453,743	)
Sold Contracts
FTSE 100 Index Futures		25		March 2025		2,560,291		21,139
MSCI Singapore IX ETS Futures		11		January 2025		300,805		625
S&P 500 E-Mini Futures		49		March 2025		14,542,588		344,084
SPI 200 Futures		13		March 2025		1,639,042		25,031
U.S. 10 Yr Ultra Futures		70		March 2025		7,791,875		169,492
							$	(2,945,306	)

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		TWD	35,939		USD	1,113			02/27/2025	$	19,239
Barclays Bank PLC		GBP	14,227		USD	18,303			01/16/2025		493,492
Barclays Bank PLC		KRW	833,868		USD	597			01/17/2025		32,659
Barclays Bank PLC		USD	596		KRW	836,810			01/17/2025		(29,217	)
Barclays Bank PLC		CAD	4,687		USD	3,362			02/05/2025		97,008
Citibank, NA		USD	1,127		TWD	36,270			02/27/2025		(22,728	)
Deutsche Bank AG		JPY	5,494,833		USD	36,055			02/21/2025		946,209
Goldman Sachs Bank USA		USD	5,932		CAD	8,199			02/05/2025		(221,469	)
Morgan Stanley Capital Services, Inc.		SEK	40,747		USD	3,704			02/05/2025		14,550
Morgan Stanley Capital Services, Inc.		EUR	36,895		USD	38,811			02/27/2025		503,698
Standard Chartered Bank		SGD	1,930		USD	1,436			02/14/2025		20,035
State Street Bank & Trust Co.		CNH	2		USD	0	*		01/23/2025		4
State Street Bank & Trust Co.		NOK	7,823		USD	708			02/05/2025		20,591
State Street Bank & Trust Co.		NZD	310		USD	181			02/05/2025		7,733
UBS AG		AUD	7,281		USD	4,732			02/05/2025		224,995
UBS AG		CHF	7,416		USD	8,365			02/27/2025		146,118
										$	2,252,917

18

AB Variable Products Series Fund

PUT OPTIONS WRITTEN (see Note D)

Description	Counterparty		Contracts		Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Index(g)		Morgan Stanley & Co., Inc.		340		EUR	4,525.00		January 2025		EUR	15,385	$	50,935	$	(21,660	)
FTSE 100 Index(g)		Morgan Stanley & Co., Inc.		59		GBP	7,500.00		January 2025		GBP	4,425		9,559		(4,616	)
Nikkei 225 Index(h)		Morgan Stanley & Co., Inc.		46		JPY	37,250.00		January 2025		JPY	1,713,500		47,620		(8,771	)
S&P 500 Index(i)		Morgan Stanley & Co., Inc.		190		USD	5,480.00		January 2025		USD	104,120		354,727		(94,050	)
													$	462,841		$ (129,097	)

* Notional amount less than 500.

(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, 2024, the aggregate market value of these securities amounted to $146,187 or 0.0% 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.

19

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

BR—Bearer

BTP—Buoni del Tesoro Poliennali

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

EAFE—Europe, Australia, and Far East

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

OMXS—Stockholm Stock Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

20

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2024	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $378,219,128)	$	476,996,841	(a)
Affiliated issuers (cost $226,205,973—including investment of cash collateral for securities loaned of $2,321,175)		226,205,973
Cash		1,635
Cash collateral due from broker		7,026,092
Foreign currencies, at value (cost $6,095,583)		5,919,678
Unrealized appreciation on forward currency exchange contracts		2,526,331
Affiliated dividends receivable		887,252
Unaffiliated dividends and interest receivable		826,629
Receivable due from Adviser		41,259
Receivable for capital stock sold		12,638
Receivable for variation margin on futures		9,725
Total assets		720,454,053
LIABILITIES
Options written, at value (premiums received $462,841)		129,097
Payable for collateral received on securities loaned		2,321,175
Payable for capital stock redeemed		1,307,901
Advisory fee payable		284,070
Unrealized depreciation on forward currency exchange contracts		273,414
Distribution fee payable		150,986
Administrative fee payable		22,292
Foreign capital gains tax payable		3,688
Transfer Agent fee payable		167
Accrued expenses		242,276
Total liabilities		4,735,066
NET ASSETS	$	715,718,987
COMPOSITION OF NET ASSETS
Capital stock, at par	$	56,693
Additional paid-in capital		652,709,753
Distributable earnings		62,952,541
NET ASSETS	$	715,718,987

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

Class	Net Assets		Shares Outstanding		Net Asset Value
B	$	715,718,987		56,693,260	$	12.62

(a) Includes securities on loan with a value of $4,819,115 (see Note E).

See notes to financial statements.

21

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2024	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $591,926)	$	10,120,723
Affiliated issuers		8,797,369
Interest		771,365
Securities lending income		18,367
		19,707,824
EXPENSES
Advisory fee (see Note B)		3,578,958
Distribution fee—Class B		1,904,977
Transfer agency—Class B		1,951
Audit and tax		93,139
Administrative		92,581
Legal		69,416
Printing		47,495
Custody and accounting		38,140
Directors’ fees		30,965
Miscellaneous		56,142
Total expenses		5,913,764
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(308,354	)
Net expenses		5,605,410
Net investment income		14,102,414
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		17,349,615
Forward currency exchange contracts		980,858
Futures		1,700,491
Options written		3,631,354
Foreign currency transactions		468,717
Net change in unrealized appreciation (depreciation) of:
Investments(a)		55,260,563
Forward currency exchange contracts		7,451,038
Futures		(10,482,597	)
Options written		145,560
Foreign currency denominated assets and liabilities		(1,051,396	)
Net gain on investment and foreign currency transactions		75,454,203
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	89,556,617

(a) Net of increase in accrued foreign capital gains taxes on unrealized gains of $3,688.

See notes to financial statements.

22

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

	Year Ended December 31, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	14,102,414		$	15,599,895
Net realized gain (loss) on investment transactions and foreign currency transactions		24,131,035			(26,245,624	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		51,323,168			119,167,653
Net increase in net assets from operations		89,556,617			108,521,924
Distributions to Shareholders
Class A		–0	–		(294	)
Class B		(14,233,081	)		(16,918,128	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(135,200,766	)		(115,408,919	)
Total decrease		(59,877,230	)		(23,805,417	)
NET ASSETS
Beginning of period		775,596,217			799,401,634
End of period	$	715,718,987		$	775,596,217

See notes to financial statements.

23

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2024	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 nine 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.

24

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.

25

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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, 2024:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	114,002,101		$	9,076,292		$	–0	–	$	123,078,393
Financials		47,631,348			23,459,505			–0	–		71,090,853
Consumer Discretionary		39,861,518			11,625,161			–0	–		51,486,679
Health Care		35,531,306			13,135,442			–0	–		48,666,748
Industrials		28,793,306			18,729,502			–0	–		47,522,808
Communication Services		33,596,955			4,393,340			–0	–		37,990,295
Consumer Staples		19,924,843			8,451,071			–0	–		28,375,914
Energy		11,070,318			3,793,775			–0	–		14,864,093
Materials		6,698,818			6,516,106			–0	–		13,214,924
Utilities		8,202,957			3,402,065			–0	–		11,605,022
Real Estate		7,377,588			2,106,406			–0	–		9,483,994
Governments—Treasuries		–0	–		19,117,901			–0	–		19,117,901
Purchased Options—Puts		–0	–		499,217			–0	–		499,217
Short-Term Investments		223,884,798			–0	–		–0	–		223,884,798
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,321,175			–0	–		–0	–		2,321,175
Total Investments in Securities		578,897,031			124,305,783			–0	–		703,202,814
Other Financial Instruments(a):
Assets:
Futures		786,824			–0	–		–0	–		786,824	(b)
Forward Currency Exchange Contracts		–0	–		2,526,331			–0	–		2,526,331
Liabilities:
Futures		(3,732,130	)		–0	–		–0	–		(3,732,130	)(b)
Forward Currency Exchange Contracts		–0	–		(273,414	)		–0	–		(273,414	)
Put Options Written		–0	–		(129,097	)		–0	–		(129,097	)
Total	$	575,951,725		$	126,429,603		$	–0	–	$	702,381,328

(a) Other financial instruments include 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.

26

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 real estate investment trust (“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.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio’s President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolio’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

27

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

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. 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, 2025. For the year ended December 31, 2024, there were no such operating expenses waived by the Adviser. For the year ended December 31, 2024, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $302,177 and $3,515, respectively.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2024 is as follows:

Portfolio	Market Value 12/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/24 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	139,612	$	307,992	$	223,719	$	223,885	$	8,797
AB Government Money Market Portfolio*		1,939		30,945		30,563		2,321		–0	–
Total							$	226,206	$	8,797

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

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2024, the reimbursement for such services amounted to $92,581.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,950 for the year ended December 31, 2024.

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, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	45,785,929		$	260,655,172
U.S. government securities		–0	–		–0	–

28

AB Variable Products Series Fund

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

Cost	$	605,752,265
Gross unrealized appreciation		135,178,848
Gross unrealized depreciation		(37,117,500	)
Net unrealized appreciation	$	98,061,348

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 with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, 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; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments 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, 2024, 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.

29

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

During the year ended December 31, 2024, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Portfolio were permitted to 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, 2024, the Portfolio held purchased options for hedging and non-hedging purposes.

During the year ended December 31, 2024, 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.

30

AB Variable Products Series Fund

During the year ended December 31, 2024, 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	$	301,213	*	Payable for variation margin on futures	$	3,174,412	*
Equity contracts	Receivable for variation margin on futures		485,611	*	Payable for variation margin on futures		557,718	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		2,526,331		Unrealized depreciation on forward currency exchange contracts		273,414
Equity contracts	Investments in securities, at value		499,217
Equity contracts					Options written, at value		129,097
Total		$	3,812,372			$	4,134,641

* 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	$	535,811		$	(11,713,902	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		1,164,680			1,231,305
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		980,858			7,451,038
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(12,229,856	)		12,227
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation (depreciation) of options written		3,631,354			145,560
Total		$	(5,917,153	)	$	(2,873,772	)

31

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

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2024:

Futures:
Average notional amount of buy contracts	$	259,954,222
Average notional amount of sale contracts	$	68,924,796
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	26,434,521	(a)
Average principal amount of sale contracts	$	150,367,583
Purchased Options:
Average notional amount	$	164,102,212
Options Written:
Average notional amount	$	156,769,025

(a) Positions were open for 10 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, 2024. 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

$

19,239

$

–0

–

$

–0

–

$

–0

–

$

19,239

Barclays Bank PLC

623,159

(29,217

)

–0

–

–0

–

593,942

Deutsche Bank AG

946,209

–0

–

–0

–

–0

–

946,209

Morgan Stanley Capital Services, Inc.

518,248

–0

–

–0

–

–0

–

518,248

Standard Chartered Bank

20,035

–0

–

–0

–

–0

–

20,035

State Street Bank & Trust Co.

28,328

–0

–

–0

–

–0

–

28,328

UBS AG

371,113

–0

–

–0

–

–0

–

371,113

Total

$

2,526,331

$

(29,217

)

$

–0

–

$

–0

–

$

2,497,114

^

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

$

29,217

$

(29,217

)

$

–0

–

$

–0

–

$

–0

–

Citibank, NA

22,728

–0

–

–0

–

–0

–

22,728

Goldman Sachs Bank USA

221,469

–0

–

–0

–

–0

–

221,469

Total

$

273,414

$

(29,217

)

$

–0

–

$

–0

–

$

244,197

^

* 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

32

AB Variable Products Series Fund

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 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, 2024 is as follows:

								AB Government Money Market   Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned			Advisory Fee Waived
$	4,819,115	$	2,321,175	$	2,742,241	$	18,367	$	–0	–	$	2,662

* As of December 31, 2024.

33

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

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class A
Shares redeemed		–0	–		(1,100	)	$	–0	–	$	(12,328	)
Net decrease		–0	–		(1,100	)	$	–0	–	$	(12,328	)
Class B
Shares sold		1,576,021			962,162		$	19,260,216		$	10,335,729
Shares issued on reinvestment of dividends		1,181,169			1,554,975			14,233,081			16,918,128
Shares redeemed		(13,745,723	)		(13,233,973	)		(168,694,063	)		(142,650,448	)
Net decrease		(10,988,533	)		(10,716,836	)	$	(135,200,766	)	$	(115,396,591	)

There were no transactions in capital shares for Class A for the year ended December 31, 2024.

At December 31, 2024, a shareholder of the Portfolio owned 96% 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 assets will fluctuate as the market or markets in which the Portfolio invests fluctuate. The value of the Portfolio’s 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 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.

34

AB Variable Products Series Fund

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies, including ETFs (Exchange Traded Funds), are subject to market and selection risk. In addition, contract holders 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, reference rate or index, 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 than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

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, 2024.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended December 31, 2024 and December 31, 2023 were as follows:

	2024			2023
Distributions paid from:
Ordinary income	$	14,233,081		$	16,918,422
Net long-term capital gains		–0	–		–0	–
Total taxable distributions paid	$	14,233,081		$	16,918,422

35

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

As of December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	23,819,135
Accumulated capital and other losses		(58,675,308	)(a)
Unrealized appreciation (depreciation)		97,808,714	(b)
Total accumulated earnings (deficit)	$	62,952,541

(a) As of December 31, 2024, the Portfolio had a net capital loss carryforward of $58,636,458. During the fiscal year, the Portfolio utilized $12,564,094 of capital loss carry forwards to offset current year net realized gains. As of December 31, 2024, the cumulative deferred loss on straddles was $38,850.

(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, 2024, the Portfolio had a net short-term capital loss carryforward of $32,095,652 and a net long-term capital loss carryforward of $26,540,806, which may be carried forward for an indefinite period.

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

NOTE J: Subsequent Events

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

36

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$11.46			$10.20			$12.25			$10.94			$11.19
Income From Investment Operations
Net investment income(a)(b)		.23			.21			.10			.01			.00	(c)
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		1.17			1.29			(1.80	)		1.30			.23
Contributions from Affiliates		–0	–		–0	–		.00	(c)		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		1.40			1.50			(1.70	)		1.31			.23
Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.24	)		(.07	)		–0	–		(.14	)
Distributions from net realized gain on investment transactions		–0	–		–0	–		(.28	)		–0	–		(.34	)
Total dividends and distributions		(.24	)		(.24	)		(.35	)		–0	–		(.48	)
Net asset value, end of period		$12.62			$11.46			$10.20			$12.25			$10.94
Total Return
Total investment return based on net asset value(d)		12.28	%		14.79	%		(14.07	)%		11.97	%		2.45	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$715,719			$775,596			$799,391			$1,065,829			$89,696
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.74	%		.77	%		.75	%		.75	%		.94	%
Expenses, before waivers/reimbursements(e)(f)‡		.78	%		.80	%		.79	%		.78	%		1.20	%
Net investment income(b)		1.85	%		1.98	%		.92	%		.09	%		.01	%
Portfolio turnover rate		8	%		3	%		2	%		18	%		31	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.04	%		.03	%		.04	%		.03	%		.06	%

See footnote summary on page 38.

37

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 investment 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, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020, such waiver amounted to .04%, .03%, .04%, .03% and .06%, respectively.

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

	Year Ended December 31,
	2024			2023			2022			2021			2020
Class B
Net of waivers/reimbursements		.74	%		.77	%		.75	%		.75	%		.94	%
Before waivers/reimbursements		.78	%		.80	%		.79	%		.78	%		1.20	%

See notes to financial statements.

38

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

To the Board of Directors and Shareholders 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, 2024, 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, 2024, 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, 2024, 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, 2025

39

2024 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, 2024. For corporate shareholders, 40.93% of dividends paid qualify for the dividends received deduction.

40

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 a meeting held in-person on November 5-7, 2024 (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 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 2022 and 2023 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

41

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

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class B shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class B shares against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended July 31, 2024 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 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.

42

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 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. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

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

43

VPS-GRA-0151-1224

DEC^12.31.24

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

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 and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2024	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.0%
INDUSTRIALS–18.9%
AEROSPACE & DEFENSE–5.9%
Airbus SE		39,785	$	6,370,805
BAE Systems PLC		242,818		3,483,290
Melrose Industries PLC		734,715		5,077,157
				14,931,252
AIR FREIGHT & LOGISTICS–0.9%
SG Holdings Co., Ltd.		250,500		2,394,555
CONSTRUCTION & ENGINEERING–3.3%
Shimizu Corp.		554,500		4,379,228
Vinci SA		38,005		3,912,863
				8,292,091
ELECTRICAL EQUIPMENT–0.8%
Fuji Electric Co., Ltd.		38,900		2,079,660
MACHINERY–6.5%
Amada Co., Ltd.		226,300		2,200,200
CNH Industrial NV		310,718		3,520,435
Kawasaki Heavy Industries Ltd.		68,400		3,115,880
Techtronic Industries Co., Ltd.		278,500		3,661,145
Toyota Industries Corp.		48,400		3,892,591
				16,390,251
PASSENGER AIRLINES–1.5%
Ryanair Holdings PLC (Sponsored ADR)(a)		87,432		3,811,161
				47,898,970
FINANCIALS–15.1%
BANKS–10.4%
ABN AMRO Bank NV		185,228		2,858,357
Danske Bank A/S		133,624		3,788,597
Erste Group Bank AG		97,718		6,048,360
NatWest Group PLC		1,470,991		7,371,505
Resona Holdings, Inc.		869,800		6,270,193
				26,337,012
INSURANCE–4.7%
ASR Nederland NV		76,615		3,643,955
AXA SA		149,091		5,306,090
Prudential PLC		389,424		3,090,476
				12,040,521
				38,377,533
CONSUMER DISCRETIONARY–11.8%
AUTOMOBILES–2.8%
Honda Motor Co., Ltd.		385,100		3,666,462
Subaru Corp.		201,800		3,585,645
				7,252,107
HOTELS, RESTAURANTS & LEISURE–0.7%
Entain PLC		195,480		1,678,071
HOUSEHOLD DURABLES–3.5%
Persimmon PLC		128,008		1,912,109
Sony Group Corp.		334,800		7,056,090
				8,968,199
SPECIALTY RETAIL–2.9%
Industria de Diseno Textil SA		89,688		4,594,172
JD Sports Fashion PLC		2,305,109		2,755,167
				7,349,339
TEXTILES, APPAREL & LUXURY GOODS–1.9%
Burberry Group PLC		386,204		4,722,913
				29,970,629
HEALTH CARE–11.4%
HEALTH CARE EQUIPMENT & SUPPLIES–3.4%
ResMed, Inc.		216,966		4,923,491
Siemens Healthineers AG		71,170		3,758,265
				8,681,756
HEALTH CARE PROVIDERS & SERVICES–1.7%
Fresenius SE & Co. KGaA(b)		126,748		4,399,544
PHARMACEUTICALS–6.3%
GSK PLC		185,283		3,125,217
Merck KGaA		26,267		3,822,449
Roche Holding AG (Genusschein)		31,901		8,919,731
				15,867,397
				28,948,697
CONSUMER STAPLES–9.8%
BEVERAGES–3.0%
Coca-Cola Europacific Partners PLC		59,063		4,536,629
Heineken NV(a)		43,435		3,095,574
				7,632,203
CONSUMER STAPLES DISTRIBUTION & RETAIL–2.4%
Koninklijke Ahold Delhaize NV		190,016		6,198,114
FOOD PRODUCTS–2.1%
Nestle SA (REG)		64,953		5,328,950
PERSONAL CARE PRODUCTS–2.3%
Haleon PLC		1,227,554		5,788,100
				24,947,367

1

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

Company	Shares		U.S. $ Value
MATERIALS–8.5%
CHEMICALS–4.4%
Arkema SA		43,782	$	3,331,472
Kuraray Co., Ltd.		297,100		4,255,581
Tosoh Corp.		268,200		3,584,751
				11,171,804
CONSTRUCTION MATERIALS–2.2%
CRH PLC		59,464		5,501,609
METALS & MINING–1.9%
Endeavour Mining PLC		118,346		2,113,949
Lundin Mining Corp.(a)		334,333		2,877,108
				4,991,057
				21,664,470
ENERGY–8.2%
ENERGY EQUIPMENT & SERVICES–4.9%
Shell PLC		272,241		8,543,790
Vallourec SACA(b)		226,382		3,862,512
				12,406,302
OIL, GAS & CONSUMABLE FUELS–3.3%
Cameco Corp. (Toronto)		93,269		4,795,653
Repsol SA		303,959		3,698,560
				8,494,213
				20,900,515
INFORMATION TECHNOLOGY–6.6%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.4%
NXP Semiconductors NV		15,084		3,135,209
Taiwan Semiconductor Manufacturing Co., Ltd.		160,000		5,200,004
Tokyo Electron Ltd.		36,200		5,441,558
				13,776,771
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.2%
Samsung Electronics Co., Ltd.		81,265		2,900,088
				16,676,859
COMMUNICATION SERVICES–5.4%
DIVERSIFIED TELECOMMUNICATION SERVICES–5.4%
Deutsche Telekom AG (REG)		209,964		6,291,167
Koninklijke KPN NV		1,000,449		3,648,074
Telstra Group Ltd.		1,535,555		3,805,569
				13,744,810
UTILITIES–3.3%
ELECTRIC UTILITIES–3.3%
EDP SA		1,289,752		4,125,937
Enel SpA		590,088		4,210,969
				8,336,906
Total Common Stocks (cost $226,192,163)				251,466,756
SHORT-TERM INVESTMENTS–0.9%
INVESTMENT COMPANIES–0.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(c)(d)(e) (cost $2,345,399)		2,345,399		2,345,399
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.9% (cost $228,537,562)				253,812,155
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.2%
INVESTMENT COMPANIES–0.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(c)(d)(e) (cost $598,502)		598,502		598,502
TOTAL INVESTMENTS–100.1% (cost $229,136,064)				254,410,657
Other assets less liabilities–(0.1)%				(283,992	)
NET ASSETS–100.0%			$	254,126,665

2

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		GBP	5,810		USD	7,481		01/16/2025	$	208,469
Bank of America, NA		USD	17,481		AUD	26,899		02/05/2025		(831,390	)
Bank of America, NA		USD	3,414		SGD	4,596		02/14/2025		(42,788	)
Bank of America, NA		USD	4,374		JPY	666,663		02/21/2025		(114,578	)
Bank of America, NA		EUR	20,078		USD	21,085		02/27/2025		238,930
Bank of America, NA		TWD	146,857		USD	4,549		02/27/2025		78,618
BNP Paribas SA		CHF	699		USD	784		02/27/2025		9,117
BNP Paribas SA		EUR	624		USD	651		02/27/2025		2,994
Citibank, NA		GBP	623		USD	784		01/16/2025		3,739
Citibank, NA		USD	821		GBP	654		01/16/2025		(2,091	)
Citibank, NA		KRW	4,347,965		USD	3,247		01/17/2025		302,140
Citibank, NA		CAD	11,353		USD	8,215		02/05/2025		307,225
Deutsche Bank AG		EUR	848		USD	892		02/27/2025		11,269
Goldman Sachs Bank USA		USD	2,178		NOK	24,088		02/05/2025		(61,772	)
Goldman Sachs Bank USA		USD	689		JPY	104,960		02/21/2025		(18,118	)
HSBC Bank USA		USD	291		KRW	405,778		01/17/2025		(16,523	)
HSBC Bank USA		AUD	1,719		USD	1,095		02/05/2025		30,952
HSBC Bank USA		USD	2,247		ILS	7,989		02/20/2025		(46,914	)
HSBC Bank USA		USD	2,989		JPY	455,723		02/21/2025		(77,299	)
HSBC Bank USA		EUR	987		USD	1,039		02/27/2025		14,536
JPMorgan Chase Bank, NA		EUR	675		USD	704		02/27/2025		2,677
Morgan Stanley Capital Services, Inc.		GBP	528		USD	666		01/16/2025		5,531
Morgan Stanley Capital Services, Inc.		USD	1,615		GBP	1,273		01/16/2025		(21,870	)
Morgan Stanley Capital Services, Inc.		KRW	1,557,554		USD	1,126		01/17/2025		70,936
Morgan Stanley Capital Services, Inc.		USD	682		KRW	935,223		01/17/2025		(48,389	)
Morgan Stanley Capital Services, Inc.		USD	8,741		SEK	96,157		02/05/2025		(34,336	)
NatWest Markets PLC		CAD	974		USD	699		02/05/2025		20,558
State Street Bank & Trust Co.		USD	806		GBP	637		01/16/2025		(8,601	)
State Street Bank & Trust Co.		USD	268		KRW	376,067		01/17/2025		(13,474	)
State Street Bank & Trust Co.		USD	511		TRY	18,533		01/22/2025		3,485
State Street Bank & Trust Co.		SEK	4,627		USD	425		02/05/2025		6,244
State Street Bank & Trust Co.		USD	395		AUD	607		02/05/2025		(18,914	)
State Street Bank & Trust Co.		USD	460		CAD	663		02/05/2025		2,029
State Street Bank & Trust Co.		USD	709		CAD	1,004		02/05/2025		(9,695	)
State Street Bank & Trust Co.		JPY	131,304		USD	863		02/21/2025		24,423
State Street Bank & Trust Co.		JPY	149,125		USD	952		02/21/2025		(807	)
State Street Bank & Trust Co.		USD	121		EUR	116		02/27/2025		(617	)
UBS AG		HKD	17,587		USD	2,264		02/21/2025		(1,217	)
UBS AG		USD	9,680		CHF	8,582		02/27/2025		(169,089	)
UBS AG		USD	2,243		EUR	2,151		02/27/2025		(9,832	)
									$	(204,442	)

3

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

(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.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

4

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2024	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $226,192,163)	$	251,466,756	(a)
Affiliated issuers (cost $2,943,901—including investment of cash collateral for securities loaned of $598,502)		2,943,901
Foreign currencies, at value (cost $249,002)		247,866
Unrealized appreciation on forward currency exchange contracts		1,343,872
Unaffiliated dividends receivable		876,814
Receivable for capital stock sold		151,459
Receivable due from Adviser		52,460
Affiliated dividends receivable		9,459
Total assets		257,092,587
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		1,548,314
Payable for collateral received on securities loaned		598,502
Cash collateral due to broker		250,000
Payable for capital stock redeemed		166,117
Advisory fee payable		161,131
Distribution fee payable		44,244
Administrative fee payable		22,179
Transfer Agent fee payable		167
Accrued expenses		175,268
Total liabilities		2,965,922
NET ASSETS	$	254,126,665
COMPOSITION OF NET ASSETS
Capital stock, at par	$	16,866
Additional paid-in capital		232,067,619
Distributable earnings		22,042,180
NET ASSETS	$	254,126,665

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	45,729,947		3,024,441	$	15.12
B	$	208,396,718		13,841,648	$	15.06

(a) Includes securities on loan with a value of $6,602,947 (see Note E).

See notes to financial statements.

5

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2024	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $893,237)	$	8,538,763
Affiliated issuers		320,865
Interest		8,312
Securities lending income		27,167
		8,895,107
EXPENSES
Advisory fee (see Note B)		2,098,624
Distribution fee—Class B		584,086
Transfer agency—Class A		951
Transfer agency—Class B		4,795
Printing		101,460
Custody and accounting		95,253
Administrative		92,683
Audit and tax		67,891
Legal		55,332
Directors’ fees		24,383
Miscellaneous		31,805
Total expenses		3,157,263
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(70,076	)
Net expenses		3,087,187
Net investment income		5,807,920
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		15,172,084
Forward currency exchange contracts		(1,739,118	)
Foreign currency transactions		(5,961	)
Net change in unrealized appreciation (depreciation) of:
Investments		(4,007,818	)
Forward currency exchange contracts		(1,033,654	)
Foreign currency denominated assets and liabilities		(61,569	)
Net gain on investment and foreign currency transactions		8,323,964
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	14,131,884

See notes to financial statements.

6

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

	Year Ended December 31, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	5,807,920		$	5,106,075
Net realized gain (loss) on investment and foreign currency transactions		13,427,005			(953,321	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(5,103,041	)		33,042,877
Net increase in net assets from operations		14,131,884			37,195,631
Distributions to Shareholders
Class A		(1,259,417	)		(355,217	)
Class B		(5,086,573	)		(1,645,638	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(39,227,503	)		(12,883,371	)
Total increase (decrease)		(31,441,609	)		22,311,405
NET ASSETS
Beginning of period		285,568,274			263,256,869
End of period	$	254,126,665		$	285,568,274

See notes to financial statements.

7

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2024	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 nine separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

8

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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, 2024:

	Level 1			Level 2		Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Industrials	$	7,331,596		$	40,567,374	$	–0	–	$	47,898,970
Financials		–0	–		38,377,533		–0	–		38,377,533
Consumer Discretionary		–0	–		29,970,629		–0	–		29,970,629
Health Care		–0	–		28,948,697		–0	–		28,948,697
Consumer Staples		10,734,743			14,212,624		–0	–		24,947,367

9

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

	Level 1			Level 2			Level 3			Total
Materials	$	8,378,717		$	13,285,753		$	–0	–	$	21,664,470
Energy		4,795,653			16,104,862			–0	–		20,900,515
Information Technology		3,135,209			13,541,650			–0	–		16,676,859
Communication Services		–0	–		13,744,810			–0	–		13,744,810
Utilities		–0	–		8,336,906			–0	–		8,336,906
Short-Term Investments		2,345,399			–0	–		–0	–		2,345,399
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		598,502			–0	–		–0	–		598,502
Total Investments in Securities		37,319,819			217,090,838	(a)		–0	–		254,410,657
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		1,343,872			–0	–		1,343,872
Liabilities:
Forward Currency Exchange Contracts		–0	–		(1,548,314	)		–0	–		(1,548,314	)
Total	$	37,319,819		$	216,886,396		$	–0	–	$	254,206,215

(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 include 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.

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

10

AB Variable Products Series Fund

income. The Portfolio accounts for distributions received from real estate investment trust (“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.

8. Cash and Cash Equivalents

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio’s President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolio’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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. Effective June 1, 2024, the Adviser has voluntarily agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis to .92% and 1.17% of the daily average net assets for the Class A and Class B, respectively. For the year ended December 31, 2024, such reimbursements/waivers amounted to $56,174.

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, 2024, the reimbursement for such services amounted to $92,683.

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 $1,950 for the year ended December 31, 2024.

The Portfolio may invest in AB 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 AB 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 AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with

11

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

the investment by the Portfolio in AB 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 AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2024, such waiver amounted to $9,667.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2024 is as follows:

Portfolio	Market Value 12/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/24 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	3,119	$	94,643	$	95,417	$	2,345	$	321
AB Government Money Market Portfolio*		273		60,530		60,204		599		–0	–
Total							$	2,944	$	321

* 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, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	137,615,915		$	175,695,768
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	$	231,598,285
Gross unrealized appreciation	$	39,954,970
Gross unrealized depreciation		(17,107,986	)
Net unrealized appreciation	$	22,846,984

12

AB Variable Products Series Fund

1. Derivative Financial Instruments

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

The 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, 2024, 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, 2024, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	1,343,872	Unrealized depreciation on forward currency exchange contracts	$	1,548,314
Total		$	1,343,872		$	1,548,314

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts	$	(1,739,118	)	$	(1,033,654	)
Total		$	(1,739,118	)	$	(1,033,654	)

13

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

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2024:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	81,448,559
Average principal amount of sale contracts	$	69,784,980

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, 2024. 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

$

526,017

$

(526,017

)

$

–0

–

$

–0

–

$

–0

–

BNP Paribas SA

12,111

–0

–

–0

–

–0

–

12,111

Citibank, NA

613,104

(2,091

)

(250,000

)

–0

–

361,013

Deutsche Bank AG

11,269

–0

–

–0

–

–0

–

11,269

HSBC Bank USA

45,488

(45,488

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

2,677

–0

–

–0

–

–0

–

2,677

Morgan Stanley Capital Services, Inc.

76,467

(76,467

)

–0

–

–0

–

–0

–

NatWest Markets PLC

20,558

–0

–

–0

–

–0

–

20,558

State Street Bank & Trust Co.

36,181

(36,181

)

–0

–

–0

–

–0

–

Total

$

1,343,872

$

(686,244

)

$

(250,000

)

$

–0

–

$

407,628

^

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

$

988,756

$

(526,017

)

$

–0

–

$

–0

–

$

462,739

Citibank, NA

2,091

(2,091

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

79,890

–0

–

–0

–

–0

–

79,890

HSBC Bank USA

140,736

(45,488

)

–0

–

–0

–

95,248

Morgan Stanley Capital Services, Inc.

104,595

(76,467

)

–0

–

–0

–

28,128

State Street Bank & Trust Co.

52,108

(36,181

)

–0

–

–0

–

15,927

UBS AG

180,138

–0

–

–0

–

–0

–

180,138

Total

$

1,548,314

$

(686,244

)

$

–0

–

$

–0

–

$

862,070

^

* 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).

14

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, 2024 is as follows:

								AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned			Advisory Fee Waived
$	6,602,947	$	598,502	$	6,273,456	$	27,167	$	–0	–	$	4,235

* As of December 31, 2024.

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, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class A
Shares sold		354,407			416,897		$	5,462,071		$	5,999,806
Shares issued in reinvestment of dividends		82,007			24,650			1,259,417			355,217
Shares redeemed		(405,948	)		(551,140	)		(6,306,092	)		(7,835,184	)
Net increase (decrease)		30,466			(109,593	)	$	415,396		$	(1,480,161	)

15

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

	SHARES						AMOUNT
	Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class B
Shares sold		892,064			2,539,673		$	14,003,321		$	37,164,439
Shares issued on reinvestment of dividends		332,521			114,759			5,086,573			1,645,638
Shares redeemed		(3,786,600	)		(3,547,605	)		(58,732,793	)		(50,213,287	)
Net decrease		(2,562,015	)		(893,173	)	$	(39,642,899	)	$	(11,403,210	)

At December 31, 2024, certain shareholders of the Portfolio owned 55% 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 market or markets in which the Portfolio invests fluctuate. The value of the Portfolio’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

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

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

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

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

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.

16

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, 2024.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	6,345,990	$	2,000,855
Total taxable distributions paid	$	6,345,990	$	2,000,855

As of December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,847,403
Accumulated capital and other losses		(2,624,144	)(a)
Unrealized appreciation (depreciation)		22,818,921	(b)
Total accumulated earnings (deficit)	$	22,042,180

(a) As of December 31, 2024, the Portfolio had a net capital loss carryforward of $2,624,144. During the fiscal year, the Portfolio utilized $12,927,737 of capital loss carry forwards to offset current year net realized gains.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of hyper-inflationary currency contracts, 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, 2024, the Portfolio had a net short-term capital loss carryforward of $2,624,144 which may be carried forward for an indefinite period.

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

NOTE J: Subsequent Events

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

17

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$14.79			$12.95			$15.72			$14.45			$14.37
Income From Investment Operations
Net investment income(a)(b)		.35			.29			.44			.37			.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.40			1.67			(2.58	)		1.22			.14
Net increase (decrease) in net asset value from operations		.75			1.96			(2.14	)		1.59			.32
Less: Dividends and Distributions
Dividends from net investment income		(.42	)		(.12	)		(.60	)		(.32	)		(.24	)
Return of capital		–0	–		–0	–		(.03	)		–0	–		–0	–
Total dividends		(.42	)		(.12	)		(.63	)		(.32	)		(.24	)
Net asset value, end of period		$15.12			$14.79			$12.95			$15.72			$14.45
Total Return
Total investment return based on net asset value(c)*		5.07	%		15.15	%		(13.61	)%		11.08	%		2.46	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$45,730			$44,286			$40,197			$45,175			$41,994
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.90	%		.90	%		.88	%		.90	%		.91	%
Expenses, before waivers/reimbursements		.92	%		.90	%		.89	%		.90	%		.92	%
Net investment income(b)		2.26	%		2.03	%		3.24	%		2.34	%		1.47	%
Portfolio turnover rate		51	%		46	%		37	%		43	%		54	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$14.71			$12.90			$15.62			$14.34			$14.24
Income From Investment Operations
Net investment income(a)(b)		.31			.26			.40			.32			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.40			1.65			(2.56	)		1.23			.15
Net increase (decrease) in net asset value from operations		.71			1.91			(2.16	)		1.55			.29
Less: Dividends and Distributions
Dividends from net investment income		(.36	)		(.10	)		(.53	)		(.27	)		(.19	)
Return of capital		–0	–		–0	–		(.03	)		–0	–		–0	–
Total dividends		(.36	)		(.10	)		(.56	)		(.27	)		(.19	)
Net asset value, end of period		$15.06			$14.71			$12.90			$15.62			$14.34
Total Return
Total investment return based on net asset value(c)*		4.81	%		14.83	%		(13.80	)%		10.86	%		2.21	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$208,397			$241,282			$223,060			$304,737			$299,415
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.14	%		1.15	%		1.13	%		1.15	%		1.16	%
Expenses, before waivers/reimbursements		1.17	%		1.15	%		1.14	%		1.15	%		1.17	%
Net investment income(b)		2.04	%		1.80	%		2.98	%		2.08	%		1.18	%
Portfolio turnover rate		51	%		46	%		37	%		43	%		54	%

(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 investment 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, 2024, December 31, 2022 and December 31, 2020 by .01%, .01% and .04%, respectively.

See notes to financial statements.

19

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

To the Board of Directors and Shareholders 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, 2024, 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, 2024, 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, 2024, 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, 2025

20

2024 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, 2024.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2024, $584,244 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $7,629,322.

21

INTERNATIONAL VALUE 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 International Value Portfolio (the “Fund”) at a meeting held by video conference on May 7-9, 2024 (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 2022 and 2023 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

22

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 29, 2024 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors discussed with the Adviser the reasons for the Fund’s underperformance in the periods reviewed and determined to continue to monitor the Fund’s performance closely.

Advisory Fees and Other Expenses

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

23

INTERNATIONAL VALUE PORTFOLIO
(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 the median of a peer group and lower than the median of a peer universe. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors requested that the Adviser implement, effective June 1, 2024, a voluntary expense limitation agreement capping total expenses at 0.92% for Class A shares of the Fund, with a corresponding expense limitation for the Fund’s other share class, and the Adviser agreed to this.

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.

24

VPS-IV-0151-1224

DEC^12.31.24

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

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 and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2024	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.9%
INFORMATION TECHNOLOGY–35.7%
COMMUNICATIONS EQUIPMENT–3.2%
Arista Networks, Inc.(a)		168,262	$	18,597,999
Motorola Solutions, Inc.		25,600		11,833,088
				30,431,087
IT SERVICES–0.4%
Shopify, Inc.–Class A(a)		35,372		3,761,105
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–19.5%
Applied Materials, Inc.		58,593		9,528,979
ASML Holding NV (REG)		6,380		4,421,850
Astera Labs, Inc.(a)		35,500		4,701,975
Broadcom, Inc.		144,077		33,402,812
NVIDIA Corp.		673,979		90,508,640
QUALCOMM, Inc.		81,064		12,453,052
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		59,980		11,845,450
Texas Instruments, Inc.		97,886		18,354,604
				185,217,362
SOFTWARE–12.6%
AppLovin Corp.–Class A(a)		27,927		9,043,600
Cadence Design Systems, Inc.(a)		29,285		8,798,971
Manhattan Associates, Inc.(a)		28,201		7,621,038
Microsoft Corp.		186,235		78,498,053
ServiceNow, Inc.(a)		9,550		10,124,146
Synopsys, Inc.(a)		12,553		6,092,724
				120,178,532
				339,588,086
COMMUNICATION SERVICES–15.5%
ENTERTAINMENT–4.1%
Netflix, Inc.(a)		43,922		39,148,557
INTERACTIVE MEDIA & SERVICES–11.4%
Alphabet, Inc.–Class C		278,994		53,131,618
Meta Platforms, Inc.–Class A		87,373		51,157,765
Reddit, Inc.–Class A(a)		24,830		4,058,215
				108,347,598
				147,496,155
CONSUMER DISCRETIONARY–15.0%
AUTOMOBILES–0.7%
Ferrari NV		15,818		6,720,119
BROADLINE RETAIL–6.7%
Amazon.com, Inc.(a)		289,705		63,558,380
HOTELS, RESTAURANTS & LEISURE–1.7%
Chipotle Mexican Grill, Inc.(a)		263,470		15,887,241
SPECIALTY RETAIL–3.9%
Home Depot, Inc. (The)		65,314		25,406,493
Tractor Supply Co.		216,485		11,486,694
				36,893,187
TEXTILES, APPAREL & LUXURY GOODS–2.0%
Lululemon Athletica, Inc.(a)		33,935		12,977,084
On Holding AG–Class A(a)		110,730		6,064,682
				19,041,766
				142,100,693
HEALTH CARE–11.5%
BIOTECHNOLOGY–1.3%
Genmab A/S (Sponsored ADR)(a)		147,067		3,069,288
Vertex Pharmaceuticals, Inc.(a)		22,885		9,215,790
				12,285,078
HEALTH CARE EQUIPMENT & SUPPLIES–2.2%
IDEXX Laboratories, Inc.(a)		8,507		3,517,134
Intuitive Surgical, Inc.(a)		33,623		17,549,861
				21,066,995
HEALTH CARE PROVIDERS & SERVICES–1.4%
UnitedHealth Group, Inc.		25,150		12,722,379
HEALTH CARE TECHNOLOGY–0.9%
Veeva Systems, Inc.–Class A(a)		42,175		8,867,294
LIFE SCIENCES TOOLS & SERVICES–2.1%
Mettler-Toledo International, Inc.(a)		4,783		5,852,861
Waters Corp.(a)		18,446		6,843,097
West Pharmaceutical Services, Inc.		22,770		7,458,541
				20,154,499
PHARMACEUTICALS–3.6%
Eli Lilly & Co.		31,815		24,561,180
Zoetis, Inc.		59,714		9,729,202
				34,290,382
				109,386,627
INDUSTRIALS–7.5%
AEROSPACE & DEFENSE–0.6%
Axon Enterprise, Inc.(a)		9,224		5,482,008

1

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

Company	Shares		U.S. $ Value
BUILDING PRODUCTS–2.0%
Otis Worldwide Corp.		128,451	$	11,895,847
Trex Co., Inc.(a)		97,644		6,740,365
				18,636,212
COMMERCIAL SERVICES & SUPPLIES–2.0%
Copart, Inc.(a)		336,059		19,286,426
GROUND TRANSPORTATION–0.8%
Saia, Inc.(a)(b)		16,380		7,464,857
PROFESSIONAL SERVICES–1.3%
Verisk Analytics, Inc.		46,157		12,713,023
TRADING COMPANIES & DISTRIBUTORS–0.8%
United Rentals, Inc.		10,630		7,488,197
				71,070,723
FINANCIALS–5.8%
CAPITAL MARKETS–1.2%
Cboe Global Markets, Inc.		58,619		11,454,153
FINANCIAL SERVICES–4.6%
Visa, Inc.–Class A		138,826		43,874,569
				55,328,722
CONSUMER STAPLES–5.6%
BEVERAGES–2.4%
Celsius Holdings, Inc.(a)(b)		124,441		3,277,776
Monster Beverage Corp.(a)		366,885		19,283,476
				22,561,252
CONSUMER STAPLES DISTRIBUTION & RETAIL–3.2%
Costco Wholesale Corp.		33,815		30,983,670
				53,544,922
MATERIALS–1.3%
CHEMICALS–1.3%
Sherwin-Williams Co. (The)		36,951		12,560,753
Total Common Stocks (cost $475,718,108)				931,076,681
RIGHTS–0.0%
HEALTH CARE–0.0%
HEALTH CARE PROVIDERS & SERVICES–0.0%
ABIOMED, Inc. (CVR)(a)(c)(d) (cost $11,601)		11,373		11,601
SHORT-TERM INVESTMENTS–2.4%
INVESTMENT COMPANIES–2.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(e)(f)(g) (cost $22,856,701)		22,856,701		22,856,701
Total Investments Before Security Lending Collateral for Securities Loaned–100.3% (cost $498,586,410)				953,944,983
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(e)(f)(g) (cost $3,264,694)		3,264,694		3,264,694
TOTAL INVESTMENTS–100.6% (cost $501,851,104)				957,209,677
Other assets less liabilities–(0.6)%				(5,716,344	)
NET ASSETS–100.0%			$	951,493,333

(a) Non-income producing security.

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

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

(d) Fair valued by the Adviser.

(e) Affiliated investments.

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

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

Glossary:

ADR—American Depositary Receipt

CVR—Contingent Value Right

REG—Registered Shares

See notes to financial statements.

2

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2024	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $475,729,709)	$	931,088,282	(a)
Affiliated issuers (cost $26,121,395—including investment of cash collateral for securities loaned of $3,264,694)		26,121,395
Receivable for capital stock sold		350,880
Receivable for investment securities sold		227,694
Unaffiliated dividends receivable		61,778
Affiliated dividends receivable		51,800
Receivable due from Adviser		2,327
Total assets		957,904,156
LIABILITIES
Payable for collateral received on securities loaned		3,264,694
Payable for capital stock redeemed		1,235,789
Payable for investment securities purchased		1,140,105
Advisory fee payable		475,444
Distribution fee payable		118,891
Administrative fee payable		24,141
Transfer Agent fee payable		167
Accrued expenses and other liabilities		151,592
Total liabilities		6,410,823
NET ASSETS	$	951,493,333
COMPOSITION OF NET ASSETS
Capital stock, at par	$	11,430
Additional paid-in capital		409,691,092
Distributable earnings		541,790,811
NET ASSETS	$	951,493,333

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	375,852,497		4,208,375	$	89.31
B	$	575,640,836		7,221,140	$	79.72

(a) Includes securities on loan with a value of $3,986,911 (see Note E).

See notes to financial statements.

3

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2024	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $25,296)	$	4,403,432
Affiliated issuers		871,903
Interest		356
Securities lending income		3,820
		5,279,511
EXPENSES
Advisory fee (see Note B)		5,262,769
Distribution fee—Class B		1,279,964
Transfer agency—Class A		3,529
Transfer agency—Class B		4,945
Administrative		93,919
Custody and accounting		79,037
Legal		73,978
Printing		70,329
Audit and tax		42,167
Directors’ fees		32,195
Miscellaneous		22,673
Total expenses		6,965,505
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(27,284	)
Net expenses		6,938,221
Net investment loss		(1,658,710	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		90,877,917
Net change in unrealized appreciation (depreciation) of investments		101,144,866
Net gain on investment transactions		192,022,783
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	190,364,073

See notes to financial statements.

4

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

	Year Ended December 31, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(1,658,710	)	$	199,068
Net realized gain on investment transactions		90,877,917			36,901,940
Net change in unrealized appreciation (depreciation) of investments		101,144,866			166,659,053
Contributions from Affiliates (see Note B)		–0	–		488
Net increase in net assets from operations		190,364,073			203,760,549
Distributions to Shareholders
Class A		(14,973,256	)		(20,050,816	)
Class B		(23,217,785	)		(28,501,444	)
CAPITAL STOCK TRANSACTIONS
Net increase		25,827,317			27,201,448
Total increase		178,000,349			182,409,737
NET ASSETS
Beginning of period		773,492,984			591,083,247
End of period	$	951,493,333		$	773,492,984

See notes to financial statements.

5

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2024	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 nine 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

6

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, 2024:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

931,076,681

$

–0

–

$

–0

–

$

931,076,681

Rights

–0

–

–0

–

11,601

11,601

Short-Term Investments

22,856,701

–0

–

–0

–

22,856,701

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

3,264,694

–0

–

–0

–

3,264,694

Total Investments in Securities

957,198,076

–0

–

11,601

957,209,677

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

957,198,076

$

–0

–

$

11,601

$

957,209,677

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments include 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.

7

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

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. 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 real estate investment trust (“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.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating

8

AB Variable Products Series Fund

results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio’s President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolio’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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, 2024, the reimbursement for such services amounted to $93,919.

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 $1,950 for the year ended December 31, 2024.

The Portfolio may invest in AB 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 AB 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 AB 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 AB 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 AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2024, such waiver amounted to $27,150.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2024 is as follows:

Portfolio	Market Value 12/31/23 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/24 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	35,427		$	98,771	$	111,342	$	22,856	$	872
AB Government Money Market Portfolio*		–0	–		4,555		1,290		3,265		–0	–
Total								$	26,121	$	872

* 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 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

9

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

its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	234,494,158		$	234,238,761
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	$	504,547,679
Gross unrealized appreciation		467,329,593
Gross unrealized depreciation		(14,667,595	)
Net unrealized appreciation	$	452,661,998

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2024.

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

10

AB Variable Products Series Fund

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, 2024 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
$	3,986,911	$	3,264,694	$	764,570	$	3,820	$	–0–	$	134

* As of December 31, 2024.

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, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class A
Shares sold		180,385			303,693		$	15,397,210		$	20,384,732
Shares issued in reinvestment of dividends and distributions		188,628			295,735			14,973,256			20,050,816
Shares redeemed		(593,493	)		(591,209	)		(50,409,600	)		(40,029,950	)
Net increase (decrease)		(224,480	)		8,219		$	(20,039,134	)	$	405,598
Class B
Shares sold		1,103,284			606,789		$	85,672,707		$	37,120,401
Shares issued on reinvestment of distributions		327,380			467,160			23,217,785			28,501,444
Shares redeemed		(828,978	)		(637,919	)		(63,024,041	)		(38,825,995	)
Net increase		601,686			436,030		$	45,866,451		$	26,795,850

At December 31, 2024, certain shareholders of the Portfolio owned 62% 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 market or markets in which the Portfolio invests fluctuate. The value of the Portfolio’s 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.

11

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

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value, or NAV, than would be the case if the Portfolio were invested in a larger number of companies.

Sector Risk—The Portfolio may have more risk 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, reference rate or index, 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.

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, 2024.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	199,068	$	–0	–
Net long-term capital gains		37,991,973	$	48,552,260
Total taxable distributions paid	$	38,191,041	$	48,552,260

As of December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed capital gains	$	89,128,813
Unrealized appreciation (depreciation)		452,661,998	(a)
Total accumulated earnings (deficit)	$	541,790,811

(a) The differences 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, 2024, the Portfolio did not have any capital loss carryforwards.

12

AB Variable Products Series Fund

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

NOTE J: Subsequent Events

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

13

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$74.50			$58.90			$93.09			$77.09			$61.26
Income From Investment Operations
Net investment income (loss)(a)(b)		(.04	)		.11			(.05	)		(.19	)		(.06	)
Net realized and unrealized gain (loss) on investment transactions		18.41			20.12			(25.48	)		22.16			21.18
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		18.37			20.23			(25.53	)		21.97			21.12
Less: Dividends and Distributions
Dividends from net investment income		(.05	)		–0	–		–0	–		–0	–		–0	–
Distributions from net realized gain on investment transactions		(3.51	)		(4.63	)		(8.66	)		(5.97	)		(5.29	)
Total dividends and distributions		(3.56	)		(4.63	)		(8.66	)		(5.97	)		(5.29	)
Net asset value, end of period		$89.31			$74.50			$58.90			$93.09			$77.09
Total Return
Total investment return based on net asset value(d)*		25.26	%		35.13	%		(28.51	)%		28.98	%		35.49	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$375,852			$330,245			$260,596			$389,051			$331,436
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.65	%		.65	%		.65	%		.65	%		.66	%
Expenses, before waivers/reimbursements(e)‡		.65	%		.66	%		.65	%		.65	%		.67	%
Net investment income (loss)(b)		(.04	)%		.17	%		(.07	)%		(.22	)%		(.08	)%
Portfolio turnover rate		27	%		30	%		34	%		17	%		33	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.00	%		.00	%		.01	%

See footnote summary on page 15.

14

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$66.96			$53.45			$85.67			$71.51			$57.28
Income From Investment Operations
Net investment loss(a)(b)		(.22	)		(.05	)		(.20	)		(.37	)		(.21	)
Net realized and unrealized gain (loss) on investment transactions		16.49			18.19			(23.36	)		20.50			19.73
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		16.27			18.14			(23.56	)		20.13			19.52
Less: Distributions
Distributions from net realized gain on investment transactions		(3.51	)		(4.63	)		(8.66	)		(5.97	)		(5.29	)
Net asset value, end of period		$79.72			$66.96			$53.45			$85.67			$71.51
Total Return
Total investment return based on net asset value(d)*		24.95	%		34.78	%		(28.69	)%		28.65	%		35.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$575,641			$443,248			$330,487			$490,111			$413,127
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.90	%		.90	%		.90	%		.90	%		.91	%
Expenses, before waivers/reimbursements(e)‡		.90	%		.91	%		.90	%		.90	%		.92	%
Net investment loss(b)		(.29	)%		(.08	)%		(.32	)%		(.47	)%		(.33	)%
Portfolio turnover rate		27	%		30	%		34	%		17	%		33	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.01	%		.00	%		.00	%		.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 investment 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 and December 31, 2020, such waiver amounted to .01% and .01%, respectively.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the year ended December 31, 2024 by .11%.

See notes to financial statements.

15

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

To the Board of Directors and Shareholders 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, 2024, 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, 2024, 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, 2024, 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, 2025

16

2024 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, 2024. The Portfolio designates $37,991,973 of dividends paid as long-term capital gain dividends.

17

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Large Cap Growth Portfolio (the “Fund”) at a meeting held by video conference on May 7-9, 2024 (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 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 2022 and 2023 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

18

AB Variable Products Series Fund

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2024 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 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

19

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

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

20

VPS-LCG-0151-1224

DEC^12.31.24

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

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 and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

RELATIVE VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2024	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–96.5%
FINANCIALS–23.2%
BANKS–8.6%
Citigroup, Inc.		340,563	$	23,972,229
JPMorgan Chase & Co.		157,360		37,720,766
Wells Fargo & Co.		250,203		17,574,259
				79,267,254
CAPITAL MARKETS–3.2%
Blackstone Secured Lending Fund(a)		216,341		6,989,978
S&P Global, Inc.		45,254		22,537,849
				29,527,827
FINANCIAL SERVICES–8.9%
Berkshire Hathaway, Inc.– Class B(b)		80,935		36,686,217
Fiserv, Inc.(b)		136,333		28,005,525
Mastercard, Inc.– Class A		21,702		11,427,622
MGIC Investment Corp.		242,948		5,760,297
				81,879,661
INSURANCE–2.5%
Axis Capital Holdings Ltd.(a)		188,565		16,710,631
MetLife, Inc.		76,056		6,227,465
				22,938,096
				213,612,838
HEALTH CARE–17.4%
BIOTECHNOLOGY–6.5%
Amgen, Inc.		9,250		2,410,920
Gilead Sciences, Inc.		214,039		19,770,782
Regeneron Pharmaceuticals, Inc.(b)		34,106		24,294,727
United Therapeutics Corp.(a)(b)		37,099		13,090,011
				59,566,440
HEALTH CARE EQUIPMENT & SUPPLIES–1.5%
GE Healthcare, Inc.(a)		173,175		13,538,821
HEALTH CARE PROVIDERS & SERVICES–4.5%
Cencora, Inc.		71,197		15,996,542
Elevance Health, Inc.		36,053		13,299,952
HCA Healthcare, Inc.		17,343		5,205,501
Quest Diagnostics, Inc.		49,832		7,517,656
				42,019,651
PHARMACEUTICALS–4.9%
Johnson & Johnson		160,823		23,258,222
Merck & Co., Inc.		123,960		12,331,541
Roche Holding AG (Sponsored ADR)(a)		281,903		9,832,777
				45,422,540
				160,547,452
INDUSTRIALS–15.1%
AEROSPACE & DEFENSE–2.6%
Curtiss-Wright Corp.		21,723		7,708,841
RTX Corp.		143,205		16,571,683
				24,280,524
BUILDING PRODUCTS–1.7%
A O Smith Corp.		81,776		5,577,941
Allegion PLC		42,785		5,591,144
Builders FirstSource, Inc.(b)		34,678		4,956,526
				16,125,611
COMMERCIAL SERVICES & SUPPLIES–1.2%
Veralto Corp.		110,520		11,256,462
ELECTRICAL EQUIPMENT–3.2%
Emerson Electric Co.		39,664		4,915,559
Generac Holdings, Inc.(a)(b)		77,918		12,081,186
nVent Electric PLC		177,166		12,075,635
				29,072,380
GROUND TRANSPORTATION–1.6%
JB Hunt Transport Services, Inc.(a)		87,248		14,889,744
MACHINERY–2.5%
Allison Transmission Holdings, Inc.		24,944		2,695,449
Dover Corp.		30,721		5,763,259
PACCAR, Inc.		56,435		5,870,369
Westinghouse Air Brake Technologies Corp.		46,190		8,757,162
				23,086,239
PROFESSIONAL SERVICES–1.4%
FTI Consulting, Inc.(a)(b)		24,184		4,622,288
Robert Half, Inc.		116,862		8,234,096
				12,856,384
TRADING COMPANIES & DISTRIBUTORS–0.9%
Ferguson Enterprises, Inc.		20,343		3,530,934
MSC Industrial Direct Co., Inc.–Class A(a)		58,807		4,392,295
				7,923,229
				139,490,573
CONSUMER STAPLES–9.5%
CONSUMER STAPLES DISTRIBUTION & RETAIL–5.9%
Casey’s General Stores, Inc.		28,864		11,436,783
Target Corp.		53,282		7,202,661

1

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

Company	Shares		U.S. $ Value
Walmart, Inc.		400,030	$	36,142,710
				54,782,154
TOBACCO–3.6%
Philip Morris International, Inc.		272,926		32,846,644
				87,628,798
INFORMATION TECHNOLOGY–9.3%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
TE Connectivity PLC		36,530		5,222,694
IT SERVICES–2.8%
Accenture PLC– Class A		74,581		26,236,850
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.9%
Intel Corp.		392,478		7,869,184
Lam Research Corp.		54,400		3,929,312
QUALCOMM, Inc.		66,979		10,289,314
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		63,301		12,501,315
Texas Instruments, Inc.		104,540		19,602,295
				54,191,420
				85,650,964
CONSUMER DISCRETIONARY–7.7%
AUTOMOBILE COMPONENTS–1.0%
BorgWarner, Inc.		284,229		9,035,640
HOTELS, RESTAURANTS & LEISURE–1.2%
Starbucks Corp.		126,360		11,530,350
HOUSEHOLD DURABLES–0.7%
DR Horton, Inc.		45,029		6,295,955
SPECIALTY RETAIL–2.2%
Dick’s Sporting Goods, Inc.(a)		21,920		5,016,173
Ross Stores, Inc.		98,825		14,949,258
				19,965,431
TEXTILES, APPAREL & LUXURY GOODS–2.6%
Lululemon Athletica, Inc.(b)		34,011		13,006,146
NIKE, Inc.– Class B		140,610		10,639,959
				23,646,105
				70,473,481
ENERGY–6.4%
ENERGY EQUIPMENT & SERVICES–0.4%
Helmerich & Payne, Inc.		104,570		3,348,331
OIL, GAS & CONSUMABLE FUELS–6.0%
Chevron Corp.(a)		88,286		12,787,344
ConocoPhillips		85,600		8,488,952
EOG Resources, Inc.		157,974		19,364,453
Phillips 66		132,976		15,149,956
				55,790,705
				59,139,036
COMMUNICATION SERVICES–3.9%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.4%
Comcast Corp.– Class A		347,100		13,026,663
ENTERTAINMENT–2.5%
Electronic Arts, Inc.		159,306		23,306,468
				36,333,131
MATERIALS–3.2%
CHEMICALS–1.4%
CF Industries Holdings, Inc.		98,013		8,362,469
PPG Industries, Inc.		39,916		4,767,966
				13,130,435
CONTAINERS & PACKAGING–0.6%
Sealed Air Corp.(a)		166,472		5,631,748
METALS & MINING–1.2%
Steel Dynamics, Inc.		97,051		11,070,608
				29,832,791
REAL ESTATE–0.8%
SPECIALIZED REITS–0.8%
Public Storage		25,219		7,551,577
Total Common Stocks (cost $719,504,132)				890,260,641
SHORT-TERM INVESTMENTS–2.3%
INVESTMENT COMPANIES–2.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(c)(d)(e) (cost $20,864,539)		20,864,539		20,864,539
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.8% (cost $740,368,671)				911,125,180

2

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.6%
INVESTMENT COMPANIES–2.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(c)(d)(e) (cost $23,970,730)		23,970,730	$	23,970,730
TOTAL INVESTMENTS–101.4% (cost $764,339,401)				935,095,910
Other assets less liabilities–(1.4)%				(12,661,653	)
NET ASSETS–100.0%			$	922,434,257

(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.

3

RELATIVE VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2024	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $719,504,132)	$	890,260,641	(a)
Affiliated issuers (cost $44,835,269—including investment of cash collateral for securities loaned of $23,970,730)		44,835,269
Cash		20,571
Receivable for capital stock sold		10,922,635
Unaffiliated dividends receivable		1,911,247
Affiliated dividends receivable		83,812
Receivable due from Adviser		3,595
Other assets		917,363
Total assets		948,955,133
LIABILITIES
Payable for collateral received on securities loaned		23,970,730
Payable for investment securities purchased		917,982
Payable for capital stock redeemed		851,614
Advisory fee payable		423,283
Distribution fee payable		150,074
Administrative fee payable		24,067
Transfer Agent fee payable		167
Directors’ fees payable		93
Accrued expenses		182,866
Total liabilities		26,520,876
NET ASSETS	$	922,434,257
COMPOSITION OF NET ASSETS
Capital stock, at par	$	29,706
Additional paid-in capital		655,859,401
Distributable earnings		266,545,150
NET ASSETS	$	922,434,257

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	210,860,490		6,655,444	$	31.68
B	$	711,573,767		23,050,890	$	30.87

(a) Includes securities on loan with a value of $69,273,941 (see Note E).

See notes to financial statements.

4

RELATIVE VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2024	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $108,059)	$	16,066,154
Affiliated issuers		1,470,254
Interest		756
Securities lending income		34,619
		17,571,783
EXPENSES
Advisory fee (see Note B)		5,008,417
Distribution fee—Class B		1,796,953
Transfer agency—Class A		1,960
Transfer agency—Class B		7,357
Printing		108,692
Administrative		95,375
Custody and accounting		88,102
Legal		75,099
Audit and tax		49,072
Directors’ fees		33,047
Miscellaneous		26,785
Total expenses		7,290,859
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(49,430	)
Net expenses		7,241,429
Net investment income		10,330,354
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		90,733,236
Net change in unrealized appreciation (depreciation) of investments		6,898,581
Net gain on investment transactions		97,631,817
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	107,962,171

See notes to financial statements.

5

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

	Year Ended December 31, 2024			Year Ended December 31, 2023
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	10,330,354		$	11,942,773
Net realized gain on investment transactions		90,733,236			33,533,788
Net change in unrealized appreciation (depreciation) of investments		6,898,581			47,309,060
Net increase in net assets from operations		107,962,171			92,785,621
Distributions to Shareholders
Class A		(9,860,890	)		(15,270,443	)
Class B		(34,400,457	)		(62,328,817	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(16,530	)		8,728,514
Total increase		63,684,294			23,914,875
NET ASSETS
Beginning of period		858,749,963			834,835,088
End of period	$	922,434,257		$	858,749,963

See notes to financial statements.

6

RELATIVE VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2024	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 nine 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

7

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

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2024:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

890,260,641

$

–0

–

$

–0

–

$

890,260,641

Short-Term Investments

20,864,539

–0

–

–0

–

20,864,539

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

23,970,730

–0

–

–0

–

23,970,730

Total Investments in Securities

935,095,910

–0

–

–0

–

935,095,910

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

935,095,910

$

–0

–

$

–0

–

$

935,095,910

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments include 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.

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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 real estate investment trust (“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.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9

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

9. Segment Information

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio’s President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolio’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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, 2024, the reimbursement for such services amounted to $95,375.

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 $1,950 for the year ended December 31, 2024.

The Portfolio may invest in AB 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 AB 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 AB 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 AB 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 AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2024, such waiver amounted to $45,305.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2024 is as follows:

Portfolio	Market Value 12/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/24 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	39,970	$	176,423	$	195,529	$	20,864	$	1,470
AB Government Money Market Portfolio*		16,533		90,941		83,503		23,971		0	**
Total							$	44,835	$	1,470

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

** Amount is less than $500.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the 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

10

AB Variable Products Series Fund

its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	508,677,240		$	534,182,015
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	$	767,070,494
Gross unrealized appreciation	$	186,613,484
Gross unrealized depreciation		(18,588,068	)
Net unrealized appreciation	$	168,025,416

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, 2024.

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

11

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

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, 2024 is as follows:

								AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	69,273,941	$	23,970,730	$	46,840,082	$	34,311	$	308	$	4,125

* As of December 31, 2024.

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, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class A
Shares sold		1,488,728			958,264		$	47,509,996		$	27,676,936
Shares issued in reinvestment of dividends and distributions		322,990			545,958			9,860,890			15,270,443
Shares redeemed		(1,068,235	)		(1,028,628	)		(33,761,481	)		(29,725,520	)
Net increase		743,483			475,594		$	23,609,405		$	13,221,859
Class B
Shares sold		1,733,484			1,489,635		$	54,152,119		$	42,230,544
Shares issued on reinvestment of dividends and distributions		1,155,153			2,281,435			34,400,457			62,328,817
Shares redeemed		(3,615,533	)		(3,874,936	)		(112,178,511	)		(109,052,706	)
Net decrease		(726,896	)		(103,866	)	$	(23,625,935	)	$	(4,493,345	)

At December 31, 2024, certain shareholders of the Portfolio owned 45% 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 market or markets in which the Portfolio invests fluctuate. The value of the Portfolio’s 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.

12

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, reference rate or index, 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.

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, 2024.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	11,941,310	$	10,958,671
Net long-term capital gains		32,320,037		66,640,589
Total taxable distributions paid	$	44,261,347	$	77,599,260

As of December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	10,330,103
Undistributed capital gains		88,189,633
Unrealized appreciation (depreciation)		168,025,416	(a)
Total accumulated earnings (deficit)	$	266,545,152

(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, 2024, 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.

13

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

NOTE J: Subsequent Events

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

14

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$29.50			$29.00			$36.83			$28.97			$30.30
Income From Investment Operations
Net investment income(a)(b)		.42			.47			.48			.38			.40
Net realized and unrealized gain (loss) on investment transactions		3.36			2.86			(2.21	)		7.76			.13
Net increase (decrease) in net asset value from operations		3.78			3.33			(1.73	)		8.14			.53
Less: Dividends and Distributions
Dividends from net investment income		(.47	)		(.45	)		(.49	)		(.28	)		(.42	)
Distributions from net realized gain on investment transactions		(1.13	)		(2.38	)		(5.61	)		–0	–		(1.44	)
Total dividends and distributions		(1.60	)		(2.83	)		(6.10	)		(.28	)		(1.86	)
Net asset value, end of period		$31.68			$29.50			$29.00			$36.83			$28.97
Total Return
Total investment return based on net asset value(c)*		13.02	%		12.03	%		(4.19	)%		28.15	%		2.72	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$210,860			$174,389			$157,648			$170,190			$143,269
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.60	%		.60	%		.59	%		.59	%		.61	%
Expenses, before waivers/reimbursements(d)‡		.60	%		.61	%		.59	%		.59	%		.62	%
Net investment income(b)		1.33	%		1.65	%		1.50	%		1.13	%		1.53	%
Portfolio turnover rate		58	%		70	%		66	%		51	%		54	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.00	%		.00	%		.01	%

See footnote summary on page 16.

15

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$28.78			$28.36			$36.12			$28.43			$29.76
Income From Investment Operations
Net investment income(a)(b)		.34			.39			.39			.29			.33
Net realized and unrealized gain (loss) on investment transactions		3.28			2.79			(2.16	)		7.61			.13
Net increase (decrease) in net asset value from operations		3.62			3.18			(1.77	)		7.90			.46
Less: Dividends and Distributions
Dividends from net investment income		(.40	)		(.38	)		(.38	)		(.21	)		(.35	)
Distributions from net realized gain on investment transactions		(1.13	)		(2.38	)		(5.61	)		–0	–		(1.44	)
Total dividends and distributions		(1.53	)		(2.76	)		(5.99	)		(.21	)		(1.79	)
Net asset value, end of period		$30.87			$28.78			$28.36			$36.12			$28.43
Total Return
Total investment return based on net asset value(c)*		12.76	%		11.72	%		(4.42	)%		27.84	%		2.47	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$711,574			$684,361			$677,187			$752,562			$868,715
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.85	%		.85	%		.84	%		.84	%		.86	%
Expenses, before waivers/reimbursements(d)‡		.85	%		.86	%		.84	%		.85	%		.87	%
Net investment income(b)		1.08	%		1.40	%		1.25	%		.87	%		1.28	%
Portfolio turnover rate		58	%		70	%		66	%		51	%		54	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.01	%		.01	%		.00	%		.00	%		.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 investment 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, 2020, such waiver amounted to .01% and .01%, respectively.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the year ended December 31, 2024 by .10%.

See notes to financial statements.

16

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

To the Board of Directors and Shareholders 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 (the “Portfolio”) (one of the series constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2024, 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, 2024, 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, 2024, 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, 2025

17

2024 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, 2024. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. The Portfolio designates $32,320,037 of dividends paid as long-term capital gain dividends.

18

RELATIVE VALUE 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 Relative Value Portfolio (formerly AB Growth and Income Portfolio) (the “Fund”) at a meeting held by video conference on May 7-9, 2024 (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 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 2022 and 2023 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

19

RELATIVE VALUE PORTFOLIO
(continued)	AB Variable Products Series Fund

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 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 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 29, 2024 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 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

20

AB Variable Products Series Fund

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.

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 lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

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

21

VPS-RV-0151-1224

DEC^12.31.24

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

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 and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2024	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.0%
INFORMATION TECHNOLOGY–24.3%
COMMUNICATIONS EQUIPMENT–0.1%
Lumentum Holdings, Inc.(a)		789	$	66,237
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.6%
Fabrinet(a)		3,971		873,143
Novanta, Inc.(a)		5,383		822,361
				1,695,504
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.9%
Credo Technology Group Holding Ltd.(a)		13,266		891,608
Impinj, Inc.(a)		4,114		597,600
MACOM Technology Solutions Holdings, Inc.(a)		7,086		920,542
Onto Innovation, Inc.(a)		1,439		239,838
Semtech Corp.(a)		18,339		1,134,267
Universal Display Corp.		439		64,182
				3,848,037
SOFTWARE–13.8%
Alkami Technology, Inc.(a)		26,940		988,159
Altair Engineering, Inc.–Class A(a)		6,263		683,356
Braze, Inc.–Class A(a)		17,338		726,115
Clearwater Analytics Holdings, Inc.–Class A(a)		41,056		1,129,861
Intapp, Inc.(a)		16,208		1,038,771
Klaviyo, Inc.–Class A(a)		22,363		922,250
Monday.com Ltd.(a)		2,697		634,982
Onestream, Inc.(a)		25,084		715,396
Rubrik, Inc.–Class A(a)		14,002		915,171
ServiceTitan, Inc.(a)		1,422		146,281
SPS Commerce, Inc.(a)		5,727		1,053,711
				8,954,053
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.9%
ACV Auctions, Inc.–Class A(a)		55,379		1,196,186
				15,760,017
INDUSTRIALS–23.1%
AEROSPACE & DEFENSE–5.1%
AeroVironment, Inc.(a)(b)		4,207		647,415
Curtiss-Wright Corp.		2,298		815,491
Leonardo DRS, Inc.(a)		29,821		963,516
Loar Holdings, Inc.(a)		5,772		426,609
Standardaero, Inc.(a)		16,985		420,549
				3,273,580
BUILDING PRODUCTS–5.7%
Armstrong World Industries, Inc.		6,248		883,030
AZEK Co., Inc. (The)(a)		16,259		771,815
CSW Industrials, Inc.(b)		3,046		1,074,629
Knife River Corp.(a)		9,562		971,881
				3,701,355
COMMERCIAL SERVICES & SUPPLIES–1.0%
Tetra Tech, Inc.		15,758		627,799
CONSTRUCTION & ENGINEERING–3.9%
Construction Partners, Inc.–Class A(a)		12,027		1,063,908
Everus Construction Group, Inc.(a)		7,756		509,957
Primoris Services Corp.		12,817		979,219
				2,553,084
GROUND TRANSPORTATION–1.2%
ArcBest Corp.		8,324		776,796
MACHINERY–4.2%
Esab Corp.		7,180		861,169
ITT, Inc.		6,248		892,714
SPX Technologies, Inc.(a)		6,645		966,981
				2,720,864
MARINE TRANSPORTATION–1.1%
Kirby Corp.(a)		6,947		734,993
PROFESSIONAL SERVICES–0.9%
FTI Consulting, Inc.(a)		3,188		609,322
				14,997,793
HEALTH CARE–21.1%
BIOTECHNOLOGY–13.1%
Akero Therapeutics, Inc.(a)		9,741		270,995
Apogee Therapeutics, Inc.(a)		7,569		342,876
ARS Pharmaceuticals, Inc.(a)		21,365		225,401
Ascendis Pharma A/S (ADR)(a)		2,488		342,523
Bicara Therapeutics, Inc.(a)		7,339		127,845
Blueprint Medicines Corp.(a)		6,379		556,376
Bridgebio Pharma, Inc.(a)		15,226		417,801
CG oncology, Inc.(a)		10,567		303,061
Cullinan Therapeutics, Inc.(a)		15,324		186,646
Cytokinetics, Inc.(a)		7,577		356,422
Denali Therapeutics, Inc.(a)		18,211		371,140
Dianthus Therapeutics, Inc.(a)		9,177		200,059
Halozyme Therapeutics, Inc.(a)		11,944		571,043
Insmed, Inc.(a)		12,229		844,290
Korro Bio, Inc.(a)		5,795		220,616
Legend Biotech Corp. (ADR)(a)		8,314		270,538
Merus NV(a)		6,340		266,597

1

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

Company	Shares		U.S. $ Value
MoonLake Immunotherapeutics(a)		5,739	$	310,767
Newamsterdam Pharma Co. NV(a)		10,388		266,972
Ultragenyx Pharmaceutical, Inc.(a)		5,785		243,375
Upstream Bio, Inc.(a)(b)		10,433		171,518
Vaxcyte, Inc.(a)		9,833		804,929
Viking Therapeutics, Inc.(a)(b)		4,315		173,636
Viridian Therapeutics, Inc.(a)		18,513		354,894
Xenon Pharmaceuticals, Inc.(a)		7,583		297,254
				8,497,574
HEALTH CARE EQUIPMENT & SUPPLIES–3.3%
AtriCure, Inc.(a)		21,071		643,930
Glaukos Corp.(a)		4,698		704,418
Masimo Corp.(a)		4,764		787,489
				2,135,837
HEALTH CARE PROVIDERS & SERVICES–2.0%
BrightSpring Health Services, Inc.(a)(b)		29,236		497,889
PROCEPT BioRobotics Corp.(a)		9,898		796,987
				1,294,876
LIFE SCIENCES TOOLS & SERVICES–1.9%
Quanterix Corp.(a)		22,985		244,330
Repligen Corp.(a)		4,855		698,829
Tempus AI, Inc.(a)(b)		9,600		324,096
				1,267,255
PHARMACEUTICALS–0.8%
Intra-Cellular Therapies, Inc.(a)		4,275		357,048
Rapport Therapeutics, Inc.(a)		10,185		180,682
				537,730
				13,733,272
CONSUMER DISCRETIONARY–14.5%
AUTOMOBILE COMPONENTS–1.6%
Modine Manufacturing Co.(a)		8,846		1,025,517
BROADLINE RETAIL–1.5%
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		8,698		954,432
DIVERSIFIED CONSUMER SERVICES–0.7%
KinderCare Learning Cos., Inc.(a)		25,755		458,439
HOTELS, RESTAURANTS & LEISURE–3.6%
Dutch Bros, Inc.–Class A(a)		18,051		945,511
Texas Roadhouse, Inc.		3,697		667,050
Wingstop, Inc.		2,592		736,646
				2,349,207
HOUSEHOLD DURABLES–3.4%
Champion Homes, Inc.(a)		9,762		860,032
Meritage Homes Corp.		3,151		484,687
SharkNinja, Inc.(a)		8,748		851,705
				2,196,424
SPECIALTY RETAIL–3.7%
Boot Barn Holdings, Inc.(a)		7,956		1,207,880
Five Below, Inc.(a)		4,649		487,959
RH(a)		1,817		715,153
				2,410,992
				9,395,011
FINANCIALS–10.0%
CAPITAL MARKETS–5.8%
Houlihan Lokey, Inc.		4,497		780,949
Piper Sandler Cos.		3,449		1,034,527
StepStone Group, Inc.–Class A		17,182		994,494
Stifel Financial Corp.		8,597		911,970
				3,721,940
FINANCIAL SERVICES–2.6%
NCR Atleos Corp.(a)		26,742		907,089
Shift4 Payments, Inc.–Class A(a)(b)		7,704		799,521
				1,706,610
INSURANCE–1.6%
RLI Corp.		4,410		726,901
TWFG, Inc.(a)		10,229		315,053
				1,041,954
				6,470,504
CONSUMER STAPLES–4.2%
CONSUMER STAPLES DISTRIBUTION & RETAIL–1.5%
Chefs’ Warehouse, Inc. (The)(a)		20,048		988,767
FOOD PRODUCTS–1.3%
Freshpet, Inc.(a)		5,727		848,226
PERSONAL CARE PRODUCTS–1.4%
BellRing Brands, Inc.(a)		11,785		887,882
				2,724,875
MATERIALS–1.2%
CHEMICALS–1.2%
Element Solutions, Inc.		29,853		759,162
ENERGY–0.6%
ENERGY EQUIPMENT & SERVICES–0.5%
TechnipFMC PLC		12,679		366,930

2

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
OIL, GAS & CONSUMABLE FUELS–0.1%
Permian Resources Corp.		2,705	$	38,898
				405,828
Total Common Stocks (cost $52,056,103)				64,246,462
SHORT-TERM INVESTMENTS–1.0%
INVESTMENT COMPANIES–1.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(c)(d)(e) (cost $682,959)		682,959		682,959
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.0% (cost $52,739,062)				64,929,421
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.9%
INVESTMENT COMPANIES–1.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(c)(d)(e) (cost $1,211,308)		1,211,308		1,211,308
TOTAL INVESTMENTS–101.9% (cost $53,950,370)				66,140,729
Other assets less liabilities–(1.9)%				(1,245,931	)
NET ASSETS–100.0%			$	64,894,798

(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.

3

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2024	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $52,056,103)	$	64,246,462	(a)
Affiliated issuers (cost $1,894,267—including investment of cash collateral for securities loaned of $1,211,308)		1,894,267
Cash		11
Receivable for capital stock sold		166,899
Receivable for investment securities sold		31,660
Receivable due from Adviser		24,850
Unaffiliated dividends and interest receivable		12,860
Affiliated dividends receivable		3,998
Total assets		66,381,007
LIABILITIES
Payable for collateral received on securities loaned		1,211,308
Payable for investment securities purchased		72,439
Advisory fee payable		41,435
Administrative fee payable		23,960
Distribution fee payable		8,436
Payable for capital stock redeemed		7,094
Transfer Agent fee payable		178
Directors’ fees payable		2
Accrued expenses		121,357
Total liabilities		1,486,209
NET ASSETS	$	64,894,798
COMPOSITION OF NET ASSETS
Capital stock, at par	$	6,184
Additional paid-in capital		55,465,845
Distributable earnings		9,422,769
NET ASSETS	$	64,894,798

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	25,353,154		1,994,340	$	12.71
B	$	39,541,644		4,189,889	$	9.44

(a) Includes securities on loan with a value of $3,785,559 (see Note E).

See notes to financial statements.

4

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2024	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	169,677
Affiliated issuers		41,125
Interest		182
Securities lending income		83,025
		294,009
EXPENSES
Advisory fee (see Note B)		444,758
Distribution fee—Class B		95,468
Transfer agency—Class A		1,454
Transfer agency—Class B		2,631
Administrative		94,216
Custody and accounting		74,591
Audit and tax		42,290
Legal		31,659
Printing		26,569
Directors’ fees		21,371
Miscellaneous		9,039
Total expenses		844,046
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(216,578	)
Net expenses		627,468
Net investment loss		(333,459	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		8,936,895
Net change in unrealized appreciation (depreciation) of investments		987,931
Net gain on investment transactions		9,924,826
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	9,591,367

See notes to financial statements.

5

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

	Year Ended December 31, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(333,459	)	$	(285,468	)
Net realized gain (loss) on investment transactions		8,936,895			(805,999	)
Net change in unrealized appreciation (depreciation) of investments		987,931			9,867,204
Contributions from Affiliates (see Note B)		–0	–		90
Net increase in net assets from operations		9,591,367			8,775,827
Distributions to Shareholders
Class A		(49,738	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net decrease		(1,774,244	)		(1,352,135	)
Total increase		7,767,385			7,423,692
NET ASSETS
Beginning of period		57,127,413			49,703,721
End of period	$	64,894,798		$	57,127,413

See notes to financial statements.

6

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2024	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 nine 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

7

SMALL 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, 2024:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

64,246,462

$

–0

–

$

–0

–

$

64,246,462

Short-Term Investments

682,959

–0

–

682,959

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

1,211,308

–0

–

–0

–

1,211,308

Total Investments in Securities

66,140,729

–0

–

–0

–

66,140,729

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

$

66,140,729

$

–0

–

$

–0

–

$

66,140,729

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments include 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.

8

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 real estate investment trust (“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.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9

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

9. Segment Information

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio’s President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolio’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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, 2024, such reimbursements/waivers amounted to $214,869. This fee waiver and/or expense reimbursement agreement extends through May 1, 2025 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, 2024, the reimbursement for such services amounted to $94,216.

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 $1,950 for the year ended December 31, 2024.

The Portfolio may invest in AB 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 AB 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 AB 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 AB 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 AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2024, such waiver amounted to $1,265.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2024 is as follows:

Portfolio	Market Value 12/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/24 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	1,031	$	19,606	$	19,954	$	683	$	41
AB Government Money Market Portfolio*		412		13,185		12,386		1,211		5
Total							$	1,894	$	46

* 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-

10

AB Variable Products Series Fund

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, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	54,376,685		$	56,746,816
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	$	55,433,280
Gross unrealized appreciation	$	14,776,808
Gross unrealized depreciation		(4,069,359	)
Net unrealized appreciation	$	10,707,449

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, 2024.

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 bor-

11

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

rower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Portfolio receives non-cash collateral, the Portfolio will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in 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, 2024 is as follows:

								AB Government Money Market  Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	3,785,559	$	1,211,308	$	2,678,379	$	78,029	$	4,996	$	444

* As of December 31, 2024.

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, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class A
Shares sold		511,268			240,943		$	6,668,045		$	2,405,631
Shares issued in reinvestment of dividends		4,413			–0	–		49,738			–0	–
Shares redeemed		(334,328	)		(320,406	)		(3,984,470	)		(3,234,270	)
Net increase (decrease)		181,353			(79,463	)	$	2,733,313		$	(828,639	)
Class B
Shares sold		880,965			885,610		$	7,576,975		$	6,484,511
Shares redeemed		(1,416,878	)		(960,393	)		(12,084,532	)		(7,008,007	)
Net decrease		(535,913	)		(74,783	)	$	(4,507,557	)	$	(523,496	)

At December 31, 2024, certain shareholders of the Portfolio owned 60% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

12

AB Variable Products Series Fund

NOTE G: Risks Involved in Investing in the Portfolio

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

Sector Risk—The Portfolio may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Portfolio’s investments.

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

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

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, 2024.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	49,738	$	–0	–
Total taxable distributions paid	$	49,738	$	–0	–

As of December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(1,290,255	)(a)
Unrealized appreciation (depreciation)		10,713,024	(b)
Total accumulated earnings (deficit)	$	9,422,769

(a) As of December 31, 2024, the Portfolio had a net capital loss carryforward of $1,290,255. During the fiscal year, the Portfolio utilized $8,152,463 of capital loss carry forwards to offset current year net realized gains.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of passive foreign investment companies (PFICs) and the tax deferral of losses on wash sales.

13

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2024, the Portfolio had a net short-term capital loss carryforward of $1,290,255, which may be carried forward for an indefinite period.

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

NOTE J: Subsequent Events

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

14

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$10.74			$ 9.10			$25.13			$28.76			$19.92
Income From Investment Operations
Net investment loss(a)(b)		(.05	)		(.04	)		(.06	)		(.20	)		(.13	)
Net realized and unrealized gain (loss) on investment transactions		2.05			1.68			(8.86	)		2.87			10.49
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		2.00			1.64			(8.92	)		2.67			10.36
Less: Dividends and Distributions
Dividends from net investment income		(.03	)		–0	–		–0	–		–0	–		–0	–
Distributions from net realized gain on investment transactions		–0	–		–0	–		(7.11	)		(6.30	)		(1.52	)
Total dividends and distributions		(.03	)		–0	–		(7.11	)		(6.30	)		(1.52	)
Net asset value, end of period		$12.71			$10.74			$ 9.10			$25.13			$28.76
Total Return
Total investment return based on net asset value(d)*		18.64	%		18.02	%		(39.09	)%		9.46	%		53.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$25,353			$19,464			$17,213			$32,295			$34,314
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.90	%		.90	%		.90	%		.91	%		.90	%
Expenses, before waivers/reimbursements(e)		1.26	%		1.31	%		1.22	%		1.08	%		1.09	%
Net investment loss(b)		(.39	)%		(.38	)%		(.42	)%		(.71	)%		(.60	)%
Portfolio turnover rate		92	%		69	%		67	%		67	%		103	%

See footnote summary on page 16.

15

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

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

	CLASS B
	Year Ended December 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$7.97			$6.77			$21.35			$25.36			$17.75
Income From Investment Operations
Net investment loss(a)(b)		(.06	)		(.05	)		(.07	)		(.24	)		(.16	)
Net realized and unrealized gain (loss) on investment transactions		1.53			1.25			(7.40	)		2.53			9.29
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		1.47			1.20			(7.47	)		2.29			9.13
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		–0	–		(7.11	)		(6.30	)		(1.52	)
Net asset value, end of period		$9.44			$7.97			$ 6.77			$21.35			$25.36
Total Return
Total investment return based on net asset value(d)*		18.44	%		17.72	%		(39.26	)%		9.20	%		53.64	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$39,542			$37,663			$32,491			$54,079			$84,816
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)		1.51	%		1.56	%		1.47	%		1.31	%		1.33	%
Net investment loss(b)		(.66	)%		(.62	)%		(.67	)%		(.96	)%		(.84	)%
Portfolio turnover rate		92	%		69	%		67	%		67	%		103	%

(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 investment 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,
	2024			2023			2022			2021			2020
Class A
Net of waivers/reimbursements		.90	%		.90	%		.90	%		.90	%		.90	%
Before waivers/reimbursements		1.26	%		1.31	%		1.22	%		1.07	%		1.09	%
Class B
Net of waivers/reimbursements		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Before waivers/reimbursements		1.51	%		1.56	%		1.47	%		1.31	%		1.33	%

* 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, 2024, December 31, 2023 and December 31, 2021 by .01%, .02% and .03%, respectively.

See notes to financial statements.

16

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

To the Board of Directors and Shareholders 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, 2024, 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, 2024, 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, 2024, 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, 2025

17

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small Cap Growth Portfolio (the “Fund”) at a meeting held by video conference on May 7-9, 2024 (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 2022 and 2023 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

18

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 in 2022 was not unreasonable. The directors noted that the Fund was not profitable to the Adviser in 2023.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2024 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 administrative expense reimbursement paid to the Adviser in the latest fiscal year, 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

19

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 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 median of a peer group and lower than the median of a peer universe. 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.

20

VPS-SCG-0151-1224

DEC^12.31.24

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

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 and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2024	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.2%
INFORMATION TECHNOLOGY–32.8%
COMMUNICATIONS EQUIPMENT–1.7%
Arista Networks, Inc.(a)		24,781	$	2,739,044
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–6.4%
Flex Ltd.(a)		120,518		4,626,686
Halma PLC		78,831		2,644,695
Keyence Corp.		7,400		3,007,888
				10,279,269
IT SERVICES–2.3%
Accenture PLC–Class A		10,531		3,704,701
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–10.5%
ASML Holding NV		2,826		1,979,427
Monolithic Power Systems, Inc.		3,425		2,026,573
NVIDIA Corp.		38,737		5,201,992
NXP Semiconductors NV		13,127		2,728,447
Taiwan Semiconductor Manufacturing Co., Ltd.		152,000		4,940,003
				16,876,442
SOFTWARE–11.9%
Adobe, Inc.(a)		7,066		3,142,109
Bentley Systems, Inc.–Class B		34,944		1,631,885
Cadence Design Systems, Inc.(a)		11,040		3,317,078
Fair Isaac Corp.(a)		1,451		2,888,839
Microsoft Corp.		14,502		6,112,593
Palo Alto Networks, Inc.(a)		11,783		2,144,035
				19,236,539
				52,835,995
FINANCIALS–19.1%
BANKS–2.7%
Bank Mandiri Persero Tbk PT		3,415,000		1,202,091
NU Holdings Ltd./Cayman Islands–Class A(a)		299,092		3,098,593
				4,300,684
CAPITAL MARKETS–5.8%
Jefferies Financial Group, Inc.		40,820		3,200,288
London Stock Exchange Group PLC		29,932		4,225,046
Partners Group Holding AG		1,381		1,875,802
				9,301,136
FINANCIAL SERVICES–5.3%
Fiserv, Inc.(a)		20,228		4,155,236
Visa, Inc.–Class A		13,843		4,374,941
				8,530,177
INSURANCE–5.3%
Aflac, Inc.		32,020		3,312,149
AIA Group Ltd.		445,400		3,199,247
Reinsurance Group of America, Inc.		9,510		2,031,621
				8,543,017
				30,675,014
INDUSTRIALS–18.5%
AEROSPACE & DEFENSE–1.6%
Hexcel Corp.		40,705		2,552,203
COMMERCIAL SERVICES & SUPPLIES–6.2%
Tetra Tech, Inc.		50,724		2,020,844
Veralto Corp.		39,834		4,057,093
Waste Management, Inc.		18,844		3,802,531
				9,880,468
CONSTRUCTION & ENGINEERING–3.6%
AECOM		30,614		3,270,188
WSP Global, Inc.		14,315		2,519,129
				5,789,317
ELECTRICAL EQUIPMENT–3.3%
Prysmian SpA		25,855		1,654,625
Rockwell Automation, Inc.		12,711		3,632,676
				5,287,301
MACHINERY–0.9%
TOMRA Systems ASA		115,454		1,494,103
PROFESSIONAL SERVICES–2.9%
Experian PLC		54,228		2,330,711
RELX PLC (London)		52,355		2,372,151
				4,702,862
				29,706,254
HEALTH CARE–13.6%
HEALTH CARE EQUIPMENT & SUPPLIES–9.3%
Alcon AG		33,954		2,878,875
Becton Dickinson & Co.		14,449		3,278,044
GE Healthcare, Inc.		42,376		3,312,956
Hologic, Inc.(a)		30,087		2,168,972
Terumo Corp.		175,003		3,378,561
				15,017,408
HEALTH CARE PROVIDERS & SERVICES–2.0%
Apollo Hospitals Enterprise Ltd.		36,907		3,140,278
LIFE SCIENCES TOOLS & SERVICES–2.3%
Bruker Corp.(b)		21,258		1,246,144
ICON PLC(a)		11,518		2,415,440
				3,661,584
				21,819,270

1

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

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–6.1%
AUTOMOBILE COMPONENTS–1.5%
Aptiv PLC(a)		39,777	$	2,405,713
BROADLINE RETAIL–2.4%
MercadoLibre, Inc.(a)		2,264		3,849,796
TEXTILES, APPAREL & LUXURY GOODS–2.2%
On Holding AG–Class A(a)		66,238		3,627,855
				9,883,364
CONSUMER STAPLES–3.9%
HOUSEHOLD PRODUCTS–1.9%
Procter & Gamble Co. (The)		18,238		3,057,601
PERSONAL CARE PRODUCTS–2.0%
Unilever PLC (London)		57,380		3,260,365
				6,317,966
UTILITIES–3.7%
ELECTRIC UTILITIES–2.4%
NextEra Energy, Inc.		53,777		3,855,273
WATER UTILITIES–1.3%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		141,535		2,024,553
				5,879,826
Company	Shares		U.S. $ Value
ENERGY–1.5%
OIL, GAS & CONSUMABLE FUELS–1.5%
Cameco Corp. (New York)		46,500		2,389,635
Total Common Stocks (cost $127,869,521)				159,507,324
SHORT-TERM INVESTMENTS–0.9%
INVESTMENT COMPANIES–0.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.43%(c)(d)(e) (cost $1,471,050)		1,471,050		1,471,050
TOTAL INVESTMENTS–100.1% (cost $129,340,571)				160,978,374
Other assets less liabilities–(0.1)%				(108,690	)
NET ASSETS–100.0%			$	160,869,684

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		BRL	20,930		USD	3,595		01/03/2025	$	207,075
Bank of America, NA		USD	3,380		BRL	20,930		01/03/2025		7,906
Bank of America, NA		GBP	8,823		USD	11,361		01/16/2025		316,578
Bank of America, NA		CAD	2,056		USD	1,434		02/05/2025		2,395
Bank of America, NA		USD	2,796		AUD	4,303		02/05/2025		(132,996	)
Bank of America, NA		USD	1,091		JPY	166,336		02/21/2025		(28,588	)
Bank of America, NA		TWD	55,900		USD	1,731		02/27/2025		29,925
Barclays Bank PLC		USD	4,757		CNH	34,397		01/23/2025		(68,292	)
Citibank, NA		BRL	2,592		USD	431		01/03/2025		11,395
Citibank, NA		USD	419		BRL	2,592		01/03/2025		979
Citibank, NA		USD	2,268		KRW	3,037,523		01/17/2025		(211,077	)
Citibank, NA		BRL	3,044		USD	491		02/04/2025		1,093
Citibank, NA		CAD	1,467		USD	1,025		02/05/2025		3,648
Citibank, NA		USD	1,939		CAD	2,680		02/05/2025		(72,524	)
Deutsche Bank AG		USD	9,305		EUR	8,845		02/27/2025		(121,195	)
Goldman Sachs Bank USA		NOK	14,842		USD	1,342		02/05/2025		38,062
HSBC Bank USA		BRL	2,539		USD	410		01/03/2025		(959	)
HSBC Bank USA		USD	413		BRL	2,539		01/03/2025		(2,063	)

2

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
HSBC Bank USA		GBP	512		USD	641		01/16/2025	$	294
HSBC Bank USA		USD	1,039		GBP	831		01/16/2025		1,083
JPMorgan Chase Bank, NA		BRL	2,804		USD	455		01/03/2025		1,027
JPMorgan Chase Bank, NA		USD	453		BRL	2,804		01/03/2025		1,059
Morgan Stanley Capital Services, Inc.		BRL	23,787		USD	3,841		01/03/2025		(8,985	)
Morgan Stanley Capital Services, Inc.		USD	3,857		BRL	23,787		01/03/2025		(6,774	)
Morgan Stanley Capital Services, Inc.		KRW	594,327		USD	432		01/17/2025		29,491
Morgan Stanley Capital Services, Inc.		BRL	23,787		USD	3,835		02/04/2025		7,182
Morgan Stanley Capital Services, Inc.		USD	1,079		SEK	11,865		02/05/2025		(4,237	)
State Street Bank & Trust Co.		USD	415		GBP	329		01/16/2025		(3,378	)
State Street Bank & Trust Co.		CNH	3,012		USD	412		01/23/2025		1,239
State Street Bank & Trust Co.		USD	462		SGD	622		02/14/2025		(6,047	)
State Street Bank & Trust Co.		USD	498		ZAR	9,091		02/14/2025		(18,261	)
State Street Bank & Trust Co.		USD	360		MXN	7,348		02/20/2025		(10,524	)
State Street Bank & Trust Co.		EUR	428		USD	445		02/27/2025		782
UBS AG		HKD	21,089		USD	2,715		02/21/2025		(1,460	)
UBS AG		CHF	4,679		USD	5,278		02/27/2025		92,190
									$	56,043

(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.

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

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

See notes to financial statements.

3

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2024	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $127,869,521)	$	159,507,324	(a)
Affiliated issuers (cost $1,471,050)		1,471,050
Foreign currencies, at value (cost $211,341)		206,955
Unrealized appreciation on forward currency exchange contracts		753,403
Receivable for investment securities sold		345,936
Unaffiliated dividends receivable		231,055
Receivable for capital stock sold		41,008
Affiliated dividends receivable		12,925
Receivable due from Adviser		7,275
Total assets		162,576,931
LIABILITIES
Unrealized depreciation on forward currency exchange contracts		697,360
Payable for investment securities purchased and foreign currency transactions		376,835
Foreign capital gains tax payable		294,167
Advisory fee payable		101,797
Payable for capital stock redeemed		55,531
Administrative fee payable		24,558
Distribution fee payable		20,812
Transfer Agent fee payable		167
Directors’ fees payable		27
Accrued expenses		135,993
Total liabilities		1,707,247
NET ASSETS	$	160,869,684
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,778
Additional paid-in capital		109,655,482
Distributable earnings		51,209,424
NET ASSETS	$	160,869,684

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	62,599,495		1,781,923	$	35.13
B	$	98,270,189		2,996,194	$	32.80

(a) Includes securities on loan with a value of $105,106 (see Note E).

See notes to financial statements.

4

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2024	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $103,573)	$	1,656,582
Affiliated issuers		164,770
Interest		839
Securities lending income		601
		1,822,792
EXPENSES
Advisory fee (see Note B)		1,266,756
Distribution fee—Class B		263,388
Transfer agency—Class A		2,107
Transfer agency—Class B		3,488
Administrative		95,231
Custody and accounting		66,276
Audit and tax		60,867
Printing		49,348
Legal		38,001
Directors’ fees		22,889
Miscellaneous		19,400
Total expenses		1,887,751
Less: expenses waived and reimbursed by the Adviser (see Note B)		(90,117	)
Net expenses		1,797,634
Net investment income		25,158
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		20,806,189
Forward currency exchange contracts		(527,949	)
Foreign currency transactions		(96,659	)
Net change in unrealized appreciation (depreciation) of:
Investments(b)		(9,922,965	)
Forward currency exchange contracts		7,840
Foreign currency denominated assets and liabilities		(30,097	)
Net gain on investment and foreign currency transactions		10,236,359
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	10,261,517

(a) Net of foreign realized capital gains taxes of $7,261.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $114,337.

See notes to financial statements.

5

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

	Year Ended December 31, 2024			Year Ended December 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	25,158		$	242,988
Net realized gain on investment and foreign currency transactions		20,181,581			864,038
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(9,945,222	)		22,130,507
Net increase in net assets from operations		10,261,517			23,237,533
Distributions to Shareholders
Class A		(180,118	)		(3,403,390	)
Class B		(318,763	)		(6,377,144	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(12,638,265	)		(2,769,396	)
Total increase (decrease)		(2,875,629	)		10,687,603
NET ASSETS
Beginning of period		163,745,313			153,057,710
End of period	$	160,869,684		$	163,745,313

See notes to financial statements.

6

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2024	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 nine 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

7

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

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

2. Fair Value Measurements

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

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

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

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

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

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

8

AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2024:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	40,263,982		$	12,572,013		$	–0	–	$	52,835,995
Financials		20,172,828			10,502,186			–0	–		30,675,014
Industrials		21,854,664			7,851,590			–0	–		29,706,254
Health Care		12,421,556			9,397,714			–0	–		21,819,270
Consumer Discretionary		9,883,364			–0	–		–0	–		9,883,364
Consumer Staples		3,057,601			3,260,365			–0	–		6,317,966
Utilities		3,855,273			2,024,553			–0	–		5,879,826
Energy		2,389,635			–0	–		–0	–		2,389,635
Short-Term Investments		1,471,050			–0	–		–0	–		1,471,050
Total Investments in Securities		115,369,953			45,608,421	(a)		–0	–		160,978,374
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		753,403			–0	–		753,403
Liabilities:
Forward Currency Exchange Contracts		–0	–		(697,360	)		–0	–		(697,360	)
Total	$	115,369,953		$	45,664,464		$	–0	–	$	161,034,417

(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 include 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.

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.

9

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from real estate investment trust (“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.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio’s President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolio’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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, 2024, such reimbursements/waivers amounted to $84,451. This fee waiver and/or expense reimbursement agreement extends through May 1, 2025 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, 2024, the reimbursement for such services amounted to $95,231.

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 $1,950 for the year ended December 31, 2024.

The Portfolio may invest in AB 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 AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until

10

AB Variable Products Series Fund

August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB 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 AB 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 AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2024, such waiver amounted to $5,666.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2024 is as follows:

Portfolio	Market Value 12/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/24 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	536	$	49,951	$	49,016	$	1,471	$	165

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, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	76,897,020		$	91,179,898
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	$	129,582,280
Gross unrealized appreciation	$	37,475,541
Gross unrealized depreciation		(6,056,983	)
Net unrealized appreciation	$	31,418,558

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

11

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

commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

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

During the year ended December 31, 2024, 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, 2024, 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	$	753,403	Unrealized depreciation on forward currency exchange contracts	$	697,360
Total		$	753,403		$	697,360

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	$	(527,949	)	$	7,840
Total		$	(527,949	)	$	7,840

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2024:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	30,846,556
Average principal amount of sale contracts	$	28,840,507

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.

12

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, 2024. 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

$

563,879

$

(161,584

)

$

–0

–

$

–0

–

$

402,295

Citibank, NA

17,115

(17,115

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

38,062

–0

–

–0

–

–0

–

38,062

HSBC Bank USA

1,377

(1,377

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

2,086

–0

–

–0

–

–0

–

2,086

Morgan Stanley Capital Services, Inc.

36,673

(19,996

)

–0

–

–0

–

16,677

State Street Bank & Trust Co.

2,021

(2,021

)

–0

–

–0

–

–0

–

UBS AG

92,190

(1,460

)

–0

–

–0

–

90,730

Total

$

753,403

$

(203,553

)

$

–0

–

$

–0

–

$

549,850

^

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

$

161,584

$

(161,584

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

68,292

–0

–

–0

–

–0

–

68,292

Citibank, NA

283,601

(17,115

)

–0

–

–0

–

266,486

Deutsche Bank AG

121,195

–0

–

–0

–

–0

–

121,195

HSBC Bank USA

3,022

(1,377

)

–0

–

–0

–

1,645

Morgan Stanley Capital Services, Inc.

19,996

(19,996

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

38,210

(2,021

)

–0

–

–0

–

36,189

UBS AG

1,460

(1,460

)

–0

–

–0

–

–0

–

Total

$

697,360

$

(203,553

)

$

–0

–

$

–0

–

$

493,807

^

* 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

13

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

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, 2024 is as follows:

									AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*			Market Value of Non-Cash Collateral*		Income from Borrowers		Income  Earned			Advisory Fee Waived
$	105,106	$	–0	–	$	107,228	$	601	$	–0	–	$	–0	–

* As of December 31, 2024.

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, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023
Class A
Shares sold		238,563			129,672		$	8,094,654		$	4,084,925
Shares issued in reinvestment of dividends and distributions		5,110			106,924			180,118			3,403,390
Shares redeemed		(217,969	)		(207,721	)		(7,625,362	)		(6,621,923	)
Net increase		25,704			28,875		$	649,410		$	866,392
Class B
Shares sold		147,446			197,320		$	4,834,675		$	5,765,234
Shares issued on reinvestment of dividends and distributions		9,677			213,783			318,763			6,377,144
Shares redeemed		(558,846	)		(529,397	)		(18,441,113	)		(15,778,166	)
Net decrease		(401,723	)		(118,294	)	$	(13,287,675	)	$	(3,635,788	)

At December 31, 2024, certain shareholders of the Portfolio owned 60% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

14

AB Variable Products Series Fund

NOTE G: Risks Involved in Investing in the Portfolio

Market Risk—The value of the Portfolio’s assets will fluctuate as the market or markets in which the Portfolio invests fluctuate. The value of the Portfolio’s 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.

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, reference rate or index, 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.

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

15

SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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, 2024.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

	2024			2023
Distributions paid from:
Ordinary income	$	–0	–	$	186,160
Net long-term capital gains		498,881			9,594,374
Total taxable distributions paid	$	498,881		$	9,780,534

As of December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	110,418
Undistributed capital gains		19,985,654
Unrealized appreciation (depreciation)		31,113,352	(a)
Total accumulated earnings (deficit)	$	51,209,424

(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, 2024, the Portfolio did not have any capital loss carryforwards.

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

NOTE J: Subsequent Events

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

16

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$33.17			$30.42			$46.20			$42.40			$33.52
Income From Investment Operations
Net investment income (loss)(a)(b)		.06			.10			.07			(.10	)		(.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.00			4.68			(12.25	)		9.46			12.64
Net increase (decrease) in net asset value from operations		2.06			4.78			(12.18	)		9.36			12.54
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.09	)		–0	–		–0	–		(.24	)
Distributions from net realized gain on investment transactions		(.10	)		(1.94	)		(3.60	)		(5.56	)		(3.42	)
Total dividends and distributions		(.10	)		(2.03	)		(3.60	)		(5.56	)		(3.66	)
Net asset value, end of period		$35.13			$33.17			$30.42			$46.20			$42.40
Total Return
Total investment return based on net asset value(c)		6.21	%		16.01	%		(26.98	)%		22.87	%		39.41	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$62,599			$58,246			$52,543			$70,723			$58,316
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.91	%		.92	%		.90	%		.88	%		.94	%
Expenses, before waivers/reimbursements(d)‡		.96	%		.97	%		.96	%		.93	%		1.00	%
Net investment income (loss)(b)		.17	%		.32	%		.20	%		(.22	)%		(.29	)%
Portfolio turnover rate		47	%		32	%		43	%		24	%		44	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.00	%		.00	%		.01	%

See footnote summary on page 18.

17

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,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$31.05			$28.59			$43.80			$40.54			$32.19
Income From Investment Operations
Net investment income (loss)(a)(b)		(.03	)		.02			(.02	)		(.20	)		(.18	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.88			4.39			(11.59	)		9.02			12.11
Net increase (decrease) in net asset value from operations		1.85			4.41			(11.61	)		8.82			11.93
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.01	)		–0	–		–0	–		(.16	)
Distributions from net realized gain on investment transactions		(.10	)		(1.94	)		(3.60	)		(5.56	)		(3.42	)
Total dividends and distributions		(.10	)		(1.95	)		(3.60	)		(5.56	)		(3.58	)
Net asset value, end of period		$32.80			$31.05			$28.59			$43.80			$40.54
Total Return
Total investment return based on net asset value(c)		5.96	%		15.70	%		(27.17	)%		22.57	%		39.08	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$98,271			$105,499			$100,515			$149,808			$127,062
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.16	%		1.17	%		1.15	%		1.13	%		1.19	%
Expenses, before waivers/reimbursements(d)‡		1.21	%		1.22	%		1.21	%		1.18	%		1.25	%
Net investment income (loss)(b)		(.08	)%		.07	%		(.05	)%		(.47	)%		(.54	)%
Portfolio turnover rate		47	%		32	%		43	%		24	%		44	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.00	%		.00	%		.00	%		.00	%		.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 investment 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.

18

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

To the Board of Directors and Shareholders 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, 2024, 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, 2024, 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, 2024, 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, 2025

19

2024 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, 2024. The Portfolio designates $498,881 of dividends paid as longterm capital gain dividends.

20

SUSTAINABLE GLOBAL THEMATIC 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 Sustainable Global Thematic Portfolio (the “Fund”) at a meeting held by video conference on May 7-9, 2024 (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 2022 and 2023 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

21

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 29, 2024. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the more recent periods reviewed, the directors concluded that the Fund’s investment performance was acceptable. The directors determined to continue to monitor the Fund’s performance closely.

Advisory Fees and Other Expenses

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

22

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

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.

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.

23

VPS-SGT-0151-1224

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There were no disagreements with accountants during the reporting period.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

At a Special Meeting held on July 18, 2024, shareholders of AB Balanced Hedged Allocation Portfolio (the “Fund”), a series of AB Variable Products Series Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Director:	Voted For		Withheld Authority		Abstained		Broker Non-Votes
Jorge A. Bermudez		170,576,129.638		10,128,247.681		N/A		N/A
Alexander Chaloff		171,100,438.348		9,603,938.971		N/A		N/A
R. Jay Gerken		170,512,122.962		10,192,254.357		N/A		N/A
Jeffrey R. Holland		171,437,309.621		9,267,067.698		N/A		N/A
Jeanette W. Loeb		171,239,384.661		9,464,992.658		N/A		N/A
Carol C. McMullen		171,704,005.199		9,000,372.120		N/A		N/A
Garry L. Moody		170,787,135.380		9,917,241.939		N/A		N/A
Emilie D. Wrapp		171,471,043.103		9,233,334.216		N/A		N/A

At a Special Meeting held on July 18, 2024, shareholders of AB Dynamic Asset Allocation Portfolio (the “Fund”), a series of AB Variable Products Series Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Director:	Voted For		Withheld Authority		Abstained		Broker Non-Votes
Jorge A. Bermudez		170,576,129.638		10,128,247.681		N/A		N/A
Alexander Chaloff		171,100,438.348		9,603,938.971		N/A		N/A
R. Jay Gerken		170,512,122.962		10,192,254.357		N/A		N/A
Jeffrey R. Holland		171,437,309.621		9,267,067.698		N/A		N/A
Jeanette W. Loeb		171,239,384.661		9,464,992.658		N/A		N/A
Carol C. McMullen		171,704,005.199		9,000,372.120		N/A		N/A
Garry L. Moody		170,787,135.380		9,917,241.939		N/A		N/A
Emilie D. Wrapp		171,471,043.103		9,233,334.216		N/A		N/A

At a Special Meeting held on July 18, 2024, shareholders of AB Discovery Value Portfolio (the “Fund”), a series of AB Variable Products Series Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Director:	Voted For		Withheld Authority		Abstained		Broker Non-Votes
Jorge A. Bermudez		170,576,129.638		10,128,247.681		N/A		N/A
Alexander Chaloff		171,100,438.348		9,603,938.971		N/A		N/A
R. Jay Gerken		170,512,122.962		10,192,254.357		N/A		N/A
Jeffrey R. Holland		171,437,309.621		9,267,067.698		N/A		N/A
Jeanette W. Loeb		171,239,384.661		9,464,992.658		N/A		N/A
Carol C. McMullen		171,704,005.199		9,000,372.120		N/A		N/A
Garry L. Moody		170,787,135.380		9,917,241.939		N/A		N/A
Emilie D. Wrapp		171,471,043.103		9,233,334.216		N/A		N/A

At a Special Meeting held on July 18, 2024, shareholders of AB Global Risk Allocation—Moderate Portfolio (the “Fund”), a series of AB Variable Products Series Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Director:	Voted For		Withheld Authority		Abstained		Broker Non-Votes
Jorge A. Bermudez		170,576,129.638		10,128,247.681		N/A		N/A
Alexander Chaloff		171,100,438.348		9,603,938.971		N/A		N/A
R. Jay Gerken		170,512,122.962		10,192,254.357		N/A		N/A
Jeffrey R. Holland		171,437,309.621		9,267,067.698		N/A		N/A
Jeanette W. Loeb		171,239,384.661		9,464,992.658		N/A		N/A
Carol C. McMullen		171,704,005.199		9,000,372.120		N/A		N/A
Garry L. Moody		170,787,135.380		9,917,241.939		N/A		N/A
Emilie D. Wrapp		171,471,043.103		9,233,334.216		N/A		N/A

At a Special Meeting held on July 18, 2024, shareholders of AB International Value Portfolio (the “Fund”), a series of AB Variable Products Series Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Director:	Voted For		Withheld Authority		Abstained		Broker Non-Votes
Jorge A. Bermudez		170,576,129.638		10,128,247.681		N/A		N/A
Alexander Chaloff		171,100,438.348		9,603,938.971		N/A		N/A
R. Jay Gerken		170,512,122.962		10,192,254.357		N/A		N/A
Jeffrey R. Holland		171,437,309.621		9,267,067.698		N/A		N/A
Jeanette W. Loeb		171,239,384.661		9,464,992.658		N/A		N/A
Carol C. McMullen		171,704,005.199		9,000,372.120		N/A		N/A
Garry L. Moody		170,787,135.380		9,917,241.939		N/A		N/A
Emilie D. Wrapp		171,471,043.103		9,233,334.216		N/A		N/A

At a Special Meeting held on July 18, 2024, shareholders of AB Large Cap Growth Portfolio (the “Fund”), a series of AB Variable Products Series Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Director:	Voted For		Withheld Authority		Abstained		Broker Non-Votes
Jorge A. Bermudez		170,576,129.638		10,128,247.681		N/A		N/A
Alexander Chaloff		171,100,438.348		9,603,938.971		N/A		N/A
R. Jay Gerken		170,512,122.962		10,192,254.357		N/A		N/A
Jeffrey R. Holland		171,437,309.621		9,267,067.698		N/A		N/A
Jeanette W. Loeb		171,239,384.661		9,464,992.658		N/A		N/A
Carol C. McMullen		171,704,005.199		9,000,372.120		N/A		N/A
Garry L. Moody		170,787,135.380		9,917,241.939		N/A		N/A
Emilie D. Wrapp		171,471,043.103		9,233,334.216		N/A		N/A

At a Special Meeting held on July 18, 2024, shareholders of AB Relative Value Portfolio (the “Fund”), a series of AB Variable Products Series Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Director:	Voted For		Withheld Authority		Abstained		Broker Non-Votes
Jorge A. Bermudez		170,576,129.638		10,128,247.681		N/A		N/A
Alexander Chaloff		171,100,438.348		9,603,938.971		N/A		N/A
R. Jay Gerken		170,512,122.962		10,192,254.357		N/A		N/A
Jeffrey R. Holland		171,437,309.621		9,267,067.698		N/A		N/A
Jeanette W. Loeb		171,239,384.661		9,464,992.658		N/A		N/A
Carol C. McMullen		171,704,005.199		9,000,372.120		N/A		N/A
Garry L. Moody		170,787,135.380		9,917,241.939		N/A		N/A
Emilie D. Wrapp		171,471,043.103		9,233,334.216		N/A		N/A

At a Special Meeting held on July 18, 2024, shareholders of AB Small Cap Growth Portfolio (the “Fund”), a series of AB Variable Products Series Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Director:	Voted For		Withheld Authority		Abstained		Broker Non-Votes
Jorge A. Bermudez		170,576,129.638		10,128,247.681		N/A		N/A
Alexander Chaloff		171,100,438.348		9,603,938.971		N/A		N/A
R. Jay Gerken		170,512,122.962		10,192,254.357		N/A		N/A
Jeffrey R. Holland		171,437,309.621		9,267,067.698		N/A		N/A
Jeanette W. Loeb		171,239,384.661		9,464,992.658		N/A		N/A
Carol C. McMullen		171,704,005.199		9,000,372.120		N/A		N/A
Garry L. Moody		170,787,135.380		9,917,241.939		N/A		N/A
Emilie D. Wrapp		171,471,043.103		9,233,334.216		N/A		N/A

At a Special Meeting held on July 18, 2024, shareholders of AB Sustainable Global Thematic Portfolio (the “Fund”), a series of AB Variable Products Series Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Director:	Voted For		Withheld Authority		Abstained		Broker Non-Votes
Jorge A. Bermudez		170,576,129.638		10,128,247.681		N/A		N/A
Alexander Chaloff		171,100,438.348		9,603,938.971		N/A		N/A
R. Jay Gerken		170,512,122.962		10,192,254.357		N/A		N/A
Jeffrey R. Holland		171,437,309.621		9,267,067.698		N/A		N/A
Jeanette W. Loeb		171,239,384.661		9,464,992.658		N/A		N/A
Carol C. McMullen		171,704,005.199		9,000,372.120		N/A		N/A
Garry L. Moody		170,787,135.380		9,917,241.939		N/A		N/A
Emilie D. Wrapp		171,471,043.103		9,233,334.216		N/A		N/A

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 1 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 1 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY OF AND AFFILIDATED PURCHASERS.

Not applicable to the registrant.

ITEM 15. 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 16. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the registrant

ITEM 19. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
19(a)(1)	Code of Ethics that is subject to the disclosure of Item 2 hereof
19(b)(1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19(b)(2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19(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:	March 5, 2025

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:	March 5, 2025
By:	/s/ Stephen M. Woetzel
	Stephen M. Woetzel
	Treasurer and Chief Financial Officer
Date:	March 5, 2025